Aena airports ended 2020 in losses after seven years of increases in traffic and profits. The red numbers mark 126,800,000 in the year of the pandemic, A figure that contrasts with the 1,442,000 earned in 2019. Within the critical state of the accounts, the company improves the estimate of losses expected by analysts consulted by Bloomberg of 190 million (average range between 155 and 230 million ).
The impact of the health crisis on income has been 2,262.9 million. The drop compared to 2019 is 50.2%, to 2,242,000. Ebitda, of 714 million, shows a contraction of 74.2% compared to 2,766 million a year ago. This last magnitude includes the 22.7 million contributed by London-Luton and the remaining 66.8 million by Aena Brazil after the update of the value of the concessions in this country, where the balance of the contracts is sought. in the face of the traffic debacle. The Spanish concession for Murcia airport, meanwhile, shows a deterioration of 45.3 million.
Despite the impacts, Aena’s ebitda also improves the 679 million expected by analysts’ consensus.
The company declares 2,065 million in cash, to which it can add 845 million available in its promissory note program.
The collapse of 72.4% in passenger traffic on the Spanish airport network, to 76.1 million, has led to regulated income of aeronautical activity to a decrease of 67.1%, marking 986 million. The number of passengers fell to 99% in the weeks of global confinement.
the commercial business, Based essentially on the rental of space for the terminals, down 16.4% in turnover, to 1,046,000, but includes at December 31 an item of 635 million euros in terms of guaranteed minimum annual income ( RMGA).
The company collects this last accounting note as required by IFRS 16 (leases), but acknowledges that it has not collected. Of the 635 million, 198 million derive from the first state of alarm (from March 15 to June 20, 2020), for which Aena has proposed a 100% exemption to its tenants in the RMGA.
Aena declares 2,065 million in cash, to which can be added 845 million available in its promissory note program
On the collection of rents Aena maintains a pulse with some of its largest tenants for the amount of rents in the midst of the collapse of the activity. The manager of the airport network proposed the aforementioned 100% discount during the months of the first state of alarm and 50% from the 21st of this month of June to the 8th of September of this month. year. An offer to which is added the 100% discount to merchants affected by the complete closure of terminals. Aena has defended that with this help it goes beyond what marks the Royal Decree Law of support to the tourist sector, the hotel trade and the trade (RDL 35/2020), and that completes savings measures of about 800 million for its tenants between 2020 and 2021 about the minimum income they should have paid under normal circumstances.
So far, the company has revealed this morning that 56.2% of commercial customers, holders of 72 contracts and with a weight of 13.2% on the RMGA, have joined the proposal. However, those of greater weight for Aena remain. Until a few days ago among those who rejected the bills were Dufry, Areas and SSP. During the negotiations for the rebalancing of concession contracts of traders, restaurateurs, financial institutions and other businesses installed in Spanish terminals, many of them have demanded a reduction in income comparable to the fall in air traffic.
“For illustrative purposes, if this proposal had been accepted by all commercial operators, the amount of outstanding RMGA billed to the affected activities would go from the current 620,300,000 euros to 179,500,000 euros. The cash impact would occur in 2021. At the level of income, the difference between the two amounts (440,700,000 euros) would be adjusted as a lower income on a straight-line basis from the date of the agreements and for the duration of each of the contracts affected “, explained Aena in its presentation to the CNMV.
Discounts on airlines
In search of the reactivation of traffic in the face of the summer season that begins on April 1, Aena’s board has approved an extraordinary incentive for airlines based on the recovery of operations until 31 of October.
The company rewards the percentage of recovery from minimum thresholds with respect to the production of 2019: for the first three months (April, May and June) a starting level of 30% is established and for the last four months , of 45% recovery. Flights based on these recovery percentages of activity with respect to the same months of 2019, regardless of the number of passengers, will see a discount on the landing rate in the same percentage as their reactivation.
Under normal circumstances this rate weighs close to 20%, in the fare load borne by airlines, but with the lower current occupancy factor of aircraft this component of the overall fare has raised its weighting in the costs of any airline. The Association of Airlines (ALA) requested last year that the incentive be focused on lowering the passenger rate, but Aena maintains the reduction on the landing rate to reactivate operations regardless of the passage.
The new discount occurs simultaneously with the application of the tariff freeze planned from this March. Aena has relied on a forecast of 137 million passengers for this year, Still affected by restrictions on flying. The figure represents a jump of 80% compared to 2020 traffic.
The company chaired by Maurici Lucena also highlighted this morning the savings of 405 million euros between April and December last year. A cut that stems from capacity adjustment and other austerity measures with the aim of preserving the box while it has been decided to keep the staff at 100%.
Incentives extend during the summer season
Aena already raised in October last year the landing rate reduction mechanism launched in June. The aid to the airlines was open until March 31, 2021 and sought to reduce additional traffic, from pre-set thresholds, with the discount on the landing rate.
In the October supplement, Aena subsidized all operations in the same proportion as production recovered from a very low level of 20% compared to flights in the previous winter season (2019/2020).
The model remains, but the thresholds rise to 30% from April 1 to June 30, and to 45% during the months of July, August, September and October.