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Interim Consolidated Management Report Interim consolidated management report for the nine-month period ending on 30 September 2017 Aena S.M.E., S.A. and subsidiaries Webcast / Conference-call: Telephones: 25 October 2017 Spain: +34 91 114 65 83 13:00 (Madrid time) United Kingdom: +44 (0) 20 3427 0503 https://edge.media-server.com/m6/p/pysvmqag USA: +11646 254 3365 Access code: 8287633 WorldReginfo - 17ee8acb-ae43-4a42-8a36-d44cbac52615 Management Report 9M 2017 l Aena S.M.E., S.A. 1. Executive summary The nine-month period up to 30 grew by 8.3%, reaching 193.4 Prat Airport food and beverage September 2017 saw a continuation million passengers. service concessions has been of Aena’s¹ outstanding performance completed, and these in terms of both operations and The positive evolution of traffic in concessions are expected to results. Aena’s airports during the first start trading in the first quarter of nine months of 2017 has 2018. There has also been the The following aspects can be contributed to the increase in positive impact of the new car highlighted in this period: total revenue up to 3,096.3 rental contracts in the airport On 27 January 2017, the Council million euros (+7.2% compared network which came into force in of Ministers approved the Airport to the same period in 2016²), November 2016. The new Regulation Document (DORA) partially offset by the lower contract based on a higher for the period 2017-2021, in airport charges in Spain variable rent has increased which the minimum service compared to the previous year revenue from this activity in the conditions that will be in force in which affects January and year to date by 36.2% with airports in the AENA network are February (-1.9%) and from respect to the same period in the set forth the next five years, March (-2.22%). previous year. providing a foreseeable regulatory framework in the So far these figures for traffic In addition, for the time being the medium-term that will enable growth in Spain have not been levels of cost efficiency are being improved levels of efficiency and negatively affected by Brexit, the maintained and total expenses competitiveness in terms of strikes during the summer by the for the period (excluding airport operations. In this personnel of the company amortisation and depreciation) respect, and in relation to airport providing security services at are in line with those for the tariffs, the aforesaid document Barcelona airport or by the same period in 2016. This is due provided for an annual reduction terrorist acts which took place in to the fact that the upward trend of 2.22% in the Annual Maximum Catalonia on 18 August. in the cost of most of the service Revenue per Passenger (IMAP) contracts awarded since the end for that period which came into As for Brexit, growth in the of 2016, has not yet been force on 1 March 2017. number of passengers to and reflected in operating expenses from the United Kingdom during for this period. On 22 February 2017, Aena the period came to 11.3% (3.7 However, it is expected that this published the new scheme of million additional passengers). effect will gradually become commercial incentives for the By contrast, in the commercial noticeable in operating expenses DORA period 2017-2021, which field concession operator sales in the course of 2018. Here it seeks to encourage the opening at airports did reflect a should be noted that the cost of new routes, increase long- downward trend in British pressure affecting Aena’s haul passengers, provide passenger spending, although service providers has become incentives for traffic in the this reduction has moderated in apparent in the third quarter airports with the least traffic, and line with the devaluation of the through the strikes called by reduce the seasonality of pound. workers in several companies airports which are highly that provide services in the seasonal. The scheme has been In the case of concession Spanish network. applied since 1 April 2017. operators at Barcelona-El Prat Airport, the impact of summer On the labour area and following On the operational side, there security strikes has been limited negotiations, on 25 September has been strong and widespread and the existence of the Aena reached a pre-agreement growth of traffic in most of the Minimum Annual Guaranteed with the trade unions on airports managed by Aena Rent in most commercial remuneration, employment, driven in the Spanish network by contracts has minimised the work-life balance measures and the excellent figures for the associated impact. an extension of the collective tourism industry. agreement up to 31 December Passenger traffic (including Turning to commercial 2021. The cumulative impact in Luton Airport) grew to 205.8 operations, in the third quarter of the period amounts to 3.0 million million (+8.4%), and at the the year the process of receiving euros. Spanish network’s airports it bids to operate the Barcelona-El 2 WorldReginfo - 17ee8acb-ae43-4a42-8a36-d44cbac52615 Management Report 9M 2017 l Aena S.M.E., S.A. EBITDA has increased to of net financial debt to EBITDA Board of Directors and Chief 1,949.0 million euros at 30 (excluding Luton) as established Executive Officer of the Company September 2017, which is in debt renewal agreements for with effect on 16 October 2017 to fill growth of 10.8% compared to the calculation of covenants, the vacancy resulting from the the same period in 2016. from 3.6x at 31 December 2016 resignation of Mr José Manuel to 2.9x at the close on 30 Vargas Gómez as Chairman and Pre-tax profit amounted to September 2017. CEO with effect on 15 October 1,270.6 million euros compared 2017. to 1,242.1 million euros in the As for investments, in the first same period of the previous year nine months of 2017 investment and net profit stood at 965.5 paid amounted to €246.4 million, million euros, which represents including €39.7 million invested an increase of 2.2% over the at Luton Airport which is same period in 2016 (944.4 undergoing a significant million euros). transformation to reach a capacity of 18 million This increase is especially passengers by 2018. The main significant given that in the same investments in the network of period in 2016, pre-tax profit and airports in Spain have been net income reflected the focused on security and extraordinary impact of the improvements in maintenance. reversal of provisions for legal proceedings related to This operating and financial expropriation of land at Adolfo performance continues to be Suárez Madrid-Barajas Airport reflected in the evolution of (204.9 and 153.7 million euros Aena’s share price in the first respectively). nine months of 2017 in which it Excluding this effect Aena's pre- has risen by 17.8% to 152.80 tax profit would have increased euros per share compared to the by 22.5% and net profit by evolution of the IBEX35, which 22.1%. grew by 11.0%. During this period Aena’s stock peaked at Cash flow from operating 183.70 euros and registered a activities has risen to 1,823.3 minimum of 129.70 euros. million euros compared to 1,699.1 million euros in the same Subsequent to 30 September 2017, period in 2016 (up 7.3%) with an the Board of Directors of Aena impact on debt reduction which agreed to appoint Mr Jaime García- has led to a reduction in the ratio Legaz Ponce as Chairman of the ¹ Aena S.M.E., S.A. and Subsidiaries (“Aena” or “the Company”). ² In this executive summary, the variation percentages for financial figures have been calculated by taking the figures in thousands of euros as the base. 3 WorldReginfo - 17ee8acb-ae43-4a42-8a36-d44cbac52615 Management Report 9M 2017 l Aena S.M.E., S.A. 2. Activity figures recreational options, the stability of (71.4%) compared to domestic 2.1. Traffic in the macroeconomic conditions in the traffic (28.6%) in the same period in Aena airport Eurozone and in the main countries 2016 (70.8% and 29.2%, of origin of the foreign tourists who respectively). network in Spain visit Spain, the geopolitical instability that persists in tourist destinations in During the first nine months of 2017 As regards the number of aircraft, the Mediterranean and the price of passenger traffic grew by 8.3% to 1,667,388 flights were registered, fuel that is contributing to the reach 193.4 million in Aena’s representing an increase of 5.6% growing activity of European Spanish airports. This growth over the same period in 2016. airlines. continues to be driven by excellent figures from the tourism industry Meanwhile the volume of freight has which is at record levels, helped by The increase in international risen by 15.3% in the first nine factors such as the increase in the passenger traffic (+9.1%) and months of 2017 to reach 662,501 number of people using travel and domestic traffic (+6.5%) has led the tonnes. slight increase of international traffic Figure 1. Traffic in the Aena airport network in Spain 2.2. Analysis of air passenger traffic by airports and airlines The percentage distribution of passengers remains largely concentrated in the major airports within the network, although virtually all the airports have experienced significant growth: 4 WorldReginfo - 17ee8acb-ae43-4a42-8a36-d44cbac52615 Management Report 9M 2017 l Aena S.M.E., S.A. Figure 2. Share of passenger traffic at major airports in Spain Passengers Aircraft Cargo Variation Share Variation Share Variation Share Airports and Airport groups Millions 9M 2017 / of Total Thousands 9M 2017 / of Total Tonnes 9M 2017 / of Total 9M 2016 9M 2016 9M 2016 Adolfo Suárez Madrid-Barajas 40.2 6.1% 20.8% 291.2 2.2% 17.5% 339,293 13.6% 51.2% Barcelona-El Prat 36.7 7.7% 19.0% 247.7 4.5% 14.9% 112,959 18.0% 17.1% Palma de Mallorca 23.3 6.4% 12.1% 171.5 5.8% 10.3% 7,675 -4.5% 1.2% Total Canary Islands Group 32.4 8.7% 16.7% 275.9 4.5% 16.5% 27,784 0.1% 4.2% Total Group I 49.8 10.9% 25.7% 412.2 6.9% 24.7% 27,952 12.3% 4.2% Total Group II 10.1 11.0% 5.2% 139.4 4.2% 8.4% 102,399 27.4% 15.5% Total Group III 0.9 5.7% 0.5% 129.5 15.7% 7.8% 44,439 14.4% 6.7% TOTAL 193.4 8.3% 100.0% 1,667.4 5.6% 100.0% 662,501 15.3% 100.0% Table 1.
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