Consolidated Interim Management Report
Total Page:16
File Type:pdf, Size:1020Kb
Consolidated interim management report for the nine-month period ended 30 September 2019 Aena S.M.E., S.A. and Subsidiaries This document has been originally issued in Spanish. In the event of discrepancy, the Spanish-language version prevails. Webcast/Conference-call: Telephones: 30/10/2019 Spain: +34 914 146 280 13:00 (local time) United Kingdom: +44 (0) 8445 718 892 USA: +1 6315 107 495 https://edge.media-server.com/mmc/p/ya5eebgh Access code: 9657637 WorldReginfo - d10b24c2-14d7-4b25-96db-3dc45b520ee5 Consolidated interim management report 9M 2019 l Aena S.M.E., S.A. and Subsidiaries 1. Executive summary At 30 September 2019, the In the airports managed in percentages have not been performance of the Aena Group(1) Spain, traffic grew by 4.8% year- modified. continues to be positive, both in on-year, reaching a new terms of activity and results. historical record of 213.9 million Regarding the progress of passengers, driven by the good projects for renewal the food & The following aspects can be performance in the tourism beverage offer, at the end of July highlighted in this period: sector and domestic traffic. This the new food & beverage growth is compatible with Aena's contracts were awarded for 33 In relation to the Airport passenger traffic forecast for premises at Palma de Mallorca Regulation Document (DORA) 2019, estimated to increase by Airport at the end of July, in for the period 2017-2021, 3.7% (within a ± 0.5% range) in addition to the 18 premises pursuant to the application of the Spain. awarded at Alicante-Elche said document, the 2019 airport Airport in the month of January, charges came into force on 1 Domestic traffic increased by as well as refurbishment works March 2019 based on the 7.1% and international traffic by carried out by the new tenants of freezing of adjusted annual 3.8%. It was observed that the the premises in the airports of maximum income per passenger growth in passenger volume to Barcelona, Málaga and Gran (IMAAJ) of 2019 with respect to and from the United Kingdom Canaria. the adjusted annual maximum was moderate (+ 2.2%) and in income per passenger (IMAAJ) the second international market, EBITDA for the period was for 2018. Germany, decreased slightly €2,136.7 million, a year-on-year (-0.3%). increase of 5.1%, which reflects It should also be noted that 10 the rise in the cost of services April 2019 saw the publication of Growth in traffic at Aena's provided by third parties as Royal Decree 162/2019 of 22 airports contributed to the evidenced in the contracts which March, which develops the increase in total revenue by entered into force with higher mechanism for calculating the P 6.1%(2) in comparison with the associated costs from the index for updating airport same period in 2018, to €3,448.8 second quarter of 2018. charges that will be applied for million, despite the 2.22% the first time in 2020. reduction in airport charges from Profit before tax reached 1 March 2018. As from 1 March €1,477.3 million, compared with In relation to the airport charges 2019, tariffs did not change. €1,342.2 million on 30 applicable from 1 March 2020, at September 2018, and net profit its meeting held on 30 July 2019, In terms of commercial activity, it for the period amounted to Aena’s Board of Directors is noteworthy that the Board of €1,114.2 million, which approved the proposed charges, Directors of Aena agreed on 24 constitutes a year-on-year setting the maximum annual September to extend the growth of 9.4% (€1,018.5 million adjusted income per passenger contracts of the Tax and Duty as of 30 September 2018). (IMAAJ) for 2020 at €10.2997, Free Shops in the network’s which represents a decrease of airports to the current operator. Cash flow from operating -1.17% compared with the 2019 The extension, which will start at activities totalled €1,913.9 million IMAAJ (€10.42 per passenger). the end of the validity of the for the period, an increase of This proposal is subject to current contracts on 31 October 8.0% compared with €1,772.7 review and validation by the 2020, will have an initial period million in the same period of Comisión Nacional de los of three years and two possible 2018. Mercados y la Competencia additional extensions of one year (CNMC) in its supervisory each. The Aena Group’s ratio of resolution. consolidated net financial debt The technical and economic (calculated as Current plus Non- At an operational level, traffic at conditions of the contracts will current Borrowings, less “Cash the airports managed by the remain the same as those and cash equivalents”) to Aena Group continues to break currently in force, except for an EBITDA was 2.4x at 30 records, with a volume of 227.8 annual increase of the fixed September 2019 (2.5x at 31 million passengers in the period component of minimum annual December 2018). (+5.1% year-on-year), including guaranteed rents of 1.56% Luton Airport. weighted annual average, during This financial strength was the entire extension period. The reflected in the confirmation by variable remuneration Fitch Ratings (dated 9 May (1) Aena S.M.E., S.A. and Subsidiaries (“Aena” or “the Company”) 2 (2) The change percentages for financial figures have been calculated by taking the figures in thousands of euros as the base. WorldReginfo - d10b24c2-14d7-4b25-96db-3dc45b520ee5 Consolidated interim management report 9M 2019 l Aena S.M.E., S.A. and Subsidiaries 2019) and Moody's (dated 26 to 10.3 million in the same period concession fee offered and the July 2019) of their respective of the previous year. contribution stipulated by the credit ratings: "A" and "A3", both In its meeting of 12 April 2019, Government of Brazil. with a stable outlook. the Council of Ministers approved a resolution to Likewise, it should be noted that Fitch Ratings also assigned a authorise Aena Desarrollo as part of the development of the "F1" short-term rating for the first Internacional S.M.E., S.A. to objectives associated with the time. create the state-owned company Strategic Plan, a new corporate Aeroportos do Nordeste do management has been created In relation to the execution of Brasil S.A. (hereinafter, ANB) in with the aim of promoting investments in airport Brazil as a concessionary entity important strategic projects, such infrastructure, the amount paid in for the management of the as innovation, digital the period came to €372.6 above-mentioned airports. The transformation, the quest for million (€399.2 million in the company was formed on 30 May passenger excellence and same period in 2018). The main 2019. sustainability. The new investments relate to the airport management area, called network (€352.2 million), which The Board of Directors of ANB, Innovation & Strategic Projects continues to focus on security at its meeting held on 1 July Management, will be led by and maintenance in accordance 2019, approved a capital Amparo Brea, who until now was with the regulated investment increase in an amount of 2,389.0 in charge of Planning and programme established in the million Brazilian Real, which was Environment Management. DORA. fully subscribed and paid in by its sole shareholder Aena During the first nine months of As part of the objectives of the Desarrollo Internacional S.M.E., 2019, the share price fluctuated 2018-2021 Strategic Plan, on 15 S.A. between a minimum of €137.00 March 2019, Aena, through its and a maximum of €178.05, subsidiary Aena Desarrollo The signing of the concession ending the period at €168.00, Internacional SME, SA, won the agreement and the payment of representing a revaluation of auction for the concession for the fixed concession fee offered 23.8%, outperforming the the operation and maintenance took place on 5 September. For IBEX35, which gained 8.3% in of the airports of the so-called its part, the concession term was the same period. North-east of Brazil airports activated on 8 October, and it group, comprising the airports of was estimated that operational Subsequent to 30 September Recife, Maceió, Aracajú, management of the airports that 2019, Aena S.M.E., S.A. Campina Grande, João Pessoa make up the concession would announced that passenger traffic and Juazeiro do Norte. be assumed by ANB between in the Spanish network is January and February 2020. currently expected to grow 1.1% In 2018, this Group registered in 2020. traffic of 14.0 million passengers. As of 30 September 2019, ANB In the first nine months of 2019, has paid 2,232 million Brazilian traffic of 10.2 million passengers Real (€510.7 million) have been recorded, compared corresponding to the fixed 3 WorldReginfo - d10b24c2-14d7-4b25-96db-3dc45b520ee5 Consolidated interim management report 9M 2019 l Aena S.M.E., S.A. and Subsidiaries 2. Activity figures 2.1. Traffic in the Aena airport network in Spain In the first nine months of 2019 economy and by the increase in the its growth (+2.2%), and it can be passenger traffic in the airports state subsidy for inter-island traffic seen that the increase in traffic in managed in Spain grew by 4.8%, and flights to and from the Peninsula the second international market, reaching 213.9 million passengers. by residents of the islands, Ceuta Germany, has slowed down slightly This volume is breaking new records and Melilla, which increased from (-0.3%).