The strong recovery of passengers in Spain this year despite inflation has boosted Aena's business. The airport manager already earns almost as much as before the pandemic until March, close to the profits of the first quarter of 2019. Profits amount to 133.6 million euros in the first quarter of the year, compared to losses of 41.7 million registered in the same period of 2022, as reported by the listed company this Wednesday to the National Securities Market Commission (CNMV). In this way, the profit is only 2% below the first three months of 2019. Commercial income stands out, those obtained via airport stores, which increased by 12%.
The total consolidated income of the company increased in the first three months of the year by 34.3%, reaching 1,026.7 million euros and the gross operating result (Ebitda) stood at 368.6 million euros, which which represents a growth of 153.2% compared to 145.6 million euros in the same period of 2022).
Aeronautical revenues were 523 million euros, 26% more than in 2022. Regarding commercial revenues: they have reached 337.9 million euros, with an increase of 40.1% compared to the first quarter of 2022.
Income from fixed rents, which gave Aena so many headaches during the pandemic, and variables, invoiced and collected in the period have exceeded the 2019 figures by 15.8% and have gone from 4.44 euros per passenger in the first quarter of 2019 to 5.06 euros in the first quarter of 2023.
Specifically, income and sales have recovered in the duty free lines, whose tender is now open, restaurants, car rental, VIP services and car parks. In duty-free shops, the increase in average spending by British passengers stands out, which has exceeded the level of the first quarter of 2019, as well as the effect that the application of the tax-free tax regime after Brexit has had, which entails percentages of higher equities.
The company has carried out a change in its accounting policy regarding the treatment of commercial income to adapt to the new accounting regulations published on October 20, 2022 by the IFRS Interpretations Committee (IFRIC) on forgiveness by the lessor of lease payments. As a consequence, the company has presented on March 31, 2023, for comparative purposes, the figures as of March 31, 2022 modified according to the current accounting criteria.
The total number of passengers in the Aena Group (Spain, Luton and the airports in the Northeast of Brazil) recovered 100% to pre-pandemic levels. At the airports in the Aena network in Spain, traffic rose to 53.6 million in the first three months of the year, which represents an increase of 41.6% compared to the same period last year and 1.6 % compared to the first three months of 2019.
Last February, Aena revised the traffic estimation scenarios for 2023 in the Spanish airport network upwards, with a recovery in passenger volume of between 94% and 104% compared to 2019. It is estimated that the scenario Central is the most probable, with a recovery of 99% compared to 2019.
London Luton Airport has registered 3.3 million passengers, representing a year-on-year increase of 73.6% and a recovery of 88.9%. In addition, the traffic of the six airports of the Northeast Brazil Airport Group has reached 3.7 million passengers, registering an interannual growth of 3.6% and a recovery of 97.6%.
The investment made between January and March 2023 amounted to 388.5 million euros, which represents an increase of 129.4 million euros compared to the first three months of 2022. These investments have focused mainly on improving the facilities and the operational security of the airports and include 146.6 million euros for the obligatory payments of the concession of the Block of Eleven Airports in Brazil.
For its part, group operating expenses, which include supplies, personnel and other operating expenses of the company, amounted to 641.4 million euros in the first quarter of the year, compared to 578.9 million of the same period of 2022.
The evolution of these expenses reflects, according to the airport manager, the effect of the increased activity and the operation of the terminals and open airport spaces of the Aena Group.
Regarding other operating expenses, the reduction in the cost of electrical energy in the Spanish network stands out, which has been 27.5 million euros (44.6% less than in the first quarter of 2022). Excluding the impact of energy, the year-on-year increase in other operating expenses in the Spanish airport network was 37.8 million euros, 12.3% more than from January to March 2022.
For its part, the consolidated accounting net financial debt of the group stood at 6,149 million euros, compared to 6,242.9 million euros in 2022, reducing the ratio of net financial debt to Ebitda of the consolidated group to 2.67 times, compared to to 3 times as of December 31, 2022.
The Aena share price has fluctuated in the period between a minimum of 120.65 euros and a maximum of 154.50 euros. It has closed as of March 31 at 148.90 euros, which implies a revaluation of the share price of 26.9% since December 31, 2022, much higher than the evolution of the Ibex 35 that in the same period has accumulated an increase of 12.2%.
The Aena General Shareholders' Meeting has approved the distribution of a gross dividend of 4.75 euros per share charged to the 2022 profit. The dividend payment, which benefits both private and public shareholders of Aena, will be made on 4 May 2023 and will be paid in cash.
