The good recovery in passenger traffic and the improvement in commercial activity at airports has led Aena to exceed its pre-covid profit and propose a dividend of 1,149 million, at a rate of 7.66 euros per share (a figure of 61.2% higher than that paid in 2022, of 4.75 gross euros per title). The proposal will be taken to the shareholders' meeting on April 18 and, according to it, the State will receive 586 million euros as the owner of 51% of the listed company.
In total, the airport manager chaired by Maurici Lucena has obtained record profits of 1,630.8 million euros in 2023, 80.9% more than in 2022 and 13.1% above the 2019 financial year, previous to the pandemic that paralyzed air activity around the world, he communicated this Wednesday to the CNMV. The company has recorded financial extraordinary items, including deposit remuneration in Brazil (36.3 million euros) and exchange rate differences (11.2 million euros).
Total revenues increased by 21.3% last year, to 5,141.8 million euros, with an increase of 18.5% in its aeronautical revenues, to 2,858 million euros. For its part, commercial income amounted to 1,552 million euros, 25.2% more than in 2022.
Total sales from commercial activities exceeded 2019 levels by 17.3% and income from fixed and variable rents invoiced and collected in the period increased by 21.8%.
Aena's business and passenger traffic, with a record last year of 283 million, thus exceeds its forecasts, which has led it to update its strategic plan for March 7. Starting next month, the manager will apply a new fare system that will increase revenue per passenger by 4.09%, with about 40 cents on average. At the press conference to present the results, Lucena defended this fare change, which initially raised criticism from the airlines. The company emphasizes in this sense that despite the increase, prices are still below 2019. Lucena has also pointed out that the majority of large airline groups have increased their profits in the last year, even more than the airport manager.
Regarding the gross result (Ebitda), it reached 3,022.6 million euros in 2023, 45.4% more than in 2022 and 9.3% higher than in 2019. In this way, the company recovers the pre-pandemic Ebitda one year ahead of schedule in its 2022-2026 Strategic Plan. Excluding the reversal of the impairment of the Northeast Brazil Airport Group, the Ebitda margin would be 55.8%.
Regarding the group's financial debt, it stood at 6,222 million euros, compared to 6,242.9 in 2022, reducing the ratio of net financial debt to Ebitda of the consolidated group to 2.06 times, compared to 3 times as of December 31, 2022. Net cash generated by operating activities reached 2,219.8 million euros compared to 1,863.2 million in 2022.
The OPEX of the airport group, which includes expenses for supplies, personnel and other operating expenses, amounted to 2,218.3 million euros in 2023, compared to 2,090.7 million in 2022. The evolution of these expenses reflects the greater activity and the operations of the group's terminals and open airport spaces.
Regarding other operating expenses, the reduction in electricity expenditure in Spain stands out, which was 121.2 million euros (45.2% less than in 2022). Excluding the impact of energy, the year-on-year increase in other operating expenses in the Spanish airport network was 140.3 million euros, 16% more than in 2022 in a context of greater airport activity.
The Aena group's passenger traffic (Spain, London-Luton and the airports in Northeast Brazil) grew in 2023 to 314.1 million, 16% more than in 2022 and the equivalent of 102.3% of 2019 traffic In Spain's airports, the increase reaches 16.2%, up to 283.2 million passengers, and is equivalent to 102.9% in 2019.
