In the first six months of 2023, Aena achieved an EBITDA of 1,170.3 million euros, representing a growth of 49.5% compared to the same period in the previous year when the EBITDA reached 783 million euros. However, this figure is still slightly below the EBITDA of 2019, which was 1,189.3 million euros.
The company achieved a net profit of 607.7 million euros in the first half of the year, surpassing the 559 million achieved in the same period in 2019 and the 277.5 million obtained in 2022. This includes extraordinary financial items such as deposit remuneration in Brazil (25.8 million euros), exchange rate differences (19.6 million euros), and fair value of derivatives (23.1 million euros), among others.
During this period, the passenger traffic of the Aena Group, which includes the airports of Spain, Luton, and Northeast Brazil, increased by 22.8% compared to the same period in 2022, reaching 144.1 million. According to Aena, this represents a recovery of 100.5% of pre-pandemic traffic.
At Aena’s Spanish airports, traffic during the first six months of the year reached 129.4 million passengers, a 23.4% increase over the same period last year, equating to 101.2% of the traffic in the first six months of 2019.
Aena reported that total consolidated revenues for the first half of 2023 increased to 2,333.2 million euros, a 24.1% increase compared to the first half of 2022. Aeronautical revenues amounted to 1,277.1 million euros, 19.4% more than in 2022. Commercial revenues, backed by growth in sales of commercial activities that exceeded 2019 levels, reached 715.3 million euros, a 29% increase compared to the first half of 2022.
Aena highlighted the good performance of commercial activity in the first six months of the year, with sales exceeding 2019 levels by 13.5%. Revenues from fixed and variable rents billed and collected during the period exceeded 2019 figures by 19%.
However, Aena’s regulated business has experienced some slowdown due to airport tariffs not recognizing significant cost increases in the provision of airport services since the approval of DORA 2.
The consolidated net financial debt of the Aena Group stood at 7,071.8 million euros, compared to 6,242.9 million euros in 2022. This allowed the net financial debt to EBITDA ratio to be reduced to 2.87 times, compared to 3.00 times at the end of 2022.
Net cash generated by operating activities reached 1,048.5 million euros compared to 783 million in the first half of 2022, demonstrating solid cash generation. The investment paid during this period amounted to 1,043.9 million euros, an increase of 660.2 million euros compared to the first six months of 2022.
In terms of other operating expenses, the reduction in electricity expenditure in Spain’s network stands out, amounting to 63.7 million euros, 50.9% less than in the first half of 2022. Excluding the impact of energy, the annual increase in other operating expenses in the Spanish airport network was 64.6 million euros, 13.2% more than from January to June 2022.
Regarding the tariff proposal for 2024, the Board of Directors of Aena approved the tariff proposal applicable from March 1, 2024, setting the adjusted annual maximum revenue per passenger (IMAAJ) for 2024 at 10.35 euros per passenger, representing a variation of 4.09% compared to the IMAAJ of 2023 (9.95 euros per passenger).
That percentage, Aena emphasizes, “includes the calculation of the P index for 2022, which is set at 3.5%, derived from the increase in costs for the provision of airport services“.
“The CPI of 2022 registered an average value in Spain of 8.4%. The CNMC (National Commission of Markets and Competition) recognized the value of the P index referred to in its resolution of June 8, 2023“, they concluded on this matter.
