Aena Sme Sa · BME:AENA
Aena Sme Sa — H1 2023 Earnings Presentation
34 slides from Aena Sme Sa's earnings presentation, Jul 26, 2023
Slide 1: Results Presentation
Results Presentation For the six-month period ended 30 June 2023 26 July 2023
Slide 2: Disclaimer
Disclaimer 2 This report shows the most important data concerning Aena S.M.E., S.A. and its The Presentation contains information and statements on forecasts regarding the subsidiaries (‘Aena’ or ‘the Company’) and its management during the first six months of Company and its group (the ‘Information
Slide 3: Key highlights, Business trends, Financial results, Appendices
01 02 03 04 Key Business Financial Appendices highlights trends results
Slide 4: Key highlights
Key highlights 4 Traffic: Passenger traffic across the Aena Group1 increased to 144.1 million DF Tender: Aena’s Board of Directors approved the award of the management of duty- (up 22.8% compared to 2022), which implies a recovery of 100.5% of 2019 free shops for a 12-year period for the six lots te
Slide 5: Key highlights
Key highlights 5 Passengers1 (m): +22.8% Total Revenue (€m): +24.1% Spanish Network 143.4 144.1 Driven by aeronautical 2,333.2 6.9 7.0 revenue (+19.9%), 2,100.7 Luton 8.5 117.3 1,880.2 6.8 7.7 commercial revenue 5.6 (+29.1%) and Northeast Brazil international segment Airport Group (ANB) 127.9 129.4
Slide 6: Key highlights: Performance by business area
Key highlights: Performance by business area1 6 Airports H1 2023 Aeronautical Commercial Real estate services International 2.0% 12.3% 54.7% Total revenue €2,333.2m 30.7% +24.1% €1,277.1m €715.3m €47.8m €287.5m (+19.4%) (+29.0%) (+12.6%) (+37.1%) 1.9% 14.9% 69.0% Total expenses 13.7% €1,563.9m +4.9%
Slide 7: Business trends
01 02 03 04 Key Business Financial Appendices highlights trends results
Slide 8: Traffic data
Traffic data 8 Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Var. % Var. % Passengers (m) 2022 Spanish Network H1 2023 H1 2022 H1 2019 H1 23/H1 22 H1 23/H1 19 Passengers 129,447,124 104,939,237 23.4% 127,921,688 1.2% Monthly change (%) 2023 Operations 1,130,758 1,023,6
Slide 9: Traffic data
Traffic data 9 Breakdown of passenger traffic1 by markets Passenger traffic1 by airports and groups of airports Total H1 2023 Europe (excl. Spain) H1 2023 Airports/ Passengers(1) Var. Share % Var. % Var. Groups(2) (m) (%) (%) Domestic(3) International(3) 1.7% 1.3% 0.2% (26.9% in 2.4% H1 2019) 3.3% R
Slide 10: Revenue ratios per passenger
Revenue ratios per passenger1 10 2019 2022* 2023 AENA S.M.E., S.A. Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2022 Q1 Q2 Passengers (m) 52.7 74.7 85.6 61.1 274.2 37.8 66.8 78.9 59.3 242.8 53.6 75.5 Total Revenue 832.7 1,105.3 1,253.2 968.3 4,159.5 661.2 968.6 1,132.1 922.6 3,684.5 859.9 1,145.1 (Aeronautical + Co
Slide 11: Commercial revenue summary
Commercial revenue summary1 11 Variation Variation Revenue Commercial and Real Estate Services 2023/2022 2023/2019 (Millions of euros) € € H1 2019 H1 2022* H1 2023 % % million million Total business activity 607.1 604.5 738.3 133.8 22.1% 131.2 21.6% Fixed and Variable Rents invoiced and collected in
Slide 12: Ordinary commercial revenue
Ordinary commercial revenue1 12 Business area Revenue Variation (Thousands of euros) H1 2023 H1 2022* € thousand % Duty-Free Shops 187,888 153,713 34,175 22.2% Food and beverage 151,781 112,712 39,069 34.7% Specialty shops 61,966 29,937 32,029 107.0% Car parks 83,700 62,624 21,076 33.7% Car rental 8
Slide 13: Fixed and Variable Rents invoiced and collected in the period
Fixed and Variable Rents invoiced and collected in the period1 13 Fixed and Variable Rents invoiced and collected in the period (thousands of euros) FIRST QUARTER SECOND QUARTER FIRST HALF Business areas Variation Variation Variation Variation Variation Variation 2019 2022 2023 2023/2022 2023/2019 2
Slide 14: Minimum Annual Guaranteed Rent (MAG)
Minimum Annual Guaranteed Rent (MAG)1 14 Minimum Annual Guaranteed Rent (MAG) (thousands of euros) FIRST QUARTER SECOND QUARTER FIRST HALF Business areas Variation Variation Variation Variation Variation Variation 2019 2022 2023 2023/2022 2023/2019 2019 2022 2023 2023/2022 2023/2019 2019 2022 2023 2
Slide 15: OPEX
OPEX 15 OPEX1 Aena Group (€m): +8.1% Aena (excluding Luton, ANB and BOAB) 1,140.3 The evolution of OPEX reflects: 1,055.2 2.9 102.8 Luton 907.6 70.7 68.5 93.0 80.5 • the effect of increased activity and the full Northeast Brazil Airport Group (ANB) opening of terminals and airport spaces; 827.1 916.
Slide 16: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain 16 First Quarter Second Quarter First Half €m Var. Var. Var. Var. Var. Var. 2019 2022 2023 2019 2022 2023 2019 2022 2023 2023/2022 2023/2019 2023/2022 2023/2019 2023/2022 2023/2019 Passengers (m) 52.7 37.8 53.6 15.7 41.6% 0.9 1.7% 74.7 6
Slide 17: Cash generated. Aena S.M.E., S.A. debt
Cash generated. Aena S.M.E., S.A. debt 17 Debt breakdown by type and average Net Cash from Operating Activities (€m): +33.5% interest rate for the period Net Financial Debt/EBITDA1 2.4x 3.00x 2.87x Fixed Variable 2019 2022 H1 2023 1.90% Average rate 1.04% 1,111.6 1,048.5 20% 27% 785.6 73% 80% H1 202
Slide 18: Luton
Luton 18 Passengers (m) Revenue (£m) Recovery of 90.3% of Aeronautical revenue 2019 traffic. increased 45.1% to 139.7 £66.8 million. Commercial 8.5 7.7 revenue grew by 37.1% to 106.7 99.2 £72.9 million. 5.6 H1 2019 H1 2022 H1 2023 H1 2019 H1 2022 H1 2023 EBITDA (£m) EBITDA margin 37.4% 39.7% 41.6% 5
Slide 19: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) 19 Passengers (m) Revenue (R$m) Recovery of 100.5% of Aeronautical revenue 2019 traffic. increased by 15.7% to 661.8 R$154.7m. Commercial 6.9 6.8 7.0 473.6 revenue increased by 6.5% to R$68.3m. Construction service revenue (IFRIC 12) reaches R$438.8m as a result
Slide 20: Financial results
01 02 03 04 Key Business Financial Appendices highlights trends results
Slide 21: Income statement
Income statement 21 €m H1 2023 H1 2022* Change €m Change % Ordinary revenue 2,307.0 1,853.9 453.1 24.4% Airports: Aeronautical 1,256.2 1,047.7 208.5 19.9% Airports: Commercial 710.7 550.6 160.1 29.1% Real Estate Services 46.5 41.7 4.9 11.7% Región de Murcia International Airport 6.1 4.5 1.6 34.7% In
Slide 22: Cash Flow Statement
Cash Flow Statement 22 €m H1 2023 H1 2022 Change €m Change % Profit/(loss) before tax 796.8 359.6 437.2 121.6% Depreciation and amortisation 401.1 393.7 Write-off of financial assets 11.4 7.8 Variation in working capital 14.8 81.1 Financial results 26.2 45.1 Impairment of fixed assets -6.3 -27.4 Var
Slide 23: Appendices
01 02 03 04 Key Business Financial Appendices highlights trends results
Slide 24: Appendix. Other financial information. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends 24 First Quarter Second Quarter Total €m 2023 2022* Change 2023 2022* Change 2023 2022* Change Consolidated Traffic (thousands of passengers)1 60,648.5 43,387.7 39.8% 83,472.5 73,954.6 12.9% 144,121.0 117,342.3 22.8% Spanish networ
Slide 25: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position 25 €m H1 2023 2022 €m H1 2023 2022 Property, plant and equipment 11,962.6 12,096.2 Share capital 1,500.0 1,500.0 Intangible assets 1,558.5 806.7 Share premium 1,100.9 1,100.9 Real estate investments 135.6 133.9 Retained earnings/
Slide 26: Appendix. Other financial information. Aena S.M.E., S.A. debt
Appendix. Other financial information. Aena S.M.E., S.A. debt 26 Maturity schedule of Aena’s long-term debt1 Total: €7,390.2m Average life: 6.7 years Net Financial Debt (€m) Debt (€m) % of debt €m H1 2023 2022 Gross financial debt (7,638) (7,227) 3.6% 23.6% 15.9% 10.6% 12.1% 34.2% Cash and cash equi
Slide 27: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 27 H1 2022 H1 2023 Traffic H1 2023 vs H1 2022 Adolfo Suárez Barcelona-El Prat Palma Canary Islands (m Passengers) Group I Group II2 Group III Aena Madrid-Barajas Josep Tarradellas de Mallorca Group 29.3% 29.9% 12.2% 17.9% 22.4% 26.7% 31.5% 23.4% Passengers
Slide 28: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 28 H1 2019 H1 2023 Traffic H1 2023 vs H1 2019 Adolfo Suárez Barcelona-El Prat Palma Canary Islands (m Passengers) Group I Group II2 Group III Aena Madrid-Barajas Josep Tarradellas de Mallorca Group -2.7% -6.9% 3.8% 5.5% 7.4% -4.3% 13.9% 1.2% Passengers 128
Slide 29: Appendix. Traffic information
Appendix. Traffic information 29 Traffic by airline (top 10) Variation H1 2023/H1 2022 Variation H1 2023/H1 2019 Share (%) Passengers(1) Passengers(1) Passengers Carrier % Passengers % Passengers H1 2023 H1 2022 H1 2019 H1 2023 H1 2022 H1 2019 Ryanair(2) 28,100,896 23,446,526 23,570,983 19.9% 4,654,
Slide 30: Appendix. Traffic information
Appendix. Traffic information 30 Traffic by origin/destination (top 15) Variation H1 2023/H1 2022 Variation H1 2023/H1 2019 Share (%) (1) (1) Passengers Passengers Passengers H1 Country % Passengers % Passengers H1 2023 H1 2022 H1 2019 H1 2023 H1 2022 2019 Spain 43,617,323 36,088,359 40,768,882 20.9
Slide 31: Appendix: Other shareholdings: Trend in passenger traffic (m)
Appendix: Other shareholdings: Trend in passenger traffic (m) 31 GAP(1) Exceeds 2019 traffic by +30.6% 31.5 24.1 26.7 H1 2019 H1 2022 H1 2023 Aerocali SACSA +25.8% compared to +11.9% compared to 2019 traffic 2019 traffic 3.6 3.2 3.6 3.3 2.8 2.6 H1 2019 H1 2022 H1 2023 H1 2019 H1 2022 H1 2023 1 Inclu
Slide 32: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 32 In addition to the financial information prepared under the International Financial In the note relating to the financial information by business segment of the annual report, Reporting Standards adopted by the European Union (IFRS-EU), the reported fina
Slide 33: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 33 2. Measures of the financial position Cash and cash equivalents Net Debt: The Net Debt is the main APM used by Management to measure the Definition contained on p. 7 of IAS 7 ‘Cash flow statement’. Company’s level of indebtedness. It is calculated as the
Slide 34: Thank you
Thank you Towards Sustainable Development Social Economic Environmental Development Development Sustainability Company committed to the United Nations Sustainable Development Goals (SDGs)