Aena Sme Sa · BME:AENA
Aena Sme Sa — Q1 2024 Earnings Presentation
35 slides from Aena Sme Sa's earnings presentation, Apr 30, 2024
Slide 1: Results Presentation
Results Presentation For the three-month period ended on 31 March 2024 30 April 2024
Slide 2: Disclaimer
Disclaimer This report presents the most significant data of Aena S.M.E., S.A. and its dependent companies Factors of macroeconomic order, market conditions, regulatory changes, movements in national ("Aena" or "the Company") and its management during the first three months of 2024, including and in
Slide 3: Key highlights, Business trends, Financial results, Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 4: Key highlights
Key highlights Traffic: Aena Group1 passenger traffic Total revenue: €1,233.0 million (+€206.4 million, +20.1% compared to Q1 2023): Aeronautical increased to 74.6 million (+11.9% revenue, €622.3 million (+€110.3 million, +21.6%); commercial revenue, €399.2 million compared to the first quarter of 2
Slide 5: Key highlights
Key highlights International activity: The consolidation of the Block of Eleven Airports in Brazil Commercial activity: (BOAB) contributes €44.1 million to revenue and €25.3 million to EBITDA. • Total sales (passenger expenditure) from commercial activities have grown by 15.8% compared to the same p
Slide 6: Key highlights
Key highlights Passengers1 (m): +11.9% Total Revenue (€m): +20.1% Spanish Network 74.6 66.7 Driven by aeronautical 1,233.0 6.5 revenue (+21.6%), Luton 6.1 3.7 3.4 4.0 1,026.7 3.3 commercial revenue (+19.3%) and international Northeast Brazil segment revenue Airport Group (ANB) 60.8 63.6 (+19.3%). Bl
Slide 7: Key highlights: Performance by business area
Key highlights: Performance by business area Aeronautical Commercial Real estate Q1 2024 Airports1 Airports1 services1 International 2.2% 13.8% 51.3% Total revenue 32.6% €1,233.0m (+20.1%) €632.3m (+21.0%) €402.2m (+19.4%) €27.3m (+16.1%) €169.7m (+19.3%) 2.0% 15.1% 70.1% 12.3% Total expenses €863.4
Slide 8: Business trends
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 9: Traffic data
Traffic data Passengers, aircraft movements and cargo Monthly trend in passenger traffic1 Change % Spanish Network Q1 2024 Q1 2023 Q1’24/Q1’23 Passengers (m) 2023 Passengers 60,750,987 53,645,869 13.2% Monthly change (%) Operations 524,525 491,344 6.8% 2024 Cargo (Tonnes) 293,253 251,593 16.6% Chang
Slide 10: Traffic data
Traffic data Passenger traffic1 by airports Breakdown of passenger traffic1 by markets and groups of airports Total Q1 2024 Europe (excl. Spain) Q1 2024 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 1.8% 1.3% 0.4% 2.2% A.S. Madrid-Barajas 1
Slide 11: Revenue ratios per passenger
Revenue ratios per passenger1 Aena S.M.E., S.A. 2019 2023 2024 Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3 Q4 2023 Q1 Passengers (m) 52.7 74.7 85.6 61.1 274.2 53.6 75.5 86.9 66.4 282.3 60.7 Total Revenue (Aeronautical 832.7 1,105.3 1,253.2 968.3 4,159.5 869.1 1,144.3 1,272.8 1,121.9 4,408.2 1,048.5 + Commercial + Rea
Slide 12: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change Q1 2024/Q1 2023 Q1 2023 Q1 2024 € million % Total business activity 350.4 404.9 54.6 15.6% Fixed and Variable Rents 271.4 306.2 34.8 12.8% invoiced in the period MAG revenue to be invoiced 78.9
Slide 13: Ordinary commercial revenue
Ordinary commercial revenue1 Business area (Thousands of euros) Revenue Change Q1 2023 Q1 2024 € thousand % Duty-Free Shops 95,221 131,660 36,439 38.3% Food and beverage 70,005 79,192 9,187 13.1% Specialty shops 27,693 30,084 2,391 8.6% Car parks 37,942 43,716 5,774 15.2% Car rental 37,696 42,004 4,
Slide 14: Fixed and Variable Rents invoiced in the period
Fixed and Variable Rents invoiced in the period1 Fixed and Variable Rents invoiced in the period Fixed and Variable Rents invoiced in the period per passenger (thousands of euros) (euros per passenger) Business areas First Quarter Business areas First Quarter Change Change 2023 2024 2023 2024 2024/2
Slide 15: Minimum Annual Guaranteed Rent (MAG)
Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) Minimum Annual Guaranteed Rent (MAG) per passenger (thousands of euros) (euros per passenger) Business areas First Quarter Business areas First Quarter Change Change 2023 2024 2023 2024 2024/2023 2024/2023 Duty-free shops 35,
Slide 16: OPEX
OPEX OPEX1 Aena Group (€m): +2.9% Aena (excluding Luton, ANB and BOAB) 641.4 659.9 The evolution of OPEX reflects: 0.8 18.5 40.7 59.9 52.8 28.3 • The consolidation of the Block of Eleven Airports in Brazil (+€18.5 million), Luton the increase in the Group’s staff costs (+10.5%) as well as the increa
Slide 17: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €m First Quarter €/pax First Quarter Change Change 2019 2023 2024 Change Change 2024/2023 2024/2019 2019 2023 2024 2024/2023 2024/2019 Passengers (m) 52.8 53.6 60.8 7.1 13.2% 7.9 15.0% Other Operating Other Operating 329.4 379.5 390.2 1
Slide 18: Cash generated and net financial debt (Aena Group)
Cash generated and net financial debt (Aena Group) Net Cash from Operating Activities (€m): +43.4% Net Financial Debt (€m) Net Financial 2.06x 1.79x €m Q1 2024 2023 Debt/EBITDA1 2023 Q1 2024 Gross financial debt 8,391 8,586 Cash and cash equivalents (2,598) (2,363) 723.7 Net financial debt 5,793 6,2
Slide 19: Aena S.M.E., S.A. debt
Aena S.M.E., S.A. debt Maturity schedule of Aena’s Debt breakdown by type and average long-term debt1 interest rate for the period Fixed 2.59% Average rate 2.20% Total: €7,308.8m | Average life: 5.9 years Variable Debt (€m) % of debt 25% 25% 19.6% 16.1% 10.7% 12.2% 4.7% 8.2% 11.1% 6.5% 2.9% 1.5% 6.6
Slide 20: Luton
Luton Passengers (m) Revenue (£m) Recovery of 91.9% of Aeronautical revenue 2019 traffic. decreased by 0.6% to 66.8 3.7 60.5 £30.1 million. Commercial 3.3 3.4 revenue grew by 21.7% to 46.4 £36.7 million. Q1 2019 Q1 2023 Q1 2024 Q1 2019 Q1 2023 Q1 2024 EBITDA (£m) EBITDA margin 34.1% 40.4% 32.4% 24.4
Slide 21: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m) Revenue (R$m) Recovery of 105.7% of Aeronautical revenue increased by 2019 traffic. 20.2% to R$100.0m. Commercial 390.2 3.8 3.7 4.0 revenue increased by 22.9% to R$45.6m. Revenue from 235.3 construction services (IFRIC 12) is down by 66.8% to R$89.
Slide 22: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m) Revenue (R$m) Recovery of 96.7% of 2019 Aeronautical revenue was traffic. R$148.3 million, commercial 237.0 6.7 6.1 6.5 revenue was R$72.3 million and revenue from construction services (IFRIC 12) reached R$16.4 million as a result of the airp
Slide 23: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 24: Income statement
Income statement €m Q1 2024 Q1 2023 Change €m Change % Ordinary revenue 1,220.3 1,013.2 207.2 20.4% Airports: Aeronautical 622.3 511.9 110.3 21.6% Airports: Commercial 399.2 334.4 64.9 19.4% Real Estate Services 27.0 22.9 4.2 18.2% Región de Murcia International Airport 2.3 1.8 0.4 24.1% Internation
Slide 25: Cash Flow Statement
Cash Flow Statement €m Q1 2024 Q1 2023 Change €m Change % Profit/(loss) before tax 346.7 177.4 169.3 95.4% Depreciation and amortisation 211.5 198.7 Write-off of financial assets 0.1 5.8 Changes in working capital 169.7 187.0 Financial results 32.4 24.7 Impairment of fixed assets 0.0 0.0 Change in f
Slide 26: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 27: Appendix. Other financial information. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends First Quarter €m 2024 2023 Change Traffic (thousands of passengers)1 74,640.3 66,700.1 11.9% Traffic in Spain (thousands of passengers) 60,751.0 53,645.9 13.2% Total Revenue 1,233.0 1,026.7 20.1% Aeronautical Revenue 622.3 511.9 21
Slide 28: Appendix. Statement of financial position
Appendix. Other financial information. Statement of financial position €m Q1 2024 2023 €m Q1 2024 2023 Property, plant and equipment 11,937.6 11,984.3 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Intangible assets 1,709.4 1,723.1 Retained earnings/(losses) 5,365.0 5,104.3 Real estate
Slide 29: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic Q1 2024 vs Q1 2023 Q1 2023 Q1 2024 Adolfo Suárez Barcelona-El Prat Palma Canary Islands (m Passengers) Group I Group II2 Group III Aena Madrid-Barajas Josep Tarradellas de Mallorca Group 10.6% 14.7% 11.1% 12.2% 17.3% 8.8% 3.9% 13.2% Passengers 61 5
Slide 30: Appendix. Traffic information
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) (1) (1) Passengers Passengers Carrier % Passengers Q1 2024 Q1 2023 Q1 2024 Q1 2023 Ryanair(2) 12,373,292 10,944,302 13.1% 1,428,990 20.4% 20.4% Vueling 9,848,584 9,019,389 9.2% 829,195 16.2% 16.8% Iberia 5,215,056 4,965,367 5
Slide 31: Appendix. Traffic information
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) Passengers Passengers Country % Passengers Q1 2024 Q1 2023 Q1 2024 Q1 2023 Spain 21,054,289 19,391,074 8.6% 1,663,215 34.7% 36.1% United Kingdom 7,786,859 6,962,311 11.8% 824,548 12.8% 13.0% Germany 5,126,215 4
Slide 32: Appendix: Other shareholdings: Trend in passenger traffic
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1) Surpasses 2019 traffic by +31.3%. 15.6 15.6 11.9 Q1 2019 Q1 2023 Q1 2024 Aerocali(2) SACSA(3) +27.6% compared to 2019 traffic. 1.2 1.2 1.7 1.7 1.0 1.3 Q1 2019 Q1 2023 Q1 2024 Jan– Jan– Jan– Feb 2019 Feb 2023 Feb 2024 1 Includes tra
Slide 33: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures In addition to the financial information prepared under the International Financial • amortisation and depreciation accounting expenses that do not entail cash Reporting Standards adopted by the European Union (IFRS-EU), the reported financial outflow, it i
Slide 34: Appendix. Alternative Performance Measures
Appendix. Alternative Performance Measures 2. Measures of the financial position • Net Financial Debt/EBITDA Ratio: It is calculated as the quotient of the Net Financial Debt divided by the EBITDA for each calculation period. In the event • Net Debt: The Net Debt is the main APM used by Management t
Slide 35: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)