Aena Sme Sa · BME:AENA
Aena Sme Sa — H1 2024 Earnings Presentation
40 slides from Aena Sme Sa's earnings presentation, Jul 31, 2024
Slide 1: Results Presentation
Results Presentation For the six-month period ended 30 June 2024 31 July 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 six months of 2024, including the and
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: €2,746.4 million (+€413.2 million, +17.7% compared to H1 2023): Aeronautical increased to 172.7 million (+10.5% revenue, €1,462.0 million (+€205.8 million, +16.4%); commercial revenue, €834.3 million compared to the first half of 2
Slide 5: Key highlights
Key highlights Commercial activity: International activity: The consolidation of the Block of Eleven Airports in Brazil (BOAB) contributes €91.1 million to revenue and €50.4 million to EBITDA. • Total sales (passenger expenditure) from commercial activities have grown by 13.4% compared to the same p
Slide 6: Key highlights
Key highlights Passengers1 (m): +10.5% Total Revenue (€m): +17.7% Spanish Network 172.7 Driven by aeronautical 2,746.4 156.4 13.0 revenue (+16.4%), Luton 12.3 7.9 7.6 2,333.2 7.0 commercial revenue 7.7 (+17.4%) and international Northeast Brazil segment revenue Airport Group (ANB) 144.2 129.4 (+25.6
Slide 7: Key highlights: Performance by business area
Key highlights: Performance by business area Aeronautical Commercial Real estate H1 2024 Airports1 Airports1 services1 International 2.0% 13.1% 54.0% Total revenue 30.6% €2,746.4m (+17.7%) €1,483.5m (+16.2%) €841.4m (+17.6%) €55.5m (+16.0%) €361.1m (+25.6%) 1.3% 16.2% 69.4% 12.7% Total expenses €1,6
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 H1 2024 H1 2023 H1 24/H1 23 Passengers (m) 2023 Passengers 144,151,231 129,447,124 11.4% Monthly change (%) Operations 1,223,232 1,130,758 8.2% 2024 Cargo (Tonnes) 604,780,617 507,544 1
Slide 10: Traffic data
Traffic data Passenger traffic1 by airports Breakdown of passenger traffic1 by markets and groups of airports Total H1 2024 Europe (excl. Spain) H1 2024 Airports/ Passengers(1) Change Share % Change % Change Groups(2) (m) (%) (%) Domestic(3) International(3) 1.6% 1.2% 0.4% 2.5% 3.4% A.S. Madrid-Bara
Slide 11: Revenue ratios per passenger
Revenue ratios per passenger1 2023 2024 Aena S.M.E., S.A. % % % Q1 Q2 Q3 Q4 2023 Q1 Q2 H1 Change Change Change Passengers (m) 53.6 75.5 86.9 66.4 282.3 60.7 13.2% 83.1 10.1% 143.8 11.4% Total Revenue (Aeronautical 869.1 1,144.3 1,272.8 1,121.9 4,408.2 1,048.5 20.6% 1,302.7 13.8% 2,351.2 16.8% + Comm
Slide 12: Commercial activity
Commercial activity The first Real Madrid bar ‘The Corner by Real Madrid’ in the duty- Citees specialty shop at Sevilla Airport free shop at Adolfo Suárez Madrid-Barajas Airport New Globalia maintenance hangar at Adolfo Suárez Madrid-Barajas Airport Results Presentation H1 2024 12
Slide 13: Commercial revenue summary
Commercial revenue summary1 Commercial and Real Estate Services Revenue (Millions of euros) Revenue Change H1 2024/H1 2023 H1 2023 H1 2024 € million % Total business activity 738.3 842.0 103.7 14.0% Fixed and Variable Rents 639.3 705.2 65.9 10.3% invoiced in the period First Duty-Free Shop in the hi
Slide 14: Ordinary commercial revenue
Ordinary commercial revenue1 Business area (Thousands of euros) Revenue Change H1 2023 H1 2024 € thousand % Duty-Free Shops 187,888 262,080 74,193 39.5% Food and beverage 151,781 165,801 14,020 9.2% Specialty shops 61,966 62,752 786 1.3% Car parks 83,700 96,012 12,312 14.7% Car rental 83,162 91,947
Slide 15: Fixed and Variable Rents invoiced in the period
Fixed and Variable Rents invoiced in the period1 Fixed and Variable Rents invoiced in the period (thousands of euros) Business areas First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-Free Shops 60,187 61,807 2.7% 94,606 95,1
Slide 16: Fixed and Variable Rents invoiced in the period
Fixed and Variable Rents invoiced in the period1 Fixed and Variable Rents invoiced in the period per passenger (euros per passenger) Business areas First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-Free Shops 1.12 1.02 -9.3%
Slide 17: Minimum Annual Guaranteed Rent (MAG)
Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) (thousands of euros) Business areas First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-Free Shops 35,034 50,393 43.8% -1,939 15,862 918.1% 33,095 66,2
Slide 18: Minimum Annual Guaranteed Rent (MAG)
Minimum Annual Guaranteed Rent (MAG)1 Minimum Annual Guaranteed Rent (MAG) per passenger (Euros per passenger) Business areas First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Duty-Free Shops 0.65 0.83 27.0% -0.03 0.19 843.3% 0.2
Slide 19: MAG and Fixed Rents Committed 2024 - 2026
MAG and Fixed Rents Committed 2024 - 2026 MAG and Fixed Rents Committed 2024 - 2026 (Million of euros) 1,195 1,172 1,158 107 Duty-Free Shops 105 109 36 4 36 24 37 4 24 4 22 Specialty shops 92 116 118 47 32 Food and beverage The figures include Región de Murcia International Airport. 30 Contracts sub
Slide 20: OPEX
OPEX OPEX1 Aena Group (€m): +6.0% Aena (excluding Luton, ANB and 1,140.3 1,208.8 The evolution of OPEX reflects: 3.3 40.4 BOAB) 93.0 102.2 118.9 40.2 Luton • The consolidation of the Block of Eleven Airports in Brazil (+€40.4 million), the increase in the Group’s staff costs (+10.6%) as well Northea
Slide 21: Breakdown of Other Operating Expenses for the Network in Spain
Breakdown of Other Operating Expenses for the Network in Spain1 €m First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Passengers (m) 53.6 60.8 7.1 13.2% 75.8 83.4 7.6 10.0% 129.4 144.2 14.7 11.4% Other Operating 379.5 390.2 10.7 2
Slide 22: Breakdown of Other operating expenses for the Network in Spain
Breakdown of Other operating expenses for the Network in Spain1 €/pax First Quarter Second Quarter First Half Change Change Change 2023 2024 2023 2024 2023 2024 2024/2023 2024/2023 2024/2023 Other Operating 7.07 6.42 -0.65 -9.2% 3.12 3.31 0.19 6.0% 4.76 4.62 -0.14 -2.9% Expenses Taxes 2.90 2.56 -0.3
Slide 23: Cash generated and net financial debt (Aena Group)
Cash generated and net financial debt (Aena Group) Net Cash from Operating Activities (€m): +33.7% Net Financial Debt (€m) Net Financial 2.06x 1.89x €m H1 2024 2023 Debt/EBITDA1 2023 H1 2024 Gross financial debt 7,949 8,586 Cash and cash equivalents (1,496) (2,363) 1,401.4 Net financial debt 6,453 6
Slide 24: 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: €6,895.8m | Average life: 5.9 years Variable 14.8% 17.1% 11.4% 12.9% 5.0% 8.6% 11.7% 6.9% 3.0% 1.6% 7.0% 26% 25% Annual % of total
Slide 25: Luton
Luton Passengers (m) Revenue (£m) Recovery of 93.2% of Aeronautical revenue has 2019 traffic. increased 11.9% to 165.9 £74.7 million. Commercial 139.7 8.5 7.7 7.9 revenue has grown by 106.7 25.1% to £91.2 million. H1 2019 H1 2023 H1 2024 H1 2019 H1 2023 H1 2024 EBITDA (£m) EBITDA margin 37.4% 41.6%
Slide 26: Northeast Brazil Airport Group (ANB)
Northeast Brazil Airport Group (ANB) Passengers (m) Revenue (R$m) Recovery of 110.1% of Aeronautical revenue increased by 2019 traffic. 16.7% to R$180.5m. Commercial 661.8 7.6 revenue increased by 28.8% to 6.9 7.0 R$87.9m. Revenue from construction services (IFRIC 12) is 377.4 down by 75.2% (from R$
Slide 27: Block of Eleven Airports in Brazil (BOAB)
Block of Eleven Airports in Brazil (BOAB) Passengers (m) Revenue (R$m) Recovery of 99.8% of 2019 Aeronautical revenue was traffic. R$304.3 million, commercial 500.4 In June 2024, Congonhas 13.0 12.3 13.0 revenue was R$149.5 million and revenue from construction services airport achieved a (IFRIC 12)
Slide 28: Financial results
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 29: Income statement
Income statement €m H1 2024 H1 2023 Change €m Change % Ordinary revenue 2,718.5 2,307.0 411.5 17.8% Airports: Aeronautical 1,462.0 1,256.2 205.8 16.4% Airports: Commercial 834.3 710.7 123.6 17.4% Real Estate Services 54.9 46.5 8.4 18.0% Región de Murcia International Airport 6.5 6.1 0.4 6.4% Interna
Slide 30: Cash Flow Statement
Cash Flow Statement €m H1 2024 H1 2023 Change €m Change % Profit/(loss) before tax 1,075.3 796.8 278.5 35.0% Depreciation and amortisation 423.7 401.1 Write-off of financial assets 0.3 11.4 Changes in working capital 3.5 14.8 Financial results 79.7 26.3 Impairment of fixed assets 0.4 -6.3 Change in
Slide 31: Appendices
1 2 3 4 Key Business Financial Appendices highlights trends results
Slide 32: Appendix. Other financial information. Key figures. Quarterly trends
Appendix. Other financial information. Key figures. Quarterly trends First Quarter Second Quarter First Half €m 2024 2023 Change 2024 2023 Change 2024 2023 Change 1 Traffic (thousands of passengers) 74,640.3 66,700.1 11.9% 98,098.4 89,685.3 9.4% 172,738.8 156,385.5 10.5% Traffic in Spain (thousands
Slide 33: Appendix. Other financial information. Statement of financial position
Appendix. Other financial information. Statement of financial position €m H1 2024 2023 €m H1 2024 2023 Property, plant and equipment 11,935.7 11,984.3 Share capital 1,500.0 1,500.0 Share premium 1,100.9 1,100.9 Intangible assets 1,584.4 1,723.1 Retained earnings/(losses) 4,769.6 5,104.3 Real estate
Slide 34: Appendix. Passenger data by airport groups
Appendix. Passenger data by airport groups1 Traffic H1 2024 vs H1 2023 H1 2023 H1 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 11.3% 12.9% 9.1% 10.0% 13.0% 7.3% 0.4% 11.4% Passengers 144 1
Slide 35: Appendix. Traffic information
Appendix. Traffic information Traffic by airline (top 10) Change Share (%) (1) (1) Passengers Passengers Carrier % Passengers H1 2024 H1 2023 H1 2024 H1 2023 Ryanair(2) 30,999,155 28,100,896 10.3% 2,898,259 21.5% 21.7% Vueling 22,644,331 21,296,654 6.3% 1,347,677 15.7% 16.5% Iberia 10,931,581 10,362
Slide 36: Appendix. Traffic information
Appendix. Traffic information Traffic by origin/destination (top 15) Change Share (%) (1) (1) Passengers Passengers Country % Passengers H1 2024 H1 2023 H1 2024 H1 2023 Spain 46,817,190 43,617,323 7.3% 3,199,867 32.5% 33.7% United Kingdom 21,088,198 19,290,527 9.3% 1,797,671 14.6% 14.9% Germany 13,4
Slide 37: Appendix: Other shareholdings: Trend in passenger traffic
Appendix: Other shareholdings: Trend in passenger traffic (m) GAP(1) Exceeds 2019 traffic by +30.6%. 31.5 30.9 24.1 H1 2019 H1 2023 H1 2024 Aerocali(2) SACSA(3) +25.4% compared to 2019 traffic. 1.2 1.2 3.3 3.3 1.0 2.6 H1 2019 H1 2023 H1 2024 Jan - Feb 2019 Jan - Feb 2023 Jan - Feb 2024 1 Includes tr
Slide 38: 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 39: 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 40: Thank you
Thank you Company committed to the United Nations Sustainable Development Goals (SDGs)