The following is a summary of the Aena S.M.E., S.A. (ANYYY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Aena reported a revenue growth of 20.1% in Q1 of 2024 reaching €1.2 billion compared to the same quarter in 2023.
Aeronautical division grew by 21.6%, commercial division by 19.4%, and real estate division by 18.2%.
Net profit was at €261 million, nearly double year-on-year. EBITDA stood at €581.1 million in Q1 2024, showing significant growth compared to €368.6 million in Q1 2023.Cash flow demonstrated strong performance with net cash generated by operating activities at €723.7 million, an increase of 43.4% compared to Q1 2023.
The company's net debt to EBITDA ratio reduced to 1.79 times with cash and available facilities totaling €5.3 billion at the group level.
Business Progress:
Passenger traffic in Spain experienced double-digit growth during the first quarter, with domestic traffic up by 8.7% and international by 16%.
Commercial and real estate income grew by 19.3% with strong performance from all commercial activities.
Brazil operations witnessed an 8.3% increase in traffic with a recovery of 105.7% of the traffic of 2019.
The Board of Directors approved the awarding of 179 licenses at 30 airports, increasing parking sites to 19,095, which has the potential to increase car rental revenues by 23%.
The company's Climate Action Plan update and dividend distribution of €7.66 per share were approved at a recent general shareholder meeting, with the dividend payment expected on May 7.
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