Aena Sme S.A Unsp/Adr

Good afternoon, everyone, and welcome to our results presentation for the year 2023. This is Ignacio Castejón speaking. It's a real pleasure being with all of you today again. Our chairman and CEO, Mauricio Lucena, will host the call, together with Carlos Gallego, head of IR, and myself. Now I'll give the floor to Mauricio. Thank you very much, Mauricio. Thank you, Ignacio. Good afternoon, ladies and gentlemen, and thank you for... joining us today. I think that we can confirm that we are very proud and very satisfied with the results that we have presented today. I will start, as usual, commenting the key highlights, and then I will give the floor back to Ignacio Castejón, and then I can again, of course, join you in the Q&A section. I will start with traffic. Inagrid traffic increased year on year by 16% to 314 million passengers, which represented an increase of 2.3% compared to 2019. And if we go To the Spanish network, traffic increased 2.9% compared to 2019 and reached, I would say, a very good level, which was a record. And it was 283.2 million passengers. Domestic traffic increased by 8.2%, while international traffic increased 0.5% compared to 2019. London-Luton airport traffic was not as good as the average of the IANA network. But in the context of the UK traffic, I think it was a normal behavior. It reached 90% of the traffic of 2019. And in contrast, in Brazil, our A and B concession increased 6.3% compared to 2019 levels. I move now to financials. Ordinary revenue stood at a little bit more of 5 billion euros, which is another record. Aeronautical revenue stood at 2.8 billion euros. Commercial revenue, 1.5 billion euros. And real estate revenue, 100%. 5.5 million euros. As you can see at our presentation, total operating expenses stood at almost 3 billion euros, specifically 2.9 billion euros. This variation, as we have tried to clearly explain on the presentation, reflects principally the reversal of the impairment of the airports of the Northeast of Brazil, which amounts to 155.5 million euros. And secondly, the decrease of 121.2 million euros in the electricity bill, which was really good news after the nightmare of 2021. I'm, of course, referring to the electricity bill. All in all, the EBITDA for the period came at 3 billion euros, and the EBITDA margin closed at 58.8%. And if we, as we should do, exclude the reversal of the said employment the EBITDA would have been 55.8%. Again, I'm referring to the AENA group, not Spain. All in all, again, the net profit produced by the company reached 1.6, a little bit more of 1.6 billion euros, net profit in AENA's history. I now move to the commercial activity. The commercial business behaved very, very well. First, the commercial sales exceeded 2019 by 17%. Second, the ratio of sales per passenger was 14% higher than in 2019. And third, the variable and fixed rent invoice surpassed 2019 figures by 21.8%. I would also like to highlight that at the present time, we are ready to award in the coming months the contracts for the rent-a-car activity, and you also know that in 2024, we will put in the market the 13% of the specialty shops business and 9% of the food and beverage business. On the other hand, I would also like to highlight that the duty-free business, and in this case I'm referring to the variable income of the Canarian and Barcelona lots, exceeded the minimum annual guarantee rents in 2023, and this is the first time ever that the mentioned two lots simultaneously invoice the valuable income. Of course, you can anticipate that we are highly proud of this achievement. And finally, I would like to underline a few important milestones. First of all, tariffs. I think that It was a remarkable achievement that the 2023, excuse me, the 2024 tariffs AENA's proposal was finally approved. It was approved by the Spanish government on the part that affects the inflation, especially by the CNMC. This represents, this tariff represents an increase of 4.09%, or in other words, 40 cents per passenger. And I think that ultimately this tariff's approval reflects the robustness of the regulatory framework. In general, I think that it reflects the solidity of the law in general in Spain. Secondly, POAB, our second concession in Brazil. I would like to underline that in the last quarter of the last year, 2023, We took over the full control of the 11 new airports of IANA in Brazil. I'm very, very satisfied with the very smooth process. And I would also add that the Boabé concession, this is the name of this new concession, that consists of six airports, no, excuse me, 11 airports, among which, of course, the most important one is the Congonhas Airport in Sao Paulo. And I would say that the concession is performing smoothly according to our business plan. And I would highlight that First, that in May, the Brazilian regulator ANAC granted the operational certification to the airport of Congonhas. And second, the full concession, POAB, has already submitted CAPEX projects for the mandatory investment to ANAC, which is very good news. Again, I think that... So far, the concession is performing adequately. Thirdly, dividends. Yesterday, as we have publicly announced, the Board of Directors of ALMA proposed for approval at the Annual General Meeting the payment of a gross dividend of 7.66 euros per share. Again, a new record. And fourthly, concerning ESG, China has been included for the first time in the Dow Jones Sustainability Index and remains at the FTSE for good. And finally, The fifth milestone that I would like to underline is about our capital markets day. You know that on the 7th of March we will hold the update of our strategic plan and I hope to again be in contact with you Thank you very much. I give the floor back to Ignacio Castejón, and we will move to a more detailed explanation of the considerations that I have tried to convey to you. Thank you.

Thank you very much, Mauricio.

Well, hello, everyone, again. What we believe, we have a set of financial results in front of us that really is a very good one. You will have seen total revenues have increased by more than 21%, EBITDA around 45.4%, and net result, net income, 80.9%, all of those consolidated figures. What are the main drivers in our understanding for these achievements? Basically, traffic performance, commercial trends, A larger contribution from our international business and also the OPEX performance with some one-offs in our OPEX operational structure and also on the financial side. As highlighted by our Chairman and CEO, there has been a significant impact coming from the reversal of the impairment at AMB that has contributed 155.5 million euros to our consolidated accounts. So excluding that impact, our EBITDA would be at a level of 2,867 million euros. Margins would be around 55.8, as explained by Mauricio. There is another one-off that is a subsidy related to COVID expenses. That's 45 million euros that have been received by the company in December. This is also affecting our EBITDA and our margins. Discounting this subsidy, our EBITDA margin could be at 55.4%. In the following minutes, very briefly, I'll try to summarize and focus on these drivers that are behind the performance of the company in 2023.