To Aena’s effort to minimize the damage of the pandemic on its balance sheet, a decisive end of the year is going to happen both for Brexit, which threatens IAG y Easyjet, as well as the negotiations to keep the commercial concessions standing in the terminals, where they dominate Dufry, Areas and SSP.

The largest airport manager in the world has addressed worst aviation crisis with high dependence on this bunch of companies, as expressed in the prospectus of the issuance of promissory notes for 900 million sent yesterday to the CNMV.

IAG airlines have reached a 28.7% share of traffic, and their weight is 37.7% in Barajas and 44.2% in El Prat. Iberia, Vueling, Level o British Airways They are among those that must ensure on January 1, 2021, according to the rules of ownership and control to fly in the EU, that more than 50% of its capital is in the hands of community investors.

IAG airlines have a share of 37.7% in Narajas and 44.2% in El Prat

They are joined by the British Easyjet, with 6.5% of travelers at Spanish airports. With Brexit still a source of uncertainty, Aena follows the movements of both groups to the minute.

IAG came to limit the capital in non-EU hands when they had 47.5% of the capital, and lifted this measure in January of this year when the ratio had fallen to 39.5% (excluding UK investors). The board of the holding company could put a ceiling on non-EU capital again if necessary. In any case, IAG believes that it is already complying with EU regulations on ownership and control in view of the fact that the political rights of its airlines are in the hands of EU companies.

Easyjet, for its part, created last year a structure based on different European flight certificates. Holds permissions of United Kingdom, Austria and Switzerland, ensuring that you will be able to continue operating within the EU as long as you meet the capital requirement. As of September 30, 45% of the shares are in the hands of community investors. And its statutes provide for the possible suspension of political rights (of British shareholders), a situation that it hopes not to have to reach.

The public could have the first agreements with its concessionaires in December

Aena underlines in the document the strong presence of low-cost companies in the network (57.6% of passenger traffic). And he adds that some have little established business models, being very sensitive to costs or situations of excess supply. The largest in the sector, Ryanair, operates 18% of traffic in Spain.

No commercial activity

Aena is exposed to a notable concentration of its commercial contracts, which contributed 27.8% of revenues in 2019 and accounted for 44.5% as of September 30 of this year thanks to the guaranteed minimum income (RMGA).

Three groups, the aforementioned Dufry, Areas and SSP, contribute 50% in unregulated billing (42.4% in 2019). The former is the sole supplier in duty-free stores (27.8% and 37.6%, respectively, of the income from Aena’s commercial activities in 2019 and September 2020), while Areas and SSP are leaders in the catering services (18.1% and 22.5%, respectively, of commercial revenues in 2019).

The collapse of air transport has motivated closures and the negotiation of rebalances that, according to sources close to the contacts, could begin to bear fruit in December.

Aena counts up to September 456 million in sales per RMGA, by virtue of the IFRS 16 accounting standard (leases). In 2019, the guaranteed income had a weight of 17.8% on the commercial income of the establishments with this clause; In the middle of the pandemic, that percentage rises to 74.1%. The public company recognizes that if these concessionaires do not bill enough to cover expenses, including the guaranteed minimum rent, they can request the revision of their agreements or even break them. A circumstance that is sought to be avoided in ongoing contractual negotiations.


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