Deloitte estimates Aena’s economic collapse due to Covid-19 at 2,500 million | companies

News in the judicial pulse between Aena and Civil Aviationthe latter backed by the Ministry of Transportfor the refusal of an economic rebalancing for the company he chairs Maurice Lucena after the loss suffered during the pandemic. Aena has presented a expert report requested from Deloitteto which you have had access Five daysin which it is estimated that there was a disaster of 2,482 million euros: the loss in the regulated activity was 1,394 million in 2020 and 1,088 million in 2021.

With the document on the table, the Superior Court of Justice of Madrid It has just required Transport to summon the interested parties in this case, mainly the airlines.

Deloitte figures are based on the difference between the expected ebit (published in the Airport Regulation Document 2017-2021) and the ebit actually obtained. This is comparing the 724.5 million forecast for 2020 and the 723.6 million for 2021, with the actual adjusted EBIT of -669.5 million in the first year and -365 million in the second.

The consultant takes as a scale the real ebit of 2020 and 2021 and those that had been foreseen in the DORA

“Ebit, in addition to being the most widely used parameter, is the most appropriate for measuring an economic impact, since it allows the return on investment obtained by the Company to be compared with that approved by the regulator”, Deloitte states in its work.

With such a devastating deficit between income and operating expenses, Aena reinforces its request to the judge to reopen the analysis, by Civil Aviation, of compensation that would be charged to the fare system supported by airlines.

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The listed public company has already said that it would fight to the end once it was denied the opening of the Airport Regulation Document (DORA) 2017-2021 to reflect two years of activity collapse for reasons beyond its management. A setback that Transports justified and that was applauded by the airlines.

The airport manager reached the Supreme Court in March with a contentious-administrative appeal, but the case returned to the Madrid Court. Aena requests there that the Civil Aviation resolution, of December 16, 2021, be declared contrary to the law and null, by which it was agreed “not to start” the aforementioned DORA modification procedure. And it alleges against the resolution of the General Secretariat of Transport, of March 23, by which the appeal of Aena against the position of Civil Aviation was dismissed. The governing body Raul Medina interpreted that not all the exceptional circumstances referred to in article 27 of Law 18/2014 were present to amend the DORA and collect compensation.

The TSJM has called the airlines to the case that is settled between Aena and Civil Aviation

In your request for help, Aena avoided suggesting any calculation about the effect of Covid on its regulated business, and still hasn’t commented on it. In fact, he left the design of the formula to estimate it in the hands of Civil Aviation. But the CNMC it did come to encrypt in a report of June 16, 2021 a fee deficit of 1,365 million in 2020 alone between the costs of providing basic airport services (2,275 million) and income (910 million) of Aena due to the disappearance of all exercise. That first year of the pandemic, traffic fell by 72% (59.7% in 2022) and airport revenues were 67% lower than in 2019. The airports continued to provide service and Aena avoided laying off personnel, although it did adjust its operating costs. exploitation.

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Aena proposes, if its claim is recognised, that the deficit not be transferred to the current regulated five-year period (2022-2026) but to the period 2027-2031. It is about giving room for airlines to raise their heads.

The DORA can be touched when there are serious circumstances not attributable to the operator and that, moreover, were unforeseeable at the time of approval. The impact must be “certain and substantial on the financial viability of the Aena airport network”, describes Law 18/2014. And any unexpected effect that motivates “annual reductions in passenger traffic on the network of more than 10% caused by natural disasters, terrorist acts or war situations” is included as exceptional. When the circumstances that hinder traffic are not exceptional, the risk is borne by the operator.

The airlines play it

The payers. The airlines, through groups such as ALA, Iata, Aeca, AOC, Aseata and AOPA Spain, received with relief in the first quarter of the year that the Ministry of Transport denied compensation to Aena for the collapse of air traffic in 2020 and 2021.

Slabs. The airline sector rejected the application of article 27 of Law 18/2014 to make changes to the DORA, understanding that it would harm the equitable distribution of the costs of the pandemic and that it would discourage the recovery of the sector.

Almost untouchable. The DORA modification procedure can be opened ex officio by Civil Aviation or at the request of Aena. Once the second channel has been activated, Civil Aviation listens to the airport manager, the airlines, the CNMC and the Spanish Aviation Safety Agency. A report from the Ministry of Economy is even necessary.

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Debacle. Aena suffered a collapse of operating income from all business areas (airport, commercial and real estate) of 2,115 million in 2020 (50.1% below 2019) and 2,025 million in 2021 (-48% compared to to 2019).