The airport manager AENA plans to increase its revenues by 4.1% per year in 2018 and 2019, until the end of this year to 4.362 million euros, growth based especially on commercial activity (parking or stores duty free), international expansion and the real estate business (land use annexed to airports), as stated in its strategic plan 2018-2021, published this Wednesday at the CNMV. With this growth, it expects the profit to grow at an annual rate of 3.2%, up to 1,311 million at the close of 2019. On that benefit, it expects to pay 2019 1,001.3 million euros, 76.37%, although commits to distribute "80% of the individual net profit until 2021 the closing of 2021".
The forecasts have been somewhat short with respect to what the analysts expected (both in terms of passenger growth and business upturn) and the action of the airport manager falls on the stock market by more than 3% on Wednesday.
Aena explains in its Strategic Plan that revenues will grow at an annual rate of 4.1% this year and next, to go from 4,028 million euros in 2017 to 4,244 million this year and 4,362 next year. That growth will come hand in hand, according to the document sent to the CNMV, of the international business, which will grow at an annual rate of 5.9%, of the commercial business, which will do so at 6.5% and of the real estate business, a 5%. , 7%. The airport business itself, however, will grow by 3%, although it represents 61% of the business. With these revenues, the operating result will hardly grow by 1.4%, to 2,588 million in 2019, with a margin reduction of 3.2 points, from 62.5% of revenues to 59.3%.
The benefits will pass, according to Aena's plans, from 1,232 million in 2017 to 1,272 million this year and 1,311 million next year, with an average annual increase of 3.2%. Although the manager promises to distribute among the shareholders 80% of the net profit until the closing of 2021, in 2019 the payment of dividends will amount to 1,001.3 million, 76.37% of the 1,311 million net profit. Slightly more than half of this money will remain in the state coffers, which maintains a participation of more than 50% in the airport manager.
All these figures are based on a growth in passenger traffic of 2% for next year on the 249.2 million that passed in 2017 for the 46 Spanish airports -and two heliports- plus the 16 international airports in which it participates, among they are Luton's, in London. In this sense, Aena admits the "uncertainty" derived from Brexit. In the airport business, the plans include expansion of airport capacity, digitization and "minimization of the environmental footprint".
After the airport business, which contributes 61% of revenues, the management of commercial spaces (car parks, shops, restaurants or advertising media) is another of Aena's pillars. It foresees that this business contributes 1,191 million in 2019, 13.5% more than the 1,049 in 2017. The forecasts are that revenues will grow moderately, due to a mix of passengers with less presence of passengers from outside the EU than other aerodromes Europeans who earn more income in this way.
Another one of the sources of income that contemplates Aena is the real estate business, the exploitation of the floors adjoining to the airports for ships, hangars, offices or hotels. It is about one million commercially available square meters and 2,000 hectares of potentially marketable land, mainly at Barajas and El Prat airports.
Finally, Aena plans to grow its international business, by consolidating current assets (participation in the Luton airport as well as several others in Mexico, Jamaica and Colombia) and the acquisition of new assets with a focus mainly in Europe and Latin America. .