Aena’s total sales from commercial activity reach 2019 levels

By Faye Bartle |

Tenerife Norte-Ciudad de la Laguna Airport

Interior of the terminal at Tenerife Norte-Ciudad de la Laguna Airport. Photo: Aena.

Spain airport operator Aena has reported that total sales from commercial activity have reached 2019 levels (+1.0%), according to fiscal year 2022 results.

Furthermore, revenue from fixed and variable rents invoiced and collected in the period exceeded pre-covid-19 figures.

In total, commercial revenue*, supported by the growth in sales from commercial activity that returned to 2019 levels, amounted to €1,243.8 million – an increase of 37.5%*. 

The figures, revealed on 28 February 2023, show that Aena closed the fiscal year 2022 with a net profit of €901.5 million, compared to a loss of €475 million in 2021*, with 243,681,775 passengers traveling through the airports in its network in Spain. 

This represents a recovery of 88.5% in passenger traffic compared to 2019, before the pandemic struck.

READ MORE: Aena laser focused on digitisation, differentiation and supply chain

Compared to 2021, growth stands at more than 100% (+103.1%), with a 58.2% increase in domestic traffic and a 138.4% increase in international traffic. 

If the figures for London Luton Airport and the six airports in the Northeast Brazil Airport Group (ANB) are included, the number of passengers amounts to 270.7 million (+98.5% compared to 2021), which is equivalent to a recovery of 88.1% of the traffic in 2019. 

In light of the evolution of passenger data at Spanish airports in recent months, and after analysing the economic situation, Aena has revised upwards its passenger traffic estimate for the year 2023 to a range between 94% and 104% of the 2019 figures, compared to the initial forecast of between 87% and 97%.

The operator anticipates that the most statistically likely scenario is expected to be in the middle, with a 99% recovery compared to 2019.

Tenerife South Airport boarding area

Tenerife South Airport boarding area. Photo: Aena.

The company has implemented a change in its accounting policy with regard to the treatment of commercial revenue to comply with the new accounting standard issued on 20 October 2022 by the IFRS Interpretations Committee (IFRIC) on lessor forgiveness of lease payments. 

The new accounting treatment means that the accounting impact of reductions in minimum annual guaranteed rents that occurred as a result of the onset of the covid-19 pandemic were to be fully recognised at the time they occurred (previously they were distributed on a straight-line basis over the remaining life of the affected lease contracts as established by the auditor at the time). 

The retroactive application of this change in accounting policy has led to the restatement of the consolidated annual accounts for the fiscal year 2021. 

Total consolidated revenue for 2022 stood at €4,237.5 million, 69.3% higher than in 2021*.

Aena’s landmark duty-free shop tender is currently ongoing.

READ MORE: Spain duty free tender: Operators given 12 weeks in crucial bidding window

Travel retail operators that have progressed to the bidding phase are required to lodge their submissions for the six lots on offer by 3 May 223. Stay close to TRBusiness.com for updates.

* All figures for 2021 and therefore changes compared to that fiscal year are restated. 

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