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Airport Operator H1 2020 Results

Airport operators around the world have started to report the financial results from their operations during the first 6 months of the year 2020. This list will be regularly updated as more information is available.

Aena SME SA

Aena reported that for H1 2020, passenger traffic (including the airport network in Spain, Luton Airport and the six airports
of the North-east Brazil Airports Group) decreased to 50.2 million (-65.0%). At network airports in Spain the decrease was -66.0% (to 43.5 mil passengers), Luton airport registered a similar fall (-64.4%), while the North-east Brazil Airport Group showed a decline of -46.6%.

Total revenue (including revenue from real estate and international airport operations) fell by 47.0% from EUR 2.1 bil (US$2.48 bil) in H1 2019 to EUR 1.1 bil (US$1.3 bil) in H1 2020.

At EUR 1.3 bil (US$1.5 bil) , operating expenses incurred in H1 2020 showed no change from that in H1 2019.

Aena made a operating loss (EBIT) of EUR 192.1 mil (US$227.3 mil) in H1 2020. The company made a operating profit of EUR 795.5 mil (US$940.5 mil) in H1 2019.

A net loss of EUR 170.7 mil (US$202 mil) was made in H1 2020. The company had made a net profit of EUR 559 mil (US$661.4 mil) in H1 2019.

During this half-year Aena signed loans with several financial institutions for a total amount of EUR 2.3 bil (US$2.75 mil), increasing the availability of cash and credit facilities at 30 June 2020 to a total of EUR 2.894 bil (US$3.4 bil), to which is added the possibility of issuing up to EUR 900 mil (US$1 bil) through the Euro Commercial Paper (ECP) programme, of which, at the end of the firsthalf-year, EUR 525 mil were available.

This enabled Aena to book an increase in cash and cash equivalents at the value of EUR 1.9 bil (US$2.3 bil).

Aéroports de Paris S.A./Groupe ADP

Aéroports de Paris S.A./Groupe ADP reported that during H1 2020, it faced a decline of the group traffic (-57.5%) linked to the CoVid-19 epidemic and the closure of borders in France and abroad since March 2020.

Over the period from 1 January to 30 June 2020, at 19.8 mil passengers, traffic at Paris Aéroports was 62.2% lower compared with 2019. Groupe ADP's airports other than the Parisian platforms handled 48.2 mil passengers, 57.5% lower than in H1 2019.

For H1 2020, total revenue was EUR 1.17 bil (US$1.37 bil), 46.5% lower than that generated in the same period in 2019.

Revenue from aviation services was EUR 482 mil (US$570.7 mil), 48.9% lower than in H1 2019 . Revenue from retail and services was EUR 371 mil (US$439 mil), 42.7% lower than in H1 2019.

At EUR 1.6 bil (US$1.9 bil), operating expenses (including depreciation) were 12.6% lower than that generated in the same period in 2019.

This resulted in a operating loss (EBIT) of EUR 611 mil (US$723.4 mil). Operating income in H1 2019 was EUR 450 mil (US$532.8 mil).

A net loss of EUR 732 mil (US$866 mil) was made in H1 2020. The company had made a net profit of EUR 258 mil (US$305 mil) in H1 2019.

Airports of Thailand

Airports of Thailand reported that the total number of passengers handled at all its airports in H1 2020 was 28.4 mil, 60.6% lower than that handled in H1 2019.

The company generated THB 29.4 bil (US$950 mil) in revenues in H1 2020, 11.8% lower than that generated in H1 2019.

Total operating expenses was THB 15.7 bil (US$510 mil), 0.24% higher than that incurred in H1 2019.

This resulted in a 27.2% decline in operating income (EBIT) to THB 12.7 bil (US$409 mil) and a 21.7% decline in net profit to THB 11.0 bil (US$354.0 mil).

Fraport AG

Fraport AG reported that for H1 2020, the airports in the Fraport group handled 41.2 mil passengers, 83.4% less than the number of passengers handled in H1 2019.

Frankfurt Airport handled 12.2 mil passengers in H1 2020, 82.7% less than the number of passengers handled in H1 2019.

The group generated EUR 955.1 mil in revenues in H1 2020 (US$1.1 bil), 47.7% less than that generated in H1 2019.

It incurred EUR 1.165 bil (US$1.4 bil) in operating expenses in H1 2020, 24.6% less than that generated in H1 2019.

This resulted in an operating loss of EUR 210.2 mil (US$248.3 mil), compared with an operating profit of EUR 279.1 mil (US$330 mil) in H1 2019.

For H1 2020, a net loss of EUR 231.4 mil (US$273.7 mil) was made, compared with a net profit of EUR 164.9 mil (US$195.01 mil) in H1 2019.

The group managed to secure additional financing of EUR 1.28 bil (US$1.5 bil) in H1 2020, bringing its cash position at the end of June 2020 to EUR 2.15 bil (US$2.5 bil) which was 25.9% higher than that at the end of June 2019.

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V (OMA) reported that in H1 2020, the total number of passengers handled at all its airports was 5.45 mil, 50.8% lower than that handled in the same period in 2019.

At MXN 2.5 bil (US$111.8 mil), the total revenue generated in H1 2020 was 38.4% lower than that generated in H1 2019. The group generated MXN 1.43 bil (US$64.3 mil) in aeronautical revenues, 49.3% lower than that generated in H1 2019.

OMA incurred MXN 1.6 bil (US$71.5 mil) in operating expenses in H1 2020, 6.3% lower than that incurred in H1 2019.

This resulted in an operating income (EBIT) of MXN 934 mil (US$41.8 mil), 61.1% lower than that reported in H1 2019. OMA made a net income of MXN 789 mil (US$35.3 mil) in H1 2020, 50.9% lower than that reported in H1 2019.

There was a net outflow of cash at the value of MXN 617.4 mil (US$27.6 mil) in H1 2020, 89% higher that in H1 2019.This was mainly due to reduced cash generated from operating activity.

Grupo Aeroportuario del Pacífico, S.A.B. de C.V.

Grupo Aeroportuario Del Pacífico, S.A.B. de C.V.(GAP) reported that in H1 2020, the total number of passengers handled at all its airports was 13.4 mil, 44.4% lower than that handled in the same period in 2019.

At MXN 6.5 bil (US$288.5 mil), the total revenue generated in H1 2020 was 12.0% lower than that generated in H1 2019. The group generated MXN 3.7 bil (US$165.4 mil) in aeronautical revenues in H1 2020, 29.4% lower than that generated in H1 2019.

GAP incurred MXN 4.5 bil (US$201.2 mil) in operating expenses in H1 2020, 37.6% higher than that incurred in H1 2019.

This resulted in an operating income (EBIT) of MXN 2.0 bil (US$84.4 mil), 51.6% lower than that reported in H1 2019.

GAP made a net income of MXN 1.2 bil (US$53.6 mil) in H1 2020, 53.9% lower than that reported in H1 2019.

There was a net inflow of cash at the value of MXN 8.2 bil (US$366.6 mil) in H1 2020, 102.5% higher than that in H1 2019.

In Q2, the company drew down on two credit lines, together representing MXN 2.0 bil (US$89.4 mil), one drew down in the Montego Bay airport for MXN 151.3 mil (US$6.8 mil), and issued long-term bond certificates (Certificados Bursátiles) for a value of MXN 4.2 bil (US$187.8 mil)..

Grupo Aeroportuario del Sureste, S.A.B. de C.V.

Grupo Aeroportuario del Sureste, S.A.B. de C.V.(ASUR) reported that in H1 2020, the total number of passengers handled at all its airports was 13.7 mil, 50.5% lower than that handled in the same period in 2019.

At MXN 5.9 bil (US$263.8 mil) , the total revenue generated in H1 2020 by ASUR was 27.5% lower than that generated in H1 2019. The group generated MXN 2.9 bil (US$129.7 mil) in aeronautical revenues in H1 2020, 41.1% lower than that generated in H1 2019.

ASUR incurred MXN 4.3 bil (US$192.2 mil) in operating expenses in H1 2020, 9.6% higher than that incurred in H1 2019.

This resulted in an operating income (EBIT) of MXN 1.8 bil (US$80.4 mil), 59.6% lower than that reported in H1 2019.

ASUR made a net income of MXN 1.4 bil(US$62.6 bil) in H1 2020, 54.0% lower than that reported in H1 2019.

ASUR closed 2Q20 with a strong financial position, with cash and cash equivalents totaling MXN 7.124 bil (US$318.5 mil) and MXN 15.537 bil (US$694.7 mil) in Total Debt, including MXN 388.3 mil (US$17.4 mil) in principal payments due in the next two quarters, which represents 2.5% of Total Debt, while 5.2% of Total Debt will mature in 2021.

Kobenhavns Lufthavne A/S

Kobenhavns Lufthavne A/S (Copenhagen Airports) handled 5.0 mil passengers in H1 2020, a 65.2% drop from the same period in 2019.

At DKK 935 mil (US$148.6 mil), total revenue for H1 2020 was 55.5% lower than that generated in the same period in 2019. Non-aeronauticals at DKK 504 mil(US$80.1 mil) were 45.5% lower than that generated in the same period in 2019.

The company incurred DKK 1.09 bil (US$173.2 mil) in operating expenses in H1 2020, 22% lower than that incurred in H1 2019.

This resulted in an operating loss (EBIT) of DKK 163 mil (US$25.9 mil) - the company earned a EBIT of DKK 693 mil (US$110 mil) in H1 2019 .

It made a net loss of DKK 228 mil (US$36.2 mil) in H1 2020 - net income was DKK 617 mil (US$98.0 mil) in H1 2019.

The company generated net inflow of cash of DKK 36.7 mil (US$5.83 mil) in H1 2019 from operating, investment and financing activity. In contrast, the company had a net outflow of cash of DKK 132.8 mil (US$20.4 mil) in H1 2019.

The net inflow of cash for H1 2019 came mainly from a two-year facility agreement totalling DKK 6.0 bil (US$953 mil) with that Copenhagen Airports arranged with a club of banks. The new facility is a combination of a two-year term loan of DKK 2.0 bil (US$317.8 mil) and a two-year credit facility of DKK 4.0 bil (US$635.5 bil). At the same time, CPH entered into waiver agreements with existing lenders, providing CPH relief from certain loan covenants until the end of June 2021.

Sydney Airport Limited

Sydney Airport handled 9.4 mil passengers in H1 2020, a 56.6% drop from that handled in the same period in 2019.

Total revenue in H1 2020 was AUD 511.0 mil (US$367.9 mil) , 35.9% lower than that generated in the same period in 2019. Revenue from aeronautical services was AUD 173.0 mil (US$124.6 mil) , 52.1% lower than that generated in the same period in 2019.

The company incurred AUD 407.5 mil (US$293.4 mil) in operating expenses in H1 2020, 13.4% higher than that incurred in H1 2019.

This resulted in an operating income (EBIT) of AUD 103.5 mil (US$74.5 mil), 76.4% lower than that earned in in H1 2019 .

It made a net loss of AUD 123.4 mil (US$88.8 mil) in H1 2020 - the net loss was AUD 177.6 mil (US$127.9 mil) in H1 2019.

Net increase in cash and cash equivalents for H1 2020 was AUD 388.3 mil (US$279.6), which was 2 times higher than that generated in H1 2019.

Net cash flows from operating activities had decreased due to the decrease in cash receipts from customers. Post balance date, the company received cash receipts from customers of AUD 66.8 mil(US$47.9 mil) as at 30 July 2020, largely reflecting the catch up of late aeronautical debtor receipts.

Net cash flows from financing activities was a result of AUD 904 mil(US$648.3 mil) proceeds received from borrowings during the period, offset by borrowing costs paid of AUD 189.2 mil(US$135.7) and the 2019 final distribution paid of AUD 440.4 mil(US$289.7).

TAV Airports

The airports operated by TAV Airports handled 11.4 mil passengers in H1 2020, a 70% drop from that handled in the same period in 2019.

Total revenue in H1 2020 was EUR 141.9 mil (US$167.4 mil), 58.2% lower than that generated in the same period in 2019. Revenue from aeronautical services was EUR 24.3 mil (US$28.7 mil), 69.4% lower than that generated in the same period in 2019.

The company incurred EUR 176.7 mil (US$208.5 mil) in operating expenses in H1 2020, 34.0% lower than that incurred in H1 2019.

This resulted in an operating loss (EBIT) of EUR 80.2 mil (US$94.6 mil) - the company's EBIT in H1 2019 was EUR 76.5 mil (US$90.3 mil).

It made a net loss of EUR 149.5 mil (US$176.4 mil) in H1 2020 - the net profit was EUR 62.7 mil (US$73.9 mil) in H1 2019.

Net increase in cash and cash equivalents for the period H1 2020 was EUR 93.2 mil (US$110.0 mil). This was in contrast with a net cash outflow of EUR 88.1 mil (US$104.0 mil) in H1 2020.

The increase in cash and cash equivalents for the period H1 2020 was largely due to the EUR 100.2 mil (US$118.2 mil) generated from financing activities - EUR 231 mil (US$272.6 mil) of cash was generated from the repayment of borrowings in H1 2020. Net cash provided from/(used in) in financing activities in H1 2019 was EUR 159.7 mil (US$188.4 mil).

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