Bankinter S.A. - AENA (AENA SM) AENA: 2Q17 results in line with expectations

Report

Bankinter S.A.

Juan Moreno

EUR 114.00 For Business Accounts Only

AENA: 2Q17 results in line with expectations

The company’s EBITDA increased by 11.9% to €734Mn in 2Q17 (vs. €734Mn expected). Especially remarkable is the performance of Aeronautical EBITDA that increased by 12.9% to €465Mn helped by: 1) 11.0% traffic increase; 2) €11Mn of commercial incentives; and 3) €16.7m of bonus for connections received in 1Q17. On the other hand, International EBITDA decreased by 4.5% to €21Mn in 2Q17 despite the 7.2% increase of Luton’s number of passengers (to 4.4Mn in 2Q17).

Below EBITDA, there weren’t surprises with financial results reducing to €33.4mn in 2Q17 (vs. -€43Mn in 2Q16) and a tax rate of 24.4% in 2Q17 (vs. 24.9% in 2Q16). Net profit decreased by 17.8% to €381Mn in 2Q17 (vs. €395Mn expected) distorted by a €204.9Mn reversion of provisions accounted in 2Q16. Adjusted net profit rose by 15.3% to €358Mn in 2Q17.

NFD amounted to €7,846Mn in June 2017 (in line with expectations).

27/07/2017 4 EN

Underlying

AENA

See profile

Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

See profile

Analysts

Juan Moreno

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AENA: 2Q17 results in line with expectations

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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