AENA: INCREASES ITS LIQUIDITY POSITION BY € 851 M (ANÃLISIS BANCO SABADELL)
The company has announced that it has taken out several loans from different banks totalling € 851 M, most of which (€ 300 M, 35% of the total) would come from the ICO and have a 9-year maturity. This announcement comes after a number of agreements with financial institutions (€ 1.07 Bn; maturing in between 1 to 4 years) that AENA made public on 1 April.Since the Covid-19 crisis broke out, AENA has strengthened its liquidity position by +61%, bringing it to € 3.15 Bn currently, without taking into account € 525 M from the Euro Commercial Paper instrument that it still has available. Following this announcement, the company claims to have met its liquidity target in order to weather the Covid-19 crisis, but also that further moves could be made (which would be small-sized and would be announced as of the end of 2Q’20).
We welcome the fact that AENA has increased its financial position over such a short time period, as this gives it margin for manoeuver even in the most demanding scenarios. We recall that the company’s debt as of the end of 2019 stood at levels of 2.3x ND/EBITDA, which we see as reasonable.
Following this announcement, we believe that AENA could continue its operations and meet its financial commitments until 2022 (€ 1.54 Bn), even if traffic levels slid sharply (in line with the current >95% drop). This gives it confidence regarding the summer season 2020, which has been called into question given the lack of agreement with respect to the necessary measures to perform passenger transportation activities safely.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
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