AENA: CNMC CONFIRMS TAXES WILL BE FROZEN IN 2021 (ANÁLISIS BANCO SABADELL)
The CNMC (Spanish National Commission on Markets and Competition) has confirmed taxes will be frozen in 2021 (+0% vs. -2% BS(e)) due to the effect from Covid-19, leaving the per-passenger tariff at € 10.27.MARKET IMPACT
News of little impact, where the only important aspect is that this tariff will be used as a reference to which the adjustments in the next 2022-26 DORA (airport regulation document that will set AENA’s tariffs for the next 5 years) will be applied.
Note that the applicable tariffs starting with the next DORA (where we already assume tariffs will be kept unchanged) will depend on the DGAC (Civil Aviation Directorate General, a government organisation). In our opinion, we cannot rule out the possibility that this body will delay its decision by at least a year in view of the low visibility on the traffic outlook, which could mean the freezing of AENA’s tariffs could be extended by another 12 months.
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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