From Ferrovial's results announcement
AGS continues in its path to recovery from the COVID-19 pandemic. The airports have been working on rebuilding capacity ahead of Summer, AGS Airports continue to collaborate with their business partners to ensure global staff shortages are monitored and operational risk minimized, while managing its cost base to recover losses and closely track economic factors. Year to date traffic performance was 38% lower than 2019 levels in 1H 2022, while quarter performance was 31% lower than 2019 levels in 2Q 2022. Traffic: number of passengers reached 4.0m passengers (0.7 in 1H 2021) driven by higher traffic in all three airports resulting from milder restrictions in January and February, and the complete removal of restrictions in the UK since March 18th.
Million passengers JUN-22 JUN-21 VAR.
Glasgow 2.8 0.3 813.1 %
Aberdeen 0.9 0.4 133.6 %
Southampton 0.3 0.0 514.5 %
Total AGS 4.0 0.7 438.6 %
Revenues increased by +196.8% to GBP75m driven mainly by the positive performance in traffic, higher commercial income resulting from the reopening of commercial units, car rental, car parking performance and the introduction of COVID-19 testing facilities from 2Q 2021.
Operating Costs increased by +42% mainly resulting from passenger volumes and the end of the Government´s furlough scheme, as well as COVID-19 testing costs, offset at EBITDA level with the aforementioned COVID-19 testing income.
EBITDA was GBP19m (+236.1% vs 1H 2021).
(GBP million) JUN-22 JUN-21 VAR.
Total Revenues AGS 75 25 196.8 %
Glasgow 47 10 n.s.
Aberdeen 22 13 74.0 %
Southampton 7 3 131.8 %
Total EBITDA AGS 19 -14 236.1 %
Glasgow 17 -10 269.7 %
Aberdeen 5 -1 n.s.
Southampton -2 -4 36.8 %
Total EBITDA margin 25.8 % -56.2 % n.s.
Glasgow 35.6 % -99.3 % n.s.
Aberdeen 24.0 % -4.6 % n.s.
Southampton -36.6 % -134.1 % n.s.
Financial covenants: AGS negotiated amendments and an extension of its debt facility with unanimous approval from all lenders. Under the aforementioned agreement, AGS’s debt will mature in June 2024. There have been no further injections of the equity commitment in 2022.
Cash amounted to GBP42m at June 30th, 2022.
AGS net bank debt stood at GBP714m at June 30th, 2022
AGS HALF YEAR RESULTS
AGS HALF YEAR RESULTS
Last edited by Bearsden on Sun Jul 31, 2022 10:04 am, edited 1 time in total.
Re: AGS HALF YEAR RESULTS
Who is the debt owed to?
Re: AGS HALF YEAR RESULTS
I stopped reading when that report said minimiZed!Bearsden wrote: ↑Fri Jul 29, 2022 11:15 am From Ferrovial's results announcement
AGS continues in its path to recovery from the COVID-19 pandemic. The airports have been working on rebuilding capacity ahead of Summer, AGS Airports continue to collaborate with their business partners to ensure global staff shortages are monitored and operational risk minimized
'Z' does not belong in that word!!
Re: AGS HALF YEAR RESULTS
I’d assume the parent company, banks and other private equity companies. It smacks of the classic private equity strategy of short term gain for long term pain. Debenhams faced a huge debt which it was unable to manage and service: it brought the company down.
Much more recently in the news has been the demerger of the consumer goods section of GSK, a leading drugs manufacturer with a facility close to me in Montrose. The demerged company, called Haleon was floated on the London stock market last week at 330p per share sinking to around 317p as the terms if the demerger have loaded it with around £10bn of debt viewed as too high by the traders and analysts.
Re: AGS HALF YEAR RESULTS
Various banks & financial institutions
The figure of £714m above excludes shareholder loans of £196m as at Dec 2020 - a further commitment of £100m was made in 2021 (£35m of equity & £35m of loans received on 21 June 2021 with a £30m of equity callable if required to meet cash flow commitments)
So over £900m of debt