AGS HALF YEAR RESULTS
Posted: 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, 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 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