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Aena S.M.E., S.A. (ANNSF) Q1 2021 Results - Earnings Call Transcript

May 01, 2021 2:41 PM ETAena S.M.E., S.A. (ANNSF) Stock
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Aena S.M.E., S.A. (OTCPK:ANNSF) Q1 2021 Earnings Conference Call April 29, 2021 7:00 AM ET

Company Participants

Emilio Rotondo - Finance Director

Jose Leo - CFO

Conference Call Participants

Nicolò Pessina - Mediobanca

Siobhan Lynch - Deutsche Bank

Cristian Nedelcu - UBS

Elodie Rall - JPMorgan

Luis Prieto - Kepler

Arthur Truslove - Crédit Suisse

Marcin Wojtal - Bank of America

Dario Maglione - Exane BNP Paribas

José Arroyas - Santander

Nicolò Pessina - Mediobanca

Emilio Rotondo

Thank you. Good morning to everyone to the first quarter '21 results presentation. Today, we will be presenters, Jose Leo, CFO of Aena; and myself. I will just leave the floor to Jose now. Thank you.

Jose Leo

Thank you, Emilio. Good afternoon, everyone, and thank you for joining us for this results presentation. Let's move on to the slide. Let's start by looking at the key highlights. Clearly, the first Q of 2021 is showing a continuation of the trend seen over the last part of 2020, entirely driven by the COVID-19 impact on traffic. So we see the traffic, the number of passengers going down at consolidated level by 76.4%. With a different combination of performances in the Spanish network and at the Luton Airport, the decline is very, very substantial, 80% and 89%, respectively, whilst in the Brazilian airports, the performance has been, by far, much better, mainly driven by the domestic traffic in that country. But all-in-all, pretty dull picture of the traffic as we haven't seen any substantial or any meaningful recovery from the COVID-19 consequences.

In terms of revenues, the reduction in revenues quarter-on-quarter is only shy of 55%. And clearly, this is a much better performance than the one that you would expect by looking at the passenger traffic numbers, and this is driven by the different accounting applying to

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