FLYING HIGH

SPAIN'S airport operator

Recriminations in Madrid over Ferrovial’s move to the Netherlands

13th biggest company by market capitalisation as ‘ungrateful’ and ‘not in line with the effort that the country has made in terms of investments’.

Economy Minister Nadia Calviño also voiced her disapproval, saying the decision ‘seems to go against the interest and image of our country’, adding that she had called Ferrovial's Chief Executive Rafael del Pino (pictured) - who owns 20% of the €19bn company - to convey her opposition.

Meanwhile, Spanish Prime

By Walter Finch

Minister Pedro Sanchez reminded del Pino that ‘the nation is not just about building wealth, it's about being supportive, lending a helping hand, and particularly, when your country needs you.’

Reverse

Ferrovial plans involve a reverse merger, with its wholly-owned Dutch subsidiary Ferrovial International SE (FISE) absorbing it to be listed in Spain, the Netherlands, and later the United States. Ferrovial said that the pro- posed headquarters shift to the Netherlands would need to secure shareholder approval and would aim to complete the move in the second or third quarter of 2023.

Positive trend

UNEMPLOYMENT in Spain rose by just 0.1% in February compared to a month earlier, according to Labour Ministry figures. The increase was 2,618 people, leaving a total of 2.91 million people out of work in the lowest February figure since 2008. Compared to a year earlier, unemployment fell by 200,669 - a 6.45% reduction.

Aena recorded an annual net profit in 2022 for the first time since the Covid-19 pandemic struck in 2020.

The firm that manages 46 airports in the country said it expected passenger numbers to return to normal this year, after January figures showed increases on 2019 pre-pandemic levels.

The company posted a net 2022 profit of €901.5 million in 2022 in contrast to a €475.4 million in the previous year.

It is proposing an 80% dividend payment to shareholders based on the results of the 2022 financial year.

Shortages

While some European airports were affected by staff shortages as tourism rebounded last year, Aena's terminals have run smoothly - something it put down to keeping its staff during and after the pandemic.

For 2022 as a whole, Spanish airport traffic reached 88.5% of 2019 levels and was over double that of 2021.

Aena has now lifted its estimate for 2023 to 99% of 2019 numbers, but does not rule out going even higher and surpassing what was a record year.

It had previously said it expected a full recovery of air traffic by 2024.

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