Annual report

Transcription

Annual report

Version 2
2011
Annual report
You can download the 2011 Aena Annual Report
from the following website: www.aena.es
Please send us any questions, comments or
suggestions regarding the contents of the 2011
Aena Annual Report through any of the following
channels:
By post:
Aeropuertos Españoles y Navegación Aérea
(Aena)
Dirección de Comunicación, 1ª planta
c/ Arturo Soria, 109
28043 Madrid
By e-mail:
[email protected]
By telephone: By fax:
(+34) 91 321 26 19 (+34) 91 321 15 78
Passengers in the Gran Canaria Airport
Contents
1
2
3
4
Institutional Information . ............................................................................ 4
. Figures ..................................................................................................... 5
. Geographic presence................................................................................. 6
. Trends in key indicators............................................................................. 8
. Governing Bodies.................................................................................... 11
. Organizational Chart .............................................................................. 15
Air Navigation.............................................................................................. 17
. Development and evolution of air traffic................................................... 18
. International legal framework for air navigation....................................... 21
. Key performance indicators...................................................................... 30
. Main actions............................................................................................ 33
. Management excellence........................................................................... 43
Aena Aeropuertos ......................................................................................
. Airports .................................................................................................
. Infrastructures . ......................................................................................
. Commercial services and property management ....................................
. Aena Internacional . ...............................................................................
49
50
65
77
89
Legal Information........................................................................................ 99
. Aena, public corporate entity
» Consolidated audit report................................................................ 100
» Consolidated management report................................................... 106
» Consolidated annual statements...................................................... 138
» Single financial statements ............................................................. 223
. Aena Aeropuertos S.A.
» Consolidated audit report ...............................................................
» Consolidated management report ..................................................
» Consolidated annual statements......................................................
» Individual financial statements ........................................................
233
235
259
333
3
1 Institutional information
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2011 Annual report
Institutional information
Figures
Figures
• Aena (Entidad Pública Empresarial) is the public Spanish company
charged with providing air navigation services.
• Aena Aeropuertos currently operates 47 airports and 2 heliports in
Spain.
• Aena Aeropuertos was created in June 2011 to take on airport
management competencies and to open the company to private
capital investments.
• Aena Aeropuertos facilities handled 670,000 tons of cargo in 2011.
• Aena is among the four main air navigation service providers in
Europe, having controlled 1.89 million flights in 2011, and actively
taken part in European Union projects related to the establishment
of a Single European Sky
• Aena Internacional is involved in the management of airport infrastructures in 29 airports located throughout Latin America (Mexico,
Colombia, Cuba and Bolivia), the EU (UK and Sweden), Africa (Angola) and the United States, which recorded about 50 million passengers in 2011.
• The consolidated EBITDA in 2011 was 1.287 billion euros.
• Aena holds 100% of Aena Aeropuertos, the world’s foremost operator in terms of passenger throughput, with 204 million passengers
and 2.1 million operations in 2011.
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2011 Annual report
Geographic presence
Geographic presence
Asturias
A Coruña
Bilbao
San Sebastián
Santander
Santiago
Pamplona
Vitoria
Vigo
León
Huesca-Pirineos
Logroño-Agoncillo
Burgos
Sabadell
Barcelona-El Prat
Valladolid
Zaragoza
Salamanca
Girona-Costa Brava
Reus
Madrid-Torrejón
Madrid-Barajas
Madrid-Cuatro Vientos
Menorca
Palma de Mallorca
Valencia
Albacete
Badajoz
Son Bonet
Ibiza
Alicante
Córdoba
Seville
Jerez
Lanzarote
La Palma
Tenerife North
La Gomera
Tenerife South
El Hierro
Fuerteventura
Federico García Lorca
Granada-Jaén
Murcia-San Javier
Almería
Málaga-Costa del Sol
Algeciras
Airport
Control Tower
Ceuta
Melilla
Heliport
Gran Canaria
Airports: 47. Heliports: 2 (Ceuta and Algeciras). En-route and approach control centers: 5 (Madrid, Barcelona, Seville, Palma de Mallorca and Canary Islands). Terminal area control
centers: 2 (Santiago and Valencia). Control towers: Navegación Aerea provides air traffic service to 39 Aena Towers. Radio-aids: 184 (ILS/DME: 49, VOR/DME: 74, NBD: 61). Surveillance systems: 53 (Primary Radars: 12, Secondary Radars: 29, Surface Radars: 7, Multilateration systems: 5). Communication centers: 103 (Aerodrome: 51, En-route and TMA: 52)
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2011 Annual report
Geographic presence
Management Contracts
USA
Atlanta Hartsfield-Jackson
Burbank
Macon
Raleigh-Durham
Middle Georgia Regional
United Kingdom
Airport operation
training and consulting
contract
USA
Orlando-Sanford
Sweden
Belfast International
Cardiff
London-Luton
Stockolm-Skavsta
Spain
47 airports
2 heliports
Cuba (Ecasa)
Colombia
Airport Operations
Consulting contract
Barranquilla
Cartagena de Indias
Cali
Angola
Mexico
Tijuana
San José del Cabo
Puerto Vallarta
Los Mochis
La Paz
Hermosillo
Guadalajara
Bajío
Aguascalientes
Manzanillo
Mexicali
Morelia
Luanda
Bolivia
La Paz
Cochabamba
Santa Cruz
Aena Aeropuertos Airports
Operated by Aena Aeropuertos
Airports co-owned with TBI
Management and Consulting contracts
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2011 Annual report
Evolution of key indicators
Trends in key indicators
pASSENGERS (in millions)
OPERAtions (in millions)
225
3.00
210
204
203
200
193
192
2,.80
2.60
187
2.50
2.42
2.40
175
2.30
2.16
2.20
150
2.12
2.10
2.0
2006
2007
2008
2009
2010
2011
2006
2007
2008
2009
2010
2011
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2011 Annual report
CARgo (Millions of tons)
flights operated by Air Navigation
(Millions of air movements)
700
2.09
2.10
659
642
650
2.06
672
2.05
643
2.00
614
600
1.95
569
1.95
1.92
1.90
1.88
1.89
550
1.85
500
1.80
2006
2007
2008
2009
2010
consolidated operating revenue1
(Millions of euros)
3,500
2011
3,500
2006
2007
2008
2009
2010
2011
consolidated operating expenses2
(Millions of euros)
3,500
3,318
3,300
3,300
3,241
3,141
3,095
3,100
3,177
3,126
3,094
3,057
3,100
2,900
2,093
2,900
2,780
2,700
2,700
2,500
2,625
2,500
2006
2007
2008
2009
2010
2011
1
In 2008, new accounting rules began to be implemented introducing changes to the classiﬁcation of costs
and income in the Proﬁt and Loss Statement.
2
Includes the negative balance under “Impairment and loss on disposal of fixed assets” and “Other results”
of the Profit and Loss Statement.
2006
2007
2008
2009
2010
2011
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Consolidated EBITDA¹ (millions of euros)
(Earnings before interests, taxes and depreciation)
1,287
1,300
1,100
931
900
904
814
796
700
574
500
2006
2007
2008
2009
2010
2011
In 2008, new accounting rules began to be implemented introducing changes in the classification of costs
and income in the Profit and Loss Statement.
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2011 Annual report
Governing Bodies
Governing Bodies
AENA BOARD OF DIRECTORS
(as of December 31st, 2011)
CHAIRMAN
Mr. Juan Ignacio Lema Devesa
MEMBERS
Mr. Manuel Ameíjeiras Vales
Mr. José Luis Cachafeiro Vila
Mr. Mario Díaz Millán
Mr. Luis Espadas Moncalvillo
Mr. José Carlos Fernández Arahuetes
Mr. Ricardo García Herrera
Mr. Jesús Manuel Gómez García
Mr. Miguel Ángel Jiménez Martín
Mr. Manuel López del Saz
Ms. Mónica Melle Hernández
Ms. Monserrat Merino Pastor
Ms. Helena Royes Riera
SECRETARY
Mr. Jesús Fernández Rodríguez
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2011 Annual report
Governing Bodies
AENA AEROPUERTOS S.A. BOARD OF DIRECTORS
CHAIRMAN
MEMBERS
Mr. Antonio Bernabé García
Mr. Juan Enrique Gradolph Cadierno
Ms. Marisol Turró Homedes
Ms. Maria Paz Espinosa Alejos
Mr. Miguel Aguiló Alonso
Ms. Ana Mª Fuertes Eugenio
Mr. Raimon Martínez Fraile
Mr. Ginés de Rus Mendoza
Mr. Jaime Terceiro Lomba
SECRETARY
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2011 Annual report
Governing Bodies
AENA MANAGEMENT COMMITTEE
Chairman – Managing Director
Mr. José Alfonso Solbes Galiana
Director of the Chairman’s Office
Mr. Reinaldo Rodríguez Illera
Director of Air Navigation
Mr. Ángel Luis Arias Serrano
Strategy, Innovation and Sustainability
Management
Mr. Alfonso de Alfonso Bozzo
Director of Audits and Internal Control
Mr. Miguel Ángel Ávila Suárez
Director of Administration and Finance
Director of the General Technical Secretariat
Ms. Carmen Librero was the Director of
Air Navigation and a member of the Aena
Management Committee until her resignation
on July 21st, 2011.
Ms. Mª Jesús Luengo Martín
Director of Communications and Protocol
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2011 Annual report
Governing Bodies
AENA AEROPUERTOS S.A. MANAGEMENT COMMITTEE
Chairman - Managing Director
Mr. Jesús Mendiluce Lacalle
Director of Infrastructure
Mr. Javier Marín San Andrés
Managing Director, Aena Aeropuertos
Mr. Ginés Ramírez Lifante
Director of Procurement
Ms. Amparo Brea Álvarez
Director of Infrastructure Planning
and Investments
Mr. Antonio Villalón Mir
Director of Resources and Quality
Management Systems
Director of Legal Counsel
and Property Management
Mr. José Vidal Lijo
Director of Information Technology
Ms. Begoña Gosálvez Mayordomo
Organizational and Human Resources Director
Mr. José Manuel Hesse Martín
Environmental Director
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2011 Annual report
Organization Chart
Organizational Chart
(through June 8th, 2011)
Chairman and Managing
Director
Juan Ignacio Lema Devesa
Audits and Internal Control
Alfonso de Alfonso Bozzo
Business Units
Spanish Airports
Javier Marín San Andrés
Air Navigation
Carmen Librero Pintado
Corporate Units
Administration and Finances
Miguel Ángel Ávila Suárez
Communications
María Jesús Luengo Martín
Procurement
Ginés Ramírez Lifante
Office of the Chairman
José Alfonso Solbes Galiana
Infrastructure
Jesús Mendiluce Lacalle
Environment
José Manuel Hesse Martín
Organizational and Human
Resources Director
Begoña Gosálvez Mayordomo
Infrastructure Planning
Amparo Brea Álvarez
Planning and Management
Control
Ángel Luis Arias Serrano
General Technical
Secretariat
Jesús Fernández Rodríguez
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2011 Annual report
Organizational Chart
Organization Chart
Chairman and Managing
Director
Juan Ignacio Lema Devesa
Chairman’s Office
Aena Aeropuertos, S.A.
Director of Administration
and Finance
Miguel Ángel Ávila Suárez
Director of Communications
and Protocol
Mª Jesús Luengo Martín
Director of Procurement
Ginés Ramírez Lifante
Director of Audits
and Internal Control
Alfonso de Alfonso Bozzo
Director of the Chairman’s
Office
José Alfonso Solbes Galiana
Director of Strategy,
Innovation
and Sustainability
Ángel Luis Arias Serrano
Director of Air Navigation
Reinaldo Rodríguez Illera
Director of Legal Counsel
Jesús Rodríguez Fernández
Director of Information
Technology
José Vidal Lijo
Jesús Mendiluce Lacalle
Environmental Director
José Manuel Hesse Martín
Director of Resources and
Quality Management
Systems
Antonio Villalón Mir
Organizational and Human
Resources Director
Begoña Gosálvez Mayordomo
and Investment Planning
Amparo Brea Álvarez
Managing Director
Javier Marín San Andrés
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2 Air Navigation
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2011 Annual report
Air Navigation
Development and evolution of air traffic
The Directorate of Air Navigation’s mission is “to provide safe, quality,
efficient and green air navigation services to fulfil the needs of customers and of society, focusing on the development and satisfaction of our
people and on the development of air transportation.”
The total volume of air traffic in Spain was still growing in 2011,
achieving slightly better figures thanks to a small improvement in the
Spanish GDP and despite the international financial crisis. Accordingly,
the total activity amounted to 1,953,589 (total number of flights), a
3.34% increase from 2010.
Spain ranks fourth in Europe in air traffic numbers, with a 3.7% increase in the number of IFR movements, a little better than the average
European country. The greatest increase in IFR traffic was in the Canary
Islands, which grew by a remarkable 8.3% in 2011, compared to a
3.8% increase in the Spanish Peninsula FIR.
Control position
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2
During 2011 the percentage increased in IFR traffic surpassed expectations due to foreign tourism, especially in terms of inbound and
outbound flights. However, the increase was less pronounced in overflights during the North African crisis because of the so called “Arab
Spring”. In contrast, domestic flights followed a downward trend.
2011 Annual report
Air Navigation
Monthly traffic was positive since the beginning of the winter campaign. Sharp increases in year-to-date figures in April and December
were caused by the traffic volumes plummeting during those two
months in 2010.
IFR TRAFFIC VOLUME IN 2010 AND 2011
IFR 2011
2011 - IFR TRAFFIC COMPOSITION
Overflights
317,536
18 %
IFR 2010
%11 vs. 10
190,000
In/ Out
977,095
55 %
13 %
12 %
180,000
11 %
10 %
170,000
9%
8%
160,000
7%
6%
150,000
5%
4%
140,000
Domestic
479,976
27 %
3%
2%
130,000
1%
0%
120,000
-1 %
-2 %
IN 2011 the percentage increase in traffic surpassed
expectations due to foreign tourism.
110,000
-3 %
-4 %
100,000
-5 %
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
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2011 Annual report
Air Navigation
The following chart shows the volume of operations in Spain in 2011
and year-to-date growth:
Volume of FIR air traffic in 2011 and 2010
2011
2010
FIR SPAIN
1,953,589
1,890,391
3.34%
FIR PENINSULA
1,827,515
1,766,746
3.44%
312,426
290,258
7.64%
FIR/ACC CANARIES
% 2011 vs. 2010
Air Navigation controlled 1,953,589 flights in 2011
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2011 Annual report
Air Navigation
International legal framework
International legal framework for air navigation
New SES legal framework
In 2004, the European Union launched the Single European Sky initiative, or SES, designed to achieve an effective air transportation system
based on the development and execution of common transportation
policies, and taking a set of measures, namely, the harmonization and
the improvement in the provision of air navigation services in Europe,
reorganizing airspace according to air traffic, not to national borders,
and reinforcing safety levels across Europe.
The rules and regulations of the Single European Sky are applicable
to every European Union member State such that when the initiative
is enacted, its stipulations will be automatically binding through the
National Supervisory Authorities, which ensure the supervision and application of the legislation.
European Commission Building
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2011 Annual report
Air Navigation
External legal framework
In Spain, AESA (National Aviation Safety Agency) was appointed as the
National Supervisory Authority for civil Air Navigation, being the competent body to audit, certify and supervise the Air Navigation service
providers (AN) like Aena, the public entity in charge of civil air navigation services in Spain.
The passing of Community Regulation (EC) No. 176/2011 sets the
requirements regarding the preliminary information Member States
must submit to the Commission, to the European Agency for Air Safety
(EAAS), to other Member States, and to all interested parties, for the
establishment and modification of a Functional Airspace Block.
The legal framework of the Single European Sky, initially made up of
four community regulations published in 2004, is evolving constantly
with new execution measures (Implementing Rules - IRs) and community specifications arising from those regulations. As a result, the
legal development during 2011 of the Single European Sky initiative
produced a number of legal proposals, the most notable of which are
listed below:
EUROPEAN PERFORMANCE SYSTEM
FUNCTIONAL AirSPACE BLOCKS (FAB)
The consolidated process to establish the Functional Airspace Blocks
(FAB) based on operational requirements, independent from national
boundaries, as an essential measure to improve the efficiency of the
European network, and to reduce the current fragmented provision
of air traffic services sets December 4th, 2012, as the deadline for the
completion of its set-up and, particularly, that of the SW FAB - SouthWest-FAB - developed between Spain and Portugal (Southwestern Europe Functional Airspace Block).
The evaluation system for air navigation services performance and network functions in key areas (safety, environment, capability and profitability) in air traffic in EU, AFI, ICAO regions, in which, according to
Community Regulation (EC) No. 691/2010, Member States are responsible for the provision of air navigation services, was amended by the
following regulations:
• Community Regulation (EC) No. 1216/2011: presents the Key
Performance Indicators (KPI) for operational safety.
• Community Regulation (EC) No. 1034/2011 and (EC) No.
1035/2011: regarding the supervision of management air traffic
safety and air traffic services, the passing of these regulations allowed for the introduction of new competencies for the European
Aviation Safety Agency (EASA) without modifying the existing requirements applicable to air navigation service providers.
Aena, in its role as a provider of air navigation services, for the assessment of its performance, shall provide, among others, economic data,
annual financial statements and the chapter of its annual company
planning devoted to performance indicators.
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Likewise, Aena shall comply with the performance objectives set in the
National Performance Plans, the contents of which shall be a major
influence in every area of activity of this Directorate.
Air TRAFFIC CONTROLLERS
Community Regulation (EC) No. 805/2011 is the highest ranking law
regarding the issue of licences in the European Union. Its passing established the regulations for the issue, suspension and revocation of air
traffic controller and air traffic controller student licences, authorizations, notes and medical certificates, training organization certificates,
and the conditions for their validity, renewal and use.
2011 Annual report
Air Navigation
International Legal Framework
NETWORK MANAGER
The volcanic crisis of April 2010 evidenced the need for a central entity
capable of managing future crisis, with resources, experts and operations under a Network Manager created under the provisions of the
SES.
The passing of Community Regulation (EC) No. 677/2011 allowed for
the following:
• Enforceable provisions on the functions of the air traffic network
management (ATM) aimed to optimise the use of airspace in the
Single European Sky, and to guarantee airspace users a choice
among the preferred air paths while allowing them full access to
the airspace and to air navigation services.
• The creation of the Network Manager, an independent and impartial entity to carry out European route network design functions,
coordination of available resources, (i.e. Radio frequencies in aeronautical frequence bands used by general air traffic and SSR transponder codes) and the European traffic flow management (ATFM).
In order to fulfil his duties, the Network Manager is to develop,
maintain, and implement the network’s strategic and operation
plans. Likewise, the Network Manager is to create a Network Management Board (NMB) to adopt measures intended to manage network functions and supervise their implementation.
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Aena, whose procedures will have to be significantly modified due to
the establishment of this entity, shall:
• Make sure domestic and European network improvements are consistent with the contents of the network operations plan.
• Guarantee, as the air navigation service provider, that its operations
plans match the network operation plan and its updates.
• Assess the impact, taking the necessary measures in this regard, of
the exercise of the ATFM function by the Network Manager over
the Airspace Management Cell (AMC Spain), a military and civil unit
2011 Annual report
Air Navigation
that assigns airspace time (on a pre-tactical phase) based on user
requests (ACC, FMP, management units for military zones and other
certified agencies).
Additionally, the following EU Regulations came into effect during
2011:
• Community Regulation (EC) No. 283/2011 amended Regulation (EC) No 633/2007 laying down requirements for the application of a flight message transfer protocol used for the purpose of
notification, coordination and transfer of flights between air traffic
control units.
• Community Regulation (EC) No. 1206/2011 laying down requirements on aircraft identification for surveillance for the single
European sky (ACID).
• Community Regulation (EC) No. 1207/2011 laying down requirements for the performance and the interoperability of surveillance for the single European sky (SPI).
• Community Specification ETSI-EN-303 214 on data link services
(DLS, Data Link Services).
Barcelona control center access
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Air Navigation
Regulation (EC) No 1070/2009
Regulation (EC) No Regulation (EC) No Regulation (EC) No Regulation (EC) No
549/2004
550/2004
551/2004
552/2004
EU Regulation No 1207/2011
Essential Requirements
SES Legislation framework sTATUS
SES implementing rules
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2011 Annual report
Air Navigation
Evolution of Spain’s legal and policy
framework
• Economic measures: Aimed to add aerodrome air traffic services
costs to those of the airport manager, and to reduce route tariffs
down to the average of the five main European service providers by
2013.
The entry into force of the EU’s legislation on the Single European Sky
led to changes in domestic legislation, not only with the passing of
new rules affecting air navigation, but also by amending existing rules.
Over the course of 2010 Spain’s legal and policy framework was thoroughly revised so as to align the domestic system with that developed
in 2011.
• Reorganization of controllers’ working conditions: Ensuring
the availability of required personnel to provide services under the
new regulatory framework.
GENERAL FRAMEWORK
Regulation of provision of air navigation services. The publication of
Law 9/2010 of April 14th establishes a new general activity framework
for air navigation in Spain via:
• Liberalisation measures: opening the entrance to new civil air
traffic service providers for aerodromes, certified and nominated by
competent authorities, together with the provision of apron services by non-controller personnel, and the implementation of flight
information systems (AFIS) in aerodromes.
• Guarantee of safe, efficient, continuous, and economically sustainable provision of air traffic services by any ATS provider.
Control tower Vitoria airport
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2011 Annual report
Air Navigation
INSTITUTIONAL FRAMEWORK
FRAMEWORK OF AIR NAVIGATION HUMAN RESOURCES
New management model for Aena
During 2011 the following regulations regarding Aena staff were
passed:
• Order FOM/1525/2011 of June 7th resolves the start of effective
exercise of airport management functions and duties by Aena Aeropuertos, S.A., coming into effect on June 8th; from then on, the
Public Business Entity Aena ceases to perform airport management
activities.
• The Directorate of Air Navigation (DNA) is to cooperate and coordinate with Aena Aeropuertos, S.A. on every matter involving the
management and exploitation of airport services under their responsibility, and any other vested upon the airport manager by domestic
or international legislation regarding the airport and heliport network
operated by Aena.
• Royal Decree-Law 11/2011 of August 26th, creating the Airport
Economic Regulation Commission as a regulating body of the air
transportation services industry as regards airport fees, aiming to
maintain objectivity, nondiscrimination, efficiency and transparency
of the system used to set and review airport fees.
• Royal Decree 30/2011 of January 14th, develops the basic organizational structure of the Ministry of Public Works. The Civil Aviation
Directorate designs and manages aeronautical policies on civil aviation, within the competencies of the Central Government. Main
implications for DNA: to comply with avation bulletins, take part in
work groups, seminars, forums and activities organized by DGAC;
provide aeronautical authorities with the required information or
support.
• Resolution March 7th, 2011, of the Dirección General de Trabajo,
recorded and published the arbiter’s ruling establishing the 2nd Air
traffic controller collective bargaining agreement in the public corporate entity Aena.
• Royal Decree-Law 11/2011 of August, 26th establishes that the collective bargaining, recruitment and legal status of non air traffic
controller staff in the public corporate entity Aena shall be that established for Aena Aeropuertos, S.A. personnel.
• Resolution of October 11th, 2011 of the National Aviation Safety
Agency (AESA) provides that prior to January 15th, 2012, AESA
shall require, ex officio, the licences, ratings and annotations of civil
air traffic controllers to be exchanged as a result of Royal Decree
1516 / 2009 of October 2nd, which regulates the Community air
traffic controller licence.
• Resolution of November 29th, 2011, of the General Directorate of
Labour, which recorded and published the first collective bargaining agreement for the Aena group of companies ( Public Corporate
Entity Aena and Aena Aeropuertos, SA).
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FRAMEWORK FOR OPERATIONS AND SYSTEMS
Royal Decree 1238/2011 of September 8th, which regulates airport
apron management services and the conditions for their implementation, in order to ensure the safe operation of aircraft in their movements in airport aprons, requires the DNA to publish the availability
of said service prior to its implementation date in the Aeronautical
Information Publication (AIP) of the Aeronautical Information Service
(AIS).
2011 Annual report
Air Navigation
interest State-owned airports are not included and its provisions do
not affect the Aena airport network. However, the Directorate of Air
Navigation could be indirectly affected as the air navigation services
provider (ATS and CNS) at airports owned by regional governments on
the basis of the contractual relationships established with the managers of these airfields.
EXCEPTIONAL SITUATIONS
The publication of Royal Decree 28/2011 of January 14th repealed Royal Decree 1611/2010 of December 3rd, which temporarily commended
the Ministry of Defence with the exercise of the Public Corporate Entity
Aena‘s air traffic control duties, thus giving every competency involving air traffic control back to the company.
AERONAUTICAL INFRASTRUCTURES
Royal Decree 1189/2011 of August 19th regulates the procedure for
the issuance of compatibility reports and certificates (referred to in Law
21/2003 on Air Safety) prior to the establishment, modification and
opening to traffic of airfields of regional competency, and prior to the
adoption of plans for regional airport facilities.
The scope of application of the Royal Decree is restricted to publicuse airports managed by regional governments, meaning that general
Federico García Lorca Granada-Jaén Airport Apron
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2011 Annual report
Air Navigation
Key performance indicators
Development and deployment of the
European air navigation system.
One of the main European level programs Air Navigation is playing
a remarkable role in is SESAR (SES ATM Research), a key community
initiative to provide the air traffic management system with the tools
required to handle traffic forecasts for the coming years, as scheduled
in the ATM Master Plan.
Aena participates in the SESAR Joint Undertaking (SJU), formed by the
main players in the European ATM system, to ensure the future of the
system defined by the SESAR program. The SJU will coordinate and
fund the research, development, and validation tasks contained in the
ATM Master Plan, so between 2016 and 2020 and after the industrialization process, the operational solutions and their technical facilitators
will be gradually phased in.
During 2011, technical and economic monitoring of Aena’s participation in the development phase of the SESAR program was carried
out. The validation activity planned for 2011 concluded on schedule
and the objectives were achieved. It was the first validation exercise
involving Aena within the SJU work program framework, and involved
the introduction of P-RNAV in Madrid TMA and its participation in the
design of the 2012 Plan, which includes the set of validation exercises
in which Aena will take part in 2012.
In the context of SJU development activities, of note are the launch
of the campaign to update the ATM Master Plan, the partnership between Aena and Airbus within the SJU work program, and the management of the airports work package (WP6), in coordination with
Aena Aeropuertos S.A.
The SESAR program will provide the air traffic management
system with traffic forecast tools for years to come
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2011 Annual report
Air Navigation
Key Performance Indicators
The year 2011 was marked by the vision of air navigation set by the
Government, and the organization it aims to achieve in the medium
term: “being leaders in the provision of safe and quality aviation services in a global and competitive environment, valued by customers and
society. In particular, achieving excellence as an organization and having highly qualified, committed and satisfied people.”
All our efforts have focused on reinforcing the safety
of services, improving their quality, and increasing
economic efficiency.
Being aware as we are of the difficult global situation affecting customers, all our efforts are focused on strengthening the safety of services, improving their quality, and increasing economic efficiency.
Within the new legislative framework defined for 2010 and 2011, and
after a long series of actions associated with these reforms, there has
been a series of performance indicators, some of which are part of the
2012-2014 PNER (National Performance Assessment Plan) and compulsory as stated in Community Regulation (EC) No 691/2010.
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2011 Annual report
Air Navigation
The results in every European-wide performance area are as follows:
Air Navigation services SECURITY
COST-EFFICIENCY
Weighted Security Level: This measure integrates the monitoring
of the evolution of type A and B ATM-caused incidents per 100,000
hours of controlled flight. Its value in 2011 remained below the goal
level set.
Gate - to - Gate: ATM/CNS total cost per compounded hour 1 in 2011
was €492, 5% better than in 2010 and than the goal set in the 2011
Operations Plan.
Route: During 2011 ATM/CNS costs for route indicator was monitored, reaching a lower value of €59 (the goal for 2011 was €63).
Safety maturity index: this indicator monitors the implementation of
safety management systems, based on the score obtained by the organization in various working areas. In 2011, it reached 65.74 points,
improving on 2010’s results (62.95) and surpassing 2011’s goal of 64
points.
Productivity
The value of global productivity achieved in 2011 outperformed the
goal set and improved on the figure for 2010, as a result of the implementation of the following measures:
•
•
•
•
Substantial variation of working conditions. (Changes in schedules)
Downsizing control rooms during night hours
Optimization of supervisor allocation
Optimization of on-the-job training processes
European level indicator comparing the financial efficiency of air navigation service providers
considering both en route, approach and airport services (source ACE – ATM Cost-Efficiency
Report).
1
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Please note the fact that the implementation of the reduction of minimum radar separation in September 2011 helped decrease the number
of incidents due to loss of lateral separation.
Capacity
En route delays: During 2011 its level fell 8% from 2010, due to a
greater availability of sectors stemming from the implementation of
measures listed in the productivity section. The capacity of certain sectors and their possible cluster values also increased.
Summer 2011: Despite the measures implemented to increase productivity, the loss of workforce due to higher absenteeism and to provide
child care did not reduce the delay rate to the established goal.
Load factor for ACC sectors: Optimization measures improved the
values of the ACC load factor.
2011 Annual report
Air Navigation
ENVIRONMENT
Main projects during 2011:
CDA: In order to implement operations allowing more efficient flying profiles for aircraft, phase 2 was completed, adding continuous
descent procedures at low/medium density traffic airports during its
operation period. CO2 and noise pollution were reduced in overflown
areas, thus complying with the target to reduce emissions of pollutants.
FUA: many initiatives to reorganize airspace were carried out by reclassifying airways (conditional use), establishing new and more direct
routes, new input and output procedures at different airports, etcetera. All these measures were designed to reduce the number of miles
flown and to achieve a significant reduction in CO2 emissions.
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2011 Annual report
Air Navigation
Main actions
Main actions
Economic resources
The strategy of improving our services with the ultimate goal of offering greater efficiency to customers is based on the development of
various programs of action in areas related to these services. The influence of the 2010-2013 Government Austerity Plan in the execution of
these programs is reflected in the investment, incomes and expense
budget incurred in 2011:
Investments: EUR 133.19 million
Incomes: EUR 1,253.69 million
Expenses: EUR 969.32 million
The main actions carried out by the Directorate of Air Navigation to
improve our services and achieve the performance indicators proposed
are as follows:
Organization and management of
airspace service
This service consists of structuring, planning and managing the use of
the airspace and understanding the rules and operating procedures
so as to ensure access to air space depending on users’ requirements.
So as to attain the highest level of quality in the service provided, the
year 2011 saw work continue to optimize the network of routes and
ATC sectorization in an effort to improve the effectiveness and efficiency of the system.
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2011 Annual report
Air Navigation
Main actions
In 2011 we completed work to provide contingency instrument departures in the Balearic and Canary Islands airports; some manoeuvres and
procedures at various airports of the network were modified, and actions aimed to improve cut-off levels among ACC Madrid sectors and
to group ACC Barcelona sectors were carried out. Many projects that
will be released during the first half of 2012, such as the deployment
of airways of the East and Balearic TMA; a new instrument procedure
design for inter-island traffic in the Balearic Islands; the new airspace
design for the commissioning of the second runway of the MalagaCosta del Sol Airport; the expansion of the Galicia TMA; and the implementation of contingency instrument departures for the airports of
the Barcelona TMA, the Valencia TMA, the Seville TMA, and the Galicia
TMA and for the Bilbao airport.
Studies were initiated to optimize the Valencia and the Canary Islands
TMA sectors, to design and create new direct night routes and to introduce the FreeRoute as SW-FAB projects.
Efforts to introduce precision (PRNAV) Air Navigation in the TMAs and
in associated departure and terminal arrival procedures (SIDs/STARs)
continued, so that aircraft can fly any path without restrictions. To this
end, in 2011 design work for the Madrid and Barcelona TMA continued, and required activities for the implementation of P-RNAV GNSSbased manoeuvres were carried out.
CAELUS Program: within the framework of the new ANSP legisla-
TMA Barcelona radio navigation chart
tion applicable in Spain, Law 9/2010 and RDL 13/2010 determine the
deregulation of air traffic control services at aerodromes within the
road map established by the Single European Sky (SES). It is necessary
to carry out an airspace restructuring program in order to facilitate the
achievement of the objectives set out by this regulation and to allow
progress in the evolution of NA as the air traffic services provider in this
new environment, the goal being to remodel control towers to allow
them to become more efficient and competitive. Most of the tasks
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planned for 2011 had to be rescheduled since the necessary studies to
design the route airspace and TMA will not be completed until March
2012.
Air Navigation continues to pursue the strategy of commitment toward the environment through different projects to minimize the impact of its services. Starting with Asturias and Santander, whic were
the first to use daytime green landings, in 2011 the second phase
to implement operations with Continuous Descent Approach (CDA)
ended. The continuous descent procedures allow more efficient aircraft flights according to profiles, and thus reduce pollution from CO2
and noise emissions. In addition, civil/military coordination, within the
project FUA (Flexible Use of Airspace), for the joint use of airspace
continued, in order to introduce procedures to allow real-time shared
airspace management. Phase 2 was completed in 2011: the re-sizing
of southern military zones, the commissioning of new SID and STAR
procedures in the Seville, Jerez and Almeria airports, and the creation
of new airways and the authorization for the conditional use of others.
All these actions demanded an extraordinary workload, necessary to
carry out the numerous previous studies, the development of different analysis tools, and the final operational validation of every project
related to airspace management.
2011 Annual report
Air Navigation
Main actions
Capacity / demand management
service
This service maximizes the relationship between system capacities and
air traffic demand, maximizing the use of the available capacity (maximum number of aircraft movements / operations entering a control
area, overflying a certain point and taking off or landing at an airport
or a group of airports per hour) to ensure an optimum flow of air
traffic and comply with the objectives of maximum safety, without disrupting the operation, the economy or the environment under normal
conditions.
During 2011, the Directorate of Air Navigation continued working on
a modular zoning easily adaptable in real time, in order to improve the
capacity offered to traffic flows. This modular partition is being developed within the scope of the iTEC-FDP project, which sets predefined
functional volumes (FV) that should allow for defining ACC sectors
(grouping, combining or subdividing) to deal with different situations
and workloads.
Determining the capacity is essential for the optimization of the Air
Navigation system; in this regard, the development and evolution of
multiple internal CNS/ATM analysis tools required by the service continued in 2011.
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• PICAp and PICAp+: (Runway Capacity Research Program) Tool and
Methodology to calculate runway capacity.
• NORVASE / MECANO: Tool, methodology and standards for sector
validation and Associated Capacity Calculation Method (MECANO).
• GENES: Manager of New Sector Structures. Sector design tool and
methodology based on genetic algorithms.
• MICA: Integrated Capacity Model from the point of view of ATC
activity.
• MENTOR: Demand vs. SNA capacity analysis.
• PERSEO: Project implementation for the calculation of ACC operational needs based on demand.
• ATON: development of a voice-recognition tool for automating
NORVASE landings.
2011 Annual report
Air Navigation
Main actions
Air Traffic Service
With this service, Air Navigation orders and sequences air traffic by
providing the necessary separation between aircraft and between
these and all obstacles. Air Navigation provides useful advice and
information for in-flight aircraft operations. It also notifies and assists
relevant agencies regarding aircraft in need of help and rescue.
The technological development and automation of the Air Navigation system led to the creation of the Automated Air Traffic Control
System (SACTA). Its evolution continued during 2011, when the two
major milestones were the commissioning of the Short-Term Conflict
Alert (STCA) implemented in all TMAs and the DMAN functionality validation (management of delayed departures) of SACTA version
3.Z5.10, now available for use in the Barcelona and Madrid-Barajas
TWRs.
By March, all ACCs had transitioned to SACTA version 3.Z5.17, which
features the latest in dynamic simulation.
During 2011 the new values for Minimum Separation Radar Distance
(MSR): 5NM en route and 3 NM in TMA were published in the AIP and
placed in service (September 22nd, 2011).
Interior of control center in Torrejón
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2011 Annual report
Air Navigation
Main actions
New towers in Fuerteventura (02/18/11), Santiago (09/20/11) and
Tenerife North (11/23/11) entered service in 2011.
The close partnership between the Directorate of Air Navigation and
the Directorate of Spanish Airports has produced a program that seeks
to integrate the airport and ATM networks, thus maximizing the existing infrastructures. To this end, they have taken part in several projects:
the A-CDM (Advanced Collaborative Decision Making) project which
included the signing in 2011 of the MoU (Memorandum of Understanding) of Madrid-Barajas Airport and the parties involved in the participation of Eurocontrol and the DMAN (Departure Manager) project,
aiming to enhance take-off sequences so as to maximize runway performance and minimize delays.
Air Navigation Information Service
(AIS)
Fuerteventura control tower
The Air Navigation service, provided by the Directorate of Air Navigation, ensures the process, management and user access to all relevant
updated and validated aeronautical information needed for its operation. The AIS provides the aeronautical information necessary to perform all air operations safely, regularly and efficiently. All that information is published and distributed from central Air Navigation services.
In 2011 new control towers were opened in
Fuerteventura, Santiago and Tenerife North
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During 2011, further progress was made in the transition towards an
aeronautical information service model based on digital information
services, and in the adaptation of processes to new domestic and SES
regulations.
Among the various projects under way, worthy of mention is the NOTAM digital project (evolution of the current NOTAM system in Europe). In 2011 the new EURONOTAM tool was tested by successfully
connecting it directly to Aena’s system, Icarus XXI. The service was
declared operational prior to the publication of the new GPS-EGNOS
NOTAM manoeuvres in Spain, scheduled for mid-2012.
2011 Annual report
Air Navigation
Main actions
Finally, in the area of aeronautical information publications, continuously updated information was provided with the publication of new
instrumental procedures due to the radio navigation aid service cancellations and contingency departures in some airports, and new chart
calculation programs.
Another Air Navigation system constantly evolving is Icarus (Integrated
AIS/COM/AIP & Reporting Office Automated System), which provides
different services to the aeronautical user: management of aeronautical information, NOTAM, preflight information bulletins, weather information and the submission of flight plan messages. Over the course
of 2011, Icarus was installed as part of the working tools at the AFIS
airports in La Gomera, El Hierro, Burgos and Huesca-Pirineos.
In keeping with the effort to develop Air Navigation systems, we expanded the capabilities of the INSIGNIA system (geographic information for the aeronautical information system), a system for the production of Visual charts. In addition, the process of entering and updating
data is already fully implemented as evidenced by the generation of
of AIP VAC charts from the AirAC AMDT database of 06/11 July. Also
prepared was the system and procedures for loading data from SID
and STAR procedures and for loading airfield data, which is already
completed for the airports of Valencia and Huesca-Pirineos.
AIP Cover
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2011 Annual report
Air Navigation
Main actions
CNS Service (Communications,
Navigation and Surveillance)
This service guarantees the availability, operation and maintenance of
the technical resources and facilities required for the Air Navigation
system supporting aircraft operations.
ComMunications
Aeronautical communications represents a core value underpinning
air traffic service. In the Air-Land (T/A) version, which services pilotcontroller communications, the strategic project is reducing the bandwidth of pilot-land voice communications from 25 to 8.33 kHz to
increase the number of potential radio frequencies. Although there is
no shortage in Spain, the critical situation in other EU countries has
propelled a mandatory solution over FL195. The measure has proved
successful, and will soon cover all flight levels after the amendment of
current regulations, which will require certain preliminaries from every
interested party. During 2011, new T/A communications equipment
went into service at the Fuerteventura, Santiago and Tenerife North
airports, at the main receiving center of the Malaga-Costa del Sol
airport, for new route frequencies and ACC-Brest in the Asturias TWR
and at the Burgos and Huesca-Pirineos AFIS airports.
The Voice Communications System, closely related to air traffic service (SCV), is in the process of being updated and adapted to international standards so that it can work with IP and VoIP protocols (Voice
Radio navigation charts
over IP). During 2011 and together with this future development,
version 1.10.3.22 of SCV IPin Madrid (09/11/2011) and Barcelona
(02/12/2011), were updated and standardized. The lvoice recording
and playing system in the ACC-TMA/Madrid was refurbished and new
SCV and digital recording systems were installed in the new control
towers of Fuerteventura, Santiago and Tenerife North.
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2011 Annual report
Air Navigation
Main actions
Air Navigation has its own communications network for Land-Land
to enable data exchange among different systems, at a domestic
and international level among different ANSPs (Air Navigation Service Provider). During 2011, Air Navigation extended the presence of
its network in its new facilities, with the entry into service of new
operational nodes in the new control towers of Fuerteventura, Santiago and Tenerife North. Simultaneously, several Land-Land communications links were deployed: in 2011, the radiolink between
Taborno and the Tenerife North tower entered service and the installation of fibre optic rings in Fuerteventura, Santiago, Tenerife North
and Málaga was completed.
Also worth noting is the implementation of round-the-clock operations for the EURONOTAM aviation messaging tool.
NaVIGATION
Air Navigation is deploying radio navigation aids (to enhance aircraft
guidance) in line with the introduction of new technologies and navigation applications, intended to improve service levels while reducing equipment and maintenance costs as much as possible. To this
end, in 2011 seven NDB (Non-Directional Beacon) were removed and
several VOR/DME (VHF Omnidirectional Range/Distance Measurement
Equipment) were either upgraded or replaced. Moreover, the ILS/DME
(Instrumental Landing System) at Murcia-San Javier (runway 23) and
Malaga-Costa del Sol (runways 13 and 31) were also replaced, and
new ILS/DME were installed in Malaga-Costa del Sol (runway 12) and
Logroño (runway 29). Two GP/DME were also moved in order to comply with the requirements of Annex 14, and the Tenerife North (runway 12) and Alicante (runway 10) were modified.
Communications station
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2011 Annual report
Air Navigation
Main actions
In parallel, during 2011 the new control towers were supplied with
control and monitoring equipment and the SIRA system and EC Safety
and Verification studies on radar and radio navigation aids were carried out.
Regarding satellite navigation, during 2011 several activities were
carried out intended to enable the entry into service of performancebased flight procedures that allow aircraft operations in instrument
flight conditions using only onboard equipment, and which in the near
future will enable the design and entry in service of new procedures
independent of the existence of radio navigation aids.
The future satellite navigation system, EGNOS, was tested in flight in different airports. Thanks to this system, the pilot will be able to perform instrument approaches at any airport without the need for land-based radio
navigation aids, a breakthrough in safety and operability.
SURVEILLANCE
Surveillance systems for Air Navigation, necessary to ensure the safety
of air traffic by identifying and tracking all aircraft flight paths, has
expanded and improved in its radar coverage. In particular, six Mode-S
MSSR units are being updated and a new Mode-S radar is being ddelivered. A new approach radar (primary and secondary) at the Gran
Canaria airport entered service in November.
Aligned with efforts to evolve airport surface surveillance, Air Navigation completed the installation of surface radars (SMR) in Asturias, Barcelona and Santiago de Compostela. At the same time, the installation
DVOR. Doppler VHF Omnidirectional Range
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2011 Annual report
Air Navigation
Main actions
of an SMR at the Bilbao airport and Mode-S (SMMS) multilateration
systems in Barcelona-El Prat and Málaga-Costa del Sol is still under
way.
Aena Aeropuertos S.A. and the need to reach agreements between
Aena and Aena Aeropuertos S.A. to provide services, co-ordination,
maintenance, etc.
The Directorate of Air Navigation is engaged in advanced aeronautical
systems research, featuring in 2011 the implementation of SACCAN
phase 3, implemented by ADS-C (Automatic Dependant Surveillance
– Contract) and CPDLC (Controller Pilot Data Link Communication) in
the Canary Islands FIR. This included tests performed on the new SACCAN v2 system. Also of note is the completion of the OPTIMI project,
which uses ADS-C to analyse aircraft tracking improvements in ocean
areas
As the entire Air Navigation is included in the CNS/ATM systems area
of activity, here are the main generic activities executed during 2011:
Technical OPERATIONS
Among the different tasks carried out throughout 2011 intended
to improve and update Air Navigation infrastructures, the most significant are the completion of the expansion of the secondary radar
equipment room in Taborno (Tenerife) and the improvement of NA
electrical installation in category II and III airports.
Likewise, the NOF was moved to the central systems building of the
Madrid AAC, and work on the new logistic support center building
in Paracuellos del Jarama was completed, although the items corresponding to the connection and access to the public sewerage system
are still outstanding.
• Central logistic support to SNA facilities.
• NA system maintenance by Regional Units, as per established
methods and procedures.
• Operation and maintenance of Air Navigation Systems (REDAN,
CRAMI, VOLMET, ICARO XXI, RECON, COS, SACTA, etc.), some of
which are centralized.
Besides, special mention must be made of the compliance of inflight
calibration planning of Air Navigation facilities during 2011, thanks
to the combined use of Calibration Units of the CECAG, Spanish Air
Force, the Aena Internacional’s Inflight Verification Unit and the CFI
(Cobham Flight Inspection) External Unit through current contracts
with those companies. Also worth noting is the fact that Aena Internacional’s Inflight Verification Unit 750-flight-hour commitment reached
800.67 hours. Finally we notethe high levels of availability and continuity of Air Navigation services achieved in the operation of the CNS/
ATM system, with both systems attaining rates of 99% in 2011.
In 2011, technical operations required a considerable effort in terms
of the documentation generated. This was because of the creation of
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2011 Annual report
Air Navigation
Management excellence
One of the Directorate of Air Navigation commitments is achieving
management excellence, that is to say, applying a set of outstanding practices in the management of the organization.
A great number of activities were carried out in an effort to achieve
management excellence:
OPERATIONAL SAFETY
Safety is the raison d’être of the services provided by Air Navigation, an essential component of every project of the DNA and
a strategic line on its own. To achieve one of Air Navigation’s
key goals while keeping the highest safety levels in DNA services,
three safety indicators intended to measure its compliance were
established in 2011
To develop these goals a five-year plan was devised for each goal:
• Regarding the safety maturity Indicator, a Maturity Indicator Action Plan was developed with activities and designated managers, the objective being to raise both the score and the maturity
level.
• Regarding the action plan to decrease the weighted safety level
(NPS), the main contributions to the overall NPS and possible
ways for reducing them were analysed:
»» Main contributions to the NPS were violation of minimum separation between control centers and LEMD. LECM is the priority,
followed by LECB and LEMD, and finally, LECL, LECS, GCCC and
LECP.
»» Actions to be carried out for the implementation of Safety Nets
are underway, like control staff training in the most critical sectors in procedures to avoid or mitigate the main factors detected
in incidents, EMA operator coordination to reduce aircraft noncompliances and evaluation of certain procedures to see if they
can be implemented in aircraft.
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2011 Annual report
Air Navigation
Facilities with a PS PLAN
PHYSICAL SECURITY
Within the scope of Air Navigation Physical Security management,
there was non-stop work to complete the implementation of physical
security (PS) programs in the Directorate of Navigation Services facilities, carrying out a global and detailed diagnosis of the real and objective situation of the physical security of every facility or unit providing
AN services. An essential part of this diagnosis is assessing risk levels
based on the criticality and vulnerability of the facility.
QUALITY
As part of its commitment towards constant improvement in service
quality, the Directorate of Air Navigation maintained its UNE - EN - ISO
9001: 2008 quality management system (QMS) certification following
the AENOR regular audit conducted between April 25 and May 13,
2011.
The integration of the Directorate of Air Navigation’s Quality, Environmental, Physical Security and Operational Safety systems into its
Integrated Management System has enabled Aena to maintain the
SGI-008/2010 Integrated Management System Certificate (Quality and
Environment). As part of the GIS optimization, a study guide for the
No. facilities with a PS plan
No. facilities in service on31/12/2011
150
120
90
60
30
0
BALEARIC IS.
CANARY IS.
Center-NORTH
EAST
SOUTH
RISK LEVEL PERCENTAGES
Acceptable risk level
93.38 %
Satisfactory
risk level
6.62 %
Unacceptable
risk level
0.00 %
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2011 Annual report
Air Navigation
• The new customer care procedure adapted to Aena’s electronic
management was successfully implemented in coordination with
the Corporate Directorate and integrated in the Navigation Services
external Communication process.
Air Navigation has a commitment with society: to
be environmentlly friendly. To achieve this, we have
continued to reduce electricity usage in our facilities and
have replacemed equipment containing regulated gases
that deplete the ozone layer.
optimization processes was developed in 2011 to establish the methodology to use.
A fundamental aspect of the improvements made to the quality management system is client communication (questions, suggestions,
complaints), which affords us an enhanced awareness of their opinions, and which Air Navigation maintains through different channels:
client forums, the OVACNA (Air Navigation Virtual Customer Service
Office), internal committees and the electronic headquarters, available
on the Web.
• The official forum for airspace users hosted by the Navigation Services Customer Forum will take place on February 29th, 2012.
• The 2011 Perceived Quality Survey was conducted using Air Navigation’s own resources.
ENVIRONMENT
We have continued our efforts to reduce electricity usage in our facilities, and replaced equipment containing regulated gases that deplete
the ozone layer, this proving Aena’s strong commitment and responsibility toward environmental issues. During 2011, the Directorate of
Navigation Services maintained its UNE-EN-ISO 14001:2004 Environmental Management System (EMS) certification.
Two key projects are worth mentioning in terms of reducing the environmental impact of services:
• Phase 2 of the CDA project, consisting of the implementation of
operations allowing a more efficient flying profile for aircraft, was
completed by adding continuous descent procedures in the low/
med density traffic airports during their periods of operation.
• At the same time CO2 and noise pollution were reduced in overflown areas, thus complying with the objective of reducing emissions of pollutants.
Within the scope of the 2010-2011 Quality and Environment Awareness Plan, training on the environmental control procedures of suppliers and contractors was developed and provided, specific environmen45
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tal training was given to technical operating staff and, finally, a video
was produced to familiarize the staff with AN’s Management System.
INFORMATION SYSTEMS:
Every ICT action was intended to maintain and improve the services
provided by the Directorate of Air Navigation.
Services planning and coordination
• Consolidation of the Information Systems services of the South DNRNA in AN SSCC.
• Printing resources optimization project through the SAFECOM system.
• Transfer of Information System user services to the new Pegaso City
building.
• Implementation of new HP-UX servers and start of UNIX services
migration, such as GESTAR, ABACOST, GESTLIN, etc., to the new
platform.
• Implementation and start-up of SCOM back office services monitoring system.
• Migration of Internav to a SharePoint Portal Server technology environment.
• Participation in performance and improvement studies involving
various applications under development, such as GESIS, SATMA,
ETNA, and GESTUR 2005.
2011 Annual report
Air Navigation
• Development of new applications, such as the following:
»» Surveys demanded by different Air Navigation units, ABACOST
(Cost-benefit analysis), File_PC (Registration management),
CAPREX (Catalog of Suppliers and Files PAPEX), PACES management, Orders and Files, ALMADEX (ACC Norte Center stock
management application analysis), SILNA (Stock control CAL of
SNA).
ICT infrastructures and security
• Security and intrusion project audit.
• Improvement in storage infrastructure safety, performance, and
backup, thanks to the implementation of several projects.
• New CPD in the Central Services building in the Torrejón ACC.
Communications
• Relocation of the Fuerteventura tower.
• MacroLAN installation in CAL.
• Migration of telephone access to Vodafone, awarded as part of the
corporate communications bid.
• Network security improvement through several projects (firewalls,
bridges, network segmentation, 802.1x).
• Implementation of the NNMi management tool to monitor the entire Air Navigation communications network.
• Installation of the telephone system and corporate network equipment at the new headquarters in Ciudad Pegaso, reorganization of
all related communications links.
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AFIS
In 2011 the airports of Burgos (February 10) and Huesca (December
15) were designated as airfield flight information service (AFIS) airports. There facilities, where Aena used to provide an Aerodrome Control Service (ATC-Aerodrome), now feature an AFIS service, provided by
an air navigation service provider different from Aena.
CERTIFICATION
On July 7th, 2011, AESA certified Aena as an air traffic controller training organization, including ongoing and unit training and instructor
training.
During the year, the 2011 AESA 2011 supervision plan was undertaken
for the purpose of maintaining Aena’s certification as an air navigation
services provider and as an air traffic controller training organization.
During 2011, the preliminary analysis for certification as a provider of
air navigation services started on an internal basis, in preparation for
gathering the documentation needed to renew the certificate in 2012.
INTERNATIONAL PARTICIPATION
Due to cross-border air navigation, which extends beyond Europe, it
is part of the strategy of the Directorate of Air Navigation to establish
agreements and partnerships with other service providers in order to
improve performance.
2011 Annual report
Air Navigation
European regulations require Member States to establish, prior to
2012, functional airspace blocks (FABs) based on operational requirements and independent of national borders. The process of organizing
the SW (South-West) FAB evolved reasonably well in 2011, considering the institutional situation in Portugal during this period. Late in
the year the roadmap for the SW FAB operational projects that will be
implemented from 2012 to 2020 was also defined.
Other forums in which the Directorate of Navigation Services actively
cooperates and enhances its standing by engaging in increasingly coordinated actions at an international level are the following:
CANSO (World Organization of Civil Air Navigation Service Providers)
and ICAO (International Civil Aviation Organization): within the scope
of CANSO GLOBAL the development of the global strategy of CANSO
and the establishment of the CANSO Office in Latin America were successfully completed. In CANSO Europe Aena actively participated in
the position paper for the deployment of SESAR, with the election of
Aena as a CANSO representative in the EC’s Group of Experts, tasked
with developing a proposal.
On June 22nd, members of the A6 (a group consisting of AN European
Service providers taking part in the SESAR program, and SJU members:
Aena, NATS, ENAV, DSNA, DFS and NORACON) signed a Memorandum of Cooperation to strengthen participation in SESAR. AENA leads
the A6 SJU activities group.
AEFMP (group formed by air navigation service providers from Algeria,
Spain, France, Morocco and Portugal) carried out the activities stipulated
in the harmonization plan by approving the 2011 work plan and agree47
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ing on technical inter-operability (COM IP and TDM networks, ATM/CNS
system certifications) and operational (FPL migration) initiatives, and by
participating in the EUROMED II Project.
Throughout the year, both domestic and European regulators enacted
numerous regulations and standards that required a major restructuring in all areas of Navigation Services in order to adapt to them and,
consequently, to improve performance. Throughout 2011, there were
2011 Annual report
Air Navigation
numerous actions intended to comply with the commitments undertaken with our clients and with society that involved our active participation in European co-operation projects, domestic civil/military cooperation projects like FUA (Flexible Use of AirSpace) and in projects
of the Directorate of Air Navigation, like the promotion of economic
efficiency. This adaptation will continue throughout 2012 because of
its extraordinary importance and magnitude.
48
3 Aena Aeropuertos
3
2011 Annual report
Aena Aeropuertos
Airports
The birth of Aena Aeropuertos in June 2011 came in response to relevant changes in Aena’s management
model. The new company is to take on all airport management competencies and is poised to open the
company to private capital investments. The company undertakes operations with a great deal of market
expertise under its belt as the world’s foremost operator in terms of passenger throughput, with over 200
million passengers and a network of 47 airports and 2 heliports in Spain, while participating directly or
indirectly in the management of another 29 airports around the world.
Airports
In 2011, Aena airports recorded more than
204.3 million passengers (6% more than
in 2010), operated over 2.1 million flights
(+1%), and transported more than 672,000*
tons of cargo (+3 %).
These figures reflect growth in the number of
passengers, operations, and cargo. Therefore,
every indicator shows a marked improvement
in air transportation in 2011.
PasSENGERS
A total of 204,386,371 passengers used the
network’s facilities during 2011, a 6% upturn
compared to 2010. Of the total number of
passengers, 203,305,122 made commercial
flights (+6.1%). Of these, 127,082,235 made
international flights (+10.5%) and 76,222,887
made domestic flights (-0.6%).
Madrid-Barajas Airport
*Other traffic or transit types not included
50
3
2011 Annual report
Aena Aeropuertos
Airports
The busiest airport in terms of passenger traffic was Madrid-Barajas with 49,671,270 passengers, which represents a 0.4% decrease
with respect to 2010, followed by BarcelonaEl Prat, 34,398,226 passengers (+17.8%),
Palma de Mallorca, 22,726,707 (+7.6%),
Malaga-Costa del Sol, 12,823,117 (+6.3%),
Gran Canaria, 10,538,829 (+11.1%) and Alicante, 9,913,731 (+5.7%).
The busiest airport in terms of
passenger traffic is Madrid-Barajas,
with 49,671,270 passengers
The highest percentage increases were at the
Algeciras and Ceuta heliports, with growths
of 130.2% and 56.8% respectively, and the
airports of Zaragoza (+24.0%), Santander
(+21.4%), Fuerteventura (+18.6%), Valladolid (+17.8%), Seville (+17.4%), Santiago (+13.4%), Lanzarote (+12.3%), Ibiza
(+12.0%) and La Palma (+7.6%).
During 2011, international air passenger traffic increased 10.5% in the entire network.
Interior of the new terminal in the Santiago Airport
51
3
In 2011, Aena airports operated
2,140,308 flights
2011 Annual report
Aena Aeropuertos
Airports
The most notable increases were Fuerteventura (+26.1%), Seville
(+24.8%), Barcelona-El Prat (+23.5%), Tenerife South (+22.5%), Valencia (+18.3%), Zaragoza (+17.6%), Lanzarote (+17.2%), Gran Canaria
(+17.0%), Ibiza (+13.7%) and La Coruña (+12.7%).
Since January 2011, a recovery in monthly passenger traffic has
been recorded in different airports like Barcelona-El Prat, Gran
Canaria, Tenerife South, Alicante, Malaga-Costa del Sol, Palma de
Mallorca, Fuerteventura, Lanzarote, Ibiza, Seville and Santiago.
This growth pattern was mirrored in other airports later in the year.
AIRCRAFT
In 2011, a total of 2,140,308 flights operated out of Aena airports, a 1%
increase from the number of movements in 2010. Of these, 1,871,609
were commercial flights (+2.6%), 898,299 were domestic (-2.5%) and
973,310 international (+7.8%). Regarding the type of flight, 1,666,656
were scheduled (+3.1%) and 177,429 were charter (-0.6%).
Madrid-Barajas Airport still has the most traffic in the network with
429,390 flights (-1%), followed by Barcelona-El Prat, 303,054 operations (+9.1%), Palma de Mallorca,180,152 (+3.2%), Gran
Canaria, 111,271 flights (+7.9%), Málaga-Costa del Sol, 107,397
(+1.7%), Alicante, 75,576 (+1.5%), Valencia, 70,397 (-9.5%), Tenerife
North, 62,604 (+1.6%) and Ibiza, 61,768 (+8.4%).
Airplane on the tarmac at the Burgos Airport
52
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2011 Annual report
Aena Aeropuertos
Airports
Of all the airports with the highest percentage growth in operations, the case of the Algeciras Heliport is the most significant, with
an increase of 96.7% (2,636 operations), followed by Jerez, +24.9%
(41,713), Fuerteventura, +13.0% (44,549), Ibiza, +8.4% (61,768) and
Lanzarote, +6.4% (49,675).
As for the number of international operations, the highest rates of
growth were recorded in Fuerteventura (+26.3%), Vitoria (+24.2%),
Tenerife South (+20.5%), Ibiza (+17.9%), Seville (+13.2%) and Valencia (+11.2%), mostly involving European destinations.
CARGO
The volume of goods transported in 2011 was 672,146,043* kilograms, 3% more than the previous year, of which 525,202,037 kilograms was international cargo (+4.9%) and 146,944,006 kilograms
domestic cargo (-3.3%).
By airports, Madrid-Barajas holds the first place, 394,154,078 kg
(+5.4%), followed by Barcelona-El Prat, 96,572,859 kg (-7.4%), Zaragoza, 48,647,400 (+14.3%), Vitoria, 34,692,256 (+24.1%) and Gran
Canaria, 23,678,510 (-3.5%).
Zaragoza Airport
Most of the cargo transported in 2011 passed through
the airports of Madrid-Barajas, Barcelona, Zaragoza,
Vitoria and Gran Canaria.
*Other traffic or transit types not included
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2011 Annual report
Aena Aeropuertos
Airports
TOTAL PASSENGER TRAFFIC IN 2011
AIRPORT
PASSENGERS
AIRPORT
PASSENGERS
Madrid-Barajas
49,671,270
Fgl Granada-Jaén
872,752
Barcelona-El Prat
34,398,226
Almería
780,853
Palma De Mallorca
22,726,707
Zaragoza
751,097
Malaga-Costa Del Sol
12,823,117
Valladolid
462,504
Gran Canaria
10,538,829
Melilla
286,701
Alicante
9,913,731
San Sebastián
248,050
Tenerife South
8,656,487
Pamplona
238,511
Ibiza
5,643,180
El Hierro
170,225
Lanzarote
5,543,744
León
85,725
Valencia
4,979,511
Badajoz
56,981
Seville
4,959,359
Ceuta /Heliport
46,754
Fuerteventura
4,948,018
Salamanca
37,257
Tenerife North
4,095,103
Burgos
35,447
Bilbao
4,046,172
La Gomera
32,713
Girona-Costa Brava
3,007,977
Vitoria
28,211
Menorca
2,576,200
Madrid-Torrejón
27,801
Santiago
2,464,330
Algeciras /Heliport
25,318
Reus
1,362,683
Logroño-Agoncillo
17,877
Asturias
1,339,010
Córdoba
8,442
Murcia-San Javier
1,262,597
Albacete
8,415
Santander
1,116,398
Huesca-Pirineos
2,781
La Palma
1,067,431
Madrid-Cuatro Vientos
Jerez
1,032,493
Sabadell
0
A Coruña
1,012,800
Son Bonet
0
Vigo
976,152
Total
431
204,386,371
54
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AIRPORTS WITH THE MOST PASSENGER TRAFFIC IN 2011
2011 Annual report
Aena Aeropuertos
Airports
TRAFFIC * IN SPANISH AIRPORTS IN 2011
La Coruña
2011
% Chg 2011/2010
% Traffic
AIRCRAFT
Jerez
La Palma
Santander
Murcia-San Javier
Asturias
National
898,299
-2.5%
42%
International
973,310
7.8%
45%
Other Types
268,699
-9.0%
13%
2,140,308
1.0%
100%
76,222,887
-0.6%
37%
Total
Reus
PaSSENGERS
Santiago
National
Menorca
International
Girona-Costa Brava
Bilbao
Tenerife North
Fuerteventura
127,082,235
10.5%
62%
Other Types
322,161
-7.4%
0%
Transits
759,088
1.7%
0%
Total
204,386,371
6.0%
100%
National
146,944,006
-3.3%
21%
International
525,202,037
4.9%
77%
CARGO IN KILOGRAMS
Seville
Valencia
Lanzarote
Other Types
Ibiza
Tenerife South
Alicante
265,371
-56.5%
0%
Transits
13,153,131
108.2%
2%
Total
685,564,545
4.0%
100%
77,692,327
-0.6%
37%
132,334,255
10.2%
63%
traffic units**
Gran Canaria
Malaga-Costa Del Sol
National
Palma De Mallorca
International
Barcelona-El Prat
Madrid-Barajas
0
10,000,000
20,000,000
* Airports handling more than one million passengers
30,000,000
40,000,000
50,000,000
Other Types
324,815
-8.2%
0%
Transits
890,619
10.0%
0%
Total
211,242,016
5.9%
100%
* Total figures including transits and other traffic types.
** A traffic unit is equivalent to a passenger and his baggage or 100 kg cargo.
55
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2011 Annual report
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Airports
TREND IN TOTAL PASSENGER TRAFFIC
Year
Total no. of passengers
Year
Total no. of passengers
2001
144,600,598
2007
210,498,760
2002
143,092,601
2008
203,862,028
2003
153,826,341
2009
187,631,102
2004
166,146,198
2010
192,792,606
2005
181,277,741
2011
204,386,371
2006
193,553,178
TREND IN PASSENGER TRAFFIC 2001-2011 (in millions)
210.5
210
203.8
204.3
193.5
190
192.8
187.6
181.2
166.1
170
153.8
150
144.6
143
2001
2002
130
110
90
2003
2004
2005
2006
2007
2008
2009
2010
2011
56
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2011 Annual report
Aena Aeropuertos
Airports
Passengers* by traffic type
2011
% Chg 2011/2010
% Traffic
74,943,463
0.1%
41%
International
109,951,814
11.0%
59%
TOTAL
184,895,277
6.3%
100%
1,275,403
-28.7%
7%
International
17,124,295
7.0%
93%
TOTAL
18,399,698
3.4%
100%
10,147
-37.5%
1%
Other traffic types
322,161
-7.4%
30%
Transit
759,088
1.7%
70%
TOTAL
1,091,396
-1.7%
100%
TOTAL
204,386,371
6.0%
100%
SCHEDULED
Domestic
CHARTER
National
Other commercial services
* Total operations including transits and other traffic types.
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2011 Annual report
Aena Aeropuertos
Airports
Scheduled international
53.80 %
Other types
0.16%
TOTAL PASSENGER DISTRIBUTION IN 2011
Scheduled national
74,943,463
Non-scheduled national
1,275,403
Scheduled international
109,951,814
Non-scheduled international
322,161
Transits
759,088
TOTAL
204,376,224
TOTAL
Transits
0.37%
17,124,295
Other types
Other services not included
Non-scheduled international
8.38 %
10,147
204,386,371
Non-scheduled domestic
0.62 %
Scheduled domestic
36.67%
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2011 Annual report
Aena Aeropuertos
Airports
PASSENGERS
COMMERCIAL
NATIONAL
SCHEDULED
INTERNATIONAL
NON-SCHEDULED
SCHEDULED
OTHER TYPES
TRANSITS
NON-SCHEDULED
2001
57,883,172
1,655,429
49,185,247
34,143,728
230,476
1,479,352
2002
55,857,853
2,261,547
49,773,812
33,386,752
288,783
1,500,565
2003
60,325,919
2,590,053
56,291,001
32,740,373
256,261
1,594,577
2004
65,566,398
2,930,938
65,384,904
30,197,281
286,452
1,756,843
2005
73,770,980
2,609,550
75,516,257
27,376,609
349,370
1,633,822
2006
79,186,689
2,322,090
83,079,805
26,809,437
406,284
1,710,022
2007
86,661,047
2,406,954
94,831,107
24,756,627
370,021
1,443,757
2008
80,115,031
1,840,632
98,037,782
22,313,674
372,680
1,163,180
2009
74,037,693
1,660,687
93,955,995
16,757,328
337,392
867,099
2010
74,850,230
1,789,704
99,033,465
16,008,990
347,770
746,211
2011
74,943,463
1,275,403
109,951,814
17,124,295
322,161
759,088
domestic commercial passengers (in millions)
Scheduled
international commercial passengers (in millions)
Non-Scheduled
Scheduled
Non-Scheduled
100
100
120
80
80
60
60
40
40
20
20
0
0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
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2011 Annual report
Aena Aeropuertos
Airports
AIRCRAFT* BY TRAFFIC TYPE
2011
% Chg 2011/2010
% Traffic
Domestic
846,903
-1.8%
51%
International
819,753
8.6%
49%
1,666,656
3.1%
100%
38,249
-13.9%
22%
SCHEDULED
TOTAL
CHARTER
Domestic
International
139,180
3.8%
78%
TOTAL
177,429
-0.6%
100%
27,524
-4.0%
9%
Other types
268,699
-9.0%
91%
TOTAL
296,223
-8.6%
100%
TOTAL
2,140,308
1.0%
100%
* Total operations including other traffic types
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2011 Annual report
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Airports
TREND IN AIRCRAFT TRAFFIC (in thousands)
Year
Total Operations
Year
Total Operations
2001
1,902
2007
2,502
2002
1,894
2008
2,420
2003
1,969
2009
2,169
2004
2,057
2010
2,120
2005
2,210
2011
2,140
2006
2,319
TREND IN AIRCRAFT TRAFFIC (in thousands)
2,502
2600
2,420
2,319
2,210
2300
2000
1,902
1,849
2001
2002
1,969
2,169
2,120
2,140
2009
2010
2011
2,057
1700
1400
1100
800
2003
2004
2005
2006
2007
2008
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2011 Annual report
Aena Aeropuertos
Airports
air cargo traffic*
2011
% Chg 2011/2010
% Traffic
Domestic
125,505,288
-6.6%
22%
International
454,298,185
8.0%
78%
TOTAL
579,803,473
4.5%
100%
Domestic
21,353,393
22.2%
23%
International
70,596,481
-11.2%
77%
TOTAL
91,949,874
-5.2%
100%
SCHEDULED
CHARTER
392,696
-30.7%
3%
Other traffic types
265,371
-56.5%
2%
Transits
13,153,131
108.2%
95%
TOTAL
13,811,198
84.3%
100%
TOTAL
685,564,545
4.0%
100%
* Total cargo including transits and other traffic types.
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2011 Annual report
Aena Aeropuertos
Airports
TREND IN CARGO TRAFFIC (in thousands of tons)
Year
Total cargo
Year
Total cargo
2001
601
2007
643
2002
596
2008
643
2003
605
2009
570
2004
653
2010
659
2005
629
2011
686
2006
626
TREND IN CARGO TRAFFIC (in thousands of tons)
686
700
659
653
643
650
629
601
600
596
643
626
605
570
550
500
450
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
* Total cargo including transits and other traffic types.
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2011 Annual report
Aena Aeropuertos
Airports
COMPARISON OF TRAFFIC AT EUROPEAN AIRPORTS
Europe average 2011 (Global ACI)*
AIRPORT
7.1%
THOUSANDS of PASSENGERS
CHANGE**
1
London Heathrow (UK)
CODE
LHR
69,434
5.4%
2
Paris Charles de Gaulle (France)
CDG
60,971
4.8%
3
Frankfurt (Germany)
FRA
56,436
6.5%
4
Amsterdam (Holland)
AMS
49,755
10.1%
5
Madrid-Barajas (Spain)
MAD
49,644
-0.4%
6
Munich Franz Josef Strauss (Germany)
MUC
37,764
8.8%
7
Roma Fiumicino (Italy)
FCO
37,651
3.9%
8
Estambul Ataturk (Turkey)
IST
37,398
16.3%
9
Barcelona-El Prat (Spain)
BCN
34,388
17.8%
10
London Gatwick (UK)
LGW
33,668
7.3%
11
Paris Orly (France)
ORY
27,139
7.7%
12
Moscow Domodedovo (Russia)
DME
25,702
15.5%
13
Antalya (Turkey)
AYT
25,183
15.2%
14
Zurich (Switzerland)
ZRH
24,284
6.4%
15
Palma de Mallorca (Spain)
PMI
22,724
7.6%
16
Copenhaguen (Denmark)
CPH
22,673
5.7%
17
Moscow Sheremetyevo (Russia)
SVO
22,555
16.7%
18
Vienna (Austria)
VIE
21,106
7.2%
19
Oslo (Norway)
OSL
21,093
10.5%
20
Dusseldorf (Germany)
DUS
20,339
7.1%
* Global ACI data as of March 28, 2012, for 2011.
** Change from 2010 to 2011.
64
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2011 Annual report
Aena Aeropuertos
Infrastructures
Infrastructures
PROJECT AND CONSTRUCTION CRITERIA
In 2011, the Directorate of Infrastructure, in an effort to comply with
the airport management model system included in the provisions of
Royal Decree 13/2010 of December 3rd, which makes up the new
legal framework for the modernization of the Spanish airport system,
developed projects and executed the programmed constructions, contributing to the improvement of quality and the development of the
airport and air traffic infrastructure, maintaining high levels of safety
and prevention of workplace hazards (goods and people), ensuring
the execution of the projects established in the corresponding environmental impact statements, contributing to the growth of the generated resources and complying with applicable rules and guidelines.
Security and prevention: maintaining the highest levels of security
is a top priority, as evidenced by every project that is carried by the
Directorate of Infrastructure, which relies on a comprehensive security approach. These comprehensive security measures start with the
inclusion in the tender of the specifications of the preventive criteria
Air-side view of the Alicante Airport terminal
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2011 Annual report
Aena Aeropuertos
Infrastructures
required by Aena by current legislation regarding the minimum provisions on the security of
people and the prevention of workplace hazards. These measures are then monitored during
the execution phase to ensure strict compliance with current legislation.
Quality assurance: one of the fundamental priorities of the Directorate of Infrastructure is to
guarantee the quality of its actions. In this sense, this Directorate directs, oversees, supervises
and coordinates the activities related to the development and monitoring of the Quality Management System, in addition to the activities related to the technical audits of the construction
work executed under its authority.
Environment: another priority is aligning the development of the Directorate of Infrastructure‘s projects with environmental protection. To that end, the Directorate manages the different activities and actions necessary and carries out different studies, projects and reports
required by environmental authorities, performing environmental monitoring and control of the
project phases until the end of the construction. The Directorate also directs and manages the
different environmental activities arising from the execution of projects and cooperates with the
Directorate of the Environment in conducting and processing environmental impact studies of
the Directorate’s projects.
In addition, the special plans Plan Levante and Plan Malaga, responsible for the execution and
development of the necessary infrastructures for the expansion and adaptation of the Alicante
and Valencia airports on the one hand, and Malaga-Costal del Sol on the other, continued during 2011, progressing in the projects and executing the scheduled constructions designed to
modernize the facilities, as well as contributing to the improvement of the airports’ image as
perceived by users and by society in general.
Barcelona-El Prat Airport
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3
Plan Levante
Work on the Alicante Airport was completed
in March 2011. The most emblematic part
of the airport expansion process started five
years ago: the New Terminal Area, a modern
and comfortable space for patrons and users
that doubles its former capacity. Work also
took place in the airfield to adapt its facilities
to existing demand, including the expansion
of the aircraft hold area.
In March 2011, the New Terminal
Area in Alicante entered service after
five years of construction.
In the Valencia Airport much of the work for
the second expansion phase was completed
during 2011, providing the terminal building with an additional 26,000 m² and the car
park with 1,800 more parking spaces. Work
was also completed on the construction of
two aircraft aprons, increasing the parking
area by 200,000 m². Finally, also complet-
2011 Annual report
Aena Aeropuertos
Infrastructures
ed was the construction of the new power
plant, which will multiply the power supplied
to the airport’s facilities threefold.
Plan Málaga
Work to expand the flight field, including a
new runway and other actions to increase the
capacity of the Malaga-Costa del Sol Airport,
was completed in 2011. In 2012 the airport
will be certified by the National Aviation Safety Agency (AESA), becoming the third airport
to be thus certified after Madrid-Barajas and
Ibiza. We also finished the actions commited
with the Ministry of Public Works for the new
walkway between terminal building T3 and
the railway station. Therefore, work for the
Airport’s expansion are on schedule.
The expansion of the airfield at the
Malaga-Costa del Sol Airport was
completed in 2011.
View of the inside of the Malaga-Costa del Sol terminal
67
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2011 Annual report
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Infrastructures
MOST SIGNIFICANT PROJECTS UNDERWAY IN 2011
FILE
AIRPORT
FILE TITLE
COST
(million €)
DURATION
(months)
START
FINISH
0839/10
ALMERIA
New FFS building
1.91
13.00
27/6/2011
27/7/2012
0177/10
ASTURIAS
Roofing and expansion of cart area.
5.50
10.00
14/3/2011
14/1/2012
1046/10
ASTURIAS
Tarmac work
4.61
12.00
21/7/2011
21/7/2012
0358/11
BARCELONA-EL PRAT
Supply of a sacta-victor for the new apron control tower.
2.56
5.00
5/8/2011
5/1/2012
0405/11
BARCELONA-EL PRAT
Supply various voice and data com. equip. for direct entry
into service of apron. and contingency ATC in south twr
2.30
12.00
19/8/2011
19/8/2012
0290/11
BARCELONA-EL PRAT
Construction of new security checkpoints in T1
1.48
11.00
19/12/2011
19/11/2012
1214/09
BILBAO
Upgrade airfield.
7.83
12.00
7/3/2011
7/7/2012
1344/09
BILBAO
Security road and perimeter fence.
2.38
12.00
20/6/2011
20/6/2012
0238/10
BILBAO
De-icing pad.
1.98
5.00
15/12/2011
15/5/2012
0246/09
LA CORUÑA
Relocation of the “Casa dos Vales” house.
0944/10
LA CORUÑA
Runway extension.
0011/08
FUERTEVENTURA
Apron extension phase III
1.03
9.00
16/12/2010
25/4/2012
59.36
32.00
9/6/2011
9/2/2014
1.72
6.00
11/7/2011
26/4/2012
1035/10
FUERTEVENTURA
Upgrade airfield
6.17
12.00
8/8/2011
8/8/2012
1142/10
GIRONA-COSTA BRAVA
Actions in airfield for aerodrome certification.
4.61
7.00
4/11/2011
16/4/2012
1529/07
GRAN CANARIA
Expansion of terminal building.
124.65
36.00
16/9/2009
16/2/2013
0176/08
GRAN CANARIA
New building on the field for airlines and security.
0473/10
GRAN CANARIA
Construction of car park building P-3.
0352/08
GRAN CANARIA
Expansion of north/south apron.
1652/08
IBIZA
Adaptation of terminal building to a functional design.
6.66
13.00
1/12/2010
1/5/2012
10.42
24.00
28/1/2011
28/1/2013
6.89
10.00
17/10/2011
17/8/2012
59.37
32.00
2/10/2009
2/6/2012
68
3
FILE
AIRPORT
FILE TITLE
2011 Annual report
Aena Aeropuertos
Infrastructures
COST
(million €)
DURATION
(months)
START
FINISH
0340/10
IBIZA
Supply of equipment and furniture.
2.40
19.00
3/12/2010
3/7/2012
0676/11
IBIZA
Reinforcement of terminal building roof.
1.61
4.00
28/11/2011
28/3/2012
1324/08
LA PALMA
Demolition of buildings and first expansion of east border
apron.
6.54
18.00
18/8/2010
18/5/2012
1045/09
LANZAROTE
Upgrade apron.
5.58
20.00
1/7/2010
1/3/2012
1158/09
MADRID-BARAJAS
New commercial areas terminals 1,2 and 3.
3.80
10.00
1/7/2010
1/1/2012
1084/09
MADRID-BARAJAS
New access pathways and roads to the area between runways 18-36.
5.36
12.00
27/9/2010
16/2/2012
0683/10
MADRID-BARAJAS
Supply commercial premises in central sector with utilities.
2.45
14.00
14/2/2011
14/4/2012
0350/08
MENORCA
New wastewater treatment plant.
2.83
6.00
27/9/2010
2/2/2012
0359/09
MENORCA
Improvement of runway pavement and taxiways.
6.14
15.00
29/10/2010
29/1/2012
1157/09
MURCIA-SAN JAVIER
Upgrade check-in and boarding areas.
0961/08
PALMA MALLORCA
Remodel apron A (Phase II)
0109/11
PALMA MALLORCA
Remodel arrivals hall.
2.79
12.00
4/10/2010
4/1/2012
19.84
25.00
27/8/2010
27/9/2012
3.84
8.00
15/11/2011
15/7/2012
0952/10
REUS
Outfit car park areas.
5.10
17.00
20/10/2011
20/3/2013
0184/10
SABADELL
Construction of parking apron from Romeo 3 to the Avialsa
area.
1.06
7.00
24/11/2011
24/6/2012
1512/08
Tenerife North
Channel taxi area water to the “El Gomero” ravine.
1.04
9.00
15/11/2010
26/8/2012
1667/08
Tenerife North
Fix apron pavement.
8.37
24.00
3/2/2011
3/2/2013
0666/10
Tenerife North
Upgrade runway edges and taxiways.
3.17
12.00
23/5/2011
23/5/2012
0898/10
Tenerife North
Upgrade and improve the air-conditioning system in the
Terminal Building.
4.47
15.00
29/6/2011
29/9/2012
0788/10
Tenerife South
Improve roads.
1.01
12.00
15/4/2011
15/4/2012
69
3
FILE
AIRPORT
FILE TITLE
COST
(million €)
2011 Annual report
Aena Aeropuertos
Infrastructures
DURATION
(months)
START
FINISH
0789/10
Tenerife South
Air-side projects
1.86
12.00
29/4/2011
29/4/2012
0667/10
Tenerife South
Functional improvements in E.T. and various lighting systems throughout the airport.
6.48
18.00
15/7/2011
15/1/2013
0012/11
TORREJÓN
Construction work and various Phase Two activities.
0093/10
VIGO
Expansion of Terminal Building
0083/11
VIGO
Upgrade airfield.
FILE
AIRPORT
FILE TITLE
2.66
16.00
11/11/2011
11/3/2013
45.31
35.00
24/9/2010
24/8/2013
9.98
12.00
20/10/2011
20/10/2012
DURATION
(months)
START
FINISH
MOST SIGNIFICANT PROJECTS COMPLETED IN 2011
COST
(million €)
0353/11
ALBACETE
Upgrade pavement of the air base runway.
2.49
3.00
07/07/11
07/10/11
1117/09
ASTURIAS
Repair pavement in runway threshold.
1.03
3.00
04/07/11
04/10/11
1790/08
BADAJOZ
Repave runway and taxiways.
4.22
6.00
28/09/10
01/08/11
1639/07
BILBAO
Upgrade and operational improvements of Terminal Building
24.90
14.00
15/01/09
14/02/11
1158/07
CÓRDOBA
Expand runway.
21.86
19.00
23/03/09
23/06/11
0058/09
CÓRDOBA
Processing of expropriated areas
3.31
32.00
27/04/09
27/12/11
1373/09
FUERTEVENTURA
Repair roads.
1.65
8.00
09/09/10
09/05/11
1183/08
GIRONA-COSTA BRAVA
Upgrade airfield.
2.79
9.00
27/09/10
27/06/11
0812/09
LA GOMERA
Channel ravines and rainwater 2008
0.91
3.50
24/01/11
08/05/11
1642/08
GRAN CANARIA
Upgrade airfield.
5.64
12.00
13/07/10
13/10/11
0609/10
FGL GRANADA
Upgrade airfield.
2.77
10.00
10/01/11
10/11/11
0424/10
IBIZA
Upgrade airfield.
1.53
6.00
10/11/10
24/05/11
70
3
FILE
AIRPORT
FILE TITLE
COST
(million €)
2011 Annual report
Aena Aeropuertos
Infrastructures
DURATION
(months)
START
FINISH
0255/10
JEREZ
New access to airport activity areas.
2.01
6.00
21/02/11
21/08/11
1270/08
LA PALMA
New FFS building.
6.63
15.00
12/03/10
12/06/11
1497/08
LANZAROTE
Construction of new bus park.
6.25
15.00
28/01/10
11/12/11
0172/09
LANZAROTE
Upgrade airfield.
4.01
12.00
12/02/10
15/10/11
1014/08
LOGROÑO
Adapt airport to NTAC.
1.65
6.00
13/09/10
13/03/11
0095/08
LOGROÑO
Prepare for ILS Cat I installation and upgrade runway
thresholds.
6.36
16.00
04/01/10
04/05/11
0861/09
MADRID-BARAJAS
Upgrade tunnel TSA ventilation.
3.30
10.00
24/04/10
24/02/11
0368/10
MADRID-BARAJAS
Security tasks in T4 and T4S roof accesses.
4.18
12.00
25/11/10
25/11/11
0694/10
MADRID-BARAJAS
New warehouses for commercial premises in T123.
1.31
6.00
16/02/11
16/08/11
0283/10
MENORCA
Upgrade airfield.
5.97
12.00
12/11/10
27/12/11
1257/06
MURCIA-SAN JAVIER
Instrumentation, adaptation and application of ATEX rules
for fuel facilities.
9.76
8.00
25/02/08
13/04/11
0865/09
MURCIA-SAN JAVIER
Shape terrain for threshold 23 glide path.
1.59
8.00
19/10/10
19/06/11
1083/09
PALMA MALLORCA
Construction of commercial areas in module C.
0218/09
REUS
Upgrade airfield.
1174/09
SANTANDER
Upgrade and standardize Terminal Building.
8.93
12.50
07/06/10
27/05/11
13.85
18.00
22/03/10
22/12/11
1.50
14.00
30/04/10
30/06/11
1670/08
SANTIAGO
Upgrade airfield.
5.38
10.00
05/04/10
05/08/11
0083/10
SANTIAGO
Upgrade taxiways.
2.20
7.00
27/06/11
07/12/11
0440/07
SANTIAGO
New Terminal area.
125.84
26.00
24/06/09
24/08/11
1651/08
SANTIAGO
Aircraft parking south side.
23.46
17.00
02/11/09
02/04/11
0330/10
SANTIAGO
Commercial areas in the NAT.
1.36
4.50
10/09/10
14/01/11
0670/10
SANTIAGO
Supply and installation of license plate recognition management system in every parking lot.
1.23
2.50
08/04/11
21/06/11
71
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AIRPORT
FILE TITLE
2011 Annual report
Aena Aeropuertos
Infrastructures
COST
(million €)
DURATION
(months)
START
FINISH
0441/07
SEVILLE
Expansion of car park.
14.95
24.00
04/03/08
01/10/11
1520/08
SEVILLE
Rainwater treatment in aircraft parking apron.
1.00
5.00
17/01/11
17/06/11
0610/10
SEVILLE
Upgrade roofs of old and new terminal buildings.
1.62
7.00
25/02/11
25/09/11
0441/07-1
SEVILLE
Expansion of car park.
13.91
15.00
01/07/10
01/10/11
1787/08
Tenerife North
Access road to taxi area and hangar for Civil Guard.
1.53
6.00
10/01/11
10/07/11
1515/08
Tenerife North
Upgrade airfield
2.45
12.00
05/04/10
05/04/11
0549/09
Tenerife North
NET underground car park waterproofing
1.05
8.00
07/03/11
07/11/11
1182/08
Tenerife South
Upgrade airfield
2.96
9.00
05/04/10
05/01/11
1182/09
Tenerife South
Waterproof roofs and bring several buildings up to fire
code.
1.55
10.00
19/08/10
19/06/11
0886/08
TORREJÓN
Construction and miscellaneous activities.
8.80
16.00
27/11/09
27/03/11
0023/09
VALLADOLID
Adapt airfield to ICAO legislation
1419/06
VIGO
Car park building, roads and technical block.
1413/07
VIGO
Supply and installation of license plate recognition management system
1540/08
VITORIA
Expand and upgrade runway and strips.
0679/09
ZARAGOZA
Supply and installation of two emergency stopping systems.
1.75
7.00
05/07/10
02/06/11
41.45
28.00
23/11/07
23/05/11
0.96
12.00
02/11/09
14/05/11
10.60
12.00
21/06/10
21/06/11
3.34
13.00
29/07/10
29/08/11
72
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Aena Aeropuertos
Infrastructures
FILE
AIRPORT
FILE TITLE
COST
(million €)
DURATION
(months)
START
FINISH
474/10
GIRONA-COSTA BRAVA
Tasks in airfield for aerodrome certification.
0.12
6
09/08/10
09/02/11
847/09
Tenerife North
New handling area. Gas station, garages, warehouses,
facilities and water tank.
0.20
15
17/05/10
25/08/11
383/10
VALLADOLID
Repair pavement.
0.13
11
10/08/10
10/07/11
447/10
ZARAGOZA
Improve taxiway C11.
0.04
9
30/07/10
25/04/11
852/09
SAN SEBASTIÁN
Remodel commercial aviation apron.
0.04
12
02/03/10
02/03/11
MOST SIGNIFICANT SUPPLY AND INSTALLATION PROJECTS UNDERWAY IN 2011-12
FILE
AIRPORT
FILE TITLE
COST
(million €)
DURATION
(months)
START
FINISH
871/06
FUERTEVENTURA
Automatic baggage screening and handling system
31.15
48
02/08/07
29/07/12
1544/08
MURCIA-SAN JAVIER
Acquisition, installation and integration of baggage screening system.
2.77
10
03/09/09
18/05/12
1545/08
ASTURIAS
Expansion of baggage screening system.
1.09
6
08/09/10
26/10/12
92/10
VALENCIA
Acquisition, installation and integration of baggage screening system in terminal T2.
4.54
21
06/09/10
03/06/12
837/10
GRAN CANARIA
Acquisition, installation and integration of a baggage
screening and handling system in Terminal Building expansion area.
5.72
16
29/04/11
29/08/13
73
3
FILE
AIRPORT
FILE TITLE
942/10
VIGO
Acquisition, installation and integration of baggage screening system in Terminal Building expansion area.
704/10-4
IBIZA
704/10-5
2011 Annual report
Aena Aeropuertos
Infrastructures
COST
(million €)
DURATION
(months)
START
FINISH
3.4
15
27/06/11
27/06/13
Supply and installation of boarding bridges and aircraft
service equipment for the Terminal Building
3.94
7
21/10/11
21/05/12
LA PALMA
service equipment for the Terminal Building.
2.89
8
07/11/11
07/06/12
704/10-6
MADRID-BARAJAS
Adapt stands for A-380
0.92
8
28/12/11
28/08/12
704/10-2
VALENCIA
service equipment in new Terminal Building expansion area.
2.48
8
17/11/11
17/07/12
704/10-1
and 3
VIGO
service equipment in new Terminal Building expansion area
and remodel the current ones.
2.35
13.5
17/10/11
31/12/12
74
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2011 Annual report
Aena Aeropuertos
Infrastructures
PLAN LEVANTE
FILE
AIRPORT
FILE TITLE
DIA 1044/04
ALICANTE
Terminal area.
PLV 1056/2008
ALICANTE
Integrated security system.
DIA 1543/2008
ALICANTE
Upgrade airfield.
PLV 1791/2008
ALICANTE
Upgrade thresholds.
PLV 1522/2007
VALENCIA
Expand aircraft parking apron in service area.
PLV 1523/2007
VALENCIA
Expand aircraft parking apron in general aviation area 2.
COST
(million €)
DURATION
(months)
START
FINISH
308.5
59
20/07/05
15/03/11
7.04
15
12/06/09
31/03/11
10.83
12
27/08/09
18/05/11
5.85
17
22/08/09
30/06/11
11.23
14
26/04/10
26/06/11
5.92
14
26/04/10
26/06/11
COST
(million €)
DURATION
(months)
START
FINISH
8.7
14
29/11/10
29/01/12
PLAN LEVANTE
FILE
AIRPORT
FILE TITLE
PLV 229/2010
ALICANTE
Expand aircraft holding area.
PLV 1524/2007
VALENCIA
Expand Terminal T2.
37.32
22
26/04/10
26/02/12
PLV 1525/2007
VALENCIA
Expand public car park. Phase Two.
21.86
24
22/04/10
22/04/12
PLV 452/2010
VALENCIA
New power plant and refurbish electric system.
17.08
18
26/12/10
26/06/12
75
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Aena Aeropuertos
Infrastructures
PLAN MÁLAGA
FILE
AIRPORT
FILE TITLE
COST
(million €)
DURATION
(months)
START
FINISH
PAG 412/2009
málaga
Expand drinking water supply system.
2.61
8
10/02/11
10/10/11
PAG 981/2010
málaga
New signposting of current airfield.
2.16
7
31/03/11
30/09/11
PAG 982/2010
málaga
Removal of indoor hindrances.
9.77
6
31/03/11
30/09/11
PAG 569/2010
málaga
Supply and installations of new pedestrian walkway between
terminal building T3 and railway station.
0.85
6
28/12/10
28/06/11
PAG 573/2010
málaga
Taxi stop shelter for the new terminal building.
0.81
6
23/12/10
23/06/11
PAG 856/2009
málaga
New radio center.
PAG 1340/2006
málaga
Expansion of airfields. Construction work.
PAG 1341/2006
málaga
PAG 1281/2007
málaga
0.97
12
26/07/10
25/05/11
363.42
44
31/08/07
28/04/11
Expansion of airfields. Lighting and electrical system.
37.58
44
31/08/07
30/04/11
Access roads next to terminal building and taxi stop.
7.47
29
03/09/08
23/01/11
PLAN MÁLAGA
FILE
AIRPORT
FILE TITLE
COST
(million €)
DURATION
(months)
START
FINISH
PAG 685/2010
málaga
Preparation of documentation required to comply with Aena requirement Exa 41 in the airfield.
105,000.00
12
26/11/10
26/11/11
PAG 133/2009
málaga
A.T.R.P. Remodelling of terminal building.
2,449,476.64
14
24/02/10
24/04/11
76
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2011 Annual report
Aena Aeropuertos
Commercial Services
Commercial Services and Property Management
The main objective of the Commercial Services and Property Management Department is to maximize the revenues coming from the different lines of business, while meeting the needs and demands of the
passengers and helping to fund new investments throughout the entire network of airports under its purview.
Commercial revenue increased by 4.14% (24.67 million euros) in
2011 compared to the previous year, up to a total amount of 620.5
million euros. The per-passenger commercial revenue was 3.05 euros, and commercial revenue represented 27.03% of all aviation revenue in 2011.
Commercial revenue in 2011 was
620 million, 4.1% more than the previous year
The commercial revenue per passenger
was 3.05 euros
Digital advertising media at the Madrid-Barajas Airport
77
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2011 Annual report
Aena Aeropuertos
Commercial Services
COMMERCIAL REVENUE DistribuTION BY LINE OF BUSINESS
The table below shows a comparison of the commercial activities in
2011, grouped by line of business, with respect to 2010:
Outside view of the VIP lounge at the Tenerife North Airport
The top seven network airports had a remarkable contribution in
commercial revenues during 2011: Madrid-Barajas, Barcelona-El Prat,
Palma de Mallorca, Málaga-Costa del Sol, Alicante, Tenerife South and
Gran Canaria, which represented 76.91% of the total.
BUSINESS LINE
Chg(%)
2011 /2010
% Total commercial
revenues
Duty free shops
9.49%
18.94%
Car park
-6.87%
15.69%
Car rental
-0.59%
15.48%
Food outlets
8.41%
13.11%
Shops
6.40%
11.64%
Rentals
2.64%
7.56%
Business operations
15.02%
5.09%
Fuel
12.83%
4.74%
Advertising
1.94%
4.56%
Consumption
14.57%
2.99%
Lounges
-2.97%
0.16%
Other
30.34%
0.04%
The most relevant business lines in the Aena network generating commercial revenue were: retail and duty free shops, parking areas, car
rentals, food outlets, property management (rentals), advertising, fuel
and business operations.
78
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2011 Annual report
Aena Aeropuertos
Commercial Services
strategies
development of new commercial areas
One of the main objectives of the Commercial Services and Property
Management Department is the optimisation of airport commercial
venues by introducing large retail chains and prestigious brands in
both shops and food outlets, as the different users of our facilities
(passengers, companions, and employees) are demanding according
to some studies carried out.
Below is a detailed account of the different projects carried out in airports:
Alicante Airport
After the opening last March 2011 of the new terminal, the commercial
and retail surface expanded to a total of 8,500 m², located all throughout the terminal building. A commercial area with transparent shops in
which glass and steel take precedence to make maximum use of the
light of the Costa Blanca. The new design increased the commercial
surface by 46.8%, arranged in 22 new stores offering a wide array of
prestigious brands. The new duty-free shop “The Shop” is emblematic
of the Walk-Through store concept. It is located close to the air access, with its surface area of 1,478 m² acting as a hub leading to the
boulevard where the rest of the shops and food outlets round out the
commercial offering. An additional two duty-free shops opened at the
end of the commercial area, a 229-m² “Express Store” and a 138-m²
“Arrival Shop”.
Walk-through shop in the new Alicante Airport terminal
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2011 Annual report
Aena Aeropuertos
Commercial Services
La Palma Airport
Once the new terminal opened on July 6th, 2011, the surface area of
the commercial establishments went from 94 m² to 264 m², resulting
in a significant improvement in the commercial offerings.
Also, three shops and one food outlet were put out to tender. Thanks
to these actions the new terminal will feature three shops and four
food outlets.
Santiago Airport
The new terminal area, put into service in 2011, has a brand new commercial area concentrated on the air side, with the 327-m² duty free
shop “The Shop” being its most notable addition.
Bilbao Airport
The departures area was remodelled and the duty free shop relocated
to build a new, larger facility of approximately 228 m² that combines
the concepts of Duty Free and Travel Value.
Palma de Mallorca Airport
Interior of the new Santiago Airport terminal
In module C, five new stores began commercial operations in June
2011. Covering a total surface of 1,700 m², they offer such diverse
products as food, clothes and accessories. In July, the duty free shop
“The Shop” with a surface area of 1,587 m² was opened.
80
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2011 Annual report
Aena Aeropuertos
Commercial Services
Commercial revenue control
The implementation of a new revenue control system stands out as
one of the key strategy issues of the Department. This management
tool provides detailed knowledge of the purchasing and consumption
habits of the various patrons, enabling us to make more effective decisions to improve our commercial offerings.
MARKETING INITIATIVES
The creation of Aena Aeropuertos in June 2011 involved changing
Aena‘s commercial image. New colours and the new slogan, ”choose,
taste and enjoy”, were designed to spearhead the commercial side of
the new company and enhance the playful aspect of the traveller’s stay
in the airport terminal.
With the opening of the new terminal at the Santiago Airport in October 2011, the new Aena Aeropuertos brand was launched for the first
time. Huge canvases hanging directly from the structure’s roof revealed
a varied, attractive, and wide offering of food and retail goods and
services.
Promotional activities associated with the opening of new terminals in
Alicante and La Palma included giveaways for purchases over a certain
amount.
Well-established promotional activities from recent years, like “Book
Week”, were updated in the month of April time and sponsored under
the new brand.
Christmas concert at the Madrid- Barajas Terminal 4
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2011 Annual report
Aena Aeropuertos
Commercial Services
Our traditional Christmas campaign flooded every terminal of 13 of
the network’s airports with light, encouraging sales at this special time
of year. A new feature of the 2011 Christmas decoration campaign
was a performance by students from the Real Conservatorio de Música of Madrid, who offered classical music recitals in the Plaza Comercial of Madrid-Barajas Airport terminal T4. The initiative had a positive
response by visitors and workers and enjoyed wide media coverage.
SHOPS
Given the importance of our Duty Free retail activity, present in 15
Aena airports, the analysis of strategy and conditions of the new bids
are being analyzed prior to the termination of the current contract.
In 2011 the walk-through store at the new terminal building of the
airport of Alicante opened to the public, and the walk-through stores
currently located in the terminals of Barcelona - El Prat T2, and Madrid-Barajas Airport T4 were consolidated, in keeping with international trends in the configuration and display of commercial areas in
airports.
The retail offering was also expanded in the Madrid-Barajas Airport
terminals 123.
New shops were opened in Module C of the Palma de Mallorca Airport and in the Bilbao and Santiago de Compostela airports. Customer
service was improved by installing boarding gate information screens
inside the shops to give passengers peace of mind.
Sports outlet at the Madrid-Barajas Terminal 3
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2011 Annual report
Aena Aeropuertos
Commercial Services
CAR PARKS
Car park management initiatives focused on
becoming more competitive than other car
parks near the airport and managed by other
companies.
The strategy aims to address different customer price and service needs with a segmented
car park service portfolio based on the duration of stay. A communications campaign was
also launched to highlight the competitive
benefits Aena airport car parks offer compared
to those of external operators, in terms of security, quality of service, facilities and proximity.
Car park building at the Barcelona-El Prat Airport
This commercial strategy led to a more flexible commercialization of the service through
new channels, and to encourage the use of
new marketing tools. For example, several activities conducted on the Aena Aeropuertos
website took on great relevance, focusing on
improving communication over different car
park choices, and making access to contents
easier for users using the Aena Aeropuertos
home page and the Infovuelos page. Simultaneously, the online reserve system became
operational, and is currently available for long
stay car parks, though we are working to have
the tool available all car park services in 2012.
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Commercial Services
The car park fee policy addresses different customer price and service
needs with a segmented parking service portfolio according to the
duration of stay, proximity and additional services. Rotation fees and
specific proposals for new products in overloaded airport car parks
were also approved. To this end, we started to work on the analysis,
proposal and implementation of a pricing system for car parks.
In 2011, the number of parking spaces in Aena airports exceeded
160,000.
CAR RENTAL
Express car park Bilbao Airport
Car rental services are provided by national and international operators. The frequency with which this service is used varied due to the
growth of low-cost travel, since it is often part of a package deal or
arranged at the point of origin. To address this threat, a web channel
advertising car rental services was widely promoted to familiarize users
with various offers from the moment they first plan their trip.
Likewise, in 2011 we opened the long stay, express and low-cost car
parks in Madrid-Barajas Airport; also, the express car park in the Bilbao
Airport, and the long-stay car park in the Seville Airport.
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Commercial Services
FOOD SERVICES
Food services are offered by concessionaires who rely on different concepts to satisfy the wide-ranging demands of all users by offering everything from fast food to restaurants whose chefs have been awarded
Michelin stars.
In 2010 Aena started the process of renewing the image of airport
food services, a process that was expanded across the entire Aena
network over the course of 2011.
As an innovative strategy, we created a new concept in food service
simultaneously adapted to the consumer on different levels and which
pays special attention to service quality and price control.
Demand from users and customers is heavily influenced by both the
environment and the personal and cultural circumstances of each individual; in this respect, the new food service offering can be adapted
so as to satisfy each client’s specific need. Key factors considered were
cultural patterns, economic capacity, available time and consumption
habits.
Inside view of the La Moraga Restaurant, Malaga-Costa del Sol Airport
The substantial investment the company made in infrastructures in the
last few years offered a great chance to renew the existing offering by
adapting it to the new strategy and introducing novel concepts. Nowadays, Aena network customers and users can choose from among
various food service concepts. In 2011, the offering was considerably
widened, ranging from the ordinary sandwich to cuisine d’auteur, the
classical tapa, the set menu or portions.
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Standard food service concepts were selected for the different airports, with world class brands. The multicultural environment led
to the implementation of ethnic food (including English, German,
Italian, Asian, Turkish and Mexican cuisine), which was favourably
received by our patrons.
2011 Annual report
Aena Aeropuertos
Commercial Services
Holding monthly meetings with food service operators and keeping a
strict price control policy so customers will not find price differences
in the same food outlet outside the airport were key to the entire improvement process.
In recent years, the “Spain” brand name has received international recognition and prestige, with gastronomy as one of its key values. We
have made good use of this situation to introduced a wide range of
designation of origin products.
Another fundamental and determining factor for customers is time
availability, which is why new food service concepts range form takeaway food to more settings with the proper ambiance in which to enjoy
a nice after-lunch conversation.
We also installed common sitting areas, a space with tables shared by
more than one food outlet, allowing a group of users the choice of
selecting the food service that best suits their preferences.
Another segment of patrons of Aena’s airport network services we are
catering to is passenger companions The new strategy takes into account the needs of companions by offering a diverse range of quality
food services in the free access areas of the facilities.
Food service operators are held to high quality standards, like removing food products not sold after three hours of being prepared. These
standards made a key contribution to the gradual improvement in the
quality perceived by patrons.
Madroño Resturant in the Madrid-Barajas Airport
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In 2011, consumers were able to enjoy four restaurants run by Michelin-starred chefs:
• In the Malaga-Costa del Sol Airport, we can find La Moraga, a restaurant run by Dani García that offers a revamped version of Malaga’s traditional cuisine.
• In Barcelona-El Prat, Carles Gaig moved his hundred-year-old recipes and the character of the stoves of his prize-winning restaurant
in Barcelona’s Horta quarter to Porta Gaig, located in the ultramodern environment of the airport’s new terminal.
• Alicante offers the freshness and dynamics of the sushi-bar concept
under Quique Dacosta’s leadership in his restaurant “Aire Tapasbar”, which takes the concept of tapas to new heights.
• In Madrid-Barajas, Beatriz Sotelo brings us a top quality Galician
menu in the “El Madroño” restaurant.
The first result of these changes was the high quality service provided.
Once these concepts took root in terms of planning and periodic controls, we started working on providing these restaurants with value
added service, such as a free wireless system for recharging mobile
phones and other electronic devices, and a preparation time guarantee
shown right on the menu.
2011 Annual report
Aena Aeropuertos
Commercial Services
PROPERTY DEVELOPMENT (RENTALS)
In 2011 a leaseback agreement was signed with CLASA on a 9,346 m²
lot of developed land located in the Tenerife North Airport to build a
new cargo terminal to foster air transportation and related logistics
activities.
In June and July, two corporate aviation fixed based operators (FBO)
began operations at the Palma de Mallorca Airport.
Furthermore, two partnership agreements were signed with the Andalusian Research and Development Agency (IDEA) and the Association of Science and Technology Parks of Spain (APTE) to evaluate and
commercialize plots of land by creating two technology parks to in
which to locate R&D companies. The first partnership agreement only
included Andalusian airports. The second was wider in scope and included every Aena airport.
In December a partnership agreement was signed with the Consell Valencià de l’Esport of the Valencia Regional Government for the licenced
use of the golf facilities at the Valencia Airport.
The objective is to enhance airport commercial areas
and to continue to introduce large retail chains and
prestigious brands in shops and restaurants.
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Commercial Services
AVIATION FUEL
ADVERTISING
In 2011 two contracts were awarded for the aviation fuel supply at the
Madrid-Barajas, Barcelona-El Prat, Palma de Mallorca, Malaga-Costa
del Sol and Leon airports. In parallel, construction was started to connect the pumping system of the Madrid-Barajas Airport fuel network
to CLH’s storage tanks in Torrejon.
In 2011 state-of-the-art digital displays (full HD) were installed in strategic areas of the airports by advertising companies (video screens, walls,
billboards), which attracted advertisers’ attention for their impact and
innovation compared to traditional advertising displays. These displays
were installed in Madrid Barajas T4 and in the Malaga-Costa del Sol,
Alicante, Gran Canaria, Tenerife South and Palma de Mallorca airports.
The new pumping system as the Alicante Airport was also placed in
operation, and construction was started on a new aviation fuel storage facility at the Seville Airport. Moreover, the Vitoria Airport started
with the remodelling of its fuel facility, whereas the Son Bonet opened
a new facility.
This business line relies on constantly improved facilities, as evidenced
by the proposals made in 2011 to extend (Zaragoza Airport) or relocate
storage facilities (Palma de Mallorca, Lanzarote and Madrid-Torrejon).
Advertising activity in Spanish airports will be opened to public tender
in 2012, and currently we are analysing the best strategy to follow. The
idea is to preserve the advertising value of airport locations, using not
only traditional advertising displays but also supplementing them with
marketing afor events and shows. Adding new technologies for advertising use in airports really enhances the passenger’s travel experience.
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Aena Aeropuertos
Aena Internacional
Aena Internacional
Since beginning operations in 1998, Aena Internacional has been managing airport infrastructures abroad. Today we are present in eight countries in Europe, America and Africa, strengthening Aena Aeropuertos’
position as the world’s foremost airport operator.
Aena Internacional develops its activity through different managing
schemes, ranging from the ownership of airport assets to contracts for
service or terminal management, or airport licences.
Aena Aeropuertos is present in 29 airports outside Spain (12 in Mexico,
three in Colombia, three in the United Kingdom, three in Bolivia, one
in Angola, one in Sweden and six in the United States, five of them
under management contracts).
The recovery from the effects of the 2008 global financial crisis led to
improved global air transportation figures in 2011 compared to those
from 2010. According to the International Air Transport Association
(IATA), passengers traffic grew by 5.9% compared to 2010.
Airbridge in Guadalajara Airport (Mexico)
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Aena Aeropuertos
Aena Internacional
Aena Internacional’s presence abroad
Sweden
1
United Kingdom
3
USA
6
Mexico
12
Colombia
3
Bolivia
3
Angola
1
Airports managed through investee companies
Management contracts
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2011 Annual report
Aena Aeropuertos
Aena Internacional
International activity: Business holdings
33.34 %
33.34 %
Aena Internacional
40 %
38 %
17.4 %
10 %
16.67 %
Airports Concessions
Development Ltd.
(ACDL)
100 %
Mexico:
Colombia:
Colombia:
Colombia:
United Kingdom:
Guadalajara
Tijuana
Puerto Vallarta
San José de los Cabos
Hermosillo
Bajío
Morelia
La Paz
Mexicali
Aguascalientes
Manzanillo
Los Mochis
Cali
Barranquilla
Cartagena
Belfast International
Cardiff
London Luton
Sweden:
Stockholm Skavsta
Bolivia:
Cochabamba
Santa Cruz
La Paz
USA:
Orlando Sanford
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Passenger traffic through Aena Internacional airports increased by
3.13% over the previous year, which in turn improved on the previous
year’s figure by 2.8%. This growth led to a record 50.5 million passengers in 2011, compared to 48.9 million in 2010.
2011 Annual report
Aena Aeropuertos
Aena Internacional
Total income of the franchise societies has increased in
8.43% in 2011 compared to 2010.
The ongoing cost control policy and sales development strategies applied in different airports yielded better actual versus budgeted results,
with the special contribution of ACDL-TBI which, for the first time
since its acquisition, has distributed dividends among shareholders.
Total income at the operating companies increased by 8.43% in 2011
compared to 2010.
Aena Internacional also engaged in air navigation activities such as inspecting radio-aids through its In-flight Verification Unit and supporting Aena in key programs for the future of air navigation.
Airport services
Mexico
Grupo Aeroportuario del Pacífico (GAP)
The Grupo Aeroportuario del Pacífico (GAP) runs 12 airports located
in the Mexico’s Pacific region, including those that service important
cities like Guadalajara and Tijuana, as well as those located in four
of Mexico’s most important tourism destinations: Puerto Vallarta, Los
Cabos, La Paz and Manzanillo. The other six airports service cities like
Hermosillo, Bajío, Morelia, Aguascalientes, Mexicali and Los Mochis.
Los Cabos Airport (México)
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These airports are located in 9 out of the 32 Mexican states; five of
them service the capital cities of those states, covering a territory with
a population of almost 26 million inhabitants. All the airports are designated as international and six of them are among the ten most important Mexican airports.
2011 Annual report
Aena Aeropuertos
Aena Internacional
Aena Internacional has an interest in the Grupo Aeroportuario del Pacífico through its 33.33% stake in Aeropuertos Mexicanos del Pacífico
(AMP), a strategic partner of GAP; AMP owns 17.4% of GAP’s capital
and holds a contract for technical assistance and technology transfer.
Aena Internacional is an AMP shareholder qualified as an operating
partner by the Mexican authorities. GAP is listed on the Mexican and
New York stock exchanges and is one of the biggest private airport
groups in America.
GAP continued with its socially responsible corporate policies, retaining in 2011 its ISO 9000 certification, certifications awarded by PROFEPA on enviromental protection compliance, and the certification of
adequate levels of airport accessibility.
Airport activity
In 2011, GAP activity handled a total of 20.3 million passengers (20.2
in 2010), still suffering the consequences of Grupo Mexicana de Aviación’s closing.
During 2011 we carried out several airport marketing strategies in order to win back and implement new routes and frequencies, which
allowed, on the one hand, to win back 60% of the seats offered by
Mexicana, and on the other, to grow in the main GAP airports, as
shown by a 32.5% increase in international traffic in the Guadalajara
Airport versus a 14.2% increase in total traffic.
Puerto Vallarta Airport (Mexico)
Despite traffic consolidation, the amount of commercial revenue and
strict cost controls contributed to increasing operating revenue by 6%.
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In addition, in 2011, approximately 25% of al passenger volume in
Mexico was handled by twelve GAP airports.
2011 Annual report
Aena Aeropuertos
Aena Internacional
Aena Internacional Consultancy
Actions
The Technology Transfer Plan was executed with a special contribution
in airport systems training, infrastructure planning, and airport facilitation, and through the implementation of the Scena operational system
for airports belonging to the group.
Development master plans programs as well as additional investment
plans were carried out with an investment in 2011 of 1.422 billion
Mexican Pesos.
Colombia
In addition, the new documented baggage screening systems underwent remodelling in the Guadalajara Airport for the Panamerican
Games, and the runways and aprons were repaved. Also, the Tijuana
Airport’s terminal building was expanded.
Barranquilla Airport
Barranquilla Airport is managed by the company Aeropuertos del Caribe S.A (ACSA), an operating partner of Aena International and in
which it holds a 40% stake.
As regards the commercial aspect, the expanded commercial areas
of Guadalajara, Puerto Vallarta, Tijuana and San José del Cabo were
put into service. Besides, commercial activities like advertising and VIP
lounges were started up.
Cali Airport (Colombia)
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The number of passengers in the Barranquilla Airport showed a downturn of 1.4% in 2011, stabilizing the large increase of 31.7% reached
in 2010. Domestic flights increased by 0.3% from the previous year,
consolidating the growth of low-cost traffic that began in 2010. The
number of international flights dropped by 13.9% due to changes
in the low-cost market: reduction of Spirit Airline flights and the reorganization of LAN Perú routes after the acquisition of Aires. As a
consequence of this, the revenue of the franchise decreased by 1.6%.
2011 Annual report
Aena Aeropuertos
Aena Internacional
As a result of the factors mentioned so far, and of the good commercial revenue figures, SACSA’s operational income increased by 3.55%.
which, added to cost control policies, allowed for better results than
expected.
In 2011 investments were made to expand and restore the terminal
building, and work on repaving and expanding the airfield was completed. The 2011-2015 Commercial Plan was implemented, the purpose of which is to expand the terminal building.
Cartagena de Indias Airport
Cartagena de Indias City Airport is managed by the Sociedad Aeroportuaria de la Costa S.A (SACSA). Aena Internacional is involved as an
operating partner, holding 38% of the capital contract for technical
assistance and technology transference.
In 2011, total passenger traffic increased by 3.79%, stabilizing the
great increase of 27.9% reached in 2010. Regarding international traffic, the number of passengers showed a downturn of 8.3% compared
to 2010, for the same causes listed for Baranquilla: changes in the
low-cost market, reduction in the number of Spirit Airline flights and
the reorganization of LAN Perú routes after the acquisition of Aires.
The number of domestic passengers increased by 5.7%, stabilizing the
33.15% growth of 2010.
Cartagena de Indias Airport (Colombia)
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2011 Annual report
Aena Aeropuertos
Aena Internacional
Cali Airport
TBI
Cali Airport is managed by Aerocali S.A., a company that is 33.34%
owned by Aena Internacional as an operating partner. Aena Internacional also holds a contract for technical assistance and technology
transfer.
Aena Internacional holds a 10% share in Airports Concessions and Development Limited (ACDL), 100% owner of TBI PLC.
Traffic at this airport showed a downturn in 2.33% from the previous
year, due to changes in the low-cost market and, although in 2011 it
reached 3.35 million passengers, the 24.9% increase of 2010 upturn
seems to have levelled off.
TBI manages the operation of the London Luton, Belfast International
and Cardiff airports in the UK; Orlando Sanford in the USA; La Paz, Santa
Cruz and Cochabamba in Bolivia; and Stockholm Skavsta in Sweden.
TBI also has different management contracts with five airports in the
USA: Atlanta Hartsfield-Jackson, Macon Downtown, Raleigh- Durham,
Burbank, and Middle Georgia Regional.
Sustained efforts by Aerocali to improve commercial revenue and control costs led to a better than expected increase in the company’s revenue.
Aena Internacional designed the 2011-2030 Development Master Plan
for the Cali Airport. Once approved by Colombian Airport Authorities,
the Master Plan will allocate investments for the expansion of the terminal and apron.
Aena Internacional designed the 2011-2030 Development
Master Plan for the Cali Airport
Stockholm Skavsta Airport (Sweden)
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In 2011 there was a strong upturn in the passenger figures at airports
operated by TBI, which went from a 5% downturn in 2010 to a 7.3%
increase in 2011.
The total traffic for the group reached 23.1 million passengers. Most
singificant were the 8.9% increase at London Luton, the airport with
the greatest number of passengers in the group, and the 36.7% of
Orlando Sanford, thanks to the Allegiant Airline’s return to business.
The increase in traffic, along with cost control and investment policies,
the increase in fees and the excellent operating revenue, pushed up
the net profit to 24.4 million pounds, 170% more than the previous
year.
2011 Annual report
Aena Aeropuertos
Aena Internacional
Angola
In April 2011 Aena Internacional and the Empresa Nacional de Exploraçao de Aeroportos e Navegaçao Aérea de Angola (ENANA) signed
a contract whereby Aena Internacional will provide consulting services
for the operational and commercial exploitation of the Luanda Airport.
In the areas of security and operations, activities include assistance in
the identification of improvement measures, the development of procedures, and the definition of levels of quality for services rendered,
and in the commercial area, the creation of a commercial development
plan for the airport.
TBI continued to apply cost control and investment policies and to
improve its operating revenue, which allowed the company to pay out
dividends to shareholders for the first time since its acquisition.
In 2011, TBI airports continued work to implement ISO 9001 quality
management systems, safety and health management systems, and to
obtain OHSAS 18001and ISO 14001 certifications.
Cuba
Aena Internacional continued to develop the operational consulting
and training for Empresa Cubana de Aeropuertos y Servicios Aeronáuticos S.A. (ECASA). During 2011 the most relevant initiatives carried
out involved the monitoring of handling activities and the environmental management of airport facilities.
Luanda Airport (Angola)
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Aena Internacional
Aeronautical Services
IN-FLIGHT VERIFICATION UNIT
During 2011, Aena Internacional’s In-flight Verification Unit (UVV) provided its verification services on a regular basis to Aena Aeropuertos
and Aena Navegación Aérea.
The number of flight hours last year totalled 800, spread over 298
flights. Also,183 calibrations were performed, exceeding the initial objective of 750 hours.
Also during 2011 different commercial actions were started to provide
services to customers outside the Aena group in Romania and Morocco.
In addition, in October 2011 a contract was signed with TATS, a joint
venture between Indra and DFS, whereby Aena Internacional will provide in-flight verification services to those airports where TATS provides
communications, navigation and surveillance services.
The In-flight Verification Unit flew 800 hours spread over
298 flights and did 183 calibrations, exceeding the initial
objective of 750 hours.
In-flight Verification Unit airplane
Other
Aena Internacional continued to provide a vehicle for the participation
of Entidad Pública Empresarial Aena, and other European Air Navigation
service providers, in the company ESSP (European Satellite Services Provider), a European economic interest group and provider of the EGNOS
GPS augmentation service.
Additionally, in 2011 we provided Air Navigation support services to
Aena.
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
               

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             

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


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2011 Annual report
Legal information
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
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           
             
                
              
             


             
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            

           

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
              

            



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            




            

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           



              
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               
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2011 Annual report
Legal information
Consolidated management report
1. Financial results
1.1. CONSOLIDATED PROFIT/LOSS
Operating income for 2011 increased 13.1%, reaching 3.501 billion
euros, caused by traffic growth (increased number of passengers (6%),
aircrafts (0.9%) and cargo (2.9%) and an increase in airport charges of
10.9%, offset by a 7.8% decrease of the Air Navigation route charges. The greatest contributions to the consolidated operating revenues
came from the parent company Aena, 56.4%, followed by the parent
company Aena Aeropuertos S.A., which contributed 42.6%.
expense components due to the implementation of cost control measures included in the 2010-2013 austerity plan (see Section 8.1 of this
report). All of this is reflected in a positive operating income of 323.4
million euros in 2011, compared to 31.1 million euros in 2010.
The negative financial results increased during 2011 to reach 380 million euros due to increased debt and increased applicable interest rates.
Once the positive effect of the corporate tax is considered, the annual
consolidated profit/loss attributable to the public parent company represents a loss of 26.6 million euros compared to 145.1 million in 2010.
Operating costs increased 3.74% with respect to 2010, mainly due to
the increase in depreciations caused by increased investment funding
(see Section 6.2.1 of this report), offset by a decreased volume of additional fixed assets and reduced staff expenses, derived from the implementation of the extensive structural reform in Air Navigation services,
explained in the Section 7.2 of this report, as well as of other operating
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1.2. FINANCIAL AND ECONOMIC RATIOS
2.1.1. Passengers
The principal financial and economic ratios of Grupo Aena are the following:
A total of 204.4 million passengers used Aena network facilities during
2011, which represents a 6% increase compared to 2010. Of all these
passengers, 203.2 million flew on commercial flights (6%). Also, almost 2 of 3 passengers (127 million) took international flights (10.4%)
and 76.2 million travelled on domestic flights (-0.6%).
Ratios
SOLVENCY RATIOS
2011
2010
3.72
3.73
PROFITABILITY RATIOS
EBITDA Margin
39.47%
30.15%
Operating Margin:
Operating income/Sales
10.00%
1.05%
1.75%
0.17%
R. Long-term debt:
Lt Debt /Equity
Economic Profitability:
Operating profit/Total Assets
2. Business Trends
2.1. Airport business
In 2011, airports in Spain recorded almost 204.4 million passengers
(6% more than in 2010), operated more than 2.1 million flights (0.9%
more) and transported more than 672,000 tons of freight (2.9% more).
Among the foremost airports in terms of passenger traffic, MadridBarajas is still the network’s largest, with 49.7 million passengers,
which represents a slight -0.4% decrease from 2010. It is followed
by Barcelona-El Prat, with 34.4 million passengers (17.8%); Palma de
Mallorca, with 22.7 million (7.6%); Malaga-Costa del Sol, with 12.8
million (6.3%); Gran Canaria, with 10.5 million (11.1%); and Alicante,
with 9.9 million (5.7%).
The largest growth percentages were those of the Algeciras Heliport
with an increase of more than 126.7%, along with Ceuta Heliport
(56.8%) and the airports of Madrid-Cuatro Vientos (44.7%), Zaragoza
(24%) and Santander (21.4%).
During 2011, international passenger traffic increased by as much as
10.4% throughout the network, with noteworthy increases at the airports of San Sebastian (212.6%), Burgos (90.2%), Melilla (66.7%),
Cordoba (34%) and Fuerteventura (26,1%).
These numbers reflect an increase in passengers, operations and cargo, although moderating the growth of the latter in respect to the
previous year. Therefore, business recovery consolidated after several
years of decline.
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2.1.2. Aircraft
2.1.3. Cargo
During 2011, the airports carried out a total of 2.1 million operations,
which entails a 0.9% increase in the number of operations from 2010.
Of all of these movements, 1.9 million involved commercial flights
(2.6%), of which almost 900,000 were domestic (-2.5%) and 973,000
were international flights (7.7%). With regard to the type of flight,
1.7 million were scheduled flights and approximately 180,000 were
charter flights (-0.6%).
Nearly 672,000 tons of cargo was transported during 2011, 2.9%
more than in the previous year. The international cargo transported
amounted to just over 525,000 tons (4.9%) and almost 147,000 tons
of domestic cargo (-3.5%).
Madrid-Barajas Airport continued to be the network’s largest in terms
of traffic, with more than 429,000 flights (-1.0%), followed by Barcelona-El Prat, with just over 303,000 operations (9.1%); Palma de
Mallorca, with over 180,000 (3.2%); Gran Canaria, with more than
111,000 (7.9%); Malaga, with more than 107,000 flights (1.7%) and
Alicante with almost 76,000 (1.5%).
The airports with the most notable percentage growth in operations
were those of the Algeciras Heliport, standing out with a 96.7% increase (approximately 2,600 operations), along with Ceuta Heliport
(43.9% and almost 5,100 operations) and the airports of Jerez de la
Frontera, 24.9% (42,000), Fuerteventura, 13% (almost 45,000) and El
Hierro, 12.8% (4,700).
With regard to the number of international operations, significant
growth was noted at the Airports of La Gomera (700%), Madrid Cuatro Vientos (433.3%), San Sebastian (118.6%) and Burgos (39.2%);
most of these operations either originated in or were to a European
airport.
By airports, Madrid-Barajas remained in first place, with more than
393,000 tons (5.1%). It was followed by Barcelona-El Prat with almost
97,000 tons (-7.4%); Zaragoza, with 48,600 tons (14.3%); Vitoria,
with almost 34,700 tons (24%) and Gran Canaria, with approximately
23,700 tons (-3.5%).
2.2. Air Navigation
The total number of flights (flight being understood as the movement
of an aircraft in a route between departure and destination airports)
operated by Air Navigation in Spain during 2011 was 1.95 million,
while in 2010 it was 1.89 million, representing a positive variation of
3.3%.
According to Eurocontrol data, air traffic in terms of number of flights
experienced an increase of 3.4% in the Mainland Flight Information
Region (FIR), and 7.6% in the Canary Islands FIR.
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3. Business lines
3.1. Air Cargo Centers
The group’s company Centros Logísticos Aeroportuarios, S.A. (CLASA)
is in charge of building, managing and promoting cargo centers, in
addition to conducting activities related to them, particularly at Aena
network airports.
At the end of 2011 the administrative concessions that Aena granted
to CLASA comprised the modular cargo area at Madrid-Barajas Airport, the air cargo area at Barcelona Airport, plot 1.2 of Zaragoza Airport, two plots for logistics operations at Bilbao Airport, two plots of
developed land at Vitoria Airport, a plot of developed land at Palma de
Mallorca Airport and the air cargo area at Valencia Airport.
The CLASA profit for 2011 was positive, with a before-tax profit of
6,024,000 euros. Net revenues amounted to EUR 24,356,082, 95% of
the revenue, corresponding to income from leasing their own facilities
(73%) and income for developed land tax (27%).
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The use of the office buildings at the air cargo centers can be broken
down as follows:
Air cargo center
Madrid-Barajas
Barcelona
Valencia
Warehouses
No. of
clients
Surface area of
plot m2
Surface area of
building m2
4
62,630
34,848
Warehouses leased
34
209,783
114,768
Warehouses leased
Warehouses assigned
3
50,819
27,234
Warehouses assigned
3
27,036
21,353
Warehouses leased
5+PIF
20,099
9,367
2
17,094
7,597
387,461
215,167
Warehouses assigned
In turn, the distribution and use of the general services central buildings is the following:
Total m2
Surface
area
leased m2
Offices
15,210
Warehouses
Central building
Premises
Madrid-Barajas
Surface
area
leased %
Leased
Available
No. of
clients
10,107
66,45
117
80
102
1,547
1,312
84,81
5
3
5
Offices
9,392
5,885
62,66
92
45
92
Barcelona
Warehouses
710
597
84,05
2
1
2
Valencia
Offices
1,544
962
62,31
20
23
13
28,403
18,863
66,41
236
152
214
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3.2. InternaTIONAL
OTHER INTERNATIONAL ENDEAVORS
Internationally, it is important to highlight visits and meetings with foreign delegations at our airports, such as the President of the ICAO;
the ICAO Regional Director for North America, Central America and
the Caribbean; Transport Ministers of the Russian Federation, Portugal
and Vietnam; a delegation of European Parliament members headed
by Magdalena Álvarez; as well as several European airports and from
other continents.
One of the objectives of Air Navigation is to increase its influence on
the international stage. To this end actions were taken over the course
of 2011 in the following fields:
Additionally, during 2011, Aena Chairman Juan Ignacio Lema continued to actively participate in meetings as a member of the World
Airport Council, ACI Governing Board and the Director of Spanish Airports as a member of the European Board of ACI EUROPE.
• To boost international relations at the institutional level, high-level
bilateral meetings were held with the President of the Council of
ICAO, CANSO General Secretary, Director General of EUROCONTROL, ATCA Japan, ENAV; also, high-level meetings were prepared
and carried out with EC3, CECM and other CANSO groups. Likewise, the participation of the Directorate of Air Navigation (DNA)
in the Eurocontrol ANSB (Air Navigation Service Board) Committee
was also promoted.
In the sphere of the Directorate of Air Navigation the following activities are most noteworthy:
• The participation of Air Navigation in regional projects (AEFMP,
OACI) was coordinated.
SESAR
• Aena actively participated in all of the European work groups that
establish the deployment priorities as per the European ATM Master Plan (IP1 Steering Group of the EC, Eurocontrol SCG and SJU),
given its direct impact on AN’s investment plans.
In 2011 the launch of the SESAR Program, as well as the parent company Aena’s participation in it, was consolidated.
• Aena effectively participated in the SJU Verification and Validation strategy and internally approved the set of activities for SESAR
validations to be carried out at Aena facilities within the next two
years, included in the SESAR Releases 1 and 2.
• Likewise, partnership agreements were signed with CRIDA and
INECO as Aena affiliate companies, and the service provider NAV
Portugal was incorporated as Aena’s associated company by virtue
of an “Investigation subcontract” signed in November 2011.
• There was active participation in CANSO in order to hold an influential position and defend the interests of Air Navigation.
• Coordinated proposals and offers related to international activities
of strategic interest were carried out.
• In addition, the providers that manage the majority of European
traffic (Aena, NATS, ENAV, DSNA, DFS and NORACON) and participate in the SESAR program development phase within the so109
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called A6 group, continued to collaborate on SJU work program
activities (SESAR Joint Undertaking), extending their collaboration
to the activities of SESAR program deployment. Said collaboration
represents a strategic element for the organization.
3.2.1. AENA DESARROLLO INTERNACIONAL
During 2011, Aena Internacional continued to actively participate, under various structures, in airport management in Latin America (Mexico, Colombia and Bolivia), EEC (United Kingdom and Sweden) and the
United States of America. It also presented an offer for the concession
of three airports in Brazil: Guarulhos/São Paulo International Airport
(GRU), Viracopos/Campinas/São Paulo (VCP) International Airport and
Brasilia/Brasilia (BSB) International Airport.
MEXICO
Aena’s holding in Aena Internacional in the Grupo Aeroportuario del
Pacífico (GAP), which operates 12 airports in Mexico, is administered
through the company Aeropuertos Mexicanos del Pacífico (AMP).
Aena Internacional Consultancy
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COLOMBIA
Aena Internacional has an interest, as operating partner, in the airports
of Cartagena de Indias, Barranquilla and Cali, with respective holdings
of 38%, 40% and 33% in the companies that manage them Sacsa
(Sociedad Aeroportuaria de la Costa S.A. in Cartagena de Indias), Acsa
(Aeropuertos del Caribe S.A. in Barranquilla) and Sociedad Aerocali
S.A. in Cali.
TBI
Aena International has an ownership interest in TBI P.L.C through Airports Concessions and Development Limited (ACDL), the sole owner
of this company.
Either directly or through concessions TBI operates the airports of Luton, Belfast and Cardiff in the United Kingdom; Orland Sanford in
the United States; La Paz, Santa Cruz and Cochabamba in Bolivia and
Skavsta in Sweden. It also has various operating and management
contracts in the United States.
Aena Internacional has a 10% stake in ACDL.
TBI has continued to apply an investment control policy, mainly allocating resources to maintenance operations
The scheduled Technology Transfer Plan was also developed, with special attention to training in airport systems and support for the GAP
technical departments (diagnosis of wildlife control situations, perceived quality control, methodology for traffic forecasts, etc.).
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3.3. air navigation
Aena’s commitment is to achieve the highest quality levels in the provision of service by continuously improvement the efficiency of services
and the system. In the field of operations, the services provided are:
airspace organization and management, capacity/demand control, air
traffic control and aeronautical information for air navigation.
In order to increase efficacy, its aim is to reduce delays caused by the
Spanish air traffic management system, improve performance with respect to the number of operations during busy periods and times, in
addition to offering the possibility of selecting preferred routes and
optimizing the management of traffic capacity and flow by meeting
users’ real-time operating requirements.
3.3.1. Technological development and technical operation
In the area of technical development and operations of infrastructures,
we seek to appropriately provide the facilities and technical means to
guarantee optimal support of aircraft operations with regard to the
availability, operation and maintenance of the technical means and
facilities of air navigation system.
The strategic changes addressed in technical development and operations are as follows:
• To optimize the processes of planning, sizing and deploying air
navigation infrastructures and systems to meet operational requirements, productivity and profitability criteria, synergies and
opportunities for improvements and overall interoperability.
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In general, for all the tasks related to technological development, deployment and technical operations of infrastructures, the following actions are executed in concert with the Directorate of Operations:
• Definition of operational requirements,
• Validation of operations (only for the ATM automation system), and
• Launching operations.
The most relevant actions carried out in the area of technological development and technical operations are listed below, grouped into key
areas:
Integrated management of aeronautical information
• Implementation of PENS (Pan European Network Service).
• Improved management and information/data sharing systems.
• Maintain SES certification (and extend it to other services when applicable).
• Adaptation to the SESII framework.
• Implementation of new service models.
• Consolidation of planning services and measurement and evaluation systems
• Improvement and maintenance of the Air Navigation Central Services (SSCCNA) buildings infrastructure.
• Implementation of an Integrated Quality, Safety and Environmental
Management System.
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• Continuous improvement in internal processes and procedures.
• Improvement of the Information Systems Infrastructure (HW, SW,
Communications).
• Development of Air Navigation economic model.
Alliances / Agreements with other providers of air navigation
services
• FAB South West Spain-Portugal (FAB SW).
• Strengthen the international influence of Air Navigation.
Optimization of airspace management
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• Reduction of air-ground voice communication bandwidth (8.33) below FL195.
• Ground Communications Network: REDAN Evolution.
• Introduction of Voice over IP (VolP).
• Regulation and Radio broadcasting.
• Evolution of en-route and TMA surveillance.
• Evolution of the airport surveillance system.
• Streamlining of the radio navigation aid network.
Evolution of the SACTA system
• Civil/military airspace coordination (FUA).
•
•
•
•
•
• Application of continuous descent procedures.
Operation of Air Navigation System
• Optimization of route network and ATC grouping.
• Dynamic and flexible management of sectors.
• Introduction of precision navigation in terminal areas (TMA).
• Introduction of precision approach procedures based on GBAS.
• Complexity management.
• Adapt operations to new regulations.
Evolution of the ATM information system.
ATC Management at strategic level.
ATC Management at tactical level.
Safety Nets.
Updating of ATM Infrastructure.
• CNS and ATM Support Infrastructure.
• Operation of CNS/ATM Systems.
• Optimize operations.
Introduction of the airline hub in the ATM network
• Infrastructure and Navigation Aids and Air Traffic Control.
• Collaborative decision making (CDM).
• Increased capacity and use of runways.
• Improved surveillance, control and guidance in taxiways and aprons
(A-SMGCS).
Evolution of the CNS Infrastructure
• Data Link- Introduction of data-link based services.
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Validation of operational improvements
• CNS/ATM Analysis tools.
• CNS/ATM Scenario analysis.
• Operational validation of ATM Projects.
The general strategic objectives are grouped into five strategic management areas: safety; quality and the environment; infrastructures
and services; economic efficiency and financial viability; and people.
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allowing the solidification and coordination of all of the activities and
initiatives directed toward its continuous improvement.
4.1. OPERATIONAL SAFETY AND EMERGENCY PLANNING (SAFETY)
With regard to operational safety and emergency planning, measures
were taken in the following fields:
Safety Management System
4. Safety
The Strategic Infrastructure and Transport Plan (PEIT) included the reinforcement of the safety inspection by the aeronautical authority, and
of the safety controls and conditions in the airports. Likewise, it made
reference to the implementation of the Aena General Safety Plan in
such a manner that it would comprehensively address safety in its triple
perspective:
• Operational safety and emergency planning (Safety)
• Security of persons and property (Security)
• Occupational risk prevention
Due to its relevance and integrating nature, it is noteworthy to mention the approval and satisfactory execution of the Aena General Safety Plan, which has served to bring together under a single global and
integrated focus all of the perspectives that constitute safety, as well as
During 2011, Aena completed the implementation of the Safety Management System (SMS) at nine airports (Santander, Madrid-Cuatro Vientos, El Hierro, Murcia-San Javier, Valladolid, Salamanca, Albacete,
León and Badajoz) and 2 heliports (Ceuta and Algeciras), which were
pending completion. Therefore, the SMS is already implemented in all
of the airports of the Aena Aeropuertos network.
Also, as part of continuous improvement of the SMS, internal monitoring was carried out in 23 airports where the SMS was already implemented: Fuerteventura, Menorca, Tenerife North, Girona-Costa Brava,
Jerez, Santiago, Seville, Almeria, La Palma, FGL Granada-Jaén, Asturias,
A Coruña, Vigo, Reus, Logroño-Agoncillo, Vitoria, Melilla, San Sebastián,
Pamplona, Burgos, Sabadell, Madrid-Cuatro Vientos and Córdoba.
Process Of Certifying Aena Network Airports
With regards to the Airport Certification Plan, during 2011 the Ibiza
Airport obtained said certificate in addition to the airports that obtained it in 2010 (Madrid-Barajas Airport and Algeciras Heliport).
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During 2011, the processes involving the Jerez Airport and BarcelonaEl Prat Airport continued, while a request was submitted to AESA to
initiate the certification process for the airports of La Gomera, FGL
Granada-Jaén, Málaga-Costa del Sol, Palma de Mallorca, Sabadell and
Huesca-Pirineos.
Audits by the European Commission and the Spanish State
Agency for Air Safety (AESA)
The European Commission audited the Alicante Airport during October, with a favorable result.
Also, the European Commission and AESA visited the Madrid-Barajas
and Valencia airports to carry out trials for analysis and new regulatory
proposals with regards to airport security.
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Also, AESA carried out inspections of the airport security facilities before the opening of the new Terminals in Alicante, La Palma and Santiago.
In addition, inspections were carried out to verify compliance with the
National Security Program in 24 airports: Alicante, Almería, Bilbao,
Burgos, El Hierro, Fuerteventura, Girona-Costa Brava, Gran Canaria,
Jerez, La Gomera, La Palma, León, Madrid-Barajas, Malaga-Costa del
Sol, Pamplona, Reus, Salamanca, Santander, Santiago, Tenerife North,
Tenerife South, Madrid-Torrejón and Valladolid.
Also, unscheduled actions were carried out in different airports in order
to inspect new facilities with site visits, operating needs, development
and implementation of improvement measures, carrying out trials,
implementation of corrective measures and optimizing the resources
dedicated to providing security services in the airports.
The Spanish Aviation Safety Agency (AESA) carried out a total of 31
airport safety related actions, 9 of which were audits and 22 were airport safety inspections, in different airports of the network: Albacete,
Alicante, Almeria, Barcelona-El Prat, Bilbao, Burgos, Madrid-Cuatro
Vientos, El Hierro, Fuerteventura, Girona-Costa Brava, Gran Canaria,
FGL Granada-Jaén, Ibiza, Lanzarote, Madrid-Barajas on two occasions,
Malaga-Costa del Sol, Melilla, Menorca, Murcia-San Javier, Palma de
Mallorca, San Sebastian, Santander, Santiago, Seville, Tenerife North,
Tenerife South, Valencia, Valladolid, Vigo and Vitoria.
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4.2. Security of persons and property (Security)
With regard to the security of persons and property (Security), the actions taken were as follows:
Investments in security equipment
With regards to security equipment, in 2011 Aena continued investing
with great effort to supply new equipment and security systems to all
of the network’s airports in accordance with current regulations, both
for new infrastructures as well as for the scheduled replacements of
security equipment.
In total 109 new walkthrough metal detectors, 11 metal detectors for
shoes, 44 conventional x-ray devices, 7 Explosives Detections Systems
(EDS) and 12 Explosives Trace detection devices were installed.
The principal actions that stand out are the implementations of the
equipment in the new terminals in Alicante, La Palma and Santiago, as
well as the expansion of the terminal and new luggage building at the
Fuerteventura Airport.
With regard to the use of new technology, in 2011 Aena started to
use the explosives trace detection (ETD) equipment. This equipment
makes it easier for persons that use wheelchairs to go through security
controls and also allows security to be reinforced in certain flights and
it facilitates the inspection of unclaimed luggage.
Following the progressive deployment of the Airport Security Management System (GSA), the implementations were carried out in the Air-
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ports of Santander, Jerez, Alicante, La Palma, A Coruña, Santiago and
Reus, allowing them to have an access control security system and
Closed Circuit TV (CCTV), property of Aena Aeropuertos and standardized for the entire network.
Private Security Services
As required by law, follow-up and analysis work was done on the evolution of the private security records in addition to a follow-up of
the records management control, both from an economic as well as
from a quality standpoint, adjusting the standard values of the distinct
indicators established in the technical bidding specifications for each
airport’s security services, in order to attain and perform the service in
a process of continuous improvement, as well as to improve the preparation of future bids.
The following actions stand out compared to previous years:
• Private security services were contracted for the Ceuta Heliport and
the Burgos Airport.
• Two new security services were implemented in Madrid-Barajas: the
“Fast Track” service that allows certain passengers to clear security faster, and the “Vuelos USA” service, in which extreme security
measures are taken for flights to the United States of America.
• The training process of each one of the private security companies
contracted by Aena Aeropuertos was analyzed, reviewing the training content and the records generated during the training process
for each one of the assigned security staff in the airports.
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Airport security training
4.3. OCCUPATIONAL RISK PREVENTION
In order to meet the training requirements in terms of airport security
established in the Spanish National Training Plan, it was necessary during 2011 to provide training to the Aena Aeropuertos staff through
the completion of three classroom courses on airport security.
Among the most noteworthy actions taken in the area of occupational
risk prevention was the attainment of an overall incident rate at Aena
(the number of accidents per thousand workers) of 6.63, which entails
a significant (26.4%) decrease from 2010.
The training provided during these courses was offered to the Aena
Aeropuertos staff with airport security responsibilities upon request of
the persons responsible for the safety of each airport, such as airport
security managers, directors or service executives.
Likewise, the objectives set out in the 2011 Operation Plan regarding
the number of risk assessments and medical check-ups were satisfied
as well.
The training corresponding to the initial advanced security course in
airport security was carried out in April, while in October training was
given to the two groups corresponding to the airport security update.
In addition, online training was provided to all of the employees of
Aena Aeropuertos who did not require specific training in airport security, and work was done to update those courses.
During 2011, the first notification of the online Airport Security Update course was carried out in order to comply with the regulatory
requirement to receive periodic update training in airport security.
53,780 classroom hours of occupational risk prevention training was
given at Aena for members of both unions, which entails a 61.3%
increase from 2010.
5. Quality and the Environment
5.1. QUALITY
In the area of quality, the following results were obtained in 2011:
• Aena’s corporate units satisfactorily passed the first audit for renewing the Quality Management System pursuant to these standards.
Currently, 42 airports and one heliport boast this certification updated to the 2008 standards, and Air Navigation (Central Services
and Regional Directorates) obtained the certification of the Integrated System for Quality, Environmental and Safety Management
(physical and operational).
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• On the subject of quality, environment and management excellence training, courses were provided to the staff of the Aena,
Aena Aeropuertos S.A. and Air Navigation corporate units. For this,
Aena mainly counted on the support and collaboration of AENOR,
the Club for Excellence in Management, the Spanish Quality Association (AEC) and the Forum for Ethical Business Management
(FORÉTICA).
• With respect to using the management framework of the European
Foundation for Quality Management (EFQM), during 2011, Aena’s
self-assessment system was completely changed, as a result creating a “simplified” and “complete” self-assessment model, designing new forms and data results registries, updating their application
in Aena to the EFQM 2010 model and preparing a self questionnaire, that was approved by the Club for Excellence in Management and distributed to the entire organization. Four complete selfassessments of the Airports of Madrid-Barajas, Girona-Costa Brava,
Murcia San Javier and Jerez and one partial self-assessment of the
area staff of the European Model at the Asturias Airport, were carried out.
• The Lanzarote Airport obtained the 300+ Seal of European Excellence from the Club for Excellence in Management.
5.1.1. Corporate Social Responsibility (CR)
After the Board of Directors of Aena approved the corporate social
responsibility (CR) policy and strategy, a specific office was created this
November aimed at deploying Aena’s policy and strategy in this matter
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(CR). During 2011, Aena continued with the CR activities based on the
results obtained in 2010.
5.1.2. R&D
In the area of R&D management, the Aena Group places additional
focus on research, development and innovation, and directs these
activities toward the sustainable development of the organization by
continuously searching for greater efficiency in processes, products
and services, enforcing the corporate social responsibility and the organization’s commitment to its stakeholders and society, the end user
to whom it offers its services.
These activities are monitored annually through periodic reports that
analyze their level of execution and development, both for upper management as well as for the Ministries of Public Works, Science and
Innovation, and currently for the Ministry of Economy and Competitiveness.
Aena, through the Ministry of Public Works, collaborated during the
last quarter of 2011 with the Ministry of Science and Innovation, in
order to internally coordinate the activities necessary to respond to the
Government’s expectations, included in the “Innovative Public Procurement” development plan.
During 2011, activities aimed to improve the instruments for monitoring and assessing the results of the R&D activities continued by analyzing the results in accordance with the series of indicators established to
assess the level of compliance with the R&D activity’s objectives, carry117
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ing out, as in previous years, a new depuration thereof and analyzing
trends that allow review and, as the case may be, update of the objectives of the “Technological and Innovation Management Strategy.”
Other actions taken in innovation management were:
• Coordination of the participation of Aena and Aena Aeropuertos
in the Third Ibero-American Air Transport Conference of the IberoAmerican Network of Research of the Air Transport (RIDITA III).
• Aena’s participation in the “European Business Awards” to which it
presented the Benchmark ATM Center for Research, Development
and Innovation (CRIDA).
Aena’s focus on new technologies and innovation materialized in numerous projects, among which the following are most noteworthy, by
area:
• Air Navigation: the SESAR program for the development and implementation of the Single European Sky concept, the EGNOS and
GALILEO projects for the improvement of satellite navigation and
the SACTA program for the automation of air traffic systems.
• Other areas: the Satellite Ortho-imaging Airport Information System
(SAOS), the projects geared toward streamlining energy consumption and using renewable energies in the framework of energy efficiency, the projects designed to improve the security of persons and
facilities through innovative information technologies or plans that
facilitate information and special services to persons with reduced
mobility (PRM).
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• Benchmark ATM R&D center (CRIDA), created for the purpose of
analyzing and evaluating concepts, procedures and systems, so
that they may be introduced as instruments to provide air traffic
services.
•
5.2. ENVIRONMENT
During the year 2011 the following actions were undertaken in relation to environmental protection, a strategic objective of Aena that is
integrated at all operational levels:
5.2.1. Environmental certification
With respect to environmental certification in accordance with the
UNE-EN ISO 14001:2004 standards, all Aena network airports are
certified, as are all the buildings of Aena Central Services and the
Directorate of Air Navigation within their integrated management
system.
5.2.2. Sound insulation plans
During 2011, Aena undertook various actions aimed at soundproofing
areas near airports. 1,022 homes were soundproofed.
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5.2.3. Assessment of the environmental impact of projects and
strategic environmental assessment of planning tools
During 2011, the environmental impact statement (EIS) was obtained
for the Girona-Costa Brava Airport expansion project, as well as the environmental resolutions for the infrastructure projects in the Alicante,
Gran Canaria, Lanzarote, El Hierro, Seville and Tenerife North airports.
Likewise, more than 150 airport infrastructure and air navigation aid
projects were reviewed, analyzing the characteristics of the action and
applicable legal framework, advising whether it is necessary to submit
the referred projects to any type of procedure regarding the environmental impact evaluation and, as the case may be, indicate the most
appropriate procedure.
With regard to the strategic environmental assessment, the environmental reports were drafted for the master plans of the airports of
Córdoba and Son Bonet; the environmental assessment of the master
plans of the airports of Alicante, Fuerteventura, El Hierro, La Palma,
San Sebastian and Tenerife North continued and the environmental assessments of the proposed revisions of the master plans for A Coruña,
Bilbao and Gran Canaria were initiated.
5.2.4. Sound and air assessments
Pursuant to Law 5/2010, a public notice was issued for the sound easements delimiting proposal and associated Action Plan for the airports
of Alicante, Gran Canaria, Palma de Mallorca, Tenerife North and Seville.
2011 Annual report
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Likewise, the documentation corresponding to the acoustic aeronautical easements for the airports of Bilbao, Ibiza, Malaga-Costa del Sol
and Valencia was prepared, the public notice for which will be issued
shortly.
Over the course of 2011, the development and implementation of a
Corporate System to Monitor Noise in Flight Paths (SCMRS) for the
airports of Alicante and Malaga-Costa del Sol continued and the System to Monitor Noise in the Airport of Palma de Mallorca (SIRPA)
was replaced and improved, with a total of 24 sound meters installed
around those airports.
In addition, as per Royal Decree 1257/2003, in June 2011 the resolution of the State Agency for Air Safety was published, which introduced operating restrictions in the Airport of Barcelona-El Prat, following the procedure of “Balanced approach” adopted by the ICAO
that regulates a series of procedures allowing for noise reduction
around the airport in question.
With regard to the air assessments, 2011 was a milestone for emissions assessments associated with airport activity, which has a global
effect on the atmosphere; carbon footprints (CO2 emissions) were
calculated for the Madrid-Barajas, Barcelona-El Prat and Lanzarote
airports in order to obtain the Airport Carbon Accreditation (ACA).
Said accreditation is the standard used by European Union airports to
certify their carbon emission management efforts, allowing them to
obtain public recognition in this field. The carbon footprints of said
airports were verified by the Spanish Association of Standardization
and Certification (AENOR), pursuant to the UNE ISO 14064 standard
in order to obtain the participation certificates corresponding to Level
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1 (mapping), in the case of Lanzarote and Barcelona-El Prat, and to
Level 2 (reduction) in the case of Madrid-Barajas, pursuant to the requirements of the ACA program.
With regard to local air quality assessments, an air contamination
characterization study was done in 2011 at the Ibiza airport, and different air quality simulations were carried out at the Palma de Mallorca airport in order to compare the data obtained with the air quality
readings taken by the airport itself.
5.2.5. Characterization and management of soil
During 2011, soil quality preservation work initiated in previous years
at the Aena Aeropuertos network of airports was continued.
With the completion of the characterization studies, each airport is
currently equipped with a network of piezometers allowing periodic
control and monitoring to prevent future contamination.
Likewise, in 2011, continuing with the work of previous years, further
steps were taken to decontaminate soil at Palma de Mallorca Airport,
with up to 95% of the subsurface hydrocarbon supernatant from the
old CLH airport facilities being eliminated, the location of which is the
current parking lot for the airport.
In the same manner, soil and water characterization studies were conducted for the plots where new fuel facilities were to be built, in order
to establish an environmental baseline and determine the soil makeup
quality for new installations.
2011 Annual report
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In this sense, the responsible parties at each airport are carrying out
follow-up and control actions on the concession lots, especially in fuel
facilities, in order to avoid cross-contamination that could affect the
soil of Aena Aeropuertos.
5.2.6. Renewable energy
In 2011, the following actions were carried out:
• Review of the technical tender specifications for the concession of a
solar energy plant in the Lanzarote Airport, where a facility with up
to 2 MW of nominal power will be deployed. An economic viability
study was also carried out as to the convenience of proposing the
concession contract.
• The project that was the objective of Contract DMA 352/2011 “Solar energy plant for the ACC Canary Islands” began. This project
will describe the technology and most appropriate solar energy
solutions to be deployed on top of the car parks at ACC Canary
Islands.
• Feasibility study for the solar facility connection at the Madrid - Cuatro Vientos Airport.
• Study on PPT execution for a generator control system from renewable sources in the network of Aena Aeropuertos. This study
will center on the management of energy data from each of the
renewable energy sources that we currently have operating in the
airports.
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5.2.7. Energy efficiency
During 2011 energy studies of the airport terminal buildings of Bilbao,
Córdoba, Fuerteventura, Menorca, Pamplona, Reus, Santander and
Seville were carried out.
Studies were also conducted on the technical blocks of the Fuerteventura, Córdoba and Zaragoza airports. In the same manner, an energy
study was carried out on the following buildings: multiservice, power
station and Firefighting Service (FFS) of the Reus Airport.
Plans and actions to improve the use of energy were carried out in the
airports that had energy studies done on them the previous year. The
following actions stand out: replacement of inefficient refrigeration
equipment as well as avoiding prohibited refrigerants; replacement of
boilers for those of the more efficient condensation type, powered
by natural gas; improved lighting systems, especially the replacement
of lamps for others that are more efficient and the installation and
regulation of motion detectors in various areas; updating of the facilities management system; regulation of the set point temperatures of
climate control facilities.
2011 Annual report
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new master plans for the airports of La Coruña, Almeria, Asturias,
Gran Canaria, Huesca-Pirineos, La Gomera, Logroño, Melilla, Zaragoza
and the development of a planning study proposal for the Valladolid
Airport.
Updating of the medium and long term traffic forecast updates continued to be carried out at all of the airports of the Aena network.
They are intended to determine the traffic of passengers and airplanes,
and their annual variations, as well as their nature, domestic or international, the new companies that operate them and other necessary
parameters to characterize air traffic. This traffic forecast information
is fundamental for carrying out follow-ups of the updates contained
in the master plans, based on the comparison and analysis of the parameters of supply/demand, such as for prioritizing investments and
budget estimates.
6.1. INFRASTRUCTURE PLANNING
With regard to the special plans, in 2011, the definitive approval was
acquired for the special plans of the Almeria, la Palma and Seville airports; the provisional approval of the Malaga-costa del Sol and Pamplona airports; and the urban application process of the special plans
for the airports of Ibiza, Federico García Lorca Granada-Jaén, Menorca,
Santander, Santiago, Valencia, Vigo and special plan for airport protection of Barcelona-El Prat. Likewise, the formulation of special plans
continued, once the new master plans are approved, in this case with
the development of the proposed special plans for the Córdoba and
Son Bonet Airports.
During 2011 approval was obtained for the Córdoba and Son Bonet
master plans and the review and updating process continued in the
airports of the Aena network, with the development of proposals for
Furthermore, there was continued collaboration with the many public
administrations for the final approval of the remaining special airport
plans currently being processed.
6. Infrastructures
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Likewise, and to obtain the territorial integration of the airport in its
environment, they have continued developing the numerous urban reports requested by the central government as well as by the territorial
and local governments, all the while collaborating with the General
Directorate of Civil Aviation in their reports on urban and territorial
planning.
They have also developed and approved for the Madrid City Council,
the development projects: 4th Modification to the Detail Study of the
Cargo Center and its revised text, Storage-Warehouse for Consumable
Products Aboard APM IB and for the technological Platform of Experimentation with Microalgae; all of them related to the Madrid-Barajas
airport.
During 2011 aviation easement proposals were developed for the airports of La Coruña, Córdoba, Santiago, Barcelona, Almería, Jerez, Logroño, Menorca and for the Randa Transmitter and Receiver Center,
the Soller Communications Center, NDB Andratx, NDB Porto Colom,
VOR/DME Capdepera, VOR/DME Pollenca, VOR/DME LLucmajor, VOR/
DME_CMA Calamocha (Teruel), Radar-LEAS_C.Emisores_c.Recep._As
Pontes, VOR/DME-BGR_BEGUR (Girona), VOR/DME_VTB (La Guardia_
Toledo), Radioenlaces Gran Canaria, VOR/DME and NDB_CJN_Castejón (Cuenca), VOR/DME_YES_Yeste (Albacete), VOR/DME_BLN_ and
NDB_BAI_Linares (Jaén), VOR/DME_ DGO_Hervías (La Rioja), NDB_
TON_Torralba de Aragón (Huesca) and NDB_SEO_Ribera D’Urgellet
(Lérida).
Also, upon request of the DGAC, multiple feasibility reports were
drawn up for the urban developments in areas affected by aviation
easements.
2011 Annual report
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A new module was developed and implemented within the Geographical Information System for Airport Resources (SIGRA) in the BarcelonaEl Prat, Madrid-Barajas and Málaga-Costa del Sol airports, as was an
environmental module in the Barcelona-El Prat and Palma airports and
a commercial module in the Barcelona-El Prat Airport.
Cartography to be able to calculate the airport and radio-electrical
easements was produced for the airports of Algeciras, Ibiza, Logroño,
Menorca, Seville, Palma, Son San Joan, Son Bonet and Tenerife South.
The global (v4) satellite ortho-imaging airport information system
(SAOS) was put into production, which includes the Air Navigation facilities, their easements and the natural spaces and cartographic products for all of Spain.
As part of the implementation of the Airport Topographical Control
Network (RCTA), actions were carried out at the airports of La Coruña,
Alicante, Almería, Badajoz, Bilbao, Córdoba, Gran Canaria, Ibiza, Jerez,
León, Logroño, Madrid-Barajas, Melilla, Menorca, Murcia-San Javier,
Palma de Mallorca, Pamplona, Sabadell, Salamanca, San Sebastian,
Santander, Seville, Son Bonet, Tenerife South, Vigo and Vitoria.
6.2. INFRASTRUCTURES
Aena’s airport investments in 2011 amounted to 1,223.8 million euros, according to payment figures, which represents the execution of
92.1% of the total budget approved for 2011, which was 1,328.8
million euros.
The firm commitment to the creation and development of airport and
air navigation infrastructure ensures that Aena’s airports can continue
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growing in order to meet both the existing demand and the future growth that is bound to
come. To this end, Aena has continued drafting
projects and carrying out planned construction
projects and installations, contributing to the
improved quality and development of its airport
and air navigation infrastructures, maintaining
the highest safety standards to prevent occupational risks and hazards to persons and property, ensuring compliance with the requirements
contained in the environmental impact statements, contributing to increased earnings and
ensuring its economic viability while complying
with all the applicable standards and guidelines
pursuant to the current legislation.
Also, the special airport plans: the Barcelona
Plan (Barcelona-El Prat airport), the Plan Levante (airports of Alicante and Valencia) and
the Malaga Plan (Malaga-Costa del Sol airport)
are responsible for developing and executing
the infrastructure necessary for the expansion
and adaptation of its airports; therefore, during 2011, Aena continued developing and
advancing in the fulfillment of established
goals, contributing to the modernization and
adaptation of the facilities and improving the
image that customers and society in general
have of these airports.
2011 Annual report
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6.2.1. Principal investments carried out
The expansion and modernization actions include all airports of the Aena network, without
exception.
The principal investments carried out in 2011 were the following:
TITLE
Airfield expansion. The Plan Malaga civil works
New terminal area in Alicante Airport
New terminal area in Santiago Airport
Vehicle parking building, urban development and the Technical Block for Vigo Airport
Airfield expansion. Beacon system and electrical installations. The Malaga Plan
Adaptation and operational improvements at the terminal building of the Bilbao Airport
Aircraft parking at Santiago south area
Runway expansion. Córdoba
Vehicle parking expansion in Seville
AMOUNT INVESTED
(€ million)
363.42
308.50
125.84
41.45
37.58
24.90
23.46
21.86
14.95
6.2.2. Principal investments in progress
Major investments carried out in 2011 were the following:
TITLE
Terminal building expansion at Gran Canaria Airport
Terminal building adaptation to the functional design at Ibiza Airport
Runway expansion at A Coruña Airport
Terminal building expansion at Vigo Airport
AMOUNT INVESTED
(€ million)
124.65
59.37
59.36
45.31
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TITLE
Platform A remodeling (Phase II) at Palma de Mallorca Airport
Construction of parking building P-3 at Gran Canaria Airport
Airfield adaptation at Vigo Airport
Apron slabs improvement at Tenerife North
Airfield adaptation at Bilbao Airport
North/south platform expansion at Gran Canaria Airport
7. Services
7.1. AIRPORT SERVICES
7.1.1. Assistance for persons with reduced mobility (PRM)
Since July 2008 Aena Aeropuertos has offered an assistance service for
persons with reduced mobility (PRM) at all its Spanish airports, in compliance with Regulation (EC) 1107/2006 of the European Parliament,
which safeguards everyone’s right to enjoy air transport at all European
airports, regardless of their disability.
From a demand standpoint, during 2011 the service was provided
1,091,099 times throughout Aena’s network of airports, generally receiving very positive ratings from PRMs. Aena’s work was recognized
with various Spanish and international awards for accessibility and universal assistance:
2011 Annual report
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AMOUNT INVESTED
(€ million)
19.84
10.42
9.98
8.37
7.83
6.89
• In July 2011, the Ministry of Territorial Policy and Public Administration granted Aena the Citizenship Award 2010 for Best Practices in
Public Services for its services to people with reduced mobility.
• In January 2011, Aena received the Telefónica Ability Awards for
“Best Public Institution.” This award is given to companies that put
disabled people at the center of the value chain, the same as for
any other client segment, and promote innovation to achieve new
sustainable business models capable of meeting the demands of
this group.
7.1.2. Modification of operating hours
During 2011 the operating hours of the Lanzarote, Murcia-San Javier,
Pamplona, Santander and Vigo airports were modified.
From April 2011, the operating hours of the Lanzarote Airport were
changed from 07:00 to 24:00 to (plus one hour PPR) to 07:00 to 02:00
local time, every day of the year.
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Likewise, the Airports of Santander (from March 2011), Pamplona
(from April 2011) and Vigo (from November 2011) incorporated for
the entire year the possibility to extend their operating hours, upon
previous authorization, to 2 hours, 1 hour and 2 hours and 30 minutes
(for cargo flights only), respectively.
Finally, it should be noted that from March 2011 the Murcia-San Javier
Airport expanded the time slots when civil aircraft operations are allowed, in this manner reducing the number of time slots exclusively
restricted to military operation.
7.1.3. Airport marketing
With regard to airport marketing, progress was made in one of the
most important areas in this field: drawing up marketing plans.
In 2011, marketing plans were drafted for seven airports: Murcia-San
Javier, Valencia, Alicante, Asturias, Santander, Tenerife North and Tenerife South. In addition, the airport marketing unit held meetings with
numerous airlines and local officials in order to propose new routes.
In 2011, Aena participated in three important international forums:
FITUR, Routes Europe and World Routes, and the IATA slots conferences.
The Customer Management department maintained close contact
with airlines that operate in Spanish airports in order to make their
work easier and resolve issues that are considered relevant to their
business activity.
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Finally, Aena continues contributing to the SESAR Program (Single European Sky ATM Research) that is currently in the development phase.
Aena Aeropuertos is a member of a joint company created for the
execution of said phase (SESAR Joint Undertaking) and leads the management of the Airport Operations units. Aena Aeropuertos participates in 18 projects out of a total of 300, mainly in the field of airport
management.
7.1.4. Installation of defibrillators
The airports of the Aena Aeropuertos network (excluding Madrid-Cuatro Vientos, Madrid-Torrejón, Córdoba, Sabadell and Son Bonet) are
equipped with 270 heart rescue areas, which aim to assist passengers
in case of a heart attack and offer them the best care services within
their facilities. It is a national plan at the network level that Aena Aeropuertos implements in order to offer life support areas at all of its airports.
The coverage of the contracts includes the installation and maintenance of different cardiac rescue stations, as well as staff training in
order to obtain the accreditation for a cardiac-protected space.
A total of 270 defibrillators were installed in 44 airports of the Aena
Aeropuertos network for use by non-medical staff. More than 65 were
installed in the Madrid-Barajas Airport and 46 at the Barcelona-El Prat
Airport, and one at small airports such as Badajoz and Albacete.
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7.2. AIR NAVIGATION SERVICES
The air navigation services and systems, not only in Spain but also in
all European Union member countries, currently form part of an ambitious process of change mainly prompted by their integration in the
Single Sky.
This is a global initiative and includes all aspects of air navigation (institutional, regulatory, operational and technological), and is constituted as a reference for developing the principal actions to be executed between 20102020 by different Spanish agencies involved in air traffic management.
In this double objective shared by all European air traffic services providers (for transparency and competition), the determination must be
noted with which the Ministry of Public Works has decided to carry
out, through Aena, the structural reform of Air Navigation, aware of
the need to agree on costs and rates.
Contrary to airport rates, which are among the lowest in the EU, Spain
has become the country with the highest air navigation route rates in
Europe, which was eroding the competitiveness of air transport and
distancing us from fulfilling the European objectives.
Despite having the highest air navigation route rates in the European
Union (€ 84.1 in 2009), revenue was insufficient to cover the totality of
the Air Navigation costs, causing a negative balance in the profit and
loss statement.
All these causes and considerations explain the importance and the
urgent need for structural reform, which must comply with the following regulatory milestones:
2011 Annual report
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• Royal decree-law, 1/2010 of February 5, regulating the provision
of air traffic services, establishes the obligations of civil providers
of said services and determines the working conditions for civil air
traffic controllers.
• Law 5/2010, of March 17, amending Air Navigation Law 48/1960
of July 21, which regulates the provision of air traffic services, establishes the obligations of civil providers of said services and determines the working conditions for civil air traffic controllers.
• Law 9/2010, of April 14, regulating the provision of air traffic services, establishes the obligations of civil providers of said services and
determines the working conditions for civil air traffic controllers.
• Order FOM/1681/2010, of May 19, designating the Gomera Airport
as an Aerodrome Flight Information Service (AFIS) for the purposes
of providing air traffic services.
• Order FOM/1841/2010, of July 5, establishing the certification requirements for civil providers of air traffic controller training.
• Royal Decree 931/2010, of July 23, which regulates the certification procedure for civil providers of air navigation services and their
regulatory control.
• Royal Decree 1001/2010, of August 5, which establishes aviation
safety rules in relation to air traffic control activity and rest requirements for civil air traffic controllers.
• Order FOM/2376/2010, of August 10, which designates the El Hierro Airport as an Aerodrome Flight Information Service (AFIS) for
the purposes of providing air traffic services.
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• Order FOM/2864/2010, of October 13, which designates the El Hierro Airport as a controlled airport and aerodrome flight information provider in order to provide air traffic services, and amends
Order FOM/2376/2010 of August 10.
• Order FOM/3352/2010, of December 22, which determines the airports managed by the Public Corporation Aeropuertos Españoles
y Navegación Aérea to select the new civil providers of air traffic
control services in aerodromes.
• Royal Decree-Law 13/2010, of December 3, on initiatives in the tax
and labor areas and for deregulation to encourage investment and
job creation.
• The year 2010 concluded with the publication in the December 29
BOE of the Order of the Ministry of Public Works that designates
the first 13 Aena airports where the control tower service will be
deregulated.
• Additionally, the Second Additional Provision of this Royal Decree
includes aeronautical activity in air traffic control, relative to the
working hours of air traffic controllers in order to take into consideration their workday.
• Royal Decree 1611/2010, of December 3, provisionally giving to the
Ministry of Defense the faculties of air traffic control that were assumed by the Public Corporation Aena.
• Royal Decree 1673/2010, of December 4, declaring a state of alert
for the normalization of essential public air transport services.
• Resolution of December 16 of the Spanish Congress of Deputies
ordering the publication of the authorization agreement for the extension of the declared state of alert under Royal Decree 1673/2010
of December 4. And likewise, Royal Decree 1717/2010 of December 17, extending the state of alert declared by Royal Decree
1673/2010 of December 4.
• Order FOM/3457/2010, of December 22, 2010 and published in
the BOE on January 6, 2011 (BOE-A-2011-312), designating the
Burgos Airport as an Aerodrome Flight Information Service (AFIS)
for the purposes of providing air traffic services.
• Royal Decree 28/, of January 14, 2011 and published in the BOE
on January 15, 2011 (BOE-A-2011-737), repealing Royal Decree
1611/2010, of December 3 and published in the BOE on December
4, 2010 (BOE-A-2010-18652), provisionally giving to the Ministry of
Defense the faculties of air traffic control that were assumed by the
Public Corporation Aena.
• Order FOM/214/2011, of February 11, 2011 (BOE-A-2011-2612),
amending paragraph five of Annex I of Decree 1675/1972, of June
26, approving the applicable rates for the use of the air navigation aid network (Eurocontrol) and amending the interest rate for
default on payment of said rates (FIR Peninsula: € 77.83 and FIR
Canarias: € 63.18).
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• Royal Decree 188/2011, of February 18, 2011 and published in the
BOE on February 19, 2011 (BOE-A-2011-3257), amending Royal
Decree 1516/2009, of October 2, regulating the European Community air traffic controller license.
• Resolution of March 7, 2011 and published in the BOE on March
9, 2011 (BOE-A-2011-4372), from the Directorate-General for Employment, registering and publishing the arbitration award that established the second professional collective agreement of air traffic controllers of the Public Corporation Aeropuertos Españoles y
Navegación Aérea.
2011 Annual report
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7.2.1. Aerodrome Flight Information Service (AFIS)
In 2011, and within the process of structuring air navigation services,
Aena Aeropuertos continued the implementation of the aerodrome
flight information service (AFIS) in compliance with the provisions of
Law 9/2010 of April 14, in the following airports:
• La Gomera Airport: from July 29, 2010.
• El Hierro Airport: AFIS service from September 23, and mixed AFIS
and ATC service from December 16, 2010.
• Burgos Airport from February 16, 2011.
• Royal Decree 1516/2009, of October 2 and published in the BOE on
October 11, 2011 (BOE-A-2011-16115), regulating the European
Community air traffic controller license.
• Huesca-Pirineos Airport, from December 15, 2011.
• Order FOM/3226/2011, of November 2 and published on November 25, 2011 (BOE-A-2011-1858), which designates the HuescaPirineos Airport as an Aerodrome Flight Information Service (AFIS)
for the purposes of providing air traffic services.
7.2.2. Deregulation of the aerodrome traffic control service
This comprehensive new plan is reflected in a new tariff framework and
in tangible economic results, as it will allow for the reduction of air navigation route rates by 15% within a period of 2 years, as well as eliminating the current deficit of the air navigation terminal charges in 2013.
The new regulations also include the requirements and obligations
that are to be fulfilled and complied with by air traffic service providers
operating in Spain (including Aena, which obtained its certification in
December 2006), by allowing the entry of new providers of air traffic
services connected to the airport.
In early 2011, and pursuant to Order FOM/3352/2010 that determines
the 13 airports for which the contracting of aerodrome air traffic civil
providers shall be initiated,the public tender was launched to contract
this service in the following airports, which were divided in three lots:
• Lot 1: Alicante, Valencia, Ibiza and Sabadell.
• Lot 2: Seville, Jerez, Vigo, A Coruña, Melilla and Madrid-Cuatro Vientos.
• Lot 3: La Palma, Fuerteventura and Lanzarote.
The public tender, which was carried out in two phases, was awarded
in September 2011 to the companies FerroNats (Lots 1 and 2) and
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cal and financial qualifications in addition to having been Certified by
AESA as Aerodrome Air Traffic Control Service Providers.
The contracts were signed in November 2011, and in the same month
Aena requested DGAC (Directorate General of Civil Aviation), pursuant
to the provisions of law 9/2010, to designate these new providers in
their respective airports.
7.2.3. Single European Sky
The development of the Single European Sky also includes Aena’s participation in the SESAR program, the objective of which is to implement
by 2020 a high performance air traffic management network with a
lower environmental impact. Out of 300 total projects that compose
the SESAR program, 188 were already launched, and Aena participates
in 58 of them.
2011 Annual report
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8. Economic efficiency
and financial viability
The objectives related to the economic area and that resume the
main economic and financial aspects of Aena management are the
following:
• Increase revenue
• Reduce costs
• Control debt
The fundamental principle behind the financial policy of the Aena
Group of companies is based on centralizing this policy at the Directorate of Administration and Finance so that all financial liabilities and assets may be contracted and managed from that directorate. The main
financial risks are enumerated below:
a) Interest rate risk
In order to manage the interest rate risk, Aena aims to optimize financial expenditures within the established risk limits. The Public Company
does not usually undertake business transactions in currencies other
than the Euro (unlike subsidiaries such as Aena Desarrollo Internacional and Inco), so the financial expenditure risk is concentrated in the
interest rate risk in the case of the parent company, the risk variables
being the three-month Euribor (used for long-term debt) and the onemonth Euribor (used in loan agreements).
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Additionally, the risk value of financial expenditure is calculated with a
view to the Multiannual Action Plan, and interest rate fluctuation scenarios are established for the period under consideration.
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c) Credit risk
For the 2011 and 2010 fiscal years, the Group engaged in interest rate
hedging transactions.
The risk variable is the creditworthiness of the counterparty, so Aena
aims to focus on minimizing the risk of default by the counterparties.
The group keeps its cash and liquid assets at financial institutions with
high credit ratings.
b) Liquidity risk
d) Exchange rate risk
The main risk variables are: limitations of finance markets, increase in
projected investments, and reduction in cash-flow creation.
The subsidiary Aena Desarrollo Internacional is subject to fluctuations
in exchange rates that may affect its sales, income, equity and cash
flow. Therefore, the company has a financial hedging instrument for
cash flows affected by variations in exchange rates.
In order to maintain sufficient liquidity to meet financial obligations for
at least twelve months, a long-term financing policy was established
by entering into framework or similar agreements with organizations
such as the Official Credit Institute and the European Investment Bank,
in addition to securing short- and medium-term credit lines.
Risk management focuses on the detailed monitoring of the Group’s
financial debt maturity calendar, as well as on the proactive management and maintenance of credit lines that enable meeting predicted
liquidity needs.
Lastly, the Group systematically performs cash flow forecasts for the
purpose of assessing the needs for cash equivalents. This liquidity policy ensures fulfillment of acquired payment commitments without the
need to resort to obtaining funds under costly conditions, which enables maintaining continual liquidity.
8.1 CONTROL MEASURES AND COST REDUCTION
The plans put in place in 2008 to optimize and reduce costs were carried on in subsequent years and in 2011, leading to a savings of approximately 58 million euros with respect to the budget approved in
the items of other operating expenses.
The reduction applied to virtually all areas of expenditure, with special
impact on the items of repair and preservation, with a savings of 20
million euros, noteworthy savings of almost 5 million euros in cleaning
and 4 million euros in information technology repairs, technical support (3.5 million euros), supply (6.2 million euros below budget, mainly
in electricity). In other services savings reached 15 million euros, mainly
due to austerity applied on items involving security (3.5 million euros)
and customer service (1.5 million euros).
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The reduction was also applied to taxes (6.8 million euros) due to the
civil protection tax reduction in Catalonia.
international flights carried out during off-peak days of the week at
all Canary Islands airports.
Noteworthy among the measures taken was the introduction of the
concept of variable spending depending on traffic, negotiating economic conditions with service providers, policies for optimizing resources, postponing non-essential actions and greater control of fixed
and non-fixed costs (advertisement, office supplies, transportation).
• A 30% discount in landing rate and passenger charges for flights
that make commercial stopovers in the Canary Islands with destination or origin in countries that do not belong to the European
Economic Area.
These discounts on airport charges entailed 38.4 million euros less revenue for Aena Aeropuertos.
8.2. SUBSIDIZED RATES
In order to support the air transport industry and promote tourism,
the government established the following discounts in airport charges:
• A 100% discount in the payment of passenger charges for airlines
that in 2011 carried more passengers than in the previous year,
in the group of airports from the Canary Islands, Balearic Islands,
Ceuta and Melilla.
• A 50% discount in landing, passenger and security fees in those
operations that recorded an increase in frequency with regard to
the same seasons in the previous year, in the group of airports from
the Canary Islands, Balearic Islands, Ceuta and Melilla.
• A discount of between 20% and 50% in landing, passenger and
security fees in operations that suppose the opening of new routes
that depart from or arrive at airports in the Canary Islands, Balearic
Islands, Ceuta and Melilla.
• A 50% discount in landing and passenger fees for domestic and
8.3. INCOME FROM SALES
In June, the public company Aeropuertos Españoles y Navegación Aérea was transformed into the state commercial company Aena Aeropuertos S.A., with the consequent transformation of all the concession
agreements to lease agreements. To this end, it was necessary that the
commercial concessionaires accept the change of title and the legal
regulations applicable to them. 98% of them accepted said change.
With regard to agreements with companies that rejected the change,
they were put to tender again and were awarded.
With regard to the commercial infrastructure development, the following noteworthy actions were taken in 2011:
• With the beginning of operations at the new terminal in the Alicante Airport on March 24, 2011, the commercial space increased
to a total of 8,736 m2, which represented a 51% increase. Of the
total surface area, 4,579 m2 was allocated to 19 retail businesses
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with a varied and up-to-date commercial space, including clothes,
accessories and technology. In addition, 2,946 m2 was allocated to
restaurant businesses (with 16 points of sale) that offer a variety of
domestic and international brands. There is also a shared seating
area. Another 7 spaces were allocated to commercial space, including currency exchange, luggage wrapping equipment, vending machines, ATM machines, etc.
• In July 2011, the new terminal area at the La Palma Airport was
opened. As a consequence, the commercial space in that airport
saw its surface area increase by 125% to a total of 2,412 m2. The
new terminal currently has 3 stores, 4 restaurants and one pharmacy. There are plans to add an additional store and open a lottery
office. With regard to parking, the previous space was expanded
with a parking area under the terminal building, which has 448
public parking spaces, 552 rental car spaces, 96 parking spaces for
employees and that, added to the previous space, makes for a total
of 2,452 parking spots. Also, currently Aena has taxi parking with
48 spaces, 45 spaces for buses and 11 for microbuses.
• In October 2011, the new terminal area at the Santiago Airport was
put into operation. After its opening, the commercial area increased
its surface area to a total of 2,767 m2 (a 49% increase), of which
363 m2 correspond to 6 stores, 310 to a duty-free store (the retail
area includes multi-store activities, typical regional food store, book
and press, crafts and silverware, clothes and accessories stores), and
1,785 m2 allocated to 3 restaurants. In addition, the airport has
other businesses that include complimentary activities such as ATM
machines, telephone booths, vending machines, internet and luggage plastification. It also has a parking area of 140,000 m2, which
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includes 3,496 parking spaces, 10 express, 18 for buses and 44
remote.
• The opening of the C Module at the Palma de Mallorca Airport provided 3,202 m2 of commercial space, distributed between a Dutyfree store and 5 retail stores. With regard to restaurants, 2,454 m2
were provided, that were distributed in 4 points.
• Also, 2 concessionaires of the FBO (fixed base operators) commenced operations at the La Palma Airport. FBO 1 was awarded in
July 2011 to UTE Iberia/Gestair, while FBO 2 was awarded to Mallorcair S.L. and commenced its activities in June 2011.
Within the main commercial activities, 16 restaurant spaces were allocated in 2011 (corresponding to 32 points) and 24 spaces were allocated to stores (corresponding to 26 premises).
Several agreements were signed on the subject of land use development
with:
• The Association of Science and Technology Parks of Spain (APTE) for
the classification of certain airport land as technology parks.
• The Agency for the Innovation and Development of Andalusia, related to land development at the Airports of Jerez and Seville.
• The Valencia Regional Government for management of the golf
course located on Valencia Airport land.
• With regards to income, the income from sales in 2011 increased
(provisional numbers) by 4.14% compared to the previous year
(24.67 million euros more) reaching 620.48 million euros. Taking into
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consideration that commercial traffic increased by 6.05% in 2011,
the sales revenue per commercial passenger ratio was 3.05 euros.
The sales revenue ratio compared to airport revenue in 2011 was
27.03%.
In general terms it is important to highlight the contribution, in terms
of commercial revenue in the year 2011, of the network’s 7 leading
airports, which accounted for 79.61% of total commercial revenue
(Madrid-Barajas, 26.91%; Barcelona-El Prat, 20.13%; Malaga-Costa
del Sol 7.39%; Palma de Mallorca, 7.74%; Alicante 5.60%, Tenerife
South 4.60% and Gran Canaria 4.55%).
With regard to income control, the implementation of the new control
system based on POS terminals (SAVIA) was initiated, with the aim
of improving sales information and control. The system’s objective is
to achieve better information, both regarding sales volume as well as
the type of product sold. In 2011 the system was implemented in the
airports of Madrid-Barajas, Alicante, Barcelona-El Prat, La Palma and
Santiago.
8.4. CONTRACTS
During 2011, the total volume of goods and services awarded amounted to 1,005.4 million Euros, excluding taxes.
The volume of contracts centrally awarded amounted to 90.8% (912.7
million Euros) as opposed to 9.2% (92.7 million Euros) contracted by
peripheral centers.
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9. People
The fundamental challenge of Aena in the human resources area is to increase the motivation, commitment and personal development of all of its
employees, and to make the organization more effective and efficient in
order to satisfy the needs of the customers and to provide a quality service
in the airport and aeronautical activity management area.
To this end, with people being Aena´s greatest asset, the objectives focus
on the following:
• Improve the development of people.
• Increase their motivation and commitment.
• Develop the control of the human resources area management, optimizing results.
In 2011, the most important objective was to contribute, at the level of
organization and Human Resources (organizational adaptation, staff definition and assignment, collective bargaining, etc.) to the development of
the new airport system management model, in compliance with the provisions of Royal Decree-law 13/2010 of December 3, which constitutes the
new legal framework for the modernization of the Spanish airport system.
The first collective bargaining agreement of the Aena Group was signed
on July 14, 2011, substituting the fifth Aena collective bargaining agreement, and is valid until December 31, 2018. This agreement shall apply
both to the staff of the public company Aena (excluding controllers) and
to the staff of Aena Aeropuertos, S.A.
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9.1. STAFF
The total number of employees on December 31, 2011 amounted to
13,256 and the breakdown is as follows:
• Aena: 4,568 (including corporate units of Aena and Air Navigation
General Management).
• Aena Aeropuertos: 8,688 (including the corporate units of Aena
Aeropuertos and Aena Aeropuertos General Management).
Over the last few years, the presence of female employees has increased,
representing 33% of the staff in 2011.
For its part, the average staff age has decreased in recent years, dropping
from 44 to 43 years of age.
9.2. RECRUITMENT
Main actions taken:
Job openings were posted for external recruitment for 61 permanent
public employment positions (23 for university graduates and 38 for
those who completed technical training) from previous years, reserved
to be covered by persons with physical disability or sensory impairment
with a degree of disability equal to or greater than 33%, to be assigned to different work places.
Non-graduate job openings were posted for in-house staff for different work centers, corresponding to previous public employment and
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the results thereof. In particular, total of 358 positions were recruited
for and filled.
9.3. HUMAN RESOURCES MANAGEMENT SYSTEMS
The most relevant actions carried out by the management system office were the following:
• Managing the process of moving over to the new state-owned company: creation of job centers, new social security account codes,
worker communication letters, processing the new non-active status situation for ex-officials of the Ministry of Public Works, etc., authorizations and cancellations for users in Contract@/Cerfifica@2.
Centrally formalizing the affiliation due to becoming a part of Aena
Aeropuertos S.A.
• Participation in the process of separating the companies in the corporate application of SAP to adapt the system for the new 2011
organizational model.
• Development and management of new employment contracts with
discount/reduction possibility in Aena Aeropuertos, and other discounts.
• Within the scope of the 2010-2013 Austerity Plan, with regards to
the objective of cost control and productivity improvement in Human Resources, the following were achieved:
• Reduced the total service commission costs by 3.5% compared to
2010.
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• Achieved an absenteeism rate for 2011 of 4.77, below average for
absenteeism in Spain.
• Reduced overtime hours by 10% compared to 2010 and achieved
levels equal to 2002.
9.5. TRAINING
9.4. ORGANIZATIONAL AREA
The total number of hours of training provided amounted to 350,000
hours. 85% of the staff assigned to these units received at least one
training course (including online courses).
With regard to the most relevant actions taken in Aena’s organizational areas, the following are of note:
• After the effective start of the operations and obligations of Aena
Aeropuertos S.A. on June 8, 2011, organizational development of
the new management model was carried out. This development
was carried out in two phases, on June 8 and November 1, with
all necessary measures taken within the current austerity context,
taking into consideration the efficiency criteria and without an additional cost increase and without a net increase in the number of
structural positions.
• Aena’s Performance Management System (SGD) was consolidated
as a reference system for improvement and measuring the performance of Aena’s employees and managers. This system not only represents a change in human resources management, but also a cultural change and a way to work focusing on results, which brings
about greater employee commitment to Aena’s objectives.
• Aena is advancing in the development and implementation of a
management control system for the principal figures and indicators
of airport human resources, which permits problems to be identified and analyzed, follow-up actions to be carried out and solutions
that improve management to be proposed.
Three training units coordinated the training activity: Training Division,
Professional Development Division (Air Navigation) and Executive Development Division.
The expenses directly associated with the training activities of the three
units added up to 2.9 million euros.
As in previous years, Aena benefited from the FTFE (Tripartite Foundation for On-the-Job Training) for needed training plans in 2011. The
Spanish unemployment office granted Aena a subsidy of 1,043,245
euros for 2011, which was deducted from the Social Security contributions, and represented approximately 36% of the cost incurred in
training over the year.
9.6. CORPORATE BENEFITS AND SOCIAL PROJECTS
The Corporate Benefits and Social Projects area implements a broad
variety of actions related to corporate social responsibility, both in regard to its employees (corporate benefits) as well as to partnerships
with companies that mainly work with disadvantaged groups. Noteworthy actions in 2011 were the following:
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• The social aid program was announced, with processing and validation of more than 11,000 requests through the employee portal.
• In the development of the work and family life reconciliation policy,
the employee service program provided support on 3,415 occasions
during 2011.
• Aena continued its addictive behavior treatment and prevention
program and its emotional support and health education programs.
Special note is given here to Aena’s ongoing collaborative agreement with Proyecto Hombre to foster information, prevention and
education in this field.
• During 2011 the promotion of the “Solidarity Space” Project continued. This Project involves setting up concession of stands, free
of charge, in the public areas of airports, by social welfare groups
(NGOs, foundations and associations), so they may advertise their
campaigns and share their information and missions in a busy environment.
• This year numerous noteworthy contacts were made with social
institutions, which resulted in a significant increase in the use of
the space provided compared to the two previous years, when the
project was initiated.
• As in previous years, in 2011 the so-called solidarity meetings, cultural meetings, and the Aena social month were also held, as was
the first celebration of Universal Children’s Rights Day (November 20,
2011), with various activities being carried out in different centers.
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• The Retiree Care Plan was maintained and consolidated, carrying
out three new groups of retirement preparation workshops. Support continued for the Aena veterans association so that retired
employees may remain active, united with the airport world and
sharing interests.
• Aena also maintained life and accident insurance benefits.
9.7. ENDEAVORS INVOLVING HUMAN RESOURCES
IN AIR NAVIGATION
• Approval of the second CC control under the premise of increasing
productivity and constraining expenses and increasing the flexibility
of collective negotiation, of work organization, the work day and
time off and economic compensation.
• Improved “attendance control” on the premises of Air Navigation.
• Creation of reference and maximum work year configurations for
the controllers.
• Began implementing “basic training” for technical operation and
developing the content for “qualified training.”
• Designed and implemented a management procedure that would
allow for improved coordination of the DRNA Human Resources
divisions’ actions.
• Designed a specific procedure that would allow for continuous
monitoring of the physical and mental aptitude of the employees
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registered in the “Safety Chain,” specific ICCP procedure, developed and approved by AESA and pending review for the second
edition.
10. Foreseeable Prospects
As indicated in paragraph 19 “Post closure events” of the report, dated January 25, 2012, the Administrative Board agreed to renounce
formalizing contracts related to lots I and II of the “Tender procedures
for selecting partners to hold stock in the corporations in charge of
managing airport service concessions for the airports of Madrid – Barajas and Barcelona – El Prat”.
The Council of Ministers held on March 16, 2012, approved the restructuring and streamlining plan for the public business sector and
state foundation sector, with the principal aim of establishing a sector
that is more reduced, streamlined and efficient, immersed in the current
context of austerity and need to control public spending. Together, the
plan approved by the Government includes the closure, investment cuts
or easing the liquidation of a total of eighty corporations, among them
Aena Desarrollo Internacional, S.A. and Centros Logísticos Aeroportuarios, S.A., which are 100% owned by the Company. In this sense,
the managing bodies of the company plan to implement this decision
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through a merger by absorption by the company Aena Aeropuertos,
S.A.
In addition, and in regard to the airport services business segment, by
way of Law 1/2011 of March 4, which establishes the National Program for Civil Aviation Safety and modifies Law 21/2003 of July 7 on
Air Safety, a profound transformation of the regulatory framework for
its income was carried out, by establishing a procedure for updating
and modifying its rates, pursuant to specific transparency, consulting
and supervisory procedures, which will make it possible to recover costs
in the future, including an adequate profitability of the investments.
Due to the above, and after the profound structural reform applied to
air navigation services during 2011 (see paragraph 8.1 of this report),
the long-term perspectives of the group are satisfactory along all business lines according to growth expectations in their activities, which
will permit the investment plan commissioned by the Ministry of Public
Works to be carried out and to achieve the quality, security, operational
and competitive objectives for Spanish air transport infrastructures, at
the level needed for the socioeconomic development of the country.
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Consolidated annual statements
CONSOLIDATED BALANCE AS OF 31 December (EUR thousand)
ASSETS
Notes
2011
2010
Note 5
281,696
275,192
77,416
86,099
182,630
171,334
21,650
17,759
16,823,805
16,456,251
11,771,120
10,996,350
3,530,728
3,341,853
1,521,957
2,118,048
86,071
88,011
82,648
85,015
3,423
2,996
107,557
118,856
107,557
118,856
59,721
60,958
NON-CURRENT ASSETS:
Intangible assets:
Development expenditure
Computer software
Other intangible assets
Property, plant and equipment:
Note 6
Land and buildings
Plant and other items of property, plant and equipment
Property, plant and equipment in progress construction and advances
Investment property:
Note 7
Buildings
Plant
Non-current investments in associates:
Note 9.1
Investments accounted for using the equity method
Non-current financial assets
Note 9.2
Deferred tax assets
Note 15.1
Total non-current assets
582,654
597,467
17,941,504
17,596,735
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ASSETS
Notes
2011
2010
Note 11
6,397
6,767
535,256
515,856
368,472
370,681
6,388
6,227
7,568
556
CURRENT ASSETS:
Inventories
Trade and other receivables
Trade receivables for sales and services
Companies accounted for using the equity method
Note 9.2
Sundry accounts receivable
Staff
2,704
2,366
Current tax assets
Note 15.1
359
24,684
Other accounts receivable from public authorities
Note 15.1
149,765
111,342
Current financial assets
Note 9.3
9,958
14,642
511
1,540
9,447
13,102
10,721
9,423
Loans to companies
Other current financial assets
Current prepayments and accrued income
Cash and cash equivalents
Total Current Assets
TOTAL ASSETS
8,512
8,617
570,844
555,305
18,512,348
18,152,040
The accompanying Notes 1 to 20 are an integral part of the consolidated balance sheet as of 31 December 2011.
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LIABILITIES AND NET EQUITY
Notes
2011
2010
3,131,539
3,157,981
3,099,018
3,099,018
Reserves of the Parent:
28,563
180,571
Legal and bylaw reserves
451,196
451,196
Other reserves
289,249
284,144
Retained losses
(711,882)
(554,769)
NET EQUITY:
Shareholders' equity:
Note 12
Equity
Reserves at consolidated companies
3,905
(2,937)
26,684
26,421
Loss for the year attributable to the Parent:
(26,631)
(145,092)
Consolidated loss
(26,227)
(145,040)
(404)
(52)
(30,727)
(19,577)
Reserves at companies accounted for using the equity method
Loss attributable to minority interests
Valuation adjustments:
Hedges
Note 10
(24,785)
(20,258)
Translation differences of companies accounted for using the equity method
Note 12
(5,942)
681
Grants, donations or gifts and legacies received
Note 12
465,860
449,270
Minority interests
Note 12
773
359
3,567,445
3,588,033
510,804
635,319
248,868
417,278
99,033
161,801
162,903
56,240
Total Net Equity
NON-CURRENT LIABILITIES:
Long-term provisions:
Provisions for long-term employee benefit obligations
Provisions for environmental costs
Other provisions
Note 13.1
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Non-current payables:
Notes
Note 14
Bank borrowings and other financial liabilities
Obligations under finance leases
2011
2010
11,655,967
11,767,503
11,636,859
11,750,592
2,124
2,589
Derivatives
Note 10
12,381
12,072
Other financial liabilities
Note 14
4,603
2,250
Deferred tax liabilities
Note 15.1
202,278
220,154
Non-current accruals and deferred income
Total non-current liabilities
1,397
1,225
12,370,446
12,624,201
CURRENT LIABILITIES:
Short-term provisions
Current payables
Note 13.2
Note 14
Derivatives
Note 10
Current payables to Group companies and associates:
Payable to companies accounted for using the equity method
Note 9.2
Trade and other payables
Payable to suppliers
Sundry accounts payable
Note 9.2
Remuneration payable
Current tax liabilities
Other accounts payable to public authorities
Note 15.1
436,960
186,040
1,687,069
1,323,867
961,605
520,608
465
441
23,574
18,996
701,425
783,822
19,778
17,955
19,778
17,955
430,627
411,921
1,485
978
297,545
254,671
33,901
32,850
-
1,466
55,112
42,324
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CONSOLIDATED BALANCE AS OF 31 December 2011 (EUR thousand)
Notes
Customer advances
Current accruals and deferred income
Total current liabilities
TOTAL LIABILITIES AND NET EQUITY
2011
2010
42,584
79,632
23
23
2,574,457
1,939,806
18,512,348
18,152,040
2011
2010
3,234,260
2,972,401
CONSOLIDATED INCOME STATEMENT FOR 2011 (EUR thousand)
Notes
CONTINUING OPERATIONS
Revenue
In-house work on non-current assets
Procurements Note
Note 16.a
Note 6
Note 16.b
Cost of raw materials and other consumables used
Work performed by other companies
9,624
9,282
(105,798)
(61,882)
(703)
(372)
(105,095)
(61,510)
Losses on impairment of raw materials and other consumables
17,851
15,625
Other operating income
14,764
13,348
Income-related grants transferred to profit or loss
3,087
2,277
Staff costs
(967,211)
(978,445)
Wages, salaries and similar expenses
(786,940)
(779,036)
(164,810)
(183,759)
(15,461)
(15,650)
(1,108,908)
(1,122,466)
Employee benefit costs
Provisions
Other operating expenses
Note 16.c
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Notes
Outside services
Note 16.d
Taxes other than income tax
Losses on, impairment of and change in allowances for trade receivables
Other current operating expenses
Depreciation and amortisation charge)
Notes 5, 6 and 7
Allocation to profit or loss of grants related to non-financial non-current
assets and other grants
Excessive provisions
Note 16.f
Impairment and gains or losses on disposals of non-current assets
Other gains or losses
2011
2010
(903,789)
(913,453)
(135,161)
(140,072)
(29,253)
(56,217)
(40,705)
(12,724)
(964,019)
(872,519)
40,101
32,845
187,056
48,375
(15,537)
(22,231)
(3,991)
10,091
323,428
31,076
Finance income
2,765
4,310
From investments in equity instruments
1,912
-
853
4,310
Finance costs
(368,070)
(253,058)
On debts to third parties
(397,780)
(257,393)
PROFIT (LOSS) FROM OPERATIONS
From marketable securities and other financial instruments
Interest cost relating to provisions
Capitalisation of finance costs
Notes 5 and 6
Change in fair value of financial instruments
Exchange differences
Impairment and gains or losses on disposals of financial instrument
FINANCIAL LOSS
Note 16.e
Results of associates accounted for using the equity method
Note 9.1
LOSS BEFORE TAX AND INVESTEES
(6,335)
(36,589)
36,045
40,924
(13,003)
38
101
239
-
(6)
(378,207)
(248,477)
11,954
17,897
(42,825)
(199,504)
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Notes
Income tax
2011
2010
16,598
54,464
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS
(26,227)
(145,040)
CONSOLIDATED LOSS FOR THE YEAR
(26,227)
(145,040)
Note 15.3
Loss attributable to minority interests
LOSS ATTRIBUTABLE TO THE PARENT
404
52
(26,631)
(145,092)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR 2011
A) CONSOLIDATED STATEMENT OF RECOGNIZED INCOME AND EXPENSES (EUR thousand)
Notes
2011
2010
(26,227)
(145,040)
Note 10
(17,327)
(30,154)
Note 12.g
61,853
71,744
Translation differences
Note 9.1
(6,623)
8,186
(13,358)
(12,477)
24,545
37,299
Note 10
12,810
(530)
Note 12.g
(40,102)
(32,845)
8,187
10,015
A) Loss per income statement
Income and expenses recognised directly in equity
Arising from cash flow hedges
Tax effect
B) Total income and expenses recognised directly in equity
Transfers to profit or loss
Tax effect
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A) CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (EUR thousand)
Notes
C) Total transfers to profit or loss
TOTAL RECOGNISED INCOME AND EXPENSE (A + B + C)
2011
2010
(19,105)
(23,360)
(20,787)
(131,101)
404
52
(21,191)
(131,153)
Total recognised income and expense attributed to non-controlling interests
Total recognised income and expense attributed to the Parent
The accompanying Notes 1 to 20 are an integral part of the consolidated statement iof changes in net equity as of 31 December 2011.
B) CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (EUR thousand )
Assigned
Equity
and Assets
BALANCE AT 2010 YEAR-END
Revaluation
Reserve
R.D.L.
7/1996
Bylaw
Reserves
Other
Reserves
of the
Parent
Consolidated
Reserves of
the Parent
Reserves
of Fully
Consolidated
Companies
“Retained
Losses”
Reserves of
Companies
Accounted
for Using
the Equity
Method
Profit (Loss)
for the Year
Attributable to
the Parent
Grants,
Donations
or Gifts
and Legacies
Received
Valuation
Adjustments
Minority
Interests
Total Equity
3,099,018
479,917
273,417
(28,721)
33,186
(201,870)
(443)
13,349
(345,860)
(6,284)
422,038
13,496
3,751,243
Total recognised income and expenses
-
-
-
-
-
-
-
-
(145,092)
(13,293)
27,232
52
(131,101)
Dividends paid
-
-
-
-
13,196
-
(1,215)
(11,981)
-
-
-
-
-
Other changes in net equity
-
(28,721)
-
28,721
(24,137)
-
(6,889)
12,106
-
-
-
(13,189)
(32,109)
Distribution of loss (2010)
-
-
-
-
(11,518)
(352,899)
5,610
12,947
345,860
-
-
-
-
3,099,018
451,196
273,417
-
10,727
(554,769)
(2,937)
26,421
(145,092)
(19,577)
449,270
359
3,588,033
-
-
-
-
-
-
-
-
(26,631)
(11,150)
16,590
404
(20,787)
Dividends paid
-
-
-
-
15,873
-
(1,112)
(14,761)
-
-
-
-
-
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B) CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (EUR thousand )
Assigned
Equity
and Assets
Other changes in equity
Bylaw
Reserves
-
Distribution of 2011 loss
Revaluation
Reserve
R.D.L.
7/1996
-
Other
Reserves
of the
Parent
Consolidated
Reserves of
the Parent
-
-
1,264
Reserves
of Fully
Consolidated
Companies
“Retained
Losses”
Reserves of
Companies
Accounted
for Using
the Equity
Method
-
1,798
(2,873)
Profit (Loss)
for the Year
Attributable to
the Parent
Grants,
Donations
or Gifts
and Legacies
Received
Valuation
Adjustments
-
-
Minority
Interests
-
Total Equity
10
199
-
-
-
-
(12,032)
(157,113)
6,156
17,897
145,092
-
-
-
-
3,099,018
451,196
273,417
-
15,832
(711,882)
3,905
26,684
(26,631)
(30,727)
465,860
773
3,567,445
The accompanying Notes 1 to 20 are an integral part of the consolidated statement iof changes in net equity as of 31 December 2011.
CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2011 (EUR thousand)
CASH FLOWS FROM OPERATING ACTIVITIES (I)
Loss for the year before tax
Adjustments for:
- Depreciation and amortisation charge
- Impairment losses
- Changes in provisions
- Recognition of lease premium
- Recognition of grants in profit or loss
- Gains/Losses on derecognition and disposal of non-current assets
- Gains/losses on derecognition and disposal of financial instruments
- Finance income
- Finance costs
2011
2010
869,282
570,795
(42,825)
(199,504)
1,229,551
1,222,464
964,019
872,519
29,107
56,167
(71,715)
87,077
(23)
(23)
(40,101)
(32,845)
15,537
22,550
1,093
6
(43)
(4,310)
326,328
231,330
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2011
2011
2010
- Exchange differences
(101)
(239)
- Changes in fair value of financial instruments
3,679
(38)
(10,183)
(27,627)
- Other revenues and expenses
- Results of associates accounted for using the equity method
11,954
17,897
Changes in working capital
30,126
(153,918)
396
(861)
(145,730)
(121,077)
(12,944)
2,943
13,636
(27,083)
- Inventories
- Trade and other receivables
- Other current assets
- Trade and other payables
- Other current liabilities
438,555
(7,840)
- Other non current assets and liabilities
(263,787)
-
Other cash flows from operating activities
(347,570)
(298,247)
- Interest paid
(374,673)
(297,371)
- Dividends received
1,912
-
- Interest received
1,318
4,241
24,274
(5,117)
- Income tax recovered (paid)
- Other received (paid)
CASH FLOWS FROM INVESTING ACTIVITIES (II)
Payments due to investment
- Intangible assets
- Property, plant and equipment
- Property
- Other financial assets
(401)
-
(1,221,369)
(1,732,502)
(1,224,387)
(1,732,918)
(62,518)
(72,186)
(1,159,828)
(1,660,028)
(1,524)
-
(517)
(704)
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CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2011
Proceeds from disposal
- Property, plant and equipment
CASH FLOWS FROM FINANCING ACTIVITIES (III)
2011
2010
3,018
416
-
260
3,018
156
351,881
1,156,058
Proceeds and payments relating to equity instruments
29,450
69,453
- Grants, donations or gifts and legacies received
29,450
69,453
Proceeds and payments relating to financial liability instruments
322,431
1,086,605
- Proceeds from issue of bank borrowings
660,171
1,530,000
(335,773)
(441,056)
- Repayment of bank borrowings
(1,967)
(2,339)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES (IV)
- Other (-)
101
236
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III+IV)
105
(5,413)
Cash and cash equivalents at beginning of year
8,617
14,030
Cash and cash equivalents at end of year
8,512
8,617
The accompanying Notes 1 to 20 are an integral part of the consolidated statement of cash flows for 2011.
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1. Group Activities and Structure
Entidad Pública Empresarial “Aeropuertos Españoles y Navegación Aérea (AENA)” (“AENA” or“the Entity”) was set up under Article 82 of
State Budget Law 4/1990 of 29 June. It was effectively formed on 19
June 1991 following the entry into force of its bylaws, which were approved by Royal Decree 905/1991 of 14 June.
The Entity is structured as a public law entity attached to the Ministry
of Public Works with its own legal personality independent from that
of the State, and carries on its business activity within the framework
of the Government’s general transport policy.
Its bylaws, approved by Royal Decree 905/1991 of 14 June, were subsequently amended by Royal Decree 1993/1996 of 6 September, Royal
Decree 1711/1997 of 14 November, and Royal Decree 2825/1998 of
23 December.
Its purposes, per its bylaws, are as follows:
1. The organization, management, coordination, operation, upkeep
and administration of civilian public airports and of the related services, and the coordination, operation, upkeep and administration of
civilian areas at air bases open to civil aviation traffic.
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Annual consolidated profit
3. The organization, management, coordination, operation, upkeep
and administration of aeronautical telecommunications system facilities and networks, navigation aids and air traffic control.
4. The design, execution, management and control of investments in
aeronautical telecommunications system infrastructures, facilities
and networks, navigation aids and air traffic control.
5. The submission of proposals for the planning of new airport and air
navigation infrastructure and the modification of air space.
6. The development of security services at airports and control centers
and participation in specific training relating to air transport and
subject to the grant of official licenses, all without detriment to the
functions assigned to the Spanish Directorate-General of Civil Aviation.
7. Equity investments in other companies or entities related to its activities that have a different purpose.
Services were first provided at Spanish airports in November 1991, and
the provision of services relating to navigation aids and air traffic control commenced in November 1992, when the formation of the Entity
was completed.
The Entity’s registered office is in Madrid, at calle Arturo Soria, 109.
2. The design, execution, management and control of investments in
airport infrastructure and facilities.
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Also, the Entity heads the Group composed of various companies engaging mainly in the management of airport infrastructure and consulting and engineering projects, particularly those relating to transport and its infrastructure.
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SCOPE OF CONSOLIDATION
The list of subsidiaries and associates, together with the carrying
amount of the ownership interests, in EUR thousand, relating thereto
is as follows:
2011
Ownership interest
%
Company and Registered Office
Carrying amount
of investment
Line of Business
Direct
Indirect
Owner of investment
Consolidation
Method
EPE AENA
Fully consolidated
EPE AENA
Indirecto INECO
Fully consolidated
Subsidiaries:
Aena Aeropuertos, S.A. (a)
Arturo Soria, 109
Madrid (1)
Centro de Referencia Investigación, Desarrollo e Innovación ATM. A.I.E. (CRIDA) (a)
Juan Ignacio Luca de Tena, 14
Madrid (2)
Aena Desarrollo Internacional, S.A. (a)
Arturo Soria, 109
Madrid (1)
Centros Logísticos
Aeroportuarios, S.A. (CLASA) (a)
Edificio de Servicios Generales
Aeropuerto de Madrid – Barajas
Madrid (2)
Concesionaria del Aeropuerto de MadridBarajas S.A.U.
Concesionaria del Aeropuerto de Barcelona
El Prat S.A.U.
Operation, maintenance, management and
administration of airport infrastructure
and supplementary services.
Performance of R&D activities within the
scope of ATM aimed at improving
the services (in particular security, capacity
and economic and
environmental efficiency) of the Spanish Air
Traffic Control system.
Development, construction, management,
operation and maintenance of
air cargo centers or equivalent centers at
airports, and also as many commercial
activities as are directly or indirectly related
thereto.
100
-
2,600,868
66.66
-
7,64
480
120
100
-
84,870
Aena Aeropuertos
S.A.
Fully consolidated
100
-
42,468
Aena Aeropuertos
S.A.
Fully consolidated
Airport franchise management.
100
-
61
Airport franchise management.
100
-
61
Aena Aeropuertos
S.A.
Aena Aeropuertos
S.A.
Fully consolidated
Fully consolidated
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Ownership interest
Line of Business
%
Direct
Carrying amount
of investment
Indirect
Owner of investment
Consolidation
Method
Subsidiaries:
Ingeniería y Economía del Transporte, S.A.
(INECO) (a)
Paseo de la Habana, 138
Madrid (2)
Restauración de Aeropuertos Españoles, S.A.
(RAESA) (a)
Aeropuerto de Madrid-Barajas
Madrid (2)
Consulting and engineering projects particularly relating to transport and its
infrastructure.
Operation of catering services at the MadridBarajas Airport.
45.85
-
3,783
EPE AENA
Equity method
48.99
-
1,353
Aena Aeropuertos
S.A.
Equity method
Aeropuertos Mexicanos del Pacífico, S.A.
de CV (AMP) (a)
México DF (2)
Operator of Grupo Aeroportuario del Pacífico
(GAP) airports.
-
33.33
84,121
Aena Desarrollo
Internacional
Equity method
Sociedad Aeroportuaria de la Costa S.A.
(SACSA) (a)
Aeropuerto Rafael Núñez
Cartagena de Indias – Colombia (2)
Operation of the Cartagena Airport.
-
37.89
690
Aena Desarrollo
Internacional
Equity method
Aeropuertos del Caribe, S.A. (ACSA) (a)
Aeropuerto Ernesto Cortissoz
Barranquilla – Colombia (2)
Operation of the Barranquilla Airport.
-
40
159
Aena Desarrollo
Internacional
Equity method
Aerocali, S.A. (a)
Aeropuerto Alfons Bonilla Aragón
Cali - Colombia (2)
Operation of the Cali Airport.
-
33.33
1,659
Aena Desarrollo
Internacional
Equity method
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2010
Ownership interest
Line of Business
%
Direct
Carrying amount
of investment
Indirect
Owner of investment
Consolidation
Method
Subsidiaries:
Arturo Soria, 109
Madrid (1)
100
-
83,184
AENA
Fully consolidated
Centros Logísticos
Madrid (2)
thereto.
100
-
24,137
AENA
Fully consolidated
Centro de Referencia Investigación, Desarrollo e Innovación ATM. A.I.E. (CRIDA) (a)
Juan Ignacio Luca de Tena, 14
Madrid (2)
Performance of R&D activities within the scope
of ATM aimed at improving
the services (in particular security, capacity and
economic and
environmental efficiency) of the Spanish Air
Traffic Control system as an
integral part of a global system.
66.66
-
7.64
480
120
AENA
Indirectly INECO
Fully consolidated
Ownership interest
Line of Business
%
Direct
Carrying amount
of investment
Indirect
Owner of investment
Consolidation
Method
Subsidiaries:
Ingeniería y Economía del Transporte, S.A.
(INECO) (a)
Paseo de la Habana, 138
Madrid (2)
Consulting and engineering projects particularly relating to transport and its
infrastructure.
45.85
-
3,783
AENA
Equity Method
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Ownership interest
Line of Business
%
Direct
Carrying amount
of investment
Indirect
Owner of investment
Consolidation
Method
Subsidiaries:
Restauración de Aeropuertos Españoles, S.A.
(RAESA) (a)
Madrid (2)
Operation of catering services at the MadridBarajas airport.
Aeropuertos Mexicanos del Pacífico, S.A. de
CV (AMP) (a)
México DF (2)
Operator of Grupo Aeroportuario del Pacífico
(GAP) airports.
Sociedad Aeroportuaria de la Costa S.A.
(SACSA) (a)
Operation of the Cartagena Airport.
Operation of the Barranquilla Airport.
Aerocali, S.A. (a)
Cali - Colombia (2)
Operation of the Cali Airport.
48.99
-
-
33.33
-
-
-
294
AENA
Equity Method
84,121
Aena Desarrollo
Internacional
Equity Method
690
Aena Desarrollo
Internacional
Equity Method
159
Aena Desarrollo
Internacional
Equity Method
1,659
Aena Desarrollo
Internacional
Equity Method
37.89
40
33.33
(a) Information obtained from the separate financial statements for 2011 and 2010.
(1) Companies audited by the PwC network.
(2) Company audited by other auditors.
On 31 December 2011 and 2010, none of these companies was listed on the stock market.
On 24 February 2006, Grupo Aeroportuario del Pacifico, S.A. (a company participated by AMP) started quoting on the Mexican and New York Stock Markets, through a Initial Public Offering of the
Mexican Government (the last proprietor of 85% of the capital). Also, Aeropuertos Mexicanos del Pacífico purchased in the stock market 2.296% of Grupo Aeroportuario del Pacífico, S.A. totalling
286,297,895 Mexican pesos (MXN), owning a total 17.296% of its capital. In May 2008, 640,000 shares were purchased in the stock market for 26,229,376 Mexican pesos (MXN), 0.11396%, owning
a total 17.40996% share of Grupo Aeroportuario del Pacífico, S.A. The average share price Aeropuertos Mexicanos del Pacífico owns of Grupo Aeroportuario del Pacífico amounts to 23.12 Mexican
peso (MXN), while the quotation value on 31 December 2011 was 47.25 Mexican pesos (MXN).
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2. Basis of presentation
a) Regulatory framework for financial reporting applicable to the Company
These Consolidated annual statements were formally prepared by the
directors in accordance with the regulatory financial reporting framework applicable to the Company, which consists of:
a) The Spanish Commercial Code and all other Spanish corporate law.
b) The Spanish regulations for the preparation of Financial Statements
approved by Royal Decree 1159/2010 and the Spanish National
Chart of Accounts approved by Royal Decree 1514/2007 and its
industry adaptations.
c) The mandatory rules approved by the Spanish Accounting and Audit Institute in order to implement the Spanish National Chart of
Accounts and the relevant secondary legislation.
d) All other applicable Spanish accounting legislation.
b) FAIR PRESENTATION
The accompanying financial statements, which were obtained from
the accounting records of Entidad Pública Empresarial “Aeropuertos
Españoles y Navegación Aérea (Aena)” and of its subsidiaries, are presented in accordance with the regulatory framework applicable to
the Group and, in particular, with the accounting principles and rules
2011 Annual report
Legal information
contained therein, and, accordingly, are a fair representation of the
Group´s equity, financial position, results of operations and cash flows
for 2011.
These financial statements, which were formally prepared by the
Chairman and General Manager of the Parent, will be submitted for
approval of the Board of Directors of the Parent. It is expected that
they will be approved without any changes. The financial statements
for 2010 were approved by the Board of Directors of the Parent at its
meeting held on 23 May 2011.
c) ACCOUNTING PRINCIPLES APPLIED
These consolidated financial statements were prepared by taking into
account all the obligatory accounting principles and standards with
a significant effect hereon. All obligatory accounting principles were
applied.
On 31 December 2011, the Group had a negative working capital of
EUR 2,004 million and a loss for the year of EUR 26 million. In order
to meet its investment commitments and settle its liabilities, the Group
has credit lines and undrawn loans of EUR 528.8 million (see Note
14), in addition to the cash flows that will be generated in 2012. Also,
under the “Framework Agreement to finance the Strategic Plan for
Infrastructures and Transport” (PEIT) between the Ministry of Public
Works and the European Investment Bank (EIB) of 4 July 2006, the Parent public entity Group may opt to arrange supplementary financing of
EUR 115 million subject to the EIB’s positive assessment of the projects
for which the financing is requested.
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4
Additionally, renewals/extensions of credit lines and non-current loans
have already been negotiated for EUR 175 million, as has the emission
of a line of short-term commercial paper, European Commercial Paper,
for EUR 150 million.
In view of the foregoing, the directors of the parent public entity consider
that it will not have any difficulties in fulfilling its short-term obligations.
d) Key issues in relation to the measurement and estimatE of uncertainty
In preparing the accompanying consolidated financial statements, estimates were made by the Group companies’ directors in order to measure some of the assets, liabilities, income, expenses and obligations
reported herein. These estimates relate basically to the following:
• The assessment of possible impairment losses on certain assets (see
Note 4)
• The useful life of property, plant and equipment and intangible assets (see Note 4)
• The calculation of provisions (see Note 13)
• The market value of certain financial instruments (see Note 10).
Although these estimates were made on the basis of the best information available at 2011 year-end, events that take place in the future
might make it necessary to change these estimates (upwards or downwards) in coming years.
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e) GROUPING OF ITEMS
Certain items in the consolidated balance sheet, consolidated income
statement, consolidated statement of changes in equity and consolidated statement of cash flows are grouped together to facilitate their
understanding; however, whenever the amounts involved are material,
the obligatory information is broken down in the related notes to the
consolidated financial statements.
f) Consolidation methods
The consolidation was carried out in accordance with current legislation by applying the following methods:
1. Companies over which “Aeropuertos Españoles y Navegación Aérea
(AENA)” exercises control (combined direct and indirect ownership
interest of more than 50%) are deemed to be subsidiaries. Financial
statements of subsidiaries are consolidated using the method of
global integration.
2. Companies over which the Company has the capacity to exercise
significant influence are deemed to be associates. Significant influence is presumed to exist when the Company’s percentage of ownership is greater than 20% but less than 50%. These companies
were accounted for using the equity method.
In all cases the financial statements of the Group companies used in
the process of consolidation are those for the year ended 31 December
2011.
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The profit or loss on the transactions of companies that were acquired
or disposed of was included from the date of acquisition or up to the
date of disposal, respectively.
For the purposes of the accompanying consolidated financial statements, the date of first-time consolidation for each subsidiary was
deemed to be that on which it joined the Group or the date of its first
consolidation, if later.
Balances and transactions between companies included in the
scope of consolidation
The accounts receivable and payable and significant transactions between consolidated companies were eliminated upon consolidation.
Standardisation of accounting principles
In order to uniformly present the items included in the accompanying
consolidated financial statements, the same methods were applied to
all the companies included in the scope of consolidation.
Minority interests
The share of third parties in the equity and profit/loss of companies
that were fully consolidated is shown under “Equity - Minority Interests” in the consolidated balance sheet and under “Loss Attributable
to Minority Interests” in the accompanying 2011 consolidated income
statement, respectively.
Exchange methods (year-end rate method)
The financial statements of the Colombian associates Aeropuertos del
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Legal information
Caribe S.A., Sociedad Aeroportuaria de la Costa S.A. and Aerocali S.A.
and the Mexican associate Aeropuertos Mexicanos del Pacífico S.A. de
CV were converted to euros at the exchange rates ruling at year-end,
by applying the following procedure:
1. The asset and liability items of the foreign company were converted
at the exchange rate ruling at the closing date of the company in
question.
2. The equity items of the foreign company were converted at the historical exchange rates prevailing at the date on which the item was
included in the company’s equity.
The differences accumulated on the transition date as a result of the
application of this exchange method were deemed to be investor reserves. The exchange differences arising in the year were included under “Equity – Valuation Adjustments” in the accompanying balance
sheet on 31 December 2011.
g) CHANGES IN THE CONSOLIDATION PERIMETER
Royal Decree-Law 13/2010 on tax, labour and liberalisation measures
aimed at encouraging investment and job creation was passed on 3
December 2010. This Royal Decree deals with the new legal framework for the modernization and liberalization of the 47 airports of the
Aena network. The new regulation tries to carry out the transformation
of the Spanish airport system, which, since 1990, has been managed
by Public Business Entity ‘Aeropuertos Españoles y Navegación Aérea’
(Aena) in order to open it to new ways of decentralized management
and to private sector collaboration.
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In order to achieve this, the Government was authorised to create before 28 February 2011, the state Trading Company Aena Aeropuertos
S.A., which assumes the whole set of functions and responsibilities
that is currently exerted by the Public Business Entity Aena regarding
the management and operation of airport services and any additional
competences conferred to the airport service provider by national or
international regulations, related to the airport and heliport network
managed by Aena. However, the state competencies regarding air
navigation will be exerted by the Public Business Entity, in the legal
framework stated by the Law 9/2010, 14 April.
In order to provide the subsidiary Aena Aeropuertos S.A. with the resources required to fulfill its objectives, Article 9 of Royal Decree-Law
13/2010 of 3 December stipulates the reversal of all the airport assets
of the Public Business Entity Aena, so all State public domain goods attached to the Public Business Entity Aena not related to air navigation
services, including those for aerodrome air traffic services, will cease to
be of public domain, although the expropriation aim is not altered, so
the reversal will not be necessary.
Once the creation of the state trading company Aena Aeropuertos,
S.A. was authorized by the Council of Ministers on 25 February, 2011,
the company was incorporated through the issuance of 61 shares of
1,000 euros of nominal value, subscribed and paid entirely by the
public entity business “Aeropuertos Españoles y Navegación Aérea”,
which is its sole shareholder. The Public Business Entity Aeropuertos
Españoles y Navegación Aérea will retain, in any case, most of the
capital of Aena Aeropuertos, S.A under the terms provided for by
article 7.1 second subparagraph of the Royal Decree-Law 13/2010 of
3 December, and may dispose of the rest pursuant to the stipulations
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of Law 33/2003 of November 3, “Patrimonio de las Administraciones
Públicas” (Law on Public Administration Assets).
On 23 May 2011, the Board of Directors of Aena was authorised to
contribute to Aena Aeropuertos, S.A., all assets, rights, debts and obligations subject to the development of airport and commercial activities and other state-owned services related to airport management,
including aerodrome air traffic services of the Public Business Entity,
and established that, pursuant to section 4 of Council of Ministers’
Agreement dated 25 February 2011, all assets, rights, debts and obligations subject to the activity of approval of construction work in
airport infrastructures operated by Aena Aeropuertos S.A., and coordinating and facilitating time frames, and any other activity related to
airport management not included in the corporate purpose of Aena
Aeropuertos S.A.
The incorporation of this company was recorded in the commercial
register following the agreement of the Board of Directors on 23 May
2011, whereby the approval of the company’s activity and valuation
was finalised. The actual date of registration in the Commercial Register is 31 May 2011.
All ongoing contracts, tender dossiers, and lawsuits related to airport
activity are transferred to Aena Aeropuertos, S.A. Additionally, all Public Business Entity “Aeropuertos Españoles y Navegación Aérea” staff,
needed to provide services for the airport activity, contribute to and are
integrated into the new public company which subrogates as their employer. The staff herein shall maintain seniority and any other rights accumulated when the company begins to operate, as well as the same
collective bargaining agreements and valid terms of contract.
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Pursuant to an agreement by the Council of Ministers on 3 June, 2011
the company is authorised to contribute all Public Business Entity
“Aeropuertos Españoles y Navegación Aérea” airport assets to the
new public company Aena Aeropuertos S.A., and to increase capital
that was fully subscribed by its sole shareholder, the Public Business
Entity “Aeropuertos Españoles y Navegación Aérea”.
On 6 June 2011 the Public Business Entity “Aeropuertos Españoles
y Navegación Aérea”, the Company’s Sole Shareholder, in order to
comply with the Council of Minister’s agreement dated 3 June 2011,
adopted the decisions to accept the contribution of all assets and liabilities subject to the airport activity of Aena, the subrogation of all
contracts of any kind related to airport activity subscribed by Aena and
every lawsuit subject to the development of state-owned services related to airport management, including aerodrome air traffic services.
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b. To increase the company capital from €61,000 to €1,500,000,000
(ONE THOUSAND FIVE HUNDRED MILLION EUROS), i.e. a share capital
increase of €1,499,939,000.
c. Ordinary shares of a nominal value of €10 each were to be issued
to represent the aforementioned capital increase of 149,993,900,
with the same rights and obligations as the previous ones. These new
shares are to be issued with a total share premium of €1,100,868,000
(ONE THOUSAND ONE HUNDRED MILLION EIGHT HUNDRED AND
SIXTY-EIGHT THOUSAND EUROS), thus making the total amount paid
out as capital and share premium €2,600,807,000 (TWO THOUSAND
SIX HUNDRED MILLION EIGHT HUNDRED AND SEVEN THOUSAND EUROS).
Also, on 6 June 2011 the Public Business Entity “Aeropuertos Españoles
y Navegación Aérea”, the Company’s Sole Shareholder, adopted the
following sole shareholder decisions:
d. In accordance with the provisions of Article 9 of Royal Decree, Law
13/2010 and in the agreements of 25 February and 3 June 2011, the
Public Business Entity “Aeropuertos Españoles y Navegación Aérea”
fully subscribes and pays out the total face value of the shares and the
share premium through the activity referred to in paragraph 1 of this
section of the report.
a. To reduce the par value of the company shares by ONE THOUSAND
EUROS (€1,000) per share by dividing the SIXTY-ONE shares in circulation into SIX THOUSAND ONE HUNDRED new shares with the proportion of ONE HUNDRED new shares for each old share, without allowing this to cause the amount of the share capital of the company to
vary. As a result the share capital is SIXTY ONE THOUSAND EUROS and
is represented by SIX THOUSAND ONE HUNDRED SHARES of TEN EUROS par value. All shares are of the same kind with the same political
and economic rights.
e. The Public Business Entity, “Aeropuertos Españoles y Navegación
Aérea”, contributes to the company the whole activity as an operating unit in the state in which it is found (ownership, rights of use,
situation, charges, etc.) according to the terms in Royal Decree, Law
13/2010. Concerning the contribution, the Public Business Entity
“Aeropuertos Españoles y Navegación Aérea”, in accordance with Article 66 of the Capital Companies Act, approved by Royal Legislative
Decree 1/2010 of 2 July, would respond only if the fault or warranty
of title were to affect all or an essential part of the activity. For these
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purposes, anything that affects 20% or more of the total value of the
contributed activity shall be understood as an essential part, or when
an airport is individually affected so as to prevent it exercising its activity as an airport, without detriment to the jurisdictional control over
existing legislation.
transferred as €2,600,807,000. This valuation was carried out using
the net worth value of the branch of activity provided as a benchmark,
in accordance with current accounting standards and particularly the
General Accounting Plan. It complies with the requirements of Article
114 of the LPAP.
In addition to the aforementioned, any difference that may arise between the estimate of the value of assets and liabilities contributed
on which the necessary capital increase of the company is based and
the value of the assets and liabilities actually contributed, that may
occur during the period elapsing from the date of the contribution to
the date of transmission to private investors of part of the company’s
capital, would be adjusted. The adjustment would be of the same
amount, as a greater or lesser credit balance awarded by the Public
Business Entity “Aeropuertos Españoles y Navegación Aérea” to the
company, this under no circumstances affecting the capital increase
adjustment.
h. In accordance with Articles 70 and 300.1 of the Capital Companies
Law, the Company Board Members have signed the report which the
sole shareholder has examined.
f. All Public Business Entity “Aeropuertos Españoles y Navegación Aérea” staff needed to provide services for the activity, contribute to and
are integrated into the company with the same collective bargaining
agreements and valid terms of contract. Seniority and any other rights
accumulated when the company begins to operate are respected.
g. The Split and the valuation of the activity contributed were approved
by the Board of Directors of the Public Business Entity “Aeropuertos
Españoles y Navegación Aérea” on 23 May 2011 in accordance with
the valuation report made, which resulted in an amount of the Activity
i. The company will begin exercising the activity with effect on the date
to be determined by order of the Minister of Development, expected in
the second transitional provision of Royal Legislative Decree 13/2010.
j. The contribution of the activity is applied under the special regime
stipulated in Chapter VIII of Title VII of Royal Decree, Law 4/2004 of 5
March, which approves the revised text of the Law on corporate tax
(TRLIS) in accordance with the stipulations of the third additional provision 2 of Royal Decree, Law 13/2010.
Pursuant to the second transitional provision of Royal Legislative Decree 13/2010, of 3 December, once the staff, and the set of assets,
rights, contracts, tender dossiers, debts, and obligations, of Aena integrating in Aena Aeropuertos, S.A. are established, the contribution
to the public trade company, and its acceptance of the contribution
completed, by means of Ministry Order FOM/1525/2011, of 7 June,
the effective date of beginning for Aena Aeropuertos, S.A. to exercise
the functions and obligations subject to airport management is 8 June
2011, date from which Public Business Entity “Aeropuertos Españoles
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y Navegación Aérea” (Aena), ceases to exercise state-owned services
related to airport management.
4. Measurement bases
Additionally, in 2011 the subsidiary Aena Aeropuertos S.A. founded
the concession company for the Madrid-Barajas Airport and the concession company for Barcelona-El Prat Airport with a company capital
of EUR 61 thousand each and with no operations during the year. In
fact, on 25 January 2012 the Board of Directors agreed to waive the
contracts related to lots I y II of the “Tender process to select partners
to participate in the share capital of the public limited liability companies in charge of the management of the airport service concessions
for Madrid – Barajas and Barcelona –El Prat (See note 19).
The principal measurement bases applied by the Company and its Subsidiaries (AENA Group) in preparing their consolidated financial statements for 2011, in accordance with the Spanish National Chart of
Accounts, were as follows:
3. Allocation of loss
a) INTANGIBLE ASSETS
Intangible assets are recognised at acquisition, production cost or their
saleable assignment value. Amortisation is calculated on a straight-line
basis based on the useful lives of the related assets at the following
rates:
Concept
The allocation of the loss for 2011 submitted by the Chairman – General Manager of the Company, per the bylaws, is as follows:
Thousands of Euros
Basis of allocation:
Loss for the year
62,999
Appropriation to:
Retained losses
62,999
Computer software
%
25
17-25
12.5-25
Development expenditure, specifically itemised by project, which is, or
will foreseeably be economically and financially profitable and technically successful, is capitalised and amortised over a period of four years
from the date of completion. If there are changes in the favourable circumstances of the project that made it possible to capitalise these expenses, the unamortised portion is charged to income in the year in
which these conditions change.
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“Computer Software” relates to the amounts paid to acquire and develop certain computer programs. Computer software maintenance
costs are recognised with a charge to the income statement for the
year in which they are incurred.
“Other intangible assets” relates to the capitalisation of the Airport
Master Plans by the subsidiary Aena Aeropuertos, S.A. and the studies
associated with them, which are amortised over a period of 8 years.
Impairment of intangible assets and property, plant and equipment
At least at year end, the Group tests the non-current and intangible
assets for impairment to determine whether the recoverable amount
of the assets was reduced to below their carrying amount.
The Group makes a distinction between cash-generating assets and
non-cash-generating assets. Cash-generating assets are items of
property, plant and equipment, intangible assets or property owned
to obtain a profit or generate a commercial return through the delivery of goods or the provision of services, while non-cash-generating
assets are items owned for a purpose other than to obtain a commercial return. On certain occasions, even if an asset is held mainly
to produce social economic flows that benefit the group, it can also
generate a commercial return through part of its installations or
components or through a use both incidental and different to its
main use. When the cash-generating component or use can be considered accessory with respect to the main objective of the asset as
a whole, or it cannot be operated or exploited independently from
the rest of the components and installations composing the asset, it
is considered as a whole to be non-cash-generating. The recoverable
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amount is the higher of fair value less costs to sell and value in use. In
the case of non-cash-generating assets, the value in use will be determined by reference to their depreciated replacement cost.
The Parent performs impairment tests as follows:
• The recoverable amounts are calculated for each cash generating
unit; for the whole airport network and all the air traffic control
centers and towers through which the air traffic control service is
provided.
• Management prepares a business plan each year (Pluriannual Action Plan) which generally spans a period of three years. The main
components of this plan, on which the impairment test is based,
are as follows:
»» Earning projections.
»» Working capital and investments projections.
• Other variables affecting the calculation of the recoverable amount
are:
»» The discount rate to be used, which is taken to be the weighted
average cost of capital, the main variables with an effect on its
calculation being interest costs and the risks specific to the assets.
»» The cash flow growth rate used to extrapolate the cash flow projections to beyond the period covered by the budgets or forecasts.
• The Pluriannual Action Plans are prepared in accordance with the
best estimates available and are approved by the Board of Directors.
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If an impairment loss has to be recognised, the Group reduces the
carrying amount of the assets in the cash generating unit down to the
limit of the highest of the following values: fair value less costs to sell;
value in use (or, in the case of non-cash-generating assets, depreciated
replacement cost).
If an impairment loss were to subsequently reverse, the carrying
amount of the asset or cash-generating unit would be increased to
the revised estimate of its recoverable amount, such that the increased
carrying amount does not exceed the carrying amount that would be
determined had no impairment loss been recognised in prior years.
Such a reversal of an impairment loss would be recognised as income.
In 2011 no material impairment losses were detected as a result of the
preceding analysis.
b) Property, plant and equipment
Property, plant and equipment are presented in the consolidated balance sheet and are measured at acquisition cost, production cost or
saleable assignment value less any accumulated depreciation and any
accumulated impairment losses, as indicated in the previous note.
Assigned property, plant and equipment are measured at their saleable
value, which is considered to be the actual value in use based on an independent appraisal since, given that they are assigned to the Parent’s
assets, no consideration, which would have enabled the acquisition
cost to be determined, was paid.
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Property, plant and equipment additions and purchases made by the
Group are measured at acquisition or production cost and include the
environmental costs required to make them.
Property, plant and equipment additions prior to 31 December 1996
are measured at revalued cost or initial appraisal value, pursuant to the
related enabling legislation.
Interest and other finance costs incurred, directly attributable to the
acquisition or construction of assets at the various airports, which necessarily require a period of at least 12 months to come into operation,
are treated as an addition to the related assets. The assets not included
in the airport network do not include the finance costs related to their
financing.
In-house work on non-current assets is measured at accumulated cost
(external costs plus inhouse costs, determined on the basis of in-house
materials consumption, direct labour and general manufacturing costs).
Replacements or renewals of complete items that lead to a lengthening of the useful life of the assets or to an increase in their economic
capacity are accounted for as additions to property, plant and equipment, and the items replaced or renewed are derecognised.
Periodic maintenance, upkeep and repair expenses are recognised in
the income statement on an accrual basis as incurred.
The Group depreciates its property, plant and equipment once they
are ready for use by the straight-line method apportioning the carrying
amount of the assets over their estimated useful lives, except in the
case of land, which is considered to have an indefinite useful life and
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is therefore not depreciated. The useful life of the assigned property,
plant and equipment was estimated on the basis of the degree of use
of the assets included under each heading. The years of estimated useful life are as follows:
Concept
Years
Buildings
20 - 50
Plant
10 - 20
Machinery
5 - 25
Other fixtures
8 - 20
Furniture
10 - 13
Other property, plant and equipment items
4 - 17
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Finance Leases
In finance leases in which the Group acts as the lessee, the cost of the
leased assets is presented in the consolidated balance sheet, based
on the nature of the leased asset, and, simultaneously, a liability is
recognised for the same amount. The cost is calculated by updating
the amounts payable provided for in the agreement, including those
stipulated in the agreement in relation to the purchase option and
the effective interest rate. The total finance charges arising under the
lease are allocated to the consolidated income statement for the year
in which they are incurred using the effective interest method. Contingent rent is recognised as an expense for the period in which it is
incurred.
c) INVESTMENT PROPERTY
Operating leases
Lease income and expenses from operating leases corresponding to
the lessee are recognised in the consolidated income statement on an
accrual basis.
“Investment Property” in the consolidated balance sheet includes the
value of buildings, other structures and fixtures held to earn rentals.
The acquisition cost of the leased assets is presented in the consolidated balance sheet according to the nature of the asset.
Investment property is measured as described in Note 4-b on property,
plant and equipment.
Any collection or payment that might be made when arranging an
operating lease will be treated as a prepaid lease collection or payment
which will be allocated to profit or loss over the lease term.
d) LEASES
Leases are classified as finance leases whenever the terms of the lease
transfer substantially all the risks and rewards incidental to ownership
of the leased asset to the lessee. All other leases are classified as operating leases.
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e) FINANCIAL INSTRUMENTS
e-1) Financial assets
Classification
The financial assets held by the Group are classified in the following
categories:
a. Loans and receivables.
b. Minority shareholdings : assets acquired with the intention of selling them in the short term and assets that form part of a portfolio
for which there is evidence of a recent actual pattern of short-term
profit-taking. This category also includes financial derivatives that
have not been designated as hedging instruments.
c. Available-for-sale financial assets: these are equity instruments of
other companies that were not classified in any of the aforementioned categories
Initial recognition
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Available-for-sale financial assets are measured at fair value and the
gains and losses arising from changes in fair value are recognised in
equity until the asset is disposed of or it is determined that it has become (permanently) impaired, at which time the cumulative gains or
losses previously recognised in equity are recognised in the net profit
or loss for the year.
Impairment losses are recognised or reversed with a charge or credit to
income, respectively, in the year in which they are incurred.
The Group derecognises a financial asset when it expires or when the
rights to the cash flows from the financial asset were transferred and
substantially all the risks and rewards of ownership of the financial asset were transferred.
e-2) Financial liabilities
Accounts payable are initially recognised at the fair value of the consideration received, adjusted by the directly attributable transaction costs.
These liabilities are subsequently measured at amortised cost.
Financial assets are initially recognised at the fair value of the consideration given, plus any directly attributable transaction costs.
Subsequent measurement
Loans and receivables and held-to-maturity investments are measured
at amortised cost. If the recoverable value of the asset is estimated to
be lower than its amortised cost taking into account the solvency of
the debtor and the age of the debt, the Group recognises the related
impairment loss with charge to income.
f) HEDGE ACCOUNTING
The Group uses derivative financial instruments to hedge the risks to
which its business activities, operations and future cash flows are exposed. These risks arise mainly as a result of changes in exchange rates
and interest rates.
In order for this financial instrument to qualify for hedge accounting,
it was initially designated as such and the hedging relationship was
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documented. Also, the Group verifies, both at inception and periodically over the term of the hedge (at least at the end of each reporting
period), that the hedging relationship is effective, i.e. that it is prospectively foreseeable that the changes in the fair value or cash flows of the
hedged item (attributable to the hedged risk) will be almost fully offset
by those of the hedging instrument and that, retrospectively, the gain
or loss on the hedge was within a range of 80-125% of the gain or
loss on the hedged item.
In a cash flow hedge, the portion of the gain or loss on the hedging
instrument that was determined to be an effective hedge is recognised
temporarily in equity and is recognised in the consolidated income
statement in the same period during which the hedged item affects
profit or loss, unless the hedge relates to a forecast transaction that
results in the recognition of a non-financial asset or a non-financial liability, in which case the amounts recognised in equity are included in
the initial cost of the asset or liability when it is acquired or assumed.
Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated or exercised,or no longer qualifies for
hedge accounting. At that time, any cumulative gain or loss on the
hedging instrument recognised in equity is retained in equity until
the forecast transaction occurs. If a hedged transaction is no longer
expected to occur, the net cumulative gain or loss recognised in equity
is transferred to net profit or loss for the year and the amount thereof
is recognised as financial profit or loss in the consolidated income
statement.
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g) inventories
Inventories include spare parts and sundry materials at the Central
Warehouses and the Parent’s Logistics Support Center, and are initially
measured at cost (weighted average cost). Acquisition cost is based on
historic cost for items identified in the purchases books. Subsequently,
if the net realisable value of the inventories is lower than the acquisition cost, the appropriate write-downs will be made. If the circumstances causing the inventories to be written down ceased to exist, the
amount of the write-down would be reversed.
h) Foreign currency transactions
The Group’s functional currency is the euro. Therefore, transactions
in currencies other than the euro are deemed to be “foreign currency
transactions” and are recognised by applying the exchange rates prevailing at the date of the transaction.
Any exchange differences arising on settlement or exchange at the
closing rates of monetary items are recognised in the consolidated income statement for the year.
i) income tax
Tax expense (tax income) comprises current tax expense (current tax
income) and deferred tax expense (deferred tax income).
The current income tax expense is the amount payable as a result of income tax settlements for a given year. Tax credits and other tax benefits,
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excluding tax withholdings and prepayments, and tax loss carryforwards
from prior years effectively offset in the current year reduce the current
income tax expense.
The deferred tax expense or income relates to the recognition and derecognition of deferred tax assets and liabilities. These include temporary
differences measured at the amount expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities and their tax bases, and tax loss and tax credit carryforwards. These
amounts are measured at the tax rates that are expected to apply in the
period when the asset is realised or the liability is settled.
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The companies which form the tax group, together with the Company
in 2011 are as follows:
1. Aena Aeropuertos, S.A.
2. Aena Desarrollo Internacional, S.A.
3. Centros Logísticos Aeroportuarios, S.A.
j) Revenue and expenses
Deferred tax liabilities are recognised for all taxable temporary differences.
Revenue and expenses are recognised on an accrual basis, i.e. when
the actual flow of the related goods and services occurs, regardless of
when the resulting monetary or financial flow arises.
Deferred tax assets are recognised to the extent that it is considered
probable that the Parent will have taxable profits in the future against
which the deferred tax assets can be utilised.
Interest income from financial assets is recognised using the effective
interest method and dividend income is recognised when the shareholder’s right to receive payment was established.
Deferred tax assets and liabilities arising from transactions charged or
credited directly to equity are also recognised in equity.
Interest and dividends from financial assets accrued after the date of
acquisition are recognised as consolidated income.
The deferred tax assets recognised are reassessed at the end of each
reporting period and the appropriate adjustments are made to the extent that there are doubts as to their future recoverability. Also, unrecognised deferred tax assets are reassessed at the end of each reporting
period and are recognised to the extent that it has become probable
that they will be recovered through future taxable profits.
Since 2005, the Parent, as head of the AENA Group, has filed consolidated tax returns with certain subsidiaries as they meet the requirements established in this connection.
k) ProvisioNS AND CONTINGENCIES
In preparing its consolidated financial statements, the Group distinguishes between:
a. Provisions: credit balances covering present obligations arising from
past events with respect to which it is probable that an outflow of
resources embodying economic benefits that is uncertain as to its
amount and/or timing will be required to settle the obligations.
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b. Contingent liabilities: possible obligations that arise from past
events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly
within the Group’s control.
The consolidated financial statements include all the provisions with
respect to which it is considered that it is more likely than not that the
obligation will have to be settled. Contingent liabilities are not recognised in the consolidated financial statements, but rather are disclosed
to the extent that they are deemed possible.
Provisions are measured at the present value of the best possible estimate of the amount required to settle or transfer the obligation to a
third party. Where discounting is used, adjustments made to provisions
are recognised as interest cost on an accrual basis.
The main estimates made by the Group were as follows:
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rendered for 25 and 30 years in the first case, and for 25 and 35 years
in the second. The Group recognises the present value of the best possible estimate of future obligations, based on an actuarial calculation.
The main assumptions used to obtain the actuarial calculation were as
follows:
Discount rate: 4.60%
Salary growth: 2.0%
Mortality table:
PERM/F2000
Financial system used: Individual capitalisation
Accrual method: Projected Unit Credit
Retirement age: 65 years
Disability tables: Ministerial order 1977:
Early retirement bonus
Long-service bonuses
Under Article 154 of the Fourth Collective Labour Agreement, all employees aged between 60 and 64 years of age who, pursuant to current legislation are entitled to do so, may retire early voluntarily and
receive a termination benefit which, combined with the consolidated
entitlements under the Pension Plan at the date of termination of
their contracts, is equivalent to four months’ salary, calculated on the
basis of their basic pay plus their long-service bonus, for every year
remaining until they reach 64 years of age, or the related proportional
part.
Article 138 of the Company’s Fifth Collective Labour Agreement and
Article 141 of the First Air Traffic Controllers’ Collective Labour Agreement provide for certain long-service bonuses for services effectively
In 2004 the early retirement bonuses were externalised through a single premium life insurance policy taken out on 25 March 2004 with
Mapfre Vida.
Provisions for benefit obligations acquired
The cost of the obligations arising from employee benefit obligations
is recognised on an accrual basis, in accordance with the best estimate
calculated using the data available to the Group.
Specifically, the accompanying balance sheet includes the following
provisions for employment benefit obligations acquired:
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The Parent recognises the assets or liabilities arising from the difference
between the present value of the remuneration commitments and the
present value of the externalised plan assets. The main assumptions
used in the measurement were as follows:
Discount rate: 2.58%
Salary increase: 3.00%
Returns on Contribution Fund:
4.00%
Mapfre guaranteed rate: 3.10%
Mortality table: PERM/F2000
Financial system used: Individual capitalisation
Retirement age: 65 years
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The main actuarial assumptions used in the calculation were as follows:
Discount factor:
IBOXX Curve Corporate AA
corresponding to 31/12/2011
according to the duration of
conditions of the collective
Annual CPI growth: 3.0%
Mortality table: PERM/F2000P
Financial system used: I
Individual capitalisation
As this is not a post-employment benefit, the impact generated by
changes in actuarial assumptions are recognised in the income statement.
Participation bonuses and other
Provision for productivity bonus
This heading includes salary items accrued but not paid relating to remuneration arising from agreements entered into between the Company and the Air Traffic Controllers’ Labour Union in prior years before
Royal Decree-Law 1/2010, of 5 February. These provisions are measured at their nominal value, as this does not differ significantly from
their present value.
This provision includes the difference between the total salary authorised for the air traffic controllers in a year and the remuneration earned
in that year. This amount is used to pay a productivity bonus which is
paid within twelve months after year-end.
Special Paid Leave (LER) and Active Reserve (RA)
This provision includes the actuarial liability which measures the acquired commitments to the air traffic controller employees who have
availed themselves of special paid leave and the best estimate of the
number of employees that might join the active reserve in the future.
l) TERMINATION BENEFITS
Under current employment legislation, the Group is required to pay termination benefits to employees terminated under certain conditions.
Termination benefits that can be reasonably quantified are recognised
as an expense in the year in which the decision to terminate the em168
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ployment relationship is made. The directors of the Company and its
subsidiaries do not foresee any terminations in the future that might
make it necessary to recognise a provision in this connection.
m) ACTIVITIES WITH ENVIRONMENTAL IMPACT
Environmental activities are those the purpose of which is to prevent,
reduce or redress damage to the environment.
In this respect, investments made in connection with environmental
activities are measured at acquisition cost and are capitalised as an addition to non-current assets in the year in which they are made, using
the methods described in Note 4-b.
The expenses arising from environmental protection and enhancement
measures are charged to income in the year in which they are incurred,
regardless of when the resulting monetary or financial flow arises.
The provisions for probable or certain third-party liability, litigation in
progress and outstanding environmental indemnity payments or obligations of undetermined amount not covered by the insurance policies taken out are recognised, where appropriate, when the liability or
obligation giving rise to the indemnity or payment arises, as described
in Note 4-k.
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n) Grants, donations or gifts and BEQUESTS received
Non-refundable grants, donations or gifts and bequests related to assets are recognised as such when there is a specific agreement relating
to the award of the grant, the conditions established for the award of
the grant were met and there are no reasonable doubts in relation to
the award thereof. Since 2009, as a result of the approval of Ministerial
Order EHA/733/2010, of March 25, by which some accounting aspects
of public companies operating in certain circumstances -in the case of
grants awarded for the construction of assets the execution of which
has not yet been completed- grants were classified as non-refundable
in proportion of the construction work completed provided that there
are no reasonable doubts that the construction will be completed in
accordance with the terms and conditions established in the concession agreement. In general, they are measured at the fair value of the
amount or the asset granted and are initially recognised as income
net of tax recognised directly in equity and are allocated to profit or
loss in proportion to the period depreciation on the assets for which
they were granted, except in the case of nondepreciable assets, the
grants for which are allocated to profit or loss in the year in which the
assets are disposed of or impairment losses are recognised. Government grants to compensate costs are recognised in profit or loss on
a systematic basis over the periods in which the Group recognises as
expenses the related costs for which the grants are intended to compensate.
Refundable grants, donations or gifts and bequests received are
recognised as liabilities of the company until they become non-refundable or are repaid.
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Grants related to income are credited to income when granted,
unless their purpose is to finance losses from operations in future
years, in which case they are allocated to income in those years. If
grants are received to finance specific expenses, they are allocated
to income as the related expenses are incurred, being recognised in
the meantime as liabilities of the company until they become nonrefundable or are repaid.
o) Related party transactions
The Company and its subsidiaries perform all their transactions with
related parties on an arm’s length basis. Also, the transfer prices are
adequately supported and, therefore, the directors of the Company
and its subsidiaries consider that there are no material risks in this connection that might give rise to significant liabilities in the future.
As a general rule, transactions among group companies are recognised
at the beginning at their fair value. If the agreed price differs from the
fair value, the difference is recognised in reference to the economic
reality of the operation. The subsequent valuation is made pursuant to
the stipulations of the corresponding regulations.
However, in the case of mergers, splits or non-cash contributions to a
business, the constituent elements of the acquired business are valued
at the amount corresponding to them after the operation in the consolidated annual profit of the group or subgroup.
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connection shall be those of the larger group or more subgroup integrating the assets and belonging to a Spanish parent company.
In these cases the difference arising between the net value of the assets and liabilities of the acquired company, adjusted by the balances
of grants, donations and bequests received and value adjustments,
and any amount of capital and share premium issued by the acquiring
company, is recognized in reserves.
P) BUSINESS COMBINATIONS
Mergers, spin-offs or non-cash contributions between companies of
the same group are recognised pursuant to the stipulations for operations between related parties (Note 4.o).
The purchase method of recognition shall be used for every other
merger or spin-off operation, and for those business combinations
arising from the acquisition of the totality of the company’s assets, or
of a portion constituting one or more business.
For business combinations arising as consequence of the purchase of
shares of a company, the group recognises the investment pursuant to
the stipulations for investments in the companies of the group, multigroup and associated.
Whenever the Parent, or the group or subgroup and its subsidiary are
not involved in the operation hereto, the accounts to consider in this
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5. Intangible Assets
Changes in intangible assets between 2011 and 2010 were as follows:
2011
EUR thousand
Development
Expenditure
Other Intagible
Assets
Computer
Software
Total
102,147
148,160
412,695
663,002
15,121
5,205
43,354
63,680
(56)
(322)
(18,920)
(19,298)
(8,376)
(9,655)
14,680
(3,351)
108,836
143,388
451,809
704,033
Balance on 31 December 2010
(16,048)
(130,401)
(241,361)
(387,810)
Amortisation charge
(15,429)
(1,843)
(46,108)
(63,380)
55
205
18,307
18,567
Cost:
Additions
Disposals / reductions
Transfers (Note 6 )
Accumulated amortisation:
Transfers (Note 6 )
Net:
2
10,301
(17)
10,286
(31,420)
(121,738)
(269,179)
(422,337)
77,416
21,650
182,630
281,696
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2011 Annual report
Legal information
2010
Thousand of euros
Development
Expenditure
Other Intagible
Assets
Computer Software
Total
Cost:
Loss of control (See note 2.h)
Additions
Transfers (Note 6 and 7)
96,796
208,310
334,267
639,373
-
-
(1,895)
(1,895)
18,881
4,803
56,802
80,486
-
(12,012)
(10,238)
(22,250)
(13,530)
(52,941)
33,759
(32,712)
102,147
148,160
412,695
663,002
(10,176)
(135,566)
(211,071)
(356,813)
-
-
1,254
1,254
(5,600)
(2,376)
(41,796)
(49,772)
Accumulated amortisation :
Amortisation charge
Net:
-
7,130
10,064
17,194
(272)
411
188
327
(16,048)
(130,401)
(241,361)
(387,810)
86,099
17,759
171,334
275,192
172
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2011 Annual report
Legal information
Main additions
Fully amortised intangible assets
The main additions in 2011 to “Computer Software” were related
to acquisitions and to improvements to and the development of new
technology for computer software, in particular in relation to navigation and airport central services.
On 31 December 2011, intangible assets with an original cost of EUR
317.76 million were fully amortised and are still in use (EUR 292,91
million on 31 December 2010). The detail is as follows:
In 2011 the Parent capitalised EUR 0.62 million (EUR 0.95 million
in 2010) relating to finance costs incurred during the development
period of intangible assets.
Intagible assets in progress
Of the total capitalised costs on 31 December 2011 and 2010 of the
different types of intagibles, assets in progress are included with the
following detail:
Description
Description
EUR thousand
2011
2010
12,424
11,713
Computer software
181,681
151,097
123,652
130,098
Total
317,757
292,908
EUR thousand
2011
2010
19,766
23,998
Computer software
33,530
55,763
22,136
19,531
Total
75,432
99,292
173
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2011 Annual report
Legal information
6. Property, Plant and Equipment
The changes in “Property, Plant and Equipment” in 2011 and 2010
were as follows:
2011
EUR thousand
Land and Buildings
Plants and
machinery
Other fixtures,
Tools and Furniture
Property, Plant
and Equipment in
progress
Other Property,
Plant and
Equipment
Total
14,389,582
1,953,057
3,736,004
2,118,048
442,228
22,638,919
Cost:
Additions
571,461
45,202
119,171
649,113
31,932
1,416,879
(51,590)
(56,008)
(20,892)
(107,281)
(31,429)
(267,200)
Transfers (Note 5)
702,334
106,986
297,617
(1,137,923)
34,337
3,351
15,611,787
2,049,237
4,131,900
1,521,957
477,068
23,791,949
(3,393,232)
(1,098,643)
(1,387,702)
-
(303,091)
(6,182, 68)
(455,175)
(138,258)
(266,670)
-
(37,074)
(897,177)
20,757
54,517
15,670
-
31,043
121,987
ACCUMULATED AMORTISATION
Amortisation charge
Transfers (Note 5)
(13,017)
2,541
(199)
-
389
(10,286)
(3,840,667)
(1,179,843)
(1,638,901)
-
(308,733)
(6,968,144)
Net:
11,771,120
869,394
2,492,999
1,521,957
168,335
16,823,805
174
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2011 Annual report
Legal information
2010
EUR thousand
Land and Buildings
Plants and
machinery
Other fixtures,
Tools and Furniture
Property, Plant
and Equipment in
progress
Other Property,
Plant and
Equipment
Total
13,119,063
1,845,419
3,285,836
2,697,781
402,965
21,351,064
(13,191)
(3,883)
(2,988)
-
(2,741)
(22,803)
Additions
318,682
44,794
115,193
944,956
32,637
1,456,262
(57,168)
(37,358)
(25,019)
(34,617)
(23,655)
(177,817)
Cost:
1,022,196
104,085
362,982
(1,490,072)
33,022
32,213
14,389,582
1,953,057
3,736,004
2,118,048
442,228
22,638,919
(2,998,681)
(999,518)
(1,173,155)
-
(303,266)
(5,474,620)
4,223
2,290
1,990
-
1,368
9,871
(420,878)
(135,210)
(237,724)
-
(25,519)
(819,331)
22,046
34,636
21,481
-
23,576
101,739
58
(841)
(294)
-
750
(327)
(3,393,232)
(1,098,643)
(1,387,702)
-
(303,091)
(6,182,668)
Net:
10,996,350
854,414
2,348,302
2,118,048
139,137
16,456,251
Accumulated amortisation :
Amortisation charge
175
4
The detail of the value of the buildings and land relating to the properties owned by the Group at the end of 2011 and 2010 is as follows:
Property
EUR thousand
2011
2010
Land
3,599,752
3,313,319
Buildings
12,012,035
11,076,263
Total
15,611,787
14,389,582
At 2011 and 2010 year-end, the subsidiary Aena Desarrollo Internacional had arranged a finance lease with BBVA (see Notes 8 and 14) on
an automated flight inspection system (console) which is recognised
under “Other Items of Property, Plant and Equipment – Computer
Hardware”.
Interest expenses incurred in 2011 totalling EUR 35.42 million were
capitalised in relation to the financing of property, plant and equipment in progress construction and EUR 6.7 million was capitalised in
relation to in-house work performed by the Parent and subsidiary Aena
Aeropuertos S.A on its property, plant and equipment. Interest expenses incurred in 2010 totalling EUR 39.97 million were capitalised in relation to the financing of property, plant and equipment in progress construction and EUR 7.11 million was capitalised in relation to in-house
work performed by the Parent on its property, plant and equipment.
2011 Annual report
Legal information
Non-current asset additions
The main additions recognised in 2011 were as follows:
Land and buildings
The additions to “Land” amount to EUR 286 million and relate mainly
to the land acquired to carry out expansions at various airports.
The main additions to “Buildings” in 2011 relate to assets of the Vigo
Airport, and parking building and technical block for the Vigo Airport,
work to construct the new terminal and restoration of airfields at the
Alicante Airport, work to expand the apron in the Reus-Costa Brava
Airport, and parking building for the Girona and A Coruña airports
and the new passenger terminal of the Santander Airport.
Property, Land and Equipment under construction
The main additions in 2011 relate to the expansion of the Santiago, Málaga-Costa del Sol, Valencia, Ibiza and Palma de Mallorca airports, and also
to Air Navigation technical facilities.
Additions in 2011 relate, mainly, to fire prevention systems and facility
integral management at the Alicante Airport, installation of ventilation
and air-condition systems, and installation of fire prevention system at
the Menorca Airport, restoration of the ventilation tunnel for airport
service and electrical connection for the south cargo module in the
Madrid-Barajas Airport, air-conditioning system in the terminal building and, baggage handling and screening system, and expansion of
electrical supply capacity in the La Palma Airport, as well as improve-
176
4
ments in the reliability of the electrical system and works carried out in
the processor terminal building of Barcelona-El Prat.
Disposals
The main disposals in 2011 relate to withdrawals from facilities and
other assets in Madrid-Barajas, La Palma, Gran Canaria, Tenerife South
and Barcelona-El Prat, the renewal of computer hardware and other facilities of the Central Air Traffic Control Services and the Center-North
Regional Division. Also worthy of note is the disposal of the temporary
modular parking at the Vigo Airport.
Disposals in 2011 include, essentially, the following items, for which
the loss incurred upon disposal was not recognised in the income
statement:
• Reversals of provisions recognised in prior years for environmental
risks of EUR 39,216 thousand in order to comply with prevailing
legislation (see Note 13.1).
Impairment
The Parent considered that there were no indications of impairment on
31 December 2011 that would require the recognition of an impairment loss.
The subsidiary Aena Aeropuertos S.A. took the “Property, Plant, and
Equipment” impairment test and no adjustments were identified on
31 December 2011.
2011 Annual report
Legal information
Grants received
On 31 December 2011, the Parent received grants in connection with
its property, plant and equipment and intangible assets for an accumulated amount of EUR 465.9 million net of tax (450.4 in 2010), of which
EUR 45.2 million correspond to additions in the year (50.0 in 2010) (see
Note 12-g). The gross cost of the assets associated with these grants is
EUR 2,319.4 million, of which EUR 2,304.7 million relate to property,
plant and equipment, and EUR 14.7 million to intangible assets.
Additionally, the Parent has grants engaged and not executed for a
total amount of EUR 102,601 thousand.
Limitations
The assets assigned to the consolidated Group relating to the Company Aeropuertos Españoles y Navegación Aérea, are public domain
assets with respect to which Aeropuertos Españoles y Navegación Aérea does not have title or powers of disposal or encumbrance.
Land, buildings and facilities brought in to the subsidiary Aena Aeropuertos S.A. have lost the status of goods in the public domain due to
the reversal carried out by article 9 of the Royal Decree-law 13/2011
December 3, which provides that all State public domain goods attached to the Entidad Pública Empresarial Aena not related to air navigation services, including those for aerodrome air traffic services, will
cease to be of public domain, although the expropriation aim is not
altered, so the reversal will not be necessary.
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2011 Annual report
Legal information
Fully amortised property, plant and equipment items
Insurance policies
On 31 December 2011, the property, plant and equipment in use with
an original cost of EUR 1,790.87 million (EUR 1,582.52 million in 2010)
were fully amortised and are still in use, the detail being as follows:
The Group takes out insurance policies to sufficiently cover the possible risks to which its property, plant and equipment are subject. On
31 December 2011 and 31 December 2010, property, plant and equipment were fully insured against such risks.
Description
EUR thousand
2011
2010
Buildings
760,217
603,919
Plant and machinery
460,661
443,489
Other fixtures, tools and furniture
401,569
357,426
Other property, plant and equipment items
168,426
177,687
1,790,873
1,582,521
Total
Obligations
On 31 December 2011, the investments yet to be performed
amounted to approximately EUR 1,019 million (EUR 784 million in
2010), comprising both contracts that have not yet been formalised
and firm contracts not yet executed.
7. Investment Property
value of buildings, other structures and fixtures held to earn rentals,
with the exception of land used by the subsidiary Centros Logísticos
Aeroportuarios, S.A for its activity.
The changes in 2011 and 2010 in “Investment Property” in the consolidated balance sheet and the most significant information affecting
this heading were as follows:
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2011 Annual report
Legal information
2011
EUR thousand
Land and Buildings
Plant
Other fixtures
Total
111,533
5,319
26
116,878
788
734
-
1,522
112,321
6,053
26
118,400
(26,518)
(2,332)
(17)
(28,867)
Depreciation charge
(3,155)
(305)
(2)
(3,462)
(29,673)
(2,637)
(19)
(32,329)
Net:
82,648
3,416
7
86,071
Land and Buildings
Plant
Other fixtures
Total
111,343
4,940
26
116,309
95
286
-
381
Disposals or reductions
(251)
(60)
-
(311)
346
153
-
499
111,533
5,319
26
116,878
Balance on 1 January 2009
(23,405)
(2,085)
(14)
(25,504)
Depreciation charge
(3,136)
(277)
(3)
(3,416)
23
30
-
53
(26,518)
(2,332)
(17)
(28,867)
Net:
85,015
2,987
9
88,011
Cost:
Additions
Accumulated depreciation:
2010
EUR thousand
Cost:
Balance on 1 January 2009
Additions
Accumulated depreciation:
Disposals or reductions
179
4
Investment property additions
8. Leases
The main additions in 2011 relate to technology facilities associated
with energy efficiency and sustainable development and other technical facilities in the central services buildings of the subsidiary Centros
Logísticos Aeroportuarios, S.A.
FINANCIAL LEASES
Investment property obligations
At 2011 year-end, no investment property items were subject to
guarantees, and there were no purchase commitments associated to
them.
Insurance policies
The Group takes out insurance policies to cover the possible risks to
which its investment property is subject. At 2011 year-end, the Group
was reasonably insured against such risks.
Fully depreciated investment property
On 31 December 2011 and 31 December 2010 there were no fully
depreciated investment property items that were still in use.
2011 Annual report
Legal information
At 2011 year-end, the subsidiary Aena Desarrollo Internacional had
arranged a finance lease on an automated flight inspection system
(console) which is recognised under “Property, Plant and Equipment”
in the accompanying consolidated balance sheet on 31 December
2011 (see Note 6).
On 31 December 2011, the amount of the minimum lease payments
payable in the future, excluding inflation increases or other contingent payments arising from the aforementioned finance lease, were
as follows:
Minimum Finance Lease Payments
Within one year
Between one and five years
After five years
Total
EUR thousand
2011
2010
465
441
2,124
2,016
-
574
2,589
3,031
180
4
On 31 December 2011 the interest maturing on this agreement in
coming years, was as follows:
EUR thousand
Interest-maturity
2011
2010
Within one year
43
41
77
93
-
3
120
137
After five years
Total
OPERATING LEASES
The Parent uses various assets under operating leases arranged with third
parties, of which the most noteworthy are detailed below, together with
the main characteristics of the related contracts:
Asset
Location
Lease Expiry
date
Annual Lease
Payments excluding VAT in
EUR thousand
Comments
Pegaso
Building (*)
Madrid
15/11/2016
1,987
Increase agreed in contract. (5.55% for 2012).
Juan Ignacio
Luca de Tena
Building
Madrid
15/12/2011
2,246
Contract ends in 2011.
Merrimack 4
Building
Madrid
30/11/2011
2,063
Contract ends in 2011.
2011 Annual report
Legal information
The subsidiary Aena Aeropuertos S.A. uses various assets under operating leases arranged with third parties, of which the most noteworthy are detailed below, together with the main characteristics of the
related contracts:
Location
Lease Expiry
date
Annual Lease
Payments excluding VAT in
EUR thousand
Comments
Piovera
Building
Madrid
31/01/2016
3,874
Payments subject to
review based on CPI
SENASA
Building 2
Madrid
31/12/2012
140
Payments subject to
review based on CPI
Asset
The amount of the minimum lease payments payable in the future for
non-cancellable operating lease are the following:
Operating Leases
EUR thousand
2011
Within one year
4,014
20,069
Total
24,083
The subsidiary Aena Aeropuertos S.A. leases several shops and stores
under non-cancellable operating lease contracts. The duration of the
contracts herein ranges between five and ten years, and most of them
are renewable upon expiry date under market conditions.
(*) Payments to begin in February 2012.
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4
The amount of minimum lease future proceeds for non-cancellable
operating lease are the following:
Operating Lease
EUR thousand
2011
Within one year
673,707
3,197,297
Total
3,871,004
At the end of 2011, the subsidiary CLASA had contracted with tenants
for the following minimum lease payments, based on the leases currently in force, without taking into account the charging of common
expenses, future increases in line with the CPI or future contractual
lease payment revisions:
Operating Leases
Minimum Payments
EUR thousand
2011
2010
Within one year
2,148
1,621
8,962
2,512
After five years
432,346
410,845
Total
443,456
414,978
2011 Annual report
Legal information
These leases relate mainly to the assets included under “Investment Property” with an original cost of EUR 118,400 thousand (EUR
116,878 thousand in 2010), receiving annual rental income of EUR
17,710 thousand (EUR 18,158 thousand in 2010), with total operating expenses of EUR 5,116 thousand (EUR 4,776 thousand in 2010).
The total built area measures 137 thousand square metres.
9. Financial Assets
9.1. Non-current investments in Group companies and
associates
Investments in companies accounted for using the equity
method
The detail and changes in “Investments in companies accounted for
using the equity method” in 2011 and 2010 are as follows:
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4
2011
2011 Annual report
Legal information
EUR thousand
Company
Balance on
31.12.10
Share of results of
investees
Dividends paid
Other
Balance on
31.12.11
RAESA
2,129
828
(1,062)
-
-
1,895
AMP
70,336
2,869
(5,121)
(6,625)
(96)
61,363
SACSA
1,699
1,410
(586)
(14)
45
2,554
ACSA
1,002
1,708
(1,609)
(36)
26
1,091
AEROCALI
2,070
891
(920)
52
(66)
2,027
INECO
41,620
4,248
(7,241)
-
-
38,627
118,856
11,954
(16,539)
(6,623)
(91)
107,557
The exchange differences generated in 2011 for EUR 6,623 thousand relate to the difference between the balance for this item between 2010
(EUR 681 thousand) and 2011 (loss of EUR 5,942 thousand). See Note 12.f.
2010
EUR thousand
Balance at
31.12.09on
Share of results of
investees
Dividends paid
RAESA
2,862
1,306
(2,039)
-
-
2,129
AMP
56,588
5,966
-
7,920
(138)
70,336
SACSA
1,308
1,516
(1,507)
130
252
1,699
ACSA
628
1,817
(1,588)
19
126
1,002
AEROCALI
1,865
987
(1,082)
117
183
2,070
INECO
-
6,305
(8,062)
-
43,377
41,620
TIFSA
16,507
-
-
-
(16,507)
-
79,758
17,897
(14,278)
8,186
27,293
118,856
Company
Other
Balance on
31.12.10
183
4
The balance on 31 December 2011 and 2010 includes the goodwill
on consolidation of the companies accounted for using the equity
method, net of accumulated amortisation, arising on the acquisition in
2006 of the additional 7.83% stake in AMP for EUR 2,126 thousand.
9.2. NON-CURRENT FINANCIAL ASSETS
Equity instruments
2011 Annual report
Legal information
EUR thousand
2011
2010
58,333
58,351
Derivatives (Note 10)
The balance of the heading “Non-current financial assets” at 2011
and 2010 year-end is as follows:
-
1,219
Long-term deposits and guarantees
1,388
1,388
Total
59,721
60,958
a) Equity instruments
A detail of the most significant equity instruments is as follows:
Name and location
Line of business
Fraction of Direct
Capital (%)
Owner of the
Stake
Barcelona Regional Agencia Metropolitana de
Desarrollo Urbanístico e Infraestructuras, S.A.
Edificio Centreservei, Zona Franca
Carrer 60, 25-27. Barcelona
Analyses and prospecting in relation to urban development, regional and environmental
matters. Design, development, management, implementation, execution and operation
of, and consulting on, all manner of construction work, buildings and urban infrastructures and systems in the metropolitan area.
11.76
Aena Aeropuertos S.A.
GroupEAD Europe S.L
Juan Ignacio Luca de Tena 14
Madrid
Operation of a database system for aeronautical information systems. Development and
implementation of changes in and improvements to the database and related consulting
services.
36
EPE AENA
Grupo Navegación por Satélite Sistemas y
Servicios, S.L.
C/ Gobelas nº41
Madrid
Development, implementation, operation, exploitation and marketing of services related
to the global satellite navigation system currently known as Galileo.
19.30
EPE AENA
Airport Concessions and Development Limited
(ACDL). 10, Upper Bank St- London – U.K.
Financial asset management of the TBI airport group.
10
Aena Desarrollo
Internacional S.A.
European Satellite Service Provider, SAS
(ESSP SAS). Toulose - Francia
Development of satellite navigation system.
16.67
Aena Desarrollo
Internacional S.A.
184
4
2011 Annual report
Legal information
The detail and changes in the most significant equity instruments in the accompanying consolidated balance sheet on 31 December 2011 are as
follows:
EUR thousand
Balance on
31.12.10
Disposals
Balance on
31.12.11
78,596 -
78,596 European Satellite Services Provider (ESSP EEIG)
18 (18)
-
European Satellite Services Provider, SAS (ESSP SAS)
167
-
167 Equity instuments
Equity instruments available for sale financial assets measured at cost:
Cost
Airport Concessions and Development Limited (ACDL)
Barcelona Regional Agencia Metropolitana de Desarrollo Urbanístico e Infraestructuras, S.A.
180
-
180
GroupEAD Europe S.L.
360
-
360
Grupo Navegación por Satélite Sistemas y Servicios, S.L.
198
-
198
6
-
6
(21,174)
-
(21,174)
Total investment in “Equity Instruments”
58,351
(18)
58,333
Empresa para la Gestión de Residuos Industriales, S.A.U. (EMGRISA)
Impairment:
185
4
On 23 December, 2011 ESSP EEIG, owned by the subsidiary Aena
Desarrollo Internacional, S.A., was disposed of.
b) Transactions and balances with companies accounted for using the equity method
2011 Annual report
Legal information
The breakdown of receivables and payables and the detail of the transactions performed with companies accounted for using the equity
method on 31 December 2011 and 31 December 2010 is:
2011
EUR thousand
Amounts Receivable
Payable to companies accounted
for using the equity method
Sundry Accounts
Payable
Non-current asset
purchases
INECO
199
19,778
13,902
RAESA
4,949
-
159
ACSA
27
-
SACSA
52
AMP
AEROCALI
Income from services
provided
Expenses for services
received
37,824
222
31,122
-
17,933
576
-
-
298
-
-
-
-
417
-
1,146
-
-
-
3,196
-
15
-
-
-
256
-
6,388
19,778
14,061
37,824
22,322
31,698
provided
Expenses for services
received
2010
EUR thousand
Amounts Receivable
Payable to companies accounted for using the equity method
Sundry Accounts
Payable
Non-current asset
purchases
INECO
24
15,045
10,606
39,594
207
27,797
RAESA
5,182
-
94
-
18,009
594
ACSA
24
-
-
-
320
-
SACSA
30
-
-
-
445
AMP
915
2,910
-
-
2,820
-
AEROCALI
15
-
-
-
433
-
GAP
37
-
-
-
40
-
6,227
17,955
10,700
39,594
22,274
28,391
186
4
9.3 CURRENT FINANCIAL ASSETS
Loans to companies
Short-term deposits and guarantee
Other financial assets
Total
EUR thousand
2011
2010
511
1,540
4,393
4,966
5,054
8,136
9,958
14,642
The subsidiary Aena Desarrollo Internacional includes under “Other
Financial Assets” a credit account amounting to EUR 44 thousand. It
also includes the following short-term deposits, and the related accrued interest receivable, denominated in US dollars and arranged with
the following banks, all of which mature within one year and earn
interest at a market rate:
Banesto
Banco Madrid
Bankinter
Total
USD thousand
EUR thousand
Banco Popular
2,550
1,925 Banesto
6,780
5,092 Total
9,330
7,017
9.4 Information on the nature and level of risk of
financial instruments
The main principle of the financial policies of the companies comprising the Aena Group is based on their being centralised at the Administration and Finance department, to the extent that all the financial
assets and liabilities are arranged and managed by this department.
The main financial risks are as follows:
2011
Banco Popular
Legal information
2010
The balance of “Current Financial Assets” at the end of 2011 and
2010 was as follows:
Current Financial Assets
2011 Annual report
USD thousands
1,339
968
2,307
EUR thousand
1,720
1,550
719
1,018 5,007
The Company’s objective in relation to interest rate risk management
is to optimise the finance costs within the risk limits established. The
Group does not usually perform commercial transactions in currencies other than the euro (unlike subsidiaries such as Aena Desarrollo
Internacional), and accordingly, the finance cost risk is focused on
interest rate risk in the case of the Parent, the risk variables being
three month Euribor (used for non-current payables) and one-month
Euribor (used in credit facilities).
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4
The finance cost risk is also calculated for the duration of the Pluriannual Action Plan (PAP), establishing interest rate performance scenarios for the period in question.
In 2011 and 2010, the Company arranged transactions to hedge the
risk of changes in interest rates, as detailed (Note 10).
b) Liquidity risk
The main risk variables are: limitations in the financing markets, increase in forecast investment and decrease in cash-flow generation.
In order to maintain sufficient liquidity to meet the financial requirements over a minimum of twelve months, a long-term financing
policy was established by signing agreements or framework agreements with institutions such as Instituto de Crédito Oficial and the
European Investment Bank, and by arranging short- and mediumterm liquidity lines.
This risk is managed by closely monitoring the maturity schedule of
the Group’s financial payables, and through the proactive management and maintenance of credit lines that enable the projected
liquidity needs to be covered.
Lastly, the Group makes cash projections on a systematic basis in order to assess its cash needs. This liquidity policy ensures the fulfilment
of the payment obligations assumed without having to resort to high
interest-bearing financing, thereby enabling the liquidity position to
be maintained on an ongoing basis.
2011 Annual report
Legal information
c) Credit risk
The risk variable is the credit rating of the counterparty, and, accordingly, the objective is focused on minimising the risk of counterparty
non-compliance without adversely affecting the price. In general, the
Parent holds its cash and cash equivalents at banks with high credit
ratings.
d) Exchange risk
The subsidiary Aena Desarrolllo Internacional is exposed to exchange
rate fluctuations which might affect its sales, profit, equity and cash
flows. In this respect, this subsidiary has arranged a cash flow hedge as
a result of changes in exchange rates, as described in Note 10.
10. Derivative financial instruments
The Group uses derivative financial instruments to hedge the risks to
which its business activities, operations and future cash flows are exposed.
EXCHANGE RATE
The Group has arranged a hedging instrument for cash flows arising
from changes in exchange rates in order to hedge the risk associated
with cash flows in US dollars between the collections received by the
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4
subsidiary Aena Desarrollo Internacional in US dollars for the provision
of certain services under the various agreements relating to the management of Mexican airports, and the payments (repayments) of the
loan arranged in US dollars with Banco Santander which is recognised
2011 Annual report
Legal information
under “Equity- Hedges” under the Net Equity of the accompanying
consolidated balance sheet on 31 December 2011 and 31 December
2010, the detail being as follows:
2011
Foreign currency derivative
Classification
Maturity (*)
Ineffectiveness recognised
in 2011 Profit or Loss
(EUR thousand)
Fair Value recognised in
“Equity” on 31.12.11
(EUR thousand)
Foreign currency hedge
08.10.2014
8
349
(*) The hedging instrument matures with the year in which the cash flows affecting the consolidated income statement will foreseeably occur.
2010
Foreign currency derivative
Classification
Maturity (*)
Ineffectiveness recognised
in 2011 Profit or Loss
(EUR thousand)
“Equity” on 31.12.11
(EUR thousand)
Foreign currency hedge
08.10.2014
3
562
(*) The hedging instrument matures with the year in which the cash flows affecting the consolidated income statement will foreseeably occur.
In 2011 and 2010, the subsidiary Aena Desarrollo Internacional, S.A.
complied with the requirements detailed in Note 4-f to be able to
classify this financial instrument as a hedge. Specifically, these instru-
ments were formally designated as hedges and the effectiveness of
the hedging relationship was verified.
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4
INTEREST RATE
On 1 October 2007, subsidiary Aena Desarrollo Internacional, S.A.
signed with “La Caixa” a derivative of interest rates, in order to control
and reduce the potential negative impact in its results of fluctuations
of floating interest rates. In particular this derivative covers the effect
of fluctuations in interest rates on the financial burden associated with
2011 Annual report
Legal information
the loan granted to the company by “La Caixa”. As this derivative financial instrument does not meet the conditions to be recognized as
a financial hedging instrument, it was recognised in the “Derivatives”
account of the Balance Sheet current and non- current liabilities on 31
December 2011 and 2010 respectively.
The main features of this derivative financial instrument are as follows:
2011
Interest rate swap
Classification
Type
Amount
arranged (EUR
thousand)
Maturity
“Current Liabilities”
on 31-12-11 (EUR thousand)
Interest rate hedge
Fixed (4.83%) to floating interest rate
swap
2,000
01.10.2012
49 Classification
Type
Amount
arranged (EUR
thousand)
Maturity
“Current Liabilities”
on 31-12-10 (EUR thousand)
Interest rate hedge
Fixed (4.83%) to floating interest rate
swap
2,000
01.10.2012
105 2010
Interest rate swap
At 2011 year-end, EUR 56 thousand was recognised in relation to
changes in the fair value of this derivative financial instrument (31
December 2010: EUR 348 thousand) under “Changes in Fair Value
of Financial Instruments” in the accompanying consolidated income
statement for 2011.
The Company arranged in fiscal years 2011 and 2010 certain interestrate hedging financial instruments, the detail of which is as follows:
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4
2011 Annual report
Legal information
2011
Classification
Type
Amount arranged
(EUR thousand)
Interest rate swap
Interest rate hedge
Floating (3-month
Euribor) to
fixed (2.8025%)
1,194,391
15.03.2012
Interest rate swap
Interest rate hedge
Floating (3-month
Euribor) to
fixed (2.8025%)
1,119,147
15.03.2013
Interest rate swap
Interest rate hedge
Floating (3-month
Euribor) to
fixed (2.57%)
255,000
15.03.2016
Maturity
Fair Value recognised
in “Current Liabilities”
on 31-12-11
(EUR thousand)
in “Non-current
Liabilities” on 3112-11
(EUR thousand)
in “Equity” on
31-12-11
(EUR thousand)
23,525
12,381
(25,134)
2010
Classification
Type
Amount arranged
(EUR thousand)
Maturity
Fair Value recognised in “Current
Liabilities” on
31-12-10
(EUR thousand)
Interest rate swap
Interest rate
hedge
Fixed (4.83%) to
floating
interest rate swap
2,000
01.10.2012
-
105
-
-
Interest rate swap
Interest rate
hedge
Floating (3-month
Euribor) to
fixed (2.8025%)
1,194,391
15.03.2012
Interest rate swap
Interest rate
hedge
Floating (3-month
Euribor) to
fixed (2.8025%)
1,119,147
15.03.2013
18,996
11,967
1,219
(20,820)
Interest rate swap
Interest rate
hedge
Floating (3-month
Euribor) to
fixed (2.57%)
255,000
15.03.2016
Fair Value recognised in “Noncurrent Liabilities”
on 31-12-10
(EUR thousand)
Fair Value recognised in “Noncurrent Assets on
31-12-10
(EUR thousand)
Fair Value recognised in “Equity”
on 31-12-10
(EUR thousand)
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4
11. Inventories
EUR thousand
2011
2010
Spare parts
6,505
6,901
Inventory write-downs
(134)
(134)
Total
Legal information
The assets assigned to the Parent at the time of its formation, based on
the appraisal of independent professional experts, amounted to EUR
2,831.6 million.
The breakdown of “Inventories” is as follows:
Supplier Advances
2011 Annual report
26
-
6,397
6,767
12. Equity and Shareholders’ equity
a) Equity and assigned assets
When the Parent was formed, and in order to provide airport and air
traffic control services, it was assigned facilities and properties, mainly
by the Ministry of Transport, Tourism and Communications (currently
the Ministry for Development), the Ministry of Defence and the former
Spanish Public Airports and Aviation Agency. Therefore, the assigned
assets account relates to assets that did not give rise to any cost for
the Company.
The equity account includes, in addition to other subsequent changes
amounting to EUR 18.7 million, EUR 248.7 million representing the
valuation difference between the rights and obligations to which the
Parent was subrogated at the time of its formation.
b) Bylaw reserves
These reserves were recognised in accordance with the Parent’s bylaws, and their objective is to finance future investments in airport and
air traffic control infrastructures.
c) Revaluation reserve Royal Decree-Law 7/1996 of 7 June 1996
Pursuant to Royal Decree-Law 7/1996, of 7 June, on urgent tax measures and measures to develop and deregulate economic activities, in
1996 the Company revalued its property, plant and equipment. The
initial net revaluation surplus amounted to EUR 300.9 million.
d) Reserves at consolidated companies and at companies accounted for using the equity method
The detail, by company, on 31 December 2011 and 2010, of the “Reserves at Fully Consolidated Companies” and “Reserves at Companies
Accounted For Using the Equity Method” is as follows:
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4
Company
2010
Consolidated companies:
CRIDA
587
406
CLASA
16,383
15,921
Aena Desarrollo Internacional
(13,065)
(19,264)
3,905
(2,937)
The contribution of each company included in the scope of consolidation to consolidated profit or loss, indicating the portion relating to
minority interests, was as follows:
2011
EUR thousand
Consolidated
Profit/Loss
Loss
attributable
to minority
interests
EPE AENA
48,961
-
48,961
(94,622)
-
(94,622)
Aena Desarrollo Internacional, S.A.
1,712
-
1,712
CRIDA
1,573
(404)
1,169
CLASA
4,195
-
4,195
(38,181)
(404)
(38,585)
Companies accounted for using the equity method:
INECO
12,632
1,056
606
AMP
10,920
10,171
ACSA
6
6
561
561
1,509
1,509
26,684
26,421
30,589
23,484
RAESA
Company
13,568
SACSA
AEROCALI
Legal information
e) Profit/loss attributable to the Company
EUR thousand
2011
2011 Annual report
Loss
attributable
to the Parent
Share of results of companies accounted for using the equity method:
RAESA
828
-
828
AMP
2,869
-
2,869
SACSA
1,410
-
1,410
ACSA
1,708
-
1,708
AEROCALI
INECO
Total
891
-
891
4,248
-
4,248
11,954
-
11,954
(26,227)
(404)
(26,631)
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4
2010
Consolidated
Profit/Loss
Loss
attributable
to minority
interests
Loss
attributable
to the Parent
(169,145)
-
(169,145)
1,256
-
1,256
CRIDA
204
(52)
152
CLASA
4,748
-
4,748
(162,937)
(52)
(162,989)
Company
AENA
Share of results of companies accounted for using the equity method:
RAESA
1,306
-
1,306
AMP
5,966
-
5,966
SACSA
1,516
-
1,516
ACSA
1,817
-
1,817
987
-
987
6,305
-
6,505
17,897
-
17,897
(145,040)
(52)
(145,092)
INECO
Total
Legal information
f) Exchange differences
EUR thousand
AEROCALI
2011 Annual report
Exchange differences relate in full to equity-accounted investees of
Aena Desarrollo Internacional, The breakdown, by company, is as follows:
Company
EUR thousand
2011
2010
(6,426)
199
AEROCALI
226
173
SACSA
200
215
ACSA
58
94
Total
(5,942)
681
AMP
g) Grants, donations or gifts and bequests received
The breakdown on 31 December 2011 and 2010 is as follows:
Item
Asset-related grants from official European Agencies
Other
EUR thousand
2011
2010
463,495
446,916
2,365
2,354
465,860
449,270
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4
2011 Annual report
Legal information
Asset-related grants from official European Agencies
ERDF grants
The changes, net of taxes, in this heading in 2011 and 2010 were as
follows:
The detail of the advances received in 2011 and 2010 for operating
programmes is as follows (in EUR thousand):
Item
Received
EUR thousand
Item
2011
2010
Opening balance
446,916
419,494
Adjustments
(2,108)
-
Additions to ERDF Grants
45,405
49,977
Additions to other grants
1,840
194
Disposals Other Grants
(426)
-
Allocation to income
(28,132)
(22,749)
Prog. Oper. C. Castilla-León
Closing balance
463,495
446,916
These grants are allocated to income in proportion to the period depreciation taken on the assets to which they relate.
Other Feder
Prog Oper. C. Andalucía
Prog Oper. C. Extremadura
2011
2010
6
-
11,937
888
626
4,366
Prog Oper. C. Galicia
23,938
8,377
Prog Oper. C. Canarias
42,906
25,305
-
10,099
Prog. Oper. C. Murcia
91
10,719
Prog. Oper. C. Valencia
-
9,265
79,504
69,019
Total ERDF fund additions
At 2011 and 2010 year-end, the Parent had fulfilled all the conditions
established for receiving and using the grants detailed above.
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4
h) External Partners
Changes related to minority interests of each subsidiary were as follows:
EUR thousand
CRIDA
Balance on
31.12.10
Ownership
interest
Other
Balance on
31.12.11
359
404
10
773
359
404
10
773
2010
EUR thousand
13. Provisions and Contingencies
13.1 LONG-TERM PROVISIONS
EUR thousand
Provisions for
long-term employee benefit
obligations
Ownership
interest
Loss of
control (see
Note 2.h)
Balance on
31.12.10
INECO
13,220
-
(13,220)
-
CRIDA
276
52
31
359
13,496
52
(13,189)
359
Other
provisions
Provisions for
environmental
costs
Total
Opening balance
2011
417,278
56,240
161,801
635,319
Additions
35,579
133,356
8,193
177,128
(175,896)
(8,919)
(39,126)
(223,941)
(593)
(28,922)
-
(29,515)
-
11,148
-
11,148
Transfer to short term
(27,500)
-
(31,835)
(59,335)
Closing balance 2011
248,868
162,903
99,033
510,804
Reversals/Excessive
Balance on
31.12.09
Company
Legal information
The changes in the long-term provision accounts in 2011 were as follows:
2011
Company
2011 Annual report
Amounts used
Transfer to other
accounts
The Group classifies as current liabilities the items recognised under
“Provisions for Contingencies and Charges” when it is foreseeable
that they may be claimable in the following period. Therefore, transfers from the provisions for third-party liability and for enviromental
costs are recognised under “Short-Term Provisions” in the accompanying consolidated balance sheet on 31 December 2011 (see Note 13.2)
196
4
2011 Annual report
Legal information
a) Provisions for long-term employee benefit obligations
Special Paid Leave and Active Reserve (AR)
The changes in 2011 of the items in these heading were as follows:
Certain air traffic controllers have availed themselves of special paid
leave pursuant to previous collective labour agreements and, since
they fulfil certain requirements, these workers are entitled to receive
their basic remuneration update annually, until they reach the age of
retirement.
EUR thousand
Bonuses
Participation
bonuses
Special paid
leave
Total
9,636
55,841
351,801
417,278
Additions
971
-
34,608
35,579
Reversals
(1,203)
(25,166)
(149,527)
(175,896)
(593)
-
-
(593)
-
-
(27,500)
(27,500)
8,811
30,675
209,382
248,868
Opening balance 2011
Amounts used
Bonuses
“Bonuses” relates mainly to the provision recognised for long-service
bonuses amounting to EUR 971 thousand in 2011 and of which EUR
402 thousand relate to the associated finance cost.
Participation bonuses
In 2011 the amounts accrued in prior years in relation to remuneration earned from agreements between Aena and the Air Traffic Controllers’ Labour Union prior to the entry into force of Royal DecreeLaw 1/2010, of 5 February, were transferred in full to “Participation
Bonuses” as it is considered that they will not be paid in the coming
twelve months.
As a result of the publication of the arbitral award on 27 February
2011 and the approval of a new collective agreement, the status of
special paid leave was replaced by that of the active reserve. The requirements for workers to avail themselves thereof are more restrictive
and the remuneration received is reduced to 75% of the ordinary fixed
salary received in the last twelve months with certain limits.
Based on the actuarial studies available, on 31 December 2011, the
accrued liability to the employees availing themselves of special paid
leave amounted to EUR 140,106 thousand.
The Parent estimated the percentage of current workers that will avail
themselves of this special reserve status and, on this basis and on the
basis of the actuarial study, calculated the accrued actuarial liability
in this connection on 31 December 2011 amounted to EUR 96,776
thousand.
On 31 December 2011, a long-term provision of EUR 209,382 thousand and a short-term provision of EUR 27,500 thousand had been
recognised in this connection (see Note 13.2).
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4
2011 Annual report
Legal information
b) Other Provisions
Other employee benefit obligations
Changes during 2011 were as folllows:
Under Article 150 of the Company’s Third Collective Labour Agreement, when employees retire or are granted permanent sick leave,
they will receive an amount equal to three monthly salary payments
calculated on the basis of their basic pay plus their long-service bonus.
Pursuant to the legislation relating to the externalisation of pension
commitments and to the agreement between Aena management and
the labour union representatives to set up a pension plan, the definedcontribution pension plan for Aena’s employees was set up on 28 July
2003.
Any employee who has to his credit at least 360 calendar days of service recognised by Aena may become a participant of the Aena Employees Pension Plan. The pension plan covers the contingencies of retirement, disability (referring to the degrees of full or absolute permanent
incapacity for work and comprehensive disability) and death.
EUR thousand
Provisions for
third-party
liabilities
Tax
provision
Expropiations
and interest
charge
Total
2,307
53,933
-
56,240
Additions
4,019
16,872
112,465
133,356
Reversions
(2,222)
(6,697)
-
(8,919)
Amounts used
Opening balance
2011
(1,371)
(27,551)
-
(28,922)
Transfer to other
acounts
-
11,148
-
11,148
Closing balance
2011
2,733
47,705
112,465
162,903
In 2011, the Parent and the subisdiary Aena Aeropuertos, S.A. made
contributions amounting to EUR 7.5 million to this Pension Fund.
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4
Provision for third-party liabilities
This heading also includes EUR 2,733 thousand in 2011, relating to
the estimated amount required for probable or certain third-party
liabilities or obligations arising from litigation in progress or from
outstanding indemnity payments or obligations. The Company’s directors consider that the provision is sufficient to cover the risks of
litigation in progress, third-party liability and current commitments
known at the date of preparation of these financial statements and
do not consider that the current claims, taken as a whole, will give
rise to additional liabilities that might have a material effect on the
2011 financial statements.
Tax Provision
At 2011 year-end the Tax Provision relates to EUR 47,705 thousand
of local taxes in relation to which the Subsidiary Aena Aeropuertos
S.A. is not in agreement with the settlement received from the tax
authorities. These settlements were appealed and it is uncertain, on 31
December 2011, what the definitive amount will be and when it will
be definitively settled.
2011 Annual report
Legal information
based on the current interest rate, were recorded over those fair prices
differences. Additionally, the short-term provisions for contingencies
and charges (see Note 13.2) includes a provision totalling EUR 230.4
million to cover these liabilities maturing in under 12 months.
c) “Provisions for Environmental Costs”
At 2011 year-end, this heading included EUR 99 million recognised
to cover the costs foreseen to carry out the sound insulation work required to meet the environmental legislation in force. Short-term provisions for contingencies and charges include a provision totalling EUR
39 million to cover these liabilities maturing in under 12 months (see
Note 13.2). The amounts recognised in this connection are capitalised
as an addition to the cost of the investment, since they are costs necessarily incurred to develop the projects.
Provision for expropiation and interest charges
The Provision for expropriation and interest charges relates the amount
of the difference between the fair prices paid for lands expropriated for airport expansions and the estimated prices to be paid in case
claims over the fair price paid, went to court. Also, interest charges
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4
2011 Annual report
Legal information
13.2 Short -term provisions
The changes in 2011 were as follows:
EUR thousand
Special Paid Leave
(Note 13.1)
Retribution
control
Expropiations and
interest charges
(Note 13.1)
Other Provisions
Environmental
Provisions
(Note 13.1)
Total
30,500
40,903
82,252
10,071
22,314
186,040
-
61,951
170,561
39,175
1,196
272,883
(1,829)
-
-
-
-
(1,829)
(28,671)
(5,416)
(22,446)
(6,796)
(16,033)
(79,362)
-
-
-
(67)
(40)
(107)
27,500
-
-
-
31,835
59,335
27,500
97,438
230,367
42,383
39,272
436,960
Additions
Excessive / Provisions
Amounts used
Transfer to other accounts
a) Provision for retribution control
On 13 August 2010, the Parent reached a base agreement with the
air traffic controllers in the negotiations regarding the new collective
labour agreement in which the operational controllers were guaranteed a total salary package in 2010 of EUR 480 million. It was also
stipulated that if at year-end this limit had not been reached, the
difference would be used to recognise a provision for a productivity
bonus, the composition and distribution of which would be agreed
upon by the parties.
With the publication of the arbitral award on 27 February 2011 and
the adoption of the new collective agreement, a new compensation
guaranteed for operating controllers hired prior to 5 February 2010 an
average wage of EUR 200 thousand and a salary at least equal to that
received during 2010 for non-operating controllers, which altogether
amounts to a maximum of EUR 480 million for 2011 wage bill, as
stipulated in the frame agreement signed by the parties on 13 August
2010. For the calculation of the annual wage bill, new controllers shall
be added every year, in addition to the amounts referred to above.
200
4
On 31 December 2011, a gap of EUR 97.4 million was estimated to
reach the guaranteed wage bill, therefore, provisions of EUR 36.1 million for 2010, and EUR 61.3 million were charged.
b) Other provisions
This heading includes the amount of certain subsidies granted to airlines operating in Canary Islands, Balearic Islands, Ceuta and Melilla
airports. These subsidies were included in the 2010 and 2011 State
Budgets as measures to foster air transport in those regions.
2011 Annual report
Legal information
On 31 December 2011 the balance in respect of this item amounted to
EUR 62,503 thousand ( EUR 98,582 thousand on 31 December 2010).
Also, in accordance with Commission Regulation (EC) no. 1794/2006,
of 6 December 2006, revised by Regulation 1191/2010, laying down
a common charging scheme for air navigation services, the non-recurring effects resulting from the introduction of International Accounting
Standards may be included as an addition to the route charge over
a period not exceeding 15 years. Consequently, at 2011 year-end,
the Parent expects to be able to recover EUR 64,000 thousand (EUR
243,304 thousand in 2010) through future charges.
13.3 CONTINGENT ASSETS
Adjustment mechanism
This item includes the rights (or obligations) arising from variances in
the estimated results used to set the unit charges for en-route navigation aids and the actual results ultimately obtained in the provision of
en-route air navigation services. The aforementioned rights and obligations are recovered through future changes between two to six years
after they arise. The Parent considers that this type of asset does not
meet all the requirements for recognition in the balance sheet since its
recoverability depends on future events such as changes in rates and
air traffic.
201
4
14. Bank borrowings and other
financial liabilities
Legal information
Approximately 59% of the loans and credits were arranged with fixed
annual interest rates of between 1.70% and 4.88%, with the remainder arranged at floating rates generally tied to the Euribor.
a) Non-current and current payables
The details of “Non-current payables” and “Non-current and current
payables” on 31 December 2011 is as follows:
EUR thousand
2011
2011 Annual report
2010
The Company has undertaken to comply with certain general obligations to avoid early repayment of the aforementioned loans and credits. On 31 December 2011 and 31 December 2010, the Company’s
directors consider that all the obligations relating to these loans were
being met.
The repayment schedule for the bank borrowings on 31 December
2011 and 31 December 2010 is as follows:
Long term
Short term
Long term
Short term
Loans
11,636,859
663,853
11,750,592
334,645
Credits
-
216,224
-
108,492
Maturing in
Unmatured accrued interest
-
81,528
-
77,471
2012
880,542
Obligations under finance
leases (Note 8)
2,124
465
2,589
441
2013
836,152
Derivatives (Note 10)
12,381
23,574
12,072
18,996
2014
932,034
-
682,413
-
766,536
2015
984,407
Guarantees and deposits
received
4,601
19,011
2,164
17,286
2
1
86
-
11,655,967
1,687,069
11,767,503
1,323,867
Non-current asset suppliers
Total
2011
2016
EUR thousand
967,769
Subsequent
7,918,621
Total
12,519,525
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4
2011 Annual report
Legal information
2010
EUR thousand
Maturing in
Bank
EUR thousand
Unicaja
Drawn down
Available
Total
149,280
720
150,000
2011
443,578
2012
664,278
KFW IPEX-Bank
166,670
-
166,670
2013
805,696
Banco Sabadell
150,000
50,000
200,000
2014
901,577
Dexia Sabadell
150,000
-
150,000
2015
949,227
BBVA
928,686
143,907
1,072,593
Subsequent
8,432,403
Total
12,519,525
528,780
13,048,305
Total
12,196,759
2010
The detail, by bank, of the drawn down and available amounts on
bank borrowings at 2011 and 2010 year end is as follows:
2011
EUR thousand
Bank
La Caixa
FMS
Drawn down
Available
Total
2,000
100,000
102,000
EUR thousand
Drawn down
Available
Total
La Caixa
Bank
3,524
102,809
106,333
Banesto
1,249
2,751
4,000
Banco Europeo de Inversiones
5,153,395
100,000
5,253,395
Instituto de Crédito Oficial
2,721,223
-
2,721,223
Depfa Bank
2,750,000
-
2,750,000
8,285
-
8,285
Bankinter
117,727
82,273
200,000
Unicaja
88,323
11,677
100,000
SCH
1,000,000
-
1,000,000
25,000
-
25,000
Banco Europeo de Inversiones
5,416,460
225,000
5,641,460
KFW IPEX-Bank
200,000
-
200,000
Instituto de Crédito Oficial
2,650,948
-
2,650,948
Banco Sabadell
150,000
-
150,000
Depfa Bank
1,633,330
-
1,633,330
Dexia Sabadell
150,000
-
150,000
Barclays
SCH
Bankinter
6,304
-
6,304
BBVA
853,033
150,000
1,003,033
240,847
9,153
250,000
Total
12,196,759
449,510
12,646,269
203
4
Accrued unpaid interest on 31 December 2011 and 2010 amounted to
EUR 81,528 thousand and EUR 77,471 thousand, respectively.
The following non-current, non-trade payables relating to Aena Desarrollo Internacional are denominated or instrumented in foreign currency:
Denominated in US Dollars
Equivalent value
in EUR thousand
2011
2010
Maturing at long-term
2,534
3,680
Maturing at short-term
1,267
1,227
Total bank borrowings
3,801
4,907
2011 Annual report
Legal information
This balance relates to suppliers that because of their nature are trade
creditors for the supply of goods and services and, therefore, it includes the figures relating to “Trade and Other Payables” and “Current
Payables to Group Companies and Associates” under “Current Liabilities” in the consolidated balance sheet.
The detail of payments for commercial transactions made during 2011
and due at year-end in accordance to maximum legal periods stipulated in Law 15/2010 is as follows:
Year payments within legal period
Remainder
b) Disclosures on the payment periods to suppliers
On 31 December 2011, EUR 7,461 thousand (EUR 36,104 thousand
on 31 December 2010) of the balance payable to suppliers was past
due by more than the maximum payment period (85 days).
Total year payments 2011
Excess payments (Days)
Oustanding balance at year-end exceeding
the maximum legal period
2011
EUR thousand
%
1,048,142
99.29
7,461
0.71
1,055,603
100.00
30
2,114
204
4
2011 Annual report
Legal information
15. Public administrations
and tax situation
The balance receivable in relation to grants received arises from the
non-refundable grants awarded by the European Regional Development Fund (ERDF) to the Company, which had not been received at
the end of 2011.
15.1. CURRENT TAX RECEIVABLES AND PAYABLES
Tax payables
The detail of “Current tax receivables and payables” on 31 December
2011 and 2010 is as follows:
Tax Receivables
EUR thousand
2011
2010
Deferred tax assets
184,487
255,320
Tax loss carryforwards
398,167
342,147
“Deferred tax assets” Total (Note 15.4)
582,654
597,467
Current tax assets
359
24,684
”Current tax assets” Total
359
24,684
VAT Refundable
114,897
60,875
Tax receivable relating to grants received
34,868
50,467
“Other accounts receivable from public authorities” Total
149,765
111,342
EUR thousand
2011
2010
Deferred tax liabilities (Note 15.6)
202,278
220,154
“Deferred tax liabilities” Total
202,278
220,154
-
1,466
“Current tax liabilities” Total
-
1,466
Other tax payables
1,314
3,608
Security charge payable
5,110
-
Personal income tax withholdings
30,828
23,709
VAT payable
4,162
91
Accrued social security taxes payable
13,698
14,916
“Other accounts payable to public authorities”
Total
55,112
42,324
The current tax asset arose basically from the supplementary income
tax return for 2011. Under “VAT Refundable” the Parent recognised
the credit receivable from the Public Administration relating to VAT
refundable amounts.
205
4
15.2 Reconciliation of the accounting loss to the tax
loss
The reconciliation of the accounting loss to the tax loss for income tax
purposes is as follows:
Legal information
2010
EUR thousand
Loss before tax
Increase
Permanent differences:
2011
EUR thousand
Loss before tax
Increase
Permanent differences:
Arising in the year
Arising in prior years
Arising from consolidation adjustments
Temporary differences:
Arising in the year
Decrease
Net
(42,825)
-
8,674
(10,533)
-
(401)
(401)
-
10,369
Arising in the year
-
(23,842)
(23,842)
10,851
-
10,851
Tax loss
114,515
(275,288)
271
(17,173)
(16,902)
(223,122)
(10,533)
10,369
-
-
(275,288)
(199,504)
8,674
-
Net
114,515
Decrease
Arising in the year
Tax loss
2011 Annual report
98,390
-
98,390
-
(126,866)
(126,866)
159
(15,034)
(14,875)
(245,115)
The main permanent differences are due to charges and reversals of
provisions for employee benefit obligations.
The main temporary differences arose as a result of the difference between the tax and accounting methods for recognising depreciation
and amortisation, the provision to the allowance for bad debts and
payments for retirement plans and risk provisions.
206
4
15.3 Reconciliation of accounting loss to the income
tax expense
The reconciliation of the accounting loss to the income tax expense is
as follows:
EUR thousand
2011 Annual report
Legal information
a) Tax loss carryforwards
The tax loss carryforwards on 31 December 2011 and 31 December
2010, and the related amounts and the last years for offset are as
follows:
2011
2011
2010
Year Incurred
EUR thousand
Last year for offset
Accounting loss before tax
(42,825)
(199,504)
2006
77,880
2024
Permanent differences
(2,622)
(2,260)
2007
23,443
2025
Tax loss
(45,447)
(201,764)
2008
288,102
2026
Tax charge at 30%
(13,634)
(60,529)
2009
509,637
2027
Tax credits and tax relief
(2,964)
6,065
2010
220,470
2028
(16,598)
(54,464)
2011
207,927
2029
Total income tax expense recognised in profit
or loss
15.4 Deferred tax assets recognised
As Parent of the consolidated tax group, the Parent settles the income
tax expense for the other companies of the tax group, which together
reported a non-current tax asset to the tax authorities totalling EUR
398,167 thousand on 31 December 2011 (EUR 342,147 thousand in
2010).
1,327,459
2010
Year Incurred
EUR thousand
Last year for offset
2006
83,970
2021
2007
28,426
2022
2008
282,472
2023
2009
519,968
2024
241,302
2025
2010
1,156,138
207
4
2011 Annual report
Legal information
b) Temporary differences capitalised
15.5 Deferred tax assets not recognised
The detail of the temporary differences that gave rise to the deferred
tax assets recognised in the consolidated balance sheet is as follows:
The Parent’s tax credit carryforwards earned in prior years on December 2011 and 2010 were as follows:
EUR thousand
2011
2010
Depreciation and amortisation of assets
55,255
82,999
Write-down of trade receivables
13,845
12,516
657
491
73,060
Non-current remuneration payable
Provisions for employee benefit obligations
Provision for contingencies and charges
Taxes
Corrective mechanism
2011
EUR thousand
Year
Double
taxation Tax
Credit
Tax Credits for
Research and
Development
Tax Credits
for investments in
the Canary
Islands
Tax credits
for Donations
Other Tax
credits
103,532
2006
2,005
4,137
6,687
914
424
950
1,096
2007
2,459
3,249
2,933
834
336
-
15,201
2008
3,630
2,518
2,210
944
342
27,982
29,142
2009
3,996
3,933
3,233
695
190
3,030
3,721
2,502
740
89
Hedging Instruments
10,773
9,229
2010
Other
1,965
1,114
2011
2,301
-
17
718
-
Total
184,487
255,320
Total
17,421
17,558
17,582
4,845
1,381
The deferred tax assets indicated above were recognised in the consolidated balance sheet because the directors of the Parent and of the
subsidiaries considered that, based on their best estimate of the Parent
and the subsidiaries’ future earnings, including certain tax planning
measures, it is probable that these assets will be recovered.
208
4
2011 Annual report
Legal information
2011
2010
EUR thousand
EUR thousand
Year
Tax Credits for Environmental
Investments
Tax Credits for Investments in
the Canary Islands
2006
730
21,112
2007
771
30,214
2008
-
20,880
-
2009
-
38,523
914
949
2010
-
57,386
834
917
2011
-
38,819
944
940
Total
1,501
206,934
2,692
2,806
Year
Double
Taxation
Tax Credit
Tax Credits for
Research and
Development
Tax Credits
for investments in
the Canary
Islands
Tax credits
for Donations
Other Tax
credits
Other
deductions
2004
-
-
-
5,687
-
-
2005
-
-
-
18,416
-
2006
2,005
6,630
730
27,799
2007
2,459
3,249
771
33,146
2008
3,630
2,518
-
23,089
Total
8,094
12,397
1,501
108,137
On 31 December 2011 and 2010, the Parent had not recognised these
tax credits in the consolidated balance sheet since there was no certainty that they could be used against future income tax returns within
the period envisaged in current legislation.
The following tax loss carryforwards from years prior to its joining the
consolidated tax group and the following tax credit carryforwards were
not recognised by the subsidiary Aena Desarrollo Internacional, S.A:
EUR thousand
Tax Losses
Double
Taxation Tax
Credit
Tax Credit for
Export Activities
Tax Credit for
Training
Activities
Tax Credit for
Pension Plans
1997
253
-
-
-
-
1998
576
-
-
-
-
1999
1,590
-
-
-
-
2001
573
-
7
7
-
2002
766
29
-
-
-
2003
-
236
-
1
-
2004
-
232
-
-
-
2005
-
-
-
-
-
2006
-
320
2
2
-
Year
On 31 December 2011, the subsidiary Aena Aeropuertos, S.A., had
not recognised these tax credits in the consolidated balance sheet
since there was no certainty that they could be used against future
income tax returns within the period envisaged in current legislation.
209
4
Tax Losses
Double
Taxation Tax
Credit
Tax Credit for
Export Activities
Tax Credit for
Training
Activities
Tax Credit for
Pension Plans
2007
3,449
536
1
1
-
2008
14,866
308
-
-
-
2009
-
267
1
1
-
2010
-
312
1
1
1
2011
Legal information
15.7 Years open for review and tAx audits
EUR thousand
Year
2011 Annual report
-
350
-
-
-
22,073
2,590
12
13
1
Under current legislation, taxes cannot be deemed to be definitively
settled until the tax returns filed are reviewed by the tax authorities or
until the four-year statute-of limitations period has expired.
Although the review process opened by the Department of Tax and
Customs Control in the year 2009 for the 2002-2006 period finalized
in 2010, the income tax review has been open since 2002 as a result of
outstanding reversal adjustments and taxable income compensation.
15.6 Deferred tax liabilities
The VAT and Income Tax audits are finished, though IGIC and IPSI are
still open for review for the years 2007 and 2008.
The detail of the temporary differences that gave rise to the deferred
tax liabilities recognised in the consolidated balance sheet is as follows:
Ultimately, the audit is open on a general basis for every local tax since
2008.
EUR thousand
2011
2010
3,131
16,536
Provisions for employee benefit obligations
-
6,340
Provisions for third-party liabilities
-
3,455
Deferred income
-
598
150
546
-
54
Grants
198,967
191,909
Other
30
716
Total
202,278
220,154
Provisions for non-current assets
Financial hedging instruments
Taxes
At the close of the 2011 year the subsidiary companies Aena Desarrollo Internacional and CLASA had open for review the 2008 business
year and following for income tax, and the 2008 and following year
for other applicable taxes as well. In addition, the subsidiary company
Aena Aeropuerto S.A. has open for review the period running from 31
May to 31 December, 2011 for all taxes.
The Company’s directors consider that the tax returns for the aforementioned taxes were filed correctly and, therefore, even in the event
of discrepancies in the interpretation of current tax legislation in relation to the tax treatment afforded to certain transactions, such liabilities as might arise would not have a material effect on the accompanying consolidated financial statements.
210
4
At 2011 year-end, the (A.I.E.) Economic Interest Association CRIDA
had open for income tax review 2008 and subsequent years, and 2008
and subsequent years for all the other taxes applicable to it. The view
of the A.I.E. Directors, as well as its tax consultants, is that there are no
tax contingencies of significant amounts that might arise in case of a
tax audit regarding possible different interpretations of the tax legislation applicable to activities carried out by the A.I.E.
16. Income and expenses
a) BREAKDOWN OF THE REVENUE
The revenue relating to the Group’s ordinary activities is obtained in
Spain, except for that relating to the activities of desarrollo internacional (see note 20), the breakdown being as follows:
2011 Annual report
Legal information
EUR thousand
2011
2010
Landing
509,534
371,527
Parking
19,694
7,593
Use of infrastructures
629,905
500,604
Passenger boarding bridges
122,971
127,219
Cargo handling
10,517
15,346
Security charge
202,284
130,671
333
392
1,495,238
1,153,352
In-flight catering services
10,704
9,948
Premises, land and desk rent
25,446
24,294
Check-in desks
26,263
23,725
Services provided to concession holders
23,721
24,808
539
547
Use of lounges and unspecified areas
11,995
11,028
Ramp handling
75,233
71,261
Other
5,760
3,928
179,661
169,539
29,382
26,041
Airport revenue:
Air traffic revenue:
Other
Subtotal of air traffic revenue
Non-air traffic revenue:
Restricted area access clearance
Subtotal of non-air traffic revenue
Commercial revenue:
Fuel
211
4
EUR thousand
2011
2010
Premises and land rent
41,813
39,893
Commercial operations
220,063
202,684
Bars and restaurants
81,346
75,038
Car rental
96,055
96,621
Vehicle parking
97,364
104,548
Advertising
28,323
27,783
18,536
16,184
Other
1,249
1,228
614,131
590,020
En-route navigation aids
813,900
832,590
Approach navigation aids
93,036
192,572
Subtotal of commercial revenue
Air traffic control:
Publications and other services
10,389
7,152
Subtotal of air traffic control
917,325
1,032,314
2011 Annual report
Legal information
b) Procurements
The breakdown of “Procurements” in 2011 and 2010 is as follows:
EUR thousand
Other procurements
Changes in inventories of other procurements
23,314
22,591
International development
4,472
4,445
119
140
27,905
27,176
3,234,260
2,972,401
R&D
Total revenue
2010
270
1,233
433
(861)
105,095
61,510
Total
105,798
61,882
The work performed by other companies includes, inter alia, the services provided by the Ministry of Defence, the Directorate General of
Civil Aviation and the National Meteorological Institute.
c) Employee benefit costs
The breakdown of “Employee Benefit Costs” is as follows:
EUR thousand
Other lines of business:
Airport logistics
2011
2011
2010
132,538
132,221
Contributions to employee benefit obligations
7,542
6,579
Other employee benefit costs
24,730
44,959
Total
164,810
183,759
Employer social security costs
The equivalent value of sales in foreign currency, made in US dollars
and Colombian pesos, was EUR 4,211 thousand.
212
4
2011 Annual report
Legal information
d) Outside services
e) Financial Loss
The breakdown of “Outside Services” is as follows:
The financial loss for 2011 and 2010 was as follows:
EUR thousand
R&D expenditure
2011
2010
8
9
EUR thousand
2011
2010
Income:
Rent and royalties
12,330
13,402
Income from equity investments
1,912
-
Repairs and upkeep
336,128
338,398
Other interest and similar income
853
4,310
Independent professional services
65,585
57,904
Total financial profit
2,765
4,310
Insurance Premiums
17,586
18,119
Costs:
381
443
(397,780)
(257,319)
Transport
Interest on loans
Banking services
1,629
1,746
Other finance costs
-
(74)
Advertising and public relations
14,123
13,761
(6,335)
(36,589)
Utilities
123,787
103,315
Capitalisation of finance costs (Notes 5 and 6)
36,045
40,924
Surveillance and security services
131,075
129,951
Total financial loss
(368,070)
(253,058)
Other services
201,157
236,405
(13,003)
38
Total
903,789
913,453
Exchange losses:
Exchange profits
967
1,748
Exchange losses
(866)
(1,509)
101
239
-
(6)
(378,207)
(248,477)
Impairment on financial instruments
Net financial loss
213
4
2011 Annual report
Legal information
“Interest Cost Relating to Provisions” includes mainly the financial
adjustments made by the Parent as a result of the interest cost on
provisions. Specifically, EUR 51,943 thousand (EUR 14,892 thousand
in 2010) was recognised for late-payment interest on compulsory purchases, the associated provision for which is discussed in Note 13.1.
f) Excessive provisions
The most significant amount included under “Excessive Provisions”, of
EUR 149,527 thousand, relates to the impact of the updating of the
actuarial assumptions arising from the provision for special paid leave
(see Note 13.1).
g) Other disclosures
The number of employees by category and sex on 31 December 2011
and 31 December 2010, were as follows:
Professional Category
Number of employees on 31.12.2011 (*)
Number of employees on 31.12.2010 (*)
Men
Women
Total
Men
Women
Total
16
3
19
14
4
18
Executives and college graduates
1,327
855
2,182
1,298
787
2,085
Coordinators
1,268
400
1,668
1,278
399
1,677
Line personnel
4,226
2,074
6,300
4,268
2,039
6,307
427
388
815
455
392
847
Controllers
1,652
726
2,378
1,681
738
2,419
Total
8,916
4,446
13,362
8,994
4,359
13,353
Senior executives
Support staff
(*) The number of temporary employees of the Parent on 31 December 2011 and 2010 was 1,746 and 1,536 respectively.
214
4
The average headcount by professional category, was as follows:
Professional category
Number (*)
2011
2010
18
17
2,165
2,007
Coordinators
1,668
1,659
6,309
6,345
827
856
Controllers
2,386
Total
13,373
Senior executives
Line personnel
Support staff
2011 Annual report
Legal information
The average number of employees with disabilities greater than or
equal to 33% within the Aena group during 2011, by category, was
as follows:
Number
Number
2011
2010
12
11
Coordinators
17
2
Line personnel
74
107
2,401
Support staff
17
2
13,285
Controllers
7
7
127
129
(*) The average number of temporary employees in 2011 and 2010 was 1,807 and 1,597
The Group’s Board of Directors has 34 members, 27 men and 7 women.
Job category
Total
Remuneration of Directors and Senior Executives
The breakdown of the remuneration received by the members of the
Board of Directors and Senior Executives of the Group is as follows (in
EUR thousand):
2011
Senior Executives (*)
Board of Directors
Salaries
Attendance fees
Other
items
Pension
plans
Insurance
premiums
Total
1,863
43
3
16
24
1,949
-
239
-
-
-
239
(*) Including the wages of the members of the Board of Directors, who are also senior executives of the subsidiaries.
215
4
No advances or loans were granted to the current or former members
of the Board of Directors and there are no pension obligations to them.
2010
Senior Executives (*)
Board of Directors
Salaries
Attendance fees
Other
items
Pension
plans
Insurance
premiums
Total
1,835
41
4
15
21
1,916
-
214
-
-
-
214
(*) Including the wages of the members of the Board of Directors, who are also a senior executives of the subsidiaries.
Fees paid to auditors
The fees for the audit of the Parent’s financial statements are borne
by the Ministry of Economy and Finance (Spain’s National Auditing
Agency).
Additionally, the fees billed in connection with the audit of the financial statements of certain subsidiaries amounted to EUR 69 thousand
(EUR 50 thousand in 2010)
2011 Annual report
Legal information
17. Guarantees and other sureties
granted
The parent public business entity had delivered and current guarantees
at the close of the 2011 and 2012 business years in the amount of 508
thousand euros and 302 thousand euros, respectively. The administrators of the parent entity do not expect these guarantees to generate
any material liabilities.
Also, the Parent is the joint and several guarantor of all the loans and
credits that the subsidiary Aena Desarrollo Internacional, S.A. has arranged with banks. The detail of these loans and credit facilities in
2011 and 2010 is as follows:
EUR thousand
Bank
2011
2010
Currency
BSCH
2,853
3,684
US Dollar
BSCH
3,451
4,601
Euro
ICO
948
1,223
US Dollar
Lastly, the company CLASA received guarantees from customers totalling EUR 218 thousand (EUR 13,495 thousand in 2010).
216
4
18. Environmental Obligations
2011 Annual report
Legal information
2011
2010
EUR thousand
The parent Public Business Entity and the subsidiary company Aena
Aeropuertos S.A., faithful to their commitment to environmental preservation and protecting the quality of life in the areas they affect, have
been undertaking investments in this area which make it possible to
minimize the environmental impact of their actions and to protect the
environment.
As of 31 December, 2011 tangible fixed assets included environmental
investments in the amount of 518.9 million euros (514.1 million as of
31 December, 2010), the accumulated amortisation of which came to
139.5 million euros as of 31 December, 2011 (119.5 million euros as
of 31 December, 2010).
The environmental investments made in 2011 and 2010 amounted to
EUR 24.8 million and EUR 155.5 million respectively, the breakdown
being as follows:
Palma de Mallorca
665
EUR thousand
A Coruña
64,135
Barcelona
3,903
Madrid/Barajas
20,013
Madrid/Barajas
2,487
Tenerife North
17,941
Alicante
17,804
Bilbao
13,070
Málaga
4,585
Gran Canaria
4,454
Tenerife North
Alicante
Bilbao
Málaga
893
1,497
784
3,248
Gran Canaria
167
Ibiza
3,952
Ibiza
165
Vigo
2,658
Menorca
2,847
Barcelona
2,059
Girona
2,041
Palma de Mallorca
1,386
Seville
1,132
Other divisions
3,472
Melilla
812
Valladolid
421
SSCC Aeropuertos
Other divisions
Total
500
3,214
24,776
Total
155,529
217
4
The breakdown of the environmental expenses included in the 2011
and 2010 consolidated income statement is as follows:
EUR thousand
2011
2010
Repairs and upkeep
7,001
9,205
2,396
1,587
Other outside services
1,712
3,998
Total
11,109
14,790
Provisions and contingencies of an environmental nature are detailed
in Notes 13.1, 13.2 and 13.3. Neither the Parent’s nor Aena Aeropuertos’ directors expect any additional material liabilities or contingencies
to arise in this regard.
Under the Barajas Plan and pursuant to the Resolutions of the Directorate General of Environmental Information and Assessment, dated 10
April 1996 and of the Secretariat General of the Environment, dated
30 November 2001, Aena Aeropuertos S.A. is carrying out the sound
insulation of certain housing units near Madrid- Barajas airport. By 31
December 2011, more than 12,703 homes had been insulated.
2011 Annual report
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Also, in 2007 applications for the sound insulation of housing units in
the environs of Gran Canaria, La Palma, Menorca, Palma de Mallorca,
Tenerife North, Valencia, Bilbao, Ibiza, Pamplona, Barcelona, Sabadell,
Santiago de Compostela, Vigo, La Coruña, Melilla and Gerona airports started to be processed and were still being processed at 2011
year-end.
Also, pursuant to the resolutions of the Ministry of the Environment,
establishing the Environmental Impact Statements for Aena’s airports,
Aena Aeropuertos S.A. has carried out or is carrying out the preventive, corrective and compensatory measures indicated in the mandatory environmental impact study and in the aforementioned Environmental Impact Statement, complying with certain conditions relating
mainly to: protection of the hydrological and hydro-geological system,
soil protection and conservation, protection of air quality, acoustic protection, protection of vegetation, wildlife and natural habitats, protection of the cultural heritage, restoration of services and livestock trails,
location of quarries, spoil, landfill and ancillary facility areas.
As required under the Environmental Impact Statements relating to the
projects to expand the Alicante and Málaga airports, Aena is carrying
out the sound insulation plans associated with these statements. At
2011 year-end, 1,681 and 783 dwellings had been insulated in Alicante and Málaga, respectively.
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19. Events after the reporting period
On 25 January 2012 the Board of Directors agreed to waive the contracts related to lots I and II of the “Tender process to select partners to
participate in the share capital of the public limited liability companies
in charge of the management of the airport service concessions for
Madrid-Barajas and Barcelona-El Prat.”
By means of the Council of Ministers’ agreement dated 16 March
2011, approval was given to the plan to restructure and reduce the
public sector and state-founded companies, in order to dimension a
smaller, more streamlined and efficient sector immersed in the current
context of austerity and need of control of public expenditure. Globally, the plan approved by the Government envisages the suppression,
divestment or speeding up the liquidation of a total of eighty trade
companies, including Aena Desarrollo Internacional, S.A. and Centros
Logísticos Aeroportuarios, S.A., whose sole proprietor is the subsidiary
Aena Aeropuertos S.A. In this respect, the governing bodies of the
company shall carry out the decision through a take-over merger by
the company Aena Aeropuertos, S.A.
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20. Segment information
The Group identifies its operating segments on the basis of internal
reports which form the basis for regular reviews, discussions and evaluations by the Board of Directors since it is the highest decision-making
authority and has the power to allocate resources to segments and
evaluate their performance.
The following segments were identified: Airports, Air Navigation and
Other. The later includes the Parent’s Corporate Unit and the activities
carried on by the subsidiaries comprising the Aena Group: International Development, Airport Logistics Centers and R&D within the scope
of ATM.
The transfer prices applied to inter-segment sales are market prices, as
indicated in Note 4-o.
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Sales by geographical market
Information on main customers
The breakdown, by geographical market, of the Company’s revenue
for 2011 and 2010 is as follows
The detail of sales to non-Group customers who were invoiced for
amounts greater than or equal to 10% of revenue is as follows:
Geographical Market
Spain
Rest of the EU countries
Others (Note 16.a)
Total
EUR thousand
Sales
Revenue
(EUR thousand)
2011
2010
3,229,820
2,968,094
229
188
4,211
4,119
Iberia
326,506
311,676
2,972,401
Total
1,121,216
1,131,012
3,234,260
Eurocontrol
2011
2010
794,710
819,336
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Financial Statements by Segment 2011 (EUR thousand)
Segments
Item
Airport Services
Air- Traffic Control
Services
Other Segments
Revenue:
2,304,105
1,070,604
33,782
Non-group customers
2,291,471
917,019
25,870
Inter-segment
Eliminations and
adjustments
(174,231)
TOTAL
3,234,260
3,234,360
12,634
153,585
7,912
(174,131)
Procurements
(133,914)
(93,701)
7
121,810
Staff costs
(378,943)
(572,376)
(15,892)
Depreciation and amortization charge
(829,927)
(129,755)
(6,568)
(25,156)
(15,027)
10,930
(29,253)
Non-current
(3,100)
178,789
(4,170)
171,519
26,823
284,426
8,897
3,282
323,428
Finance income
14,263
3,808
191,658
(206,964)
2,765
(342,611)
(24,012)
(191,803)
190,356
(368,070)
(12,895)
(163)
156
(105,798)
(967,211)
2,231
(964,019)
Losses on, impairtment of, and change in allowances
for trade receivablesCurrent
Finance costs
Change in far value of financial instruments, Exchange
differences and Impairtment and gains or losses on disposals of financial instruments:
PROFIT (LOSS) BEFORE TAX
(12,902)
(314,420)
264,059
15,786
(8,250)
(42,825)
Assets
16,933,827
1,253,639
15,264,074
(14,939,192)
18,512,348
Liabilities
13,988,466
598,959
12,594,617
(12,237,139)
14,944,903
766,497
350,857
(235,853)
(12,219)
869,282
(1,084,428)
(130,444)
59,183
(65,680)
(1,221,369)
317,112
(220,416)
177,327
77,858
351,881
1,334,545
130,434
25,275
(8,571)
1,481,683
Net cash flows from the following activities:
Operating
Investing
Financing
Non-current assets acquisition
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Financial Statements by Segment 2010 (EUR thousand)
Segments
Item
Airport Services
Air- Traffic Control
Services
Other Segments
Revenue:
1,918,775
1,032,314
34,880
Non-group customers
1,912,912
1,032,314
27,175
Inter-segment
Procurements
5,863
7,705
Eliminations and
adjustments
(13,568)
TOTAL
2,972,401
2,972,401
(13,568)
(532)
(61,350)
Staff costs
(373,108)
(598,555)
(6,782)
(61,882)
Depreciation and amortization charge
(741,918)
(128,494)
(4,340)
Current
(47,660)
(8,507)
(50)
(56,217)
Non-current
(14,051)
40,203
(8)
26,144
(169,883)
187,942
10,375
2,642
31,076
18,221
920
172
(15,003)
4,310
(225,090)
(27,297)
(1,498)
827
(253,058)
(978,445)
2,233
(872,520)
Losses on, impairtment of, and change in allowances
for trade receivables:
Finance income
Finance costs
Change in fair value of financial instruments, Exchange
differences and Impairtment and gains or losses on disposals of financial instruments:
(15)
286
271
(376,767)
161,565
27,232
(11,534)
(199,504)
Assets
16,596,561
1,419,202
315,159
(178,882)
18,152,040
Liabilities
13,442,411
1,029,010
185,210
(92,624)
14,564,007
355,114
226,263
10,637
(21,219)
570,795
(1,557,679)
(152,603)
(19,380)
(2,840)
(1,732,502)
Operating
Investing
Financing
1,197,826
(73,651)
18,490
13,393
1,156,058
Non-current assets acquisition
1,365,588
162,457
13,968
(468)
1,541,545
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Single financial statements
BALANCE SHEET ON 31 December 2011 (EUR thousand)
ASSETS
Notes
2011
2010
Note 5
194,803
281,506
75,084
86,297
119,505
171,365
214
23,844
NON-CURRENT ASSETS:
Intagible Assets
Development
Computer Aplications
Tangible Fixed Assets
730,055
16,483,624
Lands and buildings
Note 6
154,210
11,008,649
Technical facilities and machinery
309,714
855,439
Other facilities, tools and furniture
88,832
2,351,265
Other tangible assets
15,578
134,032
Construction in progress
Investments in group and associated long-term
161,721
2,134,239
13,749,776
187,806
Equity instruments
Note 8.1-a
2,605,131
111,878
Loans to companies
Note 8.1-b
11,144,645
75,928
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ASSETS
Notes
Long-term financial investments
Equity instruments
Derivatives
Note 8.1-a
Note 9
Deferred tax assets
Note 13.1
Total Non Current Assets
2011 Annual report
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2011
2010
814
2,245
564
744
-
1,219
250
282
511,964
575,817
15,187,412
17,530,998
1,173
6,767
CURRENT ASSETS:
Inventories
Note 10
207,204
517,188
For sales and services
Note 8.1-c
127,637
368,746
Customers, group companies and associates
Note 8.1-b
77,471
12,259
-
361
1,241
2,343
Sundry Debtors
Staff
Current tax assets
Note 13.1
359
24,685
Other credits with government
Note 13.1
496
108,794
Investments in group companies and associated short-term
Note 8.1-b
1,067,306
5,357
Loans to companies
869,997
4,219
197,309
1,138
Short-term financial investments
429
6,431
429
6,431
Short-term accruals
10,652
9,377
1,826
3,800
1,288,590
548,920
16,476,002
18,079,918
Cash and other cash assets equivalents
TOTAL ASSETS
Note 8.1-d
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BALANCE SHEET ON 31 December 2011 (EUR thousand)
Notes
2011
2010
3,189,502
3,111,749
3,099,018
3,099,018
739,367
724,613
Statutory
451,196
451,196
Other reserves
288,171
273,417
(711,882)
(554,769)
Year Loss
62,999
(157,113)
VALUE ADJUSTMENTS
(1,281)
(20,820)
Note 9
(1,281)
(20,820)
Note 11-e
3,294
450,411
3,294
450,411
3,191,515
3,541,340
243,643
635,246
243,643
417,279
Environmental actions
-
161,801
Other provisions
-
56,166
11,642,739
11,753,426
11,630,358
11,741,460
Note 9
12,381
11,966
Note 13.1
4,543
220,456
11,890,925
12,609,128
NET EQUITY:
OWN FUNDS
Note 11
Equity
Reserves
Losses from previous years
Hedging
GRANTS, DONATIONS AND BEQUESTS
Grants, donations and bequests
Total Net Equity
NON CURRENT LIABILITIES:
Long-term provisions
Note 12.1
Long-term employee benefit obligation provisions
Long-term debts
Debts with credit entities
Derivates Note
Note 8.2-a
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2011 Annual report
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2011
2010
Note 12.2
125,425
185,957
Short-term debts
Note 8.2-a
1,059,893
1,318,171
958,755
515,332
Derivates
23,525
18,996
77,613
783,843
Short-term debts with group companies and associates.
Note 8.1-b
50,564
15,444
Note 8.2-b
157,680
409,878
-
97
106,155
254,763
14,997
32,569
Suppliers
Sundries
Note 8.1-b
Staff
Note 13.1
-
1,466
Other debts with Public Administrations
Note 13.1
31,438
42,009
5,090
78,974
1,393,562
1,929,450
16,476,002
18,079,918
Customer advances
Total current liabilities
TOTAL LIABILITIES
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INCOME STATEMENT 2011 (EUR thousand)
Notes
2011
2010
Revenue
Note 14-b
1,070,975
1,032,314
Procurement
Note 14-a
(93,694)
(61,350)
(759)
(262)
(92,935)
(61,088)
3,536
11,850
Non-core and other current operating income
2,776
10,715
760
1,135
(581,360)
(598,555)
(506,560)
(506,085)
(62,319)
(82,259)
Cost of raw materials and other consumables use
Income-related grants transferred to profit
Staff costs
Note 14-c
Social security costs
Provisions
Outside services
Note 14-d
Taxes
Loss, damage and changes in trade provisions
Note 8.1-c
Depreciation and amortization
Impairment and loss on disposal of non-current assets
(10,211)
(110,323)
(149,549)
(96,643)
(4,692)
(4,875)
(3,950)
(8,523)
(1,523)
(282)
(131,856)
(128,495)
1,280
1,636
Note 12
176,811
42,214
Notes 5 and 6
(2,193)
(2,006)
Notes 5 and 6
Allocation of grants and other non-financial assets
Excess provisions
(12,481)
(159,714)
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Notes
Other results
OPERATING INCOME
Financial income
Investments in equity instruments
Note 8.1-b
Group companies and associates
Note 8.1-b
Third parties
2011 Annual report
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2011
2010
647
657
284,432
187,942
193,532
920
4,202
478
4,202
478
189,330
442
188,773
28
557
414
Financing costs
(213,733)
(27,297)
(217,250)
(34,015)
3,517
6,718
Capitalisation of finance cost
(3)
Impairment and loss on disposal of financial instruments
FINANCIAL RESULTS
(163)
Note 14-e
PROFIT BEFORE TAXES
Income Taxes
Note 13.4
LOSS FROM CONTINUING OPERATIONS
(20,367)
(26,377)
264,065
161,565
(74,569)
(43,611)
189,496
117,954
(126,497)
(275,067)
62,999
(157,113)
NON-CONTINUING OPERATIONS
Loss from non-continuing operations after Taxes
Note 17
LOSS FOR THE YEAR
Notes 1-18, described in the attached Report, are an integral part of the Profit and Loss Account on December 31, 2011.
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STATEMENTS OF CHANGES IN EQUITY FOR 2011
A) STATEMENT OF RECOGNISED INCOME AND EXPENSE (THOUSAND OF EUROS)
Notes
A) Results of the profit and loss account
2011
2010
62,999
(157,113)
Income and expenses recognized directly in equity
From cash flow hedges
Note 9
(19,223)
(30,154)
Grants, donations and bequests received
Note 11-e
61,853
71,396
Tax effect
Note 13.3
(12,789)
(12,373)
29,841
28,869
B) Total income and expense recognized directly in equity
Transfers to profit and loss
Note 9
13,060
-
Note 11-e
(17,494)
(32,993)
Tax effect
Note 13.3
1,330
9,898
C) Total transfers to the profit and loss account
(3,104)
(23,095)
TOTAL RECOGNISED INCOME AND EXPENSES (A + B + C)
89,736
(151,339)
Notes 1-18, described in the attached Report, are an integral part of the Income and Expense Statement on December 31, 2011.
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STATEMENTS OF CHANGES IN EQUITY FOR YEAR 2011
B) STATEMENT OF CHANGES IN TOTAL EQUITY (EUR thousand)
Year Loss
Valuation
Adjustment
Grants,
Donations,
or Gifts and
Bequests
received
Total
Equity
(201,870)
(352,899)
288
423,529
3,692,679
-
-
(157,113)
(21,108)
26,882
(151,339)
-
(352,899)
352,899
-
-
-
Assigned
Equity and
Asset
By-Law
reserves
Other
Reserves
Losses from
Previous
Years
3,099,018
479,917
244,696
Total recognized income and expense
-
-
Application result 2009
-
-
Balance at 2009 year-end
Reclassification of reserves
-
(28,721)
28,721
-
-
-
-
-
3,099,018
451,196
273,417
(554,769)
(157,113)
(20,820)
450,411
3,541,340
Total recognized income and expense
-
-
-
-
62,999
(4,314)
31,051
89,736
Application result 2010
-
-
-
(157,113)
157,113
-
-
-
Non-monetary Contribution to Aena Aeropuertos SA
-
-
-
-
-
23,853
(478,168)
(454,315)
Increase of Reserves due the valuation of consolidated shares subject to non-cash contribution to
Aena Aeropuertos SA
-
-
14,754
-
-
-
-
14,754
3,099,018
451,196
288,171
(711,882)
62,999
(1,281)
3,294
3,191,515
Notes 1-18, described in the attached Report, are an integral part of the Statement of Changes in Total Equity on December 31, 2011.
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CASH FLOW STATEMENT 2011(EUR thousand)
2011
2010
CASH FLOW FROM OPERATING ACTIVITIES (I)
207,330
566,021
Loss before tax
85,370
(215,202)
Adjustments for:
522,911
1,214,686
- Depreciation and amortization
474,391
870,413
- Impairment losses
23,228
56,167
- Change in provisions
(62,296)
87,043
- Allocation of grants
(18,214)
(32,993)
- Gains/Losses on derecognition and disposal of non-current assets
10,510
22,542
- Gains/Losses on derecognition and disposal of financial instruments
1,093
6
- Financial incomes
(205,708)
(19,141)
- Interest expenses
309,723
230,658
- Exchange differences
(2)
(9)
- Change in fair value of financial instruments
163
- Other incomes and expenses
(9,977)
(293,407)
(158,277)
561
(861)
- Trade and other receivables
(187,126)
(118,857)
- Other current assets
(205,471)
(2,166)
- Trade and other payables
95,391
(28,553)
- Other current liabilities
3,238
(7,840)
Other cash flow from operating activities
(107,544)
(275,186)
- Interest payments
(324,959)
(296,771)
- Dividend charges
12,015
14,176
- Inventories
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2011
2010
- Interest charges
178,637
4,960
- Charges (payments) from income tax
26,763
2,449
CASH FLOW FROM INVESTING ACTIVITIES (II)
(563,683)
(1,727,148)
Payments due to investments
(756,503)
(1,738,677)
- Group companies and associates
(125,061)
(6,400)
- Intangible assets
(38,678)
(74,378)
- Tangible assets
(591,773)
(1,657,899)
(991)
-
192,820
11,529
192,820
11,528
- Property, plant and equipment assets
-
1
CASH FLOW FROM FINANCING ACTIVITIES (III)
354,379
1,163,652
Charges and payments due to equity instruments
28,111
69,198
- Grants, donations and bequests received
28,111
69,198
Charges and payments for financial liabilities
326,268
1,094,454
- Issuance of debt to credit institutions
660,171
1,530,000
(331,936)
(433,207)
(1,967)
(2,339)
- Issuance of other debts
- Repayment of debts to credit institutions
- Repayment of other debts
EFFECT OF EXCHANGE RATE CHANGE (IV)
INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS (I + II + III + IV)
9
(1,974)
2,534
Cash and cash equivalents at beginning of year
3,800
1,266
Cash and cash equivalents at end of year
1,826
3,800
Notes 1-18, described in the attached Report, are an integral part of the Cash Flow Statement on December 31, 2011.
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AENA AEROPUERTOS S.A. Y SOCIEDADES DEPENDIENTES
Consolidated
audit report
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AENA AEROPUERTOS S.A. and subsidiaries
2011 Consolidated management report
The new airport system management model, (Decree-Law Royal Decree Law 13/2010 of December 3), constitutes the new legal framework for the modernization of the Spanish airport system, and includes
the separation of airport management and air navigation duties.
By creating the state owned company Aena Aeropuertos, S.A. (Agreement of the Council of Ministers February 25, 2011), Aena Aeropuertos, S.A. undertakes the series of duties and obligations for managing and operating airport services with regard to the airport network,
composed of 47 airports and 2 heliports. The company, which was
launched on June 8, 2011 (agreement of the Council of Ministers of
June 3, 2011), was assigned the assets, property and management of
the airports that were managed by Aena.
In alignment with this planning framework, the general strategic objectives of Aena are grouped in five strategic management groups:
safety, quality and environment, infrastructure and services, economic
efficiency and financial viability and people.
1. Evolution of the activity
Regarding the numbers (according to provisional data), during the activity of Aena Aeropuertos, S.A. between June and December 2011
Spanish airports registered almost 129.4 million passengers, operated
almost 1.3 million flights, and transported more than 398,500 tons of
cargo.
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2. Safety
and Badajoz) and 2 heliports (Ceuta and Algeciras), which were pending completion. Therefore, the SMS is already implemented in all of the
airports of the Aena Aeropuertos network.
The Strategic Infrastructure and Transport Plan (PEIT) included the reinforcement of the safety inspection by the aeronautical authority, and of
the safety controls and conditions in the airports. Likewise, it made reference to the implementation of the Aena General Safety Plan in such a
manner so that it would comprehensively address safety in its triple perspective: operational safety and emergency planning (safety); security of
persons and property (Security); and lastly, occupational risk prevention.
Also, as part of continuous improvement of the SMS, internal supervisions were carried out in 23 airports where a SMS was already implemented: Fuerteventura, Menorca, Tenerife North, Girona-Costa Brava,
Jerez, Santiago, Seville, Almeria, La Palma, FGL Granada-Jaén, Asturias, A Coruña, Vigo, Reus, Logroño-Agoncillo, Vitoria, Melilla, San
Sebastián, Pamplona, Burgos, Sabadell, Madrid-Cuatro Vientos and
Córdoba.
Due to its relevance and integrating nature, it is noteworthy to mention the approval and satisfactory execution of the Aena General Safety Plan, which has served to bring together under a single global and
integrated focus all of the perspectives that constitute safety, as well as
allowing the solidification and coordination of all of the activities and
initiatives directed toward its continuous improvement.
Process of certifying Aena network airports
2.1. Operational Safety and Self-Protection
With regard to operational safety and self-protection (safety), measures were taken in the following fields:
Safety management system
During 2011, Aena completed the implementation of the Safety Management System (SMS) at 9 airports (Santander, Madrid-Cuatro Vientos, El Hierro, Murcia-San Javier, Valladolid, Salamanca, Albacete, León
With regards to the airport certification plan, during 2011 the Ibiza
Airport obtained said certificate in addition to the airports that obtained it in 2010 (Madrid-Barajas Airport and Algeciras Heliport).
During 2011, the processes with the Jerez Airport and Barcelona-El
Prat Airport continued, while a request was submitted to AESA to
initiate the certification process for the airports of La Gomera, FGL
Granada-Jaén, Malaga-Costa del Sol, Palma de Mallorca, Sabadell and
Huesca-Pirineos.
Audits by the European Commission and the National Aviation
Safety Agency (AESA)
The European Commission audited the Alicante Airport during October, with a favorable result. Also, the European Commission and AESA
visited the Madrid-Barajas and Valencia airports to carry out trials for
analysis and new regulatory proposals with regards to airport security.
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The National Aviation Safety Agency (AESA) carried out a total of 31
airport safety related actions, 9 of which were audits and 22 were airport safety inspections, in different airports of the network: Albacete,
Alicante, Almeria, Barcelona-El Prat, Bilbao, Burgos, Madrid-Cuatro
Vientos, El Hierro, Fuerteventura, Girona-Costa Brava, Gran Canaria,
FGL Granada-Jaén, Ibiza, Lanzarote, Madrid-Barajas on two occasions,
Malaga-Costa del Sol, Melilla, Menorca, Murcia-San Javier, Palma de
Mallorca, San Sebastian, Santander, Santiago, Seville, Tenerife North,
Tenerife South, Valencia, Valladolid, Vigo and Vitoria.
Also, AESA carried out inspections of the airport security facilities before the opening of the new Terminals in Alicante, La Palma and Santiago.
In addition, inspections were carried out to verify compliance with the
National Security Program in 24 airports: Alicante, Almería, Bilbao,
Burgos, El Hierro, Fuerteventura, Girona-Costa Brava, Gran Canaria,
Jerez, La Gomera, La Palma, León, Madrid-Barajas, Malaga-Costa del
Sol, Pamplona, Reus, Salamanca, Santander, Santiago, Tenerife North,
Tenerife South, Madrid-Torrejón and Valladolid.
Also, unscheduled inspections were carried out in different airports
in order to check new facilities via site visits, operating needs, development and implementation of improvement measures, carrying out
trials, implementation of corrective measures and optimizing the resources dedicated to providing security services in the airports.
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2.2. Protection of persons and property
Investments in security equipment
With regards to security equipment, in 2011 continued investing heavily to supply new equipment and security systems to all of the network’s airports in accordance with current regulations, both for new
infrastructures as well as for the scheduled renewals of security equipment.
In total 109 new walkthrough metal detectors, 11 metal detectors for
shoes, 44 conventional x-ray devices, 7 Explosives Detections Systems
(EDS) and 12 Explosives Trace detection devices were installed.
The main initiatives that stand out are the implementations of the
equipment in the new terminals in Alicante, La Palma and Santiago, as
well as the expansion of the terminal and new luggage building at the
Fuerteventura Airport.
With regard to the use of new technology, during 2011 Aena Aeropuertos, S.A. started to use explosives trace detection (ETD) equipment.
This equipment makes it easier for persons that use wheelchairs to go
through security controls and also allows security to be reinforced in
certain flights and it facilitates the inspection of unclaimed luggage.
Following the progressive deployment of the Airport Security Management System (GSA), the implementations were carried out in the Airports of Santander, Jerez, Alicante, La Palma, A Coruña, Santiago and
Reus, allowing them to have an access control security system and
Closed Circuit TV (CCTV), property of Aena Aeropuertos and standardized for the entire network.
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Private security services
Airport security training
As is required by law, follow-up and analysis work was done on the
evolution of the private security records in addition to a follow-up of
records management control, both from an economic as well as from
a quality standpoint, adjusting the standard values of the distinct indicators established in the technical bidding specifications for each
airport’s security services, in order to attain and perform the service
within a process of continuous improvement, as well as to improve the
preparation of future bids.
In order to meet the training requirements in terms of airport security
established in the Spanish National Training Plan, it was necessary during 2011 to provide training to the Aena Aeropuertos staff, through
the completion of three classroom courses on airport security.
The following actions stand out compared to previous years:
• Private security services were contracted for the Ceuta Heliport and
the Burgos Airport.
• Two new security services were implemented in Madrid-Barajas: the
Fast Track service that allows certain passengers to clear security
faster, and the “Vuelos USA” service, in which extreme security
measures are taken for flights to the United States of America.
• The training process of each one of the private security companies contracted by Aena Aeropuertos was analysed, reviewing the
training content and the documented records generated during the
training process for each one of the assigned security staff in the
airports.
The training provided during these courses was offered to the Aena
Aeropuertos staff with airport security responsibilities upon request of
the persons responsible for the safety of each airport, such as airport
security managers, directors or service executives.
The training for the group corresponding to the initial advanced security course in airport security was carried out in April, while the two
groups corresponding to the airport security update were trained in
October.
In addition, online training was provided to all of the employees of
Aena Aeropuertos who did not require specific training in airport security, and work was done to update those courses.
During 2011, the first notification of the online Airport Security Update course was carried out in order to comply with the regulatory
requirement to receive periodic update training in airport security.
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2.3. Occupational Risk Prevention
Among the most noteworthy actions taken in the area of Occupational
Risk Prevention was the attainment of an overall incident rate at Aena
(the number of accidents per thousand workers) of 6.63, which entails
a significant (26.4%) decrease from 2010.
Likewise, the objectives set out in the 2011 Operation Plan regarding
the number of risk assessments and medical check-ups were satisfied
as well.
53,780 classroom hours of occupational risk prevention training was
given at Aena for members of both unions, which entails a 61.3%
increase from 2010.
3. Quality and the environment
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For this, Aena mainly counted on the support and collaboration of
AENOR, the Club for Excellence in Management, the Spanish Quality Association (AEC) and the Forum for Ethical Business Management (FORÉTICA).
• With respect to using the management framework of the European Foundation for Quality Management (EFQM), during 2011,
the Aena’s self-assessment system was completely changed, as a
result creating a “simplified” and “complete” self-assessment model, designing new forms and data results registries, updating their
application in Aena to the EFQM 2010 model and preparing a self
questionnaire that was approved by the Club for Excellence in Management and distributed to the entire organization. Four complete
self-assessments of the Airports of Madrid-Barajas, Girona-Costa
Brava, Murcia San Javier and Jerez and one partial self-assessment
of the area staff of the European Model at the Asturias Airport,
were carried out.
3.1. QUALITY
• The Lanzarote Airport obtained the 300+ Seal of European Excellence from the Club for Excellence in Management.
In the sphere of quality the following results were obtained in 2011:
Corporate Responsibility (RC)
• Aena’s corporate units satisfactorily passed the first audit for renewing the Quality Management System pursuant to these standards.
Currently, 42 airports and one heliport boast this certification updated to the 2008 standards.
After the Board of Directors of Aena approved the corporate social responsibility (CR) policy and strategy, a specific department was created
this November aimed at deploying Aena’s policy and strategy in this
matter (CR). During 2011, Aena continued with the CR activities based
on the results obtained in 2010.
• On the subject of quality, environment and management excellence
training, courses were provided to the staff of the corporate units.
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R&D&I
Other actions taken in innovation management were:
In the area of R&D management, the Aena Group places additional
focus on research, development and innovation, and directs these
activities toward the sustainable development of the organization by
continuously searching for greater efficiency in processes, products
and services, enforcing the corporate social responsibility and the organization’s commitment to its stakeholders and society, the end user
to whom it offers its services.
• Coordination of the participation of Aena and Aena Aeropuertos
in the Third Ibero-American Air Transport Conference of the IberoAmerican Network of Research of the Air Transport (RIDITA III).
These activities are monitored annually through periodic reports that
analyze their level of execution and development, both for upper management as well as for the Ministries of Public Works, Science and
Innovation, and currently for the Ministry of Economy and Competitiveness.
Aena, through the Ministry of Public Works, collaborated during the
last quarter of 2011 with the Ministry of Science and Innovation, in
order to internally coordinate the activities necessary to respond to the
Government’s expectations, included in the “Innovative Public Procurement” development plan.
During 2011, activities aimed to improve the instruments for monitoring and assessing the results of the R&D activities continued by analyzing the results in accordance with the series of indicators established to
assess the level of compliance with the R&D activity’s objectives, carrying out, as in previous years, a new depuration thereof and analyzing
trends that allow review and, if the case may be, update of the objectives of the “Technological and Innovation Management Strategy.”
• Aena’s participation in the European Business Awards, to which it
presented the Benchmark ATM Center for Research, Development
and Innovation (CRIDA).
Aena’s focus on new technologies and innovation materialized in numerous projects, among which the following are most noteworthy, by
area:
• Other areas: the Satellite Ortho-imaging Airport Information System
(SAOS), the projects geared toward streamlining energy consumption and using renewable energies in the framework of energy efficiency, the projects designed to improve the security of persons and
facilities through innovative information technologies or plans that
facilitate information and special services to persons with reduced
mobility (PRM).
• Benchmark ATM R&D center (CRIDA), created for the purpose of
analyzing and evaluating concepts, procedures and systems, so
that they may be introduced as instruments to provide air traffic
services.
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3.2. ENVIRONMENT
During the year 2011 the following actions were undertaken in relation to environmental protection, a strategic objective of Aena that is
integrated at all operational levels:
Environmental certification
With respect to environmental certification in accordance with the
UNE-EN ISO 14001:2004 standards, all Aena network airports are certified (except Madrid-Torrejón and the heliport of Algeciras), as are all
the buildings of the Aena Central Services and the Directorate of Air
Navigation within their Integrated Management System.
Sound insulation plans
During 2011, Aena Aeropuertos undertook various actions aimed at
soundproofing areas near airports, 1,022 homes were soundproofed.
Assessment of the environmental impact of projects and strategic environmental assessment of planning tools.
During 2011, the environmental impact statement (EIS) was obtained
for the Girona-Costa Brava Airport expansion project, as well as the
environmental resolutions for the infrastructure projects in the Alicante, Gran Canaria, Lanzarote, El Hierro, Seville and Tenerife North
airports.
Likewise, more than 150 airport infrastructure and air navigation aid
projects were reviewed, analyzing the characteristics of the action and
applicable legal framework, advising whether it is necessary to submit
the referred projects to any type of procedure regarding the environ-
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mental impact evaluation and, if the case may be, indicate the most
appropriate procedure.
With regard to the strategic environmental assessment, the environmental reports were drafted for the master plans of the airports of
Córdoba and Son Bonet; the environmental assessment of the master
plans of the airports of Alicante, Fuerteventura, El Hierro, La Palma,
San Sebastian and Tenerife North continued and the environmental assessments of the proposed revisions of the master plans for A Coruña,
Bilbao and Gran Canaria were initiated.
Sound and air assessments
Pursuant to the Law 5/2010 a public notice was placed for the sound
easements delimiting proposal and associated Action Plan for the airports of Alicante, Gran Canaria, Palma de Mallorca, Tenerife North and
Seville.
Likewise, the documentation corresponding to the acoustic aeronautical easements for the airports of Bilbao, Ibiza, Malaga-Costa del Sol
and Valencia was prepared, the public notice for which will be issued
shortly.
Over the course of 2011, the development and implementation of a
Corporate System to Monitor Noise in Flight Paths (SCMRS) for the
airports of Alicante and Malaga-Costa del Sol continued and the System to Monitor Noise in the Airport of Palma de Mallorca (SIRPA)
was replaced and improved, with a total of 24 sound meters installed
around those airports.
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In addition, as per Royal Decree 1257/2003, in June 2011 the resolution of the State Agency for Air Safety was published, which introduced operating restrictions in the Airport of Barcelona-El Prat, following the procedure of “Balanced approach” adopted by the OACI
that regulates a series of procedures allowing for noise reduction
around the airport in question.
With regard to the air assessments, 2011 was a milestone for emissions assessments associated with airport activity, which has a global
effect on the atmosphere; carbon footprints (CO2 emissions) were
calculated for the Madrid-Barajas, Barcelona-El Prat and Lanzarote
airports in order to obtain the Airport Carbon Accreditation (ACA).
Said accreditation is the standard used by European Union airports to
certify their carbon emission management efforts, allowing them to
obtain public recognition in this field. The carbon footprints of said
airports were verified by the Spanish Association of Standardization
and Certification (AENOR), pursuant to the UNE ISO 14064 standard
in order to obtain the participation certificates corresponding to Level
1 (mapping), in the case of Lanzarote and Barcelona-El Prat, and to
Level 2 (reduction) in the case of Madrid-Barajas, pursuant to the requirements of the ACA program.
With regard to local air quality assessments, an air contamination
characterization study was done in 2011 at the Ibiza airport, and different air quality simulations were carried out at the Palma de Mallorca airport in order to compare the data obtained with the air quality
readings taken by the airport itself.
2011 Annual report
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Characterization and management of soil
During 2011, soil quality preservation work initiated in previous years
at the Aena Aeropuertos network of airports was continued.
With the completion of the characterization studies, each airport is
currently equipped with a network of piezometers allowing periodic
control and monitoring to prevent future contamination.
Likewise, in 2011, continuing with the work of previous years, further
steps were taken to decontaminate soil at Palma de Mallorca Airport,
with more than 95% of the subsurface hydrocarbon supernatant from
the old CLH airport facilities being eliminated, the location of which is
the current parking lot for the airport.
In the same manner, soil and water characterization studies were conducted for the plots where new fuel facilities were to be built, in order
to establish an environmental baseline and determine the soil makeup
quality for new installations.
In this sense, the responsible parties at each airport are carrying out
follow-up and control actions on the concession lots, especially in fuel
facilities, in order to avoid cross-contamination that could affect the
soil of Aena Aeropuertos.
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Renewable energy
In 2011, the following actions were carried out:
• Review of the technical tender specifications for the concession of a
solar energy plant in the Lanzarote Airport, where a facility with up
to 2 MW of nominal power will be deployed. An economic viability
study was also carried out as to the convenience of proposing the
concession contract.
• Feasibility study for the solar facility connection at the Madrid-Cuatro Vientos Airport.
• Study on PPT execution for a generators control system from renewable sources in the network of Aena Aeropuertos. This study
will center on the management of energy data from each of the
renewable energy sources that we currently have operating in the
airports.
Energy efficiency
During 2011 energy studies of the airport terminal buildings of Bilbao, Córdoba, Fuerteventura, Menorca, Pamplona, Reus, Santander
and Seville were carried out. Studies were also done on the technical
blocks of the Fuerteventura, Córdoba and Zaragoza airports. In the
same manner, an energy study was carried out on the following buildings: Multiservice, Power Station and Fire Extinction service (SEI) of the
Reus Airport.
Plans and actions to improve the use of energy were carried out in the
airports that had energy studies done on them the previous year. The
following actions stand out: replacement of inefficient refrigeration
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equipment as well as avoiding prohibited refrigerants; replacement of
boilers for those of the more efficient condensation type, powered
by natural gas; improved lighting systems, especially the replacement
of lamps for others that are more efficient and the installation and
regulation of motion detectors in various areas; updating of the facilities management system; regulation of the setpoint temperatures of
climate control facilities.
4. Services
4.1. AIRPORT SERVICES
Assistance for persons with reduced mobility (PRM)
Aena Aeropuertos offers an assistance service for Persons with Reduced Mobility (hereinafter PRM) at all its Spanish airports, in compliance with Regulation (EC) 1107/2006 of the European Parliament,
which safeguards everyone’s right to enjoy air transport at all European
airports, regardless of their disability.
From a demand standpoint, during 2011 the service was provided
1,091,099 times throughout Aena Aeropuertos’ network and it received very positive ratings from PRMs. Aena’s work was recognised
with various Spanish and international awards for accessibility and
universal assistance. In July 2011, the Ministry of Territorial Policy and
Public Administration granted Aena the Citizenship Award 2010 for
Best Practices in Public Services for its services to People with Reduced
Mobility.
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Modification of operating hours
During 2011 the operating hours of the Lanzarote, Murcia-San Javier,
Pamplona, Santander and Vigo airports were modified.
From April 2011, the operating hours of the Lanzarote Airport were
changed from 07:00 to 24:00 to (plus one hour PPR) to 07:00 to 02:00
local time, every day of the year.
Likewise, the Airports of Santander (from March 2011), Pamplona
(from April 2011) and Vigo (from November 2011) incorporated for
the entire year the possibility to extend their operating hours, upon
previous authorization, to 2 hours, 1 hour and 2 hours and 30 minutes
(for cargo flights only), respectively.
Finally, it should be noted that starting March 2011 the Murcia-San
Javier airport expanded the time slots when civil aircraft operations are
allowed, thus reducing the number of time slots exclusively restricted
to military operations.
Airport marketing
With regard to airport marketing, progress was made in one of the
most important areas of this field: drawing up marketing plans. In
2011, the marketing plans were drafted for seven airports: MurciaSan Javier, Valencia, Alicante, Asturias, Santander, Tenerife North and
Tenerife South. In addition, the airport marketing unit held meetings
with numerous airlines and local agents in order to propose new
routes. In 2011, Aena participated in three important international
forums: FITUR, Routes Europe and World Routes, and the IATA slots
conferences.
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The Customer Management department maintained close contact
with airlines that operate in Spanish airports in order to make their
work easier and resolve issues that are considered relevant for their
business activity.
Finally, Aena continues contributing to the SESAR Program (Single European Sky ATM Research) that is currently in the development phase.
Aena Aeropuertos is a member of a joint company created for the
execution of said phase (SESAR Joint Undertaking) and leads the management of the Airport Operations units. Aena Aeropuertos participates in 18 projects of a total of 300, mainly in the field of airport
management.
Installation of defibrillators
The airports of the Aena Aeropuertos network (excluding Madrid-Cuatro Vientos, Madrid-Torrejón, Córdoba, Sabadell and Son Bonet) are
equipped with 270 heart rescue areas, which aim to assist passengers
in case of a heart attack and offer them the best care services within
their facilities. It is a national plan at the network level that Aena Aeropuertos implements in order to offer life support areas at all of its airports.
The coverage of the contracts includes the installation and maintenance of different cardiac rescue columns, as well as staff training in
order to obtain the accreditation for cardiac-protected space.
A total of 270 defibrillators were installed in 44 airports of the Aena
Aeropuertos network for the use of non-medical staff. More than 65
were installed in the Madrid-Barajas Airport and 46 at the BarcelonaEl Prat Airport, and one at small airports such as Badajoz or Albacete.
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Presentation of the Airdrome Flight Information Service (AFIS)
In 2011, and as part of the process of structuring air navigation services, Aena Aeropuertos continued the implementation of the aerodrome
flight information service (AFIS) in compliance with the provisions of
Law 9/2010 of April 14, in the following airports:
• La Gomera Airport: from July 29, 2010.
• El Hierro Airport: AFIS service from September 23, and mixed AFIS
and ATC service from December 16, 2010.
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and economical qualifications in addition of having been Certified by
AESA as Aerodrome Air Traffic Control Service Providers.
The contracts were signed in November 2011, and in the same month
Aena requested the Directorate General of Civil Aviation (DGAC), pursuant to the provisions of law 9/2010, to designate these new providers in their respective airports.
5. Infrastructures and systems
• Burgos Airport from February 16, 2011.
• Huesca-Pirineos Airport, from December 15, 2011.
Deregulation of the aerodrome traffic control service
In the beginning of 2011, and pursuant to Order FOM/3352/2010 that
determines the thirteen airports for which the contracting of aerodrome air traffic civil providers shall be initiated, the public tender was
launched to contract this service in the following airports, which were
divided in three lots:
• Lot 1: Alicante, Valencia, Ibiza and Sabadell.
• Lot 2: Seville, Jerez, Vigo, La Coruña, Melilla and Madrid-Cuatro
Vientos.
• Lot 3: La Palma, Fuerteventura and Lanzarote.
The public tender, which was carried out in two phases, was awarded
in September 2011 to the companies FerroNats (Lots 1 and 2) and
SAERCO, (Lot 3); these two companies obtained the highest technical
5.1. infrastructure planning
During 2011 approval was obtained for the Córdoba and Son Bonet
master plans and the review and updating process continued in the
airports of the Aena network, with the development of proposals for
new master plans for the airports of La Coruña, Almeria, Asturias,
Gran Canaria, Huesca-Pirineos, La Gomera, Logroño, Melilla, Zaragoza
and the development of a planning study proposal for the Valladolid
Airport.
Updating of the medium and long term traffic forecast updates continued to be carried out at all of the airports of the Aena network.
They are intended to determine the traffic of passengers and airplanes,
and their annual variations, as well as their nature, domestic or international, the new companies that operate them and other necessary
parameters to characterize air traffic. This traffic forecast information
is fundamental for carrying out follow-ups of the updates contained
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in the master plans, based on the comparison and analysis of the parameters of supply/demand, such as for prioritizing investments and
budget estimates.
With regard to the special plans, in 2011, the definitive approval was
acquired for the special plans of the Almeria, la Palma and Seville airports; the provisional approval of the Malaga-costa del Sol and Pamplona airports; and the urban application process of the special plans
for the airports of Ibiza, Federico García Lorca Granada-Jaén, Menorca,
Santander, Santiago, Valencia, Vigo and special plan for airport protection of Barcelona-El Prat. Likewise, the formulation of special plans
continued, once the new master plans are approved, in this case with
the development of the proposed special plans for the Córdoba and
Son Bonet Airports.
Furthermore, there was continued collaboration with the many public
administrations for the final approval of the remaining special airport
plans currently being processed.
Likewise, and to obtain the territorial integration of the airport in its
environment, they have continued developing the numerous urban reports requested by the central government as well as by the territorial
and local governments, all the while collaborating with the General
Directorate of Civil Aviation in their reports on urban and territorial
planning.
They have also developed and approved for the Madrid City Council,
the development projects: 4th Modification to the Detail Study of the
Cargo Center and its revised text, Storage-Warehouse for Consumable
Products Aboard APM IB and for the technological Platform of Experi-
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mentation with Microalgae; all of them related to the Madrid-Barajas
airport.
During 2011 aviation easement proposals were developed for the airports of La Coruña, Córdoba, Santiago, Barcelona, Almería, Jerez, Logroño and Menorca
Also, upon request of the DGAC, multiple feasibility reports were
drawn up for the urban developments in areas affected by aviation
easements.
A new module was developed and implemented within the Geographical Information System for Airport Resources (SIGRA) in the BarcelonaEl Prat, Madrid-Barajas and Málaga-Costa del Sol airports, as was an
environmental module in the Barcelona-El Prat and Palma airports and
a commercial module in the Barcelona-El Prat Airport.
Cartography to be able to calculate the airport and radio-electrical
easements was produced for the airports of Algeciras, Ibiza, Logroño, Menorca, Seville, Palma, Son San Joan, Son Bonet and Tenerife South.
The global (v4) satellite ortho-imaging airport information system
(SAOS) was put into production, which includes the Air Navigation facilities, their easements and the natural spaces and cartographic products for all of Spain.
As part of the implementation of the Airport Topographical Control
Network (RCTA), actions were carried out at the airports of La Coruña,
Alicante, Almería, Badajoz, Bilbao, Córdoba, Gran Canaria, Ibiza, Jerez,
León, Logroño, Madrid-Barajas, Melilla, Menorca, Murcia-San Javier,
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Palma de Mallorca, Pamplona, Sabadell, Salamanca, San Sebastian,
Santander, Seville, Son Bonet, Tenerife South, Vigo and Vitoria.
5.2. INFRASTRUCTURES
Investments in non-financial assets by Grupo Aena Aeropuertos in
2011 amounted to 593.1 million euros, according to payment figures.
The firm commitment to the creation and development of airport and
air navigation infrastructure ensures that Aena’s airports can continue
growing in order to meet both the existing demand and the future
growth that is bound to come. To this end, Aena has continued drafting
projects and carrying out planned construction projects and installations,
contributing to the improved quality and development of its airport and
air navigation infrastructures, maintaining the highest safety standards
to prevent occupational risks and hazards to persons and property, ensuring compliance with the requirements contained in the environmental impact statements, contributing to increased earnings and ensuring
its economic viability while complying with all the applicable standards
and guidelines pursuant to the current legislation.
Also, the special airport plans: the Barcelona Plan (Barcelona-El Prat
airport), the Plan Levante (airports of Alicante and Valencia) and the
Malaga Plan (Malaga-Costa del Sol airport) are responsible for developing and executing the infrastructure necessary for the expansion
and adaptation of its airports; therefore, during 2011, Aena continued developing and advancing in the fulfillment of established goals,
contributing to the modernization and adaptation of the facilities and
improving the image that customers and society in general have of
these airports.
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5.2.1 Principal investments carried out
The expansion and modernization actions include all airports of the
Aena network, without exception. Principal investments carried out in
2011 were the following:
TITLE
AMOUNT ACTION
(million €)
Airfield expansion. The Plan Malaga civil works
363.42 M€
New terminal area in Alicante Airport
308.50 M€
New terminal area in Santiago Airport
125.84 M€
Vehicle parking building, urban development and
the Technical Block for Vigo Airport
41.45 M€
Airfield expansion. Beacon system and electrical
installations. The Malaga Plan
37.58 M€
Adaptation and operational improvements at the
terminal building of the Bilbao Airport
24.90 M€
Aircraft parking at Santiago south area
23.46 M€
Runway expansion. Córdoba
21.86 M€
Vehicle parking expansion in Seville
14.95 M€
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5.2.2 Principal investments in progress
The major investments carried out in 2011 were the following:
TITLE
Terminal building expansion at Gran Canaria Airport
AMOUNT ACTION
(million €)
124.65 M€
Terminal building adaptation to the functional
design at Ibiza Airport
59.37 M€
Runway expansion at A Coruña Airport
59.36 M€
Terminal building expansion at Vigo Airport
45.31 M€
Platform A remodeling (Phase II) at Palma de
Mallorca Airport
19.84 M€
Construction of parking building P-3 at Gran
Canaria Airport
10.42 M€
Airfield adaptation at Vigo Airport
9.98 M€
Apron slabs improvement at Tenerife North
8.37 M€
Airfield adaptation at Bilbao Airport
7.83 M€
North/south apron expansion at Gran Canaria
Airport
6.89 M€
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6. Economic efficiency
and financial viability
The objectives related to the economic area and that resume the main
economic and financial aspects of Aena management are the following:
• Increase revenue
• Reduce costs
• Control debt
6.1. CONTROL MEASURES AND COST REDUCTION
The plans put in place in 2008 to optimize and reduce costs were carried out in following years and in 2011 they led to significant savings
with respect to the budget approved in the items of other operating
expenses.
The reduction applied to virtually all areas of expenditure, with special
impact on the items of repair and conservation, in cleaning, information
technology repairs, technical support, supply, and other services, which
achieved great savings mainly due to austerity applied on items of security and customer service. The reduction was also applied to taxes due to
the civil protection tax reduction in Catalonia.
Noteworthy among the measures taken were the introduction of the
concept of variable spending depending on traffic, negotiating economic conditions with service providers, policies for optimizing resources, postponing non-essential actions, a reduction in technical
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assistance and greater control of fixed and non-fixed costs (advertisement, office supplies, transportation).
Subsidized rates
In order to support the air transport industry and favour tourism, the
government established the following discounts in airport charges:
1. A 100% discount in the payment of passenger charges for airlines
that in 2011 carried more passengers than in the previous year, in
the group of airports from the Canary Islands, Balearic Islands, Ceuta
and Melilla.
2. A 50% discount in landing, passenger and security rates in the operations that suppose an increase in frequency with regard to the
same programming seasons of the previous year, in the group of
airports from the Canary Islands, Balearic Islands, Ceuta and Melilla.
3. A discount between 20% and 50% in landing, passenger and security rates in operations that suppose the opening of new routes
that depart from or arrive to airports in the Canary Islands, Balearic
Islands, Ceuta and Melilla.
4. A 50% discount in landing and passenger rates for domestic and
international flights carried out during off-peak days of the week at
all Canary Islands airports.
5. A 30% discount in landing rate and passenger charges for flights
that make commercial stopovers in the Canary Islands with destination or origin in countries that do not belong to the European
Economic Space.
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These discounts on airport charges entailed 38.4 million euros less revenue for Aena Aeropuertos.
6.2. ACTIONS RELATED TO COMMERCIAL SPACES
AND SERVICES
In June, the public company Aeropuertos Españoles y Navegación Aérea was transformed into the state commercial company Aena Aeropuertos S.A., with the consequent transformation of all the concession
agreements to lease agreements. To this end, it was necessary that the
commercial concessionaires accept the change of title and the legal
regulations applicable to them. 98% of them accepted said change.
With regard to agreements with companies that rejected the change,
they were put to tender again and were awarded.
With regard to the commercial infrastructure development, the following noteworthy actions were taken in 2011:
• With the beginning of operations at the new terminal in the Alicante Airport on March 24, 2011, the commercial space increased
to a total of 8,736 m2, which represented a 51% increase.
• Of the total surface area, 4,579 m2 was allocated to 19 retail businesses with a varied and up-to-date commercial space, including
clothes, accessories and technology. In addition, 2,946 m2 was allocated to restaurant businesses (with 16 points of sale) that offer a
variety of domestic and international brands. There is also a shared
seating area. Another 7 spaces were allocated to commercial space,
including currency exchange, luggage wrapping equipment, vending machines, ATM machines, etc.
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• In July 2011, the new terminal area at the La Palma Airport was
opened. As a consequence, the commercial space in that airport
saw its surface area increase by 125% to a total of 2,412 m2. The
new terminal currently has 3 stores, 4 restaurants and one pharmacy. There are plans to add an additional store and open a lottery
office.
It also has a parking area of 140,000 m2, which includes 3,496 parking
spaces, 10 express, 18 for buses and 44 remote.
With regard to parking, the previous space was expanded with a parking area under the terminal building, which has 448 public parking
spaces, 552 rental car spaces, 96 parking spaces for employees and
that, added to the previous space, makes for a total of 2,452 parking
spots. Also, currently Aena has taxi parking with 48 spaces, 45 spaces
for buses and 11 for microbuses.
Also, 2 concessionaires of the FBO (fixed base operators) commenced
operations at the La Palma Airport. FBO 1 was awarded in July 2011
to UTE Iberia/Gestair, while FBO 2 was awarded to Mallorcair S.L. and
commenced its activities in June 2011
• In October 2011, the new terminal area at the Santiago Airport was
put into operation. After its opening, the commercial area increased
its surface area to a total of 2,767 m2 (a 49% increase), of which
363 m2 correspond to 6 stores, 310 to a duty-free store (the retail
area includes multi-store activities, typical regional food store, book
and press, crafts and silverware, clothes and accessories stores), and
1,785 m2 allocated to 3 restaurants.
In addition, the airport has other businesses that include complimentary activities such as ATM machines, telephone booths, vending machines, Internet and luggage plastification.
• The opening of the C Module at the Palma de Mallorca Airport
provided 3,202 m2 for stores, distributed between a Duty-free store
and 5 retail stores. With regard to restaurants, 2,454 m2 were provided, which is distributed in 4 points.
Within the main commercial actions, 16 restaurant spaces were allocated in 2011 (corresponding to 32 points) and 24 spaces were
allocated to stores (corresponding to 26 premises).
Several agreements were signed on the subject of land use development with:
• The Association of Science and Technology Parks of Spain (APTE)
for the classification of certain airport land as technology parks.
• The Agency for the Innovation and Development of Andalusia
(IDEA), related to land development for the Airports of Jerez and
Seville.
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• The Valencia Regional Government for management of the golf
course located on Valencia Airport land.
Business Line
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Change (%)
2011 / 2010
Total weight (%) of
commercial revenue
With regards to income, the income from sales in 2011 increased (provisional numbers) by 4.14% compared to the previous year (24.67 million euros more) reaching 620.48 million euros. Taking into consideration that commercial traffic increased by 6.05% in 2011, the sales
revenue per commercial passenger ratio was 3.05 euros.
Rentals
2.64%
7.56%
Fuel
12.83%
4.74%
Advertising
1.94%
4.56%
Consumption
14.57%
2.99%
Lounges
-2.97%
0.16%
The sales revenue ratio compared to airport revenue in 2011 was
27.03%.
Other (Agricol. Exp. Film)
30.34%
0.04%
Total
4.14%
100.00%
In general terms, it is important to indicate the contribution of the 2011
sales revenues of the network’s seven major airports, which entailed
76.91% of all commercial income (Madrid-Barajas, 26.91%; Barcelona- El
Prat 20.13%; Malaga-Costa del Sol 7.39%; Palma de Mallorca, 7.74%;
Alicante 5.60%, Tenerife South 4.60% and Gran Canaria 4.55%).
Commercial activity is grouped by lines of business, in order according to
their relative weight in relation to the total commercial income, divided in
the following manner:
Business Line
Change (%)
2011 / 2010
Total weight (%) of
commercial revenue
Duty free shops
9.49%
18.94%
Shops and commercial
areas
8.89%
16.73
Car park
-6.87%
15.69%
Car rental
-0.59%
15.48%
Food outlets
8.41%
13.11%
With regard to income control, the implementation of the new control
system based on TPV (SAVIA) was initiated, with the aim of improving
sales information and control. The system’s objective is to achieve better information, both on sales volume as well as on the type of product
sold.
In 2011 the system was implemented in the airports of Madrid-Barajas,
Alicante, Barcelona-El Prat, La Palma and Santiago.
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6.3. CONTRActs
The most significant investment contracts entered into in 2011 involving airport destination centers are described below:
TITLE
Net awarded (€)
A Coruña Airport runway expansion
59,357,214.32
Framework supply agreements with installation of air bridges and service equipment for airplanes in several airports
58,500,000.00
Framework agreement 2011-2014 for the supply of fire extinguishing vehicles for several airports
18,000,000.00
Adaptation of drainage canals and RESAs in the Barcelona airport airfield.
13,446,164,49
Apron refurbishment. Seville Airport
10,864,172.00
Apron refurbishment. Reus Airport.
10,191,491.50
New electrical center in the Asturias airport.
10,180,379.39
Adaptation of the Vigo airport airfield.
9,978,830.17
Elimination of obstacles in the interior of the SGA. Malaga-Costa del Sol Airport
9,368,279.69
Refurbishment of the airplane parking apron. Zaragoza Airport
8,178,256.34
7. People
The fundamental challenge in the human resources area is to increase
the motivation, commitment and personal development of all of its
employees, and to make the organization more effective and efficient
in order to satisfy the needs of the customers and to provide a quality
service in the airport and aeronautical activity management area.
To this end, with people being the Aena´s greatest asset, the objectives
focus on the following:
• Improve the development of people.
• Increase their motivation and commitment.
• Develop the control of the human resources area management, optimizing results.
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In 2011, the most important objective was to contribute, at the organizational and Human Resources level (organizational adaptation, staff definition and assignment, collective bargaining, etc.), to the development of the
new airport system management model, in compliance with the provisions
of Royal Decree-law 13/2010 of December 3, which constitutes the new
legal framework for the modernization of the Spanish airport system.
• Participation in the process of separating the companies in the corporate application of SAP to adapt the system for the new 2011
organizational model.
• Development and management of new employment contracts with
discount/reduction possibility in Aena Aeropuertos, and other discounts.
The collective bargaining agreement of the Aena Group was signed on
July 14, 2011, substituting the fifth collective bargaining agreement of
Aena, with agreed validity until December 31, 2018. This agreement
shall apply both to the staff of the public company Aena (excluding
controllers) and the staff of Aena Aeropuertos, S.A.
• Within the scope of the 2010-2013 Austerity Plan, with regards to
the objective of cost control and productivity improvement in Human Resources, the following were achieved:
Staff
The total number of employees on December 31, 2011 was 8,766,
including the Aena Aeropuertos Corporate Units and General Management.
Human Resources management systems
The most relevant actions carried out by the management system office were the following:
• Managing the process of moving over to the new state-owned company: creation of job centers, new social security account codes,
worker communication letters, processing the new non-active status situation for ex-officials of the Ministry of Public Works, etc., authorizations and cancellations for users in Contract@/Cerfifica@2.
Centrally formalizing the affiliation due to becoming a part of Aena
Aeropuertos S.A.
»» Reduce the total service commission costs by 3.5% compared
to 2010.
»» Achieved an absenteeism rate for 2011 of 4.77, below average
for absenteeism in Spain.
»» Reduce overtime hours by 10% compared to 2010 and achieve
levels equal to 2002.
Organization
With regard to the most relevant actions taken in Aena’s organizational
areas, the following shall be noted:
• After the effective start of the operations and obligations of Aena
Aeropuertos S.A. on June 8, 2011, organizational development of
the new management model was carried out. This development
was carried out in two phases, on June 8 and November 1, with
all necessary measures taken within the current austerity context,
taking into consideration the efficiency criteria and without an ad253
4
ditional cost increase and without a net increase in the number of
structural positions.
• Aena’s Performance Management System (SGD) has consolidated
as a reference system for improving and measuring the performance of Aena’s employees and managers. This system not only
represents a change in human resources management, but also
a cultural change and a way to work focusing on results, which
brings about greater employee commitment to Aena’s objectives.
• Aena is advancing in the development and implementation of a
management control system for the key airport human resources
figures and indicators, which permits problems to be identified and
analysed, carry out follow-up and propose solutions that improve
management.
8. International
In the international arena, it is important to highlight visits and meetings with foreign delegations at our airports, such as the President of
ICAO; the Regional Director of ICAO for North America, Central America and the Caribbean; Transport Ministers of the Russian Federation,
Portugal and Vietnam; a delegation of European Parliament members
headed by Magdalena Álvarez; as well as officials from several European airports and from other continents.
2011 Annual report
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Also in 2011, the Chairman of Aena continued to actively participate
in meetings as a member of the World Airport Council, ACI Governing
Board and the Director of Spanish Airports as a member of the European Board of ACI EUROPE.
8.1. AENA INTERNACIONAL
During 2011, Aena Internacional continued to actively participate, under various structures, in airport management in Latin America (Mexico, Colombia and Bolivia), EEC (United Kingdom and Sweden) and
the United States of America; and also presented an offer for the concession of three airports in Brazil: Guarulhos/São Paulo International
Airport (GRU), Viracopos/Campinas/São Paulo (VCP) International Airport and Brasilia/Brasilia (BSB) International Airport.
8.2.1. Airport services
a) Mexico
Aena’s holding in Aena Internacional in the Grupo Aeroportuario del
Pacífico (GAP), which operates 12 airports in Mexico, is administered
through the company Aeropuertos Mexicanos del Pacífico (AMP).
Aena Internacional Consulting
The scheduled Technology Transfer Plan was also developed, with special attention to training in airport systems and support for the GAP
technical departments (diagnosis of wildlife control situations, perceived quality control, methodology for traffic forecasts, etc.).
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b) Colombia
Cartagena de Indias Airport
Sociedad Aeroportuaria de la Costa S.A. (SACSA), of which Aena Internacional is an operating partner with 38% holdings, manages the
Cartagena de Indias Airport.
Barranquilla Airport
The Barranquilla Airport is managed by Aeropuertos del Caribe, S.A.
(ACSA), in which Aena Internacional has a 40% holding, apart from
being its operating partner.
Cali Airport
The Cali Airport is managed by Aerocali, S. A., in which Aena has a
33.34% holding.
c) TBI
Aena Internacional has share holdings in the company TBI P.L.C.
through the company Airports Concessions and Development Limited
(ACDL), 100% owner thereof.
TBI operates in property or concessions in the airports of Luton, Belfast
and Cardiff in the United Kingdom; Orlando Sanford in the United
States; La Paz, Santa Cruz and Cochabamba in Bolivia and Skavsta in
Sweden. It also has various Operation and Management contracts in
the United States.
Aena Internacional has a 10% interest in ACDL.
TBI continued to apply an investment restraint policy, mainly allocating
resources to maintenance operations.
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9. Share holdings
Aena Aeropuertos S.A. is a direct shareholder of the commercial company Aena Desarrollo Internacional, S.A. and Centros Logísticos Aeroportuarios, S.A. (CLASA); a minority shareholder of the commercial
companies Restauración de Aeropuertos Españoles, S.A. (RAESA) and
Barcelona Regional Agencia Metropolitana de Desarrollo Urbanístico y
de Infraestructuras, S.A.; lastly, it is an indirect shareholder of corporations in which the aforementioned companies have holdings
• Aena Desarrollo Internacional S.A., Single Shareholder Company
whose corporate purpose is the operation, maintenance, management and administration of the airport infrastructures, as well as additional services for them and assistance to airplanes, passengers, cargo area and crews; planning and developing projects, management
and control of constructions projects for infrastructures and airport
facilities and air traffic control; construction, expansion, remodeling
and airport infrastructure equipment, as well as carrying out studies,
advising, engineering, consulting, and evaluating projects that are
directly related to the aviation, airport and air traffic control business.
• Centros Logísticos Aeroportuarios, S.A. (CLASA), Single Shareholder Company whose corporate purpose is the development, construction, management, operation and maintenance of air cargo
centers or equivalent existing facilities in the airports. Likewise it
can develop as many commercial activities that may be directly or
indirectly related to its corporate purpose, such as studies on technical support, marketing, economic viability of cargo center projects,
logistics, intermodal or integrated in the field of consulting.
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• Restauración de Aeropuertos Españoles, S.A. (RAESA), Investee
Company owned by Aena Aeropuertos S.A. (48.99%) and ÁREAS
S.A. (51.01%). The corporate purpose of the company is restoration operations at the Madrid-Barajas Airport.
• Barcelona Regional, Agencia Metropolitana de Desarrollo Urbanístico y de Infraestructuras, S.A., Company owned by the City Council of Barcelona (17.65%), Aena Aeropuertos S.A. (11.76%), Free
Trade Zone Consortium (11.76%), Sociedad Urbanística Metropolitana de Rehabilitación y Gestión S.A. (REGESA) (11.76%), Port of
Barcelona (11.76%), Empresa Metropolitana de Saneamientos y
Servicios S.A. (7.84%), Association of Municipalities of Barcelona
Metropolitan Area (7.84%), ADIF (5.88%), Mercados de Abaste
cimientos de Barcelona S.A. (MERCABARNA) (5.88%), Ferrocarril
Metropolitano de Barcelona, S.A. (3.92%) and Transportes de Barcelona S.A. (3.92%). Its corporate purpose is to carry out studies,
analysis and prospecting on urban, territorial and environmental aspects; projection, promotion, management, development, consulting, execution and operation of all types of construction projects,
buildings and urban systems.
Legal information
At the end of 2011 the administrative concessions that Aena granted
to CLASA consisted of the modular cargo area at Madrid-Barajas Airport, the air cargo area at Barcelona Airport, plot 1.2 of Zaragoza Airport, two plots for logistics operations at Bilbao Airport, two plots of
developed land at Vitoria Airport, a plot of developed land at Palma de
Mallorca Airport and the air cargo area at Valencia Airport.
The CLASA profit for 2011 was positive, with before tax profit of
6,023,948 euros. Net revenues amounted to EUR 24,356,082, 95%
of the revenue; corresponding to income from leasing its own facilities
(73%) and income from developed land tax (27%).
The distribution and use of the office buildings at the air cargo centers
are the following:
Air cargo center
Madrid-Barajas
Barcelona
Valencia
10. Air cargo centers
2011 Annual report
Warehouse
Warehouses leased
No. of
clients
Surface area
of plot m2
Surface area of
building m2
4
62,630
34,848
34
209,783
114,768
Warehouses leased
3
50,819
27,234
Warehouses assigned
3
27,036
21,353
5+PIF
20,099
9,367
2
17,094
7,597
387,461
215,167
Warehouses assigned
Warehouses leased
Warehouses assigned
The group’s company Centros Logísticos Aeroportuarios, S.A. (CLASA)
is in charge of building, managing and promoting cargo centers, in
addition to conducting activities related to them, particularly at Aena
network airports.
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In turn, the distribution and use of the general services central buildings is the following:
Surface
area
leased m2
Surface
area
leased %
Leased
Available
No. of
clients
Central
building
Premises
Total
m2
Offices
15,210
10,107
66.45
117
80
102
Madrid-Barajas
Warehouses
1,547
1,312
84.81
5
3
5
Offices
9,392
5,885
62.66
92
45
92
Barcelona
Warehouses
710
597
84.05
2
1
2
Valencia
Offices
1,544
962
62.31
20
23
13
28,403
18,863
66.41
236
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constituted (see paragraphs relative to this aspect in the report), which
caused a negative financial result of -234.9 million euros.
Regarding the foreseeable future of the business, in line with the proposal in the introduction of this report, based on the new airport management model and the revision thereof, Aena Aeropuertos, S.A. looks
to revitalize the group by applying efficiency criteria, and it intends to
consolidate and reinforce its economic-financial viability through the
development of a Strategic and Business Plan that includes:
• Increasing income by:
»» Updating the rates, permitting the clear recovery of costs.
»» Developing or optimizing commercial activities.
• Reducing costs by:
»» Implaementing and following austerity plans.
11. Economic results and foreseeable
future of the business
Comparative balances and results do not exist because the Aena
Group was constituted in 2011. Additionally, Aena Aeropuertos was
constituted on May 31, 2011, and the financial information and results
are presented on December 31, 2011 for the period between May 31
and December 31, 2011, as a result of which they are not representative. Operating results were positive and reached 103.9 million euros.
The losses finally affect its consolidated results account (-84.4 million
euros), caused mainly by the elevated indebtedness with which it was
»» Improving efficiency using the new management model.
• Reducing debt and its relation with the EBITDA, by means such as:
»» Reviewing the downward investment plan with the streamlining
criteria and revitalizing existing infrastructures.
In particular, and in regards to updating the rates, by way of Law
1/2011 of March 4, which establishes the National Program for Civil
Aviation Safety and modifies Law 21/2003, of July 7 of Air Safety, a
profound transformation of the regulatory framework for its income
was carried out, by establishing a procedure for updating and modifying their rates, pursuant to determined transparency, consulting and
supervisory procedures, which will make it possible to recover costs in
the future, including an adequate profitability of the investments.
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Due to the above and to what was expressed throughout this report,
the long term prospects of the Group are satisfactory in all lines of
business by the growth expectation in its activities, which will permit
the value of the company to be maximized and for objectives of quality, safety, operation and competitiveness of the Spanish air transport
infrastructure to be met, at the level needed for the socioeconomic
development of the country.
1. Dated January 25, 2012, the Administrative Board agrees to renounce formalizing contracts related to lots I and II of the “Tender
procedures for selecting partners to hold stock in the corporations
2011 Annual report
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in charge of managing airport service concessions for the airports
of Madrid – Barajas and Barcelona – El Prat.”
2. The Council of Ministers held on March 16, 2012 approved the
restructuring and streamlining plan for the public business sector and state foundation sector, with the principal aim of establishing a sector that is more reduced, streamlined and efficient,
immersed in the current context of austerity and need to control
public spending. Together, the plan approved by the Government
includes the closure, investment cuts or easing the liquidation of a
total of eighty corporations, among them Aena Desarrollo Internacional, S.A. and Centros Logísticos Aeroportuarios, S.A., which are
100% owned by the Company.
According to the information managed by the company, the plan is for
a merger by absorption of CLASA and Aena Desarrollo Internacional
by the parent company Aena Aeropuertos, S.A.
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AENA AEROPUERTOS S.A. and subsidiaries
consolidated balance sheet ON 31 December 2011 (in EUR thousand)
Notes
On 31 December 2011
NON-CURRENT ASSETS
Intangible assets:
7
604
Computer software
45,029
intangible assets in progress
5,532
93,003
41,838
8
Land and buildings
16,126,440
11,629,445
3,119,832
Property, plant and equipment in the course of construction and advances
1,377,163
Investment property:
9
Buildings
82,654
Plant
Non-current investments in associates:
3,417
11
Investments accounted for using the equity method
Deferred tax assets
Total non-current assets
86,071
68,929
68,929
12 and 13
58,907
20
58,995
16,492,344
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Notes
2011 Annual report
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On 31 December 2011
CURRENT ASSETS:
Inventories
17
12 and 14
5,224
403,516
240,727
Group companies receivables
11
10,697
Companies accounted for using the equity method
11
6,189
7,568
Employee receivables
1,462
Current tax assets
20
136,873
Investments in group companies and associated
12
44,619
Loans to companies
Other current financial assets
Current prepayments and accrued income
Cash and cash equivalents
TOTAL ASSETS
44,619
12
9,529
472
9,057
63
3,317
466,268
16,958,613
The accompanying Notes 1 to 25 are an integral part of the consolidated balance sheet on 31 December 2011.
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consolidated balance sheet On 31 December 2011 (in EUR thousand)
Notes
On 31 December 2011
EQUITY:
Shareholders' equity:
18
2,516,434
Equity
1,500,000
Share issuance premium
1,100,868
Loss for the year attributable to the Parent:
(84,434)
Consolidated loss
(84,434)
Valuation adjustments:
(29,461)
Hedges
18
(24,149)
Translation differences of companies accounted for using the equity method
18
(5,312)
Grants, donations or gifts and bequests received
18
460,958
Total Equity
2,947,931
NON-CURRENT LIABILITIES:
Long-term provisions:
19
Provisions for long-term employee benefit obligations
5,225
Provisions for environmental costs
99,033
Other provisions
Non-current payable
371,278
267,020
12 and 15
11,531
6,501
2,124
Derivatives
49
Non-current payable to Group companies and associates:
2,857
12 and 15
11,144,645
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Notes
20
Non-current accruals and deferred income
2011 Annual report
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On 31 December 2011
197,735
1,397
11,726,586
19
207,335
Current payable
12
628,867
2,846
465
Current payable to Group companies and associates:
625,556
12 and 15
Current payable to Group companies
Trade and other payable
1,087,277
12
Sundry accounts payable
1,087,277
360,594
1,485
11
Remuneration payable
278,957
18,904
20
168
Other accounts payable to public authorities
20
23,596
Customer advances
Current accruals and deferred income
TOTAL LIABILITIES
37,484
23
2,284,096
16,958,613
The accompanying Notes 1 to 25 are an integral part of the consolidated balance sheet on 31 December 2011.
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CONSOLIDATED INCOME STATEMENT
BETWEEN 31 MAY AND 31 DECEMBER 2011 (in EUR thousand)
Notes
2011
Revenues
21.b
1,458,931
Increased valuation of executed works not invoiced
Procurements
8
21.a
3,689
(131,663)
169
(131,832)
6,685
6,166
Staff costs
519
21.c
Employee benefit costs
(160,679)
16.c
Provisions
(553,028)
21.d
Taxes other than income tax
(6,044)
Other current operating expenses
Allocation to profit or loss of grants related to non-financial non-current assets and other grants
(451,238)
(67,407)
Losses on, impairment of and change in allowances for trade receivables
Depreciation and amortisation charge
(59,890)
(252)
Outside services
(220,821)
(28,339)
7, 8 and 9
18.e
(490,000)
21,950
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Notes
2011
21.e
9,204
Impairment and gains or losses on disposals of non-current assets
(5,027)
Other gains or losses
3,987
Finance income
103,907
21.e
From investments in equity instruments
Finance costs
1,936
1,936
21.e
On debts to group companies
(224,340)
(188,775)
(52,462)
(3,572)
Capitalisation of finance costs
20,469
Change in fair value
15 and 21.e
21.e
349
FINANCIAL LOSS
21.e
(234,924)
Results of associates accounted for using the equity method
6,085
LOSS BEFORE TAX AND INVESTEES
Income tax
(12,869)
(124,932)
20
40,498
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS
(84,434)
CONSOLIDATED LOSS FOR THE YEAR
(84,434)
LOSS ATTRIBUTABLE TO THE PARENT
(84,434)
The accompanying Notes 1 to 25 are an integral part of the consolidated income statement on 31 December 2011.
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consolidated statement of changes in equity between
31 may 2011 and 31 DEcember 2011 (in EUR thousand)
A) CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Note
2011
A) Consolidated statement of recognised income and expense
Consolidated loss
(84,434)
(46,971)
Exchange rate differences
Tax effect
Total income and expenses recognised directly in equity
Note 19
(5,312)
14,092
(38,191)
Transfers to profit or loss
Tax effect
Total transfers to profit or loss
TOTAL RECOGNISED INCOME AND EXPENSE
12,896
(22,755)
1,380
(8,479)
(131,104)
The accompanying Notes 1 to 25 are an integral part of the consolidated statement of changes in equity on 31 December 2011.
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B) CONSOLIDATED CHANGES IN EQUITY FOR 2011
Grants,
Donations
or Gifts
and Bequests
Received
Valuation
Adjustments
Assigned Equity
and Assets
Issuance bonus
61
-
-
-
-
61
-
-
(84,434)
(29,461)
(17,209)
(131,104)
Transactions with group companies and associates
-
-
-
-
-
-
- Increase of net equty for non-monetary contribution
1,499,939
1,100,868
-
-
478,167
3,078,974
-
-
-
-
-
-
1,500,000
1,100,868
(84,434)
(29,461)
460,958
2,947,931
Balance on 31 May
Other changes in net equity
Profit (Loss)
TOTAL
consolidated statement of CASH FLOW between
31 may 2011 and 31 DEcember 2011 (in EUR thousand)
Notes
CASH FLOWS FROM OPERATING ACTIVITIES (I)
2011
659,947
Loss for the year before tax
(124,932)
Adjustments for:
703,185
Depreciation and amortisation charge
490,000
Impairment losses
Recognition of grants in profit or loss
Gains/Losses on derecognition and disposal of non-current assets
Finance income
Finance costs
7, 8 and 9
18.e
6,044
(21,950)
5,027
(1,907)
224,055
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Notes
2011
(284)
Dividends received
1,774
Changes in fair value of financial instruments
Excess of provision
Inventories
3,545
(9,204)
6,085
289,412
(165)
13,692
Other current assets
(14,717)
(83,294)
Other current liabilities
626,411
Other non current assets and liabilities
(252,516)
Other cash flows from operating activities
(207,718)
Interest paid
(209,401)
Dividends received
2,986
Interest received
1,290
Income tax recovered (paid)
Other received (paid)
CASH FLOWS FROM INVESTING ACTIVITIES (II)
Payments due to investment
Intangible assets
Property, plant and equipment
Property
(2,440)
(153)
(589,546)
(593,555)
(23,922)
(567,716)
(1,524)
(393)
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Notes
Property, plant and equipment
CASH FLOWS FROM FINANCING ACTIVITIES (III)
Issue of equity instruments
Issuance of debt to group companies and associates
Repayment and amortisation of debts to credit institutions
Repayment and amortisation of debts to group companies and associates
2011
4,009
991
3,018
(67,733)
11
61
(50)
(59,438)
125,000
575
(185,013)
Dividends and other equity instruments paid
(8,306)
Dividends
(8,306)
INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNIG OF THE PERIOD
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
2,668
649
3,317
The accompanying Notes 1 to 25 are an integral part of the consolidated statement of cash flows for 2011.
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1.1. Companies in the Group
1.1. Parent company
Aena Aeropuertos, S. A. was established pursuant to Article 7 of Royal
Decree, Law 13/2010 of 3 December which enabled the Council of
Ministers to form the company. The effective incorporation was authorised on 25 February 2011 in the agreement of the Council of
Ministers of this date, allowing the constitution of the state-owned
company Aena Aeropuertos, S. A. in accordance with the provisions of
Article 166 of Law 33/2003, on “Patrimonio de las Administraciones
Públicas” (LPAP) of 3 November (Law on Public Administration Assets).
The corporate purpose of the company, in accordance with its articles
of association, is as follows:
• The organization, running, coordination, operation, maintenance,
administration and management of state-owned airports, airports
of public interest and heliports managed by Aena, and of services
pertaining to them.
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provision of air traffic services for aerodromes associated with such
airport infrastructures.
• Needs assessments and, where appropriate, planning proposals for
new airport infrastructures and for aeronautical and acoustic easements relating to airports and services whose management is handled by the company.
• The development of order and security services in airports under
its remit, notwithstanding the powers assigned to the Ministry of
Interior concerning this matter.
• Air transport related training, including training of aeronautical professionals subject to obtaining licences, diplomas, authorisations
and clearances and promoting, disseminating or developing aeronautical or airport activity.
In addition, the company may develop any business activities that may
be directly or indirectly related to its corporate purpose, including the
management of airport facilities outside of Spanish territory and any
other related and complementary activities that increase the profitability of investments.
• The coordination, operation, maintenance, administration and
management of civilian areas of air bases open to civil traffic and of
airports for joint use.
The corporate purpose may be realised by the company directly or
through the creation of companies and, specifically, the individualised
management of airports may be carried out through subsidiaries or
service concessions contracts.
• The design and development of projects, the execution, management and control of investments in infrastructure and facilities referred to in the preceding paragraphs and in goods intended for the
The company was formally established through the issuance of 61 par
value shares of 1,000 Euros, subscribed and fully paid by the Public Business Entity “Aeropuertos Españoles y Navegación Aérea” (Spanish Air269
4
ports and Air Navigation) that is its sole shareholder. The public business
entity “Aeropuertos Españoles y Navegación Aérea” will retain, in any
case, the majority of the share capital of Aena Airports, S.A. under the
terms set forth in Article 7.1, second paragraph, of Royal Decree, Law
13/2010 of 3 December, and may transfer the rest in accordance with
Law 33/2003 of 3 November on Public Administration Assets (LPAP).
The incorporation of this company was recorded in the Commercial
Register following the agreement of the Board of Directors on 23 May
2011, whereby the approval of the company’s activity and valuation
was finalised on 31 May 2011.
Subsequently, by means of the Council of Ministers’ agreement dated
3 June 2011, in order to shape the content of the company’s activity
and in accordance with Article 9 of Royal Decree Law 13/2010 of 3
December, approval was given for the increase in company capital.
With this increase the shareholder invested in all the assets, rights,
debts and obligations subject to the development of airport activities
or commercial activities and of other state services related to airport
management, including air traffic control services for aerodromes. The
capital increase was made by a nonmonetary capital contribution valuated in accordance with current accounting standards, specifically the
General Accounting Plan (Plan General de Contabilidad) approved by
Royal Decree 1514/2007 of 16 November, subsequently amended by
Royal Decree 1159 /2010 of 17 September. See more details about the
nonmonetary contribution in Note 4.
The Ministry of Public Works is responsible for the functional supervision of the company as well as for the appointment of a third of the
members of the Board of Directors.
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Aena Aeropuertos, S.A. became a beneficiary of the infrastructure expropriations conferred to its management.
Aena Aeropuertos is domiciled in Madrid, Calle Arturo Soria, 109.
For the purposes of preparing the consolidated annual accounts, it is
understood that there is a Group when the parent company has one
or more dependant subsidiaries, over which the parent company has
direct or indirect control. The principles applied in the preparation of
the Group’s consolidated annual accounts, as well as the scope of consolidation, are detailed in Note 1.2.
The Group is controlled by the public business entity “Aeropuertos
Españoles y Navegación Aérea”, which was established under Article
82 of Law 4/1990 of 29 June on the General State Budgets for 1990. It
was formed with effect from 19 June 1991, once its articles of association came into force, approved by Royal Decree 905/1991 of 14 June.
1.2. SUBSIDIARIES
All entities are dependent, including special purpose entities that the
Group may control directly or indirectly. Control is defined as the power to govern the financial and operating policies of a business in order
to obtain financial profits from its activities. When assessing whether
the Group controls another entity, the existence and effect of potential
voting rights that are currently exercisable or convertible are considered. Subsidiaries are consolidated from the date on which control is
transferred to the Group, and are excluded from consolidation on the
date on which this ends.
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The details of the subsidiaries of the Group on 31 December 2011 are as follows:
Line of Business
%
Direct
Indirect
Owner of investment
Consolidation
Method
Subsidiaries:
Arturo Soria, 109
Madrid (1)
administration of airport infrastructures, as
well as complementary services.
100
-
Fully consolidated
Centros Logísticos
Madrid (2)
thereto.
100
-
Fully consolidated
Concesionaria del Aeropuerto de MadridBarajas, S.A.U
Aeropuerto Madrid-Barajas, Avenida de la
Hispanidad SN 28042 Madrid
100
-
Aena Aeropuertos, S.A
Fully consolidated
Concesionaria del Aeropuerto
Barcelona-El Prat,
Aeropuerto Barcelona-El Prat,
Prat de Llobregat SN 08820 Barcelona
100
-
Aena Aeropuertos, S.A
Fully consolidated
(a) Data obtained from nonmonetary contribution made on 8 June 2011.
(1) Companies audited by PwC network.
On 31 December 2011 none of these companies was listed on a stock exchange.
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4
The consolidation assumptions for these companies, relate to the situations referred to in Art. 2 of NOFCAC, and are as follows:
1. When the Parent company, in relation to the subsidiary, is in one of
the following situations:
a. The parent company owns the majority of the voting rights
b. The parent company has the power to appoint or remove the
majority of the board members.
c. The parent company may have, under agreements entered into
with other partners, the majority of the voting rights.
d. The parent company has appointed with their votes the majority
of the members of the board, who are in their role at the time
when the consolidated accounts need to be drawn up and during the two immediately preceding years. This is presumed to be
the situation when the majority of the members of the board of
the subsidiary are members of the board or senior management
of the parent company, or of another subsidiary of the parent
company.
e. When a parent company owns half or less of the voting rights,
even when it has little or no stake in another company, or when
power of management has not been specified (special purpose
entities) but has a share in the risks and profits of the entity, or
when it has the capacity to participate in the operational and
financial decisions of the other company.
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In compliance with Article 155 of the “Ley de Sociedades de Capital”
(Capital Companies Act), the company has notified all of these companies that, on its own or through another subsidiary, it owns more than
10% of the capital.
The fiscal year of all subsidiaries closes on 31 December.
2. Associated and group companies
All entities over which any of the companies included in the consolidation have significant influence are associated. Significant influence
means when the Group has a stake in the company and the power to
intervene in decisions relating to financial and operational policy, without controlling it completely.
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Details of associated companies on 31 December 2011 are as follows:
%
Line of Business
Direct
Indirect
Carrying
amount of
investment
48.99
-
1,353
Equity Method
Owner of
investment
Consolidation
Method
Associated and group companies:
Restauración de Aeropuertos Españoles, S.A. (RAESA) (a)
Madrid (1)
Operation of catering
services at Madrid-Barajas
Airport.
Aeropuertos Mexicanos del Pacífico, S.A. de CV (AMP) (a)
México DF (1)
Operator of Grupo Aeroportuario del Pacífico (GAP)
airports.
-
33.33
84,121
Equity Method
Sociedad Aeroportuaria de la Costa S.A. (SACSA) (a)
Operation of Cartagena
Airport.
-
37.89
690
Equity Method
Operation of Barranquilla
Airport.
-
40
159
Aerocali, S.A. (a)
Cali - Colombia (1)
Operation of Cali Airport.
-
33.33
1,659
Equity Method
Equity Method
87,982
(a) Data obtained from a nonmonetary contribution made on 8 June 2011.
On 31 December 2011 none of these companies was listed on a stock
exchange.
On 24 February 2006, Grupo Aeroportuario del Pacífico, S.A. (company owned by AMP) began trading on the Mexico and New York stock
markets through an IPO by the Mexican Government (previous owner
of the remaining 85% of the capital). In addition, Aeropuertos Mexicanos del Pacífico acquired on the stock exchange a 2.296 % share
in Grupo Aeroportuario del Pacífico, S.A. for a sum of 286,297,895
Mexican pesos (MXN), obtaining 17.296% of its capital. In May 2008,
640,000 shares were purchased for a sum of 26,229,376 Mexican pesos (MXN), 0.11396%, reaching 17.40996% of Grupo Aeroportuario
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4
del Pacífico, S.A. The average acquisition price of the shares owned by
Aeropuertos Mexicanos del Pacífico in Grupo Aeroportuario del Pacífico went up to 23.12 Mexican pesos (MXN), while the share price on
31 December 2011 was 47.25 Mexican pesos (MXN).
In compliance with Article 155 of the Capital Companies Act, the company has notified all of these companies that, on its own or through
another subsidiary, it owns more than 10% of the capital.
The fiscal year of all associated companies closes on 31 December.
3.Basis of presentation of the annual
consolidated accounts
3.1. FAIR PRESENTATION
The consolidated annual accounts were prepared from the accounting
records of Aena Aeropuertos S.A. and the consolidated companies,
and include adjustments and reclassifications for the temporary and
evaluative standardization with the accounting criteria established by
the Group.
These consolidated accounts are presented in accordance with current
corporate legislation as per the amended Commercial Code, in accordance with Law 16/2007 of 4 July on the amendment and adaptation
of corporate legislation related to accounting in order to achieve international harmonization based on European Union regulations. They
2011 Annual report
Legal information
also conform with Royal Decree 1514/2007 of 20 November through
which the General Accounting Plan was approved, and Royal Decree
1159/2010 of 17 September through which the rules for drawing up
consolidated annual accounts were approved, as long as these do not
contradict the provisions of the above-mentioned corporate legislative
reform. The purpose of this is to give a true representation of the assets, of the financial situation and of the Group’s results, as well as of
the veracity of the cash flows incorporated in the cash flow statement.
3.2. ACCOUNTING PRINCIPLES APPLIED
These consolidated financial accounts were presented taking into consideration all of the obligatory accounting principles and standards that may
have a significant effect on the aforementioned consolidated financial
accounts. Any accounting principles that are mandatory were applied.
3.3. OPERATION OF THE COMPANY
On 31 December 2011, the Group presented a negative working capital of 1,817,828 thousand Euros and a negative result of 84,434 million Euros for that fiscal year. In order to meet its investment commitments and debts in the short term the company counts on the financial
support of its shareholders. Under these circumstances, the company
administrators consider that there will be no difficulty in meeting payment commitments.
3.4. KEY ISSUES IN RELATION TO MEASURING AND ESTIMATING UNCERTAINTY
The preparation of the consolidated financial accounts requires the
Group to make some particular estimates and judgements relating to
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4
the future. These are continually evaluated and are based on historical
experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances.
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3.6. GROUPING OF ITEMS
The resulting accounting estimates, by definition, would seldom be
equivalent to the actual results. Estimates and judgements that pose a
significant risk of leading to a material adjustment in the book values
of assets and liabilities over the coming fiscal year are explained below.
Certain items on the consolidated balance sheet, on the consolidated
profit and loss account, the consolidated statement of changes in net
worth and the consolidated cash-flow statement are grouped together
for a clearer understanding, whilst as and when significant, mandatory
disaggregated information has been included in the corresponding
notes of the report.
• The evaluation of possible losses due to impairment of certain assets (Note 5.3 and 5.4).
• The useful life of tangible and intangible assets (Notes 5.3 and 5.4).
• Calculation of provisions (Note 5.11).
• The market value of certain financial instruments (Note 5.8).
4. Nonmonetary contribution
from the sole shareholder
While these estimates were made on the basis of the best information
available at the close of the fiscal year 2011, it is possible that events
that might occur in the future could require them to be modified (upward or downward) over the coming fiscal periods.
3.5. COMPARATIVE INFORMATION
The Group was constituted during the 2011 fiscal year (Note 1) so
there are no comparative opening balances. It was formed on 1 May
2011, meaning that the financial information and results were presented on 31 December 2011, and for the period between 31 May
and 31 December 2011.
In accordance with the contents of Article 9 of Royal Decree, Law
13/2010 of 3 December, and with the Council of Ministers’ agreement dated 3 June 2011, the company is authorised to increase capital that has been fully subscribed by its sole shareholder, the public
business entity “Aeropuertos Españoles y Navegación Aérea”. This
capital increase is concluded through the contributionose assigned to
port management, including aerodrome air traffic services. On 23 May
2011 the Board of Directors of the public business entity “Aeropuertos
Españoles y Navegación Aérea” approved the activity contribution to
the company as well as the valuation prepared by its technical services.
The net worth of the branch of activity on 31 May 2011 was taken as
a benchmark, in accordance with current accounting standards, and
in particular the General Accounting Plan approved by Royal Decree
1514/2007, amended partially by Royal Decree 1159/2010. For this
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4
reason, all assets and liabilities incorporated in the nonmonetary contribution were at their net book value, except assets corresponding
to investments in associated and Group companies within the Group,
which were incorporated into the consolidated value of Aena Group
on 8 June 2011, the date when the transaction took effect. Likewise,
in accordance with valuation standard 4-a and 4-b, the corresponding
fixed assets are shown by their net accounting value at the time of
the operation, as seen in the breakdown in the notes on tangible and
intangible assets.
On 6 June 2011 the public business entity “Aeropuertos Españoles y
Navegación Aérea”, the Company’s Sole Shareholder, adopted the following sole shareholder decisions:
a. To reduce the par value of the company shares by ONE THOUSAND
EUROS (€1,000) per share by dividing the SIXTY-ONE shares in circulation into SIX THOUSAND ONE HUNDRED new shares with the proportion of ONE HUNDRED new shares for each old share, without allowing this to cause the amount of the share capital of the company
to vary. As a result the share capital is SIXTY ONE THOUSAND EUROS
and is represented by SIX THOUSAND ONE HUNDRED SHARES of
TEN EUROS par value. All shares are of the same kind with the same
political and economic rights.
b. To increase the company capital from €61,000 to €1,500,000,000
(ONE THOUSAND FIVE HUNDRED MILLION EUROS), i.e. a share capital increase of €1,499,939,000.
c. Ordinary shares of a nominal value of €10 each were to be issued to
represent the aforementioned capital increase of 149,993,900, with
2011 Annual report
Legal information
the same rights and obligations as the previous ones. These new
shares are to be issued with a total share premium of €1,100,868,000
(ONE THOUSAND ONE HUNDRED MILLION EIGHT HUNDRED AND
SIXTY-EIGHT THOUSAND EUROS), thus making the total amount
paid out as capital and share premium €2,600,807,000 (TWO THOUSAND SIX HUNDRED MILLION EIGHT HUNDRED AND SEVEN THOUSAND EUROS).
d. In accordance with the provisions of Article 9 of Royal Decree, Law
13/2010 and in the agreements of 25 February and 3 June 2011, the
public business entity “Aeropuertos Españoles y Navegación Aérea”
fully subscribes and pays out the total face value of the shares and
the share premium through the activity referred to in paragraph 1 of
this section of the report.
e. The public business entity, “Aeropuertos Españoles y Navegación Aérea”, contributes to the company the whole activity as an operating unit in the state in which it is found (ownership, rights of use,
situation, charges, etc.) according to the terms in Royal Decree, Law
13/2010. Concerning the contribution, the public business entity
“Aeropuertos Españoles y Navegación Aérea”, in accordance with
Article 66 of the Capital Companies Act, approved by Royal Legislative Decree 1/2010 of 2 July, would respond only if the fault or warranty of title were to affect all or an essential part of the activity. For
these purposes, anything that affects 20% or more of the total value
of the contributed activity shall be understood as an essential part,
or when an airport is individually affected so as to prevent it exercising its activity as an airport, without detriment to the jurisdictional
control over existing legislation.
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4
In addition to the aforementioned, any difference that may arise between the estimate of the value of assets and liabilities contributed
on which the necessary capital increase of the company is based
and the value of the assets and liabilities actually contributed, that
may occur during the period elapsing from the date of the contribution to the date of transmission to private investors of part of the
company’s capital, would be adjusted. The adjustment would be
of the same amount, as a greater or lesser credit balance awarded
by the public business entity “Aeropuertos Españoles y Navegación
Aérea” to the company, this under no circumstances affecting the
capital increase adjustment.
f. All public business entity “Aeropuertos Españoles y Navegación Aérea” staff needed to provide services for the activity, contribute to
and are integrated into the company with the same collective bargaining agreements and valid terms of contract. Seniority and any
other rights accumulated when the company begins to operate are
respected.
g. The split and the valuation of the activity contributed were approved
by the Board of Directors of the public business entity “Aeropuertos Españoles y Navegación Aérea” on 23 May 2011 in accordance
with the valuation report made, which resulted in an amount of
the Activity transferred as €2,600,807,000. This valuation was carried out using the net worth value of the branch of activity provided
as a benchmark, in accordance with current accounting standards
and particularly the General Accounting Plan. It complies with the
requirements of Article 114 of the LPAP.
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h. In accordance with Articles 70 and 300.1 of the Capital Companies
Law, the Company Board Members signed the report which the sole
shareholder examined.
i. The company will begin exercising the activity with effect on the date
to be determined by order of the Minister of Development, expected in the second transitional provision of Royal Legislative Decree
13/2010.
j. The contribution of the activity is applied under the special regime
stipulated in Chapter VIII of Title VII of Royal Decree, Law 4/2004 of
5 March, which approves the revised text of the Law on corporate
tax (TRLIS) in accordance with the stipulations of the third additional
provision 2 of Royal Decree, Law 13/2010.
The nonmonetary contribution and assessment prepared by technical
services is compiled in the “Evaluation Report”. In this, the net worth
value of the branch of activity on 31 May 2011 was used as a benchmark, in accordance with current accounting standards and, in particular, the General Accounting Plan approved by Royal Decree 1514/2007
on 16 November, partially amended by Royal Decree 1159/2010 of
17 September, as stipulated in the Agreement of 25 February 2011.
Below are the valuation report figures (in EUR thousand):
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4
Airports (AE)
+/- Fixed assets
of NA to transfer to AE
Works of art to
transfer from
AE to EPE
Valuation
of assets and
liabilities to
consolidated
values
Tax credits
with negative
taxable base
2011 Annual report
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Estimate of
Results first 5
months of 2011
Adjusted asset
value to be
contributed
Grants
Non-current assets
Intangible fixed assets
Tangible fixed assets
72,038
n,d,
15,560,876
n,d,
183,783
Deferred tax assets
415,264
16,231,961
72,038
(8,724)
15,552,152
26,190
209,973
(342,147)
202,523
(8,724)
(342,147)
73,117
26,190
-
-
16,109,803
Current assets
Stocks
Trade receivables and other receivables
Cash and other liquid assets
Total assets
5,168
5,168
346,307
346,307
10,392
10,392
2,732
2,732
364,599
-
-
-
-
-
-
364,599
16,596,560
202,523
(8,724)
(342,147)
26,190
-
-
16,474,402
Non-current liabilities
Long-term debts
TOTAL NON-CURRENT LIABILITIES
224,212
11,364,118
224,212
202,523
(8,724)
(342,147)
202,523
(8,724)
(342,147)
211,505
11,799,835
127,315
11,343,085
7,857
7,857
219,362
127,315
-
11,786,659
Current liabilities
114,486
114,486
Short-term debts
493,594
493,594
12,499
12,499
Short term debts to Group and associated
companies
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4
Airports (AE)
+/- Fixed assets
of NA to transfer to AE
Works of art to
transfer from
AE to EPE
2011 Annual report
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Valuation
of assets and
liabilities to
consolidated
values
Tax credits
with negative
taxable base
Estimate of
Results first 5
months of 2011
Adjusted asset
value to be
contributed
Grants
313,348
313,348
708,649
708,649
1,642,576
Subsidies, donations
Total liabilities
Assets, reserves and result
Subsidies, donations
Total net equity
Total net equity and liabilities
-
-
-
-
-
0
13,442,411
202,523
(8,724)
(342,147)
2,709,789
7,857
127,315
18,333
(127,315)
444,360
-
1,642,576
444,360
444,360
444,360
13,873,595
2,600,807
(444,360)
-
3,154,149
-
-
-
18,333
(127,315)
(444,360)
2,600,807
16,596,560
202,523
(8,724)
(342,147)
26,190
-
-
16,474,402
The nonmonetary contribution made on 8 June 2011 comprises the
following assets and liabilities:
EUR thousand
EUR thousand
Trade receivables and other receivables
Non-current assets
Intangible fixed assets
Tangible fixed assets
Deferred tax assets
81,257
15,871,872
201,051
8,807
Prepayments and accrued income
1,172
Cash and other liquid assets
991
426,472
Total assets
16,632,154
Non-current liabilities
Current assets
Inventories
51,502
16,205,682
410,469
5,033
228,598
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4
EUR thousand
Long-term debts with Group and associated companies
11,289,895
212,460
11,730,953
Current liabilities
107,431
Short-term debts to Group and associated companies
677,494
440,668
596,633
1,822,226
Total liabilities
Assets, reserves and result
13,553,179
Legal information
Palma de Mallorca-Son Bonet, Pamplona, Reus, Sabadell, San Sebastian, Santander, Seville, Tenerife South, Valencia, Vigo and Vitoria
b. Civil part of airports used jointly with the Ministry of Defence: Gran
Canaria-Gando, Lanzarote, Tenerife North, Madrid-Cuatro Vientos,
Malaga, Palma de Mallorca-Son Sant Joan, Santiago and Zaragoza
c. Air bases and military airfields open for civilian use: Talavera La Real
(Badajoz), Matacán (Salamanca), San Javier (Murcia), Villanubla
(Valladolid), Los Llanos (Albacete), and Leon Military Aerodrom
d. Heliports: Algeciras and Ceuta heliports.
The results shown below for the period of 1 June to 8 June 2011 was
transferred to the shareholder through debt:
2,600,807
Grants, donations
478,168
Total net equity
3,078,975
Total net equity and liabilities
2011 Annual report
16,632,154
The Property, plant, and equipment provided corresponds to the rights
of any nature corresponding to Aena over airport land, buildings, and
equipment that is managed or used by the activity. It also includes
rights of use corresponding to Aena for certain patches of land located
in airports, military airfields and airbases. The rights contributed concern the following airports, airfields and air bases:
a. Airports for own use: A Coruña, Alicante, Almeria, Asturias, Barcelona - El Prat, Bilbao, Burgos, Córdoba, El Hierro, Fuerteventura, Girona, Granada, Huesca Pirineos, Ibiza, Jerez de la Frontera,
La Gomera, La Palma, Logroño, Madrid-Barajas, Melilla, Menorca,
EUR thousand
Revenue
In-house work on non- current assets
Procurement
Staff costs
46,667
127
(905)
11
(7,260)
(17,100)
(16,134)
Excess provisions
OPERATING INCOME
720
1
6,127
280
4
EUR thousand
Financial income
Financing costs
FINANCIAL RESULTS
PROFIT BEFORE TAXES
Income Taxes
196
(166)
30
6,157
-
PROFIT FROM CONTINUING OPERATIONS
6,157
PROFIT FOR THE YEAR
6,157
The EUR 6,157 thousand was offset by the reduction of the debt with
the public entity.
5. Recognition and measurement
5.1 SUBSIDIARIES
5.1.1. Takeover
Takeovers by the parent company (or another company in the Group)
of a subsidiary are nonmonetary contributions accounted for in accordance with the purchase method. This method requires the acquiring company to account for, on the date of acquisition, the identifiable
assets acquired and liabilities assumed in a nonmonetary contribution,
as well as, where appropriate, the corresponding goodwill or negative
difference. Subsidiaries are consolidated from the date on which con-
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trol is transferred to the Group, and are excluded from the consolidation on the date on which this ends.
The acquisition cost is fixed as the sum total of the fair values on the
acquisition date, of assets handed over, liabilities incurred or assumed
and equity instruments issued by the acquirer, and the fair value of
any contingent consideration that may depend on future events or the
fulfilment of certain conditions, that must be registered as an asset, a
liability or as net worth depending on the nature of it.
Expenses related to the issuance of equity instruments or the financial
liabilities handed over are not part of the cost of the nonmonetary
contribution. They are recorded in accordance with the norms applicable to financial instruments (Note 5.8). The fees paid to legal advisors or other professionals involved in the nonmonetary contribution
are accounted for as they are incurred. Expenses generated internally
for these items are not included in the combination cost, and neither,
should there be any, are those expenses incurred by the acquired entity.
The excess on the date of acquisition of the cost of the nonmonetary
contribution from the pro-rata value of the identifiable assets acquired,
minus that of the assumed liabilities representing the capital share of
the acquired company, is recognised as a goodwill. In the rare event
that this amount were to be higher than the cost of the nonmonetary
contribution, the excess is accounted for in the profit and loss account
as income.
5.1.2 Phased takeover
When the takeover of a subsidiary is carried out through several transactions on different dates, the goodwill (or negative difference) is ob281
4
tained by the difference between the cost of the nonmonetary contribution plus the fair value on the acquisition date of any previous
investment of the acquiring company in the acquired company, and
the value of the identifiable assets acquired minus the liabilities assumed.
Any profit or loss arising as a result of the fair market value on the date
of the takeover of the prior share of the acquiring company in the acquired company is recognised in the consolidated profit and loss statement. If previously the investment had been valued at its fair value,
the valuation adjustments still to be charged to the year-end results is
transferred to the consolidated profit and loss statement.
5.1.3 Consolidation method
The assets, liabilities, expenses, cash flows and other items of the
Group’s financial statement are incorporated to the consolidated accounts of the Group by the full consolidation method. This method
requires the following:
Temporary standardization. The consolidated financial statements are
established in the same date and period as the financial statements of
the company required to consolidate.
The inclusion of companies that close out their fiscal years on different
dates is done by way of intermediary accounts referred to the same
date and same period as the consolidated statements.
Standardization valuation. Asset and liability elements, income and expenses and the other items of the Group’s companies’ financial statements were valued following uniform methods. Asset or liability ele-
2011 Annual report
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ments or income or expense items that may were valued according
to some other nonuniform criteria with respect to those applied in
consolidation were valuated again, carrying out the necessary adjustments, only for purposes of the consolidation.
Aggregation. The different items of the individual financial statements
previously standardized are aggregated according to their nature.
Investment elimination-equity. The accounting values that are representative of the equity instruments of the subsidiary company, owned
directly or indirectly by the parent company, are compensated with
the proportional part of the equity items of the mentioned subsidiary company, attributable to said investments, generally on the basis
of the values remaining from applying the aforementioned acquisition method. In consolidations subsequent to the year in which control
was acquired, the equity excess or deficit generated by the subsidiary
company from the date of acquisition that may be attributable to the
parent company is presented in the consolidated balance within the
reserves or adjustments items by changes in value, according to their
nature. The part attributable to minority interests is registered in the
item “Minority interests.”
Minority interest investments. The valuation of minority interests is carried out according to their effective investments in the equity of the
subsidiary company once the previous adjustments are incorporated.
Goodwill on consolidation is not attributable to minority interests. The
excess among the losses attributable to the minority interests of a subsidiary company and the equity item that proportionally corresponds
to them is attributed to them, even when this implies a debit balance
in said item.
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Elimination of intra-group items. The credits and debits, income and
expenses and cash flows between companies of the group are completely eliminated. Likewise, the totality of the results produced by internal operations are eliminated and deferred until carried out before
third parties from outside of the Group.
5.2 ASSOCIATED and multi- group
Equity method
The associated companies are included in the consolidated financial
statements applying the equity method.
When the equity method it applied for the first time, the investment
in the company is valued by the amount that the percentage of investment of the Group’s companies represents over its equity, once its net
assets are adjusted to their fair value to the acquisition date of the
significant influence.
The difference between the net book value of the investments in the
individual statements and the amount mentioned in the previous paragraph constitutes a goodwill that is recovered in the item “investments
accounted for using the equity method.” In the exceptional case where
the difference between the amounts in which the investment may be
accounted for in the individual accounts and the proportional part of
the fair value of the net assets of the company are negative, this difference is registered in the losses and gains account of the associated
company.
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Generally, except in the case resulting in a negative difference in the
acquisition of significant influence, the investment is valued initially by
its cost.
Gains or losses generated by the company using the equity method are
recognised from the date in which significant influence was acquired.
The carrying value of the investment is modified (increases or decreases) proportionally corresponding to the Group’s companies, by the variations undergone in the equity of the investee from the initial recognition, once the proportion of unrecognised gains or losses generated
in transactions between said company and the Group’s companies is
eliminated.
The greatest value attributable to the investment as a consequence of
applying the equity method is reduced in subsequent years, charged to
the consolidated gains or losses, or to the corresponding equity item,
and to the extent that the corresponding equity items are depreciated,
derecognised or disposed of to third parties. In the same manner, the
charge to consolidated gains or losses is recognised when losses are
produced by impairment of the investee’s equity items, with revaluation surplus assigned to them on the date when the equity method
was first applied.
Variations in the vale of the investment corresponding to the investee’s
losses or gains for the year form a part of the consolidated losses or
gains, reported in the item “Investment in profits (losses) of companies
under the equity method.” Nonetheless, if the associate company incurs losses, the reduction in the account representing the investment
will be limited to its own carrying value of the investment. Should
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the investment be reduced to zero, the additional losses, and the corresponding liability are recognised in the extent that may have legal,
contractual, implicit or tacit obligations, or if the Group had made payments in the name of the investee.
according to the accounting policies applicable to the financial instruments (see Note 5.8), considering that the initial cost thereof is the
consolidated carrying value on the date in which they no longer pertain to the scope of consolidation.
Variations in the value of the investment corresponding to other variations in equity are expressed in the corresponding equity rubrics according to their nature.
If the associated or multi-group company is no longer a subsidiary, the
indication in Note 1.2 shall be applied.
Valuation and short-term standardization is applied to associate investments in the same manner as for subsidiary companies.
Modification of the investment
To determine the cost of the investment in a multi-group company, the
cost of each individual transaction is taken into account.
In a new investment acquisition in the company put under the equity
method, the additional investment and the new goodwill or negative
difference in consolidation, are determined in the same manner as
the initial investment. Nonetheless, if in relation to the same investee,
goodwill and a negative difference in consolidation arise, the latter is
reduced to the limit of implied goodwill.
In an investment reduction with a decrease in holdings but without losing significant influence, the new investment is valued by the amounts
corresponding to the percentage of the retained investment.
Loss of associate or multi-group company condition
Any investment in the equity of a company that is maintained after
it loses its condition as multi-group or associate company, is valuated
If an associated company is no longer qualified as multi-group (and
applies the proportional integration method) the equity items attributable to the previous investment are maintained.
If a multi-group company (consolidated by the proportional integration method) is no longer qualified as associate, equity method is accounted for initially by consolidated assets and liabilities attributable
to said investment, maintaining equity items in the balance that are
attributable to the retained investment.
5.3. INTANGIBLE ASSETS
Intangible assets are recognised at acquisition, production cost or their
saleable assignment value. Amortisation is calculated on a straight-line
basis based on the useful lives of the related assets at the following rates:
Item
Computer software
%
25
16.5
12.5-25
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Development expenditure, specifically itemised by project, which is, or
will foreseeably be economically and financially profitable and technically successful, is capitalised and amortised over a period of four years
from the date of completion. If there are changes in the favourable
circumstances of the project that made it possible to capitalise these
expenses, the unamortised portion is charged to income in the year in
which these conditions change.
“Computer Software” relates to the amounts paid to acquire and
develop certain computer programmes. Computer software maintenance costs are recognised with a charge to the income statement for
the year in which they are incurred.
“Other intangible assets” relates to the capitalisation of the Airport
Director Plans by the subisdiary Aena Aeropuertos, S.A. and the studies
associated to them, which are amortised in over a period of 8 years.
Impairment of intangible assets and property, plant
and equipment
At least at year end, the Group tests the non-current and intangible
assets for impairment to determine whether the recoverable amount
of the assets has been reduced to below their carrying amount.
The Group makes a distinction between cash-generating assets and
non-cash-generating assets. Cash-generating assets are items of property, plant and equipment, intangible assets or property owned to obtain
a profit or generate a commercial return through the delivery of goods
or the provision of services, while non-cash-generating assets are items
owned for a purpose other than to obtain a commercial return.
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Recoverable amount is the higher of fair value less costs to sell and
value in use. In the case of non-cash-generating assets, the value in use
will be determined by reference to their depreciated replacement cost.
The Parent performs impairment tests as follows:
• The recoverable amounts are calculated for each cash generating
unit; for the whole airport network and all the air traffic control
centers and towers through which the air traffic control service is
provided for the following reasons:
»» Individual airports do not manage their income on their own
for there is a unified management structure and fees are set up
globally for the entire network.
»» Airport operations are controlled solely by the Parent management bodies.
»» The fees received by the company as compensation for its activity
are calculated taking into consideration each and every activity
carried out by the company, aimed to achieve a balanced budget
thus, revenue returns could generate, for example, a decrease of
tariffs to benefit the users of the infrastructure.
»» Ultimately, the legal framework established by Law 1/2011 stipulates that fees must be calculated attending to the entire network in order to allowing network costs to be recovered as a
whole, and not permitting cost recovery by single airports and,
thus, correction factors that decrease the fees of certain airports,
compel us, in order to achieve a full cost recovery, to increase the
fees at the rest of the network airports.
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• Management prepares a business plan each year (Pluriannual Action Plan) which generally spans a period of three years. The main
components of this plan, on which the impairment test is based are
as follows:
»» Earning projections.
»» Working capital and investments projections.
• Other variables affecting the calculation of the recoverable amount
are:
»» The discount rate to be used, which is taken to be the weighted
average cost of capital, the main variables with an effect on its
calculation being interest costs and the risks specific to the assets.
»» The cash flow growth rate used to extrapolate the cash flow
projections to beyond the period covered by the budgets or forecasts.
• The Pluriannual Action Plans are prepared in accordance with the
best estimates available and are approved by the Board of Directors.
If an impairment loss has to be recognised, the company reduces the
carrying amount of the assets in the cash generating unit down to the
limit of the recoverable value. The impairment has to be recognised in
the Profit (loss) statement.
If an impairment loss were to subsequently reverse, the carrying
amount of the asset or cash-generating unit would be increased to the
revised estimate of its recoverable amount, but so that the increased
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carrying amount does not exceed the carrying amount that would be
determined had no impairment loss been recognised in prior years.
Such a reversal of an impairment loss would be recognised as income.
In 2011 no material impairment losses were detected as a result of the
preceding analysis.
5.4. Property, plant and equipment
Property, plant and equipment are presented in the consolidated balance sheet and are measured at acquisition cost, production cost or
saleable assignment value less any accumulated depreciation and any
accumulated impairment losses, as indicated in the previous note.
Assigned property, plant and equipment are measured at their saleable
value, which is considered to be the actual value in use based on an
independent appraisal.
Property, plant and equipment additions and purchases are measured
at acquisition or production cost and include every cost required for
their set-up.
Later additions are valued at acquisition cost and include every cost
required for their set-up.
Interest and other finance costs incurred, directly attributable to the
acquisition or construction of assets at the various airports, which necessarily require a period of at least 12 months to come into operation,
are treated as an addition to the related assets.
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Replacements or renewals of complete items that lead to a lengthening of the useful life of the assets or to an increase in their economic
capacity are accounted for as additions to property, plant and equipment, and the items replaced or renewed are derecognised.
Passenger and cargo terminals
Terminal equipment
7.69 – 25
Periodic maintenance, upkeep and repair expenses are recognised in
the income statement on an accrual basis as incurred.
Passenger transport between terminals
2 – 6.67
The Group depreciates its property, plant and equipment once they
are ready for use by the straight-line method apportioning the carrying
amount of the assets over their estimated useful lives, except in the
case of land, which is considered to have an indefinite useful life and
is therefore not depreciated. The useful life of the assigned property,
plant and equipment was estimated on the basis of the degree of use
of the assets included under each heading. The years of estimated useful life are as follows:
% amortisation
Buildings
3.12 – 8.33
Plant
2 – 25
Machinery
5 – 20
Other fixtures
Furniture
Other items of property, plant and
equipment
8.3 – 16.6
7.7 – 25
4 - 17
Airport property, plant and equipment is depreciated by the useful lives
method, with the following amortisation percentages:
amortisation %
Airport civil works
Airport civil works equipment
3.13
4
6.67
5.5. INVESTMENT PROPERTY
value of buildings, other structures and fixtures held to earn long-term
rentals and they are not inhabited by the Group. The elements of “Investment Property” are measured at acquisition cost or production cost less
any accumulated depreciation and any accumulated impairment losses.
The company depreciates its “Investment Property” assets by the
straight-line method, apportioning the carrying amount of the assets
over their estimated useful life.
5.6. INVENTORIES
Inventories include spare parts and sundry materials at the Central Warehouses and the Parent’s Logistics Support Center, and are initially measured at cost (weighted average cost). Acquisition cost is based on the
historic cost for items identified in the purchase records. Subsequently,
if the net realisable value of the inventories is lower than the acquisition
cost, the appropriate write-downs are made. If the circumstances caus-
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ing the inventories to be written down cease to exist, the amount of the
write-down is reversed.
5.7. leases
Leases are classified as finance leases whenever the terms of the lease
transfer substantially all the risks and rewards incidental to ownership
of the leased asset to the lessee. All other leases are classified as operating leases.
Finance Leases
In finance leases in which the Group acts as the lessee, the cost of the
leased assets is presented in the consolidated balance sheet, based
on the nature of the leased asset, and, simultaneously, a liability is
recognised for the same amount. The cost is calculated by updating
the amounts payable provided for in the agreement, including those
stipulated in the agreement in relation to the purchase option and
the effective interest rate. The total finance charges arising under the
lease are allocated to the consolidated income statement for the year
in which they are incurred using the effective interest method. Contingent rent is recognised as an expense for the period in which it is
incurred.
Operating leases
• Lease income and expenses from operating leases corresponding to
the lessee are recognised in the consolidated income statement on
an accrual basis.
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• Any collection or payment that might be made when arranging an
operating lease will be treated as a prepaid lease collection or payment which will be allocated to profit or loss over the lease term.
The corresponding lease liabilities, net of financial charges, are recognised in “Accounts payable for financial lease”. Assets acquired under
financial leases are depreciated during the lesser of the two following
periods: their useful life or the duration of the contract.
5.8. financial instruments
Financial assets
ClassificationThe financial assets held by the Group are classified in the following
categories:
a) Loans and receivables. These are financial non-derivative assets with
fixed or determinable payments that are not quoted in an active market. They are recognized as current assets, except for maturities greater
than 12 months from the date of the balance sheet are classified as
non-current assets. Loans and receivables are included in “Trade receivables and other receivables” in the balance sheet.
Financial assets are initially recognised at the fair value of the consideration given, plus any directly attributable transaction costs, and
thereafter at an amortized cost recognising the accrued interests according to the effective interest rate, understanding the discount rate
as equal to the book value of the instrument with the totality of esti288
4
mated cash flows up to its maturity. Notwithstanding the foregoing,
credits for commercial operations with maturity not greater than one
year are valued, in the moment they are initially recognised as well as
subsequently, by their nominal value as long as the effect of not updating the flows is not significant.
At year-end, the required impairment value corrections are carried out
due to impairment loss should there be objective evidence that the
amounts receivable may not be satisfied.
The amount of the value impairment losses is the difference between
current and future estimated cash flow values, discounting the interest
rate current at the moment of initial recognition. The value adjustments as well as reversion, if applicable, are recognised in the balance
sheet.
b) Held-for-trading financial assets: assets acquired with the intention
of selling them in the short term and assets that form part of a portfolio for which there is evidence of a recent actual pattern of short-term
profit-taking. This category also includes financial derivatives that have
not been designated as hedging instruments. On 31 December 2011
no such assets were recognised in the balance sheet.
c) Available-for-sale financial assets: these are equity instruments of
other companies that were not classified in any of the aforementioned
categories. They are included in non-current assets unless management wishes to sell the investment in the 12 months following the
closing date of the accounts. They are measured at fair value, recognising the changes that directly occur in equity until the asset is sold
or impaired; at this moment, any accumulated equity loss or profit
2011 Annual report
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is transferred to the profit and loss for the period, provided that it
is possible to determine the above mentioned fair value. Otherwise,
they are recognised by their cost minus losses for value impairment. In
case of available-for-sale financial assets, value adjustments are made
if there is objective evidence that their value has impaired as a result of
a reduction or delay in future estimated cash flows for acquired debt
instruments or the lack of recoverability of the asset book value for investments in equity instruments. The value adjustment is the difference
between the cost, or amortized cost and, where applicable, any value
adjustment previous recognised in the profit and loss account and the
fair value at the time the valuation is performed. For asset instruments
that are valued by their cost, as their just value cannot be determined,
the value adjustment is determined in the same manner as in cases of
equity investments of group, multi-group or associate companies. If
objective evidence of impairment exists, the company recognises the
accumulated losses in the profit and loss account that were previously
recognised in equity by fair value decrease. The value impairment losses recognised in the profit and loss account for equity instruments are
not reversed through the profit and loss account. The listed investment
fair values are based on the current purchase prices. If the market for a
given financial asset is not active (and for assets which are not listed),
the company establishes the fair value using valuation techniques such
as considering recent free market transactions between interested and
duly informed parties, references to other instruments of a substantially similar nature, future estimated cash flows discount methods and
options pricing models maximizing the use of observable market data
and relying as little as possible on the company’s subjective considerations. Financial assets are derecognised in the balance when all inherent risks and benefits are mainly transferred to the asset property. In
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the specific case of accounts payable, it is understood that this generally occurs if the insolvency and default risks were transmitted. Assets
designated as hedge items are subject to the requirements of hedge
accounting valuation.
Financial liabilities
This category includes accounts payable for trade and non-trade transactions. These borrowed funds are classified as current liabilities, unless the Group has an unconditional right to defer its liquidity for at
least 12 months after the balance date.
These debts are initially recognised at their fair value adjusted by the
directly attributable transaction costs, later being recognised by their
amortized cost according to the effective interest rate method. Said
effective interest is the discount rate that equals the instrument’s carrying amount with the expected flow of projected future payments up
to the liability’s maturity.
Notwithstanding the above, the accounts payable for trade transactions
with maturity below one year, and that do not have a contractual interest rate, are recognised, both initially and subsequently, by their nominal
value when the effect of not adjusting the flows is not significant.
If existing debt is renegotiated, no substantial changes to the financial
liability are deemed to exist when the lender of the new loan is the
same as the lender of the initial loan and the present value of the cash
flows, including net commissions, does not differ by more than 10%
from the present value of the original liability’s outstanding cash flows,
calculated using the same method.
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Derivative instruments
The company uses derivative financial instruments mainly as a hedge
against interest rate changes.
The company documents the hedging relationships and verifies that
the hedging relationship is effective, i.e. that it is prospectively foreseeable that the changes in the fair value or cash flows of the hedged
item will be almost fully offset by those of the hedging instrument and
that, retrospectively, the gain or loss on the hedge was within a range
of 80- 125% of the gain or loss on the hedged item.
Qualified derivative financial instruments, in accordance with the previous paragraph, such as hedging instruments, are recognised as assets
or liabilities depending on their sign, for their fair value, with counterparty in the “Equity Hedges” account, until they mature, at which
moment they are charged to the profit and loss accounts, at the same
time as the hedging instrument.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for
hedge accounting. At this moment, any accumulated loss or profit
corresponding to the hedging instrument is transferred to the profit
and loss for the period.
5.9. EQUITY
Share capital is represented by ordinary shares. Issuance costs for new
shares or options are directly presented against the equity, as lower
reserves. When any of the Group’s companies acquire the company’s
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shares, the paid consideration, including any directly attributable incremental cost, is deducted from the equity until it is cancelled, issued
again or sold. When these shares are sold or issued again later, any
amount received, net of any direct attributable transaction cost, is included in the equity.
a systematic basis over the periods in which the Group recognises as
expenses the related costs for which the grants are intended to compensate.
5.10. GRANTS, DONATIONS, AND Bequests RECEIVED
Grants related to income are credited to income when granted, unless their purpose is to finance losses from operations in future years,
in which case they are allocated to income in those years. If grants are
received to finance specific expenses, they are allocated to income as the
related expenses are incurred, being recognised in the meantime as liabilities of the company until they become non-refundable or are repaid.
Non-refundable grants, donations or gifts and bequests related to assets are recognised as such when there is a specific agreement relating
to the award of the grant, the conditions established for the award
of the grant were met and there are no reasonable doubts in relation to the award thereof. Since 2009, as a result of the passing of
Order EHA/733/2010, of March 25, certain accounting issues of public
companies operating under certain circumstances were approved, like
the case of grants awarded for the construction of assets the execution of which has not yet been completed- grants were classified as
non-refundable in proportion of the construction work completed
provided that there are no reasonable doubts that the construction will
be completed in accordance with the terms and conditions established
in the concession agreement. In general, they are measured at the fair
value of the amount or the asset granted and are initially recognised
as income net of tax recognised directly in equity and are allocated to
profit or loss in proportion to the period depreciation on the assets for
which they were granted, except in the case of nondepreciable assets,
the grants for which are allocated to profit or loss in the year in which
the assets are disposed of or impairment losses are recognised. Government grants to compensate costs are recognised in profit or loss on
Refundable grants, donations or gifts and bequests received are recognised as liabilities of the company until they become non-refundable
or are repaid.
5.11. ProvisioNS AND CONTINGENCIES
In preparing its consolidated financial statements, the Group distinguishes between:
a) Provisions: credit balances covering present obligations arising from
past events with respect to which it is probable that an outflow of
resources embodying economic benefits that is uncertain as to its
amount and/or timing will be required to settle the obligations.
b) Contingent liabilities: possible obligations that arise from past events
and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more future events not wholly within the Group’s
control.
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The consolidated financial statements include all the provisions with
respect to which it is considered that it is more likely that the obligation will have to be settled. Contingent liabilities are not recognised in
the consolidated financial statements, but rather are disclosed to the
extent that they are deemed possible.
Provisions are measured at the present value of the best possible estimate of the amount required to settle or transfer the obligation to a
third party. Where discounting is used, adjustments made to provisions
are recognised as interest cost on an accrual basis.
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Specifically, the accompanying balance sheet includes the following
provisions for employment benefit obligations acquired:
Long-service bonuses
Article 138 of the Group’s First Collective Labour Agreement (Public
Business Entity Aena and Aena Aeropuertos, S.A.) provides certain
long-service bonuses for services effectively rendered for 25 and 30
years. The Group recognises the present value of the best possible estimate of future obligations, based on an actuarial calculation. The main
assumptions used to obtain the actuarial calculation were as follows:
Discount rate:
4.60%
Salary growth:
2.0%
Mortality table:
PERM/F2000
The cost of the obligations arising from employee benefit obligations
is recognised on an accrual basis, in accordance with the best estimate
calculated using the data available to the Group.
Financial system used:
Accrual method:
Projected Unit Credit
Retirement age:
65 years
The Parent has the commitment to pay out long term remunerations
for personnel, both defined contributions and defined benefits. To pay
out defined contributions, liabilities payable shall be recognised when,
at year-end, there are unpaid accrued contributions. Whereas for the
defined benefits, liabilities payable shall be recognised when, at yearend, there are unpaid accrued contributions In the case of defined
benefit pay out the amount to be recognised as provision is the difference between the current value of remunerations committed and the
fair value of the assets assigned to the payment instruments used to
pay for the obligations acquired.
Disability tables:
Ministerial order 1977:
5.12. Provisions for employment benefit obligations
acquired
Early retirement bonus
Under Article 154 of the Group’s First Collective Labour Agreement
(Public Business Entity Aena and Aena Aeropuertos, S.A.), all employees aged between 60 and 64 years of age who, pursuant to current
legislation are entitled to do so, may retire early voluntarily and receive
a termination benefit which, combined with the consolidated entitlements under the Pension Plan at the date of termination of their contracts, is equivalent to four months’ salary, calculated on the basis of
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their basic pay plus their long-service bonus, for every year remaining
until they reach 64 years of age, or the related proportional part.
In 2004 the early retirement bonuses were externalised through a single premium life insurance policy taken out on 25 March 2004 with
Mapfre Vida.
The Parent recognises the assets or liabilities arising from the difference
between the present value of the remuneration commitments and the
present value of the externalised plan assets. The main assumptions
used in the measurement were as follows:
Discount rate:
2.58%
Salary increase:
3.00%
Returns on Contribution Fund:
4,00%
Mapfre guaranteed rate:
3.10%
Mortality table:
PERM/F2000
Financial system used:
Accrual method:
Projected Unit Credit
Retirement age:
65 years
5.13. termination benefits
Under current employment legislation, the Group is required to pay termination benefits to employees terminated under certain conditions.
Termination benefits that can be reasonably quantified are recognised
as an expense in the year in which the decision to terminate the em-
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ployment relationship is made. The directors of the Company do not
foresee any terminations in the future that might make it necessary to
recognise a provision in this regard.
5.14. Income tax
Tax expense (tax income) comprises current tax expense (current tax
income) and deferred tax expense (deferred tax income).
The current income tax expense is the amount payable as a result of
income tax settlements for a given year. Tax credits and other tax benefits, excluding tax withholdings and prepayments, and tax loss carryforwards from prior years effectively offset in the current year reduce
the current income tax expense.
The deferred tax expense or income relates to the recognition and
derecognition of deferred tax assets and liabilities. These include temporary differences measured at the amount expected to be payable
or recoverable on differences between the carrying amounts of assets
and liabilities and their tax bases, and tax loss and tax credit carryforwards. These amounts are measured at the tax rates that are expected
to apply in the period when the asset is realised or the liability is settled.
Deferred tax liabilities are recognised for all taxable temporary differences.
Deferred tax assets are recognised to the extent that it is considered
probable that the Parent will have taxable profits in the future against
which the deferred tax assets can be utilised.
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Deferred tax assets and liabilities arising from transactions charged or
credited directly to equity are also recognised in equity.
The deferred tax assets recognised are reassessed at the end of each reporting period and the appropriate adjustments are made to the extent
that there are doubts as to their future recoverability. Also, unrecognised
deferred tax assets are reassessed at the end of each reporting period and
are recognised to the extent that it has become probable that they will be
recovered through future taxable profits.
The society files consolidated taxes within the scope of consolidation
of its sole shareholder with certain subsidiaries to comply with the conditions laid down for this purpose. The companies which formed the
tax group, together with the Company, in 2011 were as follows:
1. The Public Business Entity “Aeropuertos Españoles y Navegación
Aérea”.
2. Aena Aeropuertos, S.A.
3. Aena Desarrollo Internacional, S.A.
4. Centros Logísticos Aeroportuarios, S.A. (CLASA).
2011 Annual report
Legal information
Any exchange differences arising on settlement or translation at the
closing rates of monetary items are recognised in the consolidated income statement for the year.
5.16. REVENUES AND EXPENSES
Revenue and expenses are recognised on an accrual basis, i.e. when
the actual flow of the related goods and services occurs, regardless of
when the resulting monetary or financial flow arises.
Interest income from financial assets is recognised using the effective
interest method and dividend income is recognised when the shareholder’s right to receive payment has been established. Interest and
dividends from financial assets accrued after the date of acquisition are
recognised as consolidated income.
5.17. ACTIVITIES WITH ENVIRONMENTAL IMPACT
Environmental activities are those the purpose of which is to prevent,
reduce or redress damage to the environment.
5.15. Foreign currency transactions
The Group’s functional currency is the euro. Therefore, transactions
in currencies other than the euro are deemed to be “foreign currency
transactions” and are recognised by applying the exchange rates prevailing at the date of the transaction.
In this respect, investments made in connection with environmental
activities are measured at acquisition cost and are capitalised as an addition to non-current assets in the year in which they are made.
The expenses arising from environmental protection and enhancement
measures are charged to income in the year in which they are incurred,
regardless of when the resulting monetary or financial flow arises.
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The provisions for probable or certain third-party liability, litigation in
progress and outstanding environmental indemnity payments or obligations of undetermined amount not covered by the insurance policies taken out are recognised, where appropriate, when the liability or
obligation giving rise to the indemnity or payment arises.
5.18. RELATED PARTY TRANSACTIONS
The Company performs all its transactions with related parties on an
arm’s length basis. Also, the transfer prices are adequately supported
and, therefore, the directors of the Company and its subsidiaries consider that there are no material risks in this connection that might give
rise to significant liabilities in the future.
As a general rule, transactions among group companies are recognised
at the beginning at their fair value. If the agreed price differs from the
fair value, the difference is recognised by reference to the economic
reality of the operation. The subsequent valuation is made pursuant to
the stipulations of the corresponding regulations.
However, in case of merger,s splits or nonmonetary contributions to a
business, the constituent elements of the acquired business are valued
at the amount corresponding to them after the operation in the consolidated annual profit of the group or subgroup.
Whenever the Parent, or the group or subgroup and its subsidiary are
not involved in the operation hereto, the accounts to consider in this
connection shall be those of the larger group or more subgroup integrating the assets and belonging to a Spanish parent company.
2011 Annual report
Legal information
In these cases the difference arising between the net value of the assets and liabilities of the acquired company, adjusted by the balances
of grants, donations and bequests received and value adjustments,
and any amount of capital and share premium issued by the acquiring
company, is recognised in reserves.
5.19. BUSINESS COMBINATIONS
Any mergers, spin-offs or nonmonetary contributions between companies of the same group, are recognised pursuant to the stipulations for
operations between related parties (Note 5.18).
The purchase method of recognition shall be used for every other
merger or spin-off operation, and for those business combinations
arising from the acquisition of the totality of the company’s assets, or
of a portion constituting one or more business.
For business combinations arising as consequence of the purchase of
shares of a company, the group recognises the investment pursuant to
the stipulations for investments in the companies of the group, multigroup and associated.
6. Financial risk management
The Group’s activities are exposed to various financial risks: market risk,
credit risk and liquidity risk. The company’s global risk management
program is focused on the uncertainty of financial markets and intends
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to minimize the potential adverse effects on its financial profitability.
The Board establishes policies for global risk management, as well as
for certain areas such as interest rate risk, liquidity risk, use of derivatives and non-derivatives and investment of excess liquidity.
The main principle of the financial policies of the companies composing the Aena Group is based on their being centralized at the Administration and Finance department, to the extent that all the financial
assets and liabilities are arranged and managed by this department.
According to a financial debt recognition agreement between Aena
Aeropuertos, S.A. and its parent company, Aena Aeropuertos, S.A.
recognises 94.9% of the Parent’s financial debt, which holds and manages 100% of the debt with financial institutions.
The main financial risks are as follows:
The Company’s objective in relation to interest rate risk management
is to optimise the finance costs within the risk limits established. The
Group does not usually perform commercial transactions in currencies
other than the euro (unlike subsidiaries such as Aena Desarrollo Internacional), and accordingly, the finance cost risk is focused on interest
rate risk in the case of the Parent, the risk variables being the threemonth Euribor (used for non-current payable) and one-month Euribor
(used in credit facilities).
The finance cost risk is also calculated for the duration of the Pluriannual Action Plan (PAP), establishing interest rate performance scenarios
for the period in question.
2011 Annual report
Legal information
Finance costs are due mainly to the financial debt acknowledged to
the Parent company. Also, the Parent has interest rate hedging contracts in force which are transferred to the company as described in
Note 15. The cost of 94.9% of those derivatives is being allocated to
the company, for they cover such percentage share of interest rate risk
of some loans.
b) Liquidity risk
The main risk variables are: limitations in the financing markets, increase in forecast investment and decrease in cash-flow generation.
In order to maintain sufficient liquidity to meet the financial requirements over a minimum of twelve months, a long-term financing policy
was established by signing agreements or framework agreements with
institutions such as Instituto de Crédito Oficial and the European Investment Bank, and by arranging short- and medium-term liquidity
lines. The Parent company raises outside financing to fund Aena Aeropuertos, S.A. through contracts of acknowledgement of debt.
c) Credit risk
Credit risk is almost non-existant, given that most of our customers are
airlines and receivables are either in cash or in advance. With regard
to the commercial customers, which maintain leased premises in different airports, risk is managed by obtaining guarantees and sureties.
The company keeps its cash and cash equivalents under the centralised
control of the Administration and Finance department of the Public
Business Entity Aeropuertos Españoles y Navegación Aérea, through
cash-pooling accounts (Note 15).
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2011 Annual report
Legal information
7. Intangible Assets
Changes in intangible assets between 2011 and 2010 were as follows (in EUR thousand):
Cost
Development Expenditure
Other Intangible
Assets
Computer Software
Other Intangible
Assets in progress
Total
Opening Balance
-
-
-
-
-
Additions for consolidation
-
315
-
-
315
Non- monetary contribution
787
35,018
5,532
39,920
81,257
Additions
9
13,941
137
9,843
23,930
-
7,000
(252)
(7,925)
(1,177)
Transfers (Note 8)
-
(17)
-
-
(17)
796
56,257
5,417
41,838
104,308
Closing Balance
-
-
-
-
-
-
(31)
-
-
(31)
(186)
(10,861)
(1,165)
-
(12,212)
(6)
(353)
(51)
-
(410)
-
17
-
-
17
End Balance
Amortisation
Additions
Amortisation charge(*)
Transfers (Note 8)
End Balance
Net:
-
-
1,331
-
1,331
(192)
(11,228)
115
-
(11,306)
604
45,029
5,532
41,838
93,003
(*) Related to the amortisation charge between June 1 and June 8, 2011, date the non - monetary contributions balances, were transferred internally to the Shareholder without affecting its value.
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The cost of additions and accumulated amortisation of the nonmonetary contribution were, EUR 325,488 and 244,231 thousand respectively
During 2011, the Parent acquired the following intangible assets to related companies (in EUR thousand)
2011
Computer software
Gross book value
Accumulated amortisation
900
-
843
-
4,062
(61)
Total
5,805
(61)
The main additions in 2011 to “Computer Software” were related
to acquisitions and to improvements to and the development of new
technology for computer software, in particular in relation to navigation and airport central services.
2011 Annual report
Legal information
Of the total capitalised costs on 31 December 2011 and 2010 of the
different types of intagible assets, assets in progress are included with
the following detail: (in EUR thousand):
2011
1,709
Computer software
18,207
21,922
Total
41,838
In 2011 the company capitalised EUR 259 thousand relating to finance
costs incurred during the development period of intangible assets.
On 31 December 2011, intangible assets with an original cost of EUR
225,410 thousand were fully amortised and are still in use:
Gross book value
Computer software
101,775
123,635
Total
225,410
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2011 Annual report
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8. Property, Plant and Equipment
Changes in “Property, Plant and Equipment” in 2011 were as follows ( in EUR thousand):
Cost
Opening Balance
Land and Buildings
Plants and machinery
Other fixtures,
Tools and Furniture
Property, Plant
and Equipment in
the course of
Other Property,
Plant and Equipment
Total
-
-
-
-
-
-
1,646
6,766
389
60
680
9,541
Non monetary contribution
11,122,695
555,149
2,393,063
131,205
1,669,760
15,871,872
Additions
515,090
23,566
87,024
25,473
219,291
870,444
(38,299)
(9,367)
(9,678)
(23,397)
(103,490)
(184,231)
Transfers (Note 7)
End Balance
285,745
27,189
83,195
12,966
(409,078)
17
11,886,877
603,303
2,553,993
146,307
1,377,163
16,567,643
-
-
-
-
-
-
(436)
(1,749)
(244)
(78)
-
(2,507)
Amortisation
Opening Balance
Additions
(257,620)
(46,870)
(6,502)
(162,921)
-
(473,913)
Amortisation charge(*)
(9,966)
(1,699)
(5,669)
(518)
-
(17,852)
14,751
9,128
7,508
23,014
-
54,401
Transfers (Note 7)
(4,161)
2,846
(247)
230
-
(1,332)
(257,432)
(38,344)
(5,154)
(140,273)
-
(441,203)
11,629,445
564,959
2,548,839
6,034
-
16,126,440
End Balance
Net:
(*) Related to the amortisation charge between June 1 and June 8, 2011, date the non - monetary contributions balances, were transferred internally to the Shareholder without affecting its value. (Note 4).
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The cost of additions and accumulated amortisation of the nonmonetary contribution were EUR 21,686,940 and 5,815,068 thousand, respectively.
The Parent owned property with a separate value for the land and the
Buildings at 2011 year-end as follows (in EUR thousand):
Gross book value
Land
3,577,555
Buildings
8,309,322
Total
11,886,877
During 2011, the Parent acquired the following “Property, Land and
Equipment” from related companies (in EUR thousand):
2011 Annual report
Legal information
Interest expenses incurred in 2011 totalling EUR 20,210 thousand were
capitalised in relation to the financing of property, plant and equipment
in the course of construction and EUR 3,052 thousand were capitalised
in relation to environmental costs, and EUR 230,156 thousand related
to the fair value of expropiations, and EUR 3,689 thousand were capitalised in relation to in-house work performed on its property, plant
and equipment
a) Non-current asset additions
The main additions recognised in 2011 were as follows:
Land and buildings
The additions to “Land” amount to EUR 515,090 thousand and relate
mainly to the land acquired to carry out expansions at various airports.
The main additions to “Buildings” in 2011 relate to the following:
2011
Gross book
value
Accumulated
amortisation
Buildings
496
8
Plant and machinery
147
3
-
-
Property, Land and Equipment under construction
Property, Land and Equipment under
construction
19,398
-
Other Property, Land and Equipment
-
-
20,041
11
The main additions under construction in 31 December 2011, relate to
construction work to expand the Malaga Airport airfield, the restoration of the terminal building in Ibiza, and the enlargement of Terminal T-2 building in Gran Canaria, and the expansion of runways in La
Coruña.
Total
• Construction of the new terminal building in the Santiago de Compostela Airport.
• Car park building and technical block for the Vigo Airport.
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c) Deterrals
The main additions recognised in 2011 mainly correspond to:
The Parent took the “Property, Plant, and Equipment” impairment test
and no adjustments were identified on 31 December 2011.
• Fire Prevention Systems and facility integral management in the Alicante Airport.
• Installation of ventilation and air-condition systems, and installation
of fire prevention system of in the Menorca Airport.
• Restoration of the ventilation tunnel for airport service and electrical connection for the south cargo module in the Madrid-Barajas
Airport.
• Air-conditioning system in the terminal building and, baggage handling and screening system, and expansion of electrical supply capacity in the La Palma Airport,
• Improvements in the reliability of the electrical system and works
carried out in the processor terminal building of Barcelona-El Prat.
b) Disposals
The main disposals in 2011 relate to withdrawals from facilities and
other assets in Madrid-Barajas, La Palma, Gran Canaria, Tenerife South
and Barcelona-El Prat
Disposals in 2011 include, essentially, the following items, for which
the loss incurred upon disposal was not recognised in the income
statement:
• Reversals of provisions recognised in prior years for environmental
risks of EUR 39,126 thousand in order to comply with prevailing
legislation.
d) Grants received
On 31 December 2011, the Parent received grants in connection with
its property, plant and equipment and intangible assets for an accumulated amount of EUR 460,987 thousand (net of tax), (see Note 18-l).
The gross cost of the assets associated with these grants is EUR 2,337
million.
Additionally, the Parent has grants engaged and not executed for a
total amount of EUR 102,601 thousand.
e) Limitations
Land, buildings and facilities provided, have lost the status of goods
in the public domain due to the reversal carried out by Article 9 of
Royal Decree-law 13/2011 of December 3, which provides that all
State public domain goods attached to the Entidad Pública Empresarial Aena not related to air navigation services including those for
aerodrome air traffic services, will cease to be of public domain,
although the expropriation aim is not altered, so the reversal shall not
be necessary.
f) Fully amortised items of property, plant and equipment
On 31 December 2011, there was property, plant and equipment in
use and fully amortised, the detail being as follows (in EUR thousand):
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4
Gross book value
Buildings
748,760
Plant and machinery
282,058
374,107
Other items of property, plant and
equipment
133,433
Total
1,538,358
g) Obligations
On 31 December 2011, the investments yet to be performed amounted
to approximately EUR 858 million, comprising both contracts that had
not yet been formalised and firm contracts not yet executed.
h) Asset by Business Line
The detail of assets by business line on 31 December 2011 is as follows
(in EUR thousand):
Description
Airports
Car parks
Other items of property, plant
and equipment
Total
2011
15,449,053
16,126,440
Legal information
i) Insurance policies
The Group takes out insurance policies to sufficiently cover the possible risks to which its property, plant and equipment are subject. On
31 December 2011, property, plant and equipment were fully insured
against such risks.
j) Leases
The Group leases part of the non-current assets to third parties for
commercial operations (Note 10).
9. Investment Property
value of buildings, other structures and fixtures held to earn rentals,
with the exception of land used by the subsidiary Centros Logísticos
Aeroportuarios, S.A for its activity.
The changes were the following (in EUR thousand):
620,913
56,474
2011 Annual report
Opening Balance
Consolidation additions
Additions
Closing Balance
Land and
Buildings
Plant
Other fixtures
Total
-
-
-
-
111,533
5,323
26
116,882
789
731
-
1,520
112,322
6,054
26
118,402
302
4
Land and
Buildings
Plant
-
-
-
-
(26,519)
(2,332)
(16)
(28,867)
(3,156)
(306)
(2)
(3,464)
(29,675)
(2,638)
(18)
(32,331)
82,647
3,417
8
86,071
Other fixtures
Total
Consolidation additions
Additions
Closing Balance
Net:
Legal information
Fully depreciated investment property
On 31 December 2011 there were no fully depreciated investment
property items that were still in use.
Accumulated
Amortisation
Opening Balance
2011 Annual report
Investment property additions
The main additions in 2011 relate to technology facilities associated
with energy efficiency and sustainable development and other technical facilities in the central services buildings of the subsidiary Centros
Logísticos Aeroportuarios, S.A.
Investment property obligations
At 2011 year-end, no investment property items were subject to guarantees, and there were no associated purchase commitments.
10. Leases
Financial leases
At 2011 year-end, the subsidiary Aena Desarrollo Internacional had arranged a finance lease on an automated flight inspection system (console) which is recognised under “Property, Plant and Equipment” in
the accompanying consolidated balance sheet On 31 December 2011
(see Note 8).
On 31 December 2011, the amount of the minimum lease payments
payable in the future, excluding inflation increases or other contingent
payments arising from the aforementioned finance lease, were as follows (in EUR thousand):
2011
Insurance policies
The Group takes out insurance policies to cover the possible risks to
which its investment property is subject. At 2011 year-end, the Group
was reasonably insured against such risks.
Within one year
After five years
Total
Minimum Finance
Lease Payments
Interests
465
43
2,124
77
-
-
2,589
120
303
4
Operating leases
The Parent uses various assets under operating leases arranged with
third parties, of which the most noteworthy are detailed below,
together with the main characteristics of the related contracts (EUR
thousand):
Asset
Location
Lease Expiry date
Annual
Payments
excluding
VAT
Comments
Payments subject to
review based on CPI
Piovera
Building
(1)
Madrid
31/01/2016
3,874
Senasa
Building 2
Madrid
31/12/12 (automatic
annual extension up
to 5 years)
140
(1) The company has an agreement to provide general services with the public corporate entity “Aeropuertos Españoles y Navegación Aérea” under which the company
assumes the total amount of annual income, and charges the public entity its share
of the costs.
operating lease are the following (in EUR thousand):
Within a year
Legal information
The subsidiary Aena Aeropuertos S.A. leases several shops and stores
under non-cancellable operating lease contracts. The duration of the
contracts herein ranges between five and ten years, and most of them
are renewable upon expiry date under market conditions.
operating lease are the following:
2011
Within a year
Payments subject to
review based on CPI
2011 Annual report
673,707
3,197,297
Total
3,871,004
At the end of 2011, the subsidiary CLASA had contracted with tenants
for the following minimum lease payments, based on the leases currently in force, without taking into account the charging of common
expenses, future increases in line with the CPI or future contractual
lease payment revisions (in EUR thousand):
2011
Within a year
1,253
5,228
2011
Over five years
252,202
4,014
Total
258,683
20,069
Total
24,083
These leases relate mainly to the assets included under “Investment
Property” with an original cost of EUR 116,838 thousand receiving
annual rental income of EUR 17,710 thousand. The total built area
measures 137 thousand square metres.
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11. Investments in companies accounted for using the equity method
Investments in companies accounted for using the equity method
The detail and changes in investments in companies accounted for using the equity method is as follows: (in EUR thousand):
Balance on
31.12.10
Share of results of
investees
Dividends paid
Other
Balance on
31.12.11
RAESA
1,353
1,277
(735)
-
-
1,895
SACSA
1,891
916
(289)
48
99
2,665
AMP
66,894
2,184
(2,421)
(5,405)
-
61,252
ACSA
677
1,150
(754)
17
-
1,090
AEROCALI
1,432
557
-
37
-
2,026
Total
72,247
6,084
(4,199)
(5,302)
99
68,929
Transactions and balances in companies accounted for using the equity method
The breakdown of receivables and payables and the detail of the transactions performed with companies accounted for using the equity method
on 31 December 2011 (in EUR thousand):
Amount Receivable
Sundry Accounts Payable
provided
Expenses of services
provided
Financial Income
RAESA
4,949
156
11,087
345
735
ACSA
27
-
298
-
-
SACSA
AMP
Aerocali
Total
52
-
417
-
-
1,145
-
3,196
-
-
15
-
256
-
-
6,189
156
15,254
345
735
305
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2011 Annual report
Legal information
12. Financial Assets
Financial Assets and Liabilities
Category analysis
Financial assets excluding investments in subsidiaries equity except investments in equity of associated and group companies
The book value of every category of financial instrument established in the regulatory financial reporting network as s “Financial instrument” on
31 December 2011, was as follows (in EUR thousand):
Categories/types
Long-term
Equity instruments
Other
Total
Held-for-trading financial assets:
57,786
-
57,786
- Valued at cost
57,769
-
57,786
-
1,138
1,121
57,769
1,138
58,907
Loans to companies
Other financial instruments
Total
44,619
16,886
61,505
472
258,814
259,286
45,091
275,700
320,791
Held-to maturity investments
Total
Categories/types
Loans and receivables with the Group
Loans and receivables
Total
Short-term
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Long term
Categories/types
Bank borrowings and other
Derivatives and other
Total
Accounts payable
6,501
11,149,675
11,156,176
Total
6,501
11,149,675
11,156,176
Short term
Categories/types
Bank borrowings and other
Derivatives and other
Total
Accounts payable
2,846
2,050,128
2,052,974
Total
2,846
2,050,128
2,052,974
Maturity analysis
On 31 December 2011, the amounts of financial instruments with a fixed or fixable maturity
classified by year of maturity were as follows (in EUR thousand):
2012
2013
2014
2015
2016 and other
Total
2,846
2,750
2,750
333
668
9,347
2,050,128
887,165
885,653
937,622
8,439,235
13,199,803
Total
2,052,974
889,915
888,403
937,955
8,439,903
13,209,150
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2011 Annual report
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13. Non-current financial assets
The detail of non-current financial assets is as follows (in EUR thousand):
2011
Held-for-trading financial assets
57,769
Guarantee deposit
1,138
Total
58,907
Held-for-trading financial assets
In this heading we include the debt securities value and equity instruments of other companies
the Group does not hold any control or have any significant influence over their decisionmaking process. In this case, the Group records its minority shareholdings in the following
companies (in EUR thousand):
Interest Value
Fraction of Direct
Capital (%)
Owner of the Interest
Agencia Barcelona Regional
Edificio Centreservei, Zona Franca
Carrer 60, 25-27 Barcelona (2)
Analyses and prospecting in relation to
urban development, regional and environmental matters. Design, development,
management, implementation, execution
and operation of, and consulting on, all
manner of construction work, buildings
and urban infrastructures and systems in
the metropolitan area.
180
11.76
10, Upper Bank St- London –
U.K. (1) (*)
Financial asset management of TBI airport
group.
57,422
10
Aena Desarrollo,
Internacional, S.A.
Name and location
Line of business
308
4
Name and location
European Satellite Service Provider,
SAS (ESSP SAS) Toulose – Francia
(1)
Line of business
Legal information
Interest Value
Fraction of Direct
Capital (%)
Owner of the Interest
167
16.67
Aena Desarrollo
Internacional, S.A.
Development of satellite navigation system.
Total
2011 Annual report
57,769
(*) This company has a provision for shareholding impairment EUR 21,174 thousand, and a book value of EUR 78,596 thousand.
(2) Companies audited by the PwC network.
As these companies were not listed on regulated markets on 31 December 2011, the estimation of their fair value is not reliable. For this
reason, shares are recognised at cost value, with an applicable correction in value, of the difference between their book value and the
recoverable value.
2011
Doubtful trade receivables
Minus: provision for impairment
14. Trade receivables for sales
and services
The breakdown for “trade receivables for sales and services ” in the
consolidated balance sheet at 2011 year-end is as follows (in EUR
thousand):
240,727
84,594
(84,594)
16,886
7,568
Staff
1,462
136,873
Total
403,516
On March 5, 2011 the Official Spanish Gazette published Law 1/2011,
amending Law 21/2003 of 7 July on Aviation Safety, which approves
that for the management, clearance and recovery of all equity benefits
of a public nature, both Aena Aeropuertos, S.A. and its subsidiaries,
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4
may use, for the effectiveness of the recovery urgency, whose management will be made by State Tax Administration Agency.
A significant portion of the balances recognised in the heading trade
receivables for sales and services belong to the following companies
(in EUR thousand):
2011
Iberia, Líneas Aéreas de España, S.A.
44,243
Aldeasa, S.A.
26,139
Vueling Airlines, S.A.
18,143
2011 Annual report
Legal information
15. Non-current payable and current
payable
The detail of “Non-current payable” and “current payable” on 31 December 2011 is follows (in EUR thousand):
2011
Long term
Air Europa Líneas Aéreas, S.A.
8,384
Short-term debts with group companies
and associates.
Dufry Islas Canarias, S.R.L.
7,050
Easy Jet Airlines Co. Ltd.
5,352
Publimedia Sistemas Publicitarios, S.L.
3,954
Derivatives
11,144,645
884,512
6,501
2,846
2,124
465
Otros
127,461
Non- current assets payable
Total
240,726
Debts with group companies and associate- Cash pooling
Losses on, impairment of and changes in allowances for trade receivables for 2011 were as follows (in EUR thousand):
Short term
Total
49
-
2,857
625,556
-
202,765
11,156,176
1,716,144
2011
Opening balance
Addition for business combination
124,300
Change in impairment
5,879
Other changes
2,000
Adjustment for legal proceedings
Total
(47,585)
84,594
310
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2011 Annual report
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15.1 BALANCEs of RELATED PARTy TRANSACTIONS
The detail of accounts receivable and payable with group companies and related parties at 2011
year-end is as follows (in EUR thousand):
Non- current
assets payable
Accounts
payable Cash
Pooling
Other liabilities
-
202,765
2,831
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,145
-
-
-
-
-
-
15
-
-
-
-
-
-
26
-
-
-
14,393
-
-
-
-
-
-
91
-
-
16,886
44,619
11,144,645
867,197
14,484
202,765
2,831
Receivable
Short-term
credits (Taxes)
Long-term
debts
Short-term
debts
10,671
44,619
11,144,645
867,197
4,949
-
-
ACSA
27
-
SACSA
52
Parent company:
Public Corporate Entity “Aeropuertos Españoles y
Navegación Aérea”
Transactions with companies accounted for using
the equity method:
Restauración de Aeropuertos Españoles, S.A. (RAESA)
AMP
Aerocali
Related party transactions:
Ingeniería y Economía del Transporte, S.A. (INECO)
Centro de Referencia Investigación, Desarrollo
e Innovación ATM A.I.E. (CRIDA)
Total
311
4
2011 Annual report
Legal information
The detail of transactions with group companies and related parties at 2011 year-end is as follows (in EUR thousand):
Income for services provided
Non-current
assets
transfer(*)
Services
received
Non-current
assets purchase
Dividends
received
Financial
income
Losses
recognised
in hedging
instruments
Financial
expensess
11,847
(1,396)
153,576
-
-
-
12,896
188,773
CRIDA
2
-
-
900
-
-
-
-
INECO
85
-
10,246
24,947
-
-
-
-
11,087
-
345
-
-
(735)
-
-
ACSA
298
-
-
-
-
-
-
-
SACSA
417
-
-
-
-
-
-
-
3,196
-
-
-
-
-
-
-
256
-
-
-
-
-
-
-
-
-
124
-
-
-
-
-
229
-
-
-
-
-
-
-
-
-
-
-
1,744
-
-
-
27,417
(1,396)
164,291
25,847
1,744
(735)
12,896
188,773
AENA (Public Entity)
Companies accounted for using the
equity method:
RAESA
AMP
Aerocali
Other related parties:
GAP
TBI
ACDL
Total
312
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2011 Annual report
Legal information
Hedging instrument for cash flows
The Group has arranged a hedging instrument for cash flows arising from changes in exchange
rates, which are being transferred to Aena Aeropuertos, S.A. to hedge risk between the two
companies. On 31 December 2011 the detail is as follows (in EUR thousand):
Classification
Type
31/12/2011
Beginning
Maturity
Liquidated
Interest rate swap
Interest rate hedge
Floating (3-month Euribor) to
fixed (2.8025%)
1,194,391
15/03/2011
15/03/2013
Quarterly
Interest rate swap
Interest rate hedge
Variable (Euribor 3M) a Fijo
(2,57%)
255,000
15/12/2011
15/03/2016
Quarterly
Interest rate swap
Hedging instrument for exchange rate cash flows
Hedging for cash flows in USD
-
8/10/2014
8/10/2014
(*)
(*) The maturity (partial amortizations) of this hedging instrument coincides with the year in which the cash flow
hedge is expected to occur (collected in USD), and that could affect profit and loss account.
The outstanding notional principal amounts of the interest rate swap agreements on December
31, 2011 totalled EUR 1,449,391 thousand. On December 31, the fixed interest rates varied between 2.57% and 2.8025% and principal variable interest rates were Euribor 3 months. These
loans and derivatives of the parent company were destined to airport financing, therefore the
parent company charged the company for the interest and amortization costs thereof. During
2011, EUR 12,896 thousand was charged to the loss and profit account for losses on hedging
instruments.
Fair value recognised in the “Non-current liabilities”
on December 31, 2011 (in EUR thousand) though the
mirror debt
32,180
Fair value recognised in the “Current liabilities” on
December 31, 2011 (in EUR thousand) though the
mirror debt.
1,895
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4
“Long-term debt” includes EUR 11,047,409
thousand of loans payable to the group for
airport financing with an established schedule, EUR 65,056 thousand for accounts receivable that correspond to the Public company and that have not been adjusted in the
non-cash contributions balance. This balance
was provisioned and in means of collection.
Likewise, “Short-term debt” recognises EUR
627,386 thousand of short-term loans payable to the group. The same heading also
recognises the credit available from the loan
agreements with the group for the amount
of EUR 161,319 thousand and accrued unmatured interest for the amount of EUR
76,597 thousand from December 31, 2011.
In the same manner, the long and short-term
debts include the effect of the hedging instruments.
In addition, this heading includes the cash
pooling account balance for the amount of
EUR 197,264 thousand that mainly corresponds to current accounts.
Said accounts earn interest at the average
credit line rate.
Aena Desarrollo Internacional, S.A. arranged
an interest rate derivative on October 1, 2007
2011 Annual report
Legal information
with “La Caixa”, in order to control and reduce the potentially adverse impact of variable
exchange rate changes on its profit or loss. This derivative particularly covers the effect of exchange rate oscillations on the financial burden associated with the loan granted by “La Caixa”.
This derivative financial instrument, since it does not meet the conditions to be considered a
hedging financial instrument, has been included in the “Derivatives” heading of current and
non-current assets of the 2010 and 2011 balance sheets, respectively.
The main characteristics of this derivative financial instrument are the following (in EUR thousand):
Interest rate
swap
Classification
Rate
Amount Contracted (EUR
thousand)
Maturity
in the “Current Liabilities” on 12-31-11
(Euros) (Note 11)
Interest rate
coverage
Fixed interest
swap of 4.83%
against floating
interest rate
2,000
1-10-12
48,601
Long-term and short-term debt:
Approximately 47% of the loans and credits were arranged with fixed annual interest rates of
between 1.79% and 4.88%, with the remainder arranged at floating rates generally tied to the
Euribor.
With regard to the contribution in kind described in Note 4, the Parent company and its sole
shareholder signed a financing agreement by which debt corresponding to the sector receiving the contribution, in the capital increase described in said Note 4, is transferred from the
state-owned corporation “Aeropuertos Españoles y Navegación Aérea” to the parent company
Aena Aeropuertos, S.A. In said agreement, both parties recognise the initial debt and the future
cancellation conditions for said debt, as well as the procedure for the settlement of interests
and debt repayment. The agreement also specifies that the title before the lending financial in314
4
stitutions corresponds to the State-owned Corporation “Aeropuertos
Españoles y Navegación Aérea”, however, it also recognises that they
undertake to service the liabilities for any payments that State-owned
Corporation “Aeropuertos Españoles y Navegación Aérea” may owe
to the financial institutions, as well as other terms and conditions set
forth in the Financing Agreements.
Therefore, the Company undertakes by means of this agreement the
totality of the obligations originally established in the agreements with
the financial institutions for the corresponding amount indicated in
the previous paragraph. This means that the maturity and interest rate
payable by the Parent Company to the State-owned corporation “Aeropuertos Españoles y Navegación Aérea” shall be those described in
the agreements with the financial institutions and the ratios or declaration of early maturity and possible financial instruments detailed in
each of the agreements shall be fulfilled.
With regard to the financial instruments and their valuation, the stateowned company passed on to the Parent company a EUR 12,896
thousand loss for coverage instruments.
With regard to the fulfilment of ratios or non-fulfilment of early maturity declaration causes, the state-owned company “Aeropuertos Españoles y Navegación Áerea,” as holder of financing agreements does
not fail to fulfill any of the early maturity conditions, therefore the
company’s balance sheet on December 31, 2011 would not be affected.
2011 Annual report
Legal information
The maturity schedule of outstanding installments of loans and credits
at the closure of 2011 is the following (in EUR thousand):
Maturity of installments
2012
627,386
2013
792,240
2014
883,206
2015
935,175
2016
918,508
Subsequent
Total
7,518,280
11,674,795
Main agreements
The existing agreements between the state-owned company “Aeropuertos Españoles y Navegación Aérea (Aena)” and Aena Aeropuertos
for 2011 are listed below:
• Procedure for providing services of cash management centralization.
• Agreement for providing airport planning and territorial integration
services.
• Agreement for provision of services: administrative and financial,
contract management, infrastructure management, management
of personal data protection measures, environmental area, administrative and economic processes, excellence promotion and sup-
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4
•
•
•
•
port, organization and human resources, general services and ICT
services.
Procedure for provision of cash management centralization services
(cash pooling).
Commitment to provide services associated to strategic and structural processes/activities of the State-owned Company and Aena
Aeropuertos, S.A.
Agreement for use of airport facilities.
STA Agreement
16. Information on deferred payments
made to suppliers.
The records of payments for commercial operations carried out during the fiscal year and outstanding at the closing with regard to the
maximum legal deadlines set forth in Law 15/2010, are the following:
2011 Annual report
Legal information
2011
FY payments made within legal period
Remainder
Total payments made in 2011
Thousands
Euros
%
503,690
99%
5,110
1%
508,800
Excess payments (Days)
53
Oustanding balance at year-end exceeding the
maximum legal period
942
This balance relates to suppliers that, due to their nature, are providers of goods and service, therefore it includes the figures relating to
“Trade creditors and Other Payable” in the consolidated balance sheet.
17. Inventories
The breakdown of inventories is as follows (in EUR thousand):
2011
Spare parts
5,332
Inventory write-downs
(134)
Supplier Advances
Total
26
5,224
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4
18. Equity and Shareholders’ equity
a) Equity and assigned assets
The parent company of the group was created 31 May 2011 with a initial
capital of 61,000 euros (EUR 1,000 for 61 shares) contributed by the sole
shareholder, the Public Corporate Entity “Aeropuertos Españoles y Navegación Aérea (Aena)”. On 6 June 2011, the Board of Directors of Aena
approved a capital increase with the nonmonetary contribution of the
airport line of business and adopted the following decisions:
Legal information
law reserves, up to 20% of the Shareholder’s equity. Bylaw reserves, as
long as they do not reach that limit, are designed to offset losses given
that there are no other reserves available for that purpose.
c) Adjustments for changes in value
The composition of the “conversion differences” is as follows (in EUR
thousand):
2011
Opening balance
• To reduce the par value of the company shares by ONE THOUSAND
EUROS (€1,000) per share by dividing the 61 shares, resulting in
€10 per share, and represented by 6,100 shares.
Hedge transactions:
• To increase company capital to 1.5 billion euros via the contribution of 1.49 billion euros (issuing 149,993,900 shares at 10 euros/
share). These shares are to be issued with a share premium of 1.1
billion euros; thus, capital and share premium amount to a total of
2.6 billion euros.
Closing balance
b) Reserves
2011 Annual report
- From the Parent
- From consolidated companies
(23,852)
(297)
(24,149)
d) Conversion differences with associates accounted for using
the equity method
Changes in “Conversion differences” are as follows (in EUR thousand):
2011
Share premium
The share premium is freely available.
Opening balance
Bylaw reserves
- Consolidated companies
Bylaw reserves are to be recognised in accordance with Article 274
of the Capital Company Law., which stipulates that, in any event, an
amount equal to 10% of the annual profit must be recognised as by-
- Companies accounted for using the equity
method
(5,312)
Closing balance
(5,312)
-
Conversion differences of the year:
-
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2011 Annual report
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e) Grants, donations and bequests received
Changes and details under this heading on 31 December 2011 are as follows (in EUR thousand):
Opening balance
Additions for nonmonetary contribution
Other
Loss
Allocation
Balance on
31/12/2011
Amount
-
684,000
(1,845)
(21,950)
660,205
Tax effect
-
(205,832)
-
6,585
(199,247)
Net
-
478,168
(1,845)
(15,365)
460,958
Equity Grants from Official European bodies
FEDER Grants
The detail of gross grants by operational program recognised in the net equity in 2011 is as
follows (in EUR thousand):
Item
Charges 2011
Prog Oper. C. Canarias
30,072
Prog Oper. C. Galicia
13,185
Prog Oper. C. Andalucía
8,001
Prog Oper. C. Extremadura
125
Prog Oper. C. Murcia
4
Other Feder
6
Total Feder Funds Charges
51,393
At 2011 year-end the company declared its compliance with the required conditions for the
reception and the profit derived from the aforementioned grants.
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2011 Annual report
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f) Breakdown of Profit (loss) of the Parent:
The breakdown of the 2011 Profit (loss) proposed by the Board of Directors is as follows (in EUR thousand):
Base of allocation
Profit and loss (loss)
(93,894)
Application
Losses from previous years
(93,894)
19. Provisions and contingencies
The changes in 2011 were as follows: (in EUR thousand):
Provisions for
long-term
employee benefit
obligations
Expropriations and interest charges
Responsibilities
Taxes
Provisions for
environmental
actions
Other
operating
provisions
Total
-
-
-
-
-
-
-
Additions for consolidations
-
-
-
-
-
74
74
5,035
72,270
2,906
56,216
180,097
19,506
336,030
Charges
207
281,980
3,287
13,036
3,052
28,849
330,411
Additions discount
142
-
-
-
3,696
181
4,019
Reversals/Excessive
(159)
-
(2,222)
(6,661)
(39,126)
-
(48,168)
-
(11,416)
(1,357)
(26,733)
(9,375)
(6,679)
(55,560)
Additions for business combinations (Note 3)
Amounts used
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2011 Annual report
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Provisions for
long-term
employee benefit
obligations
Expropriations and interest charges
Responsibilities
Taxes
Provisions for
environmental
actions
Other
operating
provisions
Total
-
-
-
11,847
(40)
-
11,807
5,225
342,834
2,614
47,705
138,304
41,931
578,613
Short-term
-
126,252
-
-
39,270
41,931
207,453
Long-term
5,225
216,582
2,614
47,705
99,034
-
371,160
Transfers
a) Provisions for long-term employee benefit obligations
Other employee benefit obligations
The changes in 2011 of the items in these heading were as follows: (in
EUR thousand):
Pursuant to the legislation relating to the externalization of pension
commitments and to the agreement between Aena management and
the labour union representatives to set up a pension plan, the definedcontribution pension plan for Aena’s employees was set up on 28 July
2003. This obligation is included in the heading “Staff” of trade creditors and other payables.
Long-service bonus
-
Additions for consolidations
-
Additions for business combinations (Note 5)
5,035
Charges
207
Additions discount
142
Amounts used
(159)
5,225
Bonuses
“Bonuses” relates mainly to the provision recognised for long-service
bonuses amounting to EUR 207 thousand in 2011 and of which EUR
142 thousand relate to the associated financing cost.
In 2011 the company made contributions to said pension fund in the
amount of 3.3 million euros.
b) Expropriation and default interest
The expropriation and default interest provision includes the difference
between the just compensation paid in the expropriation of land acquired during the airport expansions and the price estimations that
would have to be paid, in the case that any claim on the just compensation paid, may be successful in court.
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4
Likewise, default interest on said just compensation differences were
recorded, taking as the calculation base the legal interest rate current
in each year.
c) Third-party liabilities
2011 Annual report
Legal information
provisions are capitalized as an addition to the cost of the investment,
since they are costs necessarily incurred to develop the projects.
f) Other provisions
This item includes the amount of certain subsidies granted to airlines
operating in the Canary and Balearic Islands, Ceuta and Melilla airports.
These subsidies were included in the 2010 and 2011 State Budgets as
measures to foster air transportation in those regions.
The heading relates to the estimated amount of 2.6 million euros required for probable or certain third-party liabilities or obligations arising
from litigation in progress or from outstanding indemnity payments or
obligations. The Parent’s directors consider that the provision is sufficient to cover the risks of litigation in progress, third-party liability and
current commitments known at the date of preparation of these financial statements and do not consider that the current claims, taken as a
whole, will give rise to additional liabilities that might have a material
effect on the 2011 financial statements.
20. Public Administrations
and Tax Situation
d) Taxes
Balances with Public administrations
This relates to local taxes with which the company is not in agreement with the settlement received from the tax authorities. These
settlements were appealed and it was uncertain, on 31 December 2011, what the definitive amount will be and when it will be
settled.
The statement of credit and debit balances with the Public administrations is the following (in EUR thousand):
e) Provision for environmental cost
At the closing of 2011, this heading included EUR 129.3 million to cover the costs foreseen to carry out sound insulation work required for
meeting environmental legislation in force. Short-term provisions for
contingencies and charges include a provision to cover these liabilities
maturing in less than 12 months. The amounts associated with these
Taxes receivable
Deferred tax assets
VAT receivable
Grants receivable
Total
Current
Non-current
-
58,995
101,988
-
34,885
-
136,873
58,995
The debit balance for grants provided is the result of non-refundable
grants provided to the company by European FEDER funds that at the
closing of 2011 had yet to be collected (in EUR thousand).
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4
Payable to Public Authorities
Current
Non-current
-
197,735
Personal income tax withholdings payable
-
-
Local taxes payable
52
-
Accrued social security taxes payable
5,110
-
Other taxes payable
8,511
-
VAT payable
9,923
-
23,596
197,735
Total
2011 Annual report
Legal information
Reconciliation of the accounting profit and taxable profit
The reconciliation of the accounting profit for the year to the taxable profit for income tax purposes in 2011 is as follows (in EUR thousand):
Profit and loss account
Year profit and expenses balance
(84,434)
Increase
Income tax
Permanent differences
Income and expenses directly recognised in equity
Decrease
Total
Increase
Decrease
Total
-
-
(40,497)
-
-
-
283
(14,081)
(13,798)
-
-
-
44,837
-
44,837
93,456
(12,896)
80,560
-
(54,097)
(54,097)
-
(22,306)
(22,306)
- arising in the current year
- arising in previous year
Offsetting tax loss carry forwards
Taxable profit
-
-
(147,989)
58,254
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4
The main permanent differences in the current year are mainly due to
non-deductible expenses. The main temporary differences arose as a
result of the difference between the tax and accounting methods for
recognising depreciation and amortization, the provision to the allowance for bad debts and payments for risk and staff expenses.
2011
(44,396)
Deferred tax
2,778
Negative adjustment to tax
1,120
Total
Legal information
The current income tax is the result of applying a 30% tax rate to the
tax base. The tax credits applied during 2011 amounted to EUR 222
thousand.
Deferred taxes
The detail of the deferred taxes on December 31, 2011 is the following
(in EUR thousand):
The income tax expense consists of (in EUR thousand):
Current tax
2011 Annual report
(40,498)
The amount of EUR 44,619 thousand corresponding to the negative
tax base of Aena Aeropuertos, S.A. has been recognised as an account
receivable with group companies, as the company belongs to the Aena
consolidated tax group (public entity).
Deferred tax assets:
- Temporary differences
58,995
58,995
Deferred tax liabilities:
- Temporary differences
(197,735)
(197,735)
Deferred taxes
(138,740)
Changes in the deferred tax assets and liabilities during the current
year, without taking into account the balance offsetting, was the following (in EUR thousand):
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2011 Annual report
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Amortization
Impairment
losses
Pension plans
Hedging derivative
Provisions update
Other
Total
-
-
-
-
-
-
-
Additions for non-cash contributions
42,033
8,175
553
-
-
741
51,502
Charge (credit) to income statement
1,527
(5,743)
57
10,282
950
420
7,493
43,560
2,432
610
10,282
950
1,161
58,995
Deferred tax assets
Opening balance
Starting balance
Additions for non-cash contributions
Charge to equity
Grants
Total
-
-
(204,929)
(204,929)
7,194
7,194
(197,735)
(197,735)
Taxes recognised in equity
The taxes recognised in equity are assets hedging derivatives in the
amount of EUR 1,282 thousand and grants liabilities in the amount of
EUR 7,194 thousand.
The Parent’s directors consider that the tax returns for the aforementioned taxes were filed correctly and, therefore, even in the event of
discrepancies in the interpretation of current tax legislation in relation
to the tax treatment afforded to certain transactions, such liabilities that
could arise would not have a material effect on the accompanying financial statements.
Unrecognised deferred taxes assets
At the closing of 2011, the Parent company had not recognised the
following tax credits in the consolidated balance sheet since there was
no certainty that they could be used against future income tax returns
within the period envisaged in current legislation (in EUR thousand):
Years open for review and tax audits
Under current legislation, taxes cannot be deemed to have been definitively settled until the tax authorities have reviewed the tax returns filed
or until the four-year statute-of-limitations period has expired. At the
closing of 2011, the Parent company had an open period between May
31 and December 31, 2011 for all taxes.
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21. Income and expenses
2011
Use of infrastructures
Passenger boarding bridges
a) Procurements
The breakdown of “Procurements” in 2011 is as follows (in EUR thousand):
Other procurements
169
(131,832)
Total
(131,663)
The work performed by other companies corresponds mainly to services rendered by the Ministry of Defence, totalling over 8.42 billion
euros, as well as communications, navigation and surveillance services
(CNS), air traffic services (ATS), and aeronautical information services
(AIS) provided by Aena (public entity), coming to over 121.8 billion
euros.
The revenue relating to the Group’s ordinary activities was obtained in
Spain, the breakdown being as follows (in EUR thousand):
2011
70,497
Cargo handling
6,043
Security charge
124,345
Other
Subtotal of air traffic revenue
197
950,998
Non-air traffic revenue:
In-flight catering services
6,487
Premises, land and desk rent
14,161
Check-in desks
15,538
13,159
Restricted area access clearance
Use of lounges and unspecified areas
Ramp handling
Other
Subtotal of non-air traffic revenue
b) Breakdown of the revenue
386,656
357
7,055
44,163
3,484
104,404
Commercial revenue:
Fuel
17,705
Premises and land rent
44,326
Commercial operations
20,596
Airport revenue:
Stores
Air traffic revenue:
Bars and restaurants
52,100
Car rental
57,607
Vehicle parking
54,800
Landing
347,445
Parking
15,815
122,090
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2011 Annual report
Legal information
2011
2011
Advertising
16,917
Rent and royalties
11,134
Repairs and upkeep
(2,260)
Other
Subtotal of commercial revenue
Income for services to Public Business Aena
Total Income
395,015
8,514
1,458,931
5,945
177,449
24,138
Insurance Premiums
50
Transport
6
Banking services
865
Advertising and public relations
c) Employee benefit costs
The breakdown of “Employee Benefit Costs” for 2011 is as follows (in
EUR thousand):
2011
Employer social security costs
160,679
46,909
Contributions to employee benefit obligations
3,223
Other employee benefit costs
9,758
Change in provision for employee benefit obligations
Total
252
220,821
d) Outside services
The breakdown of “Outside Services” is as follows (in EUR thousand):
1,961
Utilities
62,565
Surveillance and security services
72,274
Public Entity expenses
29,227
Other expenses
76,759
Total
451,238
e) Financial Loss
The financial loss for 2011 was as follows (in EUR thousand):
Income:
Income from equity investments
Other interest and similar income
Total financial profit
1,744
192
1,936
Costs:
Third party financial costs and similar
Financial costs and similar with Aena (Public Entity)
(52,462)
(188,775)
326
4
(3,572)
Capitalisation of finance costs (Notes 7 and 8)
20,469
Total financial loss
(224,340)
349
Change in fair value of financial instruments:
Losses from hedge instruments
Net financial loss
(12,869)
(234,924)
The most significant amount included under “Excessive Provisions”,
of EUR 6,981 thousand, relates to the excessive tax provisions and the
excess of provisions for other liabilities of EUR 2,222 thousand (see
Note 19).
f) Other disclosures
The number of employees by category and gender on 31 December
2011 was as follows:
Legal information
2011 (*)
Men
Women
Total
9
2
11
941
585
1,526
Coordinators
1,005
334
1,339
Line personnel
3,461
1,653
5,114
394
382
776
5,810
2,956
8,766
Senior executives
Support staff
“Interest Cost Relating to Provisions” includes mainly the financial
adjustments made by the Parent as a result of the interest cost on
provisions. (Note 19) Also, under “Finance costs and similar with thirdparties”, the Group recognised in 2011 an amount of EUR 51,982
thousand for expropriation interest charges, the associated provision
for which is described in Note 19.
2011 Annual report
Total
(*) The number of temporary employees in 2011 was 1,536.
The average headcount by professional category was as follows
Senior executives
2011 (*)
11
Executives and college
graduates
1,512
Coordinators
1,340
Line personnel
5,120
Support staff
Total
787
8,770
(*) The average number of temporary employees in 2011 was 1,597.
327
4
2011 Annual report
Legal information
The Group’s Board of Directors is composed of 10 men.
Company
with
identical or
analogous
activity
Position
held
Interests
Number of
shares or %
Ms. Ana María Fuertes Eugenio
-
-
-
Ms. Marisol Turro Homedes
-
-
-
Mr. Juan Enrique Gradolph Cadierno
-
-
-
Mr. Raimundo Martínez Fraile
-
-
-
Mr. Miguel Aguiló Alonso
-
-
-
-
-
-
Mr. Antonio Carrascosa Morales
-
-
-
Mr. Francisco Cal Pardo
-
-
-
Mr. José Jaume Pons
-
-
-
Mr. Jorge Andreu Arasa
-
-
-
Mr. Juan Ignacio Acha-Orbea Echeverria
-
-
-
Mr. Ginés de Rus Mendoza
-
-
-
On 31 December 2011 the average number of employees with disabilities was 94.
Directors (*)
Remuneration of Directors and Senior Executives
The breakdown of the remuneration received by the members of the
Board of Directors and Senior Executives of the Group at the date of
preparation of the annual statements herein is as follows (in EUR thousand):
Senior Executives
Board of Directors
Salaries
Allowances
Pension
plans
Insurance
premiums
1,027
24
10
4
1,065
-
59
-
-
59
1,027
83
10
4
1,124
Total
At 2011 year-end, no advances or loans were granted to the current or
former members of the Board of Directors and there were no pension
obligations to them.
Interests and positions held by members of the Board of Directors in
analogous companies
The information related to the interests and positions held by members
of the Board of Directors in analogous companies is as follows:
Ms. Maria Paz Espinosa Alejos
Mr. Antonio Bernabé García
Mr. Jaime Terceiro Lomba
Mr. José Manuel Vargas Gómez
Mr. Manuel Butler Halter
Mr. Pablo Vázquez Vega
Mr. Pedro Francisco Duque Duque
Mr. Juan Ignacio Acha-Orbea Echeverría
(*) Directors during 2011 and at the date of preparation of the annual statements herein.
328
4
During 2011, no Director held any positions or functions, either
personally or for another party, of any analogous or complementary
activity included in its corporate purpose.
Fees paid to auditors
The fees billed by Pricewaterhouse Coopers during 2011 for the audit
and other verification services amounted to EUR 78 thousand.
Additionally, the fees billed in connection with the audit of the financial statements and other verification services of certain subsidiaries by
other auditors totalled EUR 51.8 thousand.
22. Guarantees
and other sureties granted
On 31 December 2011 Aena Aeropuertos, S.A. did not maintain any
endorsement or guarantee granted to third parties. Its sole shareholder
had some guarantees in force to cover the commitments generated in
the airport business. The Directors of the company do not expect any
liabilities to arise from these items.
2011 Annual report
Legal information
23. Environmental Obligations
The Company’s management, in line with its commitment to preserve the environment and the quality of life in the areas in which it is
present, has been making investments in this connection to minimise
the environmental impact of its business activities and to protect and
improve the environment.
On 31 December 2011, property, plant and equipment included investments of an environmental nature amounting to 500,695 EUR thousand, the accumulated depreciation of which amounted to 139,465
EUR thousand.
The breakdown of environmental investments made in 2011 amounted to 18,728 EUR thousand (in EUR thousand):
2011
Málaga
2,844
Menorca
2,807
Madrid/Barajas
2,426
Barcelona
2,035
Girona
2,002
Alicante
1,265
Tenerife North
686
Palma de Mallorca
570
SSCC Aeropuertos Españoles
500
Bilbao
465
329
4
2011
Melilla
357
Santiago
312
Gran Canaria
225
Ibiza
207
Pamplona
199
A Coruña
179
Córdoba
129
Seville
120
Other airports
Total
1,400
18,728
The breakdown of the environmental expenses included in the 2011
consolidated income statement is as follows (in EUR thousand):
2011
Repairs and upkeep
2,448
1,565
Total
4,013
The provisions and contingencies of an environmental nature are detailed in Note 19. Aena Aeropuertos Directors do not expect any additional material liabilities or contingencies to arise in this regard.
Under the Barajas Plan and pursuant to the Resolutions of the Directorate-General of Environmental Information and Assessment dated 10
April 1996 and of the Secretariat General of the Environment, dated
2011 Annual report
Legal information
30 November 2001, the company is carrying out the sound insulation
of certain housing units near Madrid- Barajas airport. By 31 December
2011, more than 12,703 homes had been insulated.
As required under the Environmental Impact Statements relating to the
projects to expand the Alicante and Málaga airports, Aena is carrying
out the sound insulation plans associated with these statements. By
2011 year-end, 1,681 and 783 dwellings had been insulated in Alicante and Málaga, respectively.
Also, in 2007, applications for the sound insulation of housing units
in the environs of the Gran Canaria, La Palma, Menorca, Palma de
Mallorca, Tenerife North, Valencia, Bilbao, Ibiza, Pamplona, Barcelona,
Sabadell, Santiago de Compostela, Vigo, La Coruña, Melilla and Gerona airports started to be processed and were still being processed at
2011 year-end.
Also, pursuant to the resolutions of the Ministry of the Environment,
establishing the Environmental Impact Statements for the company’s
airports, Aena carried out or is carrying out the preventive, corrective
and compensatory measures indicated in the mandatory environmental
impact study and in the aforementioned Environmental Impact Statement, complying with certain conditions relating mainly to: protection
of the hydrological and hydro-geological system, soil protection and
conservation, protection of air quality, acoustic protection, protection
of vegetation, wildlife and natural habitats, protection of the cultural
heritage, restoration of services and livestock trails, location of quarries, spoil, landfill and ancillary facility areas.
330
4
2011 Annual report
Legal information
24. Segmented information
The Group identifies its operating segments on the basis of internal reports which form the basis for regular reviews, discussions and evaluation
by the Board of Directors since it is the highest decision-making authority and has the power to allocate resources to segments and evaluate their
performance. The following segments were identified: Airports, International Development and Airport Logistic Centers. The breakdown of the
Company’s revenue by segments is as follows (in EUR thousand):
Segments
Item
Revenue
Procurements
Airports
International
CLASA
Other
Total
Group
Dif.
1,444,360
17,785
24,356
(27,570)
1,458,931
1,458,931
0
3,689
-
-
3,689
3,689
0
(131,663)
-
-
(131,663)
-131,663
0
5,748
238
1,308
(609)
6,685
6,685
0
Staff costs
(217,855)
(2,804)
(2,373)
2,211
(220,821)
(220,821)
0
Other operating costs
(547,876)
(3,228)
(12,587)
10,663
(553,028)
(553,028)
0
Depreciation and amortization charges
(487,392)
(654)
(3,742)
1,788
(490,000)
(490,000)
0
Allocation to profit or loss of grants related to nonfinancial non-current assets and other grants
22,035
-
-
(85)
21,950
21,950
0
Excess provisions
9,204
-
-
9,204
9,204
0
Impairment and loss for non-current asset disposals
(1,040)
-
-
(1,040)
-1,040
0
Finance income
99,210
11,337
6,962
-13,602
103,907
0
103,907
0
1,948
1,922
1
(1,935)
1,936
192
1,744
Finance costs
(223,987)
(1,143)
(939)
1,729
(224,340)
(224,340)
0
Change in fair value of financial instruments.
(12,896)
56
-
(29)
(12,869)
-12,869
0
-
103
-
246
349
349
0
331
4
2011 Annual report
Legal information
Segments
Item
Airports
International
CLASA
Other
Total
Group
Dif.
Results of associates accounted for using the equity
method
-
6,878
-
(793)
6,085
6,085
0
PROFIT (LOSS) FROM NON-CONTINUING OPERATIONS
-
-
-
-
-
-
0
(135,725)
19,153
6,024
(14,384)
(124,932)
-126,676
1,744
Assets
16,933,827
137,989
95,851
(209,054)
16,958,613
16,958,613
0
Liabilities
13,988,466
54,941
51,221
(82,202)
14,012,426
14,012,426
0
#REF!
-Operating
653,548
7,064
7,946
(8,613)
659,945
0
-Investing
(592,674)
-
927
2,201
(589,546)
(589,546)
-Financing
(59,952)
(5,363)
(8,830)
6,412
(67,733)
(67,733)
Non-current asset acquisitions
591,586
6
2,856
(893)
593,555
• On 25 January 2012 the Board of Directors agreed to waive the
contracts related to lots I and II of the “Tender process to select
partners to participate in the share capital of the public limited liability companies in charge of the management of the airport service
concessions for Madrid-Barajas and Barcelona-El Prat.”
• The Council of Ministers’ agreement dated 16 March 2012 approved the plan to restructure and streamline the public sector
and state-founded companies, in order to dimension a smaller,
more compact and efficient sector embedded in the current context of austerity and need to control public expenditure. Globally,
the plan approved by the Government envisages the suppression,
divestment or speeding up of the liquidation of a total of eighty
trade companies, including Aena Desarrollo Internacional, S.A. and
Centros Logísticos Aeroportuarios, S.A., whose sole proprietor is
the subsidiary Aena Aeropuertos S.A. In this respect, the governing bodies of the company shall carry out the decision through a
merger by absorption by the company Aena Aeropuertos, S.A.
332
4
2011 Annual report
Legal information
Individual financial statements
AENA AEROPUERTOS, S.A. (SOLE SHAREHOLDER COMPANY)
CONSOLIDATED BALANCE On 31 December (EUR thousand)
ASSETS
Note
On 31 December 2011
NON-CURRENT ASSETS:
Intangible assets:
6
599
Computer software
44,802
5,533
Intangible assets in the course
41,838
7
Land and buildings
16,119,765
11,628,282
Technical facilities and machinery
560,427
Other facilities, tools and furniture
2,406,462
Other tangible assets
148,260
Property, plant and equipment in the course of construction and advances
1,376,334
Investments in group and associated long-term
Equity instruments
92,772
199,014
9.1.1
128,814
333
4
ASSETS
Loans to companies
Note
9.1 - 9.1.2
9.1
Equity instruments
Legal information
On 31 December 2011
70,200
214
180
Deferred tax assets
2011 Annual report
34
13.3
TOTAL NON-CURRENT ASSETS
58,937
16,470,702
CURRENT ASSETS
Inventories
10
9.1 - 9.1.3
For sales and services
5,198
406,674
238,228
9.1.2
22,613
Sundry Debtors
7,548
Staff
1,429
Current tax assets
Investments in group companies and associated short-term
13.1
136,856
9.1 - 9.1.2
45,921
Loans to companies
Loans to companies
Short-term accruals
Cash and other cash assets equivalents
TOTAL CURRENT ASSETS
TOTAL ASSETS
45,921
9.1 - 9.1.2 - 9.1.4
4,403
472
3,931
7
922
463,125
16,933,827
Notes 1-17 described in the attached Report are an integral part of the Annual Statements hereby.
334
4
2011 Annual report
Legal information
BALANCE On 31 December 2011 (EUR thousand)
Note
On 31 December 2011
NET EQUITY
Own funds
11
Equity
2,506,974
1,500,000
Issuance premium
11-b
1,100,868
Year loss
11-c
(93,894)
Value adjustments
(23,852)
Hedging
Grants, donations and bequests
(23,852)
11-d
TOTAL NET EQUITY
462,239
2,945,361
NON-CURRENT LIABILITIES
12
Long-term employee benefit obligation provisions
5,225
Environmental actions
Other provisions
Long-term debts with group companies and associates
371,160
99,034
9.1.2
9.1 - 9.1.2 - 9.2.1
13.3
266,901
11,144,645
204,426
11,720,231
CURRENT LIABILITIES
Short-term debts
12
207,081
9.1.2 - 9.2.1
623,862
Short-term debts with group companies and associates.
623,862
9.1 - 9.2.1
1,079,327
357,965
335
4
Note
Payable to suppliers, group companies and associates
9.1.2
TOTAL CURRENT LIABILITIES
TOTAL NET EQUITY AND LIABILITIES
On 31 December 2011
87,517
190,914
Staff
Customer advances
Legal information
103
Sundries
Other debts with Public Administration
2011 Annual report
18,589
13.1
23,433
37,409
2,268,235
16,933,827
336
4
2011 Annual report
Legal information
INCOME STATEMENT BETWEEN 31 MAY 2011 AND 31 DECEMBER 2011
(EUR thousand)
Note
2011
Net business volume
14
1,444,360
7
3,689
Procurements
14
(131,663)
170
(131,833)
5,748
5,229
Staff costs
519
14
(158,427)
Social security costs
(59,228)
Provisions
(200)
Outside services
(547,876)
14
Taxes
(5,879)
(447,299)
(66,361)
Loss, damage and changes in trade provisions
(217,855)
(28,337)
6 and 7
9.1.2
(487,392)
22,035
337
4
Excess provisions
2011 Annual report
Legal information
Note
2011
7
9,204
(1,040)
Impairment and losses
Loss on disposal of non-current assets
(5,027)
Other results
3,987
OPERATING INCOME
99,210
Finance income
14
1,948
Participation in equity instruments
9.1.2
735
1,174
- Third parties
39
Financial costs
(223,987)
- On debts to group companies and associates.
14
- On debts to third parties
(188,773)
(52,111)
- Interest cost relating to provisions
(3,572)
- Capitalisation of finance cost
20,469
Change in fair value
9.1.2 - 14
(12,896)
14
(234,935)
FINANCIAL RESULT
LOSS BEFORE TAXES
Income tax
(135,725)
13.2
41,831
LOSS FROM CONTINUING OPERATIONS
(93,894)
LOSS OF THE YEAR
(93,894)
Notes 1-17 described in the attached Report are an integral part of the Annual Statements on December 31, 2011.
338
4
2011 Annual report
Legal information
STATEMENTS OF CHANGES IN EQUITY FOR 2011 (EUR thousand)
A) STATEMENT OF RECOGNISED INCOME AND EXPENSE (THOUSAND OF EUROS)
Note
Results of the profit and loss account
2011
(93,894)
(46,971)
-
Actuarial gains and losses and other adjustments
-
Tax effect
14,092
Total income and expense recognised directly in equity
(32,879)
Transfers to profit and loss
12,896
(22,755)
Tax effect
Total transfers to profit and loss
TOTAL RECOGNISED INCOME AND EXPENSES
2,958
11-d
(6,901)
(133,674)
339
4
2011 Annual report
Legal information
STATEMENTS OF CHANGES IN EQUITY FOR YEAR 2011
B) STATEMENT OF CHANGES IN TOTAL EQUITY (EUR thousand)
Balance on 31 May 2011
Total recognised income and expense
Assigned Equity
and Asset
Issue premium
Year loss
Valuation
Adjustment
Grants,
Donations, or Gifts and
Bequests received
TOTAL
61
-
-
-
-
61
-
-
(93,894)
(23,852)
(15,928)
(133,674)
Transactions with partners or shareholders
Increase of Reserves due the valuation of consolidated shares subject to non-cash contribution (Note 3)
1,499,939
1,100,868
-
-
478,167
3,078,974
1,500,000
1,100,868
(93,894)
(23,852)
462,239
2,945,361
340
4
2011 Annual report
Legal information
CASH FLOW STATEMENT 2011(EUR thousand)
Note
CASH FLOW FROM OPERATING ACTIVITIES (I)
653,548
Loss before tax
(135,725)
Adjustments for:
689,098
6-7
487,392
11-d
(22,035)
Impairment losses
Change in provisions
Allocation of grants
2011
5,879
5,027
Financial incomes
(22,417)
Financial costs
240,884
Excess provisions
Inventories
Other current assets
Other current liabilities
Other current assets and liabilities
Other cash flow from operating activities
Interest payments
3,572
(9,204)
320,615
(165)
18,424
4,341
(82,711)
632,582
(251,856)
(220,440)
(226,301)
Dividend received
4,761
Interest received
1,100
341
4
Note
2011 Annual report
Legal information
2011
CASH FLOW FROM INVESTING ACTIVITIES (II)
(592,674)
Payments due to investments
(593,665)
Intangible assets
6
(23,926)
Property, plant and equipment assets
7
(567,538)
(122)
(2,079)
Cash-flow from non-cash contribution
CASH FLOW FROM FINANCING ACTIVITIES (III)
Charges and payments due to equity instruments
Issuance of equity instruments
Charges and payments for financial liabilities
991
3
991
(59,952)
61
61
(60,013)
Issuance:
- Debts with group companies and associates
125,000
Repayment and amortisation:
- Debts with group companies and associates
EFFECT OF EXCHANGE RATE CHANGE
INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
(185,013)
922
922
342

Annual report

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