In 2018, AERO recorded an increase in sales revenues of 9.8%, EBITDA of EUR 543.2m and net income of EUR 450.5m. Such a performance could be attributed to a one-time concession payment of EUR 501m.
As Aerodrom Nikola Tesla (AERO) published their 2018 preliminary results, we are bringing you some key takes from the report. According to it, sales revenue amounted to EUR 78m, which represents an increase of 9.8% YoY. When observing total revenues, they amounted to EUR 589m, compared to EUR 79.6m in 2017. Such a steep increase in total revenue could be attributed to a one-time concession payment of EUR 501m. As a reminder, Vinci took over Belgrade Airport in December 2018. They were granted a 25-year concession during which the company will both manage and develop the Belgrade airport. The total value of the concession amounts to EUR 1.2bn and consist of the above-mentioned one-time payment and yearly payments between EUR 4.3m and EUR 16m and an investment worth EUR 732m into the airport’s facilities.
Moving down the P&L, AERO recorded EBITDA of EUR 543.2m, compared to EUR 41.3m observed in 2017. The high increase in EBITDA could be attributed to the above-mentioned one-time concession payment. If we were to exclude it, EBITDA for 2018 would remain relatively flat.
In 2018, AERO observed a net income of EUR 450.5m, compared to EUR 27.7m recorded in 2017.
