ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
100
This was the method used for calculating the EBITDA
in the Concession Contract signed between ANA, S.A.
and the Portuguese State. It is the reference value for
calculating the financial leverage indicators that the
Group will have to meet.
The 2012 Senior Debt/Recurrent EBITDA ratio, with a
forecasted limit of 6x, stood at 3.27, the steady trend
being evident in the table above.
12.1.2_ANA, S.A.
Net profit
ANA, S.A. closed the 2012 financial year with a net
profit of 58.4 million euros, which is approximately 32
million euros more than in 2011.
This result was heavily influenced by the financial
results, which had a strong growth of 53 million euros,
due primarily to the variation in impairments in
comparison to 2011.
ANA, S.A. took a 46 million euro impairment loss in
2011 relating to its stake in NAER, S.A.. Considering
the public positions taken by the Government that it
would review “The premises that serve as a basis for
the decision to construct the new Lisbon airport, giving
preference to maximising the available capacity of the
Portela airport”, the company sensed high levels of
uncertainty regarding the future use of studies made
by NAER, S.A. for the new airport. This, in turn, had an
impact on sizing up ANA, S.A.’s financial stake in the
company at that time.
In 2012, as part of the formalisation process of the
Concession Contract, ANA, S.A., as a concessionaire,
was granted the exclusive right to present a proposal
for the design, construction and operation of the new
Lisbon airport.
So it was that in the aftermath of the liquidation of
NAER, S.A., ANA, S.A. took over the net assets of that
company, consisting essentially of studies that had
been made, recognising they could be useful in the
future, in light of the rights granted under the conces-
sion. These studies include the Environmental Impact
Assessment and the resulting Environmental Impact
Statement (EIS), received at the time and for which
an extension has since been requested. This is a sign
that any new airport would probably not be located
elsewhere.
Summing up, a partial reversion of about 9.9 million
euros was recorded in the impairment, the value of
the studies acquired being included by ANA, S.A. in the
concession right.
The net profit was influenced by the impact of the
standard, with the obligations for major repairs, net of tax,
coming in at 29.3 million euros (see graph “Net profit”).
Operating results
The 2012 operating results for ANA, S.A. registered
71.2 million euros, a decrease of 42 million euros year
on year.
Repeating what has been already mentioned, this result
is influenced by IFRIC 12, because the obligations for
major repairs are registered in the items of externally
sourced supplies and services.
Senior Debt
1
684,829
713,319
704,831
Recurrent EBITDA
209,637
195,267
177,309
Senior Debt/EBITDA
3.27
3.65
3.98
2012
2011
2010
(1) Definition provided in the concession contract
(thousand euros)
