ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
104
The variation in the operating costs by 1.2% (2.9
million euros) is due in large part to externally sourced
supplies and services. This heading includes the
extraordinary amount spent for the upkeep and repair
of buildings at the airport of Faro (3.4 million euros), in
order to re-establish its operating capacity after it was
damaged by a storm on 24 October 2011.
Although the increased capacity of the airport infra-
structures resulted in the increase of some costs, particu-
larly electricity, there were significant reductions due
to renegotiations of contracts (such as surveillance and
security) and savings in costs for support to operations.
Personnel costs were down (-6.7%), due to a reduction
in the average number of staff members (-49) and a
reduction in the amount of indemnities paid under the
programme for optimisation of staffing levels.
Believing that the company’s obligations for payment
of holiday allowances to employees during 2013 should
be recorded in the 2012 accounts, the item personnel
costs includes 3.1 million euros for this allowance.
EBITDA
The EBITDA of ANA, S.A. is 141.9 million euros, reflect-
ing the impact from recognising the obligations
assumed in major assets repairs included in the conces-
sion right. This corresponds to an EBITDA margin of
37.4%.
If one discounts the effects of IFRIC 12, ANA S.A.’s
EBITDA was 185.8 million euros, with an EBITDA
margin of 51.9%.
The following graph shows that there was a slight
decrease from 6.7 euros to 6.6 euros in the EBITDA
per passenger.
Recurrent EBITDA
The recurrent EBITDA of ANA, S.A. is 184.5 million
euros, which represents a year-on-year variation of 6
million euros. This figure is evidence of the positive
trend in ANA, S.A.’s business activities.
thousand euros
EBITDA VS. AVERAGE EBITDA PER PASSENGER – ANA, S.A.
186,000
124,000
62,000
0
2010
2011
2012
EBITDA
EBITDA per passenger
euros
7.0
3.5
6.0
6.7
6.6
EBITDA
141,858
186,198
155,019
(23.8%)
EBITDA adjustments
42,620
(7,682)
8,756
n.a.
Recurrent EBITDA
184,478
178,516
163,775
3.3%
(thousand euros)
2010
2011
Δ %
12/11
2012
ANA, S.A. recurrent EBITDA
