ANNUAL REPORT ‘12
ECONOMIC AND FINANCIAL ANALYSIS
99
Air traffic at ANAM, S.A. airports in 2012 showed
a downturn and the company’s share in the Group
decreased accordingly.
EBITDA
The EBITDA shown on the financial statements is 158.5
million euros, reflecting the impact from recognising the
obligations assumed in major assets repairs included in
the concession right. This corresponds to an EBITDA
margin of 35.2%.
If one discounts the effects of IFRIC 12, the ANA Group’s
EBITDA was 203.3 million euros, with an EBITDA margin
of 47.4%.
Recurrent EBITDA
The EBITDA of the Group was affected by extraordi-
nary events that influenced the Group’s profits. Thus,
in order to follow the progress of the Group’s activity
in each year reported, the recurrent EBITDA of the last
three fiscal years was calculated as one can see on the
table below.
Exceptional income and expenditures and the obli-
gations resulting from the application of IFRIC 12 on
the Group were deducted when making this calculation.
As can be seen, the performance of the Group’s recur-
rent EBITDA has been improving each year, the vari-
ation from 2012 to 2011 standing at 7.4% (14.4
million euros).
The most significant adjustments in the EBITDA for
2012 refer to the programme for optimisation of
staffing levels, the annulment of the impact of wage
cuts, the repair costs at Faro for weather-related
damages suffered in 2011 and the application of
IFRIC12.
EBITDA
158,529
199,791
164,237
(20.7%)
Adjustments to EBITDA
51,108
(4,525)
13,072
n.a.
Recurrent EBITDA
209,637
195,267
177,309
7.4%
(thousand euros)
2010
2011
Δ %
12/11
2012
ANA GROUP
thousand euros
RECURRENT EBITDA BRIDGE – ANA GROUP
225,000
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
EBITDA
158,529
Staff
optimization
programme
5,015
3,365
Wage
cuts
-9,024
-1,069
Contractual
fines
8,034
Faro
repair
damage
IFRIC 12
44,787
Others
Recurrent
EBITDA
209,637
E
c
