SPAIN. In a key growth that Dufry stated could have a “optimistic monetary affect” on its enterprise, the Spanish Congress of Deputies (Parliament) yesterday handed a regulation that modifications the idea on which concession charges are calculated in any respect airports, linking them to precise passenger visitors. The modifications will keep in place till passenger numbers come again to 2019 ranges.
In an enormous increase to airport concessionaires throughout the community, the brand new regulation states that the Minimal Annual Assured rents (MAG) payable at Spanish airports usually are not owed for the interval between 15 March 2020 and 20 June 2020. As well as, these might be proportionally lowered from 21 June 2020 onwards by evaluating the decrease quantity of passengers on the Spanish airports to 2019 passenger ranges. This components will keep in place till passenger numbers return to people who match 2019.
Dufry runs responsibility free and responsibility paid shops at 26 Spanish airports. The brand new regulation is anticipated to materially cut back the MAG claimed by airports firm AENA.
Passenger numbers at Spanish airports dropped by round -72% in 2020 and round -68% from January to August 2021, in comparison with 2019 in every case. Dufry stated the P&L affect in 2021 and going ahead will rely upon the restoration of passenger numbers on the Spanish airports. The corporate stated the particular accounting remedy below IFRS 16 and its timing in addition to the affect on the money circulation are at present being reviewed.