Airport financials, year end 2020 - grim but not disastrous

Premium Analysis

A trickle of annual reports and financial statements for airport operators is turning to a flood as the end of Feb-2021 is reached.

They make for grim reading, as expected. But it is not disastrous.

None are saying that they are on the verge of going bust. One big operator, which last year was talking in terms of having sufficient liquidity until the summer of this year, now cites 2023 instead. There has been recapitalisation and cost-cutting as operators adapt to the 'new normal'. Multiple vaccine availability gives cause for hope.

The main message coming out of these reports, though, is that no two sets of circumstances are alike, which is why a few operators are able to carry on much as normal, while others (the majority) are a shadow of what they once were.

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