Financial Results for the Year 2020

2020 was, by any standard, the most challenging year in the history of the Company since airport opening in the year 2001.The COVID-19 (coronavirus) pandemic crisis had a profound and lasting impact on the Company and the aviation industry at large, with structural repercussions of unprecedented magnitude.

In 2020, passenger traffic at AIA amounted to 8.08 million passengers, the lowest traffic level recorded since airport opening, presenting a decline of 68.4% vs the corresponding levels of 2019. This was the result of the pandemic-driven imposition of restrictions on travel during the period from March through December.

The unprecedented disruption of the business resulted in significant financial damages for the Airport Company with operating revenues including ADF reduced by 62.51% (or by €324.10 million) compared to the previous financial year. Significant measures for cost savings were implemented since April 2020. Overall Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) and Profits Before Tax (PBT) in 2020 were reduced by 81.33% (or by €273.7 million) and by 124.10% (or by €279.1 million), respectively, as compared to the previous financial year. Nevertheless, thanks to numerous liquidity enhancement measures, the Company ensured adequate liquidity for the near future, enabling it to meet its short-term financial obligations and face the ongoing consequences of the pandemic on air travel. 

During this challenging period, the Airport Company took all necessary measures, in close cooperation with public health authorities, to protect the health of the traveling public and of the airport employees and to ensure operational and business continuity. As travel restrictions are being gradually lifted, the Airport Company is monitoring ongoing developments and adapts its course of action accordingly, fully conscious that the road to recovery will be gradual and challenging.