2023-04-21 00:00:00
(20/04/2023) style=”text-align: justify;”>
The maturity of the new Adif green bond issue is 10 years, with an annual coupon payment of 3.9 percent. The demand, very diverse, has been subscribed 4.6 times. As in the latest issues, the geographical distribution of investors stands out: 70 percent have been international, of which 24 percent correspond to France and another 24 percent to Germany, Austria and Switzerland. Likewise, in line with the trend of previous issuances, the presence of socially responsible investors continues to grow, with a participation of 71 percent of the total.
Today’s was the seventh bond issue of these characteristics carried out by Adif AV, after those carried out in June 2017, April 2018, April 2019, February 2020, October 2021 and October 2022.
Third in green bond issuance
With them, the first Spanish state-owned public company to issue ‘green bonds’ -has been doing so since 2017- ranks third as an issuer of green bonds in Spain and one of the main benchmarks in Europe, with a total of 4,000 million Euro issued.
Adif AV launches its issues under a green financing framework aligned with the Green Bond Principles of ICMA (International Capital Market Association), which has received the highest rating from the external evaluator Sustainable Fitch.
In addition to assigning the ‘Excellent’ rating, the evaluator confirms the alignment of Adif AV with the European Taxonomy regarding the objective of mitigating climate change, both in terms of the technical criteria of Activity 6.14 Railway infrastructures, as well as in the DNSH (Do Not Significant Harm), relating to the other five sustainable goals, and the minimum safeguards.
Adif AV quadrupled its gross operating profit (Ebitda) in 2022, up to 231.8 million euros, compared to 58.7 million euros in 2021, driven by the increase in traffic associated with the opening of new lines and the liberalization process.
turnover
The turnover increased by 44 percent, up to 563.5 million euros, reinforced by the income from fees for the use of lines of the general interest network, which generated income for the company of 466.5 million euros, 43 percent more than in 2021.
The network managed by Adif AV currently reaches 4,000 kilometers, through which an average of 946 trains/day (versus 783 trains/day in 2021) circulate per day. The global traffic on the lines owned by Adif AV, measured in terms of train-km, grew by 34.4 percent and reached 60.6 million train-kilometres in 2022. The revenue from fees for the use of stations and other infrastructures increased by 51 percent in the year, up to 96.5 million.
The net result of Adif AV improved by 30 percent and was -296.8 million euros in 2022, compared to -425.4 million euros in 2021.
Despite a complex context marked by inflation, the increase in the prices of raw materials and the energy crisis, caused by the conflict in Ukraine, Adif AV developed an intense contracting activity in 2022: it materialized 384 tenders for a value of 3,573, 1 million euros, not including VAT, almost double that registered in 2021, which was 1,842.6 million euros. The number of awards stood at 427 for an amount of 1,977.7 million euros, without VAT, 27 percent more than in 2021, which were worth 1,558.2 million euros.
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