2023-06-19 16:50:38
Renfe has managed to improve its EBITDA, accumulated in the first four months, and has reduced its losses, thanks to an improvement in income and cost containment.
Renfe has recovered 40 million passengers this year, with a growth of 31%. Free subscriptions in Public Services and the recovery of demand in the AVE, keys to growth
Renfe’s Board of Directors, chaired by Raul Blanco, has been informed of the Results obtained by the company during the month of April and the accumulated results of the first four-month period of this year. During the report to the Board, Raül Blanco highlighted the positive result that the company has achieved in April (first monthly profit this year), the great growth in demand, the improvement in EBITDA and the excellent behavior of revenues and sales. cost containment.
By milestones, the positive result in April stands out, the month in which Renfe has achieved 2.81 million euros of net profit. It is the first month of this year 2023 in which the Group achieves a positive balance, with a monthly EBITDA that is also very important, of more than 42 million euros. The first months of each year are traditionally negative for the train, with mobility picking up with the celebration of Easter, which this year took place in April. This month, Holy Week has been joined by events such as the April Fair, the celebration of Sant Jordi, the great Operation Departure on April 28 and 29 (on the occasion of the May 1 bridge) and other specific operations.
In the accumulated first four-month period, Renfe has achieved a total of 170.4 million passengers, 40.1 million more passengers (+31%) than in the same period of 2022. The growth in Cercanías Public Services and Media Distancia as a consequence of the free subscription measure approved by the Government.
Also noteworthy is the increase in demand for the AVE, Renfe’s ‘star’ high-speed product, which despite the entry into Spain of Italian (Iryo) and French (Ouigo) competition has grown in the first four-month period by 15.1%, with almost 900,000 new travelers in this period. The growth of the AVE demonstrates the great effort that Renfe is making to improve the occupation and use of its high-speed trains. Renfe has the same number of trains that it had more than 10 years ago and, nevertheless, the company has had to meet, with the same material, needs arising from the opening of new lines, with the arrival of high speed to Alicante, Granada, Ourense, Murcia or Burgos, for example. This situation will be progressively resolved from November when Renfe begins to have the new fleet of 106 series trains, as the Talgo company officially announced on May 25.
In short, Renfe has managed to increase its income by 71 million euros during the first four-month period, going from 1,261 million in 2022 to 1,332 million in 2023, which represents an increase of 5.7%.
In the expense section, Renfe is immersed in a major containment effort. In fact, expenses have only increased by 28 million euros (+2.3%), going from 1,233 million in the first four-month period of 2022 to 1,261 million in the same period of 2023.
With all this, the accumulated EBITDA for the first four-month period goes from +27.5 million in 2022 to +70.9 million in 2023, which represents an improvement of 157.7%.
Discounting the amortizations and the financial result (the latter worsens by 9 million euros as a result of the increase in interest rates), Renfe’s net result at the end of the four-month period goes from -97.1 million in 2022 to -67.6 million euros in 2023, which represents an improvement of 30.4%.
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