Improves the results of the previous year despite registering 108.6 million euros in losses
(01/02/2023)
The Renfe Board of Directors has presented the Provisional Results Report for 2022. The operator indicates that there have been two factors that have influenced the annual balance in which a negative balance of 108.6 million euros has been obtained.
On the one hand, the rise in energy prices, which have increased by 277.4 million euros compared to 2021. The expense related to this concept, for train traction, has stood at 630.1 million euros, 277.4 million more than in the previous year, so this item has increased by 78.6 percent and its weight in operating expenses has gone from 11 to 16.4 percent of the total. It is the third largest disbursement, only behind the expenses for royalties and personnel. The variation in this subscription contrasts with the figures prior to the pandemic. In 2019, the payment for traction energy was 277.83 million euros, less than half that in 2022
On the other hand, the lower passenger traffic in the first quarter, due to the Ómicron variant, meant that revenue from ticket sales was 21.3 percent below forecast. The result from January to March was 95 million losses, compared to the thirteen million registered in the other three quarters. These data indicate the impact that this variant had on mobility, and the good evolution of the rest of the year, despite the increase in energy prices.
For Renfe, if these two effects are isolated, the balance of the year has been favourable. Without the consequences of the cost of energy and the fifth wave of the Covid-Omicron, a positive result could have been achieved during 2022.
Regarding the income from registered traffic, 3,788 million euros have been reached, 844.8 more than in 2021. This figure represents an increase of 28.7 percent. In the passenger segment, sales have grown by 43.5 percent, while in merchandise this increase has been 15.7 percent. If other concepts such as rentals or agreements with Adif are added, the total collection for the year reached 4,127 million euros, 27.5% more than in 2021.
Costs
Regarding the item of expenses, the data in the report indicates that they have improved in relation to the budget. This trend is the result of Renfe’s management strategy that is based on containment. The exception in relation to the forecasts has been marked by the item dedicated to traction energy.
The total calculation, the disbursements related to the exploitation have been located in the year at 3,835 million euros, 664.8 million more than in the previous year, also due to the recovery of production compared to 2021. If we compare the result with the forecasts that were made have decreased by 40.7 million euros, 1.1 percent.
If those related to traction power are taken out, all the items (personnel, fees, maintenance, etc.) have fallen by 368.1 million euros with respect to the estimated calculations and respond to an unprecedented containment exercise by Renfe.
EBITDA
Finally, Renfe places the EBITDA for 2022 at 292 million euros, 333.6 percent more than in the previous year, a period in which it was 67.3 million. Total income has reached 4,127 million euros and expenses 3,835 million. After discounting amortizations and financial expenses, the provisional result before taxes in 2022 was -108.6 million euros. This is a figure that improves that obtained in 2021 r, which was -362 million euros.