In 2023, traffic is expected to increase on all assets above the level of 2022, a year in which mobility was affected by the Omicron variant of COVID-19 and restrictions reintroduced by the province of Ontario (Canada), which were gradually eased and lifted in the first quarter of the year. Traffic showed a solid month-over-month recovery during 2022 and is expected to continue to improve during 2023. At some assets in the U.S., traffic is expected to exceed pre-COVID levels, although with differences by geography.
In 2022, €388 million of dividends were received, compared to €469 million in the previous year. In 2023, the main infrastructure assets are expected to continue to distribute dividends consistently according to their operating performance. In addition, NTE35W is expected to start distributing dividends once the 3C segment opens to traffic. Cintra will focus its efforts on maximizing the quality of the service provided by optimizing its revenues and costs, within the framework allowed by the concession contracts. The expected evolution by geography is as follows:
In November 2022, NextPass, a mobile application for iPhone and Android that allows payment on any toll road, bridge, tunnel or express lane in Virginia, was launched, and is expected to expand its reach in 2023 to other US states such as California, Texas and North Carolina.
The company will continue its bidding activity in the company’s target regions (North America, Europe, Australia, Colombia, Chile and Peru), focusing on complex greenfield projects, given their high potential for value creation. Cintra has been prequalified in two processes in the USA: SR400 Managed Lanes in Atlanta (Georgia) and I-10 Calcasieu River (Louisiana).
In 2023, traffic is expected to increase at all airports to figures close to those of 2019 and even higher in the case of Dalaman.
On June 28, the CAA published its Final Proposals for the H7 period at Heathrow. This proposed an average rate of £24.14 (2020 CPI) for the whole period. Heathrow responded to the CAA’s Final Proposals on August 9 detailing why implementation of its Final Proposals would result in an airport that is well below what passengers expect. Heathrow currently expects the CAA to issue the final decision for the H7 review along with associated license modifications early in the new year.
The New Terminal One project will continue with the execution of Phase A construction and airline negotiations, among other activities, with a view to the Terminal opening in 2026.
Having developed a highly successful and sophisticated demand-driven model, Vertiports’ strategy for 2023 is focused on continuing to grow and build strong relationships with key stakeholders in the emerging industry; continuing to build an experienced and versatile team; and pursuing the siting and leasing of sites in certain key markets to advance the network to coincide with the anticipated certification and deployment of eVTOLs aircraft in the coming years.
Ferrovial Airports has not distributed dividends in 2022. In the coming years, dividend payments will depend largely on traffic recovery and business performance.
Ferrovial Airports offers in-depth knowledge of the sector and a consistent track record in building strong relationships with partners and stakeholders. During 2023, Ferrovial Airports will continue to analyze investment opportunities that arise around the world, placing special emphasis on those identified as sustainable and high concession value infrastructures.
During 2022, mobility has recovered to levels close to those prior to the COVID-19 pandemic, confirming some trends such as electrification or the use of alternative means to owning a vehicle. These patterns will continue and will have a positive impact on Zity and Inspiration Mobility.
In Energy Infrastructure, it is important to distinguish between generation and transmission:
In the area of the circular economy, it will maintain its relationship with its customers in the United Kingdom, increasing plant utilization and, with it, both the generation of recycled material and renewable electricity.
Finally, in the area of ancillary services to the public and private sectors in Chile and Spain, it expects to continue to respond effectively to the needs of its customers, ensuring the reliability of their facilities and processes, as well as providing improvements in effectiveness and efficiency to help them mitigate the adverse effects of high levels of inflation.
In 2023, a stable level of sales is expected to be maintained with respect to the favorable positive figure achieved the previous year, supported by a record order book thanks to the important awards in 2022.
In terms of profitability, the 3.5% EBIT target set in the Horizon 24 Strategic Plan is maintained. In 2023, margins are expected to improve with respect to the previous year thanks to the mitigating and management measures adopted by the company to control inflation risk, including specific contingencies in new contracts, favored by price review formulas implemented by public administrations in countries such as Spain, Poland and Portugal, and by the completion of several of the contracts with the highest inflationary exposure, mainly in the USA.
The outlook for 2023, by market, is as follows: