Prague Airport has so far used up 900 million from the 7 billion credit line
Thanks to the faster return of passengers, the airport will significantly exceed the billion profit that was planned last year.
So far, Prague Airport from the loan framework of seven billion crowns, which it has with a consortium of three banks worked in autumn 2021, consumed approximately 900 million crowns. Airport spokesperson Klára Divíšková told Deník Zdopravy.cz about it. The loan can be drawn until 2024.
Originally, the airport acquired a seven billion credit line due to concerns about maintaining operations during the covid years. In the end, even thanks to the rapid return of passengers, only a few million were drawn so far in the year.
“However, for the most part, they were not used to finance operations, but to develop and modernize the airport’s equipment, for example, to secure the landing and taxiways,” said Divíšková. According to her, the airport intends to use the funds in the following years as well “for development and investment projects”. A decision on the next drawdown is to be made in February.
The contract with the banking association, which consists of ČSOB, Všeobecná úvrová banka and Raiffeisenbank, was concluded at the beginning of October 2021. On Wednesday, it was supplemented with a “green” clause according to the principles of ESG (ecological and social responsibility of companies).
In the addendum, the ecological parameters are calculated, which will be regularly evaluated, and when the current financing of the airport is met, it will become cheaper. The basic pillar is the gradual reduction of the carbon footprint. If the targets are met, the existing loan margin will be reduced by 0.02 percentage points.
Prague Airport handled 10.73 million passengers last year, which more than doubled the number of the two previous Covid-19 years. It handled 4.39 million passengers for the entire year 2021, only 3.67 million for 2020. On the contrary, it is still a long way from the record year 2019, when 17.8 million passengers passed through the gates.
Thanks to the faster return of passengers compared to expectations, last year’s profit will also be unexpectedly high. At the EBITDA level (profit before taxes, interest and depreciation), it was planned at the beginning of 2022 at roughly one billion crowns. “Which will be significantly exceeded due to excellent operating results,” added Divíšková.
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