Against the background of the crisis in the field of aviation in the shadow of the Corona, the revenues of the Airports Authority collapsed and led it to issue bonds and use it to finance its current expenses. Of Aaa.il on a stable horizon for the company.
A rating report mentions that the bulk of aviation activity is the provision of services to passengers and aircraft for which it charges fees. In the commercial field, the Authority issues concessions to operate duty-free shops, leases properties it owns and provides operating licenses to commercial companies at airports and border crossings. Most of the income from this activity derives from franchisee licensing fees. In the years 2020-2018, this sector generated an average of about 40% of the Authority’s revenues.
“In the years leading up to the outbreak of the corona plague, there was a consistent growth in the PA’s revenues, as a result of the increase in the number of passengers at Israeli airports in general, and at Ben Gurion Airport in particular,” the rating notes. In 2019, the annual number of passengers was about 26.5 million, and the PA’s revenue amounted to NIS 4.1 billion with a coordinated operating profit (net of royalties to the state) of NIS 887 million.
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The rating justification states that “Our assessment is that due to the Authority’s dependence on the State, the Authority’s current independent business performance has a low impact on its debt service capability. “And we estimate that this is very high, and that the likelihood of the government preferring to repay its debts over the company’s debts is low.”
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