March 26, 2020 / 5:27 PM / 10 days ago

BRIEF-Aena: Until March 24 Passenger Traffic In Spanish Airport Network Accumulates Drop Of 45.5% YoY

March 26 (Reuters) - Aena SME SA:

* SAYS UP UNTIL MARCH 24, PASSENGER TRAFFIC IN THE SPANISH AIRPORT NETWORK HAS ACCUMULATED A DROP OF 45.5% YEAR ON YEAR

* TRAFFIC ESTIMATE AND BUSINESS PROSPECTS FOR 2020 MADE PUBLIC AT END-FEBRUARY ARE NO LONGER VALID AT THE PRESENT TIME

* SAYS NOT POSSIBLE TO QUANTIFY A REASONABLE TRAFFIC ESTIMATE AND BUSINESS PROSPECTS FOR THE YEAR AS A WHOLE

* COST SAVING PLAN HAS STARTED TO BE IMPLEMENTED WHICH WILL HELP PROTECT CASH OUTFLOWS

* THIS PLAN IS BASED ON RENEGOTIATION OF SERVICE CONTRACTS (SECURITY, CLEANING, MAINTENANCE, ETC.), THE ELIMINATION OF COSTS AND THE HALTING OF NEW NON-ESSENTIAL CONTRACTS

* ADJUSTMENT IS TARGETED AT OBTAINING REDUCTION IN AVERAGE MONTHLY CASH OUTFLOW FOR OPERATING EXPENSES OF ABOUT 43 MILLION EUROS

* TEMPORARILY HALTED ITS INVESTMENT PROGRAMME, WHICH WILL LEAD TO A MONTHLY REDUCTION IN AVERAGE CASH OUTFLOWS OF ABOUT 52 MILLION EUROS Source text: bit.ly/2UB2OWN Further company coverage: (Gdansk Newsroom)

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