Business Roundup for Spain and the UK

MADRID AIRPORT: Airports group Aena is out of the red Credit: Aena

Aena out of the red AIRPORTS group Aena has left behind its losses of the pandemic years.

With 243.7 million travellers using the country’s airports last year, Aena  recovered 88.5 per cent of its air traffic compared with 2019.

Aena also made a net profit of €901.5 million compared with 2021’s losses of €475.4 million, the National Securities Market (CNMV) announced.

In fact, Aena lost €60 million in 2021 but reformulated its accounts to allow for the negative impact of waiving rents on commercial premises in line with a government directive adjusting payments to airport traffic.  It also had to pay compensation to leaseholders following court cases during the Covid period.

Partially-privatised AENA is paying a dividend of €4.75 per share, meaning that the government’s 51 per cent holding will entitle it to €363 million.

Voucher fail VOUCHERS worth approximately €724 million that were issued during the pandemic by IAG and EasyJet have yet to be reclaimed.

Approximately €600 million of this amount corresponded to IAG, which owns five airlines including BA, Iberia and Aer Linguis, revealed Robert Boyle, an aviation consultant and former IAG employee.

When airlines had to cancel flights during the pandemic, they preferred to provide vouchers for future travel rather than issue cash refunds, Boyle said.  EasyJet’s latest results also suggested that vouchers amounting to £110 million (€123.9 million) had not been exchanged.

All charged up SPANISH multinational ACS will build a €2.8 billion battery factory for Panasonic in De Soto (Kansas).

Turner (ACS) – subsidiary of the engineering and construction company headed by Real Madrid president Florentino Perez – will build the plant in consortium with US company Yates Construction.

Panasonic is investing $4 billion (€3.75 billion) in the future factory which will manufacture batteries for electric vehicles.  Of this, €2.815 will go to the Turner-Yates building project.

“The US is a great market,” said Juan Santamaria, CEO of ACS, “and Turner is our spearhead.”

Don’t fall for it FRAUDSTERS increasingly dupe their victims with impersonation scams, according to Barclays.

More than 25 per cent of Britons have either been targeted by a scammer who pretended to be someone apparently trustworthy or they know somebody who has, the bank said.

On average the victim of an impersonation scam loses £4,330 (€4,878) in the UK but although no figures are available for Spain, exactly the same ploys are being used here to ensnare the unsuspecting.

“Be wary of unexpected calls or messages,” Barclays said.  “Never click on messages or links you’re unsure about and never be persuaded to transferring your money into a ‘safe’ account.”

Argos shrinks SAINSBURY’S, the UK’s second largest supermarket chain, plans to close two Argos depots over the next three years.

Shutting Argos warehouses in Basildon (Essex) and Heywood (Greater Manchester) by 2026 will affect 1,400 jobs although employees would have the chance to find “alternative roles” inside the business.

Sainsbury will close 50 larger Argos stores before the financial year ends, while investing in more small branches inside supermarkets.  Its Milton Keynes offices are also due to close as more staff work from home, although this would not entail jobs losses, Sainsbury said.

Cepso goes greener OIL and gas company Cepsa has sold exploration and production assets in the United Arab Emirates..

Accounting for approximately half of Cepsa’s business in the sector, these have been sold to TotalEnergies.

The French company acquires a 20 per cent interest in the Satah Al Razboot (SARB) and Umm Lulu offshore oilfields, plus a 12.88 per cent interest in the Mubarraz concession held by Abu Dhabi Oil Company Ltd (ADOC).

Cepsa has not revealed how much money has changed hands, although experts place this at least €1 billion, most of which will now be invested in renewables and green hydrogen.


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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at