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Infraero 'burned' R$13.1bn with concessionaires since 2013

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Vincent

Between 2013 and 2019, the National Treasury spent as much as R$13.1 billion capitalizing Infraero, according to Economy Ministry data. Out of that total, 43% (R$5.6 billion) was invested in concessionaires (special-purpose partnerships, known as SPEs) created to privatize the airports of Brasília, Campinas, Guarulhos, Galeão and Confins. That has been the cost so far of privatizing those airports under the model championed by the administration of former president Dilma Rousseff, which forced Infraero to keep 49% of those SPEs.

Since Infraero lacked enough capital for that, the Treasury was forced to capitalize the state-owned company so it could afford contract-ordered investments in privatized airports. To avoid further expenditures, the government has ordered Infraero to sell its SPE stakes (except for the one of Viracopos). The Ministry of Infrastructure expects to sell them in the fourth quarter.

Another cost of the privatization model of Ms. Rousseff was that Infraero stopped distributing dividends to the Treasury since 2013 when it paid R$26.2 million that year. In 2012, the company distributed R$38.4 million in dividends to the Treasury.

Infraero's spokespeople say that "due to the federal government's decision to privatize surplus-making airports, as well as booking spending on SPEs of the airports of Brasília, Campinas, Confins, Galeão and Guarulhos, due to its 49% equity stakes, since 2013 has not distributed dividends to shareholders."

Government spending to capitalize state-owned ventures is not included in the federal spending cap. Out of the R$13.1 billion the Treasury injected in Infraero, 53% (R$6.9 billion) were spent on airport infrastructure investments. Starting in 2017, when the spending cap was already in effect, Infraero's capitalization needs cost R$5.5 billion. Meaning that the government is making airport investments using the capitalization channel and outside of spending-cap controls.

The Treasury spent R$10.1 billion in 2019 alone...

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