Financial release
8 November 2016
Aéroports de Paris SA
Consolidated revenue near stable
over the first 9 months of 2016
Resistance of all activities in a
difficult environment
Financial information as of
30 September 2016
[1]
-
Passenger traffic: Groupe ADP: +1.5%, Paris
Aéroport[2]: +0.9% to
73.8 million passengers.
-
Consolidated revenue near stable (-0.5%) at
€2,183 million thanks to the resistance of all activities.
-
Aviation activities (stable revenue, at
€1,315 million): increase in revenue of ancillary fees (+5.0%,
to €164 million) offset by the decrease in revenue from
airport safety and security services (-1.8%, to €360 million)
due to a negative base effect in 2015.
-
Retail and services (stable revenue, at
€680 million): progression of bars and restaurants (+21.8%, to
€29 million), of landside shops (+17.5%, to €12 million) and
of others retail activities and services that puts into perspective
the decrease in revenue from airside shops (-7.6%, to €216
million), of which the sales/PAX[3] were
decreasing by 7.6%, to €17.9.
-
Real Estate: stable revenue at €200
million.
-
International and airport developments (revenue
decreasing by 4.8%, to €63 million): strong increase
in ADP Management revenue (+26.7%, to €16 million)
but decrease in ADP Ingénierie revenue (-12.0%, to
€48 million) due to less activity in the Middle East.
Reminder of the revision of the 2016 forecasts, published
on 10 October 2016[4]:
-
Revision of the traffic growth assumption for
2016, now expected between +1.0% and +1.5% in 2016 vs. 2015, vs.
2.3% previously[5].
-
Stability of EBITDA in 2016 compared to 2015,
vs. a slight increase compared to 2015 previously.
-
Confirmation of slight decrease for 2016 net
result attributable to the Group compared to 2015.
Groupe ADP revenue by segment for
the first 9 months of 2016
| (in millions of euros - unless stated
otherwise) |
9M 2016 |
9M 2015 |
2016/2015 |
|
Aviation |
1,315 |
1,314 |
+0.1% |
| Retail and
services |
680 |
680 |
0.0% |
| Real
estate |
200 |
199 |
+0.4% |
|
International and airport developments[6] |
63 |
67 |
-4.8% |
| Other
activities |
162 |
156 |
+3.9% |
|
Inter-segment eliminations |
(237) |
(222) |
+6.9% |
| Groupe ADP consolidated revenue |
2,183 |
2,194 |
-0.5% |
| Paris
Aéroport (CDG + ORY) |
74 |
73 |
+0.9% |
| TAV
Airports @ 38% |
30 |
30 |
+2.3% |
| ADP
Management |
9 |
8 |
+11.8% |
| Groupe ADP traffic (in million passengers) |
113 |
111 |
+1.5% |
| Sales/PAX (€) |
17.9 |
19.4 |
-7.6% |
Augustin de Romanet, Chairman and
CEO of Aéroports de Paris SA - Groupe ADP, said:
"The near-stability of Groupe ADP consolidated
revenue for the first 9 months of 2016 reflects the resistance of
all our activities in a difficult environment, with a
succession of events which played unfavourably against the recovery
of international traffic. This revenue is underpinned by the good
performance of bars and restaurants, landside shops and other
retail activities that partially offset the slowdown in the
activity of airside shops. Revenue from aviation activities is
stable thanks to a slight increase in traffic, of 0.9%, over the
first 9 months of 2016 and this, in spite of the soft international
traffic.
In view of the evolution of traffic at Paris
Aéroport this summer, in October we revised our assumption for
traffic growth for 2016 now estimated at between 1.0% and
1.5%, compared to 2015. As a consequence, we have adjusted our 2016
forecast for EBITDA, which is expected to be stable in 2016,
compared to 2015. Moreover, all the events that have occurred since
the end of July 2016, including notably the disposal of our
shareholding in Mexico, has led Groupe ADP to maintain the prospect
of a slight decrease in the net income attributable to the Group
for 2016 compared to 2015."
First 9
months of 2016 consolidated revenue
Aviation
| (in millions of euros) |
9M 2016 |
9M 2015 |
2016/2015 change |
| Revenue |
1,315 |
1,314 |
+0.1% |
| Airport
fees |
761 |
762 |
-0.2% |
| Passenger fees |
473 |
500 |
-5.4% |
| Landing fees |
175 |
160 |
+9.4% |
| Parking fees |
113 |
103 |
+10.1% |
| Ancillary
fees |
164 |
156 |
+5.0% |
| Revenue
from airport safety and security services |
360 |
366 |
-1.8% |
| Other
income |
31 |
29 |
+3.7% |
Over the first 9 months of 2016,
Aviation segment revenue is stable (+0.1%), at
€1,315 million.
Revenue from airport fees (passenger fees, landing fees and aircraft
parking fees) was slightly down by 0.2%, at €761 million,
mainly due to the negative impact of traffic mix and of the lack of
tariff increase as of 1 April 2016, as stated by the 2016-2020
ERA[7]. These
effects are partially offset by the increase in volume of total
traffic (+0.9%) and by the impact on the 1st quarter 2016
of the 2015 tariff increase (+2.4%). Revenue from landing fees and
parking fees, that grew, respectively by 9.4%, to
€175 million, and by 10.1% to €113 million, offset the
decrease in passenger fees (-5.4%, to €473 million).
Revenue from
ancillary fees was up 5.0%, at €164 million, primarily
thanks to the 32.1% increase in luggage sorting fees, to
€33 million.
Revenue from
airport safety and security services saw a decrease of 1.8%, to
€360 million, due to a negative base effect in 2015.
Other revenue
mostly consists in re-invoicing the French Air Navigation Services
Division and leasing associated with the use of terminals. It
increased by 3.7%, to €31 million.
Retail and services
| (in millions of euros) |
9M 2016 |
9M 2015 |
2016/2015 change |
| Revenue |
680 |
680 |
0.0% |
| Retail
activities |
314 |
326 |
-3.7% |
| Airside shops |
216 |
234 |
-7.6% |
| Landside shops |
12 |
10 |
+17.5% |
| Bars and restaurants |
29 |
24 |
+21.8% |
| Advertising |
25 |
23 |
+8.6% |
| Others retail activities |
32 |
35 |
-9.6% |
| Car parks
and access roads |
133 |
134 |
-0.7% |
| Industrial
services revenue |
99 |
93 |
+6.3% |
| Rental
income |
108 |
103 |
+5.5% |
| Other
income |
27 |
25 |
+6.2% |
Over the first 9 months of 2016,
Retail and services segment revenue was stable, at
€680 million.
Revenue from retail activities (rents received from shops, bars and
restaurants, advertising, banking and foreign exchange activities,
and car rental companies) decreased over the first 9 months of 2016
by 3.7%, to €314 million.
-
Fees from airside shops stood at
€216 million, down by 7.6%, due to the combined effects of the
near-stability of international traffic, the decrease in traffic
from highly contributing destinations (Asia-Pacific: -8.6%) and due
to a negative impact of exchange rates. Sales/PAX were down 7.6%,
at €17.9.
-
Other retail activities decreased 9.6%, to
€32 million, due to less activity for currency exchange
shops.
-
These results are offset by the good
performances of the revenue from bars and restaurants, up 21.8%,
at €29 million, from landside shops, up 17.5%, at
€12 million and from advertising, up 8.6%, at
€25 million.
Revenue from car
parks was slightly down, by 0.7%, at €133 million.
Revenue from the provision of
industrial services (electricity and water
supply) increased by 6.3%, to €99 million, mainly thanks to
inter-segment invoicing.
Rental
revenue (leasing of space within terminals) was up 5.5%, at
€108 million.
Other revenue
increased by 6.2%, to €27 million, in particular linked to
re-invoicing to the Société du Grand Paris.
Real estate
| (in millions of euros) |
9M 2016 |
9M 2015 |
2016/2015 change |
| Revenue |
200 |
199 |
+0.4% |
| External
revenue[8] |
160 |
161 |
-0.9% |
| Land |
77 |
77 |
-0.2% |
| Buildings |
61 |
61 |
-0.9% |
| Others |
23 |
23 |
-2.8% |
| Internal
revenue |
40 |
38 |
+5.7% |
Over the first 9 months of 2016,
Real Estate segment revenue was stable, at €200 million.
External
revenue decreased slightly by 0.9%, to €160 million,
mainly due to the negative impact of the indexation of rents on the
cost of construction index on 1 January 2016 (-0.4%).
Internal
revenue was up 5.7%, at €40 million.
International and airport developments
| (in millions of euros) |
9M 2016 |
9M 2015 |
2016/2015 change |
| Revenue |
63 |
67 |
-4.8% |
| ADP
Ingénierie |
48 |
54 |
-12.0% |
| ADP
Management |
16 |
12 |
+26.7% |
Over the first 9 months of 2016,
International and airport developments segment revenue was down
4.8%, at €63 million.
ADP Ingénierie revenue decreased by 12.0%, to
€48 million, mainly due to the slowdown of activity in the
Middle East. At the end of September 2016, the ADP Ingénierie
contractual backlog stood at €67 million for the 2016-2019
period.
ADP
Management revenue increased strongly by 26.7%, to
€16 million, thanks to the takeover of the Madagascar and
Santiago concessions.
Other activities
| (in millions of euros) |
9M 2016 |
9M 2015 |
2016/2015 |
| Revenue |
162 |
156 |
+3.9% |
| Hub
One |
103 |
98 |
+5.5% |
| Hub
Safe |
59 |
58 |
+1.1% |
Over the first 9 months of 2016,
Other activities segment revenue was up 3.9%, at
€162 million.
Hub One saw
its revenue grow 5.5%, to €103 million, due to the growth in
activity of the Telecom and Mobility Divisions.
Hub
Safe[9] revenue was
up by 1.1%, at €59 million, mainly linked to the gaining of
the security contract at Nantes Airport in 2015.
Consolidated revenue by quarter
| |
Q1 2016 |
Q2 2016 |
Q3 2016 |
9M 2016 |
Change Q1 2016/2015 |
Change Q2 2016/2015 |
Change Q3 2016/2015 |
Change 9M 2016/2015 |
| Consolidated revenue |
683 |
733 |
768 |
2,183 |
+1.8% |
-2.5% |
-0.5% |
-0.5% |
|
Aviation |
399 |
438 |
477 |
1,315 |
+0.3% |
-1.8% |
+1.7% |
+0.1% |
| Retail and
services |
214 |
232 |
234 |
680 |
+1.9% |
-2.7% |
+1.0% |
0.0% |
| Real
estate |
76 |
63 |
61 |
200 |
+4.6% |
-2.3% |
-1.9% |
+0.4% |
|
International and airport developments |
22 |
23 |
18 |
63 |
+23.4% |
-3.4% |
-26.8% |
-4.8% |
| Other
activities |
52 |
54 |
56 |
162 |
+7.0% |
+3.1% |
+2.1% |
+3.9% |
|
Inter-segments eliminations |
(80) |
(78) |
(79) |
(237) |
+5.3% |
+4.3% |
+10.7% |
+6.9% |
Highlights
of the period since the publication of the first half of 2016
results on 28 July 2016
Change in passenger traffic over the first 9
months of 2016
| Group traffic |
|
Groupe ADP stake |
Stake-weighted traffic (million passengers) |
2016-2015
change |
|
Groupe ADP |
Paris
Aéroport[11] |
@
100% |
73.8 |
+0.9% |
| Mexico
regional airports |
@
25.5%[12] |
0.6 |
+10.3% |
| Zagreb |
@
20.8% |
0.4 |
+6.7% |
|
Jeddah-Hajj |
@ 5% |
0.4 |
+43.4% |
| Amman |
@ 9.5% |
0.6 |
+5.5% |
|
Mauritius |
@ 10% |
0.3 |
+10.0% |
|
Conakry |
@ 29% |
0.1 |
+26.2% |
| Santiago de
Chile |
@ 45% |
6.3 |
+11.2% |
|
TAV Airports Group |
Istanbul
Atatürk |
@ 38% |
17.5 |
-1.3% |
| Ankara
Esenboga |
@ 38% |
3.7 |
+5.7% |
| Izmir |
@ 38% |
3.4 |
-2.7% |
| Other
airports[13] |
@ 38% |
5.8 |
+16.0% |
| TOTAL GROUPE ADP |
|
|
113.0 |
+1.5% |
Over the first 9 months of 2016,
Paris Aéroport traffic grew by 0.9% with a total of
73.8 million passengers, comprising 50.1 million
passengers at Paris-Charles de Gaulle (-0.7%) and 23.7 million
at Paris-Orly (+4.4%).
Geographical breakdown of Paris
Aéroport traffic over the first 9 months of 2016 is as
follows:
Geographic split
Paris Aéroport |
9M change 2016/2015 |
Share of Paris Aéroport
total traffic |
|
France |
+0.1% |
16.6% |
| Europe |
+2.4% |
44.2% |
| Other
International |
-0.4% |
39.3% |
| Of which |
|
|
| Africa |
+0.6% |
10.9% |
| North America |
0.0% |
9.9% |
| Latin America |
+1.9% |
3.2% |
| Middle-East |
+2.1% |
4.9% |
| Asia-Pacific |
-8.6% |
6.4% |
| French Overseas Territories |
+5.1% |
4.1% |
| Total Paris Aéroport |
+0.9% |
100.0% |
The number of connecting
passengers was up 1.3% and the connecting rate increased by
0.1 points, to 23.7%.
Aircraft movements (536,000) were
up by 1.0%.
Freight and postal activity
increased by 1.6%, with 1,646,754 tonnes transported.
Events
having occurred since 30 September 2016
Groupe ADP converted its SETA shares into
Mexican airport operator OMA shares and sold those shares
while maintaining its technical assistance and operational mission
with SETA
On 6 October 2016, Groupe ADP
announced that it had informed Empresas ICA (BMV: ICA) and Grupo
Aeroportuario del Centro Norte, known as OMA (NASDAQ: OMAB; BMV:
OMA) which operates 13 international airports in Central and
Northern Mexico, of its decision to exercise its option to exchange
its 25.5% shareholding in Servicios de Tecnología Aeroportuaria
S.A. de C.V. (SETA), the strategic partner of OMA, for OMA's B
shares, for 4.3% (approximately 3.2% net of taxes) of OMA's
total shares, held by SETA.
On 10 October 2016, Groupe ADP
announced the completion of the sale of its 4.3% (approximately
3.2% net of taxes) equity interest in OMA through an international
private placement, realised with Goldman Sachs as sole bookrunner.
Since the completion of the transaction, Groupe ADP is no longer a
shareholder either in SETA or OMA.
Groupe ADP was extremely satisfied
with its strategic partnership with OMA through its SETA
joint-venture with ICA, since 2000.
Groupe ADP, ICA and SETA intend to
maintain a relationship, through which Groupe ADP will continue to
provide technical assistance and operational services to SETA under
appropriate service arrangements. A member of Groupe ADP will
represent SETA on the Board of Directors of OMA until the next
Annual Shareholders' Meeting.
Revision of 2016 traffic growth assumption and of
2016 forecasts for EBITDA and net result attributable to the
Group, published on 10 October 2016
| |
2016 forecast as at end of July 2016[14] |
2016 forecast updated on 10 October 2016 |
| Traffic growth assumption |
+2.3% compared to 2015 |
Between +1.0% and +1.5% compared
to 2015 |
| Consolidated EBITDA |
Slight growth compared to 2015 |
Stability compared to 2015 |
| Net result attributable to the Group |
Slight decrease over 2016 compared to 2015. with a slight
organic growth (excluding 1/ the capital gain
of the current headquarters disposal and 2/ the impact of the share
of profit of associates from operating activities of the
International and Airport Developments segment) |
Slight decrease over 2016 compared to 2015 |
| Dividend for 2016 |
Maintaining 60% payout ratio
Interim dividend payment scheduled for December 2016
(unchanged) |
Maintaining 60% payout ratio
Interim dividend payment scheduled for December 2016
(unchanged) |
The revision of the 2016 forecast
for EBITDA and the net result attributable to the Group is
mainly due to (i) the change in traffic this summer in
Paris Aéroport and (ii) to the difficulties faced by TAV
Construction. As a reminder, this company is accounted for using
the equity method of accounting and the share of its profits is
accounted for as the share of profit of associates from operating
activities in the International and airports developments
segment.
Calendar
A conference call and an audiocast will be held today, at
8.30 am CET
-
Live by phone:
-
From France:
+ 33 (0) 1 76 77 22 57
-
From other countries:
+ 44 (0) 20 7026 5967
-
Confirmation
code
2026505
-
Live audiocast of the Analysts' Meeting will be
available on our website: Audiocast in English
-
A replay of the call will be available from 2:00
pm (CET)
-
Presentation is available on the website:
finance.groupeadp.fr
Next
publications
Contacts
Investor Relations
Aurélie Cohen: +33 1 43 35 70 58 -
invest@adp.fr
Press
Elise Hermant: +33 1 43 35 70
70
Website: finance.groupeadp.fr
Investor
Relations: Aurélie Cohen. Head of Investor Relations +33 1 43 35 70
58 - invest@adp.fr
Press contact:
Elise Hermant. Media and Reputation Department Manager +33 1 43 35
70 70
Groupe ADP builds, develops and
manages airports, including Paris-Charles de Gaulle. Paris-Orly and
Paris-Le Bourget. In 2015, Paris Aéroport handled more than
95 million passengers and 2.2 million metric tonnes of
freight and mail at Paris-Charles de Gaulle and Paris-Orly, and
more than 55 million passengers at airports abroad through its
subsidiary ADP Management. Boasting an exceptional geographic
location and a major catchment area, the Group is pursuing its
strategy of adapting and modernising its terminal facilities and
upgrading quality of services; the Group also intends to develop
its retail and real estate businesses. In 2015, Group revenue stood
at €2,916 million and net income at €430 million.
Aéroports de Paris is a public
limited company (Société Anonyme) with share capital of
€296,881,806. Registered office: 291, boulevard Raspail, 75014
PARIS
Registered in the Paris Trade and
Company Register under no. 552 016 628 RCS Paris
groupeadp.fr
[1] This document has been drawn up on a voluntary basis by
Groupe ADP in accordance with the AMF recommendation - the
quarterly or intermediary financial information - DOC-2015-03.
Unless otherwise indicated, all percentages in this document
compare the first 9 months of 2016 with the first 9 months of
2015
[2] Paris-Charles de Gaulle and Paris-Orly
[3] Sales from airside shops per departing
passenger
[4] Refer to the press release "September 2016 traffic figures
- revision of 2016 forecasts", available on
www.groupeadp.fr. Revision details disclosed in
"Events having occurred since 30 September 2016"
[5] Forecasts published on 28 July 2016 in the 2016 first half
results, available on www.groupeadp.fr
[6] ADPM and ADPI. TAV Airports and TAV Construction are
accounting for using the equity method (share of profit is
accounted for below EBITDA)
[7] Economic Regulation Agreement for 2016-2020, available
on www.groupeadp.fr
[8] Generated with third parties
[9] Formerly called Alyzia Sûreté
[11] Paris-Charles de Gaulle & Paris-Orly
[12] Of SETA, which owns 16.7% of GACN controlling 13 airports
in Mexico. Stake sold on 10 October 2016
[13] Turkey (Milas-Bodrum international Airport since October
2015), Croatia (Zagreb), Saudi Arabia (Madinah), Tunisia (Monastir
& Enfidha), Georgia (Tbilisi & Batumi), and Macedonia
(Skopje & Ohrid). Taking into account Milas Bodrum
international terminal traffic on a like-for-like basis for 2015,
traffic of the other TAV Group airports would have been up by 4.7%
over the first 9 months of 2016 compared to the same period in
2015
[14] Forecasts published on 28 July 2016 in the 2016 first half
results, available on www.groupeadp.fr
Aéroports de Paris: 2016 9-month
consolidated revenue
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aéroports de Paris via Globenewswire
ADP Promesses (EU:ADP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
ADP Promesses (EU:ADP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
