Aéroports de Paris SA: Good performance of all the activities,
stability of the dividend and preparation of the future growth
Financial release10 February 2020
Aéroports de Paris SAGood performance of
all the activities, stability of the dividend and
preparation of the future growth
Groupe ADP 2019 full-year
results1
- Groupe ADP traffic's: including traffic from
Istanbul Atatürk in 2018 and 2019, until 6 April 2019, date of
the termination of commercial flights at this airport,
Group's traffic is down by -16.7%2 3 compared to 2018. Excluding
Istanbul Atatürk's traffic in 2018 and 2019, 2019 Group's traffic
increasing by +2.3%3 compared to 2018, at 218 million
passengers
- Paris Aéroport traffic (Paris-Charles de
Gaulle and Paris-Orly): +2.5% at 108 million passengers
- Good performance of consolidated revenues
(€4,700 million), driven by the growth of aviation activities in
Paris, retail activities dynamism in Paris, the impact of the full
consolidation in Groupe ADP's accounts of Société de Distribution
Aéroportuaire and Relay@ADP4 since April 2019, and of Airport
International Group (AIG) since April 2018. Revenue per passenger5
of airside shops increased by 7.3% at €19.7
- EBITDA6 at €1,772 million, up by €92 million
(+5.5%) notably thanks to TAV Airports' growth and to the full
consolidation of Société de Distribution Aéroportuaire, Relay@ADP
and AIG
- Operating income from ordinary activities7 at
€1,094 million, down by €29 million
- Net result attributable to the Group at €588
million, down by €22 million (-3.5%)
(in millions of euro – unless otherwise stated) |
2019 |
2018 |
2019/2018 |
Revenue(1)(2) |
4,700 |
4,007 |
+€693m |
+17.3% |
EBITDA(1)(2) |
1,772 |
1,680 |
+€92m |
+5.5% |
Operating income from ordinary activities (1)(2) |
1,094 |
1,123 |
-€29m |
-2.6% |
Net
result attributable to the Group (1)(2) |
588 |
610 |
-€22m |
-3.5% |
Paris Sales/PAX (€) |
€19.7 |
€18.4 |
|
+7.3% |
- The figures take into account the full consolidation of Société
de Distribution Aéroportuaire and of Relay@ADP results since April
2019, and AIG results since April 2018
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
Groupe ADP 2020 forecasts
- Traffic at Paris Aéroport: traffic growth
assumption between +2% and +2.5% in 2020 compared to 2019
- Traffic for TAV Airports: traffic growth
assumption between +3% and +5% in 2020 compared to 2019 excluding
Istanbul Atatürk
- 2020 consolidated Group EBITDA8 9 10 11:
increase between +3.5% and +5.5% in 2020 compared to 2019
- 2020 Consolidated EBITDA10 11
excluding the full consolidation of TAV Airports and
AIG10 11 : increase between +3% and +4.5%
in 2020 compared to 2019
- Proposed dividend12 of 3.70 per share for
2019, stable compared to 2018
Augustin de Romanet, Chairman and CEO of
Aéroports de Paris SA – Groupe ADP, stated:"2019 has been impacted
by the early closure of Atatürk airport in Turkey in early April.
Groupe ADP welcomes that the Turkish government kept its
commitments by compensating the loss of profit due to the early
termination of this concession. Total Groupe ADP traffic stood at
234.5 million passengers for 2019, down by 16.7% compared to 2018.
Nevertheless, excluding Atatürk airport traffic between January and
early April 2019, Group traffic grew by +2.3% compared to 2018. In
2019, the revenue grew by more than 17%, at €4,700 million and the
EBITDA by 5.5% at 1,772 million due to a good performance of all
the activities and a control over expenses. The net result
attributable to the Group is €588 million, in slight decrease. It
will be proposed a dividend of 3.70 euros per share, stable
compared to 2018, at the next General Meeting".
[1] This press release presents the consolidated
results approved by the Board of Directors of 10 February 2020 and
examined by the Audit committee on 6 February 2020. Audit
procedures have been carried out and the audit report relating to
the certification of Aéroports de Paris consolidated financial
statements is still in the process of being issued. Following
financial statements are projects of financial statements2 Unless
otherwise stated, percentages are comparing 2019 data with 2018
comparable data3 Passenger traffic data from airports operated by
TAV Airports are taken into account at 100% according to their
financial communication, including Istanbul Atatürk traffic until 6
April 2019 (16Mpax). Following the acquisition of a 49%-stake in
Antalya airport, traffic of this airport is 100%-included since
January 2018 for the need of the analysis, while TAV Airports only
has included Antalya traffic since May 20184 In April 2019, Groupe
ADP reviewed its links with Société de Distribution Aéroportuaire,
Relay@ADP and MZLZ-TRGOVINA D.o.o (Société de Distribution
Aéroportuaire Croatia) and considers exercising exclusive control
on these entities since then. Booked until this date under the
equity method, these companies are fully consolidated since April
20195 Sales in airside shops divided by the number of departing
passengers (Sales/PAX)6 Revenues and other ordinary income reduced
by operating consumables and expenses from ordinary activities
excluding depreciation and amortization of tangible and intangible
assets7 Until 31st December 2018, the Group disclosed the share of
profit or loss in associates and joint ventures on two separate
lines "Share of profit or loss in associates and joint ventures
from operating activities" and "Share of profit or loss in
associates and joint ventures from non-operating activities". For
non-materiality reasons, the Group discloses since 1st January 2019
the share of profit or loss in associates and joint ventures on one
single line included within the operating income8 2020 TAV
Airports' EBITDA guidance, underlying to the 2020 Group's EBITDA
guidance, is built on the following exchange rate assumptions:
EUR/TRY=6.87, EUR/US =1.129 The IFRS 5 standard "Non-current assets
held for sale and discontinued operations" is applying to TAV
Istanbul's activities as of the termination of activities at
Istanbul Atatürk airport on 6 April 2019 (see the press release
from 8 April 2019). The revenue and operating expenses of TAV
Istanbul for 2018 and 2019 are therefore presented on a separate
line on the income statement titled "net income from discontinued
activities". Consolidated revenue, EBITDA and operating income of
the Group don't take into account the activity of Istanbul Atatürk
airport anymore. Furthermore, the line "net income from
discontinued activities" includes as well the profit following the
announcement by Turkish authorities of the compensation due to TAV
Airports for the early closure of Atatürk airport, after taxes and
the impact of corresponding assets disposal (for €31M before
elimination of non-controlling interests)(see the press release
from 26 December 2019)10 Takes into account since 1st April 2019
the introduction of the mechanism charging Aéroports de Paris 6% of
the costs hitherto fully covered by the airport tax, in accordance
with Article 179 of Law No. 2018-1317 of 28 December 2018 of
finance11 Excluding the potential effect on ADP's accounts of the
transfer by the state of the majority of ADP's capital (in
accordance with the provisions of the PACTE law)12 Subject to the
approval of the 2020 General Meeting of the Shareholders approving
2019 accounts
Groupe ADP's 2019 full
year results
2019 consolidated accounts
(in millions of euros) |
2019(1)(2) |
2018(1)(2) |
2019/2018(1)(2)) |
Revenue |
4,700 |
4,007 |
+17.3% |
EBITDA |
1,772 |
1,680 |
+5.5% |
EBITDA / Revenue |
37.7% |
41.9% |
-4.2pts |
Operating income from ordinary
activities |
1,094 |
1,123 |
-2.6% |
Operating income from ordinary activities / Revenue |
23.3% |
28.0% |
-4.7pts |
Operating income |
1,081 |
1,121 |
-3.5% |
Financial result |
-206 |
-232 |
-11.2% |
Net income from discontinued activities(2) |
55 |
103 |
- 46.1% |
Net income attributable to the Group |
588 |
610 |
-3.5% |
- The figures take into account the full consolidation of Société
de Distribution Aéroportuaire and of Relay@ADP results since April
2019, and AIG results since April 2018
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
The application of the IFRS 16 standard "Leases"
as of 1st January 2019, had the following impacts on the income
statement:
- group EBITDA improvement of €14 million (cancellation of rents
previously included in "external services and charges");
- right of use amortization expense for €11 million;
- financial expenses for €5 million.
Revenue
(in millions of euros) |
2019(1)(2) |
2018(1)(2) |
2019/2018(1)(2) |
Revenue |
4,700 |
4,007 |
+17.3% |
Aviation |
1,929 |
1,890 |
+2.1% |
Retail and services |
1,505 |
1,000 |
N/A |
of which Société de Distribution Aéroportuaire |
628 |
- |
N/A |
of which Relay@ADP |
78 |
- |
N/A |
Real estate |
274 |
265 |
+3.3% |
International and airport developments |
1,081 |
941 |
+14.9% |
of which TAV Airports |
746 |
695 |
+7.5% |
of which AIG |
250 |
175 |
+43.2% |
Other activities |
168 |
156 |
+7.9% |
Inter-sector eliminations |
- 257 |
- 245 |
+5.1% |
- The figures take into account the full consolidation of Société
de Distribution Aéroportuaire and of Relay@ADP results since April
2019, and AIG results since April 2018
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
Over 2019, Groupe ADP consolidated
revenue stood at €4,700 million, up by €693 million,
mainly thanks to:
- The growth in airport fees in Paris Aéroport (+4.1%,
at €1,160 million), driven by the passenger traffic dynamics
(+2.5%);
- The full consolidation of Société de Distribution Aéroportuaire
and Relay@ADP since April 2019 which contribute to consolidated
revenue up to €719 million, of which €706 million in Paris (before
elimination of fees received by Aéroports de Paris S.A. for €261
million);
- The revenue growth of AIG by €75 million of which €53 million
are linked to AIG full consolidation since April 2018
(corresponding to Q1 2019 revenue) and €22 million over the period
from April to December driven by the dynamism of international
traffic (+6.0%);
- The increase by 7.5% of TAV Airports' revenue(1) at €51
million, driven by the growth in international traffic in
Turkey.
The amount of inter-sector eliminations stood at
-€257 million over 2019 vs. -€245 million over 2018.1 The IFRS 5
standard "Non-current assets held for sale and discontinued
operations" is applying to TAV Istanbul's activities as of the
termination of activities at Istanbul Atatürk airport on 6 April
2019 (see the press release from 8 April 2019). The revenue and
operating expenses of TAV Istanbul for 2018 and 2019 are therefore
presented on a separate line on the income statement titled "net
income from discontinued activities". Consolidated revenue, EBITDA
and operating income of the Group don't take into account the
activity of Istanbul Atatürk airport in 2018 and 2019 anymore.
Furthermore, the line "net income from discontinued activities"
includes as well the profit following the announcement by Turkish
authorities of the compensation due to TAV Airports for the early
closure of Atatürk airport, after taxes and the impact of
corresponding assets disposal (for €31M before elimination of
non-controlling interests)(see the press release from 26 December
2019)
EBITDA
(in millions of euros) |
2019(1)(2) |
2018(1)(2) |
2019/2018 (1)(2) |
Revenue |
4,700 |
4,007 |
+€693m |
Operating expenses |
-2,985 |
-2,438 |
-€547m |
Consumables |
-520 |
-195 |
-€325m |
External services |
-1,150 |
-1,018 |
-€132m |
Employee benefit costs |
-930 |
-861 |
-€68m |
Taxes other than income taxes |
-316 |
-263 |
-€53m |
Other operating expenses |
-70 |
-100 |
+€31m |
Other
incomes and expenses |
57 |
111 |
-€54m |
EBITDA |
1,772 |
1,680 |
+€92m |
EBITDA/Revenue |
37.7% |
41.9% |
-4.2pts |
- The figures take into account the full consolidation of Société
de Distribution Aéroportuaire and of Relay@ADP results since April
2019, and AIG results since April 2018
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
Group operating expenses stood
at €2,985 million over 2019, up by €547 million, due to:
- the increase in operating expenses of TAV Airports for €28
million;
- the increase in operating expenses of AIG mainly linked to the
full consolidation of this subsidiary since April 2018 (€37 million
in Q1 2019);
- the increase in operating expenses excluding TAV Airports and
AIG from €1,877 million to €2,345 million, following :
- the full consolidation since April 2019 of Société de
Distribution Aéroportuaire for €385 million and Relay@ADP for
€40 million;
- the increase in operating expenses of the parent company,
Aéroports de Paris (+3,9%)1
Excluding operating expenses linked to Société
du Grand Paris, to CDG Express, to the multi-year endowment for
ADP's foundation accounted for in accordance to IFRS standards as a
one-off in 2019 (neutral to the Group's EBITDA) and to taxes (see
below), the operating expenses of Aéroports de Paris increased by
+1.8% over 2019;
The distribution of operating expenses is as
follows:
- Consumables are up by €325 million
at €520 million, following the full consolidation of Société
de Distribution Aéroportuaire in April 2019 amounting to €252
million, and the works on the project of Société du Grand Paris,
which are subject to a compensation (EBITDA neutral);
- The cost related to external services stood at
€1,150 million. Excluding full consolidation of TAV Airports and
AIG, these expenses rise by €57 million to €852 million (+7.1%),
due to a greater appeal to external providers linked to the traffic
increase over the year, as well as studies and research expenses
for the CDG Express project;
- Employee benefit costs are up
by €68 million and stood at €930 million, due notably to the
employee benefit costs accounted for as a result of the full
consolidation of Société de Distribution Aéroportuaire for €72
million and to the increase in employee benefits costs for
€27million, partly offset by a reversal in retirement benefits
commitments for €41 million following the modification by the PACTE
law of defined benefit schemes (L137-11 scheme, known as "Article
39");
- Taxes other than income taxes are up by €53
million and stood at €316 million. This increase was essentially
due to a revision in calculation basis for the 2018 and 2019
property taxes for €25 million and to an unfavorable base effect
compared to the 2018 linked to the positive outcome of litigations
in 2018 for €19 million;
- Other operating expenses are down by €30
million and stood at €70 million following the accounting of losses
in 2018 of irrecoverable receivables linked to international
activities (EBITDA neutral);
- Other income and expenses represented a net
product of €57 million, down by €54 million, notably due to the
accounting of receivables depreciations for €20 million after the
bankruptcies of the airlines Aigle Azur and XL Airways and to an
unfavorable base effect following provision reversals on
irrecoverable receivables related linked to international
activities in 2018 (EBITDA neutral).
Over 2019, consolidated EBITDA
stood at €1,772 million. The consolidated gross margin2 rate was
37.7%, down by 4.2 points or 38.3% excluding TAV Airports and AIG
down by 5 points, mainly due to the full consolidation of Société
de Distribution Aéroportuaire and Relay@ADP.
1 Consumables, employee benefit excluding
employee benefit obligations and profit sharing, and taxes other
than income taxes2 EBITDA / Revenue
Excluding TAV Airports and AIG full
consolidation, and excluding Société de Distribution Aéroportuaire
and Relay@ADP full consolidation, EBITDA stood at €1,392 million,
up by 2.4%. The gross margin rate associated was 42.9%, almost
stable compared to 2018 (down by 0.4 points).
This slight decrease is fully explained by the
implementation, since 1st of April 2019, of the user fees disposal
on revenues linked to the revenue from airport safety and security
services introduced in the article 179 of Law No. 2018-1317 of 28
December 2018 of finance and that is charging Aéroports de Paris of
6% of the costs hitherto fully covered by the airport tax (i.e. €23
million): the negative effect on the 2019's gross margin rate is
indeed around -0.4 point.
Net result attributable to the
Group
(in millions of euros) |
2019(1)(2) |
2018(1)(2) |
2019/2018 (1)(2) |
EBITDA |
1,772 |
1,680 |
+5.5% |
Amortization & Depreciation |
-768 |
-638 |
+20.4% |
Share of profit or loss in associates and joint ventures |
90 |
81 |
+11.9% |
Operating income from ordinary activities |
1,094 |
1,123 |
-2.6% |
Other operating income and expenses |
-13 |
-2 |
N/A |
Operating income |
1,081 |
1,121 |
-3.5% |
Financial income |
-206 |
-232 |
-11.2% |
Income before tax |
875 |
889 |
-1.9% |
Income taxes |
-293 |
-297 |
-1.1% |
Net income from continuing operations |
582 |
592 |
-1.7% |
Net income from discontinued operations |
55 |
103 |
-46.1% |
Net income |
637 |
695 |
-8.3% |
Net income attributable to non-controlling interests |
+49 |
+85 |
-42.7% |
Net income attributable to the Group |
588 |
610 |
-3.5% |
- The figures take into account the full consolidation of Société
de Distribution Aéroportuaire and of Relay@ADP results since April
2019, and AIG results since April 2018
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
Operating income from ordinary
activities stood at €1,094 million, down by €29 million,
notably due to:
- the increase of amortizations at Paris (+€36 million), TAV
Airports (+€38 million) and AIG (+€17 million) and amortizations
linked to the full consolidation of Société de Distribution
Aéroportuaire and of Relay@ADP (+€38 million of
amortizations);
- an unfavorable base effect of -€23 million due to the
accounting of the capital gains on the revaluation of the interest
already held in AIG in 2018;
- the impact of results from companies consolidated under the
equity method of TAV Airports for -€16 million;
- EBITDA improvement for €92 million;
- reevaluation at fair value of the share of the interest
previously detained at the takeover date of Société de Distribution
Aéroportuaire and Relay@ADP for an amount of €43 million1.
However, these effects are partly offset by:
Operating income stood at
€1,081 million, down by €40 million, linked to the decrease of
Operating income from ordinary activities and to the revaluation of
Hub One Mobility's goodwill in the group's accounts.
Financial result stood at -€206
million, improving by €26 million due to a lack of international
provision in 2018 and due to TAV Airports financial result
improvement.
Net financial debt of Groupe
ADP stood at €5,254 million as of 31 December 2019, vs. €4,942
million as of 31 December 2018. The net debt excluding TAV Airports
and AIG stood at €4,305 million.
On 18 June 2019, Aéroports de Paris has issued a
15-year bond for the total amount of €800 million, with a fixed
rate (1.125% yearly).
Income tax expense stood at
€293 million over 2019.
1 In accordance with the IFRS 3 standard
"Business combination", shares previously detained are reevaluated
at a fair value with result at the takeover date, i.e. 11 April
2019
Net income from discontinued
operations stood at €55 million over 2019, vs. €103
million over 2018, following the application of IFRS 5 standard
"Non-current assets held for sale and discontinued operations" to
the activities of TAV Istanbul. In 2019, net income from
discontinued operations (before elimination of non-controlling
interests) corresponds to:
- €24 million linked to TAV Istanbul activities
from 1 January 2019 to 6 April 2019, date on which commercial
flights of Istanbul Atatürk were transferred to the new Istanbul
airport;
- €31 million of profit following the
announcement by Turkish authorities of the compensation due to TAV
Airports for the early closure of Istanbul Atatürk airport, after
taxes and the impact of corresponding assets disposal (see the
press release from 26 December 2019).
The net income stood at €637
million over 2019.
Net income from non-controlling
interests stood at €49 million, down by €36 million,
notably due to the decrease of TAV Airports net result (-€35
million).
Taking into account all these items, the
net result attributable to the Group is down by
€22 million, at €588 million. After elimination of
non-controlling interests, the decrease of the net result of
discontinued activities at TAV Istanbul (-€22 million) explains
entirely the decline of the net result attributable to the
Group.
Analysis by segment
Aviation – Parisian
Platforms
(in millions of euros) |
2019 |
2018 |
2019/2018 |
Revenue |
1,929 |
1,890 |
+2.1% |
Airport fees |
1,160 |
1,114 |
+4.1% |
Passenger fees |
726 |
695 |
+4.5% |
Landing fees |
262 |
254 |
+3.0% |
Parking fees |
172 |
165 |
+4.1% |
Ancillary fees |
250 |
239 |
+4.9% |
Revenue from airport safety and security services |
482 |
499 |
-3.3% |
Other income |
37 |
38 |
-4.3% |
EBITDA |
611 |
603 |
+1.4% |
Operating income from ordinary activities |
283 |
307 |
-8.0% |
EBITDA / Revenue |
31.7 % |
31.9 % |
-0.2pts |
Operating income from ordinary activities / Revenue |
14.7 % |
16.3 % |
-1.6pts |
Over 2019, aviation segment revenue, which
includes only Parisian activities, was up by 2.1% at €1,929
million.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) was up by
4.1%, at €1,160 million over 2019, benefiting from the growth
in passenger traffic (+2.5%) and the increase in tariffs. As a
reminder, tariffs (excluding PRM1 fees) have increased by 1.0% as
of 1st April 2019 for Paris-Charles de Gaulle and Paris-Orly. These
fees (excluding PRM1 fees) will rise by +1.595% as of 1st April
2020 on these two platforms.
Ancillary fees were up by 4.9%,
at €250 million, notably due to PRM1 fees (+6.2%, i.e. €3.8
million) and to the income linked to checks-in (+4.6%, i.e. €4.1
million), linked to the traffic increase.
Revenue from airport safety and security
services was down at €482 million, due to the
implementation of a disposal provided for in the finance law for
2019 and applied since April 2019 (-€23 million). As a reminder,
since 1st April 2019, this disposal is introduced in the
article 179 of Law No. 2018-1317 of 28 December 2018 of finance and
is charging Aéroports de Paris of 6% of the costs hitherto fully
covered by the airport tax.
Other income which mostly
consists of re-invoicing the French Air Navigation Services
Division, leasing associated with the use of terminals and other
works services made for third parties. They are down at €37
million.
EBITDA was up by +1.4%,
at €611 million. The gross margin rate decreased by 0.2 points
and stood at 31.7%.
Excluding user fees effect on revenue linked to
airport security and safety services implemented on 1st April 2019,
and excluding receivables impairment related to the bankruptcies of
Aigle Azur and XL Airways (€20 million), the EBITDA would be up by
€44 million and the margin rate would have increased by 2 points,
at 33.9%.
The operating income from ordinary
activities was down by -8.0%, at €283 million over 2019,
due to the increase in amortizations linked with the investment
plan acceleration in 2019 and notably the commissioning of the Orly
junction and the Hall 1 extension in Paris-Orly.
1 Persons with reduced mobility
Retail and services – Parisian
platforms
(in millions of euros) |
2019 |
2018 |
2019/2018 |
Revenue |
1,505 |
1,000 |
+50.6% |
Retail activities |
970 |
490 |
N/A |
Société de Distribution Aéroportuaire |
628 |
N/A |
N/A |
Relay@ADP |
78 |
N/A |
N/A |
Other Shops and Bars and restaurants |
166 |
N/A |
N/A |
Advertising |
57 |
55 |
+4.1% |
Other products |
41 |
49 |
-15.6% |
Car parks and access roads |
172 |
173 |
-0.9% |
Industrial services revenue |
140 |
129 |
+8.6% |
Rental income |
145 |
149 |
-2.8% |
Other income |
78 |
58 |
+34.3% |
EBITDA |
638 |
580 |
+10.1% |
Share in associates and joint ventures from operating
activities |
41 |
2 |
N/A |
Operating income from ordinary activities |
513 |
458 |
+12.1% |
EBITDA / Revenue |
42.4% |
58.0% |
-15.6pts |
Operating income from ordinary activities / Revenue |
34.1% |
45.8% |
-11.7pts |
Over 2019, revenue from Retail and services,
which includes only Parisian activities, was up by 50.6%, at €1,505
million.
Revenue from retail activities
consists in rents received from airside and landside shops, bars
and restaurants, banking and foreign exchange activities, and car
rental companies, as well as revenue from advertising. Since the
takeover of Société de Distribution Aéroportuaire and Relay@ADP in
April 2019, this revenue notably includes realized revenue in
retail areas operated by these two societies in public and reserved
areas, and for Société de Distribution Aéroportuaire the revenue
linked to affiliate commission1 activities and revenue received
from tax refund service delivery. For information, the rents
related to activities operated by Société de Distribution
Aéroportuaire and Relay@ADP previously collected by Aéroports de
Paris S.A. are now subject to an inter segments elimination since
the modification of the applicable consolidation method. The amount
of these eliminations stands at €261 million over the period from
April to December 2019.
Over 2019, retail activities revenue stood at
€970 million, due to:
- Société de Distribution Aéroportuaire full
consolidation since April 2019, of which the revenue stood
at €628 million. In full year, the revenue of Société de
Distribution Aéroportuaire progressed in line with the Core
Business2 performance at +6.8%, linked to the growth in traffic and
in revenue per passenger (favorable scope effects linked to new
shops opening with walkthroughs 2E Hall L and Orly-3). Fashion3
increased a bit less by +6.2% prejudiced by works of the terminal
2E Hall L.
- Relay@ADP full consolidation since April 2019,
of which for the revenue stood at €78 million;
- Rents from other shops and bar and restaurants
for €166 million;
- Other products of retail activities, in which
are included foreign exchange and tax refund activities, decreased
by 15.6%, at €41 million. The previous contract linked foreign
exchange and tax refund activities and was apportioned to Travelex.
Indeed, at the expiration of the previous contract, foreign
exchange activities and tax refund were separated in order to
improve the quality of service and to better meet with customers'
specific expectations. As of now, Cash Paris Tax Refund, a
joint-venture formed by two operators, Global Blue and Planet
Payment, operates tax refund activities and Travelex remains as
foreign exchange operator. The separation of the two activities
triggered a decrease of the average rental rate on these
activities, but should otherwise lead to a better reinvestment of
the refunded tax amount into airside shops and bars &
restaurants. The observed decrease over the year 2019 is therefore
linked to this transition period and the implementation of this new
scheme.
1 Affiliate-commission is a distribution method by which Société
de Distribution Aéroportuaire sells products belonging to a
principal (e.g. a fashion brand) on its behalf and under its brand.
In return, Société de Distribution Aéroportuaire receives the
payment of a commission calculated on the realized revenue of the
sales points. Société de Distribution Aéroportuaire occupies the
sales areas but does not own the goods it offers for sale by its
staff2 Alcohol, tobacco, perfume, cosmetics and gastronomy3
Fashion, leatherwork, shoes
Revenue from car parks was down
by 0.9% and stood at €172 million.
Revenue from industrial
services (supply of electricity and water) was up by 8.6%,
at €140 million.
Rental revenue (leasing of
spaces within terminals) were down by 2.8%, at €145
million.
Other revenue (mainly
consisting in internal services) increased by 34.3%,
at €78 million, notably due to an increase of €21 million
linked to the re-invoicing of works for the Société du Grand Paris
project.
EBITDA of the segment was up by
+10.1%, at €638 million, notably following the Société de
Distribution Aéroportuaire and Relay@ADP full consolidation (+5.6%,
at €612 million excluding these two entities' full
consolidation). The gross margin rate was down (-15.6 points)
at 42.4%. Excluding Société de Distribution Aéroportuaire and
Relay@ADP full consolidation, gross margin rate of the segment
stood at 58.5%, up by 0.5 point.
The share of profit from operating associates
stood at €41 million, due to the reevaluation at fair value of the
share of the interest previously detained at the takeover date of
Société de Distribution Aéroportuaire and Relay@ADP for an amount
of €43 million.
Operating income from ordinary
activities increased by 12.1%, at €513 million.
Real estate – Parisian
platforms
(in millions of euros) |
2019 |
2018 |
2019/2018 |
Revenue |
274 |
265 |
+3.3% |
External revenue |
228 |
218 |
+4.6% |
Land |
117 |
110 |
+6.4% |
Buildings |
69 |
66 |
+4.5% |
Others |
42 |
42 |
+0.2% |
Internal revenue |
46 |
47 |
-2.1% |
EBITDA |
169 |
148 |
+14.8% |
Share in
associates and joint ventures from operating activities |
1 |
3 |
-61.1% |
Operating income from ordinary activities |
122 |
102 |
+20.4% |
EBITDA / Revenue |
61.8% |
55.6% |
+6.2pts |
Operating income from ordinary activities / Revenue |
44.6% |
38.3% |
+6.3pts |
Over 2019, real estate revenue, which includes
only Parisian activities, was up by 3.3%, at €274 million.
External revenue1 was up by
4.6%, at €228 million, mainly driven by new contracts.
EBITDA of the segment was up by
14.8%, at €169 million, due to the increase of external
revenue and products generated following the sale of lands for €7
million.
Share in associates and joint ventures from
operating activities stood at €1 million.
As a consequence, operating income from
ordinary activities increased by €20 million, at €122
million.
1 Generated with third parties (outside the
Group)
International and airports
developments
(in millions of euros) |
2019(1)(2) |
2018(1)(2) |
2019/2018(1)(2) |
Revenue |
1,081 |
941 |
+14.9% |
ADP International |
321 |
246 |
+30.5% |
Of which AIG |
250 |
175 |
+43.2% |
Of which ADP Ingénierie |
57 |
58 |
-1.2% |
TAV Airports |
746 |
695 |
+7.5% |
Société de Distribution Aéroportuaire Croatie |
13 |
- |
N/A |
EBITDA |
326 |
304 |
+7.1% |
Share of profit or loss in associates and joint ventures |
48 |
76 |
-34.8% |
Operating income from ordinary activities |
164 |
223 |
-26.5% |
EBITDA / Revenue |
30.2% |
32.4% |
-2.2pts |
Operating income from ordinary activities / Revenue |
15.2% |
23.8% |
-8.6pts |
- Data takes into account the full consolidation of AIG's results
since April 2018, of Merchant Aviation since August 2018 and of
MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire Croatia)
since April 2019
- Revenue and operating expenses of TAV Istanbul for 2018 and
2019 are presented on a separate line on the income statement as
"net income from discontinued activities", in accordance with the
IFRS 5 standard. Therefore, consolidated revenue, EBITDA and
operating income of the Group don't take into account the activity
of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore,
the line "net income from discontinued activities" includes as well
the profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December 2019)
Over 2019, revenue from International and
airport developments stood at €1,081 million, up by 14.9% compared
to 2018 due to:
- AIG's results full consolidation since April
2018: €53 million revenue in Q1 2019, and €22 million of revenue
increase over the period from April to December 2019 compared to
April to December 2018, driven by the international traffic
dynamics (+6.0%);
- Full consolidation of Société de Distribution
Aéroportuaire Croatia since April 2019, of which the
revenue stands at €13 million;
- Revenue increase for TAV Airports for €51
million, at €746 million, is mainly explained by:
- TAV OS (company specialized in airport lounges management) for
€19 million, due to the full-year effect on operations at Muscat
airport and to the acquisition in January 2019 of the company
Gestio Serveis Trade Center, specialized in VIP lounges management
in airports (fully consolidated in TAV Airports' accounts),
offsetting the decrease in activity linked to the termination of
Istanbul Atatürk in April 2019;
- Havas (company specialized in ground handling) for +€30
million, due to a favorable traffic mix;
- TAV Tunisia (company operating the Monastir and Enfidha
airports concessions) for +€9 million with a traffic growth of
+22.1% having a favorable impact on the product of aviation
fees;
- TAV Izmir for +€7 million and TAV Bodrum for +€5 million,
resulting from the international traffic increase in these airports
and the revenue growth in duty free shops for these two
airports.
The good performances from these TAV Airports'
subsidiaries allowed to offset the revenue decrease of the
subsidiary BTA (company specialized in bars and restaurants) for
-€26 million. BTA endured the termination of Istanbul Atatürk but
started activities in Paris-Orly and Muscat airports.
Revenue of ADP Ingénierie is down by 1.2% and
stood at €57 million. As of 31 December 2019, ADP Ingénierie's
backlog stood at €79 million (vs. €75M as of 31 December 2018).
TAV Airports' EBITDA increased
by 3.4%, at €277million linked to the increase in revenue
(+7.5%), despite the increase in employee benefit costs for €27
million (+13.5%) and the increase of expenses linked to new
operations and the full consolidation of Gestio Serveis Trade
Center.
EBITDA of the segment increased
by 7.1%, at €326 million, mainly due to AIG full consolidation
since April 2018 (+€23 million in total: €16 million of EBITDA in
Q1 2019 and €7 million following the EBITDA increase over the
period from April to December 2019 compared to April to December
2018) and the increase of EBITDA of TAV Airports for €9 million,
offsetting the negative contribution of ADP Ingénierie to the
EBITDA of the segment.
Share of profit from operating
associates stood at €48 million over 2019,
registering a strong decrease compared to 2018, mainly due:
- an unfavorable base effect due to the accounting of the capital
gain on the revalorization of shares already owned in AIG for €23
million over 2018;
- the equity accounting impact of TAV Airports for -€16 million
(of which ATU for €13 million notably following the termination of
Istanbul Atatürk airport).
Operating income from ordinary
activities of the segment is down by 26.5% and stands at
€164 million in 2019, due to the decrease of the share of profit
from operating associates and the increase in amortizations of TAV
Airports for €38 million.
Other activities
(in millions of euros) |
2019 |
2018 |
2019/2018 |
Products |
168 |
156 |
+7.9% |
Hub One |
152 |
155 |
-1.9% |
EBITDA |
29 |
46 |
-36.1% |
Operating income from ordinary activities |
13 |
34 |
-58.5% |
EBITDA / Revenue |
17.8% |
30.1% |
-12.3pts |
Operating income from ordinary activities / Revenue |
8.4% |
21.7% |
-13.4pts |
Over 2019, other activities segment
revenue increased by 7.9%, at €168 million, due to
re-invoicing on realized surveys for the CDG Express project for €8
million (almost neutral in EBITDA).
Hub One saw its revenue decreasing by 1.9%,
at €152 million.
EBITDA of the segment stood
at €30 million, down by €17 million, notably linked to a
faster pace over 2018 than over 2019 in works on the CDG Express
project.
The operating income from ordinary
activities of the segment was down by €21 million and
stood at €14 million.
Highlights of the
period since the publication of the 2019 9-month revenue, on 23
October 2019
Change in passenger traffic over
2019
u Group traffic :
Group traffic (million
passengers) |
Group traffic @100% (mpax) |
Groupe ADP stake(1) |
Stake-weighted
traffic(mpax)(2) |
2019 / 2018 change(3) |
Paris
Aéroport (CDG+ORY) |
108.0 |
@100% |
108.0 |
+2.5% |
Zagreb |
3.4 |
@20.8% |
0.7 |
+3.0% |
Jeddah-Hajj |
6.7 |
@5% |
0.3 |
-7.6% |
Amman |
8.9 |
@51% |
8.9 (@100%) |
+5.9% |
Mauritius |
3.9 |
@10% |
0.4 |
+0.6% |
Conakry |
0.6 |
@29% |
0.2 |
+12.3% |
Santiago de Chile |
24.6 |
@45% |
11.1 |
+5.7% |
Madagascar |
1.3 |
@35% |
0.4 |
+8.4% |
Antalya - TAV Airports |
35.7 |
@23.1% |
35.7 (@100%) |
+12.6% |
Ankara
Esenboga - TAV Airports |
13.7 |
@46.1%(4) |
13.7 (@100%) |
-18.2% |
Izmir
- TAV Airports |
12.4 |
@46.1%(4) |
12.4 (@100%) |
-7.6% |
Other
airports– TAV Airports(5) |
27.3 |
@46.1%(4) |
27.3 (@100%) |
+4.6% |
TOTAL GROUP (excl. Atatürk) |
243.1 |
|
218.4 |
+2.3% |
Istanbul Atatürk - TAV Airports |
16.1 |
@46.1%(4) |
16.1 (@100%) |
N/A |
TOTAL GROUP (incl. Atatürk) |
259.2 |
|
234.5 |
-16.7% |
(1)Direct or indirect(2) Total traffic is calculated using the
following method: traffic at the airports that are fully integrated
is recognized at 100%, while the traffic from the other airports is
accounted for pro rata to Groupe ADP’s percentage holding. Traffic
in TAV Airports' airports is taken into account at 100% in
accordance with TAV Airports' financial communication practices(3)
Change in 2019 traffic as compared to 2018. For TAV Airports,
change in traffic in 2019 vs 2018 is calculated on a comparable
basis and includes traffic on Antalya Airports since January
2018(4) Share of TAV Airports detained by Groupe ADP(5) Turkey
(Milas-Bodrum & Gazipaşa), Croatia (Zagreb), Saudi Arabia
(Medinah), Tunisia (Monastir & Enfidha), Georgia (Tbilissi
& Batumi), and Macedonia (Skopje & Ohrid) |
u Paris Aéroport traffic
Over 2019, traffic at Paris Aéroport grew by
+2.5% with a total of 108 million of passengers welcomed, of which
76.2 million at Paris-Charles de Gaulle (+5.4%) and 31.9 million at
Paris-Orly (-3.8%). The decrease in traffic at Paris-Orly is
notably due to the movement limitations induced by the closure for
work of Orly's main runway (closed on July 28th and reopened since
December 2nd) as well as to the effects of the bankruptcy of the
airline Aigle Azur, which ceased its activities as from the evening
of Friday, September 6.
Geographical breakdown is as follows:
- International traffic (excluding Europe) was up (+3.7%), due to
a growth in the following destinations: North America (+7.3%),
Latin America (+6.1%), the French Overseas Territories (+5.5%),
Africa (+1.5%), Middle East (+1.4%), Asia-Pacific (+1.1%);
- European traffic (excluding France) was up by 2.5%;
- Traffic within France was down by -0.3%.
Geographic split Paris
Aéroport |
2019 / 2018 change |
Share of total traffic |
France |
-0.3% |
15.0% |
Europe |
+2.5% |
43.8% |
Other international |
+3.7% |
41.3% |
Of
which |
|
|
Africa |
+1.5% |
11.3% |
North America |
+7.3% |
10.9% |
Latin American |
+6.1% |
3.1% |
Middle East |
+1.4% |
5.2% |
Asia-Pacific |
+1.1% |
6.4% |
French Overseas Territories |
+5.5% |
4.4% |
Total Paris Aéroport |
+2.5% |
100.0% |
The number of connecting passengers increased by
7.4%. The connecting rate stood at 22.7%, up by 1.0 points compared
to 2018. The load factor was up by 0.9 points, at 86.5%. The number
of air traffic movements (716,524) was up by 0.9%.
Discussions by TAV Airports for the
acquisition of Almaty International Airport in
Kazakhstan
The consortium formed by TAV Airports (of which
Groupe ADP owns 46.12% of the capital) and VPE Capital, has started
discussions with the owner of Almaty International Airport in
Kazakhstan regarding the potential acquisition of this asset, which
may be achieved in the upcoming weeks / months.
The airport of Almaty, Kazakhstan's economic
capital, is the biggest airport in Central Asia: it welcomed
approximately 6 million passengers in 2018, half of which were from
international routes. Kazakhstan, the biggest landlocked country in
the world with 2.7 million square km, is the driver of economic
growth in the region, and stands for 60% of Central Asia's GDP.
This operation fits into Groupe ADP and TAV
Airports' development strategy in Central Asia.
Groupe ADP gets a new organization to
optimize its performance and expansion and makes new
appointments To keep on and enhance its value creation
strategy, Groupe ADP implements a new integrated organization for
the entire group, with the creation of two news departments, the
identification of ten business lines and a strengthening of the
operational links between Groupe ADP and TAV Airports.
Groupe ADP wishes to continue the expansion of
the Parisian Airports and to seize new international opportunities
to build a sustainable global airport leader. Its ambition is that
International activities will contribute between 35% and 40% to the
group's EBIT by 2025 (vs 27.4% in 2018). In the same time, TAV
Airports aims to keep to expand its activities both in Turkey and
in other countries.
It implies for Groupe ADP to boost development
while ensuring its financial strength. This strategy is based on an
industrial vision and involves a better integration of TAV Airports
and Airport International Group into the group, in order to foster
operational synergies, optimize resources and create maneuvering
margins to continue the development of the entire group.
With this in mind, Groupe ADP adapts its
organization with four components:
- the setting up of a global Development Department, which will
gather all the prospection teams dedicated of the group. This
department will be in charge of all the development projects,
including non-airport developments and those of service
subsidiaries (BTA, specialized in catering; ATU focused in duty
free retail, etc.);
- the setting up of a global Operations Department, whose
competencies will be extended at international level. It will be
notably in charge of the animation of managers of airports
platforms in France and abroad;
- the setting up of 10 "group" sectors business lines each one
around skills family systematically taking into account the
expertise related to innovation and sustainable development. These
business lines will operate in a matrix mode with hierarchical
connections, but also functional ones. They will therefore
contribute to the group's synergies development;
- finally, the setting up of a new coordination body focused on
development and performance. Groupe ADP and TAV Airports' executive
committees remain unchanged, and a new "Development and Performance
Committee" is created, gathering 8 members belonging of both
companies.
Augustin de Romanet, Chairman and CEO of
Aéroports de Paris SA - Groupe ADP, made the appointments of the
two managers of the departments thus created:
Starting the 2 January 2020:
- Fernando ECHEGARAY is appointed Deputy Executive Officer, in
charge of Operations Groupe ADP, member of the Executive Committee.
He joined Groupe ADP in June 2017 and held previously the job of
CEO of ADP
International.
- Xavier HÜRSTEL is appointed Deputy Executive Officer of Groupe
ADP, in charge to coordinate the development operations of Groupe
ADP, member of the Executive Committee.
Groupe ADP welcomes the announcement by
Turkish authorities of the compensation due to TAV Airports for the
early closure of Atatürk airport TAV Istanbul had the
right to operate, in application of a contract of lease signed with
the National Airports Authority (“DHMI”), the national and
international airport of Atatürk, the car park and the general
aviation terminal for 15 and a half years, from 03/07/2005 at 00:01
to 02/01/2021 at 24:00 hours. Following a decision by the Turkish
authorities, all commercial flights were transferred to the new
Istanbul airport from 6 April 2019 at 02:00 am.
By official letter sent to TAV Airports by the
DHMI, the DHMI had declared that it would compensate to TAV
Airports the loss of profit that could result from the opening of
the New Istanbul Airport before the end of the contract on 3
January 2021 and that independent accounting firms may be consulted
on the calculation of the total amount of profit losses. After many
months of exchanges on the calculation of this compensation and
joint expert opinions by international accounting firms, a proposal
of compensation of an amount of 389 million euros was made and
agreed by TAV Airports. This receivable being paid in part in 2020
and for the remaining in 2021, a receivable has been recognized for
the discounted amount of the compensation, i.e €385 million. This
income is offset by the removal of operating rights and other
assets of TAV Istanbul which were included in the assets side of
the consolidated balance sheet, the balance corresponding to an
income net of taxes and before elimination of non-controlling
interests of €31 million.
The global impact on the result presented on the
line "Net result from discontinued activities" stands at €55
million and includes the net income from the activity of TAV
Istanbul until 6 April 2019 as well as the income net of taxes
realized under the early closure of the activity. The effect on the
net result attributable to the Group due to the discontinued
activities stands at €26 million.
Events having occurred since 31
December 2019
Approval of the 2020 airport
fees
In December 2019, Aéroports de Paris filled its
request for the approval of the 2020-2021 airport fees pricing
period, which is the last pricing period under the 2016-2020
Economic Regulation Agreement. The request for approval has been
declared complete on the same day by the Transport Regulation
Authority (ART) which now replaces the ISA (Independent Supervisory
Authority) as from now.
Aéroports de Paris submitted to the ART's approval the yearly
pricing evolution of the following fees:
- +1.595% for Paris-Charles de Gaulle and Paris-Orly
airports;
- +2.02% for Paris-Le Bourget airport.
By decree n°2020-001 of 9 January 2020, the ART
has approved the airport fees pricing applicable to Paris-Charles
de Gaulle, Paris-Orly and Paris-Le Bourget airports as of 1st April
2020, subject to modification in the cap of the price discount on
the fee per passenger for its base on Origin/Destination passengers
from €3.29 million to 5.29 million.
Dividend payment policy
The Board of Directors approved, on 10 February
2020, the social and consolidated financial statements for the year
ended 31 December 2019. During this meeting, it decided to propose
to the vote of the next Annual Shareholders General Meeting, to be
held on 12 May 2020, the payment of a dividend of €3.70 per share
for 2019. It is specified that an interim dividend of €0.70 per
share has been paid out on 10 December 2019. Subject to the
approval of the Annual General Meeting, the ex-dividend date would
be on 10 June 2019, and payment would be made on 8 June 2020. This
dividend corresponds to a payout ratio of 62% of the 2019 net
income attributable to the Group.
Forecasts
2020 Forecasts
|
2020 forecasts |
Traffic
growth assumption |
Traffic growth assumption for Paris Aéroport:
increase between +2% and +2.5% in 2020 vs 2019
Traffic growth assumption for TAV Airports between +3% and +5%
between 2020 and 2019, calculated without Istanbul Atatürk in
2019 |
Consolidated EBIDTA |
Consolidated Group EBITDA growth 2020(1)(2)(3)(4)
between +3.5% and +5.5% compared to 2019
Consolidated EBITDA growth excluding TAV AIRPORTS and AIG(3)(4)
between +3% and +4.5% compared to 2019 |
Dividend |
Proposed dividend(5) of €3.70 per share for 2019, stable
compared to 2018 |
(1) TAV Airports' EBITDA
guidance for 2020, underlying Group's EBITDA guidance, is built on
the assumption of the following exchange rate assumptions: EUR/TRY
= 6.87 ; EUR/USD =1.12(2) The IFRS 5
standard "Non-current assets held for sale and discontinued
operations" is applying to TAV Istanbul's activities as of the
termination of activities at Istanbul Atatürk airport on 6 April
2019 (see the press release from 8 April 2019). The revenue and
operating expenses of TAV Istanbul for 2018 and 2019 are therefore
presented on a separate line on the income statement titled "net
income from discontinued activities". Consolidated revenue, EBITDA
and operating income of the Group don't take into account the
activity of Istanbul Atatürk airport anymore. Furthermore, the line
"net income from discontinued activities" includes as well the
profit following the announcement by Turkish authorities of the
compensation due to TAV Airports for the early closure of Atatürk
airport, after taxes and the impact of corresponding assets
disposal (for €31M before elimination of non-controlling
interests)(see the press release from 26 December
2019)(3) Takes into account the
introduction, since 1st April 2019, of the mechanism charging
Aéroports de Paris 6% of the costs hitherto fully covered by the
airport tax, in accordance with Article 179 of Law No. 2018-1317 of
28 December 2018 of finance(4) Excluding
potential effects on ADP’s accounts related the sell by the State
of the majority of ADP’s capital (according to the PACTE law
provisions) (5) Subject to the
approval of the General Meeting of the Shareholder approving the
2019 accounts
The achievement of these forecasts are subject
to the assumption of traffic growth in Paris Aéroport and the good
run of TAV Airports' strategy.
2016-2020 Period guidance's
revision
Groupe ADP 2016-2020 targets, as announced on 14
February 2019 are partially revised and have to be understood
independently from the effect of the full consolidation of TAV
Airports and AIG. Groupe ADP will continue to present a
consolidated EBITDA excluding the effect of the full consolidation
of TAV Airports and AIG in order to follow the EBITDA target.
|
2016-2020 targets as revised on14 February
2019 |
2016-2020 targets on 10 February 2020 |
Traffic |
Yearly increase between 2.8% and 3.2% on average between 2016 and
2020, of which international traffic between +3.6% and 4%
|
Unchanged |
Consolidated EBITDA 2020 between 2014 and
2020e |
Increase between +30% and +40% |
Unchanged |
ROCE of the regulated scope (1) |
Level between 5.6% and 5.8% in 2020e |
Unchanged |
Operational expenditures over the regulated scope (in
constant euros) |
Decrease between –10% and –15% between 2015 and 2020 |
Unchanged |
Parent company operating expenses (2) |
Limit the growth of operating expenses to a level around 2.2% in
average per year between 2015 and 2020 |
Unchanged |
Dividend |
Maintained pay-out of 60% of NRAG 2019 |
Unchanged |
Sales/PAX |
€23 in full year after infrastructure projects delivery |
Revised: delaying of the target from 2020 to 2021
€23 in fully year after infrastructure projects delivery in
2021 (delivery of the junction of terminal 1 at Paris-CDG in
2021) |
Real estate |
Growth in external rents (excluding re-invoicing and indexation)
from real estate : between 10% to 15% between 2014 and 2020e |
Unchanged |
Quality of service |
Overall ACI/ASQ rating of 4 in full year after infrastructure
projects delivery |
Revised: delaying of the target from 2020 to 2021
Overall ACI/ASQ 4 in full year after infrastructure
projects delivery in 2021 (delivery of the junction of terminal 1
at Paris-CDG in 2021) |
Extra-financial notation (3) |
Assumption of 86/100 in 2020 |
Unchanged |
(1) Return on capital employed computed as
operating income of the regulated scope after normative taxes on
societies compared with the regulated assets scope(2) Excluding
SGP(3 Extra-financial notation: ADP and its subsidiaries at 100
%
Forecasts presented here-above are based on
data, assumptions and estimates considered as reasonable by the
management of the Groupe.
Agenda
u Tuesday 11 February 2020: Analysts
meeting at 11:00 am (CET)
Listening live:
From
France:
+33 (0)1 70 72 25 50
From other
countries:
+44 (0)33 0336 9125
Confirmation code:
2744638
Webcasting of the analysts meeting on our
website by clicking on the link for the webcast and the
presentation: finance.groupeadp.fr
- Next traffic figures
publication:
- Thursday 13 February 2020: January 2020 traffic figures
- Next financial results publication:
- Thursday 23 April 2020: First quarter 2020 revenue
- General Meeting of Shareholders:
Disclaimer
This press release does not constitute an offer
to purchase financial securities within the United States or in any
other country.
Forward-looking disclosures (including, if so,
forecasts and objectives) are included in this press release. These
forward-looking disclosures are based on data, assumptions and
estimates deemed reasonable at the diffusion date of the present
document but could be unprecise and are, either way, subject to
risks. There are uncertainties about the realization of predicted
events and the achievements of forecasted results. Detailed
information about these potential risks and uncertainties that
might trigger differences between considered results and obtained
results are available in the registration document filed with the
French financial markets authority on 23 April 2019 under
D-19-0373, retrievable online on the AMF website www.amf-france.org
or Aéroports de Paris website www.parisaeroports.fr.
Aéroports de Paris do not commit and shall not
update forecasted information contained in the document to reflect
facts and posterior circumstances to the presentation date.
Investor Relations
Audrey Arnoux: + 33 1 74 25 70 64 –
invest@adp.fr
Press
Lola Bourget: + 33 1 74 25 23 23
Investor Relations: Audrey Arnoux, Head of Investor
Relations +33 1 74 25 70 64 -
invest@adp.frPress contact: Lola Bourget,
Head of Medias and Reputation Department +33 1 74 25 23
23
Groupe ADP develops and manages airports,
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
In 2019, the group handled through its brand Paris Aéroport more
than 108 million passengers and 2.2 million metric tons of freight
and mail at Paris-Charles de Gaulle and Paris-Orly, and more than
110 million passengers in airports abroad. Boasting an exceptional
geographic location and a major catchment area, the Group is
pursuing its strategy of adapting and modernizing its terminal
facilities and upgrading quality of services; the group also
intends to develop its retail and real estate businesses. In 2019,
group revenue stood at €4,700 million and net income at €588
million.Registered office: 1 rue de France – 93290 Tremblay en
France, France. A public limited company (Société Anonyme) with
share capital of €296,881,806. Registered in the Bobigny Trade and
Company Register under no. 552 016 628.
groupeadp.fr
Appendix 1: 2018 restated financial
statements
Restatement of 2018 financial statements
for comparison with 20191
As a reminder, in accordance with IFRS 5
standard " Non-current Assets Held for Sale and Discontinued
Operations", Group ADP discloses a single amount in the statement
of comprehensive income on the line net income from discontinued
operations, all components2 that have been disposed by the Group
(shutdown of operations) or which are classified as held for sale,
and :
- which represents a separate major line of
business or geographical area of operations;
- are part of a single coordinated plan to
dispose of a separate major line of business or geographical area
of operations; or
- if it is a subsidiary acquired exclusively
with a view to resale.
For discontinued operations, this
reclassification applies at the date the activity has been
disposed.
In order to facilitate the reading and
understanding of the Group's performance in 2019 compared to 2018,
restated financial statements for 2018 have been prepared and are
as follows:
2018 restated income statement
(in millions of euros) |
FY2018 as published |
FY2018 restated |
Revenue |
4,478 |
4,007 |
EBITDA |
1,961 |
1,680 |
Share
in associates |
81 |
81 |
Operating income from ordinary activities |
1,238 |
1,123 |
Operating income |
1,236 |
1,121 |
Financial income |
(206) |
(232) |
Income before tax |
1,030 |
889 |
Income
tax expense |
(335) |
(297) |
Net results from continuing activities |
695 |
592 |
Net results from discontinued
activities |
- |
103 |
Net income |
695 |
695 |
Net income attributable to the Group |
610 |
610 |
1 See press release of 14 February 2019 available on
www.parisaeroport.fr. These figures cancels and replace the figures
related to the Istanbul Atatürk's pro forma restatement of the
press release of 14 February 2019.
2 By component is meant an element that
comprises operations and cash flows that can be clearly
distinguished, operationally and for financial reporting purposes,
from the rest of the entity.
2018 restated comprehensive income
(in millions of euros) |
FY2018 published |
FY2018 restated |
Net income |
695 |
695 |
Recyclable elements to the consolidated income
statement |
22 |
22 |
Including share of other comprehensive income linked to
discontinued activities |
- |
(6) |
Non-recyclable elements to the consolidated income
statement |
(15) |
(15) |
Including actuarial gains/losses in benefit obligations linked to
discontinued activities |
- |
(1) |
Total comprehensive income for the period |
702 |
702 |
attributable to non-controlling interests |
81 |
81 |
attributable to the Group |
621 |
621 |
2018 restated statement of cash flows
(in millions of euros) |
FY2018 published |
FY2018 restated |
Operating income |
1,236 |
1,121 |
Operating cash flow before change in working capital and
tax |
1,836 |
1,576 |
Change in working capital |
(3) |
(44) |
Cash flows from operating activities |
1,552 |
1,551 |
including
impact of discontinued activities |
- |
234 |
Cash flows from investing activities |
(1,636) |
(1,636) |
including impact of discontinued
activities |
- |
(1) |
Cash flows from financing activities |
227 |
227 |
including impact of discontinued
activities |
- |
(83) |
Change in cash and cash equivalents |
145 |
145 |
Net
cash and cash equivalents at beginning of the period |
1,910 |
1,910 |
Net
cash and cash equivalents at end of the period |
2,055 |
2,055 |
of which Cash and cash equivalents |
2,056 |
2,056 |
of which Bank overdrafts |
(1) |
(1) |
Appendix 2: 2019 consolidated financial
statements
2019 consolidated income statement
(in millions of euros) |
FY2019 |
FY2018* |
Revenue |
4,700 |
4,007 |
Other
operating income |
80 |
57 |
Employee benefit costs |
(520) |
(195) |
Other
operating expenses |
(930) |
(861) |
Other operating expenses |
(1,535) |
(1,382) |
Net allowances to provisions and Impairment of receivables |
(23) |
54 |
EBITDA |
1,772 |
1,680 |
EBITDA/Revenue |
37.7% |
41.9% |
Amortization and impairment of tangible and intangible assets |
(768) |
(638) |
Share of profit or loss in associates
and joint ventures from operating activities |
90 |
81 |
Operating income from ordinary activities |
1,094 |
1,123 |
Other operating income and expenses |
(13) |
(2) |
Operating income |
1,081 |
1,121 |
Financial income |
99 |
71 |
Financial
expenses |
(305) |
(303) |
Financial income |
(206) |
(232) |
Income before tax |
875 |
889 |
Income tax expense |
(293) |
(297) |
Net income from continuing activities |
582 |
592 |
Net
results from discontinued activities |
55 |
103 |
Net income |
637 |
695 |
Net income attributable to the Group |
588 |
610 |
Net income attributable to
non-controlling interests |
49 |
85 |
Basic earnings per share (in €) |
|
|
Diluted earnings per share (in €) |
5.95 |
6.16 |
Earnings per share from continuing activities attributable
to the Group |
5.95 |
6.16 |
Basic
earnings per share (in €) |
|
|
Diluted
earnings per share (in €) |
5.69 |
5.68 |
*Restated accounts as described in the notes 2.2 & 12 of the
2019 consolidated financial statements
Consolidated balance sheet as of 31 December 2019
(in millions of euros) |
As of 31/12/2019 |
As of 31/12/2018 |
|
|
Intangible assets |
3,304 |
3,560 |
|
Tangible assets |
7,930 |
7,272 |
|
Investment property |
510 |
509 |
|
Investments in associates |
1,019 |
1,146 |
|
Other
non-current financial assets |
682 |
403 |
|
Deferred tax assets |
37 |
- |
|
Non-current assets |
13,482 |
12,890 |
|
Inventories |
94 |
38 |
|
Contract assets |
3 |
9 |
|
Trade
receivables |
609 |
628 |
|
Other
receivables and prepaid expenses |
382 |
239 |
|
Other
current financial assets |
176 |
201 |
|
Current tax assets |
65 |
6 |
|
Cash and cash equivalents |
1,982 |
2,056 |
|
Current assets |
3,310 |
3,177 |
|
Total assets |
16,793 |
16,067 |
|
(in millions of euros) |
As of 31/12/2019 |
As of 31/12/2018 |
|
|
Share
capital |
297 |
297 |
|
Share
premium |
543 |
543 |
|
Retained earnings |
4,341 |
4,096 |
|
Other equity items |
(149) |
(86) |
|
Shareholders' equity - Group share |
5,032 |
4,850 |
|
Non-controlling interests |
975 |
951 |
|
Shareholders' equity |
6,007 |
5,801 |
|
Non-current debt |
6,077 |
5,970 |
|
Provisions for employee benefit obligations (more than one
year) |
511 |
484 |
|
Other
non-current provisions |
47 |
39 |
|
Deferred tax liabilities |
371 |
383 |
|
Other non-current liabilities |
798 |
780 |
|
Non-current liabilities |
7,804 |
7,656 |
|
Contract liabilities |
2 |
6 |
|
Trade
payables |
679 |
590 |
|
Other
debts and deferred income |
812 |
793 |
|
Current debt |
1,362 |
1,159 |
|
Provisions for employee benefit obligations (less than one
year) |
14 |
9 |
|
Other
current provisions |
5 |
16 |
|
Current tax liabilities |
107 |
37 |
|
Current liabilities |
2,982 |
2,610 |
|
Total equity and liabilities |
16,793 |
16,067 |
|
2019 consolidated statement of cash flows
(in millions of euros) |
FY2019 |
FY2018* |
Operating income |
1,081 |
1,121 |
Depreciation, amortization and impairment losses (excluding current
assets) |
619 |
519 |
Net
gains on disposals |
(53) |
(64) |
Operating cash flow before change in working capital and
tax |
1,647 |
1,576 |
Change in working capital |
145 |
(44) |
Tax
expenses |
(321) |
(215) |
Cash
flow from discontinued activities |
82 |
234 |
Cash flows from operating activities |
1,553 |
1,551 |
Purchase of property, plant, equipment and intangible assets |
(1,203) |
(1,077) |
Change
in debt and advances on asset acquisitions |
- |
50 |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(35) |
(630) |
Change
in other financial assets |
- |
1 |
Proceeds from sale of property, plant and equipment |
(102) |
(20) |
Dividends received |
19 |
2 |
Cash
flow from discontinued activities |
173 |
39 |
Cash flows from investing activities |
- |
(1) |
Capital grants received in the period |
(1,148) |
(1,636) |
Revenue from issue of shares or other equity instruments |
4 |
3 |
Net
purchase/disposal of treasury shares |
(366) |
(342) |
Dividends paid to shareholders of the parent company |
(79) |
(65) |
Dividends paid to non-controlling interests in the
subsidiaries |
877 |
1 064 |
Proceeds from long-term debt |
(749) |
(254) |
Repayment of long-term debt |
(10) |
- |
Change
in other financial liabilities |
(2) |
66 |
Interest paid |
(209) |
(179) |
Interest received |
43 |
17 |
Cash
flows from discontinued activities |
2 |
(83) |
Cash flows from financing activities |
(489) |
227 |
Impact
of currency fluctuations |
1 |
3 |
Change in cash and cash equivalents |
(82) |
145 |
Net
cash and cash equivalents at beginning of the period |
2,055 |
1,910 |
Net
cash and cash equivalents at end of the period |
1 973 |
2,055 |
of
which Cash and cash equivalents |
1,982 |
2,056 |
of
which Bank overdrafts |
(9) |
(1) |
*Restated accounts as described in the notes 2.2 & 12 of the
2019 consolidated financial statements
Other incomes and expenses
- Aéroports de Paris SA - 2019 Full-year results financial
release
- Groupe ADP - 2019 Full-year results
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