Aéroports de Paris: A first quarter of 2020 marked by the first
impacts of the Covid-19 pandemic
FINANCIAL RELEASE AS OF 31 MARCH 2020123 April
2020
Aéroports de Paris SAA first quarter of
2020 marked by the first impacts of the Covid-19
pandemic
Consolidated revenue down by
5.6%2 3 at €911 million (down by 15.1% excluding
full consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP)
- Groupe ADP's traffic4 5 6: decline by 10.1%,
at 44.5 million passengers
- Paris Aéroport traffic (Paris-Charles de
Gaulle and Paris-Orly): -20.9%, at 18.8 million
passengers
- Aviation activities (-15.0%): decrease in
revenue from airport fees (-17.0%, at €210 million)
- Retail and services (+19.8%): increase in
revenue from retail activities due to the full consolidation of
Société de Distribution Aéroportuaire and of Relay@ADP7 as of April
2019. Excluding this full consolidation, the revenue from this
segment would be down by 16.7%. Revenue per passenger8 of airside
shops is up by 3.5 %, at €20.0
- Real Estate (+2.8%): growth in external
revenue9 (+3.2%, at €70 million) driven by the full year effect of
new contracts signed in 2019
- International and airports developments
(-16.8%): decrease in the revenues of TAV Airports (-21.2%) and of
Airport International Groupe (-15.9%)
- Other activities (-11.7%) : decrease due to
reduction of surveys repayments for the CDG Express project
Groupe ADP revenue by segment for the first quarter of
2020 compared to the first quarter of 2019
(in
millions of euro – unless otherwise stated) |
Q1 2020 |
Q1 2019(2) |
2020/2019(2) |
Revenue(1) |
911 |
966 |
-5.6% |
Aviation |
376 |
442 |
-15.0% |
Retail
and services |
297 |
248 |
+19.8% |
of which Société de Distribution Aéroportuaire |
133 |
N/A |
N/A |
of which Relay@ADP |
15 |
N/A |
N/A |
Real estate |
83 |
80 |
+2.8% |
International and airport developments |
182 |
219 |
-16.8% |
of which TAV Airports |
118 |
149 |
-21.2% |
of which AIG |
45 |
53 |
-15.9% |
Other activities |
35 |
40 |
-11.7% |
Inter-sector eliminations |
-61 |
-63 |
-3.8% |
- These figures take into account the full consolidation of
Société de Distribution Aéroportuaire and of Relay@ADP results
since April 2019.
- The consolidated revenue of €1,080 million as of 31 March 2019
which has been published on 26 April 2019 was restated in order to
take into account, in compliance with IFRS 5 standard, Istanbul
Atatürk airport end of operation as of 6 April 2019. The
consolidated restated revenue therefore does not include the
revenue from Istanbul Atatürk airport in 2019. As a reminder the
revenue related to Istanbul Atatürk airport stood at €115 million
for the first quarter of 2019
Augustin de Romanet, Chairman and CEO of
Aéroports de Paris SA – Groupe ADP, stated:
"This first quarter has been marked by the
Covid-19 pandemic, the scale and effects of which have continuously
amplified. In this context, Groupe ADP took full measure of the
crisis and its priorities have been to ensure the safety of its
employees and customers. Furthermore, the group quickly engaged an
important operational and financial optimization plan in order to
stabilize its financial situation but also to take account the
situation of its airlines customers and its providers. All the
group's activities having been heavily affected in March, the
consolidated revenue has decreased on average by 5.6% over the
first 3 months of 2020, at €911 million. Excluding the full
consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP, the revenue is down by 15.1%. Over the first quarter of
2020, group traffic is down by 10.1%, with a total of 44.5 million
passengers and traffic at Paris Aéroport is down by 20.9%, with
18.8 million passengers. This decline in traffic has amplified in
April and main at a low level in May. A gradual recovery is
expected from June onwards. The key to this recovery will be to
restore confidence among travelers, mainly by reassuring them on
the sanitary conditions which will be ensured on departure, on
board and on arrival. This is a matter involving all of the
aviation sector, which thus should focus on restoring in a
coordinated manner this confidence ecosystem. I would like to pay
tribute to the commitment and spirit of responsibility of the
employees of the group during these challenging times."
Update on the situation related
to the Covid-19 pandemic
Between 1st and 14 April 2020, the decrease in
passengers traffic figures and in aircraft movements has amplified
on the Parisian platforms, with an estimated downward trend
respectively by -98.0% and by -93.8% compared to the period between
1st and 14 April 201910.
The 2020 traffic assumptions11 of Groupe ADP
published on 10 February 2020 as well as the 2020 EBITDA forecast
and the 2016-2020's financial targets of the Connect 2020 plan
(traffic, EBITDA, regulated ROCE) have been considered as no longer
valid by the Group12.
The impact of the decline in activity on the
group's 2020 full-year results may not be precisely assessed at
this stage given the uncertainties over the terms and the calendar
of traffic normalization in the different geographic areas.
European or foreign authorities' decisions,
notably regarding the closing and reopening of some destinations,
had and will have a strong impact on the situation of the airport
platforms of the Group. Moreover, the decision of a moratorium on
airports slots, taken by European authorities on 26 March 2020,
accelerated the decline in traffic by allowing airlines to not
operate some flights anymore without losing the corresponding
slots.
The global impact on 2020 will depend both on
the duration of the viral episode and its consequences on the
economy in general and on air transport in particular. It will also
depend on the rate of progress on which the activity will recover
after this episode. We may hope that the recovery will occur
gradually from June onwards, after a second quarter that should be
severely impacted by the crisis.
Groupe ADP considered a sensitivity analysis
based on a decline in traffic at Paris Aéroports and on other
platforms operated by Airport International Group and TAV Airports
between around –55% and -65% between the months of April and
December 2020. Under these conditions, the impact on the group's
consolidated revenue would be from around€2 to €2.5 billion. The
assumptions of this sensitivity analysis may be different and are,
either way, subject to risks and uncertainties.
It is not possible at this stage to infer
relevant material from this sensitivity analysis to the group's
EBITDA. Groupe ADP furthermore reiterates that it has engaged an
important operational and financial optimization
plan. This plan notably aims to reduce costs endured by
Groupe ADP but also to take into account the situation of its
airlines customers and its providers.
This plan firstly takes the form of
infrastructure closures to commercial traffic on
our Parisian and international platforms. For Paris-Charles de
Gaulle, since 30 March 2020, only terminals A, C, 2E Hall K and 2F
are open in order to operate the entirety of commercial flights.
For Paris-Orly, commercial traffic is temporarily suspended since
1st April 2020. For the international platforms of Groupe ADP13,
only 3 airports operated by TAV Airports remain open to commercial
flights, although only partially (Ankara, Antalya and Izmir). The
other airports of the group, except Liège airport, are either
closed or subject to strong operational restrictions.
Within this context, Groupe ADP engaged in an
important plan for the stabilization of the financial
situation of the group with the aim of reducing current
operating expenses for 2020 by €270m, excluding additional savings
linked to the resort to partial activity for Aéroports de Paris.
Only the expenses linked to the proper running of the company,
guaranteeing the safety and security of operations and those of its
airlines and passenger customers will be engaged. Moreover, the
resort to the partial activity of its employees has been
implemented as of 23 March. It applies to approximately 70 %
of Aéroports de Paris' employees. The expected decrease in expenses
linked to the measure is valued between €20 and €25 million per
month.
Regarding the 2020 investments, Groupe ADP is
preparing a plan for the adaptation and rationalization of its
works in order to take into consideration its financial situation
and the availability of the contractors.
Lastly, in compliance with applicable
regulation, this plan includes support measures in
favor of the airlines and the group's counterparties particularly
affected by the effects of the outbreak. Thus, Groupe ADP suspends,
as of today, the parking fees for aircrafts immobilized on the
Parisian platforms because of the crisis. The rental and leasing
expenses for unoccupied premises located in the closed terminals
will not be due for the closure period of these terminals. In the
extent of its possibilities and taking into account its own
treasury situation, Groupe ADP will take into consideration the
difficulties endured by its customers affected by the effects of
the outbreak to adapt the payment conditions applicable to
them.
Groupe ADP disposed of a
treasury standing at €1,400 million as of 31 March
2020. Aéroports de Paris has since proceed to the issue, on April
2nd 2020, of a €2.5 bn bond (a first part of €1 bn maturing in 2026
and a second part €1.5 bn maturing in 2030). Groupe ADP thus
disposed of a solid treasury allowing it to face both its upcoming
maturities but also to dispose of important means of reaction and
adaptation in the current sanitary and exceptional economic
context. Given its available treasury and the success of the bond
issue, the group does not expect treasury issues on the short term,
nor financing difficulties on the mid and long term.
First quarter of 2020 consolidated revenue – Analysis by
segment
Aviation activities – Parisian
platforms
(in millions of euros) |
Q1 2020 |
Q1 2019 |
2020/2019 |
Revenue |
376 |
442 |
-15.0% |
Airport fees |
210 |
253 |
-17.0% |
Passenger fees |
124 |
155 |
-20.4% |
Landing fees |
51 |
59 |
-12.7% |
Parking fees |
35 |
39 |
-9.9% |
Ancillary fees |
49 |
61 |
-19.3% |
Revenue from airport safety and security services |
108 |
120 |
-9.6% |
Other income |
9 |
9 |
-0.4% |
Over the first quarter of 2020, revenue from the
Aviation segment, which only includes Parisian aviation activities,
is down by 15.0%, at €376 million.
Over the first quarter of 2020, the decrease in
revenue of the Aviation segment (-15%) does not
vary in the same proportion as the passenger traffic over the same
period (-20.0%), notably due to rigidity of revenue from airport
safety and security considering the fixed charges.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) is down by
17.0%, at €210 million, due to the decline in passenger traffic
compared to the first quarter of 2019.
As a reminder, Groupe ADP has suspended since 16
March 2020 the parking fees for aircrafts immobilized on the
Parisian platforms because of the crisis linked to Covid-1914.
Revenue from ancillary fees is
down at €49 million due to the decline in passenger traffic.
Revenue from airport safety and security
services was down at €108 million, due the decline in
passenger traffic and to the implementation of a disposal provided
for in the finance law for 2019 and applicable since April 2019
(-€7 million). As a reminder, 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 airports safety costs
hitherto fully covered by the airport tax product.
Other income mostly consists in
re-invoicing the French Air Navigation Services Division and
leasing associated with the use of terminals and other works
services made for third parties. It was nearly stable over the
first quarter of 2020, at €9 million.
Retail and services – Parisian
platforms
(in millions of euros) |
Q1 2020 |
Q1 2019 |
2020/2019 |
Chiffre d'affaires |
297 |
248 |
+19.8% |
Retail
activities |
182 |
111 |
N/A |
Société de Distribution Aéroportuaire |
133 |
N/A |
N/A |
Relay@ADP |
15 |
N/A |
N/A |
Other
shops, bars and restaurants |
17 |
N/A |
N/A |
Advertising |
9 |
10 |
-8.1% |
Others |
8 |
8 |
+1.5% |
Car
parks and access roads |
37 |
40 |
-8.2% |
Industrial services revenue |
34 |
40 |
-14.0% |
Rental
income |
36 |
37 |
-3.6% |
Other income |
7 |
19 |
-63.6% |
Over the first quarter of 2020, revenue from the
Retail and services segment, which only includes Parisian
activities, was up by 19.8%, at €248 million. Excluding the full
consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP, the revenue of the segment would be down by 16.7%.
Revenue from retail
activities15 is composed of 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.
Over the first quarter of 2020, the revenue from
retail activities stands at €182 million due to:
- the full consolidation of Société de Distribution Aéroportuaire
as from April 2019, of which the revenue stands at €133 million and
of Relay@ADP, of which the revenue stands at €15 million ;
- the Advertising, which saw its revenue decrease with the
decline of air traffic, the withdrawal of Asian advertisers over
the first quarter and the closure of terminals by the end of
March.
At comparable scope, the revenue from retail
activities over the first quarter is down by -23.8% compared to the
same period in 2019, for a decline in traffic of -21.6%. This trend
is composed of three distinct periods:
- January 2020 with an intense growth, notably marked with an
exceptional performance of Luxury;
- February 2020 marked by the first signs of crisis and notably
the strong decline in flights with China;
- March 2020 in sharp decline with the massive decline in traffic
and the closure of non-essential retailers from 15 March 2020
onwards.
The Sales/PAX16 of airside shops has grew by
3.5% over the first quarter of 2020 reaching €20.0, notably
including a two figure growth for Luxury.
From 6 April, 99% of the employees of Société de
Distribution Aéroportuaire are either on leave of any kind
(paid leave, recovery days…) or under partial activity.
The revenue from car parks is
down (-8.2%), at €37 million.
Revenue from industrial
services (supply of electricity and water) was down by
14.0%, at €34 million.
Rental revenues (leasing of
spaces within terminals) were down by 3.6%, at €36 million.
Other revenues (primarily
constituted of internal services) decreased by €12 million euros,
at €7 million, notably due to a €11 million decrease on works
for the project Société du Grand Paris.
Real Estate – Parisian
platforms
(in millions of euros) |
Q1 2020 |
Q1 2019 |
2020/2019 |
Revenue |
83 |
80 |
+2.8% |
External
revenue |
70 |
67 |
+3.2% |
Land |
29 |
29 |
+1.1% |
Buildings |
18 |
17 |
+6.5% |
Others |
22 |
22 |
+€0.7m |
Internal revenue |
12 |
12 |
-1.6% |
Others |
1 |
1 |
+€0.3m |
Over the first quarter of 2020, revenue from the
Real estate segment, which only includes Parisian activities, was
up by 2.8%, at €83 million.
External revenue17 is up by
3.2%, at €70 million, driven by the full year effect of
contracts signed in 2019.
Internal revenue is stable at
€12 million.
International and airports
developments
(in millions of euros) |
Q1 2020 |
Q1 2019 |
2020/2019 |
Revenue |
182 |
219 |
-16.8% |
ADP
International |
62 |
69 |
-10.2% |
of
which AIG |
45 |
53 |
-15.9% |
of which ADP Ingénierie |
14 |
11 |
+28.2% |
TAV Airports |
118 |
149 |
-21.2% |
Société de Distribution Aéroportuaire Croatie |
2 |
- |
N/A |
- These data take into account the full integration of
MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire Croatia)
since April 2019
- The consolidated revenue of €1,080 million as of 31 March 2019
which has been published on 26 April 2019 was restated in order to
take into account, in compliance with IFRS 5 standard, Istanbul
Atatürk airport end of operation as of 6 April 2019. The
consolidated restated revenue therefore does not include the
revenue from Istanbul Atatürk airport in 2019. As a reminder the
revenue related to Istanbul Atatürk airport stood at €115 million
for the first quarter of 2019
Over the first 3 months of 2020, revenue
from the International and airports developments segment
stood at €182 million, down by 16.8% compared to 2019 mainly due
to:
- the decrease in revenue of AIG of €8 million, at €45 million,
mainly explained by the decline of passenger fees of
€6 million due to the decline in traffic at Amman (-21.1%) and
in revenue of airside shops (-€2 million), and this despite a
positive foreign exchange impact ;
- the decrease in revenue of TAV Airports of €32 million, at €118
million, mainly explained by:
- BTA (company specialized in bars and restaurants) for -€17
million and TAV OS (company specialized in airport lounges
management) for -€6 million, notably following the closure of
Istanbul Atatürk airport in April 2019 ;
- TAV Georgia (company operating the Tbilisi and Batumi airports
concessions) for -€8 million notably following the decline in
traffic (-38.5% compared to the first quarter of 2019) but also the
air travel restrictions enforced to and from Georgia implemented by
Russia since July 2019.
The revenue of ADP Ingénierie
is up by €3 million and stands at €14 million. As of the end of
March 2020, ADP Ingénierie's backlog stood at €78 million (vs. €79
million as of the end of March 2019).
Other activities
(in millions of euros) |
Q1 2020 |
Q1 2019 |
2020/2019 |
Revenue |
35 |
40 |
-11.7% |
Hub One |
34 |
35 |
-3.6% |
Others |
1 |
5 |
N/A |
Over the first 3 months of 2020, revenue
from the Other activities segment is down by 11.7%, at €35
million, mainly due to the non-renewal of certain surveys realized
for the CDG Express.
Main highlights since the publication of the 2019
full-year results, on 10 February 2020
Change in passenger traffic over the first
quarter of 2020
u Stake-weighted group traffic :
Group traffic (million passengers) |
Group traffic @100% |
Groupe ADP stake(1) |
Stake-weighted
traffic(mpax)(2) |
2020/ 2019 change(3) |
Paris
Aéroport (CDG+ORY) |
18.8 |
@ 100% |
18.8 |
-20.9% |
Zagreb |
0.5 |
@ 20.8% |
0.1 |
-20.0% |
Jeddah-Hajj |
1.4 |
@ 5% |
0.1 |
-24.8% |
Amman |
1.5 |
@ 51% |
|
1.5(@100%) |
-21.1% |
Mauritius |
0.9 |
@ 10% |
0.1 |
-11.9% |
Conakry |
0.1 |
@ 29% |
0.0 |
-10.9% |
Santiago de Chile |
6.1 |
@ 45% |
2.8 |
-12.5% |
Madagascar |
0.2 |
@ 35% |
0.1 |
-12.6% |
New Delhi
- GMR Airports(4) |
3.5 |
@ 16% |
|
0.9 |
N/A |
Hyderabad
- GMR Airports(4) |
1.0 |
@ 15.7% |
|
0.3 |
N/A |
Cebu -
GMR Airports(4) |
0.4 |
@ 10 % |
|
0.0 |
N/A |
Antalya - TAV Airports |
2.4 |
@ 23.1% |
|
2.4(@100%) |
-15.9% |
Ankara
Esenboga - TAV Airports |
2.5 |
@ 46.1% |
|
2.5(@100%) |
-28.5% |
Izmir
- TAV Airports |
2.2 |
@ 46.1% |
|
2.2(@100%) |
-21.7% |
Other
airports - TAV Airports(5) |
3.6 |
@ 46.1% |
|
3.6(@100%) |
-22.5% |
TOTAL GROUP (excl. Atatürk) |
44.5 |
|
35.1 |
-18.0% |
Istanbul Atatürk - TAV Airports |
0.0 |
@ 46.1% |
|
0.0(@100%) |
N/A |
TOTAL GROUP (incl. Atatürk) |
44.5 |
|
35.1 |
-39.5% |
(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 2020 traffic compared to 2019. (4) Since
1st March 2020, the airports of Delhi International Airport Limited
(DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan–Cebu International Airport are integrated in the group
traffic calculations, following the signing of an agreement
regarding the purchase, under certain conditions, of a 49% stake in
the company GMR Airports (see the press release of 20 February
2020) and of the acquisition of the 24.99% first stake of GMR
airports on 26 February 2020 (see the press release of 26 February
2020) (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 the first quarter of 2020, Paris Aéroports
traffic is down by 20.9 % with a total of 18.8 million
passengers welcomed, of which 13.1 million at Paris-Charles de
Gaulle (-20.5%) and 5.7 million at Paris-Orly
(-22.0%).
- Geographical breakdown of traffic in Paris is as follows :
- International traffic (excluding Europe) was down (-18.1%) due
to a decline of all destinations: Asia-Pacific (- 34.4%),
Africa (-16.7%), Middle-East (-16.5%), North America (-16.0%),
Latin America (-13.8%) and French Overseas Territories
(-7.9%),
- European traffic (excluding France) is down by 23.8%,
- Traffic within France decreased by 21.1 %.
Geographic split Paris Aéroport |
Q1 2020 / Q1 2019 Change |
Share in total traffic over Q1 2020 |
France |
-21.1% |
15.5% |
Europe |
-23.8% |
40.1% |
Other
International |
-18.1% |
44.4% |
Of
which |
|
|
Africa |
-16.7% |
12.7% |
North America |
-16.0% |
9.6% |
Latin America |
-13.8% |
4.1% |
Middle East |
-16.5% |
5.9% |
Asia-Pacific |
-34.4% |
5.9% |
French Overseas Territories |
-7.9% |
6.1% |
Total Paris Aéroport |
-20.9% |
100% |
The number of connecting passengers decreased by
19.3 %. The connecting rate stood at 25.4%, up by 0.7 point
compared to the first quarter of 2019. The aircraft load factor was
down by 5.3 point, at 79.0%. The number of air traffic movements
(136,903) was down by 15.8%.
Groupe ADP performs the first step to acquire a 49%
stake in GMR Airports, Indian airport group
On 20 February 2020, Groupe ADP signed an
agreement regarding the acquisition, under certain conditions, of a
49% stake in GMR Airports. Since 26 February 2020, Groupe ADP holds
24.99% of GMR Airports, joins therefore the Board of directors of
this company and has highly extended governance rights. The second
phase of the acquisition, for 24.01%, should occur in the upcoming
months.
Information concerning the long term
credit rating regarding Aéroports de ParisOn 25 march
2020, Aéroports de Paris took note of decision by the rating agency
Standard and Poor's to revise the long term credit rating of the
company, due to the traffic decrease linked to the Covid-19
epidemic. This rating is now A, with a negative outlook, while it
has been A+ with a negative outlook since 27 February 2020.
€2.5 billion new bond issueOn 2 April 2020
Aéroports de Paris perceived the proceeds of the bond issue it has
launched on 26 March 2020 for a total amount of €2.5 billion in two
parts:
- a first part of €1 billion at maturity in 2026 with a coupon of
2.125 % and
- a second part of €1.5 billion at maturity in 2030 with a coupon
of 2.75 %
Groupe ADP requested to the French
Council of State the cancellation of the opinion published on 27
February 2020 by the ART on the WACCThe Transports
Regulation Authority (ART) has published on 27 February 2020 its
opinion on the Weighted Average Cost of Capital (WACC) of Aéroports
de Paris as part of its proposal of Economic Regulation Agreement
(ERA) for the 2021-2025 period. This opinion holds a WACC range for
the regulated scope between 2% and 4.1%, below the WACC assumption
of 5.6% figuring in the ERA's public consultation document,
published on 2 April 2019. Groupe ADP shares neither the method nor
the assumptions nor the conclusions held by the ART in its
assessment of the WACC and considers as sound the model and
assumptions of the public consultation document which is based on
comparable financial data and market data available as required by
the application legislation. Groupe ADP has filed to the Council of
State, on 3 April 2020, an appeal towards the cancellation of the
opinion published by the ART on 27 February 2020. The appeal is
under investigation.
Dividend distribution and update items
concerning the Combined General Meeting of the
ShareholdersIn order to preserve room for maneuver for the
company in a crisis of which duration is not known, and at the
request of the French State, the board of directors of Aéroports de
Paris has decided to submit to the vote of the next annual General
Meeting to be held on 12 May 2020 the payment of a total dividend
of 69,264,101.90 euros18. This amount corresponds to the interim
dividend of 0.70 euro paid for each share entitled to dividend on
10 December 2019 (to be compared to the previously announced
project of the payment of a 3.70 euros dividend19). It is thus not
proposed to pay the rest of the dividend for 2019. Only the interim
dividend of €0.70 for 2019 will remain acquired.Furthermore, due to
the containment measures adopted by the French Government, the
Board of Directors of Aéroports de Paris, held on March 25, 2020,
decided, to the extent permitted by applicable regulations, to
authorize the Company to hold its shareholders' meeting, in camera,
without the physical presence of its shareholders, at the Company's
registered office on May 12, 2020. Shareholders are invited to vote
by mail, give proxy to the Chairman of the Meeting or to a named
person, by post or by electronic means, prior to the Meeting20.
Agenda
A conference call will be held today at 8:30 am (heure de Paris)
and will be webcasted in live on our website. The presentation will
be available on the website : finance.groupeadp.fr
- Live audiocast available on our website: Audiocast in
English
- Live by phone
- From France: + 33 (0)1 76 77 22 57
- For other countries: +44 (0)33 0336 9411
- Confirmation code : 6878820
- Next traffic figures publication:
- Friday 15 May 2020: April 2020 traffic figures
- General Meeting of the Shareholders : Tuesday 12 May 2020
- Next results publication:
- Monday 27 July 2020 (after market close) : 2020 Half-year
results
Contact
Investor Relations
Audrey Arnoux : +33 6 61 27 07 39 + 33 1 74 25 70 64 –
invest@adp.fr
Press
Lola Bourget : + 33 1 74 25 23 23
Website
finance.groupeadp.fr
Investor Relations: Audrey Arnoux, Head
of Investor Relations +33 6 61 27 07 39 - invest@adp.fr
Press contact: Lola Bourget, Head of Medias and Reputation
Department +33 1 74 25 23 23Groupe 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, 93 290 Tremblay-en-France. Aéroports de Paris is 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
1 This document is voluntarily made by Aéroports
de Paris in compliance with the AMF recommendation. See AMF
recommandation - Guide de l'information permanente et de la gestion
de l'information privilégiée– DOC-2016-08
2Unless otherwise stated, percentages are
comparing the first 3 month of 2020 data to 2019 comparable
data
3 The consolidated revenue of €1,080 million as
of 31 March 2019 which has been published on 26 April 2019 was
restated in order to take into account, in compliance with IFRS 5
standard, Istanbul Atatürk airport end of operation as of 6 April
2019. The consolidated restated revenue therefore does not include
the revenue from Istanbul Atatürk airport in 2019. As a reminder
the revenue related to Istanbul Atatürk airport stood at €115
million for the first quarter of 2019
4 Group's traffic @100% excluding traffic from
Istanbul Atatürk Airport in 2019 (see page 6 for detailed
calculation). For information, with taking into account the traffic
of Istanbul Atatürk Airport in 2019, group's traffic at 100% is
down by 31.2% over the first 3 months of the year
5 Group traffic including the traffic of the
airports of Delhi International Airport Limited (DIAL), Hyderabad
International Airport Limited (GHIAL) and Mactan–Cebu International
Airport since 1st March 2020 (on the current and upcoming stake
acquisitions in the company GMR Airports see the press release of
20 and 26 February 2020). Excluding consolidation of the airports
of GMR Airports as of 1 March 2020, the decrease in traffic would
be -20.1% on the first quarter
6 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
7 In April 2019, Groupe ADP reviewed its links
with the shareholders of the companies Société de Distribution
Aéroportuaire and Relay@ADP and considers controlling these
entities since then, as well as MZLZ-TRGOVINA D.o.o (Société de
Distribution Aéroportuaire Croatia) . Booked until this date with
the equity method, these companies are since April 2019 fully
consolidated
8 Sales in airside shops divided by the number
of departing passengers (Sales/Pax)
9 Realized with third parties (outside of the
Group)
10 Sources: TARMAC for the traffic of the period between April
1st and 4th and SARIA for the traffic of the period between April
5th and 14th 2020. Although the traffic of 29 February 2019 (leap
year) has been 233 kPax, Paris Aéroport traffic for the period
between January 1st and April 14th 2020 is 9.1 mPAX inferior to the
traffic in Paris Aéroport for the period from January 1st and April
14th 2019
11 see the 2019 full year results press release published on 10
February 2019
12 See the press release of 16 March 2020 - Coronavirus : Groupe
ADP engages an operational and financial optimization plan – and
section 11 of the Universal Registration Document filled on 23
March 2020
13 On the international, the breaking point was
between February 23rd (Amman) and March 13th (Turkish airports)
14 See the press release of 16 March 2020 -
Coronavirus Groupe ADP engages an operational and financial
optimization plan
15 See section 8 of the 2019 Universal Registration Document
filled on 23 March 2020
16 Sales in airside shops divided by the number
of departing passengers (Sales/Pax)
17 Realized with third parties (outside of the Group)
18 See the press release of 31 March 2020 - Update items
concerning the Combined General Meeting of the Shareholders
19 See the press release of 10 February 2020 on the 2019
Full-year results
20 See the release of 20 April 2020 on the Information relating
to the general meeting of Aéroports de Paris shareholders
- Aéroports de Paris SA - 2020 first quarter financial
release
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