Aéroports de Paris SA: Groupe ADP's activities continue to be
affected by the Covid-19 pandemic
FINANCIAL RELEASE28 July
2021
Aéroports de Paris SAGroupe
ADP's
activities continue to be affected by the
Covid-19 pandemic
Groupe ADP's
2021
half-year
results1
-
Groupe ADP
traffic2: down by
-26.6%3 over the 1st half of 2021 compared to the 1st half of 2020,
at 48.8 million passengers, standing at 29.7% of the 1st half of
2019 group traffic level;
-
Paris Aéroport
traffic (Paris-Charles de Gaulle and Paris-Orly):
down by -45.7% over the 1st half of 2021 compared to
the 1st half of 2020, at 10.7 million
passengers, standing at 20.5% of the 1st half of 2019 Paris
Aéroport traffic level;
-
Consolidated revenue: down by
-15.3%, at €989 million, due to the Covid-19 pandemic
on the revenue from aviation and retail activities in
Paris;
- Positive
EBITDA4 at +€155 million, up by
+€116 million, mainly due to punctual gains related to the return
to full ownership of some buildings on the Parisian
platforms and to favorable base effects compared to the 1st half of
2020;
-
Operating income from ordinary activities at -€243
million, up by +€323 million, mainly due to a favorable base effect
related to the recognition of impairment on assets of €191
million in the 1st half of 20205;
- Net result attributable to
the Group at -€172
million, up by +€371 million, mainly due to a favorable base effect
related to the recognition of assets impairment in the
1st half of 2020 and to the positive impact of the TAV Tunisia's
debt restructuring over the 1st half of 2021.
(in
millions of euros – unless otherwise stated) |
H1 2021(1) |
H1 2020 |
2021/2020 |
Revenue |
989 |
1,168 |
-€179m |
-15.3% |
EBITDA |
155 |
39 |
+€116m |
N/A |
Operating income from ordinary activities(2) |
(243) |
(566) |
+€323m |
N/A |
Net result attributable to the Group |
(172) |
(543) |
+€371m |
N/A |
Paris Sales/PAX (€)(3) |
23.3 |
19.8 |
- |
+17.7% |
Net financial debt(4) |
8,027 |
6,657 |
+€,1370m |
+20.6% |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021).(2) Groupe
ADP has accounted the results of the GMR Airports group using the
equity method at 24.99% between March and June 2020 and at 49% from
July 2020 (on the stake acquisition in GMR Airports, see the press
releases of 20 and 26 February, and 7 July
2020).(3) Sales in airside shops divided by the
number of departing passengers (Sales/PAX).(4) The
method for calculating net financial debt was changed compared to
the 1st half of 2020. The applied method over the 1st half of 2021
is as follows: "gross financial debt less fair value hedging
assets, cash and cash equivalents and restricted cash", while for
the 1st half of 2020 the applied method was as follows: "gross debt
less receivables and current accounts with equity affiliates, fair
value hedging assets, cash and cash equivalents and restricted
cash". By way of comparison, net financial debt at
30 June 2020 stood at €6.576 million.
Revision of some assumptions and
forecasts for
2021 compared to the 2020 publication of
the annual results
-
Revision of Groupe ADP traffic
assumption in 2021 between 40% and 50% of the 2019
group traffic (45% to 55% previously);
-
Revision of Paris
Aéroport traffic
assumption in 2021 between 30% and 40% of the 2019
Paris Aéroport traffic (35% to 45% previously);
-
Revision of EBITDA
/ Group revenue ratio
forecast estimated between 15% and 20% in 2021
(18% to 23% previously);
-
Revision of the annual
investments
amount in Paris,
regulated and non-regulated (excluding financial investment) for
2021-2022, estimated between €500 and €550 million per
year;
-
Confirmation of the net financial debt ratio/EBITDA from 6x
to 7x by the end of 2022.
Augustin de Romanet, Chairman and CEO,
stated:
"The 1st half of 2021 was marked by a resurgence
of the pandemic. It affected all aviation and retail activities
from January to May, with a recovery starting mid-May, whereas the
year 2020 was only impacted from March onwards. As a result, Groupe
ADP's traffic fell by -26.6% compared to the 1st half of 2020, with
a total of 48.8 million passengers, or 29.7% of the 1st half
of 2019 traffic. Over the same period, Paris
Aéroport traffic was down by -45.7%, with 10.7 million
passengers, or 20.5%
of the 1st half of 2019 traffic.
Consolidated revenue was down by -15.3% in the 1st half
of 2021, at 989 million euros. EBITDA is positive at 155
million euros thanks to punctual gains related to the
return to full ownership of some buildings on the Parisian
platforms and to favorable base effects compared to the 1st
half of 2020. The net result attributable to the group stood at
-172 million euros, increasing, mainly due to the
base effect related to the impairments recorded in the
1st half of 2020. Groupe ADP is pursuing its efforts
aiming at stabilizing its financial situation and maintains a
satisfying cash position. Even though our traffic technical
forecasts are at the lower end of the 2021
assumptions as published at the 2020 Full-year results
presentation, the group is cautious and revises its
guidances given the uncertain evolution of the health situation.
Therefore, the range is now between 30% and 40% of the 2019
traffic for Paris Aéroport, and between 40% and 50% of
the 2019 traffic for Groupe ADP. As a consequence,
the EBITDA/Group revenue ratio forecast for 2021 has been
revised down from a range of 18%-23% to 15%-20%.
The guidance of a net financial
debt/EBITDA ratio between 6x and 7x by the end of 2022 is
confirmed."
Update on the situation related to the Covid-19 pandemic
Since the sudden half of air transport in the
spring of 2020, the recovery of traffic in France and abroad has
followed the evolution of mobility restriction measures
applicable in each country (lockdowns, quarantines, border
closures, etc.) in relation with the evolution of the pandemic
and in particular the spread of new Covid-19 variants.
Over the 1st half of 2021,
Groupe ADP6 passenger traffic is down by -26.6% compared to the
same period over 2020, at 48.8 million of passengers,
standing at 29.7% of the 1st half of 2019 group
traffic.
Over the 1st half of 2021,
Paris Aéroport passenger traffic is down by -45.7% compared to the
1st half of 2020, at 10.7 million
of passengers, standing at 20.5% of the 1st
half of 2019 Paris Aéroport traffic. Aircraft movements at Paris
Aéroport are down by -21.1% over the
1st half of 2021 compared to the same period over
2020. At Paris-Charles de Gaulle and Paris-Orly, the platforms are
adapting their infrastructures by closing or opening terminals
according to the evolution of commercial passenger traffic.
Regarding Groupe ADP's international platforms,
most airports are open to commercial flights.
However, following the resurgence of the pandemic in
March 2021, some countries have tightened travel restrictions
(see page 12 for details). In India, traffic at the GMR
Airports group platforms of the have been impacted by the
resurgence of the pandemic over the spring 2021.
-
Social situation in Paris
Partial activity at Aéroports de Paris SA,
consequence of the decline in activity and the closure of
infrastructures, introduced on 23 March 2020, has been extended
until 30 June 2021. 87% of ADP's employees have been affected by
the partial activity over the 1st half of 2021 causing a decline in
operating expenses of 45 million euros.
Aéroports de Paris SA has concluded with all the
representative trade unions a collective mutually agreed
termination agreement (RCC). This agreement, approved by the
regional office of enterprise, competition, consumption, labour and
employment (DIRECCTE) on 17 December 2020, sets at 1,150 the
maximum number of voluntary departures, of which 700 will not be
replaced. The first departures have occurred at the end of March
2021, and at the end of June 2021 around 900 employees have left
the company. At the end of December 2021, the maximum number of
departures will be reached. They will have for Aéroports de Paris
SA a structural effect of reduced group expenses estimated at 35
million euros in 2021 and 60 million euros on a full year
basis.
Moreover, the adjustment plan for employment
contracts (PACT) and standards applicable to the employees of
Aéroports de Paris was subject to a consultation by the Social
and Economic Committee on 21 May 2021 and has been approved by the
interdepartmental regional office of the economy, employment,
labour and solidarity (DRIEETS) on 23 June 2021. This plan, which
does not aim at reducing the headcount, provides for salary
moderation measures starting in September 2021, accompanied by a
guarantee limiting the decrease in compensation, preserving the
main elements of compensation (base salary, seniority, salary
progression and benefits). An agreement signed with most of the
representative trade unions on July 13th, 2021 allows to precise
the implementation modalities of this plan.
Finally, an information and consultation process
with the Social and Economic Committee with a view to reshaping the
organization has furthermore been initiated in May 2021. This
project aims at adapting the organization
of Aéroports de Paris SA to the lasting decline
of the activity, to the evolution of the company as well as to the
reduction of the workforce following the application of the
collective mutually agreed termination agreement. It should allow
to secure operational continuity, preserve skills, and support the
RCC while respecting employment commitments and meeting the group's
challenges by strengthening its integration, agility, efficiency
and sustainability.
Due to the decline in traffic caused by the
Covid-19 pandemic and its unfavorable economic consequences, for
some of the group's international assets, discussions had to be
opened with the stakeholders involved (conceding authorities,
banks) with the aim of maintaining financial and operational
viability, in particular by requesting concession term
extensions.
Furthermore, regarding TAV
Airports, two-year concession extensions were obtained on
15 February 2021 for the airports of Ankara, Antalya, Bodrum,
Gazipasa and Izmir, while the concession fees for these airports
due for 2022 will be settled in 2024. As scheduled, TAV
Airports has received on 16 February 2021 the payment by the
Turkish State Airport Authority (DHMI) of the remaining
of the receivable related to the compensation due as a result of
the early closure of Atatürk for an amount of 196 million euros. In
addition to this, regarding Tunisia, a restructuring arrangement
has been signed between TAV Tunisia and its group of lenders in
order to modify the financing conditions of the subsidiary company.
TAV Airports recorded a net gain of 110 million euros as a result
of the restructuring, with a positive impact on the financial
result. Finally, restructurings in several TAV Airports'
concessions are still underway (refinancing, capital
increase…).
Regarding GMR airports, the
Delhi High Court has granted Delhi Airport the right to suspend the
payment of concession fees on an interim basis until an arbitration
court rules on the matter.
Due to the deterioration of the traffic
projection curve at Santiago de
Chile airport, the shareholders have
engaged discussions with the Chilean authorities in order to
restore the economic balance of the project. In parallel Santiago
Airport is engaging with its lenders in order to restructure its
debt payment obligations.
Airport International Group (AIG), concessionary
company of Amman airport in Jordan, is performing
active discussions with its grantor to accomplish the economic and
financial rebalance of the concession, including the negotiation
for an extension of its term. A restructuration of the debt
obligations towards the lenders is conducted in parallel.
In Madagascar, the discussions
are ongoing with lenders to amend and extend certain conditions of
project company loans.
As a result, Groupe ADP may have to provide
financial support to these airport management companies in which it
is a shareholder. This support is estimated, globally, at a maximum
of 80 million euros in the context of restructuring discussions
between now and the end of the current fiscal year.
The financing contracts regarding the
concessions operated mainly by AIG, TAV Esenboga, TAV Macedonia,
TAV Milas Bodrum, TAV Ege, TAV Tunisia and HAVAS, include early
repayment clauses in the event of failure to comply with certain
financial ratios. In the event of a persistent non-compliance, the
lenders may impose conditions of default which may result in
limited or no recourse regarding the shareholders. As a reminder,
contracts with such covenants amount to 11.1% of the group's total
debt on 30 June 2021. To date, either the early repayment clauses
in the event of failure to comply with certain financial ratios
have been respected by the airport management companies, otherwise
the lenders have agreed to refrain from exercising their rights,
with the exception of AIG. In the case of AIG, a dialogue is
ongoing with the lenders.
-
Solid financial structure and strengthened
liquidity
Groupe ADP had a cash position of 2.8 billion
euros as of 30 June 2021, of which 0.2 billion euros was held by
TAV Airports.
Given its available cash, the group does not
anticipate any liquidity difficulties with regard to its forecasts
for the next 12 months. This cash position enables it both to
meet its current needs and its financial commitments mainly
including the repayment of a bond debt for ADP SA in July 2021 for
400 million euros and to dispose of significant liquidities in the
current exceptional health and economic context.
Given the confidence of the investors in the
strength of its financial model and its long-term credit rating (A,
negative outlook by the Standard and Poor's agency since 25 March
2020), Groupe ADP ensures that, in the event of a significant
deterioration in the economic and health situation, it would be in
a position to meet its commitments and resort to additional
financing.
To date, the traffic assumption
for Groupe ADP in 2021 has been revised downwards,
between 40% and 50% of the 2019 group traffic7 (compared to 45% and
55% previously) and the traffic assumption for
Paris Aéroport between 30% and 40% of the
2019 Paris Aéroport traffic8 (compared to 35% to 45%
previously).
Under these conditions, the
EBITDA/group revenue
ratio is also revised downwards and is expected to stand
between 15% and
20% in 2021 (compared to
18% to 23% previously).
The amount of structural
savings in Paris is in the range of 100 to 150 million
euros per year.
The annual
regulated /
non-regulated investments
in Paris (excluding financial investment) for the
2021-2022 period are estimated between €500 and €550 million per
year (vs. €500 and €600 million previously). The investments
are estimated between €650 and €750 million per year for the
2023-2024 period.
Regarding the financial debt,
Groupe ADP confirms the guidance9 of a net
financial debt/EBITDA ratio between 6x and
7x by the end of 2022.
Moreover, the group confirms that Paris Aéroport
traffic may return to the level reached in 2019 between 2024 and
2027. In this context, the traffic would stand at 65%-75%
of the 2019 level in 2022, at 75%-85% of the 2019 level in 2023,
and at 90% of the 2019 level in 2024.
Groupe ADP's 2021 half-year results
2021 half-year
consolidated accounts
(in millions of euros) |
H1
2021(1) |
H1 2020 |
2021/2020 |
Revenue |
989 |
1,168 |
-15.3% |
EBITDA |
155 |
39 |
+€116M |
EBITDA / Revenue |
15.6% |
3.3% |
+12,3 pts |
Operating income from ordinary
activities(2) |
(243) |
(566) |
+€323M |
Operating income from ordinary activities / Revenue |
-24.6% |
-48.5% |
+23.9 pts |
Operating income |
(235) |
(611) |
+€376M |
Financial result |
(21) |
(210) |
+€189M |
Net income attributable to the Group |
(172) |
(543) |
+€371M |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April
2021).(2) Groupe ADP has accounted the results of
the GMR Airports group using the equity method at 24.99% between
March and June 2020 and at 49% from July 2020 (on the stake
acquisition in GMR Airports, see the press releases of 20 and 26
February, and 7 July 2020).
Revenue
(in millions of euros) |
H1 2021 |
H1 2020 |
2021/2020 |
Revenue |
989 |
1,168 |
-15.3% |
Aviation |
372 |
482 |
-22.9% |
Retail and services |
289 |
371 |
-22.0% |
of which Société de Distribution Aéroportuaire |
84 |
136 |
-38.1% |
of which Relay@ADP |
8 |
13 |
-41.1% |
Real estate |
146 |
149 |
-2.3% |
International and airport developments |
221 |
225 |
-1.6% |
of which TAV Airports(1) |
154 |
141 |
+9.0% |
of which AIG |
47 |
47 |
+0.5% |
Other activities |
83 |
66 |
+24.9% |
Inter-sector eliminations |
(122) |
(125) |
-2.9% |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021).
Groupe ADP's consolidated
revenue stood at 989 million euros over the 1st
half of 2021, down by -179 million euros, due to the decline
in traffic resulting from the crisis linked to the Covid-19 and
more specifically to:
-
the decline by -32.0% in revenue from airport and ancillary fees in
Paris Aéroport, for respectively -31.4% (-€75 million) and -34.5%
(-€19 million);
-
the decline by -39.8% in revenue from retail activities in Paris
Aéroport (-€76 million).
The effects are partially offset by the growth
by +9,0% in revenue from TAV Airports (+€13 million) related to the
integration of the revenue from the management company of Almaty
airport from 1st May 2021 onwards10, for +€19 million.
The amount of inter-sector eliminations stood at
-€122 million over the 1st half of 2021, compared to -€125 million
over the 1st half of 2020.
EBITDA
(in millions of euros) |
H1
2021(1) |
H1 2020 |
2021/2020 |
Revenue |
989 |
1,168 |
-€179M |
Operating expenses |
(994) |
(1,082) |
+€89M |
Consumables |
(135) |
(137) |
+€2M |
External services |
(328) |
(354) |
+€27M |
Employee benefit costs |
(344) |
(374) |
+€30M |
Taxes other than income taxes |
(155) |
(198) |
+€42M |
Other operating expenses |
(32) |
(19) |
-€13M |
Other incomes and expenses |
159 |
(47) |
+€206M |
EBITDA |
155 |
39 |
+€116M |
EBITDA/Revenue |
15.6% |
3.3% |
+12.3pts |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021).
Group operating expenses stood
at -994 million euros over the 1st half of 2021, down by -89
million. The savings in operating expenses related to the closure
of infrastructure in Paris were about 50 million euros over the 1st
half of 2021. The savings related to the partial activity measures
resulting from the decline in activity at ADP SA were of 45 million
euros, 12 million euros at TAV Airports' level and 17 million euros
for Société de Distribution Aéroportuaire.
The distribution of the group's operating
expenses was as follows:
-
Consumables were slightly down by -2 million euros
and stood at -135 million euros, of which in particular:
-
a decline of -25 million euros in the retail subsidiaries (Société
de Distribution Aéroportuaire and Relay@ADP) resulting from the
mechanical effect of lower costs in line with the decline in
revenue;
-
an increase of +11 million euros for Hub One, related to its
revenue increase;
-
and a +9 million euros for TAV Airports, of which +8 million euros
related to the integration of the management company of Almaty
airport into ADP's accounts from 1st May 2021, onwards.
-
Expenses related to
external services were down by -27
million euros and stood at -328 million euros, mainly due to a
-34 million euros decline in subcontracting and other external
services and charges, mainly linked to the decline in traffic and
the closure of infrastructures. This decline was partly offset by
the +7 million euros increase in upkeep and repair, notably
related to the reopening of some terminals in Paris and at TAV
Airports in order to accompany the traffic's gradual recovery.
-
Employee benefit costs were down by -30 million
euros and stood at -344 million euros, mainly due to the
continuation of partial activity at ADP SA (-45 million euros) as
well as other similar measures at the international level
(including -12 million euros at TAV Airports) and in the retail
subsidiaries.
In France, the group's companies resorted to
partial activity over the 1st half of 2021. It covers a range of
between 80% and 90% of the full-time equivalent workforce,
depending on the month and entities concerned. In the foreign
subsidiaries, the support measures for the decline in activity have
been adapted in accordance with regulatory requirements as well as
local government measures.
-
Taxes other than income taxes were down by -42
million euros and stood at -155 million euros, mainly due to a
decline in the property tax in line with tax reductions related to
the closed infrastructures, for 34 million euros.
-
Other operating expenses were up by +13 million
euros and stood at -32 million euros, due to losses on bad debts,
mainly related to the bankruptcy of Aigle Azur in 2019.
Other income and expenses
represented a net product of +159 million euros, up by +206 million
euros over the 1st half of 2021, due to:
-
lesser impairments of receivables, at +13 million euros, due to the
favorable base effect compared to the recorded impairments of
receivables for 63 million euros over the 1st half of 2020, as well
as the reversal of some provisions (mainly Aigle Azur receivables)
over the 1st half of 2021;
-
the increase of other operating income at +125 million euros,
following punctual gains related to the return to full ownership of
some buildings on the Parisian platforms (€117 million).
Over the 1st half of 2021, the group's
consolidated EBITDA stood at 155 million euros.
The gross margin rate11 associated was 15.6%,
up by +12,3 points.
Net result attributable to the Group
(en millions d'euros) |
H1
2021(1) |
H1 2020 |
2021/2020 |
EBITDA |
155 |
39 |
+€116M |
Amortisation and impairment of tangible and intangible assets |
(333) |
(514) |
+€181M |
Share of profit or loss in associates and joint ventures(2) |
(65) |
(91) |
+€26M |
Operating income from ordinary activities |
(243) |
(566) |
+€323M |
Other operating income and expenses |
8 |
(45) |
+€53M |
Operating income |
(235) |
(611) |
+€376M |
Financial income |
(21) |
(210) |
+€189M |
Income before tax |
(256) |
(821) |
+€564M |
Income tax expense |
69 |
92 |
-€23M |
Net income from continuing operations |
(187) |
(729) |
+€542M |
Net income |
(188) |
(732) |
+€544M |
Net income attributable to non-controlling interests |
(16) |
(189) |
+€173M |
Net income attributable to the Group |
(172) |
(543) |
+€371M |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April
2021).(2) Groupe ADP has accounted the results of
the GMR Airports group using the equity method at 24.99% between
March and June 2020 and at 49% from July 2020 (on the stake
acquisition in GMR Airports, see the press releases of 20 and 26
February, and 7 July 2020).
Operating income from ordinary
activities stood at -243 million euros, up by +323
million euros, mainly due
to:
-
the improvement of EBITDA for +116 million euros;
-
the favorable base effect due to the accounting over the 1st half
of 2020 of impairments on intangible assets of Société de
Distribution Aéroportuaire (for -51 million euros) and on an
international asset of the group (for -132 million euros);
-
the improving results from companies consolidated under the equity
method, up by +26 million euros over the
1st half of 2021, at -65 million euros, of which TAV
Airports for +15 million euros;
Operating income stood at -235
million euros, up by +376 million euros, mainly due to:
-
the improvement of operating income from ordinary activities for
+323 million euros;
-
the favorable base effect due to the accounting of an impairment12
on the goodwill recorded upon the takeover of an international
concession over the 1st half of 2020.
Financial result stood at -21
million euros, up by +189 million euros, mainly due to the
restructuration agreement on the debt of TAV Tunisia (for a net
gain of +€110 million) and to the favorable base effect due to the
impairments of international stakes for 79 million euros over the
1st half of 2020. Besides, the cost of gross debt has increased by
+42 million euros.
Net financial
debt13 of Groupe ADP stood at 8,027
million euros as of 30 June 2021, vs. 7,484 million euros as of 31
December 2020.
Income tax expense constituted
a tax profit of 69 million euros over the 1st half of 2021, down by
-23 million euros compared to the 1st half of 2020, related to the
increase in the income before tax.
The net income stood at -188
million euros over the 1st half of 2021, vs. -732 million euros
over the 1st half of 2020.
Taking into account all these items, the
net result attributable to the
Group was up by +371 million
euros compared to the 1st half of 2020, at -172 million
euros.
Analysis by segment
Aviation – Parisian Platforms
(in millions of euros) |
H1 2021 |
H1 2020 |
2021/2020 |
Revenue |
372 |
482 |
-22.9% |
Airport fees |
163 |
237 |
-31.4% |
Passenger fees |
68 |
134 |
-49.1% |
Landing fees |
52 |
62 |
-15.9% |
Parking fees |
42 |
41 |
+2.7% |
Ancillary fees |
36 |
54 |
-34.5% |
Revenue from airport safety and security services |
158 |
174 |
-9.4% |
Other income |
16 |
17 |
-2.9% |
EBITDA |
(108) |
(55) |
-€53M |
Operating income from ordinary activities |
(285) |
(222) |
-€63M |
EBITDA / Revenue |
-29.0% |
-11.4% |
-17.7pts |
Operating income from ordinary activities / Revenue |
-76.6% |
-46.0% |
-30.6pts |
Over the 1st half of 2021, aviation
segment revenue, which includes only Parisian activities,
was down by -22.9% at 372 million euros. It does note vary in the
same proportion as the passenger traffic in Paris Aéroport over the
same period (-45.7%), mainly due to the rigidity of revenue from
airport safety and security.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) was down
by -31.4% at 163 million euros, due to the effect of the
decline in passenger traffic compared to the 1st half of 2020. As a
reminder, the average tariff increase for 2021 is of +2.2% as of
April 1st, 2021. The integration of the computerized check-in and
boarding fee (CREWS system) to the per-passenger fee as of the
2021-2022 tariff period has no impact on tariffs.
Revenue from ancillary fees was
down by -34.5% at 36 million euros due to the decline in passenger
traffic.
Revenue from airport safety and security
services was down by -9.4% at 158 million euros, due the
decline in passenger traffic.
Other income,
mostly consisting in re-invoicing the French Air Navigation
Services Division, leasing associated with the use of terminals and
other work services made for third parties, is down by -2.9%. It
stood at 16 million euros over the 1st half of 2021.
EBITDA was down by -53 million
euros, at -108 million euros due to the decline in revenue and
despite the positive effect of the closure of infrastructures and
the partial activity measures.
The operating income from ordinary
activities was down by -63 million euros, at -285 million
euros over the 1st half of 2021, due essentially to the decline in
EBITDA.
Retail and services –
Parisian platforms
(in millions of euros) |
H1 2021 |
H1 2020 |
2021/2020 |
Revenue |
289 |
371 |
-22,0% |
Retail activities |
115 |
191 |
-39,8% |
Société de Distribution Aéroportuaire |
84 |
136 |
-38,1% |
Relay@ADP |
8 |
13 |
-41,1% |
Other Shops and Bars and restaurants |
9 |
18 |
-47.6% |
Advertising |
6 |
13 |
-54,8% |
Other products |
8 |
11 |
-28.4% |
Car parks and access roads |
31 |
44 |
-29.5% |
Industrial services revenue |
68 |
57 |
+18.3% |
Rental income |
58 |
59 |
-2.2% |
Other income |
17 |
19 |
-8.1% |
EBITDA |
26 |
42 |
-€16M |
Share in associates and joint ventures from operating
activities |
0 |
(2) |
+€2M |
Operating income from ordinary activities |
(49) |
(103) |
+€54M |
EBITDA / Revenue |
8.9% |
11.5% |
-2.4pts |
Operating income from ordinary activities / Revenue |
-17.0% |
-28.4% |
+10.9pts |
Over the 1st half of 2021, revenue
from the segment Retail and
services, which includes only Parisian activities, was
down by -22.0% at 289 million euros.
Revenue from retail
activities14 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.
Over the 1st half of 2021, revenue from retail
activities stood at 115 million euros.
As a reminder, this figure takes into account
the full consolidation of Société de Distribution Aéroportuaire
which revenue stood at 84 million euros, down by -52 million euros,
and of Relay@ADP which revenue stood at 8 million euros, down by
-5 million euros.
Sales/Pax15 of airside shops has increased to
23.3 euros over the 1st half of 2021: it was thus up by +17.7%
compared to the 1st half of 2020 despite the
closure of non-essential businesses between March 20th and May
19th, 2021. Over the same period, the Sales/Pax at terminal 2EK of
Paris-Charles de Gaulle airport stood at 58.0 euros, up by +31.3%
compared to the 1st half of 2020, reassuring Groupe ADP in the
effectiveness of its retail business model.
The revenue from car parks was
down by -29.5% at 31 million euros.
Revenue from industrial
services (supply of electricity and water) was up by
+18.3%, at 68 million euros.
Rental revenues (leasing of
spaces within terminals) were slightly down by -2.2%, at 58 million
euros.
Other revenues (primarily
constituted of internal services) were down by -8.1%, at 17 million
euros.
EBITDA of the segment was down
by -16 million euros, at 26 million euros. The decline in revenue
is partially offset by the growth in EBITDA from Société de
Distribution Aéroportuaire and Relay@ADP for +6 million euros as
well as a favorable base effect of the accounting of receivables
depreciations over the 1st half of 2020 for +7 million euros.
Operating income from ordinary
activities was nevertheless up by +54 million euros, at
-49 million euros, mainly due to the favorable base effect due to
the absence of impairments over the 1st half of 2021 compared to
the impairment of intangible assets related to Société de
Distribution Aéroportuaire for 51 million euros over the 1st half
of 2020.
Real estate – Parisian
platforms
(in millions of euros) |
H1 2021 |
H1 2020 |
2021/2020 |
Revenue |
146 |
149 |
-2.3% |
External revenue1 |
121 |
126 |
-3.9% |
Land |
55 |
60 |
-7.6% |
Buildings |
36 |
36 |
+1.4% |
Others |
29 |
30 |
-2.8% |
Internal revenue |
25 |
24 |
+6.1% |
EBITDA |
206 |
62 |
+€143M(1) |
Share in associates and joint ventures from operating
activities |
0 |
0 |
-€0M |
Operating income from ordinary activities |
178 |
37 |
+€141M |
EBITDA / Revenue |
141.3% |
41.9% |
+99.4pts |
Operating income from ordinary activities / Revenue |
122.1% |
25.0% |
+97.1pts |
(1) The difference between H1 2021 and H1 2020
data is due to a rounding.
Over the 1st half of 2021, real
estate revenue, which includes only
Parisian activities, was slightly down by -2.3%, at 146
million euros.
External
revenue16 was slightly down by -3.9%
at 121 million euros.
EBITDA of the segment was up by
+143 million euros, at 206 million euros, mainly due to punctual
gains related to the return to full ownership of some buildings on
the Parisian platforms for 117 million euros and to the favorable
base effect related to the accounting of receivables depreciations
for 23 million euros over the 1st half of 2020.
Operating income from ordinary
activities was up by +141 million euros, at 178
million euros.
International and airport
developments
(in millions of euros) |
H1
2021(1) |
H1 2020 |
2021/2020 |
Revenue |
221 |
225 |
-1.6% |
ADP International |
64 |
81 |
-21.5% |
of which AIG |
47 |
47 |
+0.5% |
of which ADP Ingénierie |
13 |
25 |
-49.8% |
TAV Airports |
154 |
141 |
+9.0% |
Société de Distribution Aéroportuaire Croatie |
2 |
2 |
-17.8% |
EBITDA |
20 |
(16) |
+€36M |
Share of profit or loss in associates and joint ventures(2) |
(64) |
(88) |
+€24M |
Operating income from ordinary activities |
(90) |
(277) |
+€186M(3) |
EBITDA / Revenue |
9.0% |
-7.2% |
+16.2pts |
Operating income from ordinary activities / Revenue |
-40.9% |
-123.2% |
+82.3pts |
(1) The accounts of the
management company of Almaty airport have been integrated into TAV
Airports' consolidated accounts from May 2021 onwards (on the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April
2021).(2) Groupe ADP has accounted the results of
the GMR Airports group using the equity method at 24.99% between
March and June 2020 and at 49% from July 2020 (on the stake
acquisition in GMR Airports, see the press releases of 20 and 26
February, and 7 July 2020).(3) The difference
between H1 2021 and H1 2020 data is due to a rounding.
Over the 1st half of 2021, revenue from
International and airport developments stood at 221
million euros, slightly down by -1.6% compared to 2020, mainly due
to the decline in revenue of ADP Ingénierie by -12 million euros,
at 13 million euros. Groupe ADP has finalized an information and
consultation process of ADP Ingénierie's employee representative
bodies and has launched a draft job protection plan (PSE) related
to the project of amicable closure of the company. Moreover, the
group intends to maintain an engineering activity for international
third parties, regrouped around ADP International.
AIG's revenue remains stable at
47 million euros, despite the decline in passenger fees for -7
million euros related to the decline in traffic recorded in Amman
(-20.9%), mainly due to the increase of non-airport activities
revenues, mainly rental income, for 7 million euros.
TAV Airports' revenue is up by
+13 million euros, to 154 million euros, due to the integration in
the group's accounts of the management company of Almaty airport in
Kazakhstan17 as of May 1st, 2021. Excluding the integration of
Almaty, TAV Airports' revenue would be down by -5 million
euros, mainly due to the decline in revenue from TAV OS (a company
specialized in airport lounge management) for -9 million euros and
from BTA (company specialized in bars and restaurants) for -3
million euros, due to the impact of the crisis linked to the
Covid-19 crisis. These decreases are mitigated by the good
performance of HAVAS, for +5 million euros due to the increase in
the number of flights served, and TAV IT for +3 million euros, due
to new contracts.
TAV Airports' EBITDA is up by
+31 million euros, at +21 million euros, linked to the increase in
revenue (+13 million euros) and with the drop in operating expenses
(-14 million euros compared to the 1st half of 2020) linked to
optimization measures.
EBITDA of the segment
International and airport developments is up by
+36 million euros, at 20 million euros, despite the decrease in
revenue of the segment, mainly due to the measures taken to reduce
to the operating expenses, mainly in TAV Airports.
Operating income from ordinary
activities of the segment stands at -90 million euros, vs.
an income of -277 million over
the 1st half of 2020, due to:
-
the favorable base effect due to the impairment of an intangible
asset at the international level over the 1st half of 2020 for 132
million euros;
-
the rise of the share of profit from operating associates by +24
million euros, at -64 million euro over the 1st half of 2021,
mainly explained by the better outcome realized by the companies
consolidated under the equity method at TAV Airports for +15
million euros, of which +10 million euros for Antalya due to the
traffic resumption (+69.3% over the 1st half of 2021 compared to
the 1st half of 2020).
Other activities
(in millions of euros) |
H1 2021 |
H1 2020 |
2021/2020 |
Products |
83 |
66 |
+24.9% |
Hub One |
77 |
64 |
+20.4% |
EBITDA |
12 |
7 |
+€5M |
Operating income from ordinary activities |
4 |
0 |
+€4M |
EBITDA / Revenue |
14.5% |
11.0% |
+3.5pts |
Operating income from ordinary activities / Revenue |
4.5% |
-0.4% |
+4.9pts |
Over the 1st half of 2021, other
activities segment products are up by +24.9% at 83 million
euros.
Hub One sees its revenue up by +20.4%, at 77
million euros.
EBITDA of the segment stands at
+12 million euros, up by +5 million euros due mainly to the growth
in EBITDA from Hub One for +3 million euros.
The operating income from ordinary
activities of the segment stands at +4 million euros, up
by +4 million euros.
Highlights of the period since the publication of the 2021
3-month revenue, on 28 April 2021Change in passenger
traffic over the 1st
half of 2021
|
Information regarding the suspension of commercial flights
and infrastructures closures as of 30 June
2020 |
Status as of 30 June 2020 |
Group Trafic
(mPax) |
2021/ 2020 change(1) |
Level compared to 2019(1) |
Paris Aéroport (CDG+ORY) |
Paris-CDG: Terminal 3 closed since 23 mars 2020,
Terminal 1 closed since 30/03/2020, Terminal 2C closed since
01/12/2020, Hall M of Terminal 2E closed since 01/02/2021, Terminal
2A closed since 23/02/2021, Terminal 2G closed since
23/03/2021.Paris-Orly:
Orly 1B closed since 26/01/2021. |
Paris-CDG &
Paris-Orly: Open to
domestic and international commercial flights. |
10.7 |
-45.7% |
20.5% |
Zagreb |
Border closure to non-European citizens from 19/03/2020 to
11/05/2020. |
Open to domestic and international commercial flights, with
circulation restrictions. |
0.3 |
-38.4% |
22.0% |
Jeddah-Hajj |
Complete closure since 20/03/2020. |
Terminal closed since 20/03/2020. |
0.0 |
-100.0% |
0.0% |
Amman |
Suspension of domestic commercial flights from 17/03/2020 to
06/06/2020.Suspension of international commercial flights from
17/03/2020 to 08/09/2020. |
Open to domestic and international commercial flights. |
1.2 |
-20.9% |
29.7% |
Maurice |
Suspension of international commercial flights from 19/03/2020 to
01/10/2020. |
Traffic restrictions. Border closure except for repatriation
flights since March 2021. |
0.1 |
-93.5% |
3.2% |
Conakry |
Complete closure from 22/03/2020 to 17/07/2020. |
Open to international commercial flights. |
0.2 |
+61.4% |
74.5% |
Santiago du Chili |
Suspension of international commercial flights from 17/03/20 to
01/10/20.Border closure to non-residents since 05/04/2021. |
Open to domestic and international commercial flights, with
circulation restrictions. |
3.3 |
-48.5% |
26.1% |
Madagascar |
Suspension of domestic commercial flights from 20/03/2020 to
06/06/2020 and from the end of March 2021 and the beginning of June
2021.Suspension of international commercial flights from 20/03/2020
and 01/10/2020 and since 04/04/2021. |
Antanarivo: strong traffic restrictions,
suspension of international commercial flights since 4 April. Nosy
Be: airport closed since 29/03/2021. |
0.1 |
-64.2% |
14.5% |
New Delhi - GMR Airports |
Suspension of domestic and international commercial flights from
22/03/2020 to 25/05/2020. |
Open to domestic and international commercial flights (limited to
the countries India has signed bilateral agreements with). |
14.8 |
-12.0% |
45.5% |
Hyderabad - GMR Airports |
Suspension of domestic and international commercial flights from
22/03/2020 to 25/05/2020. |
Open to domestic and international commercial flights (limited to
the countries India has signed bilateral agreements with). |
4.9 |
-5.6% |
44.0% |
Cebu - GMR Airports |
Continuation of domestic and international commercial flights
(albeit with travel restrictions). |
Open to domestic and international commercial flights, with
circulation restrictions. |
0.5 |
-80.9% |
7.4% |
Almaty – TAV Airports |
Suspension of domestic commercial flights from the end of March to
the end of April 2020. Resumptions of international commercial
flights since June 2020. |
Open to domestic and international commercial flights. |
2.7 |
+72.5% |
97.9% |
Antalya – TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020. |
Open to domestic and international commercial flights. |
4.2 |
+69.3% |
31.2% |
Ankara Esenboga - TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020. |
Open to domestic and international commercial flights. |
2.4 |
-13.5% |
34.6% |
Izmir - TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020. |
Open to domestic and international commercial flights. |
2.5 |
+2.0% |
42.9% |
Autres plates-formes - TAV Airports(2) |
- |
Open to domestic and international commercial flights, with
circulation restrictions. |
2.9 |
-22.0% |
24.5% |
GROUP TOTAL(1) |
- |
- |
48.8 |
-26.6% |
29.7% |
(1) Group traffic includes the
traffic of Delhi International Airport Limited (DIAL), Hyderabad
International Airport Limited (GHIAL) and Mactan-Cebu International
Airport since January 1st, 2019. It includes the traffic of Almaty
International Airport since May 1st, 2019, 2020 and
2021.(2) Turkey (Milas-Bodrum & Gazipaşa),
Croatia (Zagreb), Saudi Arabia (Medinah), Tunisia (Monastir &
Enfidha), Georgia (Tbilisi & Batumi), and North Macedonia
(Skopje & Ohrid.
Over the 1st half of 2021, Paris Aéroport
passenger traffic is down by -45.7%, with a total of 10.7 million
passengers.
Geographical breakdown of traffic in Paris is as
follow:
- International traffic (excluding
Europe, including French Overseas Territories) is down (-51.6%) due
to a decline of all destinations: Asia Pacific (-80.5%),
North America (-66.2%), Latin America (-63.2%), Middle East
(-54.8%), Africa (-34.8%), and French Overseas Territories
(-25.9%);
- European traffic (excluding France)
is down by -52.6%;
- Traffic within mainland France
decreased by -13.2%;
- Traffic with the French Overseas
Territories (included within the international traffic) is down by
–25.9%.
Geographic split Paris
Aéroport |
2021 /
2020 Change |
Share in total traffic over
2021 |
France |
-13.2% |
25.9% |
Europe |
-52.6% |
34.7% |
Other International |
-51.6% |
39.4% |
Of which |
|
|
Africa |
-34.8% |
15.2% |
North America |
-66.2% |
5.9% |
Latin America |
-63.2% |
2.7% |
Middle East |
-54.8% |
4.9% |
Asia-Pacific |
-80.5% |
2.1% |
French Overseas Territories |
-25.9% |
8.6% |
Total Paris Aéroport |
-45.7% |
100.0% |
The number of connecting passengers is down by
-40.4%. The connecting rate stands at 27.5%, up by +2.3 points
compared to the 1st half of 2020. The aircraft load factor is down
by -18.1 points, at 58.5%. The number of air traffic movements
(122,412) is down by -21.1%.
Groupe ADP announces the completion by
TAV Airports of the acquisition
of the management
company of Almaty International Airport in
Kazakhstan
As disclosed on May 8th, 202018, a consortium
led by TAV Airports (of which Groupe ADP owns 46.38% of the
capital) has signed on May 7th, 2020 a Share Purchase Agreement to
acquire 100% of the shares of Almaty Airport and
the associated jet fuel activities, which will be delegated to
a dedicated operator, and services for an Enterprise Value of 422
million dollars.
The share transfer of Almaty Airport took place
on April 29th, 2021. Almaty Airport is now fully owned by the
consortium of which TAV Airports is an 85% shareholder. VPE
Capital, a specialist fund manager in the capital markets in Russia
and the CIS19, holds the remaining 15% stake in the consortium,
subject to a put option. The airport is fully consolidated into
TAV Airports' accounts and Groupe ADP's accounts.
The purchase price at 100%20 is 422 million of
dollars. The current global crisis in the airline industry has led
to submit a part of this purchase price (50 million of dollars) to
a deferred payment which is conditioned to the achievement of a
certain level of traffic at pre-determined dates, and in any
case to be paid at the latest in 2030.
The airport of Almaty, Kazakhstan's economic
capital, is the biggest airport in Central Asia: it welcomed
approximately 6.4 million passengers in 2019, around 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.
Events having occurred since 30 June 2021
Future of the HubLink
alliance
Aéroports de Paris and Royal Schiphol Group will
not renew the HubLink industrial cooperation agreement between,
which will expire on 30 November 202121. The current agreements
provide a mechanism to unwind the cross-shareholding between
Aéroports de Paris and Schiphol which will come into effect on that
date. This mechanism organizes an orderly sale of the shares over a
period of 18 months, i.e. until 30 May 2023. The sale price of the
Schiphol shares will be determined on the basis of a market value.
As of 30 June 2021, the value of the shares accounted for under the
equity method stands at 370 million euros.
Forecasts and guidances
Forecasts
2021-2024
|
2021-2022
Forecastsas published on
17 February
2021 |
2021-2024
Forecastsas of
28 July 2021 |
Traffic |
2021 group traffic(1) assumption between 45% and 55% of the 2019
group traffic. 2021 Paris Aéroport traffic assumption between 35%
and 45% of the 2019 Paris Aéroport traffic. |
2021 group traffic(1) assumption between 40% and 50% of the 2019
group traffic. 2021 Paris Aéroport traffic assumption between 30%
and 40% of the 2019 Paris Aéroport traffic. |
EBITDA / group revenue
groupe(2) |
18% - 23% in 2021 |
15% - 20% in 2021 |
Paris annual
investments (excluding financial
investment) |
|
|
in
2021-2022 |
€500m - €600m per year, regulated / non-regulated |
€500m - €550m per year, regulated / non-regulated |
in 2023-2024 |
|
€650m - €750m per year, regulated / non-regulated |
(1) Group traffic includes the traffic of Delhi
International Airport Limited (DIAL), Hyderabad International
Airport Limited (GHIAL) and Mactan-Cebu International Airport since
January 1st, 2019. It includes the traffic of Almaty International
Airport since 1st May 2019, 2020 and 2021. (2) The EBITDA / Group
revenue ratio forecast for 2021 is based on the following exchange
rate assumptions: EUR/TRY = 9.69, EUR/USD = 1.20, EUR/JOD
= 0.84.
2022 Guidance
|
2022 Guidance |
Net financial debt / EBITDA ratio |
6x to 7x by the end of 2022 |
Medium term traffic assumption
|
Medium term traffic assumption |
Paris Aéroport
traffic In 2022 In 2023 In 2024 |
Assumption of a return to the 2019 traffic level between 2024 and
2027, of which: 65% - 75% of the 2019 traffic 75% - 85% of the 2019
traffic 90% of the 2019 traffic |
The achievement of these targets is based on the
assumptions presented above and on the good run of TAV Airports'
strategy.
Agenda
-
An analyst conference will be held on
Thursday, July
29th,
2021 at 10:00
am (Paris local time). This conference will be
webcasted live on the links below and on the Groupe ADP website
(https://www.parisaeroport.fr/en/group/finance):
Link to the webcast in French
Link to the webcast in English
To join the conference by phone, please call:
For French speakers:
From France: 01 70 37 71 66
From other countries: +44 (0) 330 551 0200
Confirmation code: ADP FR
For English speakers:
From France: 01 70 37 71 66
From other countries: +44 (0) 330 551 0200
Confirmation code: ADP ENG
A replay of the meeting will be available on
Groupe ADP's website
(https://www.parisaeroport.fr/en/group/finance)
-
Next traffic
figures publication:
- Monday, 16
August 2021: July 2021 traffic figures
-
Next results publication:
- Friday, 22
October 2021: 9-month 2021 revenue
Disclaimer
This presentation 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 March 2020 under
D.20-0159, retrievable online on the AMF website www.amf-france.org
or Aéroports de Paris website www.parisaeroports.fr.
Aéroports de Paris does 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, 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
23
Groupe ADP develops and manages airports,
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
In 2020, the group handled through its brand Paris Aéroport 33.1
million passengers and 1.8 million metric tons of freight and mail
at Paris-Charles de Gaulle and Paris-Orly, and more
than 96.3 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
2020, group revenue stood at €2,137 million and net result
attributable to the Group at -€1,169 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.frAppendix 1 – 2021
first half consolidated financial statements
Consolidated income statement of the 1st half of 2021
(in millions of euros) |
Half-year2021 |
Half-year2020 |
Revenue |
989 |
1,168 |
Other operating income |
139 |
14 |
Consumables |
(135) |
(137) |
Employee benefit costs |
(344) |
(374) |
Other operating expenses |
(514) |
(571) |
Net allowances to provisions and Impairment of receivables |
20 |
(61) |
EBITDA |
155 |
39 |
EBITDA/Revenue |
15.6% |
3.3% |
Amortisation and impairment of tangible and intangible assets |
(333) |
(514) |
Share of profit or loss in associates and joint ventures |
(65) |
(91) |
Operating income from ordinary activities |
(243) |
(566) |
Other operating income and expenses |
8 |
(45) |
Operating income |
(235) |
(611) |
Financial income |
253 |
48 |
Financial expenses |
(274) |
(258) |
Financial income |
(21) |
(210) |
Income before tax |
(256) |
(821) |
Income tax expense |
69 |
92 |
Net results from continuing activities |
(187) |
(729) |
Net results from discontinued activities |
(1) |
(3) |
Net income |
(188) |
(732) |
Net income attributable to the Group |
(172) |
(543) |
Net income attributable to non-controlling interests |
(16) |
(189) |
Earnings per share attributable to owners of the parent
company |
|
|
Basic earnings per share (in €) |
(1.74) |
(5.49) |
Diluted earnings per share (in €) |
(1.74) |
(5.49) |
Earnings per share from continuing activities attributable
to the Group |
|
|
Basic earnings per share (in €) |
(1.73) |
(5.47) |
Diluted earnings per share (in €) |
(1.73) |
(5.47) |
Consolidated balance sheet as of 30 June 2021
(in millions of euros) |
As of 30
June 2021
|
As at Dec 31, 2020 |
Intangible assets |
3,111 |
2,795 |
Property, plant and equipment |
8,006 |
8,084 |
Investment property |
553 |
502 |
Investments in associates |
1,919 |
1,943 |
Other non-current financial assets |
388 |
374 |
Deferred tax assets |
91 |
46 |
Non-current assets |
14,068 |
13,744 |
Inventories |
78 |
70 |
Contract assets |
7 |
5 |
Trade receivables |
666 |
567 |
Other receivables and prepaid expenses |
270 |
467 |
Other current financial assets |
195 |
169 |
Current tax assets |
19 |
85 |
Cash and cash equivalents |
2,767 |
3,463 |
Current assets |
4,108 |
4,826 |
Total assets |
18,176 |
18,570 |
(in millions of euros) |
As of 30 June
2021 |
As at Dec 31, 2020 |
Share capital |
297 |
297 |
Share premium |
543 |
543 |
Treasury shares |
(2) |
(3) |
Retained earnings |
2,982 |
3,164 |
Other equity items |
(297) |
(349) |
Shareholders' equity - group share |
3,523 |
3,652 |
Non-controlling interests |
582 |
561 |
Shareholders' equity |
4,105 |
4,213 |
Non-current debt |
9,346 |
9,370 |
Provisions for employee benefit obligations (more than one
year) |
631 |
644 |
Other non-current provisions |
112 |
97 |
Deferred tax liabilities |
81 |
89 |
Other non-current liabilities |
925 |
797 |
Non-current liabilities |
11,095 |
10,997 |
Contract liabilities |
5 |
4 |
Trade payables |
570 |
682 |
Other debts and deferred income |
870 |
958 |
Current debt |
1,442 |
1,598 |
Provisions for employee benefit obligations (less than one
year) |
72 |
104 |
Other current provisions |
10 |
6 |
Current tax liabilities |
7 |
8 |
Current liabilities |
2,976 |
3,360 |
Total equity and liabilities |
18,176 |
18,570 |
Consolidated statement of cash flows of the 1st half-year
2021
(in millions of euros) |
Half-year
2021 |
Half-year
2020 |
Operating income |
(235) |
(611) |
Income and expense with no impact on net cash |
263 |
658 |
Net financial income other than cost of debt |
(11) |
(28) |
Operating cash flow before change in working capital and
tax |
17 |
19 |
Change in working capital |
(147) |
24 |
Tax expenses |
70 |
(44) |
Impact of discontinued activities |
194 |
113 |
Cash flows from operating activities |
134 |
112 |
Purchase of tangible assets, intangible assets and investment
property |
(215) |
(344) |
Change in debt and advances on asset acquisitions |
(120) |
(80) |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(299) |
(690) |
Change in other financial assets |
18 |
(68) |
Proceeds from sale of property, plant, and equipment |
2 |
2 |
Dividends received |
14 |
4 |
Cash flows from investing activities |
(600) |
(1,176) |
Proceeds from long-term debt |
214 |
2,531 |
Repayment of long-term debt |
(85) |
(763) |
Repayments of lease debts and related financial charges |
(9) |
(7) |
Capital grants received in the period |
(1) |
1 |
Revenue from issue of shares or other equity instruments |
(1) |
- |
Net purchase/disposal of treasury shares |
- |
(3) |
Dividends paid to non-controlling interests in the
subsidiaries |
- |
(32) |
Change in other financial liabilities |
(46) |
46 |
Interest paid |
(170) |
(121) |
Interest received |
33 |
2 |
Impact of discontinued activities |
(175) |
176 |
Cash flows from financing activities |
(240) |
1,830 |
Impact of currency fluctuations |
(1) |
(2) |
Change in cash and cash equivalents |
(707) |
764 |
Net cash and cash equivalents at beginning of the period |
3,458 |
1,972 |
Net cash and cash equivalents at end of the period |
2,751 |
2,736 |
of which Cash and cash equivalents |
2,767 |
2,772 |
of which Bank overdrafts |
(16) |
(36) |
1 The accounts of the 1st half of 2021 have been
subject to a limited review by the auditors, the limited review
report is being issued. Furthermore, the accounts have been
approved by the Board of Directors of Aéroports de Paris on 28 July
2021.2 Group traffic includes the traffic of Delhi International
Airport Limited (DIAL), Hyderabad International Airport Limited
(GHIAL) and Mactan-Cebu International Airport as of 1st January
2019. It also includes the traffic of Almaty airport as of 1st May
2019, 2020 & 2021. Excluding the integration of Almaty, the
group traffic would stand at 47.8 million of passengers over the
1st half of 2021.3 Unless otherwise stated, percentages and
variations mentioned throughout the financial release compare data
from the 1st half of 2021 to equivalent data for the 1st half of
2020.4 Revenues and other ordinary income reduced by operating
consumables and expenses from ordinary activities excluding
depreciation and amortization of tangible and intangible assets.5
Assets (including goodwill), tangible assets, inventories,
securities, and loans to companies consolidated under the equity
method other than receivables.6 Group traffic includes the traffic
of Delhi International Airport Limited (DIAL), Hyderabad
International Airport Limited (GHIAL) and Mactan-Cebu International
Airport as of 1st January 2019. It also includes the traffic of
Almaty airport as of 1st May 2021. Excluding the integration of
Almaty airport, the group traffic would stand at 47.8 million of
passengers over the 1st half of 2021, down by -18.4 million of
passengers.7 2019 reference traffic at 351.2 million passengers
(including GMR Airports' since January 1st, 2019, and Almaty
International Airport's traffic since 1st May 2019.8 2019 Paris
Aéroport traffic at 108,0 million passengers.9 See the 2020 half
year results financial release published on 27 July 2020.10 On the
acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021.11 EBITDA /
Revenue.12 For an amount of 43 million euros as of 31 December
2020.
13 Gross debt less fair value hedging assets,
cash and cash equivalents and restricted cash.14 See chapter 7 of
the 2020 Universal Registration Document, filled on March 18th,
2021.15 Sales in airside shops divided by the number of departing
passengers (Sales/PAX).16 Generated with third parties (outside the
group).17 On the acquisition of the management company of Almaty
airport, see the press releases of 8 May 2020 and 29 April
2021.
18 See 8 May 2020 press release: "Groupe ADP
announces the signing of an agreement by TAV Airports for the
acquisition of Almaty airport".19 CIS: Commonwealth of Independent
States.20 See note 2 in the appendix of the group consolidated
accounts as of 30 June 2021.21 For a description of the Exit
agreement between Aéroports de Paris and Royal Schiphol Group, see
section 16.4 of the 2020 Universal Registration Document.
- Aéroports de Paris SA - Groupe ADP's activities continue to be
affected by the Covid-19 pandemic
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