Aéroports de Paris SA - Groupe ADP's activities driven by a gradual
recovery in traffic in 2021, the continuation of financial
discipline and the development of our international concessions
FINANCIAL RELEASE16 February 2022
Aéroports de Paris SAGroupe
ADP's activities driven by a gradual recovery in
traffic in 2021, the continuation
of financial discipline and the development of our
international concessions
Groupe ADP
2021 full-year
results1
- Groupe ADP
traffic2 :
up by +37.2%3, at 160 million passengers over 2021 compared to
2020, in line with the Group's forecasts4. It was standing at 45.6%
of the 2019 group traffic level;
- Paris Aéroport
traffic (Paris-Charles de Gaulle and Paris-Orly): up by
+26.8%, at 41.9 million passengers over 2021 compared to
2020, in line with the Group's forecasts. It was standing at 38.8%
of the 2019 group traffic level;
- Consolidated
revenue: up by +27,9%, at 2 777 million euros over 2021
compared to 2020, mainly due to the impact of the traffic
recovery on the revenue in Paris (+19.5% for the Aviation and
+27.8% for the Retail & Services segments)
and in Jordan (+106.8%), as well as the effect of the
integration of Almaty as of May 1st, for TAV Airports
(+73.0%);
-
EBITDA5 at 751
million euros, up by +583 million euros, mainly due to the
continuation of the operational and financial optimization plan,
the punctual gains related to the return
to full ownership of some buildings on the Parisian
platforms, the effect of the reform of production taxes, and a
favorable base effect related to the recognition in 2020 of
impairment of receivables;
- Operating income from
ordinary activities at -29 million euros, up by +1,094
million euros mainly due to a favorable base effect related to the
recognition in 2020 of impairment on assets6 in Paris and
internationally, and an improvement in the share of profit from
companies accounted for by the equity method, up by +159 million
euros;
- Net result attributable to
the Group at -248 million euros, up by +921 million euros
mainly due to a favorable base effect related to the
recognition in 2020 of impairment of assets6 and to the positive
impact of the TAV Tunisia's debt restructuring in 2021
(in millions of euros – unless otherwise stated) |
2021(1) |
2020(2) |
2021/2020 |
Revenue |
2,777 |
2,137 |
+€640M |
+29.9% |
EBITDA |
751 |
168 |
+€583M |
N/A |
Operating income from ordinary activities |
(29) |
(1,123) |
+€1,094M |
N/A |
Net result attributable to the group |
(248) |
(1,169) |
+€921M |
N/A |
Paris Sales/PAX
(€)(3) |
€21.6 |
€19.1 |
- |
+13.1% |
Net financial debt |
(8,011) |
(7,484) |
+€527M |
+7.0% |
-
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 page 13 of the 2021 half-year results, released on
July 28th, 2021).
-
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).
-
Sales in airside shops divided by the number of departing
passengers (Sales/PAX).
Groupe ADP traffic assumptions and
forecasts for 2022:
- Group ADP traffic assumption
between 70% and 80% of 2019 group traffic;
- Paris Aéroport traffic assumption
between 65% and 75% of 2019 Paris Aéroport traffic;
- Group EBITDA margin forecast
between 30% and 35% of the revenue, and positive net result
attributable to the group;
- Group investments (excluding
financial investments) target of 1 billion euros per year on
average between 2022 and 2025, of which between 550 and
650 million euros in Paris in 2022;
- Net financial debt / EBITDA ratio
forecast from 6x to 7x.
Augustin de Romanet, Chairman and CEO,
stated:"The months from January to May 2021 were marked by a
resurgence of the Covid-19 pandemic which affected all of the
group's activities. The recovery in activity that began in mid-May
continued until the end of the year in line with the Group's
forecasts. All financial indicators are trending upwards in
2021. In addition to the positive impact of the recovery in traffic
in the second half of the year, this trend is also due to the
management of operating expenses, as a result of the savings
measures initiated at the beginning of the crisis and the first
effects of the social measures in Paris. The Group has also
succeeded in increasing its quality of service and its revenue per
passenger in the Paris commercial activities, whose level has
exceeded that of 2019. The year 2021 was also marked by the
development of international activities, with in particular the
acquisition of Almaty airport, which contributes significantly
to improve the group's EBITDA in 2021 and the gain of the
Antalya concession for a further 25 years. Several international
assets have been subjects of extensions of concession periods and
debt restructurings. Discussions are ongoing regarding Amman and
Santiago de Chile airports. The recovery in activity over the
second half of the year has enabled the group to stabilize its cash
position between mid-July and December 2021. For 2022, traffic
group is expected between 70% and 80% of the 2019 level, and Paris
Aéroport traffic between 65% and 75% of the 2019 level. The EBITDA
margin should be between 30% and 35% and net income should be
positive for the year 2022. The target of reaching a net financial
debt/EBITDA ratio between 6x and 7x is maintained. At last, Groupe
ADP has defined a strategic roadmap entitled "2025 Pioneers",
carrying a new impulse, which expresses over the 2022-2025 the
vision of its new airport model on the long-term."
Update on the situation related to the Covid-19 pandemic
Since the sudden halt 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 2021, Groupe ADP7 passenger traffic level
has been up by +37.2% compared to 2020,
at 160.0 million passengers, standing at 45.6% of
2019 group traffic.
Over the year 2021, Paris Aéroport passenger
traffic level has been up by +26.8% compared to 2020,
at 41.9 million passengers, standing at 38.8% of 2019
Paris Aéroport traffic. Aircraft movements at Paris Aéroport are up
by +24.8% over 2021 compared 2020. At Paris-Charles de Gaulle and
Paris-Orly, the platforms have adapted their infrastructures by
closing or opening terminals according to the evolution of
commercial passenger traffic.
Regarding Groupe ADP's international platforms,
most airports have been opened to commercial flights.
Due the resurgence of the pandemic in March 2021, some
countries have tightened travel restrictions, before gradually
reducing them over the course of the year (see page 12 for further
details).
Regarding GMR Airports' platforms, after a first
semester marked by the resurgence of the Covid-19 pandemic, the
second half of the year demonstrated the dynamism of traffic,
particularly the domestic one, in India. The traffic of the Indian
airports of GMR Airports8 stood at 49.1 million passengers in
2021, standing at 54.1% of the 2019 traffic.
Regarding TAV Airports' platforms, where traffic
also faced the impact of the resurgence of the Covid-19 pandemic
during the spring, the recovery began in early summer and continued
until the end of the year. TAV Airports9 traffic thus stood
at 40.3 million de passengers in 2021, standing at 59.9%
of the 2019 traffic.
-
Social situation in Paris
The partial activity at Aéroports de Paris SA, a
consequence of the drop in activity and the closure of
infrastructures, initiated on March 23, 2020, has been extended
until June 30, 2021. 87% of ADP employees have been affected by the
partial activity during the first half of 2021, resulting in a
reduction in personnel operating expenses of around 45 million
euros, as these measures were not renewed in the second half of the
year. For 2021, the savings linked to partial activity or
equivalent measures, as a result of the drop in activity were about
13 million euros for TAV Airports and 27 million euros
for Société de Distribution Aéroportuaire.
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, with a target of unreplaced
700 departures. The first departures have occurred at the end of
March 2021. At the end of December 2021, the maximum number of
departures have been reached and led, for Aéroports de Paris, to a
reduction of expenses of around 50 million euros in 2021.
In addition, the Plan for the Adaptation of
Employment Contracts (PACT) and standards applicable to employees
of Aéroports de Paris SA was the subject of consultation with the
Social and Economic Committee on May 21, 2021 and was approved by
the Interdepartmental Regional Directorate for the Economy,
Employment, Labor and Solidarity (DRIEETS) on June 23, 2021. This
plan, which does not aim to eliminate positions, provides for
salary moderation measures starting in September 2021, framed by a
guarantee limiting the reduction in compensation and preserving the
main elements of compensation (base salary, seniority, salary
progression and benefits). 10 million in 2021. An agreement signed
with the majority of the representative trade unions on July 13,
2021 sets out the terms and conditions for implementing this plan.
Employees who would refuse the measures would be asked to leave the
company and would be replaced.
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 to adapt the organization of Aéroports de Paris SA to
the sustainable development of air traffic, to the evolution of the
company as well as to the reduction of the workforce following the
implementation of the Collective Bargaining 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.
These social measures have enabled a reduction
in expenses of around 60 million euros in 2021.
The group's international assets saw their
traffic decline due to the Covid-19 pandemic and its unfavorable
economic consequences. Discussions had thus to be opened with the
stakeholders involved (conceding authorities, banks) with the aim
of maintaining financial and operational viability of some of these
assets, notably by requesting extensions of the concession period
and debt restructuring.
The financing contracts for concessions operated
in particular by the airport management companies in which Groupe
ADP, AIG, TAV Airports and GMR Airports are shareholders 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 default conditions that may
result in limited recourse regarding the shareholders. As a
reminder, contracts containing such covenants represent 11.2% of
the total amount of the Group's debt on December 31, 2021. On that
date, either the early repayment clauses in the event of failure to
comply with certain financial ratios have been complied with by the
airport management companies, or, if not, the lenders have agreed
not to exercise their rights, with the exception of AIG. In the
case of AIG, discussions are underway with the lenders.
Regarding TAV Airports,
two-year concession extensions were obtained on February 15, 2021
for the airports of Ankara, Antalya, Bodrum, Gazipasa and Izmir.
Furthermore, an agreement was reached between Tibah Airports
Development CJSC, the company operating Medina airport, and the
Saudi authorities, extending the concession period for a maximum
period of 8 years. As part of this agreement, the group granted a
shareholder loan of 193 million euros to Tibah. In addition, the
restructuring of several TAV Airports' concessions is still
underway (refinancing, capital increase, etc.).
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.
Following the non-renewal on December 31, 2021
of the technical assistance contract (TSA) between ADP
International and Airport Terminal Operations LTD (ATOL), the
company operating the Mauritius
airport, the Group exercised, on January 7, 2022,
the put option on the shares held by ADP International in the
capital of ATOL as provided for in the agreements binding the
shareholders of this company. The sale of these shares was
completed on January 28, 2022.
Due to the deterioration of traffic assumptions
at Santiago de Chile airport, the shareholders
have taken initiatives with the Chilean authorities to restore the
economic balance of the project. At the same time, Santiago Airport
is holding discussions with its lenders with a view to
restructuring its debt payment commitments. If no solution is found
with the banks, the group will consider a possible withdrawal. In
addition, the group has decided to file a claim with the
International Centre for Settlement of Investment Disputes (ICSID)
against the Chilean State in the context of the application of the
bilateral treaty between France and Chile on the protection of
foreign investments (ICSID n°ARB/21/40 dated August 13, 2021).
Airport International Group (AIG), concessionary
company of Amman airport in Jordan, has performed
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 being conducted in parallel.
In Madagascar, discussions are
ongoing with the lenders to amend certain conditions of the project
company's loans.
As a result, the Groupe ADP may be required to
provide financial support to these airport management companies in
which it is a shareholder10. To date, this support is estimated at
a maximum of 70 million euros in the context of restructuring
discussions between now and the end of 2022. In addition, if
negotiations to rebalance some of its international concessions
fail, the group may have to make arbitration decisions, eventually
withdrawing from the project.
-
Solid financial structure and strengthened
liquidity
Groupe ADP had a cash position of 2.4 billion
euros as of 31 December 2021, of which 0.1 billion euros was held
by TAV Airports.
Given its available cash, and with regard to its
forecasts for the next 12 months, the group does not
anticipate any liquidity difficulties. This cash position enables
it, on the one hand, to have sufficient liquidity in the current
exceptional health and economic context and on the other hand, to
meet its current needs and its financial commitments, including in
particular the repayment of bond debt for ADP SA and the funding11
within the framework of the Antalya operation.
Given the confidence of the investors in the
strength of its financial model and with its long-term credit
rating (A, negative outlook by the Standard and Poor's agency since
25 March 2020, confirmed on 17 December 2021), 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.
Groupe ADP's 2021 full-year results
2021 consolidated accounts
(in millions of euros) |
2021(1) |
2020(2) |
2021/2020 |
Revenue |
2,777 |
2,137 |
+29.9% |
EBITDA |
751 |
168 |
+€583M |
EBITDA / Revenue |
27.0% |
7.8% |
+19.2pts |
Operating income from ordinary activities |
(29) |
(1,123) |
+€1,094M |
Operating income from ordinary activities / Revenue |
-1.0% |
- 52.5% |
+51.5pts |
Operating income |
(20) |
(1,374) |
+€1,354M |
Financial result |
(218) |
(390) |
+€172M |
Net income attributable to the Group |
(248) |
(1,169) |
+€921M |
(1) The accounts of the Almaty
airport management company have been included in the consolidated
accounts of TAV Airports as of May 2021 (On the acquisition of the
management company of Almaty airport, see page 13 of the 2021
half-year results, released on July 28th, 2021).
(2) Groupe ADP has accounted for 24.99% of GMR
Airports' results between March and June 2020 and 49% from July
2020 onwards (see press releases dated February 20 and 26, 2020,
and July 7, 2020).
Revenue
(in million of euros) |
2021(1) |
2020 |
2021/2020 |
Revenue |
2,777 |
2,137 |
+29.9% |
Aviation |
1,028 |
860 |
+19.5% |
Retail and services |
825 |
645 |
+27.8% |
of which Société de Distribution Aéroportuaire |
311 |
225 |
+38.6% |
of which Relay@ADP |
36 |
16 |
+119.1% |
Real estate |
278 |
280 |
-1.0% |
International and airport developments |
726 |
441 |
+64.6% |
of which TAV Airports |
518 |
299 |
+73.0% |
of which AIG |
159 |
77 |
+106.8% |
Other activities |
170 |
146 |
+18.1% |
Inter-sector eliminations |
(250) |
(235) |
+6.8% |
(1) The accounts of the Almaty airport
management company have been included in the consolidated accounts
of TAV Airports as of May 2021 (On the acquisition of the
management company of Almaty airport, see page 13 of the 2021
half-year results, released on July 28th, 2021)
Over 2020, Groupe ADP's
consolidated revenue stood at
2,777 million euros, up by +29.9% compared to 2020, mainly due to
the effect of the recovery in traffic on:
-
The revenue of TAV Airports, up by +219 million euros, at 518
million euros, associated to the impact of the full consolidation
in the Group's accounts of the management of the Almaty airport in
Kazakhstan as of 1 May 202112, for 105 million euros;
-
The revenue of AIG, up by +82 million euros, at 159 million
euros;
-
Revenues of the Retail and Services segment, in Paris, up by +180
million euros, at 825 million euros, despite restrictions
on the opening of non-essential businesses between March
20 and May 19, 2021, and the Aviation segment, in Paris,
up by +168 million euros, at at 1,028 million
euros.
The amount of inter-sector eliminations stood at
-250 million euros over 2021, compared to -235 million euros over
2020.
EBITDA
(in millions of euros) |
2021(1) |
2020 |
2021/2020 |
Revenue |
2,777 |
2,137 |
+€640M |
Operating expenses |
(2,182) |
(1,962) |
-€220M |
Consumables |
(383) |
(263) |
-€120M |
External services |
(789) |
(681) |
-€108M |
Employee benefit costs |
(739) |
(732) |
-€7M |
Taxes other than income taxes |
(195) |
(245) |
+€50M |
Other operating expenses |
(77) |
(42) |
-€35M |
Other
incomes and expenses |
156 |
(8) |
+€164M |
EBITDA |
751 |
168 |
+€583M |
EBITDA/Revenue |
27.0% |
7.8% |
+€19.2pts |
(1) The accounts of the Almaty airport
management company have been included in the consolidated accounts
of TAV Airports as of May 2021 (On the acquisition of the
management company of Almaty airport, see page 13 of the 2021
half-year results, released on July 28th, 2021.).
Group operating expenses stood
at -2,182 million euros over 2021, up by +220 million
euros. Operating expenses (+11.2%) are evolving slower than revenue
(+29.9%).
The company's operational and financial
optimization has resulted in 2021 both in the continuation of
various conjunctural savings measures initiated since the start of
the crisis (including the closure of infrastructure in Paris,
saving €62 million in 2021 and partial activity, or equivalent
measures outside France, for a total of €89 million) and in the
implementation of social measures, the first effects of which are
around €60 million in 2021.
The distribution of the group's operating
expenses was as follows:
-
Consumables stood at -383 million euros,
up by +120 million euros, mainly due to:
-
An increase of +62 million euros for TAV Airports, of which +50
million euros due to the full consolidation of the Almaty airport
management company in TAV Airports' accounts as of May 1, 202113
;
-
An increase of +24 million euros at the commercial subsidiaries
(Société de Distribution Aéroportuaire and Relay@ADP) due to the
mechanical increase in costs in line with the increase in
revenues.
-
An increase of +15 million euros for Hub One, linked to the
increase in its revenues.
-
External services stood at -789 million
euros, increased by +108 million euros, due to :
-
the increase in expenses related to other services and external
expenses for +55 million euros, due in particular to the mechanical
increase in the concession rent in Amman for +50 million euros,
because of increase in revenue of AIG;
-
the increase in subcontracting costs for +36 million euros mainly
due to the recovery in traffic, and in maintenance and repair
expenses for +17 million euros.
-
Employee benefit costs stood at -739 million
euros, stable compared to 2020, due to the impact of the first
effects of social measures in Paris (departures of employees and
salary moderation), compensating for the reduced use of partial
activity and equivalent measures, in particular for:
-
ADP SA, over the first half of the year only for 45 million euros
in 2021, compared to 118 million euros in 2020;
-
TAV Airports, for 13 million euros in 2021, compared with 46.5
million euros in 2020;
-
the commercial subsidiaries in Paris, for 28 million euros in 2021,
compared with 53 million euros in 2020.
-
Taxes other than income taxes stood at -195
million euros, down by -50 million euros compared to 2020, mainly
due the reform of production taxes on property tax and the CET14,
for -51 million euros;
-
Other operating expenses stood at -77 million
euros, up +35 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 +156 million euros, up by +164 million
euros over 2021, due to:
-
impairment losses on receivables, net of reversals, which has
generated a net income of 18 million in 2021, up by
+58 million euros, due to the reversal of certain
provisions (notably relating to Aigle Azur receivables) in 2021, as
well as the favorable base effect linked to the receivables
impairments recorded in 2020 for 41 million euros;
-
the increase of other operating income, at 156 million euros,
following punctual gains related to the return to full ownership of
some buildings on the Parisian platforms for 109 million
euros.
Over 2021, the group's consolidated
EBITDA stood at 751 million euros. The gross margin
rate 15 associated was 27.0%, up by +19.2 points.
Net result attributable to the Group
(in millions of euros) |
2021(1) |
2020(2) |
2021/2020 |
EBITDA |
751 |
168 |
+€583M |
Amortisation and impairment of tangible and intangible assets |
(719) |
(1 071) |
+€352M |
Share of profit or loss in associates and joint ventures(2) |
(61) |
(220) |
+€159M |
Operating income from ordinary activities |
(29) |
(1,123) |
+€1,094M |
Other operating income and expenses |
9 |
(251) |
+€260M |
Operating income |
(20) |
(1,374) |
+€1,354M |
Financial income |
(218) |
(390) |
+€172M |
Income before tax |
(238) |
(1,764) |
+€1,526M |
Income tax expense |
(9) |
255 |
-€264M |
Net income from continuing operations |
(247) |
(1,509) |
+€1,262M |
Net income from discontinued operations |
(1) |
(7) |
+€6M |
Net income |
(248) |
(1,516) |
+€1,268M |
Net income attributable to non-controlling interests |
0 |
(347) |
-€347M |
Net income attributable to the Group |
(248) |
(1,169) |
+€921M |
(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 page
13 of the 2021 half-year results, released on July 28th,
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 -29 million euros, up by
+1,094 million euros, mainly due to:
-
the improvement of EBITDA for +583 million euros;
-
the favorable base effect due to the accounting over 2020 of
impairments on intangible assets of Société de Distribution
Aéroportuaire (for -41 million euros), of Relay@ADP (for -25
million euros) and of intangible international assets
(for -252 million euros);
-
the improvement of results from companies consolidated under the
equity method, up by +159 million euros compared to 2020, at
-61 million euros, mainly under the effect of the gradual recovery
in traffic.
Operating income stood at -20
million euros, up by +1,354 million, mainly due to:
-
the improvement of operating income from ordinary activities for
+1,094 million euros;
-
the favorable base effect due to the accounting of a provision16
for departure plan and for an impairment17 on the goodwill
recorded upon the takeover of an international concession.
Financial result stood at -218
million euros, up by +172 million, mainly due to the
restructuration agreement on the debt of TAV Tunisia (for a
net gain of +109 million euros) and to the favorable base effect
due to the impairments of international stakes for 125 million
euros over 2020. Meanwhile, the cost of gross debt has increased by
+30 million euros.
Net financial
debt18 of Groupe ADP stood at 8,011
million euros as of 31 December 2021, compared to
7,484 million euros as of 31 December 2020.
Income tax constituted a tax
expense of 9 million euros over 2021, compared to a tax income of
255 million euros for the year 2020, related to the increase in the
income before tax.
Net income
stood at -248 million euros over 2021, compared to -1,516 million
euros in 2020.
Taking into account all these items, the
net result attributable to the Group was up by
+921 million euros compared to 2020, at -248 million
euros.
Analysis by segment
Aviation – Parisian
platforms
(in millions of euros) |
2021 |
2020 |
2021/2020 |
Revenue |
1,028 |
860 |
+19.5% |
Airport fees |
527 |
421 |
+25.2% |
Passenger fees |
273 |
218 |
+25.6% |
Landing fees |
147 |
119 |
+23.5% |
Parking fees |
107 |
84 |
+26.5% |
Ancillary fees |
106 |
83 |
+26.5% |
Revenue from airport safety and security services |
365 |
326 |
+12.0% |
Other income |
31 |
30 |
+2.2% |
EBITDA |
30 |
(124) |
+€154M |
Operating income from ordinary activities |
(343) |
(516) |
+€173M |
EBITDA / Revenue |
3.0% |
-14.4% |
+17.4pts |
Operating income from ordinary activities / Revenue |
-33.6% |
-60.0% |
+26.4pts |
Over 2021, aviation segment
revenue, which relates solely to the airport activities
carried out by Aéroports de Paris as operator of the Parisian
platforms, was up by +19.5%, at 1,028 million euros. It does note
vary in the same proportion as the passenger traffic in Parisian
platforms over the year (+26.8%), due mainly to the rigidity of
revenue from airport safety and security.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) increased
by +25.2%, à 527 million euros. This evolution is
due to the increase of +25.6% of the revenue from passenger fees,
in line with the increase in passenger traffic (+26.8%), to the
increase of +23,5% of the revenue from landing fees, in line with
the increase in aircraft movements (+24.8%), and the increase of
+26.5% of the revenue from parking fees.
As a reminder, the average tariff increase,
approved by the Transport Regulation Authority (ART) for the 2021
tariff period, is of +2.2% and in effect since 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 not impacted on tariffs.
In its decision no. 2021-068 of December 16,
2021, published on January 17, 2022, the ART approved the following
tariff changes for Paris-Charles de Gaulle and Paris-Orly, which
will come into effect on April 1, 2022: a +1.54% increase in
passenger fee, a freeze on the unit price of the parking fee and
the landing fee and an average increase of +0.94% for ancillary
fees (with the exception of the PRM19 fee which will increase by
+10.0%, on the Paris-Charles de Gaulle platform and +0.94% at
Paris-Orly). Regarding Paris-Le Bourget, the ART approved price
increases of +0.91% for the landing fee and +19.9% for the
parking fee.
Revenue from ancillary fees was
up by +26.5%, at 106 million euros, in line with the increase in
passenger traffic.
Revenue from airport safety and security
services was up by +12.0%, at 365 million euros.
Aéroports de Paris has received from the State,
in application of the finance law for 2021, an exceptional cash
advance for safety and security expenses. This advance is intended
to compensate for the shortfall in revenue resulting from the
decline in airport tax yields due to the drop in air traffic as a
result of the health crisis. The portion of this advance allocated
to Aéroports de Paris amounts to 118.9 million euros in 2021,
compared to 121.8 million euros in 2020.
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 were stable at 31 million
euros.
EBITDA was up by +154 million,
at 30 million euros due to the increase of revenue.
The operating income from ordinary
activities was up by +173 million euros, at -343 million
euros over 2021, due essentially to the increase in EBITDA.
Retail and services – Parisian platforms
(in millions of euros) |
2021 |
2020 |
2021/2020 |
Revenue |
825 |
645 |
+27.8% |
Retail activities |
428 |
313 |
+36.5% |
Société de Distribution Aéroportuaire |
311 |
225 |
+38.6% |
Relay@ADP |
36 |
16 |
+119.1% |
Other Shops and Bars and restaurants |
36 |
26 |
+36.0% |
Advertising |
18 |
26 |
-31.1% |
Other products |
27 |
20 |
+33.8% |
Car parks and access roads |
90 |
77 |
+17.0% |
Industrial services revenue |
146 |
100 |
+46.4% |
Rental income |
122 |
115 |
+5.9% |
Other income |
39 |
40 |
-2.7% |
EBITDA |
245 |
90 |
+€155M |
Share in associates and joint ventures from operating
activities |
0 |
(5) |
+5M |
Operating income from ordinary activities |
98 |
(177) |
+€275M |
EBITDA / Revenue |
29.7% |
14.0% |
+15.7pts |
Operating income from ordinary activities / Revenue |
11.9% |
-27.4% |
+39.3pts |
Over 2021, revenue from the segment Retail and
services, which includes only Parisian activities, was up
by +27.8%, at 825 million euros.
Revenue from retail
activities20 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 2021, revenue from retail activities was up
by +36.5%, at 428 million euros, including Société de
Distribution Aéroportuaire, up by +38.6%, at 311 million euros and
Relay@ADP, with an increase of +119.1%, at 36 million
euros.
Over 2021, Sales/Pax21 of airside shops stood at
21.6 euros, up by +13.1% compared to 2020, and up by
+9.6% compared to 2019, despite the closure of non-essential
businesses between March 20th and May 19th, 2021, due to the
concentration of passenger flows in the most performing terminals.
Over the same period, the Sales/Pax at terminal 2EK of
Paris-Charles de Gaulle airport stood at 55.9 euros, up by
+25.3% compared to 2020, reassuring Groupe ADP in the effectiveness
of its retail business model.
Revenue from car parks was up
by +17.0%, at 90 million euros.
Revenue from industrial
services (supply of electricity and water) was up by
+46.4%, at 146 million euros.
Rental revenues (leasing of
spaces within terminals) were up by +5.9%, at 122 million
euros.
Other revenues (primarily
constituted of internal services) were down by -2.7%, at 39 million
euros.
EBITDA of the segment was up by
+155 million euros, at 245 million euros, due to the effect of the
recovery of activity on EBITDA, especially from Société de
Distribution Aéroportuaire and Relay@ADP for +56 million euros, as
well as a favorable base effect relating to receivables impairments
recorded in 2020, for +7 million euros.
Operating income from ordinary
activities was up by +275 million euros, at 98 million
euros, due to the increase in EBITDA, as well as the favorable
base effect linked to the recognition in 2020 of impairment losses
on intangible assets relating to Société de Distribution
Aéroportuaire and Relay@ADP for 41 million euros and 25 million
euros respectively.
Real Estate - Parisian
platforms
(in millions of euros) |
2021 |
2020 |
2021/2020 |
Revenue |
278 |
280 |
-1.0% |
External revenue |
227 |
231 |
-1.7% |
Land |
114 |
119 |
-4.7% |
Buildings |
74 |
67 |
+9.6% |
Others |
39 |
44 |
-10.8% |
Internal revenue |
50 |
49 |
+2.3% |
EBITDA |
294 |
173 |
+€121M |
Share in associates and joint ventures from operating
activities |
0 |
0 |
0M |
Operating income from ordinary activities |
235 |
117 |
+€118M |
EBITDA / Revenue |
105.7% |
61.8% |
+40.8pts |
Operating income from ordinary activities / Revenue |
85.1% |
41.9% |
+40.0pts |
Over 2021, real estate revenue,
which includes only Parisian activities, was almost stable
at 278 million euros.
External
revenue22 was slightly down by -1.7%, at
227 million euros.
EBITDA of the segment was up by
+121 million euros, at 294 million euros due to punctual gains
related to the return to full ownership of some buildings on the
Parisian platforms for +109 million euros and to the favorable base
effect related to the accounting of receivables impairments in 2020
for 23 million euros.
Operating income from ordinary
activities was up by +118 million euros, at 235 million
euros.
International and airport developments
(in millions of euros) |
2021(1) |
2020(2) |
2021/2020 |
Revenue |
726 |
441 |
+64.6% |
ADP International |
197 |
133 |
+47.8% |
of which AIG |
159 |
77 |
+106.8% |
of which ADP Ingénierie |
30 |
45 |
-33.5% |
TAV Airports |
518 |
299 |
+73.0% |
Société de Distribution Aéroportuaire Croatie |
7 |
4 |
+74.1% |
EBITDA |
156 |
7 |
+€149M |
Share of profit or loss in associates and joint ventures |
(61) |
(214) |
+153M |
Operating income from ordinary activities |
(28) |
(551) |
+€523M |
EBITDA / Revenue |
21.5% |
1.7% |
+19.8pts |
Operating income from ordinary activities / Revenue |
-3.8% |
-126.1% |
+122.3pts |
- 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 page 13 of the 2021 half-year results, released
on July 28th, 2021).
- 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).
Over 2021, revenue from International
and airport developments stood at 726 million
euros, up by +64,6% compared to 2020, mainly due to the increase in
revenue for TAV Airports and AIG, despite the decline in revenue
for ADP Ingénierie by -33.5%, at 30 million euros.
AIG's revenue was up by
+106.8%, at 159 million euros, due in particular to the effect of
the increase by +112.3% of traffic recorded in Amman on
aeronautical fees for +56 million euros and commercial
revenues at +15 million euros, as well as the increase in
rental revenues at +6 million euros.
TAV Airports' revenue was up by
+73,0%, at 518 million euros, due to:
-
the integration in the group's accounts of the management company
of Almaty airport in Kazakhstan23 as of May 1st, 2021, at +105
million euros;
-
the effect of increased traffic on the revenues of the assets
managed by TAV Airports, notably in Georgia24,
at +32 million euros, TAV Ege at +14 million euros, and
TAV Macedonia at +10 million euros TAV Milas Bodrum
at +9 million euros;
-
the increases of revenue of HAVAS (company specialized in ground
handling), at +30 million euros, due to the increase in the number
of flights served, the revenue of BTA (company specialized in bars
and restaurants), at +10 million euros, due to the increase in
attendance and the revenue of TAV IT at +6 million euros, due to
the realization of new projects.
TAV Airports' EBITDA was up by
+124 million euros compared to 2020, at 144 million euros, linked
to the increase in revenue (+219 million euros), despite the
increase in operating expenses of +89 million euros, of which 75
million euros related to the full consolidation in the accounts of
the Almaty airport management company. On a like-for-like basis,
TAV Airports' operating expenses are slightly up by +5.0%: the
increase in the operating costs of TAV Airports' service companies
and the lesser recourse to partial activity or equivalent measures,
being partially offset by the positive impact of the depreciation
of the Turkish lira against the euro on operating expenses in
2021.
AIG's EBITDA was up by +36
million euros compared to 2020, at 43 million euros, linked to the
increase in revenue (+82 million euros) and despite the associated
increase in concession rent of +50 million euros.
EBITDA of the segment
International and airport developments was thus up
by +149 million euros, at 156 million euros.
Operating income from ordinary
activities of the segment stood at -28 million euros, up
by +523 million euros in 2020, due to:
-
the favorable base effect linked to the accounting in 2020 of an
impairment of the goodwill25 recorded upon the acquisition of a
concession;
-
the rise of the share of profit from operating associates by +153
million euros, at -61 million euros over 2021, as a result of
the gradual recovery in traffic on the results of companies
accounted for by the equity method:
-
TAV Airports for +53 million euros at -21 million euros, of which
+38 million euros for Antalya;
-
ADP International for +26 million euros at 0,3 million euros;
-
GMR Airport for +51 million euros at -24 million euros.
Other activities
(in millions of euros) |
2021 |
2020 |
2021/2020 |
Products |
170 |
146 |
+18.1% |
Hub One |
157 |
136 |
+15.0% |
EBITDA |
26 |
25 |
+€1M |
Operating income from ordinary activities |
9 |
6 |
+€3M |
EBITDA / Products |
15.3% |
17.1% |
-1.8pt |
Operating income from ordinary activities / Products |
5.3% |
4.1% |
+1.2pt |
In 2021, other activities segment
products are up by +18.1%, at 170 million euros.
Hub One sees its revenue up by +15,0%, at 157
million euros due to the gain of new customers.
EBITDA of the segment stands at
+26 million euros, up by +1 million euros.
The operating income from ordinary
activities of the segment stands at +9 million euros, up
by +3 million euros.
Highlights of the period since the publication of the 2020
9-month revenue, on 22 October 2021Change in passenger
traffic over 2021
|
Information regarding the suspension of commercial flights
and infrastructures closures |
Status as of 31 December 2021 |
Group traffic @100%(mPax) |
2021/2020 change
(1) |
Level compared to
2019(1) |
Paris Aéroport (CDG+ORY) |
Paris-CDG: Open terminals: 2A, 2B, 2C, 2D, 2E
(halls K, L, M in arrivals only), 2F.Terminal 3 closed since
23/03/2020,Terminal 1 closed since 03/30/2020,Terminal 2G closed
since 23/03/2021.Paris-Orly: all sectors open,
except Orly 1B closed since 26/01/2021. |
Paris-CDG & Paris-Orly: open to domestic and
international commercial flights. |
41.9 |
+26.8% |
38.8% |
Zagreb |
Closure of borders to non-EU citizens from 19/03/2020 to
11/05/2020 |
Open to domestic and international commercial flights. |
1.4 |
+51.9% |
40.9% |
Jeddah-Hajj |
Total closure since 20/03/2020 |
Terminal closed since 20/03/2020. |
0.0 |
- |
- |
Amman |
Suspension of domestic commercial flights between 17/03/2020 and
06/06/2020. Suspension of international commercial flights from
17/03/2020 to 08/09/2020. |
Open to domestic and international commercial flights. |
4.6 |
+122.3% |
51.1% |
Mauritius |
Suspension of international commercial flights from 19/03/2020 to
01/10/2020 |
Open to domestic and international commercial flights. |
0.5 |
-50.8% |
12.4% |
Conakry |
Total closure from 22/03/2020 to 17/07/2020. |
Open to domestic and international commercial flights. |
0.5 |
+83.4% |
76.5% |
Santiago de
Chile |
Suspension of international commercial flights between 17/03/20 and
01/10/20. Closure of borders to non-residents since April 5,
2021. |
Open to domestic and international commercial flights. |
10.0 |
+17.4% |
40.7% |
Madagascar |
Suspension of domestic commercial flights between 20/03/2020 and
06/06/2020 and between late March 2021 and early June 2021.
Suspension of international commercial flights between 20/03/2020
and 01/10/2020 and from the beginning of April to November
2021. |
Antananarivo: Open to domestic and international commercial
flights. Nosy Be: International commercial flights
suspended. |
0.2 |
-28.6% |
15.4% |
New Delhi –GMR Airports |
Suspension of domestic and international commercial flights between
22/03/2020 and 25/05/2020 |
Open to domestic and international commercial flights (limited to
countries with which India has signed bilateral agreements). |
37.1 |
+30.3% |
54.2% |
Hyderabad –GMR Airports |
Suspension of domestic and international commercial flights between
22/03/2020 and 25/05/2020. |
Open to domestic and international commercial flights (limited to
countries with which India has signed bilateral agreements). |
12.0 |
+25.7% |
53.9% |
Cebu – GMR Airports |
Domestic and international commercial flights maintained (although
with travel restrictions). |
Open to domestic and international commercial flights, traffic
restrictions. |
1.3 |
-52.0% |
10.4% |
Almaty –TAV Airports |
Suspension of domestic commercial flights between the end of March
and the end of April 2020. Resumption of international commercial
flights since June 2020.One-time suspension of commercial flights
in January 2022. |
Open to domestic and international commercial flights. |
4.4 |
+86.7% |
93.4% |
Antalya – TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020 |
Open to domestic and international commercial flights. |
22.0 |
+126.6% |
61.7% |
Ankara – TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020 |
Open to domestic and international commercial flights. |
7.0 |
+36.1% |
51.1% |
Izmir – TAV Airports |
Suspension of international commercial flights from 27/03/2020 to
July 2020 |
Open to domestic and international commercial flights. |
7.7 |
+40.3% |
62.0% |
Other platforms
–TAV Airports(2) |
- |
Open to domestic and international commercial flights, local
restrictions may apply. |
10.8 |
+62.0% |
39.7% |
GROUP
TOTAL(1) |
- |
- |
160.0 |
+37.2% |
45.6% |
(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.
In 2021, Paris Aéroport passenger traffic was by
+26.8% with a total of 41.9 million de passengers.
Geographical breakdown of traffic in Paris is as
follows:
International traffic (excluding Europe,
including French Overseas Territories) was up by +18.5% compared to
2020 at 34.9% of 2019 traffic level, due to an increase in the
traffic on the following destinations:
North America (+37.1%), Africa (+35.6%), Middle East
(+20.9%), Latin America (+3.7%) and despite the decline in
traffic with Asia-Pacific (-51.8%);
- European traffic (excluding France)
was up by +35.2% compared to 2020, at 37.8% of 2019 level;
- Traffic within mainland France was
up by +26.6% compared to 2020, at 52.7% of 2019 level;
- Traffic with the French Overseas
Territories (included within the international traffic) was up by
+16.3%. compared to 2020, at 63.6% of 2019 level.
Geographic split Paris Aéroport |
2021 / 2020 Change |
Share in total traffic over 2021 |
France |
+26.6% |
20.4% |
Europe |
+35.2% |
42.6% |
Other International |
+18.5% |
37.1% |
of which |
|
|
Africa |
+35.6% |
13.4% |
North America |
+37.1% |
7.7% |
Latin America |
+3.7% |
2.4% |
Middle East |
+20.9% |
4.7% |
Asia-Pacific |
-51.8% |
1.6% |
French Overseas Territories |
+16.3% |
7.2% |
Total Paris Aéroport |
+26.8% |
100.0% |
The number of connecting passengers was up by
+21.2%. The connecting rate stood at 22.0%, down by -1.1 point
compared to 2020. The aircraft load factor was up by +0.4
point, at 69.7%. The number of air traffic movements at Paris
Aéroport was up by +24.8%, at 368,668 movements.
TAV Airports Group successful in the
renewal of the Antalya Airport concession following a competitive
bidding process
A consortium formed by TAV Airports (51%)
(46.38% owned by Groupe ADP) and Fraport (49%) has won the tender
for the renewal of the Antalya airport concession to make
investments to increase the airport's capacity in return for the
right to operate it for 25 years, between January 1, 2027 and
December 31, 2051.
The total concession rent due to DHMI is €7.25
billion (excluding VAT), of which 25% (€1.8 billion) will be paid
within 90 days of the signing of the concession contract,
which took place on December 28, 2021.
The service charge is 17 euros per departing
international passenger and 3 euros per departing domestic
passenger during the new concession period. The investment aims to
increase the capacity of Antalya Airport to 80 million passengers
per year, more than doubling the current capacity. It is estimated
at approximately €765 million under a lump sum design-build
contract, of which €600 million will be committed between 2022 and
2025, and €165 million between 2038 and 2040.
The results of the consortium are accounted for
using the equity method.
Antalya Airport is a strategic asset within TAV
Airports' airport portfolio. Since the end of the Istanbul Atatürk
concession, it has been TAV Airports' main airport, both in terms
of dividend generation and traffic volume. In 2019, Antalya Airport
handled 35.7 million passengers, including 28.7 million
international passengers, establishing itself as the second busiest
airport in Turkey and the first in terms of international O&D
traffic.
Antalya is a major destination during the summer
leisure season in Europe due to its location on the 500 km long
Turkish Riviera on the Mediterranean coast in the southwest of the
country and with a hotel capacity of 625,000 beds.
The end of the HubLink industrial
cooperation marks the beginning of the process of the orderly
disposal of the 8% cross-shareholdings held by Aéroports de Paris
and Royal Schiphol Group respectively
The industrial cooperation HubLink between
Aéroports de Paris and Royal Schiphol Group has ended on November
30th, 2021. The functions as members of the Board of Directors of
Aéroports de Paris of Dick Benschop and Robert Carsouw,
respectively Chief Executive Officer and Chief Financial Officer of
Royal Schiphol Group, and those as member of the Supervisory Board
of Royal Schiphol Group of Edward Arkwright, Deputy Chief Executive
Officer, thus ended on the same date.
The termination of this cooperation commences
the orderly sale process of the 8% participation each party holds
in the share capital of the other party under the terms of an
exit agreement between Aéroports de Paris and Royal Schiphol Group
dated December 1st, 2008 and in accordance with a
shareholders' agreement also dated December 1st, 2008 between Royal
Schiphol Group and the French State. This process is scheduled to
unfold over a period limited to a maximum of 18 months, i.e., until
May 30th, 2023 at the latest, during which Royal Schiphol Group
will first dispose, in one or more instalments (each time for a
number of shares at least equal to 1% of Aéroports de Paris' share
capital), the participation it holds in the share capital of
Aéroports de Paris.
As part of this sale process, Aéroports de Paris
has a right of first offer, allowing it to submit an offer to Royal
Schiphol Group for the shares it holds in Aéroports de Paris or to
appoint a third party to submit an offer for the ADP shares. If
such right of first offer is not exercised or if Royal Schiphol
Group does not accept any first offer made pursuant to this right,
Royal Schiphol Group will have the right to sell, in one or more
instalments (each time for a number of shares at least equal to 1%
of Aéroports de Paris's share capital), its ADP shares
either on the public market or to one or more identified parties
(over-the-counter). Aéroports de Paris will then have a preemption
right enabling it (i) to buy back the ADP shares offered by Royal
Schiphol Group at a price equivalent to that obtained by Royal
Schiphol Group or (ii) to substitute one or more third parties in
the exercise of the preemption right. Aéroports de Paris, or such
substituted third parties, will have 7 days from receipt of Royal
Schiphol Group's notification of transfer addressed to it by Royal
Schiphol Group (which shall comprise one or more unconditional and
irrevocable offers to acquire a number of ADP shares representing
at least 1% of Aéroports de Paris' share capital, to notify the
exercise of the preemption right to Royal Schiphol Group. The
French State has a similar preemption right, with no substitution
right however, which must be exercised within the same period and
prevails over Aéroports de Paris' preemption right.
Furthermore, in the event of a project of
cession to identified parties of the ADP shares held by Royal
Schiphol Group, the French State and Aéroports de Paris have a veto
right to oppose this cession, which can be exercised once per
project and within the same time limit as their preemption right,
the French State's veto right shall prevail over that of Aéroports
de Paris.
Royal Schiphol Group will hold, unless Aéroports
de Paris and Royal Schiphol Group decide otherwise, the proceeds of
the sale in an escrow account until Aéroports de Paris sells its
Royal Schiphol Group shares back to Royal Schiphol Group. The sale
price of the Royal Schiphol Group shares held by Aéroports de Paris
will be set on the basis of a fair market value determined as part
of an expert appraisal procedure which will take into account the
effective sale price of the ADP shares by applying a bonus or a
malus determined by comparing the average of the effective sale
prices of the ADP shares with the fair market value of Aéroports de
Paris as appraised by experts. Lastly, in the event Royal Schiphol
Group does not sale its ADP shares by the end of the referred to
18-month period, Aéroports de Paris will be able to exercise, with
a substitution right, a call option on the ADP shares still held by
Royal Schiphol Group under contractual conditions agreed between
the parties (with a price formula based on an average stock market
price).
As Aéroports de Paris no longer exerts
significant influence over Royal Schiphol Group since December 1st,
2021, the Royal Schiphol Group's shares, previously
consolidated using the accounting equity method, are now recognized
in other non-current financial assets.
Events since December 31, 2021
ADP International signs a settlement agreement with IFC
under which it is debarred for 12 months from calls for tenders for
projects financed by the World Bank Group
ADP International, one of Groupe ADP's
subsidiaries, signed on 4 January 2022 a settlement agreement with
the International Finance Corporation (IFC), the main development
institution focused on the private sector in emerging countries,
within the World Bank Group. Under this agreement, it is no longer
authorized, for a period of 12 months from this date, to take part
in projects financed by the World Bank Group.
This debarment only applies to ADP International
and the companies it controls - and therefore does not include
within its scope Aéroports de Paris and its other subsidiaries,
including TAV Airports' companies. It is part of an amicable
settlement which has been negotiated by ADP International and under
which the company assumes responsibility for practices considered
to be fraudulent and collusive, which have taken place from 2013
and in February/May 2015, during the call for tenders procedures
organized for the award of concessions for the airports of Zagreb
in Croatia and of Antananarivo and Nosy Be in Madagascar, the
construction of which was partially financed by the IFC.
This debarment will be followed by an additional
12-month conditional non debarment during which ADP International
and its subsidiaries will have the opportunity to bid on calls for
tenders for projects financed by the World Bank Group but will have
to undertake a certain number of actions to improve their
compliance programs and procedures.
This measure takes into account Groupe ADP's
cooperation throughout the investigation carried out by the World
Bank, as well as the remedial actions it took on a voluntary basis,
in particular by commissioning independent audits and sharing their
outcomes with the World Bank.
Group ADP reaffirms its strongest commitment to
respecting all of the ethics and compliance rules that govern its
activity, notably internationally.
Approval of the 2022 tariffs for Aéroports de Paris by
the Independent Supervisory Authority for airport
charges
Aéroports de Paris has filled in November 2021 a
request for approval of the airport fees for the 2022-2023 tariff
period. The request for approval has been declared complete on the
same day by the Transport Regulation Authority (ART).
For Paris-Charles de Gaulle and Paris-Orly,
Aéroports de Paris has submitted the following annual tariff
changes to the ART for approval:
- Increase of 1.54% in the tariffs
for the passenger fee;
- Freeze of the parking fee;
- Freeze of the landing fee;
- Average increase in ancillary fees
(excluding PRM fee) of +0.94%;
- Increase in PRM fee of +10.0% at
Paris-Charles de Gaulle and +0.94% at Paris-Orly.
In addition, for Paris-Le Bourget, Aéroports de
Paris has submitted to the ART for approval an increase in landing
fees of +0.91% and an increase in parking fees of +19.9%.
In its decision no. 2021-068 of December 16,
2021, published on January 17th, 2021, the ART (Autorité de
Régulation des Transports) approved the airport charges applicable
to the airports of Paris-Charles de Gaulle, Paris-Orly and Paris-Le
Bourget from April 1, 2022 until March 31, 2023.
Adoption of the
"2025 Pioneers" strategic roadmap
by the Board of Directors
on 16 February 2022
On February 16th, 2022, the Board of Directors
of Aéroports de Paris SA adopted a strategic roadmap called "2025
Pioneers", aimed at promoting a new long-term airport
model. The content and objectives of this strategic roadmap are
detailed in the press release ""2025 Pioneers": the 2022-2025
strategic roadmap of Groupe ADP to build a new sustainable airport
model", published on February 16th, 2022.
Dividend distribution policy
On February 16th, 2022, the Board of Directors
approved the social and consolidated financial statements for the
year ended on December 31st, 2021. During this meeting, it
decided to propose to the next Annual Shareholders General Meeting,
to be held on May 17th, 2022, not to distribute a dividend for
the year ended on December 31st, 2021. It is specified that no
interim dividend has been paid in 2021.
Traffic assumptions, forecasts and targets 2022-2025
Reminder of the 2021
forecasts
|
2021-2022 forecast as of February 17, 2021
(1) |
Forecast 2021-2024 as of July 28, 2021
(2) |
Achievement of objectives by December 31,
2021 |
Group
traffic(3) |
2021 group traffic assumption between 45% and 55% of the 2019 group
traffic. |
2021 group traffic assumption between 40% and 50% of the 2019 group
traffic. |
Traffic group at 45.6% of the 2019 traffic |
Paris Aéroport
traffic |
2021 Paris Aéroport traffic assumption between 35% and 45% of the
2019 Paris Aéroport traffic. |
2021 Paris Aéroport traffic assumption between 30% and 40% of the
2019 Paris Aéroport traffic. |
Paris Aéroport traffic at 38.8% of the 2019 traffic |
EBITDA / group
revenue(4) |
18% -23% in 2021 |
15% -20% in 2021 |
EBITDA / group revenue of 27.0% in 2021 |
(1) See the 2020 Full year results press
release, published on February 17, 2021.(2) Voir le communiqué
des résultats semestriels 2021, publié le 28 juillet
2021.(3) 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.(4) 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
Traffic assumptions, forecasts
and targets 2022-2025
These forecasts are based on the assumption of
no new restrictions or airport closures due to the health crisis,
of a stable business model in Paris, and of no abnormally high
volatility in exchange rates and inflation rates. Any negative
change in relation to these assumptions could have an adverse
effect on traffic volumes and the 2025 financial indicators.
They are also based on the consolidation scope at the end of
2021, with no assumption of developments up to 2025.
|
20221 |
2023 |
2024 |
2025 |
Group2
trafficIn% of 2019 traffic |
70% - 80% |
Return to the 2019 traffic level between 2023 and 2024 |
|
Traffic at Paris AéroportIn% of
2019 traffic |
65% - 75% |
85% - 95% |
90% - 100% |
95% - 105% |
Return to the 2019 traffic level between 2024 and 2026,More than
100% as of 2026 |
Extime Sales / Pax
in Paris3in
euros |
- |
- |
- |
€27.5 |
ADP SA operating
expensesper passenger, in € |
- |
- |
- |
16€ - 18€ / pax |
Group EBITDA growthCompared to 2019 |
- |
- |
Return to the 2019 level, EBITDA above or equal to €1,772M |
- |
Group EBITDA margin In % of revenues |
Between 30% and 35% |
Between 35% and 40% |
Net income, attributable to the
Groupin millions of euros |
Positive |
Group investments(excl. financial
investments) |
1 billion euros per year on average between 2022 and 2025 |
ADP SA investments(excl.
financial investments, regulated, non-regulated) |
€550M – €600M |
€750M – €800M |
€650M – €750M |
€800M – €900M |
Ratio Net Financial Debt/
EBITDA |
6x – 7x |
- |
- |
4.5x – 5x |
Dividends due for the year N-1In
% of the NRAG |
- |
60% pay out rateMinimum of €1 per share |
60% pay out rateMinimum of €3 per share |
- The 2022 financial forecasts are based on the following
exchange rate assumptions: EUR/USD = 1.21, EUR/TRY = 11.21, EUR/JOD
= 0.84 and EUR/INR = 90.33.
- Group traffic from the airports of Delhi, Hyderabad,
Mactan-Cebu and Almaty from 1 January 2019.
- Extime Sales/Pax: Sales per
passenger in the airside activities: shops, bars & restaurants,
foreign exchange & tax refund counters, commercial lounges, VIP
reception, advertising and other paid services in the airside
area.
Agenda
-
An analysts conference will be held on Wednesday
16th, February 2022 at
6:00 PM (CET). This
conference will be webcasted live on the following links and on
Groupe ADP's website
(https://www.parisaeroport.fr/en/group/finance):
Link to the webcast in french / Link to the
webcast in english
Phone lines:
United Kingdom:
+44 (0) 2071 928
338
France:
+33
(0)1 70 70 07 81
United States:
+1 646 741 3167
Access
codes:
French:
7038837
English:
9726517
A replay of the conference will be available on
Groupe ADP (https://www.parisaeroport.fr/en/group/finance)
-
An investor day will be held on Thursday
17th, February
between
9:00 AM
and 1:00 PM (CET).
Registration link
Phone lines:
United Kingdom:
+44 (0) 2071 928
338
France:
+33
(0)1 70 70 07 81
United States:
+1 646 741 3167
Access
codes:
French:
6338097
English:
5489189
-
Next thematic conferences:
-
Retail and
hospitality strategy: March 18th,
2022
-
Groupe ADP's ESG strategy: March 29th, 2022
-
TAV Airports' strategy: May 18th, 2022
-
Next traffic figures
publication:
- Wednesday 16
March 2022: February 2022 traffic figures
-
Next results publication:
- Wednesday 27
April 2022: First quarter of 2022 revenue
-
Next General Meeting of the shareholders:
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 18 March 2021 under
D.21-0149, 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 2021, the group handled through its brand Paris Aéroport more
than 41.9 million passengers and 2.1 million metric tons of freight
and mail at Paris-Charles de Gaulle and Paris-Orly, and more than
118.1 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
2021, group revenue stood at €2,777 million and net income at -€248
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
consolidated financial statements
2021 consolidated income statement
(in millions of euros) |
2021 |
2020 |
Revenue |
2,777 |
2,137 |
Other
operating income |
156 |
50 |
Consumables |
(383) |
(263) |
Employee benefit costs |
(739) |
(732) |
Other
operating expenses |
(1,061) |
(966) |
Net
allowances to provisions and Impairment of receivables |
1 |
(58) |
EBITDA |
751 |
168 |
EBITDA/Revenue |
27.0% |
7.8% |
Amortisation and impairment of tangible and intangible assets |
(719) |
(1,071) |
Share
of profit or loss in associates and joint ventures |
(61) |
(220) |
Operating income from ordinary activities |
(29) |
(1,123) |
Other
operating income and expenses |
9 |
(251) |
Operating income |
(20) |
(1,374) |
Financial income |
393 |
191 |
Financial expenses |
(611) |
(581) |
Financial income |
(218) |
(390) |
Income before tax |
(238) |
(1,764) |
Income
tax expense |
(9) |
255 |
Net results from continuing activities |
(247) |
(1,509) |
Net
results from discontinued activities |
(1) |
(7) |
Net income |
(248) |
(1,516) |
Net income attributable to the Group |
(248) |
(1,169) |
Net
income attributable to non-controlling interests |
- |
(347) |
Earnings per share attributable to owners of the parent
company |
|
|
Basic
earnings per share (in €) |
(2.50) |
(11.81) |
Diluted earnings per share (in €) |
(2.50) |
(11.81) |
Earnings per share from continuing activities attributable
to the Group |
|
|
Basic
earnings per share (in €) |
(2.50) |
(11.78) |
Diluted earnings per share (in €) |
(2.50) |
(11.78) |
Consolidated balance sheet as of 31 December 2021
(in millions of euros) |
As at Dec 31, 2021 |
As at Dec 31, 2020 |
|
|
Intangible assets |
3,007 |
2,795 |
|
Property, plant and equipment |
8,181 |
8,084 |
|
Investment property |
614 |
502 |
|
Investments in associates |
1,583 |
1,943 |
|
Other
non-current financial assets |
972 |
374 |
|
Deferred tax assets |
26 |
46 |
|
Non-current assets |
14,383 |
13,744 |
|
Inventories |
84 |
70 |
|
Contract assets |
9 |
5 |
|
Trade
receivables |
827 |
567 |
|
Other
receivables and prepaid expenses |
298 |
467 |
|
Other
current financial assets |
193 |
169 |
|
Current tax assets |
179 |
85 |
|
Cash
and cash equivalents |
2,379 |
3,463 |
|
Current assets |
3,969 |
4,826 |
|
Assets
held for sales |
10 |
- |
|
Total assets |
18,362 |
18,570 |
|
(in millions of euros) |
As at Dec 31, 2021 |
As at Dec 31, 2020 |
|
|
Share
capital |
297 |
297 |
|
Share
premium |
543 |
543 |
|
Treasury shares |
(1) |
(3) |
|
Retained earnings |
2,936 |
3,164 |
|
Other
equity items |
(259) |
(349) |
|
Shareholders' equity - group share |
3,516 |
3,652 |
|
Non-controlling interests |
660 |
561 |
|
Shareholders' equity |
4,176 |
4,213 |
|
Non-current debt |
9,144 |
9,370 |
|
Provisions for employee benefit obligations (more than one
year) |
513 |
644 |
|
Other
non-current provisions |
136 |
97 |
|
Deferred tax liabilities |
300 |
89 |
|
Other
non-current liabilities |
953 |
797 |
|
Non-current liabilities |
11,046 |
10,997 |
|
Contract liabilities |
5 |
4 |
|
Trade
payables |
785 |
682 |
|
Other
debts and deferred income |
1,008 |
958 |
|
Current debt |
1,169 |
1,598 |
|
Provisions for employee benefit obligations (less than one
year) |
141 |
104 |
|
Other
current provisions |
24 |
6 |
|
Current tax liabilities |
8 |
8 |
|
Current liabilities |
3,140 |
3,360 |
|
Total equity and liabilities |
18,362 |
18,570 |
|
2021 consolidated statement of cash flows
(in millions of euros) |
FY 2021 |
FY 2020 |
Operating income |
(20) |
(1,374) |
Income
and expense with no impact on net cash |
650 |
1,556 |
Net
financial income other than cost of debt |
(36) |
(50) |
Operating cash flow before change in working capital and
tax |
594 |
132 |
Change in working capital |
(88) |
114 |
Tax
expenses |
56 |
(59) |
Impact
of discontinued activities |
195 |
109 |
Cash flows from operating activities |
757 |
296 |
Purchase of tangible assets, intangible assets and investment
property |
(527) |
(848) |
Change
in debt and advances on asset acquisitions |
(56) |
39 |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(315) |
(1,221) |
Proceeds from sale of subsidiaries (net of cash sold) and
investments |
2 |
- |
Change
in other financial assets |
(210) |
(93) |
Proceeds from sale of property, plant and equipment |
11 |
5 |
Dividends received |
40 |
9 |
Cash flows from investing activities |
(1,055) |
(2,109) |
Proceeds from long-term debt |
294 |
4,189 |
Repayment of long-term debt |
(578) |
(884) |
Repayments of lease debts and related financial charges |
(17) |
(15) |
Capital grants received in the period |
1 |
7 |
Revenue from issue of shares or other equity instruments |
(1) |
1 |
Net
purchase/disposal of treasury shares |
1 |
(3) |
Dividends paid to non controlling interests in the
subsidiaries |
(4) |
(32) |
Change
in other financial liabilities |
(56) |
50 |
Interest paid |
(285) |
(194) |
Interest received |
39 |
7 |
Impact
of discontinued activities |
(176) |
176 |
Cash flows from financing activities |
(782) |
3,302 |
Impact
of currency fluctuations |
- |
(4) |
Change in cash and cash equivalents |
(1,080) |
1,485 |
Net
cash and cash equivalents at beginning of the period |
3,458 |
1,973 |
Net cash and cash equivalents at end of the period |
2,378 |
3,458 |
of which Cash and cash equivalents |
2,379 |
3,463 |
of which Bank overdrafts |
(1) |
(5) |
1 This press release presents the consolidated
results approved by the Board of Directors of February 16th, 2022
and examined by the Audit committee on
February 10th, 2022. The audit procedures of the
consolidated financial statements by the auditors have been
realized. The certification report will be issued after: (i) the
review of subsequent events, (ii) the finalization of the
specific reviews required by French laws and regulation, (iii) the
finalization of the works regarding the required presentation of
the annual financial report in the ESEF standard.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 & 2021.3
Unless otherwise stated, percentages and variations mentioned
throughout the financial release compare 2021 full-year data with
2020 comparable data.4 As regards the Group's forecasts, see the
reminder of the 2021 forecasts on page 16 of this press release.5
Revenues and other ordinary income reduced by operating consumables
and expenses from ordinary activities excluding depreciation and
amortization of tangible and intangible assets.6 Intangible assets
(including goodwill), tangible assets, stocks, shares and loans to
companies accounted for by the equity method other than
receivables.7 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 155.6 million passengers
over 2021, up by +41.3 million passengers8 Airports of Delhi and
Hyderabad.9 Airports of Antalya, Ankara, Izmir, Bodrum and
Gazipasa.10 For the airport management companies at Santiago de
Chile, Amman and Madagascar.11 Contribution of TAV Airports in the
form of equity and shareholder loan to finance the new consortium
as part of the renewal of the Antalya airport concession.
12 On the acquisition of the management company
of Almaty airport, see page 13 of the 2021 half-year results,
released on July 28th, 2021.13 On the acquisition of the management
company of Almaty airport, see page 13 of the 2021 half-year
results, released on July 28th, 2021.14 CET : Contribution
économique territoriale.
15 EBITDA / Revenue.16 For an amount of 208
million euros at December 31, 2020.
17 For an amount of 43 million euros at December
31, 2020.18 Gross debt less fair value hedging assets, cash and
cash equivalents and restricted cash.
19 PRM: Persons with reduced mobility.
20See Chapter 7 of the 2020 Universal
Registration Document made available on March 18, 2021.21 Sales in
airside shops divided by the number of departing passengers
(Sales/PAX).
22 Carried out with third parties (outside the
group).23 On the acquisition of the management company of Almaty
airport, see page 13 of the 2021 half-year results, released on
July 28th, 2021.24 TAV Tbilissi and Batumi Airport LLC.
25 43 million euros on December 31st, 2020.
- Aéroports de Paris SA - 2021 Full-year results
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