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Aéroports de Paris SA - Consolidated revenue over the first 9 months of 2021 driven by the gradual recovery of traffic in line with the group's forecasts
FINANCIAL RELEASE AS OF 30 SEPTEMBER 2021
October 22 , 2021
Aéroports de Paris SA
Consolidated revenue over the first 9 months of 2021
driven by the gradual recovery of traffic in line with the group's forecasts
Consolidated revenue of Groupe ADP
The accounts of the management company of Almaty airport have been integrated into TAV Airports' consolidated acc ounts from May 2021 onwards (on the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results , published on July 28 , 2021 ).
Sales in airside shops divided by the number of departing passengers (Sales/PAX) in Paris .
Reminder of the 2021 assumptions and forecasts, unchanged since the publication of the 2021 half-year results :
Augustin de Romanet, Chairman and CEO, stated:
" After a first half of 2021 still strongly impacted by the persistence of the Covid-19 pandemic, the recovery of traffic intensified over the 3 quarter of the year , in line with the group's forecasts, stabilizing to a level slightly above 50% compared to 2019 . Groupe ADP's traffic was thus up by +14.5 % compared to the first 9 months of 2020, with a total of 104.9 million passengers, or 39.1% of the first 9 months of 2019 traffic. Over the same period, Paris Aéroport traffic was down by - 5.5%, with 26.3 million passengers, or 31.8% of the f irst 9 months of 2019 traffic. Consolidated revenue over the first 9 months of 2021 was up by +11.9%, at 1,868 million euros, m ainly due to the effect of the gradual recovery of traffic, more pronounced abroad, on the revenues of TAV Airports and AIG. In Paris revenue from the Retail and services segment has been supported by sales per passenger in airside shops , up by +13. 4 %, at 21.1 euros, reassuring the group in the effectiveness of its r etail business model. Regarding some of the group's international assets, several actions are ongoing , including in the context of international arbitrations, towards the involved stakeholders in order to restore the economic balance of the projects. Groupe ADP is pursuing its efforts aiming at stabilizing its financial situation and maintains a satisfying cash position. Groupe ADP confirms its traffic assumptions and forecast s for 2021. "
First 9 months of 2021 consolidated revenue – Analysis by segment
Aviation – Parisian platforms
Over the first 9 months of 2021, aviation segment revenue , which includes only Parisian activities, was stable, at 687 million euros. It does note vary in the same proportion as the passenger traffic in Paris Aéroport over the same period (-5.5%), due notably to the increase in revenue from certain airport fees and to the rigidity of revenue from airport safety and security.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was stable, at 341 million euros, due to the decrease in revenue from passenger fees by -7.5%, linked to the decrease in passenger traffic, compensated by the increase in revenue from landing fees by +6.5%, linked to the increase in aircraft movements (+4.1%), and the increase in revenue from parking fees by +15.7%.
As a reminder, the average tariff increase for 2021 was of +2.2% as of April 1 , 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 -5.5%, at 67 million euros, due to the decline in passenger traffic.
Revenue from airport safety and security services was stable, at 255 million euros.
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, was stable at 24 million euros.
Retail and services – Parisian platforms
Over the first 9 months of 2021, revenue from the segment Retail and services , which includes only Parisian activities, was up by +4.9%, at 534 million euros.
Revenue from retail activities consists in rents received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising. Over the first 9 months of 2021, revenue from retail activities was slightly up by +2.0%, at 258 million euros.
As a reminder, this figure takes into account the full consolidation of Société de Distribution Aéroportuaire which revenue stood at 186 million euros, up by +5.7% compared to the first 9 months of 2020, and of Relay@ADP which revenue stood at 21 million euros, up by +22.7% compared to the first 9 months of 2020.
Over the first 9 months of 2021, the Sales/Pax of airside shops stood at 21.1 euros, up by +13.4% compared to the first 9 months of 2020, despite the closure of non-essential businesses between March 20 and May 19 , 2021. Over the same period, the Sales/Pax at terminal 2EK of Paris-Charles de Gaulle airport stood at 55.0 euros, up by +26.5% compared to the first 9 months of 2020, reassuring Groupe ADP in the effectiveness of its retail business model.
The revenue from car parks was down by -5.5%, at 60 million euros.
Revenue from industrial services (supply of electricity and water) was up by +24.2%, at 95 million euros.
Rental revenues (leasing of spaces within terminals) were up by +2.7%, at 90 million euros.
Other revenues (primarily constituted of internal services) were up by +9.9%, at 31 million euros.
Real estate – Parisian platforms
Over the first 9 months of 2021, real estate revenue , which includes only Parisian activities, was nearly stable at 210 million euros.
External revenue was slightly down by -1.9%, at 173 million euros.
International and airport developments
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 , published on July 28 , 2021 ).
Over the first 9 months of 2021, revenue from International and airport developments stood at 488 million euros, up by +46.2% compared to the same period over 2020, mainly due to the increase in revenue from TAV Airports and AIG, despite the decrease in revenue from ADP Ingénierie by -42.8%, at 18 million euros.
AIG's revenue was up by +75.3%, at 106 million euros, due notably to the effect of the increase by +80.4% of the traffic recorded in Amman on the airport fees for +30 million euros, the commercial revenue for +10 million euros and rental income for +6 million euros.
TAV Airports' revenue was up by +55.2%, at 353 million euros, due to:
Other activities
Over the first 9 months of 2021, other activities segment products are up by +20.8% at 122 million euros.
Hub One sees its revenue up by +17.0% at 114 million euros, due to the gain of new customers.
Highlights of the period since the publication of the 2021 half-year results, on 28 July 2021
Change in passenger traffic over the first 9 months of 2021:
(1) Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan -C ebu International Airport since January 1 , 2019. It includes the traffic of Almaty International Airport since May 1 , 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 first 9 months of 2021, Paris Aéroport passenger traffic was down by -5.5%, with a total of 26.3 million passengers.
Geographical breakdown of traffic in Paris was as follow:
The number of connecting passengers was down by -7.3%. The connecting rate stands at 22.8%, down by -0.6 points compared to the first 9 months of 2020. The aircraft load factor was down by -4.9 points, at 67.2%. The number of air traffic movements (246,077) was up by +4.1%.
Forecasts and guidances
Forecasts 2021-2024
(1) Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan -Cebu International Airport since January 1 , 2019. It includes the traffic of Almaty International Airport since 1 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
Medium term traffic assumption
The achievement of these targets is based on the assumptions presented above and on the good run of TAV Airports' strategy.
Agenda
A conference call will be held today, on Friday, 22 October 2021 at 8:30 am (Paris local time) . This conference will be webcasted live on the links below. The presentation is available on the website: parisaeroport.fr/en/group/finance.
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 do not commit and shall not update forecasted information contained in the document to reflect facts and posterior circumstances to the presentation date.
Investor Relations: Audrey Arnoux , 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.fr
This document is voluntarily made by Aéroports de Paris in compliance with the AMF recommendation.
See AMF recommandation - Guide de l'information permanente et de la gestion de l'information privilégiée - DOC-2016-08 .
Unless otherwise stated, percentages and variations mentioned compare data from the first 9 months of 2021 to equivalent data for the first 9 months of 2020. To be noted that the variations
are calculated on a basis that includes the months of January and February 2020, which were not yet impacted by the crisis.
3 Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan -Cebu International Airport as of 1 January 2019. It also includes the traffic of Almaty airport as of 1 May 2019, 2020 & 2021. Excluding the integration of Almaty, the group traffic would stand at 102.1 million of passengers over the first 9 months of 2021.
See the 2021 half-year results financial release, published on July 28 , 2021.
See chapter 7 of the 2020 Universal Registration Document, filled on March 18 , 2021.
Sales in airside shops divided by the number of departing passengers (Sales/PAX) in Paris.
Generated with third parties (outside the group).
8 On the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results , published on July 28 , 2021.
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