Trasporti
Aéroports de Paris SA - Revenue for the first 9 months of 2022
FINANCIAL RELEASE AS OF 30 SEPTEMBER 2022
27 October 2022 – 7:30 am (CET)
Aéroports de Paris SA
R evenue for the first 9 months of 2022 : sustained growth ,
driven by a strong traffic dynamic and the rebound of retails activities
Consolidated r evenue at €3,384M for the first 9 months , up 81.1 % compared to the first 9 months of 2021 (+74.2 % excluding the integration of Almaty airport since M ay 2021 ) :
Adjustments of 2022 traffic forecasts and further improvements of financial guidance for 2022 :
All other objectives of the Pioneers 2025 Roadmap are maintained
CONSOLIDATED REVENUE – KEY FIGURES
Augustin de Roman et ,
Chairman and CEO , stated:
" Revenue for the first nine months of 2022 stood at 3,384 million euros,
up 81.1% compared to the same period in 20 2 1 . It is driven by
the recovery of traffic passengers ,
specifically in P aris and in TAV Airports, where
it reach e d respectively 77.2 % and 78.9% of
the traffic for the first nine months
2019 . Du e to this dynamic and the integration of Almaty airport since May 202 1 , the
International segment s aw i t s revenue
double compared to the same period in 2021 , to reach 978 million euros. In
P aris, the Extime Sales per passenger known a strong
rebound i n the third quarter and reached, for the first nine months of 2022, 26.1 euros. The indicator
is up by +3.4 euros (+15.0%) compared to the first nine months of 2019 and exceeding by 1.4 euros (+5.7%) the level of the same period in 2021 . The p assenge r s' traffic and the results recorded
since the beginning of the year allow us , for the second time this year, to improve our forecasts and financial guidance for 2022. The traffic recovery rate is expected to be
in the upper part of the target ranges raised last July, reaching 77% to 83% of
the 2019 traffic for the Groupe ADP
scope and 78% to 82% of the
2019 traffic for P aris Aéroport scope .
2022 EBITDA margin is also expected to be at the top end of the target range raised last July, above 34.5% of revenues. Finally, the group 's solid cash generation and disciplined investment policy lead us to expect an improvement in the debt ratio to a level between
5.0 and 5.5 times EBITDA . Once again, I would like to thank all of Groupe ADP teams who have been
fully engaged to welcoming passengers and serving the interests of all our stakeholders. This winter, Groupe ADP will take all
its part in efforts of energy sobriety ,
while continuing its decarbonization action in the medium and long term. It will continue to roll out its 2025 Pioneers strategic roadmap across its activities "
Unless otherwise indicated, changes are expressed by comparison between data for the first 9 months of 2022 and data for the first 9 months of 2021.
Furthermore, the mention "30 September" means for the first 9 months of the considered year.
Consolidated revenue by segment – First 9 months of 2022
Comments on group actuality
Traffic evolution
Groupe ADP total traffic is up +92.4% compared to the first 9 months of 2021, to 204.7 million passengers, standing at 76.6% of the group traffic over the same period in 2019.
Traffic in Paris Aéroport is up +142.6% compared to the first 9 months of 2021, to 63.8 million passengers, at 77.2% of the traffic over the same period in 2019. Moreover, aircraft movements at Paris Aéroport are up by +80.3% compared to the first 9 months of 2021.
In the context created by Russia's invasion of Ukraine and the international sanctions imposed on Russia, the group is monitoring the situation to assess its short, medium and long-term consequences. In 2019, traffic with Ukraine and Russia amounted to 1.4% of Paris Aéroport's total traffic, as well as to 17.1% of TAV Airports' total traffic, at 27.9% of TAV Airports' international traffic.
In the first 9 months of 2022, traffic at TAV Airports' Turkish airports is up +44.4% compared to 2021, representing 78.9% of the same period in 2019 traffic levels. Although traffic with Russia and Ukraine account for 49.1% and 2.4% of their respective levels in the same period in 2019, totaling 4.6 million passengers, the recovery at TAV Airports' Turkish airports is supported by other routes, notably traffic with the United Kingdom and Germany, which stand at 143.7% and 109.7% of their 2019 levels, totaling 10.2 million passengers.
In addition, at Almaty, in Kazakhstan, traffic is up +17.2% compared to the first 9 months of the year, at 5.2 million passengers, or 108.5% of the traffic level in the same period in 2019. The recovery is also supported by an increase of the number of cargo flights served, resulting from the Russian airspace overflight ban.
2023 t ariff approval process
As part of the airports fees tariff approval procedure, Aéroports de Paris notified on 14 October 2022 to the French Transports Regulation Autority (ART), the tariffs set for the 2023 tariffs period (from April 1 2023 to March 31 2024).
It is reminded that, without an Economic Regulation Agreement, tariffs are subject to the respect of two caps:
Besides, the tariffs evolution compared to the tariffs currently in force must be moderate.
As of 31 December 2021, the regulate ROCE stood at -3.47% against -8.1% as of 31 December 2020. The operating income for the regulated scope for 2021 was of -204 million euros, before tax. The sum of the regulated asset base and the working capital requirement was 5,870 million euros.
Due to the recovery of traffic, combined with the group's good control of income operating expenses, and in the absence of major investments impacting the regulated asset base, the remuneration on capital employed of the regulated scope is likely to rise in the coming years.
Taking into account all of these elements, the tariffs notified on 14 October 2022 to the Transports Regulatory Authority result, for the Paris-Charles de Gaulle and Paris-Orly platforms, in a non homogeneous evolution equivalent, on average, to a tariff freeze compared to the tariffs currently in force and, for Paris-Le Bourget, an average increase of +2.5%.
Commissioning of the Caveirac solar farm as part of the energy purchasing policy of Aéroport s de Paris
Fully engaged to reduce its CO2 emissions, ADP Group has included in its 2025 Pioneers Roadmap (see press release of 16 February 2022) the improvement of energy efficiency, the reduction and control of energy consumption and the development of renewable energy.
The corporate Power Purchase agreement (PPA) signed in 2020 by Aéroports de Paris (see press release of 5 February 2020) has allowed the selected developer (Urbasolar) to continue the development of the 3 solar photovoltaic parks dedicated to Aéroports de Paris. The Caveirac solar park (Gard department, France) was commissioned on 27 September. The two other parks, located in the Var and Charente departments in France, should be commissioned from 2023.
These 3 parks will produce about 45 GWh/year, covering 10% of electricity consumption of the pre-covid Parisian platforms. ADP Group is committed to purchase all the electricity produced by these parks for 21 years, which contributes to the control of electricity purchase costs.
This electricity supply is part of Aéroport de Paris' policy of controlling energy costs, under which the company has contractually secured, from 2020, the purchase price of its electricity and gas consumption until December 2023. Aéroports de Paris is currently preparing the new energy purchasing policy to be implemented to cover the needs from 2024 and beyond. This policy is being built in a context where the exogeneous pursuit of rising enery prices or their stagnation in 2023 could have a negative impact on Groupe's operating expenses beyond 2023 . It is reminded that purchases of electricity and gas & other fuels stood at 51.4 million euro in 2021, or 2.4% of the group current operating expenses (2,982.3 million euro in 2021); in the first half of 2022, they represented 2.2% of the Group's current operating expenses (1,367.4 million euro in the first half of 2022)
Finally, in line with the energy conservation plan presented by the French government on 6 October, Groupe ADP has committed to contributing to the national effort, while continuing its decarbonization action over the medium and long term.
Revenue evolution by segment
Aviation – Parisian p latforms
As of 30 September 2022, aviation segment revenue , which relates solely to the airport activities carried out by Aéroports de Paris as operator of the Parisian platforms, was up +78.1% to 1,224 million euros. Revenues linked to the airport security being determined by costs, partially fixed, incurred for these activities, revenues increase in a lesser proportion than passenger's traffic.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) increased by 115.4%, to 734 million euros. This evolution is due to:
Revenue from ancillary fees was up +121.1%, to 149 million euros, in line with the increase in passenger traffic.
Revenue from activities airport safety and security services was up +24.0%, to 316 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 were stable at 24 million euros.
Retail and services – Parisian platforms
As of 30 September 2022, revenue from the segment Retail and services , which includes only Parisian activities, was up +91.0%, to 1,020 million euros.
Revenue from retail activities consists in revenues received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising.
As of 30 September 2022, revenue from retail activities was up +48.9%, to 643 million euros, including Société de Distribution Aéroportuaire, up +135.2%, to 438 million euros and Relay@ADP, up +226.3%, to 70 million euros due to the increase of attendance and the number of points of sale opened compared to the same period in 2021.
Revenue from car parks was up +82.9%, to 110 million euros.
Revenue from industrial services (supply of electricity and water) was up +20.1%, to 114 million euros.
Rental revenues (leasing of spaces within terminals) were up +15.6%, to 104 million euros.
Other revenues (primarily constituted of internal services) were up +59.9%, to 49 million euros
Real Estate - Parisian platforms
As of 30 September 2022, real estate revenue , which includes only Parisian activities, is up +6.7%, to 225 million euros.
External revenue stood at 190 million euros. It is up by +9.5% due to the takeover of full ownership of buildings on the Parisian platforms in 2021, as well as to a scope effect regarding some cargo areas.
International and airport developments
As of 30 September 2022, revenue from International and airport developments stood at 978 million euros, up +100.2% compared to the first 9 months of 2021, mainly due to the increase in revenue for TAV Airports and AIG.
AIG's revenue was up +81.3%, to 191 million euros, driven by the basis effect of the traffic increase by 89.6% recorded in Amman on all revenues, especially the revenue from aeronautical and fees, up +68 million euros.
TAV Airports' revenue was up +112.6%, to 750 million euros. It integrates, as of 1 May 2021, the revenue of Almaty airport in Kazakhstan, for 229 million euros in the first 9 months of 2022. Excluding the integration of Almaty, the revenue of TAV Airports would be up +76.0%, to520 million euros, due to:
Other activities
As of 30 September 2022, other activities segment products are stable at 122 million euros.
The revenue of Hub One is up by 1.4%, to 116 million euros.
Main highlights since the publication of the 2022 Half-year results, on 28 July 2022
Change in passenger traffic over the nine months 202 2
Traffic assumptions, forecasts and targets 2022-2025
As part of the 2025 Pioneers strategic roadmap communicated on 16 February 2022, Groupe ADP has set out targets up to 2025. These targets have been built on the assumptions of no new restrictions or airport closures linked to the health crisis, of a stability of the economic model in Paris and of an absence of abnormally high volatility in terms of exchange rates and inflation rates. They have also been built on the basis of the consolidation scope at the end of 2021, with no assumption of changes up to 2025.
Considering the volume of traffic recorded in the first half of the year, the group revised in the financial release of 18 July 2022, its assumptions for 2022 as follows:
On this basis, in light of the results for the fisrt half of 2022 and while considering the evolution of macro-economic indicators (foreign exchange rate, inflation, energy prices), the group updated on 27 July 2022 (see press release of the same day) some of its forecasts for 2022 and 2023, as follows:
It is specified that any further changes to the assumptions on which the group's targets are based could have an impact on the volume of traffic and the 2025 Pioneers financial indicators
2022 Forecasts
Traffic assumptions, forecasts and targets 202 3 -2025
Agenda
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 14 April 2022 under D.22-0299, 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.
Definitions
The definition and the calcul of Alternative Performance Measures (AMP) as well as the group segmentation presented in the release are fully published in the universal registration document. It is available on the website of the Groupe: https://www.parisaeroport.fr/en/group/finance/amf-information.
Investor Relations contacts :
Cécile Combeau , Eliott
Roch - +33 1 74 25 31 33 - invest@adp.fr
Press contact: Justine L éger , 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.f r
This document is voluntarily made by
Aéroports de Paris. See article 10 of the AMF
recommendation - Guide de l'information périodique des sociétés cotées (DOC-2016-05 ,
modified on April 29, 2021) ).
2 See "Traffic assumptions, forecasts and objectives for 2022 – 2025 " on pages 1 0 and 11 of this release .
3 Excluding the unwinding of the cross-shareholdings with Royal Schiphol Group (RSG), which may occur at any time, in one or several occasions, but no later than the end of May 2023 – see release of 16 February 2022, regarding the unwinding process of the cross-shareholdings with RSG.
4 The accounts of the Almaty airport management company have been included in the consolidated accounts of TAV Airports from May 2021 (See section 5.1.6 of the 2021 Universal Registration Document regarding the acquisition of the Almaty airport management company).
5 Before inter-sector eliminations, see page 2 of this financial release for the details pf the consolidated revenue.
6 Sales per passenger for activities in the restricted area: stores, bars & restaurants, currency exchange & tax-free offices, commercial lounges, VIP reception,
advertising and other paid services in the restricted area.
7 S ee "Traffic assumptions, forecasts and objectives for 2022 – 2025" on pages 1 0 and 11 of this release.
8 Excluding the unwinding of the cross-shareholdings with Royal Schiphol Group (RSG), which may occur at any time, but no later than the end of May 2023 – see release of 16 February 2022, regarding the unwinding process of the cross-shareholdings with RSG.
9 The accounts of the Almaty airport management company have been included in the consolidated accounts of TAV Airports from May 2021 (See section 5.1.6 of the 2021 Universal Registration Document regarding the acquisition of the Almaty airport management company) .
10 Group traffic is accounted for on a like-for-like basis, restated for the following changes:
consideration of airport traff ic of Delhi, Hyderbad , Mactan Cebu and Almaty airports, and
non considerat ion of airport traffic of Mauritius airport due to the expiry of the technical assistance contract (TSA) on December 31, 2021 .
Including Almaty and Zagreb airports.
12 Direct supply contract with a renewable energy producer .
13 See page 9 of this release " raffic assumptions, forecasts and targets 2022-2025".
14 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 Almaty airport management company, see section 5.1.6 of the 2021 Universal Registration Document).
TAV Tbilisi and Batumi Airport LLC.
16 Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL), Mactan-Cebu International Airport and Almaty International Airport traffic as of January 1st, 2019. Due to the expiry on December 31st, 2021, of the technical assistance contract (TSA) relating to Mauritius airport, group traffic of Mauritius airport is no longer included.
17 Turkey ( Milas -Bodrum & Gazipaşa ), Croatia (Zagreb), Saudi Arabia ( Medinah ), Tunisia (Monastir &
Enfidha ), Georgia (Tbilisi & Batumi), and North Macedonia (Skopje & Ohrid ).
Includes traffic from the following airports: Jeddah-Hajj (JED), Antananarivo (TNR), Nosy Be (NOS), and Conakry (CKY).
Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL), Mactan-Cebu International Airport and Almaty International Airport traffic as of January 1st, 2019. Following the non-renewal on December 31st, 2021, of the technical assistance contract (TSA) relating to Mauritius airport, group traffic no longer includes traffic of Mauritius airport.
20 See release of annual results 2021 ,
publsihed the 16 February 2022 .
21 See the half-year results 2022, published the 27 July 2022.
22 The group's traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL), Mactan Cebu International Airport and Almaty International Airport from 1 January 2019. Following the non-renewal of the technical assistance contract (TSA) for Mauritius airport on 31 December 2021, the group's traffic no longer includes the traffic of Mauritius airport.
23 In constants euros.
24 Excluding the unwinding of the cross-shareholdings with Royal Schiphol Group
– see release of 16 February 2022
Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL), Mactan-Cebu International Airport and Almaty International Airport traffic as of January 1st, 2019. Following the non-renewal on December 31st, 2021, of the technical assistance contract (TSA) relating to Mauritius airport, group traffic no longer includes traffic of Mauritius airport.
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.
27 In constant euros
Attachment
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