Trasporti
Aéroport de Paris SA - 2022 Full-year results
FINANCIAL RELEASE
February 16 , 2023
Aéroports de Paris SA
FULL - YEAR 2022 R E SU LTS
UP SHARPLY
ALL GROUPE ADP'S ANNUAL OBJECTIVES WERE MET OR EXCEEDED
Strong f ull -y ear results:
Unless otherwise indicated, changes are expressed in comparison with the 2021 full-year results.
2022 forecasts and corresponding results are summarized on page 17 of this financial release.
Key figures for the full-year 2022 are presented in a table on page 3 of this financial release.
Operational and financial indicators definitions appear in appendix 2.
202 3 -2025 trajectory adjusted :
2023-2025 c apital allocation policy refined :
Augustin de Romanet, Chairman and CEO of Groupe ADP , stated:
" 2022 is a year marked by strong growth in
Groupe ADP's results . We have welcomed more than
280 million passengers in our entire airport network .
In P aris, we have welcomed close to 87 million passengers ,
more than twice than in 2021 . The strong recovery in traffic
has been an operational and human
challenge and a want to thank our employees and partners for their mobilization. In Paris, Retail & Services activities recorded a n outstanding growth, driven by an Extime Paris
Sales per Pax reaching 27 . 4 euros,
up + 4 . 0 euros (+16 . 9%)
compared to 2019, and up 2 . 1 euros (+8 . 2%)
compared to 2021.
Th is solid performance translate s into an EBITDA of 1,704 million euros, with an EBITDA margin of 36.4% of revenue , in the upper part of the target range.
Groupe ADP returns to a solid net result, at 516 million euros, leading to propose to the General Meeting
a 3.13 euros dividend per share , equivalent to a
payout of 60% of the net result attributable to the group . All the 2022 targets have been met
or exceeded. Based on a n adjusted financial trajectory for the
2023-2025 period , Groupe ADP confirm s its
commitment to continue deleveraging its b alance
s heet , targeting a Net Debt to EBITDA ratio lowered
again to 3.5x to 4.5x EBITDA in 2025 (the previous target
was 4.5x to 5.0x EBITDA ) , including selective international growth projects .
In 2023, all Groupe ADP teams will continue to be mobilized for the ecological transition of our industry and to
welcome travelers in our airports even better . This ambition is
set out in our 2025 Pioneers strategic roadmap, serving
all our stakeholders."
The 2022 Full-year results have been approved by the Board of Directors of February 15 , 202 3 and examined by the Audit committee on February 9 , 2023 . 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.
Key figures
Highlights
Successful launch of the 2025 Pioneers strategic roadmap
In 2022, Groupe ADP has adopted a 2022-2025 strategic roadmap to build the foundation of a new airport model geared towards sustainability and performance, in line with societal and environmental expectations. (see press release of February 16 , 2022).
The "2025 Pioneers" strategic roadmap defines the priority transformation actions for the 2022-2025 period and sets 20 objectives up to 2025, structured around 3 strategic priorities:
At the end of this first year of deployment, the successful launch of the 2025 Pioneers strategic roadmap materializes into the launch of concrete actions contributing to the objectives set for 2025. (See the table of the 20 objectives on page 19 of this release).
Mandatory annual negotiations (Négociations annuelles obligatoires "NAO") : signing of a salary increase agreement for the employees of Aéroports de Paris SA
As part of the Mandatory annual negotiations and following meetings held with the representative trade unions, the group has announced to the employees of Aéroports de Paris SA the signing of a salary increase agreement.
This agreement notably includes, as of January 1 , 2023, a general increase of base salaries, of 2% for executives (French " cadres ") and 3% for non-executives (French " non-cadres "), followed by an increase of 1% for executives as of July 1 , 2023, being an increase of at least €100 in the monthly gross base salary for all employees of Aéroports de Paris SA. The impact of these new measures is estimated at €15 million for the year 2023.
This agreement is coupled with an exceptional value-sharing bonus, to be paid to all employees in April 2023 (already recognized in the 2022 Full-year accounts) and a commitment to initiate negotiations in 2023 regarding the remuneration structure for executive employees.
Situation in international assets
In 2022, some of the Group's international assets that had been weakened by the Covid crisis have continued to hold discussions with their counterparties (conceding authorities, banks…) aimed at maintaining their financial and operational viability. Depending on the situation, these assets requested concession term extensions and debt restructurings.
Regarding TAV Airports, a two-year concession extension was obtained on June 17 , 2022 for the airports of Skopje and Ohrid, in North Macedonia.
Regarding Santiago de Chile, a debt restructuring agreement was reached with the lenders on October 21 , 2022. In addition, initiatives towards the Chilean authorities are continuing aiming at restoring the economic balance of the project. Furthermore, the claim filed by the Group with the International Centre for Settlement of Investment Disputes (ICSID) against the Chilean State under the bilateral treaty between France and Chile on the protection of foreign investments (ICSID No. ARB/21/40 dated August 13 , 2021) is ongoing.
Moreover, Airport International Group (AIG), the concession company for Amman airport in Jordan, is holding active discussions with its conceding authority to achieve the economic and financial rebalancing of the concession, including the negotiation of a duration extension. A restructuring of the commitments towards the lenders is being carried out at the same time.
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 shareholder. The support that may arise from restructuration discussions is estimation, globally, at a maximum of 20 million euros in 2023. In addition, in the event of a failure in negotiations aiming at rebalancing some of its international concessions' situation, the group may be led to take decisions, which could go as far as withdrawing from the project.
Groupe ADP's 2022 full-year results presentation
202 2 Full-year consolidat ed accounts
Revenue
Groupe ADP's consolidated revenue stood at 4,688 million euros in 2022, up +1,911 million euros compared to 2021, mainly due to the positive effect of traffic recovery on:
The amount of inter-sector eliminations stood at 252 million euros over 2022, compared to 250 million euro over 2021.
EBITDA
Group operating expenses stood at 3,071 million euros over 2022, up +889 million euros (+40.7%). Operating expenses are evolving slower than revenue (+68.8%), driving the EBITDA margin up 9.3 points, at 36.4% in 2022. The effect of the increase of Energy prices observed at the European level had not significant impact of group expenses, ADP SA having contractually secured from 2020, the purchase price of its electricity and gas consumption until December 2023.
In 2022, electricity and gas expenses are up +38.0%, representing c.2% of operating expenses, a stable portion compared to 2021. Aéroports de Paris is currently working on the elaboration of the new energy purchase policy which will cover the needs of the years 2024 and beyond.
Overall, the impact of inflation on operating expenses of ADP SA has been limited so far, most of the contracts signed with providers including price increase clauses that are not directly linked to inflation or that include fixed prices.
The distribution of the group's operating expenses was as follows:
Other income and expenses represented a net product of 87 million euros, down -69 million euros compared to 2021, the unfavorable base effect related to the return to full ownership of certain buildings on the Paris platforms in 2021 for +109 million euros, partially offset by a provision reversal recorded in 2022 following an international impairment recorded in 2021.
Over 2022, the group's consolidated EBITDA stood at 1,704 million euros, up +953 million euros.
Net result attributable to the Group
Operating income from ordinary activities stood at -936 million euros, up +965 million euros, driven by the EBITDA increase for +953 million euros, as well as by the improvement of the results from equity-accounted companies for +75 million euros, at 14 million euros, notably due to:
Operating income stood at 988 million euros, up +1,008 million euros compared to 2021, due to the increase in operating income from ordinary activities and the reversal of a provision for 56 million euros, recorded in 2020.
Financial result stood at -224 million euros, down -6 million euros, mainly due to mainly due to the unfavorable base effect linked to the restructuration of TAV Tunisia's debt, for a net gain of 109 million euros in 2021, partially offset by the gain, for 46 million euros, from the disposal of Royal Schiphol Group stake and the decrease in the cost of gross debt for 41 million euros.
The income tax expense stood at 172 million euros in 2022, compared to a tax expense of 8 million euros in 2021, due to the return to a positive income before tax.
Net income stood at 591 million euros in 2022, up +839 million euros compared to 2021.
Given all these items, net income attributable to the group is up +764 million euros compared to 2021, at 516 million euros.
Cash and investments
As 31 December 2022, the Groupe ADP had cash position of 2.6 billion euros. In 2022, cash is up +253 million euros due to the increase in operating cash-flows, linked to the recovery of activities, standing at 1,553 million euros and the disposal of the stake in Royal Schiphol Group for 420 million euros and despite the bond repayment in February 2022 for 400 million euros and the capital injection by TAV Airports into the new Antalya concession, in which it is a shareholder alongside Fraport.
In view of this available cash and its forecasts for 2023, the group has liquidity that it considers satisfactory in the current sanitary and economic context and to meet its operating needs and financial commitments.
Tangible and intangible investments stood at 695 million euros in 2022, compared to 527 million euros in 2021.
Financial debt
Groupe ADP's net financial debt stood at 7,440 million euros as of December 31 , 2022, compared to 8,011 million euros as of December 31 , 2021. As of December 31 , 2022, debt ratio stood at 4.4x EBITDA (4.6x EBITDA excluding the proceeds of 420 million euros from the disposal by Groupe ADP of the stake it held in Royal Schiphol Group), compared to 10.7x EBITDA at the end of 2021.
Given the confidence of investors in the solidity of its financial model and with its long-term credit rating (A negative outlook by Standard and Poor's since March 25 , 2020, confirmed on December 21 , 2022), the Groupe ADP is taking care to ensure that, in the event of a significant deterioration in the economic and health context, it would be able to meet its commitments and have recourse to additional financing.
Analysis by segment
Aviation – Parisian platforms
In 2022, revenue of aviation segment , which relates solely to the airport activities carried out by Aéroports de Paris as operator of the Parisian platforms, is up +62.9%, at 1,675 million euros. As revenue from airport safety and security are determined by the partially fixed costs of these activities, revenues are growing at a lower rate than passenger traffic.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) increased by +90.6%, at 1,004 million euros due to:
As a reminder, the average tariff increase, approved by the French Transport Regulation Authority (ART) for the 2022 tariff period, i.e. since April 1 , 2022 are as follows: a +1.54% increase in passenger fee, a freeze in the unit rate of the parking fee and the landing fee and an average increase of +0.95% for ancillary fees with the exception of the PRM (Person with reduced mobility) fee which will increase by +10.0% on the Paris-Charles de Gaulle platform and +0.94% at Paris-Orly. For the Paris Le Bourget airport, the ART approved fee increases of +0.91% for landing fees and +19.9% for parking fees.
By its decision n°2022-087 of December 8 , 2022, published on January 13 , 2023, the ART has approved the airport fees for Aéroports de Paris for the tariff period from April 1 , 2023, to March 31 , 2024. This approval translates, for Paris-Charles de Gaulle and Paris-Orly, by a tariff freeze, different measures offsetting each other. These measures involve the reduction of the parking fee by approximately -2.7%, the increase of the fee for assistance to persons with reduced mobility by +2.5% at Paris-Charles de Gaulle and by +10.0% at Paris-Orly and the +7% increase in the fixed portion of the annual fee for check-in counters, boardings desks and local luggage handling for Paris-Orly and Paris-Charles de Gaulle.
For Paris-Le Bourget airport, the average increase in fees is approximately +2.5%, resulting from a +2.1% increase in the landing fee, a modification of the acoustic modulation coefficients for group 6 aircrafts, a freeze in the fee for the provision of airport circulation permits and a +2.5% increase in the parking fee. The applicable fees are available on the company's website.
Revenue from ancillary fees was up +98.1%, at 209 million euros, linked to the increase in passenger traffic.
Revenue from airport safety and security services was up +17.3%, at 428 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 34 million euros.
EBITDA was up +469 million euros, at 499 million euros due to the increase of revenue.
O perating income from ordinary activities was up +463 million euros, at 117 million euros in 2022, due to the EBITDA increase.
Retail and services – Parisian platforms
In 2022, Retail and services segment revenue , which includes only Parisian activities, was up +74.8%, at 1,442 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.
In 2022, revenue from retail activities was up +115.6%, at 922 million euros, including Extime Duty Free Paris (ex. Société de Distribution Aéroportuaire), up +102.8%, at 631 million euros and Relay@ADP, up +166.1%, at 95 million euros, due to the increase in traffic and the number of outlets opened compared to 2021.
Revenue from car parks was up +65.5%, at 149 million euros.
Revenue from industrial services (supply of electricity and water) was up +6.5%, at 156 million euros.
Rental revenues (leasing of spaces within terminals) were up +14.3%, at 140 million euros.
Other revenues (primarily constituted of internal services) were up +94.7%, at 140 million euros.
EBITDA was up +368 million euros, at 613 million euros, mainly due to higher revenues from retail activities, notably Extime Duty Free Paris and Relay@ADP.
Operating income from ordinary activities was up +377 million euros, at 475 million euros, due to the EBITDA increase.
Real Estate - Parisian platforms
In 2022, revenue from the Real Estate segment , which includes only Parisian activities stood at 296 million euros, up +6.8% compared to 2021.
External revenue realized with third parties, stood at 249 million euros, up +9.6% compared to 2021, notably due to scope effect linked to the return in full ownership of some buildings on the Parisian platforms in 2021 and the commissioning of cargo areas in 2021, as well as the effect of indexation clauses on rents.
EBITDA of the segment stood at 194 million euros, down 100 million euros, due to the unfavorable base effect related to the return to full ownership of some buildings on the Parisian platforms for 109 million euros in 2021.
Operating income from ordinary activities stood at 124 million euros, down 111 million euros due to EBITDA decrease.
International and airport developments
In 2022, revenue from the International and airport developments segment stood at 1,361 million euros, up +87.5% compared to 2021, mainly due to the increase in revenue from TAV Airports and AIG.
AIG's revenue was up +65.1%, at 263 million 'euros, due notably to the effect of the traffic increase by +71.9% in Amman on airport fees for +86 million euros and commercial revenues for 21 million euros.
TAV Airports ' revenue was up +102.2%, at 1,048 million euros. It includes since May 2021 the revenue from Almaty airport in Kazakhstan. Excluding the integration of Almaty, TAV Airports' revenue would be up +72.6%, at 714 million euros, due to:
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 2022, traffic at TAV Airports' Turkish airports was up +35.1% compared to 2021, amounting to 80.8% of 2019 traffic levels. Despite the impact of the conflict in Ukraine on routes with Russia and Ukraine, the recovery at TAV Airports' Turkish airports is supported by other routes, notably traffic with the United Kingdom and Germany which respectively stand at 152.8% and 108.7% of 2019 traffic, amounting to 12.9 million passengers. In addition, at Almaty, in Kazakhstan, traffic is up +18.5% compared to 2021, at 7.2 million passengers, or 112.6% of 2019 traffic. The recovery is also supported by the increase of the number of cargo flights served, resulting from the Russian airspace overflight ban.
EBITDA of the International and airport developments segment was up +223 million euros, at 379 million euros.
TAV Airports' EBITDA was up +174 million euros compared to 2021, at 318 million euros, linked to the increase in revenue and despite the increase in operating expenses of +358 million euros. Excluding the integration of Almaty, TAV Airports' EBITDA would be up +108 million euros, at 233 million euros.
AIG's EBITDA was up +41 million euros compared to 2021, at 84 million euros, linked to the increase in revenue, despite the increase in operating expenses of +62 million euros, due in particular to the increase in concession rent for +57 million euros resulting from the traffic recovery.
Operating income from ordinary activities of the segment stood at 221 million euros, up +249 million euros, due to:
Hyperinflation in Turkey : In the context of very high inflation in Turkey, group entities whose functional currency is the Turkish lira are obliged to apply the provisions of IAS 29 "Financial Reporting in Hyperinflationary Economies" from February 2022 onwards, requiring the restatement of the financial statements to take account of changes in the general purchasing power of this currency. The limited effect on the Group's financial statements is described in note 2 of the consolidated financial statements.
Other activities
In 2022, products from the other activities segment stood at 166 million euros, down -3.3% compared to 2021, despite the increase in revenue for Hub One by 4 million euros, at 161 million euros.
EBITDA is down -28.7% compared to 2021, at 19 million euros.
Operating income from ordinary activities is down 10 million euros compared to 2021, at -1 million euros.
Evolution of traffic in 2022
Group traffic :
Paris Aéroport traffic :
In 2022, Paris Aéroport traffic is up +106.7% with a total of 86.7 million of passengers, at 80.2% of traffic in the same period in 2019.
Geographical breakdown is as follows:
IMPORTANT NOTE: Since the traffic release of December and the year 2022, the geographical breakdown at Paris Aéroports within this release as well as in the historical data used for variation and recovery calculations are aligned with the different categories applicable to airport fees. It presents the detailed breakdown of the "Europe" traffic into three categories: "Schengen Area" traffic, "UE excluding Schengen & United Kingdom" traffic, and "Other Europe" traffic. Traffic with "French overseas territories", is presented separately from the "International" traffic, in which it was included until the November 2022 traffic release. It is reminded that airports fees applicable to these different categories are available on the company website.
The number of connecting passengers is up +93.8%. Connecting rate stoods at 20.6%, down – 1,4 point compared to 2021. Seat load factor is up +12.3 points, at 81.9%.
Aircraft movements at Paris Aéroport is up +62.4%, at 598,640 movements, of which 402,849 movements at Paris-Charles de Gaulle, up +61,1 %, at 80.9% of 2019 level, and 195,791 movements at Paris-Orly, up +65.1%, at 89.7% 2019 level.
Highlights of the period since the publication of the 2022 9-month revenue, on 27 October 2022
Unwinding process of the cross-shareholdings with Royal Schiphol Group
It is reminded that the orderly sale process of the cross-shareholdings of 8% held respectively by Aéroports de Paris and with Royal Schiphol Group is described in the press release from February 16 , 2022.
Groupe ADP took note of the announcement, made on November 10 , 2022, of the acquisition by Crédit Agricole Assurances, through its subsidiary Predica, of an additional stake of 2.5% of Groupe ADP capital from Royal Schiphol Group, bringing Crédit Agricole Assurances total stake in Groupe ADP at 7.73%. Besides, it is reminded that Crédit Agricole Assurances has a seat on the Board of Directors of Groupe ADP.
Groupe ADP took note of the announcement, made on November 16 , 2022, of the acquisition by Canada Pension Plan Investment Board, of an additional stake of 1.59% of Groupe ADP capital from Royal Schiphol Group, bringing Canada Pension Plan Investment Board total stake in Groupe ADP at 5.64%.
Royal Schiphol Group announced on December 6 , 2022, the sale of its remaining stake in Aéroports de Paris. This sale represented approximately 3.91% of Groupe ADP's capital, i.e. 3,869,859 shares. It was carried out by way of an accelerated book-building (ABB) at a price of 133 euros per share.
On this occasion, Groupe ADP has bought back 296,882 shares, i.e. approximately 0.3 % of the share capital, at a unit price of133 euros. This share buyback, amounting to c.39.5 million euros, has been financed with Groupe ADP's available cash. It was carried out within the framework of the share buyback program authorized by the 6th resolution voted by the General Shareholders' Meeting of May 17, 2022. It is intended to cover any allocation of Groupe ADP performance shares and/or allocation of shares in the context of an employee shareholding operation.
Following the ABB, Royal Schiphol Group no longer holds any shares in Groupe ADP. In accordance with an Exit Agreement concluded between the parties on December 1 , 2008, Royal Schiphol Group has repurchased the shares held by Groupe ADP in Royal Schiphol Group, marking the end of the process of unwinding the cross-shareholdings with Royal Schiphol Group.
The proceeds from this transaction, received on December 21 , 2022, by Groupe ADP, amounted to c.420 million euros. They will enable Groupe ADP to selectively seize potential international development opportunities while pursuing its debt reduction path.
Aéroports de Paris announces the implementation of its first Euro Medium Term Notes program (EMTN)
Aéroports de Paris announces the implementation of its first Euro Medium Term Notes program (EMTN). The Base Prospectus of the Programme received the visa n°22-492 of the Autorité des marchés financiers (AMF) on December 16 , 2022. The program provides a legal framework intended to govern in advance the bond financing transactions to be carried out by Aéroports de Paris. Aéroports de Paris is currently noted A (negative perspective) by S&P Global Ratings. The program's prospectus and the documents incorporated by references are available on the Groupe ADP's website (parisaeroport.fr/en/group/finance) and the Autorité des Marchés Financiers (amf-france.org).
TAV Airports won the tender for the renewal of the Ankara Airport concession
TAV Airports, member of Groupe ADP, won on December 20 , 2022, the tender for the renewal of Ankara Airport concession. This success results from the auction held by the Turkish State Airports Authority (DHMI) in which TAV Airports was the highest bidder. The object of the tender is the realization of investments to increase capacity of the airport in return for the right to operate the airport for 25 years, between May 24 , 2025 and May 23 , 2050.
The total concession rent to DHMI is of 475 million euros (VAT excluded), of which 25% (119 million euros) are to be paid within 90 days after the signing of the concession agreement. The investment aiming at increase Ankara Airport's capacities, notably estimated at around 300 million euros, of which two thirds will be conducted between 2023 and 2026, and one third to be engaged at the latest in 2038.
The accounts of the company will be fully consolidated into TAV Airports. The current operating rights of Ankara Airport, operated by TAV Esenboğa, a 100%-owned subsidiary of TAV Airports, member of Groupe ADP, remain unchanged until May 23 , 2025.
Events occurred since December 31 , 2022
Pr e cisions following the announcement made on Monday January 9 , 2023, by the French Competition Authority
French Competition Authority has announced, on Monday, January 9 , 2023, the opening of an in-depth examination phase in the context of the proposed sale of by Aéroports de Paris ("Groupe ADP") of a 50% stake in Extime Food & Beverage Paris to Select Service Partner ("SSP"). In its January 10 , 2023, presse release, Groupe ADP specified that the joint venture model is commonly used by many airports around the world, and that the Groupe ADP itself has been using it for more than a decade. By relying on the expertise of an industrial partner, this model has contributed to the development of the Group's various retail and food & beverage activities. In this context, Groupe ADP had launched a call for tenders in April 2021 to seek a co-shareholder in Extime Food & Beverage Paris. Select Service Partner (SSP) was chosen at the end of this procedure with the aim of acquiring, subject to the authorization of the competition authority, 50% of the capital of Extime Food & Beverage Paris along Aéroports de Paris (see press release of October 25, 2021).
During this process, the food and beverage activities in Paris will continue to be operated not only through Extime Food & Beverage Paris, operating c.30 sales points in Paris Charles de Gaulle and Paris-Orly Airports, but also by other operators, including EPIGO joint-venture implemented in 2016. In the meantime, Groupe ADP and its partner SPP will continue to discuss with the Authority concerning the elements demonstrating the expected effects of the transaction for passengers and the benefits that will result in terms of pricing management and quality of service. As reminded by the French Competition Authority in its press release, the opening of this procedure does not presume the existence of possible competition problems, nor the outcome of this procedure. In any event, should this project not be implemented in the form envisaged here, Groupe ADP will retain full control of its commercial system in order to adapt it to passenger demand and contribute to the achievement of its profitable growth objectives.
2022 targets achievement
Traffic assumptions, forecasts and targets 2023-2025
As part of the 2025 Pioneers strategic roadmap communicated on February 16 , 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.
Based on the passengers' traffic and the results recorded in 2022, the salary increases measures from 2023 as well as the evolution of the macroeconomic context (foreign exchanges rates, inflation, energy prices), Groupe ADP refined its traffic assumptions in Paris in 2023 and adjusts some 2023-2025 forecasts and targets.
The updated targets are market i n bl ue in the following table
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
Follow up of the 2025 Pioneers strategic roadmap indicators
The following table summarizes and illustrates the 2022 dynamic for the deployment of actions aiming for the 2025 objective.
The successful start of the "2025 Pioneers" roadmap is illustrated by several examples of actions whose deployment began in 2022 and whose first observed results are contributing to the achievement of the objective set for 2025.
One Ambition - I magining the sustainable airport of tomorrow
The strategic axis One Ambition aims for (i) excellence and sustainability of operational and construction methods , (ii) being innovative in hospitality , and (iii) Developing the offer of multi-global connections .
One Group - Building a global, integrated and responsible Group
The strategic axis One Group aims for (i) consolidating the g roup's network (ii) Mobilising and federat ing expertise to multiply it and (iii) building on strong local roots, respectful of diversity .
Shared Dynamics - Innovate, support and empower
The strategic axis Shared dynamics aims for (i) promoting an innovative and agile approach in our projects , (ii ) Attracting and retaining talents and (iii) developing a culture of responsibility promoting civic engagement of employees.
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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.
Definitions
Definition and accounting of Alternative Performance Measures (APM) as well as the segmentation of group activities presented in this press release are fully published in the Group universal registration document.
It is available in Groupe website: AMF information - Groupe ADP (parisaeroport.fr)
Investor Relations contacts :
Cécile Combeau +33 6 32 35 01 46 and Eliott Roch
+ 33 6 98 90 85 14 - invest@adp.fr
Press contact: Justine Léger, 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 2022, the group handled through its brand Paris Aéroport 86.7 million passengers at Paris-Charles de Gaulle and Paris-Orly, and nearly 193.7 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 2022, group revenue stood at €4,688 million and net income at €516million.
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
Appendix 1 – 2022 consolidated financial statement
2022 consolidated income statement
Consolidated balance sheet as of 31 December 2022
2022 Consolidated statement of cash flows
Appendix 2 – Glossary
Definition and accounting of Alternative Performance Measures (APM) as well as the segmentation of group activities presented in this press release are fully published in the Group universal registration document.
It is available in Groupe website: AMF information - Groupe ADP (parisaeroport.fr)
Financial ind icators :
Operating indicators :
Appendix 3 – 2021 and 2022 Revenue of Retail and Services
Revenue of Extime Food & Beverage Paris is included in "Other Shops and Bars and restaurants" revenue.
In 2021 and 2022, it was presented in "Other retail products" revenues. The rectified historical data for the breakdown of revenues in the Retail and Services segment is shown below:
2021 Ret ail and services
2022 Retail and services
1 Subject to the approval of the General Meeting of the Shareholders of May 16 , 2023, approving
2022 accounts.
2 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website.
Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
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).
Net Financial Debt as of December 31 , 2022, compared to the 2022 EBITDA.
7 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).
8 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).
9 Measures negotiated with the representative trade unions and consisting in particular of (i) a return to the 2019 level of remuneration for employees affected by the work contract adaptation plan (PACT) and (ii) an additional general increase of 3% for all ADP SA employees.
10 CET: Territorial financial contribution.
11 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).
12 Revenue of Extime Food & Beverage Paris is included in "Other Shops and Bars and restaurants" revenue. In 2021 and 2022, it was presented in "Other retail products" revenues. The corrected historical data for the breakdown of revenues in the Retail and Services segment is shown in Appendix 3 of this financial release.
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).
14 Including Almaty and Zagreb airports.
Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website .
Airports of Conakry, Antananarivo and Nosy Be.
17 See financial release of the 2021 full-year results, published on February 16 2022.
See financial release of the 2022 half-year results, published on July 27 2022.
19 See financial release of the 2022 9-months-revenue, published on October 27 2022.
20 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.
In constant euros.
The net financial debt / EBITDA ratio target is calculated excluding the proceeds of the unwinding of cross-shareholding with Royal Schiphol Group see the February 16 2022 financial release.
Subject to the approval of the General Meeting of the Shareholders of May 16th, 2023, approving 2022 accounts.
24 G roup traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website .
25 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
Attachment
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