Trasporti
Aéroports de Paris SA: Good performance of all the activities and Istanbul Atatürk airport closure
FINANCIAL RELEASE
25 July 2019
Aéroports de Paris SA
2019 half-year results: good performance of all the activities
and Istanbul Atatürk airport closure
Groupe ADP 2019 half-year results
(1) The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
Revision of certain 2019 assumptions and forecasts, revised compared with the publication of the 2018 annual results on 14 February 2019
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA – Groupe ADP, stated:
"Groupe ADP traffic's, excluding Istanbul Atatürk, increased by 3.1% over the 1 half-year of 2019, with an increase of 4.8% of traffic at Paris Aéroport. Taking into account the Istanbul Atatürk airport, the groupe traffic has dropped by 10.3% because of the closure of this airport on 6 April 2019. EBITDA reached €764 million, up to 10.9% compared to 2018 1 half-year and net result increased by 22% at €250 million. During the 1 half-year, the Paris-Orly junction building, major infrastructure project of the 2016-2020 economic regulation agreement, was commissioned: it came with a new toponymy of a single terminal. ADP proposal for the next 2021-2025 economic regulation contract was published in a public consultation document in April and consultations have begun. Furthermore, the CDG Express project took a step forward with the confirmation by the Minister for Transport of its achievement despite a gap of calendar to end of 2025. Groupe ADP is following its trajectory and is revising upward some of its objectives for 2019".
[1] Limited audit and procedures on 2019 half-year accounts have been carried out. Furthermore, the accounts have been approved by the Board of Directors of ADP S.A. on 25/07/2019
2 Unless otherwise stated, percentages are comparing 2019 1 half-year data with 2018 comparable data
TAV Airports traffic is taken into account at 100% according to their financial communication, including Istanbul Atatürk traffic until 6 April 2019. Following the acquisition of a 49%-stake in Antalya airport, traffic of this airport is 100%-included since January 2018 for the need of the analysis, while TAV Airports only has included Antalya traffic since May 2018
4 In April 2019, Groupe ADP reviewed its links with Société de Distribution Aéroportuaire, Relay@ADP and MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire Croatia) and considers controlling these entities since then. Booked until this date with the equity method, these companies are since April 2019 fully consolidated
Sales in airside shops divided by the number of departing passengers (Sales/Pax)
Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets
7 Until 31st December 2018, the Group disclosed the share of profit or loss in associates and joint ventures on two separate lines "Share of profit or loss in associates and joint ventures from operating activities" and ""Share of profit or loss in associates and joint ventures from non-operating activities".
For non-materiality reasons, the Group discloses since 1 January 2019 the share of profit or loss in associates and joint ventures on one single line included within the operating income
As a reminder, Istanbul Atatürk airport welcomed 16mpax between 01/01/2019 and 06/04/2019 which were not taken into account in TAV Airports' traffic growth assumption concerning 2019
TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the assumption the following exchange rate assumptions: EUR/TRY = 6.6, EUR/USD = 1.14
Following the Istanbul Ataturk airport end of operation on 6 April 2019 (see 8 April 2019 press release), the IFRS 5 standard "Non-current assets held for sale and discontinued operations" is applying to TAV Airports since this date. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
Takes into account the introduction by the law No. 2018-1317 of 28 December 2018 of finance of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax product
Groupe ADP's 2019 half-year results
2019 half-year consolidated accounts
(1) The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
In terms of the impact on the income statement as of 30 June 2019 the application of IFRS 16 led to:
Revenues
(1) The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
Over the 1 half of 2019, Groupe ADP consolidated revenue stood at €2,185 million, up by €318 million, mainly thanks to:
Inter-sector eliminations amount stood at -€123 million over the 1 half of 2019 – vs. -€119 million over the 1 half of 2018.
EBITDA
(1) The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
Group operating expenses stood at €1,467 million over the 1 half-year of 2019, up by €275M, due to:
Excluding operating expenses linked to the SGP and CDG Express, and excluding one off items related to taxes, the operating expenses of Aéroports de Paris increased by +2,6% over the 1 half-year of 2019;
The distribution of operating expenses is as follows:
Over the 1 half of 2019, consolidated EBITDA stood at €764 million. The consolidated gross margin rate was 34.9%, down by 2.0 points or 35.5% excluding TAV and AIG down by 2.5 points, mainly due to Société de Distribution Aéroportuaire and Relay@ADP full consolidation which led to the increase of the denominator, by increasing the retain revenue, whereas the numerator is practically unchanged (after having eliminated from the EBITDA the fees received by ADP S.A.)
Excluding TAV Airports and AIG full consolidation, and excluding Société de Distribution Aéroportuaire and Relay@ADP full consolidation, EBITDA stood at €610 million, up by 6.8%, i.e. €39 million. The gross margin rate associated was 38.4%, up by 0.4 point.
The implementation, since 1 of April 2019, of the user fees disposal on revenues linked to the revenue from airport safety and security services introduced in the article 179 of Law No. 2018-1317 of 28 December 2018 of finance and that is charging Aéroports de Paris of 6% of the costs hitherto fully covered by the airport tax (i.e. €8M on Q2 2019) has also a negative effect on the 1 half of 2019's gross margin rate (around -0.3 point).
EBITDA / Revenues
Net result attributable to the Group
(1) The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
Operating income from ordinary activities stood at €453 million, up by €24 million, notably due to:
Operating income stood at €450M.
Financial result stood at -€90 million, improving by €37 million due to a lack of international provision compared to the 1 half of 2018 and due to TAV Airports financial result improvement.
Groupe APD's net debt stood at €5,442 million as of 30 June 2019, vs. €4,942 million as of 31 December 2018. Excluding TAV Airports and AIG full consolidation, Groupe ADP's net debt stood at €4,337 million. TAV Airports' net debt stood at €714 million. AIG's net debt stood at €454 million.
On 18 June 2019, Aéroports de Paris launched a 15-year bond issue for a total amount of €800 million at fixed rate (1.125% per year).
The income tax expense stood at €128 million over the 1 half of 2019.
Net income from discontinued operations stood at €26 M over the 1 half of 2019, vs. €32 M over the 1 half of 2018, and correspond entirely to Istanbul Atatürk Airport activities until 6 April 2019, when commercial flights of Istanbul Atatürk were transferred. IFRS 5 standard " Non-current assets held for sale and discontinued operations " is applying to TAV Istanbul as of this date.
Taking into account all these items, the net result attributable to the Group increased by €45 million, at €250 million.
1 In accordance with the IFRS 3 standard "Business combination", shares previously detained are reevaluated at a fair value with result at the takeover date, ie. 11 April 2019
Analysis by segment
Aviation – Parisian Platforms
Over the 1 half of 2019, aviation segment revenue, which includes only Parisian activities, was up by 4.2% at €944 million.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was up by 6.4%, at €560 million over the 1 half of 2019, benefiting from the growth in passenger traffic (+4.8%) and the increase in tariffs. As a reminder, tariffs (excluding PRM fees) have increased as of 1 April 2018 by +2.125%. They increased by 1.0% as of 1 April 2019 for Paris-Charles de Gaulle and Paris-Orly.
Ancillary fees were up by 4.5%, at €124 million, notably due to income linked to checks-in (+5.4%, i.e. €2.3 million), and to PRM fees (+6.9%, i.e. €2.0 million), linked to the traffic increase.
Revenue from airport safety and security services was nearly stable at €243 million, following a volume effect of safety expenses (+€8M) compensate by the implementation of user fees disposal since April 2019 (-€8M). As a reminder, since 1 April 2019, this disposal is introduced in the article 179 of Law No. 2018-1317 of 28 December 2018 of finance and is charging Aéroports de Paris of 6% of the costs hitherto fully covered by the airport tax.
Other income , which mostly consists in re-invoicing the French Air Navigation Services Division, leasing associated with the use of terminals and other works services made for third parties, was stable at €17 million.
EBITDA was stable at €264 million. The gross margin rate decreased by 1.1 points and stood at 28.0%.
The operating income from ordinary activities was down by 10.5%, at €111 million over the 1 half of 2019, due to:
1 Persons with reduced mobility.
Retail and services – Parisian platforms
Over the 1 semester of 2019, revenue from Retail and services, which includes only Parisian activities, was up by 35.2 %, at €647 million.
Revenue from retail consists in rents received from airside and landside shops, bars and restaurants, banking, foreign exchange activities, and car rental companies, as well as revenue from advertising. Since the takeover of Société de Distribution Aéroportuaire and Relay@ADP in April, the revenue includes realized revenue in retail areas operated by these two societies in public and reserved areas, revenue linked to affiliate commission activities, and revenue from tax refund service delivery.
Over the 1 half of 2019, retail activities revenue was up by 69.8%, at €383 million, due to:
Alcohol, tobacco, perfume, cosmectics and gastronomy
Fashion, leatherwork, shoes
Revenue from car parks was down by 2.6%, at €84 million.
Revenue from industrial services (supply of electricity and water) was up by 5.1%, at €71 million.
Rental revenue (leasing of spaces within terminals) was down by 3.6%, at €71 million.
Other revenue (mainly consisting in internal services) increased by 49.9%, at €38 million, notably due to an increase of €13 million linked to the reinvoicing of the Société du Grand Paris works.
EBITDA of the segment was up by +5.1%, at €255 million, notably following the Société de Distribution Aéroportuaire and Relay@ADP full consolidation (+3.4%, at €251 million excluding these two entities full consolidation). The gross margin rate was down (-11.3 points) at 39.4% Excluding Société de Distribution Aéroportuaire and Relay@ADP full consolidation, gross margin rate of the segment stood at 49.7%, down by 1 point.
The share of profit from operating associates stood at €40 million, notably following reevaluation of the share of securities previously detained at a fair value at the takeover date of Société de Distribution Aéroportuaire and Relay@ADP for an amount of €42.5 million.
Operating income from ordinary activities increased by 23.5%, at €222 million.
Real estate – Parisian platforms
Over the 1 half of 2019, real estate revenue, which includes only Parisian activities, was up by 6.8%, at €146 million.
External revenue was up by 7.9%, at €127 million, mainly driven by new contracts.
EBITDA of the segment was up by 24.8%, at €84 million, due to the increase of external revenue and products generated following the sale of lands for €7 million.
Share in associates and joint ventures from operating activities stood at €1 million.
As a consequence, operating income from ordinary activities increased by €16 million, at €61 million.
Generated with third parties (outside the Group)
International and airports developments
(1) Data take into account AIG full consolidation as of April 2018.
Over the 1 half of 2019, revenue from International and airport developments stood at €493 million, up by 25.9% compared to 2018 due to:
EBITDA of the segment increased by 32.7%, at €138 million, mainly due to AIG full consolidation since April 2018 for €19 million.
TAV Airports EBITDA increased by 12.1%, at €115 million due to the increase of revenues (+8.2%) and the favorable effect of exchange rates on operating expenses.
Share of profit from operating associates stood at €7 million over the 2019 1 half year, registering a strong decrease compared to the 2018 1 half year, mainly due:
Operating income from ordinary activities of the segment consequently stood at €43 million, vs. a €75 million result over the 1 half of 2018.
Other activities
Over the 1 half of 2019, other activities segment revenue increased by 8.0%, at €78 million, following studies reimbursements and realized works for the CDG express project for an amount of €5 million.
Hub One saw its revenue decreasing by 2.7%, at €70 million due to renegotiation of external contracts,
EBITDA of the segment stood at €23 million, up by €10 million, notably linked to the studies reimbursements and realized works for the CDG express project (+€14 million in 2019 compared to 2018).
The operating income from ordinary activities of the segment was up by €12 million and stood at €16 million.
Highlights of the period since the publication of the 2019 first quarter revenue, on 26 April 2019
Change in passenger traffic over the 1 half of 2019
Over the 1 half of 2019, Paris Aéroport traffic grew by 4.8%, with a total of 52.3 million passengers welcomed. 36.3 million passengers travelled through Paris-Charles de Gaulle (+7.1%) and 16.0 million through Paris-Orly (-0.1%).
The number of connecting passengers increased by 11.2%. The connecting rate stood at 22.9%, up by 1.3 point compared to 1 half of 2018. The load factor was up by 0.6 points, at 85.9%. The number of air traffic movements (351,759) was up by 3.6%.
Takeover of Société de Distribution Aéroportuaire and Relay@ADP
Société de Distribution Aéroportuaire and Relay@ADP were jointly controlled until April 2019.
Following a statutory change of these society giving to Groupe ADP the final decision in case of deadlock between the two joint shareholders of the two entities, Groupe ADP decided took control of them for a better command of the production tool over all the value chain. The holding percentage in these entities (of 50%), but Groupe ADP has now a call option which could be use in case of disagreement.
Since April 2019, Aéroports de Paris consequently hold the exclusive control of Société de Distribution Aéroportuaire and Relay@ADP, the two societies being co-controlled previously.
The PACTE law contains provisions related to Groupe ADP
The law n°2019-486 of 22 May 2019 concerning business growth and transformation ("PACTE law") was promulgated on 23 May 2019 and was published in the French Official Journal the same day. The provisions stipulated in the articles 130 to 136 of the PACTE law concern Aéroports de Paris only.
This law stipulates, particularly, the authorization of the transfer of the majority of the capital of Aéroports de Paris from the public to the private sector. As of the transfer date, conditions of exercise of Aéroports de Paris activity in Île-de-France will be modified. To that extent, the ADP right to operate the Parisian airports will be limited to 70 years as of the transfer date, after which the State will acquire the full ownership of the land and infrastructures in Île-de-France.
As a compensation, the law stipulates the payment, by the State to Aéroports de Paris, of a two component compensation – a first component which should be paid at the time of the transfer of the majority of ADP's capital to the private sector a second one paid at the end of the Parisian airports operations by Aéroports de Paris.
The law stipulates also, as of now, the current regulation model of Aéroports de Paris. Thus, the law consecrates as of now at a legislative level the principle of fair return on capital employed estimated on the weighted average cost of capital. These provisions were implemented the next day of the publication of the law in the French Official Journal, which is 24 May 2019. It is also the case for the method of calculation of the weighted average cost of capital of that the law confirms that it is estimated using the financial assets valuation model, available market data and parameters considered for the companies engaged in comparable activities. The rule of the intangibility of the weighted average cost of capital of Aéroports de Paris covered by the Economic Regulation Agreement, the confirmation of the application of the French accounting standards for the regulation, or the airport regulatory authority missions reform were also implemented as of 24 May 2019, as well as the provisions regarding the possible competition for the allocation of the capital shares, and the modalities of the first component of the compensation payment by the State to ADP, in case of privatization.
For the rest, the provisions will be implemented at the transfer date of the majority of Aéroport de Paris capital to the private sector, if applicable. It concerns, notably, the 70 years limitation of Aéroport de Paris operation rights, Aéroport de Paris specifications content reinforcing the operational control of the State, the provisions concerning Aéroport de Paris adjusted till, or the setting of the airport fees tariffs by the Stat in the absence of economic regulation agreement.
The constitutional Council decision relative to the RIP
The constitutional Council, in its decision n°2019-1 RIP of May 9th 2019, has authorized the opening of a collection period of the citizens support registered on voters lists for the organization of a referendum regarding the law proposal composed by an unique article given that: "The management, the operation and the development of Paris-Charles de Gaulle, Paris-Orly and Paris- Le Bourget airports, have the characteristics of a national public service regarding the ninth paragraph of the Constitution preamble of October 27th 1946". According to this article, each property, or firms, of which the exploitation has or acquired the characteristics of a national public service or of a monopoly, must be owned by the collectivity.
This referendum will only be organized if two conditions are met. First, the referendum law proposal must collect the support of 4,717,396 of registered voters on electoral lists within nine months from the opening of the support period, which started on the 13 June 2019. Secondly, the referendum would not be organized only if the referendum law proposal wasn't examined at least once by each of the two parliament chambers in a period of six months from the Official Journal publication of the French Republic regarding the decision of the Constitutional Council recognizing the number of supporting signatures of the law proposal.
New composition of the Board of Directors of Aéroports de Paris
The new composition of the Board of Directors of Aéroports de Paris as of 20 May 2019 is the following:
DIRECTOR REPRESENTING THE GOVERNMENT APPOINTED BY DECREE AS OF 20 MAY 2019
Mrs Isabelle BUI
DIRECTORS PROPOSED BY THE GOVERNMENT AND APPOINTED BY SHARESHOLDERS' MEETING OF 11 MAY 2017 AND 20 MAY 2019
Mrs Geneviève CHAUX DEBRY
Mrs Fanny LETIER
Mr Michel MASSONI
Mr Christophe MIRMAND
Mrs Perrine VIDALENCHE
DIRECTORS APPOINTED BY SHARHOLDERS' MEETING OF 20 MAY 2019 OR COOPTED BY THE BOARD OF DIRECTORS
Mr Augustin de ROMANET
Mr Jacques GOUNON
Mrs Jabine van der MEIJS
Mr Dick BENSCHOP
Company VINCI (Represented by M. Xavier HUILLARD)
Company PREDICA (Represented by Mme Françoise DEBRUS)
DIRECTORS REPRESENTING EMPLOYEES ELECTED ON 20 MAY 2014 OVER THE LIST SUPPORTED BY
Mrs Laurence ARRIEU (CFE/CGC)
Mrs Brigitte BLANC (CGT)
Mr Frédéric GILLET (CFE/CGC)
Mr Jean-Paul JOUVENT (UNSA/SAPAP)
Mrs Christelle MARTIN (FO)
Mr Joël VIDY (CGT)
NON-VOTING BOARD MEMBERS
Mr Patrick GANDIL
Mr Marc BOREL
Mrs Béatrice Julien de LAVERGNE
Mr Pascal PAPAUX
NON-VOTING MEMBERS APPOINTED BY SHAREHOLDERS' MEETING OF 20 MAY 2019
Mrs Anne HIDALGO
Mrs Christine JANODET
Mrs Valérie PÉCRESSE
Mr Patrick RENAUD
Dividend voted by the Annual Meeting of Shareholders
The Annual General Meeting of Shareholders held on 20 May 2019 voted to pay a dividend of €3.70 per share for financial year 2018, with an ex-dividend date of 11 June 2019. Given the interim payment (€0.70) made on 10 December 2019, the balance of the dividend (€3.00) was paid on 11 June 2019. This dividend corresponds to a payout ratio of 60% of the net result attributable to the Group for 2018 accounting period, and is unchanged since that of 2013 accounting period.
Interim dividend voted by the General Meeting of Shareholders
The Board of Directors of Aéroports de Paris decided in 2015 to implement a numeral interim dividend until the 2020 accounting period ending on 31 December 2020. Concerning the 2019 accounting period, the interim dividend stood around €69.28 million, i.e. an amount of €0.70 per share. The detachment of the coupon will occur the 6 December 2019 and the payment of the interim dividend concerning 2019 will occur on 10 December 2019.
Appointment within Groupe ADP
On 20 May 2019, Augustin de Romanet, Chairman and CEO of Groupe ADP proceed to the appointment of M. Thierry de Séverac as Director of Engineering and Development of Groupe ADP, member of the Executive Committee. HE took office on 8 July.
Born in 1965, Thierry de Séverac is graduated of the Ecole Centrale of Paris in 1988.
He began his career within the Compagnie Générale des Eaux group in the development and management of concession / PPP projects in France and Europe in the building, infrastructure and telecommunications sectors.
He joined the Bouygues group in 2004, first in London and then in France, where he took over the management of Linkcity in the Center and South-West regions. He joined Bouygues Bâtiment Ile-de-France in 2013 as Director of Engineering and Development of Habitat Social and became Director of Engineering Bouygues Building Ile-de-France in 2017 and Bouygues Bâtiment France Europe in 2018.
Augustin de Romanet reappointment as Chairman and Chief Executive Officer
On May 29th, Augustin de Romanet, Chairman was appointed Chairman and Chief Executive Officer of Aéroports de Paris SA-Groupe ADP, by a decree of the President of the French Republic.
Augustin de Romanet had been reappointed as board member by the General Meeting of Shareholders on May 20th and the meeting of the board of directors on May 20th President of the French Republic to reappoint him as Chairman and Chief Executive Officer of the society.
Following the hearing of Mr. de Romanet, on May 22nd, by the Sustainable development and Territorial planning committees of the National Assembly and the Senate, in accordance with article 13 of the French Constitution, each of the committee approved the appointment proposal made by the President of the French republic to reappoint Mr. de Romanet as Head of Aéroports de Paris SA-Groupe ADP.
€800 million 15-year new bond issue
On 11 June 2019, Aéroports de Paris launched a 15-year bond issue for a total amount of €800 million with the following characteristics:
Aéroports de Paris is rated A+ (stable outlook) by Standard and Poor's
Forecasts
2019 Forecasts
(1) TAV Airports' EBITDA guidance for 2019, underlying Group's EBITDA guidance, is built on the assumption the following exchange rate assumptions: EUR/TRY = 6.6 ; EUR/USD = 1.14
(2) Takes into account the introduction of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax, in accordance with Article 179 of Law No. 2018-1317 of 28 December 2018 of finance.
(3) Following the Istanbul Ataturk airport end of operation on 6 April 2019 (see 8 April 2019 press release), the IFRS 5 standard "Non-current assets held for sale and discontinued operations" is applying to TAV Airports since this date. Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore.
(4) EBITDA as published by TAV Airports includes Ankara guaranteed passenger revenue (net of accretion income on the linked financial claim) and the share of equity pick-up.
(5) TAV traffic at 100%. As a reminder, Istanbul Atatürk airport welcomed 16mpax between 01/01/2019 and 06/04/2019 which were not taken into account in TAV Airports' traffic growth assumption concerning 2019.
(6) Net result attributable to the Group.
The achievement of these forecasts are subject to the assumption of traffic growth in Paris Aéroport and the good run of TAV Airports' strategy.
2016-2020 Period guidances revision
Groupe ADP 2016-2020 targets, as announced on 14 February 2019 remain unchanged and have to be understood independently from the effect of the full consolidation of TAV Airport and AIG. Groupe ADP will continue to present a consolidated EBITDA excluding the effect of the full consolidation of TAV Airport and AIG in order to follow the EBITDA target.
(1) Return on capital employed computed as operating income of the regulated scope after normative taxes on societies compared with the regulated assets scope
(2) Excluding SGP
(3 Extra-financial notation: ADP and its subsidiaries at 100 %.
Forecasts presented here-above are based on data, assumptions and estimates considered as reasonable by the management of the Groupe.
Due to the possible default of one of the professions, the schedule of the terminal 1 junction building is resetting at the time being. It could result in a carry-over for a few months of the salex/pax guidance achievement.
Events having occurred since 30 June 2019
Publication of TAV Airports 1 half-year results
Over the 1 half of 2019, TAV Airports published revenue stood at €345 million, up by 9% compared to the same period last year. EBITDA was down by 2%, at €127 million. Net result attributable to the Group decreased (-34%), at €32 million.
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 23 April 2019 under D-19-0373, 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: + 33 1 74 25 70 64 – invest@adp.fr
Press
Lola Bourget: + 33 1 74 25 23 23
Investor Relations: Audrey Arnoux, Head of Investor Relations +33 1 74 25 70 64 - 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 2018, the group handled through its brand Paris Aéroport more than 105 million passengers and 2.3 million metric tonnes of freight and mail at Paris-Charles de Gaulle and Paris-Orly, and more than 176 million passengers in airports abroad through its subsidiary ADP International. 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 2018, group revenue stood at €4,478 million and net income at €610 million.
Registered office: 1 rue de France – 93290 Tremblay en France, France. 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
Appendix 1: 2018 first half restated financial statements
Restatement of 2018 financial statements for comparison with 2019
In accordance with IFRS 5 " Non-current Assets Held for Sale and Discontinued Operations", Group ADP disclose a single amount in the statement of comprehensive income on the line net income from discontinued operations, all components that have been disposed by the Group (shutdown of operations) or which are classified as held for sale, and :
- represents a separate major line of business or geographical area of operations;
- is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations; or
-is a subsidiary acquired exclusively with a view to resale.
For discontinued operations, this reclassification applies at the date the activity has been disposed.
In order to facilitate the reading and understanding of the Group's performance in 2019 compared to 2018, restated financial statements for 2018 have been prepared and are as follows:
2019 first half year restated income statement
See press release of 14 February 2019 available on www.parisaeroport.fr
By component is meant an element that comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity.
2018 1 half-year restated comprehensive income
2018 1 half-year restated statement of cash flows
Appendix 2: 2019 first half consolidated financial statements
Consolidated income statement of the 1 half-year of 2019
*Restated accounts as described in the notes 1.4, 2.2 & 12 of the 2019 interim financial report
Consolidated balance sheet as of 30 June 2019
Consolidated statement of cash flows of the 1 half-year 2019
*Restated accounts as described in the notes 1.4, 2.2 & 12 of the 2019 interim financial report
Attachment
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