Trasporti
Aéroports de Paris SA: Consolidated revenue over the first quarter of 2019 up by 11.9% driven by a good performance in all the business segments
financial release AS OF 31 MARCH 2019
26 April 2019
Aéroports de Paris SA
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated :
Over the first quarter of 2019, the Aviation segment revenue, which includes only Parisian activities, was up by 3.8%, at €442 million.
Revenue from (passenger fees, landing fees and aircraft parking fees) was up by 5.5%, at €253 million, benefiting from the passenger traffic growth (+4.1%) and the increase of tariffs as of 1 April 2018. As a reminder, tariffs (excluding PRM fees) had increased by 2.125% as of 1 April 2018. These tariffs have increased by +1.0% since 1 April 2019.
were stable at €61 million thanks to the traffic growth, and despite minor deicing revenues (2019 winter was warmer than in 2018).
was up by 2.7%, at €119 million. It should be noted that since April 1st 2019, the article 179 of Law No. 2018-1317 of 28 December 2018 of finance, takes into account the introduction of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax.
, which mostly consists in re-invoicing the French Air Navigation Services Division and leasing associated with the use of terminals and other works services made for third parties, was nearly stable, at €9 million.
Over the first quarter of 2019, the revenue from Retail and services, which includes only Parisian activities, was up by 7.5%, at €248 million.
Revenue from (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) was up by 6.0%, at €111 millions.
The progressive reopening of the shops in the terminal 2E Hall L at Paris-Charles de Gaulle after works and the full effect of the shops opening of 2018 second semester (notably with Louis Vuitton) contribute at the SPP improvement, up by 3.7%, at €19.3, compared to 18.6 € during the first quarter of 2018;
The other income of retail activities decreased by 10%, at €9 million after the implementation of new markets concerning exchange and tax refund as of 2019. These contracts, that were historically own managed by ADP are now managed through SDA. Therefore, over the first quarter of 2019, this change has led to a reclassification from "other incomes of commercials activities" to "commercial fees".
Revenue from was slightly increasing (+1.1%), at €40 million.
Revenue from (supply of electricity and water) were up by 11.2%, at €40 million.
(leasing of spaces within terminals) were stable at €37 million.
(primarily constituted of internal services) increased by €6 million, at €19 million, notably thanks to the increase of the revenue linked to the works for the project Société du Grand Paris.
Over the first quarter of 2019, real estate revenue, which includes only Parisian activities, was up by 8.2%, at €80 million.
was up by 5.6%, at €69 million, driven by new contracts and rental expenses re-invoicing.
was stable at €10 million.
Over the first quarter of 2019, revenue from International and airports developments stood at €334 million (+30.4% compared with 2018) mainly due to the full integration of AIG since April 2018.
Excluding the full integration of AIG's results, revenue would have been up by 9.5%.
saw its revenue increase by €54 million, at €57 million. Excluding the full consolidation of AIG, revenue from ADP International stood at €4 million over the first quarter of 2019.
revenue was up by 11.4%, at €11 million, following the integration of Merchant Aviation since July 2018. As of 31 March 2019, ADP Ingénierie's backlog stood at €79 million, compared to 57 million at the end of March 2018.
Over the first quarter of 2019, the contribution of to Groupe ADP's revenue stood at €264 million, vs. €243 million as of 31 March 2018 (+8.6%). TAV Airports' revenue had been driven by:
The combination of these effects allows to compensate the domestic traffic decrease registered in the Turkish airports of TAV Airports (-1.5% compared to the 2018 first quarter) and the negative effect over the revenue of the Turkish lira depreciation compared with Euro, in the order of 30% in average over the 2019 first quarter (vs. 2018 first quarter), being broadly neutral at the level of EBITDA.
The revenue linked to Istanbul Atatürk Airport stood at €115 million over the first quarter of 2019 (vs €111 million over the first quarter of 2018).
Following the transfer of commercial flights of Istanbul Atatürk to the new Istanbul airport on April 6 2019 , the dispositions regarding the IFRS 5 standard must apply to TAV Istanbul as of this date.
Therefore, concerning 2019 half-year and full-year results', the full 2019 revenue and operating expenses of TAV Istanbul (i.e. as of 01/01/2019) will be separately presented on the income statement as "Net income from non-continuing operations ". The Group consolidated revenue, EBITDA and operating income from ordinary activities won't take into account the Istanbul Atatürk airport activity any more (€115 million for Q1 2019 vs €111 million for Q1 2018).
Over the first quarter of 2019, the other activities segment revenue increased by 9.4%, at €40 million, mainly linked to reimbursement of studies and works made for the project CDG Express (+€4 million).
saw its revenue decreased by 2.8%, at €35 million, due to external contracts renegotiation.
Over the 1 quarter of 2019, Paris Aéroport traffic welcomed 23.7 million passengers, an increase of 4.1% compared with the 1 quarter 2018. 16.5 million passengers travelled through Paris-Charles de Gaulle (+5.7%) and 7.2 million passengers through Paris-Orly (+0.6%).
The number of connecting passengers increased by 7.6%. The connecting rate stood at 24.7%, up by 0.7 point compared to the quarter of 2018. The aircraft load factor was up by 0.7 point, at 84.4%. The number of air traffic movements (162,541) was up by 2.5%.
Groupe ADP has published, the 2 April 2019, the document which presents its detailed proposals for 2021-2025 Economic Regulation Agreement, for the development of Parisian platforms. This document is available at the following address: https://www.parisaeroport.fr/en/group/finance/. Users and other stakeholders may submit their comments on this document to the Minister of Transport and the General Directorate for Competition Policy, Consumer Affairs and Fraud Control within one month from the 2 April 2019, period potentially extended by fifteen days by decision of the Minister of Transport.
As a reminder, the five-year Economic Regulation Agreement, concluded with the State, constitutes the basic regulatory framework for Parisian airports, precising the nature and the amount of planned investments, the expected quality service level and the airport fees increase for the next five years.
This document reflects Groupe ADP's ambition for the Parisian platforms and the conviction that the investments quality it realizes for the benefit of passengers, airlines and partners bases Parisian platforms competitiveness. Consequently, the proposed investment plan represents a new step, both in terms of amounts and development horizons. It will not only meet the needs of the 2021-2025 period but also launch structuring operations in favor of the long-term development of the three Parisian platforms.
For this, Groupe ADP proposes to carry out an investment plan on the regulated scope of 6 billion euros over the 2021-2025 period (as a reminder, the Economic Regulation Agreement for the 2016-2020 period retained an investment plan of 3 billion euros).
TAV Istanbul had the right to operate Ataturk Airport International and Domestic Terminal Building, Parking Garage and General Aviation Terminal for 15.5 years, from 03.07.2005 00.01 hours until 02.01.2021 24.00 hours as per the lease contract entered into with State Airports Authority ("DHMI"). However, by the Turkish authorities' decision, all commercial flights have been transferred to the new Istanbul Airport, as of April 06 2019 02:00. Following this transfer, TAV has provided DHMI with all the assets it has built on the airport.
In the TAV Airports' Public Disclosure made on January 22, 2013 TAV Airports announced that in the formal letter addressed to their company by State Airports Authority (DHMI), DHMI had stated that it would reimburse TAV Airports for loss of profit that may be incurred due to opening of the New Istanbul Airport before the end of TAV Istanbul's lease period which ends on January 3, 2021 and independent companies may be consulted for the calculation of the total amount of the loss of profit.
The compensation for loss of profit for early termination of Ataturk Airport operations is currently being evaluated by DHMI and TAV. Independent companies are also consulted as part of these evaluations. TAV expects to receive a formal notification of this compensation from DHMI.
A conference call and a live audiocast will be held today at 8:30 am (Paris time). The presentation is available on our website: finance.groupeadp.fr
Live audiocast available on our website: Audiocast in English
Live by phone
o From France: + 33 (0) 1 76 77 22 57
o From other countries: +44 (0) 33 0336 9411
o Confirmation code : 9818880
Monthly figures
- Wednesday 15 May 2019: April 2019 traffic figures
Annual general meeting of shareholders: 20 May 2019
Next publication:
- Thursday 25 July 2019 (after market close): 2019 Half-year results
Audrey Arnoux: + 33 1 74 25 70 64 - invest@adp.fr
Lola Bourget: + 33 1 74 25 23 23
finance.groupeadp.fr
invest@adp.fr
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, 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 01
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti