financial release AS OF 31 MARCH
2019[1]
26 April 2019
Aéroports de Paris SA
Consolidated revenue over the first quarter of
2019 up by 11.9%[2]
driven by a good performance in all the business
segments
Consolidated revenue including the full
consolidation (FC) of TAV Airports and Airport International Group
(AIG) was up by 11.9%, i.e. +€115 million, at €1,080 million.
Excluding the full consolidation of AIG, the consolidated revenue
would be up by 6.4%.
-
Groupe ADP's traffic:
+0.4%, at 58 million passengers[3] over the
first quarter of 2019 (vs. 57.8 million passengers over the same
period in 2018), explained by the domestic traffic decrease
registered in the Turkish airports of TAV Airports
-
Paris Aéroport[4] traffic: +4.1%, at 23.7
million passengers (vs. 22.8 million passengers over the first
quarter of 2018), thanks to international traffic (+5.5%) and the
dynamism of low-cost companies (+4.8%)
-
Aviation activities
(+3.8%): growth in airport fees (+5.5%, at
€253 million) due to the increase in tariffs as of 1 April 2018
(+2.125%)[5] and the
good traffic growth
-
Retail and services
(+7.5%): good dynamics of retail
activities (+6.0%, at €111 million) driven by the results of
airside shops (+11.0%) and bars & restaurants (+5.3%). The
sales/pax[6] increased
over the first quarter of 2019 (+3.7%, at €19.3), due to the
progressive shops reopening of terminal 2E Hall L at Paris-Charles
de Gaulle after works, and the full effect of the shops opening
of 2018 second semester
-
Real Estate
(+8.2%): increase of external revenue (+6.2%,
at €69 million) driven by new contracts
-
International and airports
developments (+30.4%): the revenue reflected TAV Airports'
contribution, up to €264 million and AIG's contribution, up to €53
million over the first quarter of 2019
-
Other activities (+9.4%) :
increase linked to surveys and realized works repayments for the
CDG express
Groupe ADP revenue by segment for
the first quarter of 2019 compared to the first quarter of
2018
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Revenue
|
1 080 |
965 |
+11.9% |
Aviation |
442 |
426 |
+3.8% |
Retail and
services |
248 |
230 |
+7.5% |
Real
estate |
80 |
74 |
+8.2% |
International and airport developments |
334 |
256 |
+30.4% |
of which TAV Airports |
264 |
243 |
+9.0% |
of which AIG |
53 |
- |
N/A |
Other
activities |
40 |
37 |
+9.4% |
Inter-sector eliminations |
(63) |
(58) |
+10.0% |
Reminder of 2019
assumptions and forecasts, revised since the publication of 2018
full-year results on February 14th 2019
-
Revision of the traffic
growth assumption for Paris Aéroport between +2.5% and +3.0% in
2019 compared with 2018 (vs. +2.0% and +2.5% previously)
-
Traffic growth assumption for TAV Airports:
decrease between -38% and -42% compared to 2018 (calculated without
Istanbul Atatürk)(unchanged)
-
2019 consolidated EBITDA:
decrease between -8% and -13% compared to 2018 taking into account
the closure of Istanbul Atatürk airport [7]
(unchanged)
-
Consolidated EBIDTA restated of Istanbul Atatürk
contribution in 2018 (pro forma) and in 2019: increase of between
+1% and +5% compared to 2018 (unchanged)
-
2019 consolidated EBITDA, excluding the full
consolidation of TAV Airports et AIG[8]: increase
between +1% et +2% (unchanged)
-
Maintained pay-out of 60% of
NR
AG 2019 (unchanged)
Augustin de Romanet, Chairman and
CEO of Aéroports de Paris SA - Groupe ADP, stated :
"2019 first quarter revenue increased by
11.9%, at €1,080 million driven by a very good performance of all
the activities of the group. In Paris, the commercial activities
growth continues to be sustained and the sales per passenger of the
airside shops was up to €19.3. Regarding the international
activities, TAV Airports reports good results concerning 2019 first
quarter despite a decreasing domestic traffic and the Turkish lira
depreciation. The commercial flights of the Istanbul Atatürk
Airport were transferred to the new Istanbul Airport on 6 April
2019. Since Paris Aéroport traffic figures over 2019 first quarter
were very good (+4.1%), the traffic growth assumption is revised
for 2019, between +2.5% and +3.0%, against +2.0% and +2.5%
previously. All our other 2019 assumptions are
confirmed."
First
quarter of 2019 consolidated revenue - Analysis by segment
Aviation activities - Parisian platforms
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Revenue |
442 |
426 |
+3.8% |
Airport fees |
253 |
240 |
+5.5% |
Passenger fees |
155 |
147 |
+5.9% |
Landing fees |
59 |
56 |
+5.3% |
Parking fees |
39 |
37 |
+4.4% |
Ancillary fees |
61 |
61 |
-0.4% |
Revenue from airport safety and security services |
119 |
116 |
+2.7% |
Other income |
9 |
9 |
+0.7% |
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 airport fees (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[9] fees) had
increased by 2.125% as of 1 April 2018. These tariffs have
increased by +1.0% since 1 April 2019.
Ancillary
fees were stable at €61 million thanks to the traffic growth,
and despite minor deicing revenues (2019 winter was warmer than in
2018).
Revenue from
airport safety and security services 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.
Other income,
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.
Retail and services -
Parisian platforms
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Revenue |
248 |
230 |
+7.5% |
Retail activities |
111 |
105 |
+6.0% |
Airside shops |
77 |
70 |
+11.0% |
Landside shops |
4 |
4 |
-4.0% |
Bars and restaurants |
11 |
10 |
+5.3% |
Advertising |
10 |
10 |
-1.8% |
Others |
9 |
10 |
-10.0% |
Car parks and access roads |
40 |
40 |
+1.1% |
Industrial services revenue |
40 |
36 |
+11.2% |
Rental income |
37 |
37 |
+0.7% |
Other income |
19 |
13 |
+46.2% |
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 retail activities (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.
-
Among this item, the rents from airside shops
stood at €77 million, up by 11.0%, linked to the positive
evolution of the traffic mix, a positive exchange rate and good
performances of Luxury Fashion and Core Business segments.
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[10]
improvement, up by 3.7%, at €19.3, compared to 18.6 € during the
first quarter of 2018;
-
The total amount of rents from landside shops is
down by 4.0%, at €4 million;
-
The rents from bars and restaurants were up
5.3%, at €11 million, notably linked to the traffic growth and the
the joint venture EPIGO development (+7.2% in revenues);
-
Média Aéroports de Paris' revenue decreased by
5.6%, at 10.8 million, linked to the decreasing performance of the
bright advertising media and the decrease of technical fees
re-invoicing for the events on offer.
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 car
parks was slightly increasing (+1.1%), at €40 million.
Revenue from industrial services (supply of electricity and water)
were up by 11.2%, at €40 million.
Rental
revenues (leasing of spaces within terminals) were stable at
€37 million.
Other
revenues (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.
Real Estate - Parisian platforms
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Revenue |
80 |
74 |
+8.2% |
External revenue |
69 |
65 |
+5.6% |
Land |
29 |
27 |
+8.0% |
Buildings |
17 |
16 |
+0.7% |
Others |
23 |
22 |
+6.2% |
Internal revenue |
10 |
10 |
+0.1% |
Other
income and expenses |
1 |
(1) |
+€2m |
Over the first quarter of 2019,
real estate revenue, which includes only Parisian activities, was
up by 8.2%, at €80 million.
External
revenue[11] was up by
5.6%, at €69 million, driven by new contracts and rental expenses
re-invoicing.
Internal
revenue was stable at €10 million.
International and airports developments
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Revenue |
334 |
256 |
+30.4% |
ADP Ingénierie |
11 |
10 |
+11.4% |
ADP International |
57 |
3 |
+€54 m |
Of which AIG |
53 |
- |
N/A |
TAV Airports |
264 |
243 |
+9.0% |
Of which Istanbul Atatürk |
115 |
111 |
+3.6% |
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%.
ADP
International 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.
ADP
Ingénierie 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 TAV Airports 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 dynamism of international tourism in Turkey
(+11.6%);
-
the traffic growth recorded on the other
platforms outside of Turkey, notably in Tunisia (+42.7%) and
Georgia (+12.9%);
-
the revenue generated by GIS, specialized in the
management of VIP airports lounges, acquired in January 2019 (+€6
million).
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[12], 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).
Other activities
(in millions of euros) |
Q1 2019 |
Q1 2018 |
2019/2018 |
Products |
40 |
37 |
+9.4% |
Hub One |
35 |
36 |
-2.8% |
Others |
5 |
1 |
+ 4 M € |
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).
Hub one saw
its revenue decreased by 2.8%, at €35 million, due to external
contracts renegotiation.
Highlights
of the period since the publication of the 2018 full-year results,
on 14 February
2019
Change in passenger traffic over the first quarter
of 2019
Group traffic
(million passengers) |
|
Groupe ADP stake(1) |
Stake-weighted traffic(2) |
2019 / 2018 change(3) |
Groupe ADP |
Paris
Aéroport (CDG+ORY) |
@ 100% |
23.7 |
+4.1% |
Zagreb |
@
20.8% |
0.1 |
+3.4% |
Jeddah-Hajj |
@ 5% |
0.1 |
-15.7% |
Amman |
@ 51% |
1.9
(@100%) |
+5.5% |
Mauritius |
@ 10% |
0.1 |
-1.1% |
Conakry |
@ 29% |
0.0 |
+14.7% |
Santiago de Chile |
@ 45% |
3.1 |
+9.7% |
Madagascar |
@ 35% |
0.1 |
+7.9% |
TAV Airports Group |
Istanbul
Atatürk |
@
46.1% |
15,2 (@ 100
%) |
-2.2% |
Antalya |
@
46.1% |
2,8 (@ 100
%) |
+13.0% |
Ankara
Esenboga |
@
46.1% |
3,5 (@ 100
%) |
-20.8% |
Izmir |
@
46.1% |
2,8 (@ 100
%) |
-9.8% |
Other
airports(4) |
@
46.1% |
4,6 (@ 100
%) |
+3.4% |
TOTAL GROUP |
|
|
58.0 |
+0.4% |
(1) Direct or indirect
(2) Total traffic is calculated using the following method: traffic
at the airports that are fully integrated is recognised at 100%,
while the traffic from the other airports is accounted for pro rata
to Groupe ADP's percentage holding. Traffic in TAV Airports'
airports is taken into account at 100% in accordance with TAV
Airports' financial communication pratices.
(3) Change in 2019 traffic as compared to 2018. For TAV Airports,
change in traffic in 2019 vs 2018 is calculated on a comparable
basis and includes traffic on Antalya Airports since January
2018.
(4)Turkey (Milas-Bodrum & Gazipasa), Croatia (Zagreb), Saudi
Arabia (Medinah), Tunisia (Monastir & Enfidha), Georgia
(Tbilissi & Batumi), and Macedonia (Skopje & Ohrid). |
Over the 1st
quarter of 2019, Paris Aéroport traffic welcomed 23.7 million
passengers, an increase of 4.1% compared with the 1st quarter
2018. 16.5 million passengers travelled through Paris-Charles de
Gaulle (+5.7%) and 7.2 million passengers through Paris-Orly
(+0.6%).
Geographic split
Paris Aéroport |
2019 / 2018 change |
Share of total traffic |
France |
+2.1% |
15.5% |
Europe |
+3.4% |
41.6% |
Other
International |
+5.5% |
42.9% |
Of which |
|
|
Africa |
+4.8% |
12.1% |
North America |
+10.2% |
9.0% |
Latin America |
+5.9% |
3.8% |
Middle East |
+2.5% |
5.6% |
Asia-Pacific |
+5.0% |
7.1% |
French Overseas Territories |
+3.5% |
5.2% |
Total Paris Aéroport |
+4.1% |
100.0% |
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%.
2021-2025
Economic Regulation Agreement - Availability of the public
consultation document
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).
Transfer of
commercial flights from Atatürk to New Istanbul Airport
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 traffic figures:
- Wednesday 15
May 2019: April 2019 traffic figures
Annual general meeting of
shareholders: 20 May 2019
Next results
publication:
- Thursday 25
July 2019 (after market close): 2019 Half-year results
Investor Relations
Audrey Arnoux: + 33 1 74 25 70 64 -
invest@adp.fr
Press
Lola Bourget: + 33 1 74 25 23 23
finance.groupeadp.fr
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, 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
groupeadp.fr
[1] This document is voluntarily made by Aéroports de Paris in
compliance with the AMF recommendation (see AMF recommandation -
Guide de l'information permanente et de la gestion de l'information
privilégiée- DOC-2016-08).
[2] Unless otherwise stated, percentages are comparing Q1 2019
to Q1 2018 comparable data
[3] TAV Airports' traffic is taken into account at 100%
according to their financial communication. However, 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] Paris-Charles de Gaulle and
Paris-Orly
[5] Over the 1st April 2018 to the 31 March
2019 period, the tariffs increase is +2.125% (excluding persons
with reduced mobility fees)
[6] Estimation of airside shops' revenue per departing
passenger.
[7] Following the transfer of commercial flights of Istanbul
Atatürk to the new Istanbul airport on April 6 2019 (i.e. press
release of 8 April 2019), the dispositions regarding
the
IFRS 5 standard must apply to TAV
Istanbul as of this date. Therefore, concerning the half-year and
full-year results for 2019, 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 (revenues of
€115 million for Q1 2019 vs €111 million for Q1 2018).
[8] 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.
[9] Persons
with reduced mobility
[10] Spend per pax: Estimate of sales of airside shops divided
by the number of departing passengers.
[11] Generated with third parties (outside the
Group).
[12] See press release of 8 April 2019
Aéroports de Paris SA: financial
release of 2019 first quarter revenue
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aéroports de Paris via Globenewswire
ADP Promesses (EU:ADP)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
ADP Promesses (EU:ADP)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024