FINANCIAL RELEASE
14 February 2019
Aéroports de Paris SA
With 281.4 million passengers (+7.6%), Groupe ADP
becomes, in 2018,
the world number 1 in airport
management
Groupe ADP 2018 full year results[1]
-
Groupe ADP traffic's: +7.6%[2]
at 281.4 million passengers[3]
-
Paris Aéroport traffic's: +3.8% at 105.3
million passengers
-
Good performance of
consolidated revenue (€4,478 million), driven by the
growth in aviation activities in Paris and by the positive impact
of the full consolidation, in Groupe ADP's financial statements, of
TAV Airports results since the 2nd half of 2017 and AIG's results
since April 2018[4]. Excluding
the full consolidation of TAV Airports and AIG, revenue was up by
4.6% at €3,137 million. The sales per passenger[5] is
slightly up to €18.4 (+0.6%)
-
EBITDA[6] at
€1,961 million, up by €393 million (+25.1%), thanks to the
positive impact of the full consolidation of TAV Airports and AIG,
the dynamism of traffic and the control over expenses. Excluding
the full consolidation of TAV Airports and AIG, EBITDA was up by
5.6%, at €1,359 million
-
Operating income from ordinary
activities (including operating activities of associates) at
€1,237 million, up by €207 million, supported by the contributions
of TAV Airports (+€170 million) and AIG (+€33 million)
-
Net result attributable to the
Group (NRAG)[7] at €610 million, up by €39 million
(in millions of euros - unless
otherwise stated) |
2018 (1) |
2017 (1) |
2018/2017 (1) |
Revenue |
4,478 |
3,617 |
+23.8% |
+€861m |
EBITDA |
1,961 |
1,567 |
+25.1% |
+€393m |
Operating
income from ordinary activities (including operating activities of
associates) |
1,237 |
1,030 |
+20.1% |
+€207m |
Net income attributable to the Group |
610 |
571 |
+6.9% |
+€39m |
Sales/PAX (€) |
18.4 |
18.2 |
+0.6% |
+€0.2 |
(1) Except for
sales/pax, 2018's data take into account the full consolidation of
TAV Airports' results, since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018
Groupe ADP 2019 forecasts
-
Traffic growth assumption
for Paris Aéroport between +2% and +2.5% in 2019 compared to
2018
-
Traffic for TAV Airports: traffic decline
assumption between -38% and -42% compared to 2018 excluding
Istanbul Atatürk in 2019
-
2019 consolidated EBITDA
[8] 9
10: decrease between -8% and -13% compared to 2018 taking
into account the closure of Istanbul Atatürk Airport9
-
Consolidated EBITDA restated of Istanbul Atatürk
Airport contribution in 2018 (proforma) and in 2019 : increase of
between +1% and +5% compared to 2018
-
EBITDA excluding the full consolidation of TAV
Airports and AIG10:
increase between +1% and +2%
-
Maintained pay-out of 60% of
NRAG 2019
2020 guidances revision
-
Group's traffic: revision of Group's traffic
growth assumption between +2.8% and +3.2% 2016-2020 (vs. +2.5%
previously) including international between +3.6% and +4.0% (vs.
+3.6% previously)
-
2020 consolidated EBITDA11
(excluding the full consolidation of TAV Airports and AIG):
increase between +30% and +40% between 2014 and 2020e
(unchanged)
-
Regulated ROCE: revision at a range of 5.6%-5.8%
(vs. 5.4% previously)
-
Regulated OPEX/pax (in constant euros) :
revision down between -10% and -15% between 2015 and 2020 ( -8%
previously)
-
Parent-company operating expenses: limit the
growth to a level below or equal to 2.2%12 in average
per annum between 2015 and 2020 (unchanged)
-
Dividend : Maintained pay-out of 60% of NRAG
(unchanged)
-
Revenue per passenger5 : €23 on a
full-year basis after delivery of infrastructure projects
(unchanged)
-
Quality of service: point concerning the
overall ACI/ASQ rating of 4 in 2020 on a full-year basis after
delivery of infrastructure projects (vs. 4 in 2020
previously)
-
External rents (excluding reinvoicing and
indexation): growth between +10% and +15% between 2014 and 2020e
(unchanged)
-
Extra-financial rating: revision of
extra-financial rating to 86/100 (vs. 83/100
previously)
Augustin de
Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP,
stated: "Traffic of Groupe ADP increased by 7.6% in 2018 to reach
281.4 million passengers propelling the Group to be the leading
airport operating group in the world in terms of passenger numbers.
2018 results are excellent for all the activities. In 2018, revenue
was up by 24% to €4,478 million and EBITDA was up by 25% to €1,961
million. Net income attributable to the Group grew by 6.9% to €610
million, and allows to propose a dividend payment of €3.70 per
share at the next General Meeting. The year 2018 has seen the
acceleration of the infrastructure works as planned by the Economic
Regulation Agreement covering the 2016-2020 tariff period necessary
to accommodate sustained traffic growth on Parisian
platforms. Abroad, it also saw the deployment of the strategy
of the Groupe ADP with the take-over of Airport International
Group, concessionary of Amman international airport in Jordan. TAV
Airports posted excellent results thanks notably to the traffic
growth of 10.4% and to the acquisition of the management company of
Antalya aiport since May 2018. Groupe ADP is following its
trajectory and, thanks to good traffic performance and financial
discipline, is revising some of its objectives for 2020, in
particular the regulated ROCE. This performance will be put at the
service of the long-term growth of our infrastructures. Let's meet
on April 5th for our Investor day. "
Groupe ADP
2018 full year results
2018 consolidated accounts
(in millions of euros) |
2018(1) |
2017(1) |
2018/2017(1) |
Revenue |
4,478 |
3,617 |
+€861m |
EBITDA |
1,961 |
1,567 |
+€393m |
EBITDA / Revenue |
43.8% |
43.3% |
+1.0% |
Operating income from ordinary activities (including
operating activities of associates) |
1,237 |
1,030 |
+€207m |
Operating income from ordinary activities /
Revenue |
27.6% |
28.5% |
-3.0% |
Operating
income (including operating activities of associates) |
1,235 |
1,052 |
+€183m |
Financial
income |
(206) |
(179) |
-€27m |
Net income attributable to the Group |
610 |
571 |
+€39m |
(1) 2018's data take into account the full
consolidation of TAV Airports' results, since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
The effect of the application of
the norm IFRS 9 as of 1 January 2018, relative to financial
instruments, is of +€13 million on the financial result as of 31
December 2018. The effect of the application of the norm IFRS 15 at
the 1st January
2018, relating to revenue recognition principles, has no
significant impact on the income statement (impact below €1 million
in 2018).
Revenue
(in millions of euros) |
2018 |
2017 |
2018/2017 |
Revenue (1) |
4,478 |
3,617 |
+€861m |
Aviation |
1,890 |
1,813 |
+4.3% |
Retail and
services |
1,000 |
953 |
+4.9% |
Real
estate |
265 |
250 |
+6.0% |
International and airport developments |
1,412 |
682 |
+€730m |
of which
TAV Airports (1) |
1,166 |
616 |
+€550m |
of which
AIG (1) |
175 |
- |
+€175m |
Other
activities |
155 |
217 |
-28.3% |
Inter-sector eliminations |
(245) |
(298) |
-18.0% |
(1) 2018's data take into account the full
consolidation of TAV Airports' results, since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
Over 2018, Groupe ADP consolidated revenue, stood at €4,478 million, up by
€861 million, mainly thanks to:
-
The full consolidation of TAV Airports since the
2nd half of
2017, which contributed to revenue up to €1,166 million, and the
full consolidation of AIG since April 2018, which contributed to
revenue up to €175 million. Excluding the full consolidation of
both entities, Groupe ADP revenue grew by 4.6%, to €3,137
million;
-
The growth in airport fees in Paris Aéroport
(+5.6%, at €1,115 million), driven by passenger traffic dynamics
(+3.8%) combined with the increase in tariffs since 1 April
2018 (+2.125%) despite the 1st semester
strikes;
-
The increase of retail and services segment by
4.9%, to €1000 million, driven by the performance of retail
activities (+6.8%, to €490 million);
-
The growth in real estate segment's revenue
(+6.0%), to €265 million mainly thanks to the positive effect of
the full acquisition of the "Dôme" building, in Paris-Charles de
Gaulle in December 2017.
Other activities segment and
intersegment eliminations are impacted by the sale of a 80%-stake
in Hub Safe that has led to a change in consolidation method for
the firm results since the 4th quarter of
2017[9]. Hub Safe's
results are now integrated as share in associates from
non-operating activities. Over 2018, the net loss in revenue,
linked to the share of external revenue of Hub Safe amounted to €8
million compared to 2017.
EBITDA
(in millions of euros) |
2018(1) |
2017(1) |
2018/2017(1) |
2018 (excl. FC of TAV A and AIG) (2) |
2017 (excl. FC of TAV A and AIG) (2) |
2018/2017 (excl. FC of TAV A and AIG) (2) |
Revenue |
4,478 |
3,617 |
+€861m |
3,137 |
3,001 |
+4.6% |
Operating
expenses |
(2,628) |
(2,142) |
+€486m |
(1,877) |
(1,809) |
+3.7% |
Consumables |
(200) |
(165) |
+€35m |
(125) |
(120) |
+4.2% |
External services |
(1,178) |
(865) |
+€312m |
(795) |
(725) |
+9.6% |
Employee benefit costs |
(890) |
(814) |
+€76m |
(653) |
(689) |
-5.2% |
Taxes other than income taxes |
(275) |
(260) |
+€15m |
(256) |
(250) |
+2.2% |
Other operating expenses |
(86) |
(39) |
+€47m |
(48) |
(25) |
-€23m |
Other
incomes and expenses |
110 |
93 |
+€18m |
96 |
96 |
- |
EBITDA |
1,961 |
1,567 |
+€393m |
1,359 |
1,287 |
+5.6% |
EBITDA / Revenue |
43.8% |
43.3% |
+0.5pt |
43.3% |
42.9% |
+0.4pt |
(1) 2018's data
take into account the full consolidation of TAV Airports' results
since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
(2) Data
excluding TAV Airports and AIG are presented for the monitoring of
Group EBITDA forecast, excluding the full consolidation of TAV
Airports and excluding the effects of any change in scope that
occurred or may occur.
Group operating
expenses stood at €2,628 million over 2018. Excluding the
full consolidation of TAV Airports and AIG, operating expenses were
up (+3.7%). Excluding the bad debt losses related to international
(EBITDA neutral), the increase in operating expenses would be +2.6%
due to:
-
the slight increase of the operating expenses of the parent
company, Aéroports de Paris (+1.2%);
-
an increase in expenses of subsidiaries (ADP International, ADP
Ingénierie, Hub One) linked to the growth of their activities and
development operations.
The distribution of operating expenses is as follows:
-
Consumables stood at €200
million. Excluding the full consolidation of TAV Airports and AIG,
consumables were up by 4.2%, at €125 million, due to the poor
weather conditions over the first quarter of 2018 (increased need
in winter products) and work undertaken on behalf of the Société du
Grand Paris (SGP), subject to compensation (EBITDA neutral);
-
The cost related to external
services stood at €1,178 million. Excluding the full
consolidation of TAV Airports and AIG, these expenses increased by
9.6%, to €795 million, due to the increase of use of
sub-contracting, notably linked to the sale of a 80%-stake in Hub
Safe ;
-
Employee benefit costs
stood at €890 million. Excluding the full consolidation
of TAV Airports and AIG, employee benefit costs were down by 5.2%,
and stood at €653 million, notably due to the partial sale of Hub
Safe in October 2017. Employee costs at the parent company,
Aéroports de Paris, were stable at €556 million in 2018. As of 31
December 2018, the average number of employees (full-time
equivalents) stood at 25,840[10]/[11].
(in millions of euros) |
2018(1) |
2017 |
2018/2017 |
Employee benefit costs |
(890) |
(814) |
+9.4% |
Aéroports de Paris |
(556) |
(555) |
- |
Subsidiaries (including TAV Airports and AIG) |
(335) |
(258) |
+29.5% |
Average staff numbers (Full-Time Equivalent) |
25,840 |
17,422 |
8,418 |
Aéroports de Paris |
6,349 |
6,435 |
-1.3% |
Subsidiaries |
19,491 |
10,987 |
8,504 |
Of which TAV Airports |
18,097 |
8,418 |
9,679 |
Of Which AIG(2) |
402 |
|
402 |
(1) 2018's data
take into account the full consolidation of TAV Airports' results
since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
(2) Full time
equivalent, of which average number of employees of AIG from the
date of full consolidation.
-
Taxes other than income
taxes stood at €275 million. Excluding the full
consolidation of TAV Airports and AIG, taxes other than income
taxes increased by 2.2%.
-
Other operating expenses
stood at €86 million. Excluding the full consolidation of
TAV Airports and AIG, other operating expenses were up by €23
million as a result of the recognition of bad debt losses related
to international (neutral impact on EBITDA).
-
Other income and expenses
stood at €110 million. Excluding the full consolidation of TAV
Airports and AIG, this item amounts to €96 million, stable compared
to 2017 (€96 million), under the combined effect:
-
Reversals of provision for bad debts related to
international mentioned above (EBITDA neutral);
-
The non-renewal of the 2017 Fedex capital gain
for €63 million;
-
Reimbursement of studies and works carried out
for the CDG Express project for +€30 million (€38 million in 2018
vs. €8 million in 2017).
Over 2018, consolidated EBITDA stood at €1,961 million. The consolidated
gross margin[12] rate was
43.8%, up by 0.5 point. Excluding the full consolidation of TAV
Airports and AIG, EBITDA stood at €1,359 million, up by 5.6%, i.e.
€72 million. The gross margin rate was 43.3%, up by 0.4pt.
Net result attributable to the
Group
(in millions of euros) |
2018(1) |
2017(1) |
2018/2017(1) |
EBITDA |
1,961 |
1,567 |
+25.1% |
Amortisation & Depreciation |
(804) |
(615) |
+30.7% |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
80 |
78 |
+2.6% |
Operating income from ordinary activities (including
operating activities of associates) |
1,237 |
1,030 |
+20.1% |
Other operating expenses and incomes |
(2) |
22 |
-€25m |
Operating income (including operating activities of
associates) |
1,235 |
1,052 |
+17.4% |
Financial income |
(206) |
(179) |
+15.3% |
Associates
from non-operating activities |
1 |
1 |
- |
Income before tax |
1,030 |
874 |
+17.8% |
Income taxes |
(335) |
(260) |
+29.0% |
Net results from continuing activities |
695 |
614 |
+13.0% |
Net income
attributable to non-controlling interests |
(85) |
(43) |
-€42m |
Net income attributable to the Group |
610 |
571 |
+6.9% |
(1) 2018's data
take into account the full consolidation of TAV Airports' results,
since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
Over 2018, operating income from ordinary activities (including
operating activities of associates) stood at €1,237 million,
up by €207 million, due notably to:
- The scope effect of the full consolidation of TAV Airports
since the 2nd half of 2017
and AIG since April 2018, for an amount of €181 million;
- The capital gain of the re-evaluation of the already-owned
9.5%-stake in AIG for an amount of €23 million;
- The increase in depreciation in Paris (+€10.5 million, i.e.
+2.3%);
- A provision on international stake for an amount of
€20 million over 2018 vs. €46 million over 2017.
As a reminder, two exceptional items occurred in
2017:
- the recognition in 2017 of a gain on the translation
reserve following the sale of TAV C (-€12m);
- the capital gain following the capital increase of TAV A
(-€63m).
Other operating
expenses and incomes were down by €25 million, notably linked
to the capital gain on the sale of a 80%-stake in Hub Safe, for an
amount, net of selling costs, of €27 million.
Operating income
(including operating activities of associates) stood at €1,235
million.
The net financial
result stood at -€206 million. Excluding the full
consolidation of TAV Airports and AIG, financial result stood
at - €82 million, improving by €37 million.
As of 31 December 2018, Groupe ADP
net debt stood at €4,942 million, vs.
€3,797 million as of 31 December 2017. Excluding the full
consolidation of TAV Airports and AIG, Groupe ADP's net debt stood
at €3,850 million as of 31 December 2018.
Aéroports de Paris issued on 11
October 2018 a 20-year bond of a total amount of €500 million, with
a fixed rate of 2.125%.
The income tax
expense stood at €335 million over 2018, up by €75 million, of
which €43 million linked to the effect of the full integration of
TAV Airports. Excluding the full consolidation of TAV Airports and
AIG, the net increase in corporate income tax of 34 million euros
is related firstly to the increase in income before tax (for 21
million euros on tax), and secondly to a effect rate between the
two years for 13 million euros (effective rate at 33.67% in 2018
vs. 32.01% in 2017).
Taking into account all these
items, the net result attributable to the
Group increased by €39 million, to €610 million.
Analysis by segment Aviation
(in millions of euros) |
2018 |
2017 |
2018/2017 |
Revenue |
1,890 |
1,813 |
+4.3% |
Airport fees |
1,115 |
1,055 |
+5.6% |
Passenger fees |
695 |
653 |
+6.5% |
Landing fees |
254 |
243 |
+4.4% |
Parking fees |
165 |
159 |
+3.7% |
Ancillary fees |
239 |
230 |
+3.6% |
Revenue from airport safety and security services |
499 |
487 |
+2.3% |
Other income |
38 |
40 |
-3.4% |
EBITDA |
603 |
551 |
+9.4% |
Operating income from ordinary activities (including
operating activities of associates) |
307 |
272 |
+12.8% |
EBITDA / Revenue |
31.9% |
30.4% |
+1,5pt |
Operating income from ordinary activities /
Revenue |
16.3% |
15.0% |
+1,2pt |
Over 2018, aviation segment
revenue, which includes Parisian activities alone, was up by 4.3%
at €1,890 million.
Revenue from airport fees (passenger fees, landing fees and aircraft
parking fees) was up by 5.6%, at €1,115 million over
2018, benefiting from the growth in passenger traffic (+3.8%) and
the increase in tariffs, in spite of the first semester strikes.
For information, tariffs (excluding PRM[13]
fees) have increased by 2.125% as of 1 April 2018.
Ancillary
fees were up by 3.6%, at €239 million, due to
revenues from the registration banks (+6.2%, i.e. €5.2m) and
proceeds from the PRM fee (+4.1%, i.e. €2.4m), in connection with
the increase in traffic.
Revenue from
airport safety and security services was up by 2.3%,
at €239 million.
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,
increased by 4.4%, at €41 million.
EBITDA was
strongly up by 9.4%, at €603 million. The gross margin rate
increased by 1.5pt and stood at 31.9%.
As a consequence, the operating income from ordinary activities was strongly
up by €36 million, at €308 million over 2018.
Retail and
services
(in millions of euros) |
2018 |
2017 |
2018/2017 |
Revenue |
1,000 |
953 |
+4.9% |
Retail activities |
490 |
459 |
+6.8% |
Airside shops |
318 |
303 |
+4.8% |
Landside shops |
20 |
19 |
+9.0% |
Bars and restaurants |
48 |
42 |
+13.4% |
Advertising |
55 |
50 |
+10.0% |
Others |
49 |
45 |
+9.8% |
Car parks and access roads |
173 |
171 |
+1.1% |
Industrial services revenue |
129 |
134 |
-3.7% |
Rental income |
149 |
147 |
+1.7% |
Other income |
58 |
42 |
+37.5% |
EBITDA |
580 |
533 |
+8.9% |
Share in
associates and joint ventures from operating activities |
2 |
3 |
-9.6% |
Operating income from ordinary activities (including
operating activities of associates) |
458 |
404 |
+13.3% |
EBITDA / Revenue |
58.0% |
55.9% |
+2,1pt |
Operating income from ordinary activities /
Revenue |
45.8% |
42.4% |
+3,4pt |
Over 2018, revenue from Retail and
services, which includes Parisian activities alone, was up by 4.9%,
at €1,000 million.
Revenue from retail (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 6.8% over 2018,
at €490 million.
-
Among this item, the rents from airside shops
stood at €318 million, up by 4.8%, thanks to the
dynamism of traffic and positive traffic mix despite
the negative impact of strong Euro over the 1st half of 2018
and important works in terminal 2E, halls K and L leading to
temporary shops closing during the work. The sales per
passenger[14] is
slightly up (+0.6%), at €18.4.
-
Rents from landside shops increased by 9.0%, at
€20 million;
Rents from bars and restaurants
kept on posting a strong growth of 13.4% at €48 million,
thanks notably to the performance of the joint venture company
EPIGO. Advertising revenue amount to €55 million, up by 10.0%, due
to good results of Media Aéroports de Paris
which saw an increase of 11.3% of its revenue, at
€59.2 million, following a significant increase in digital
media (+7%). EBITDA is up by 17.6% at €9.7 million and its net
result is up by 12.2% at €2.5 million.
Revenue from car parks stood at
€173 million, up by 1.1%.
Revenue from industrial services (supply of electricity and water)
was down by 3.7%, at €129 million.
Rental
revenue (leasing of spaces within terminals) was up by
1.7 %, at €149 million.
Revenue from
other income (mainly consisting in internal services) saw an
increase of 37.5%, at €58 million, notably thanks to
an increase of €13 million of the revenue linked to the works for
the project Société du Grand Paris.
EBITDA of the
segment was up (+8.9%), at €580 million, due to growth in
revenue and control over expense. The gross margin rate was up
(+2.1pt) at 58.0%.
The share of profit from operating associates (Société de
Distribution Aéroportuaire, RELAY@ADP and EPIGO) amount to €2
million.
Operating income
from ordinary activities (including operating activities of
associates) increased by 13.3%, at €458 million.
Real Estate
(in millions of euros) |
2018 |
2017 |
2018/2017 |
Revenue |
265 |
250 |
+6.0% |
External revenue (generated with third parties) |
218 |
208 |
+4.9% |
Land |
110 |
108 |
+2.1% |
Buildings |
66 |
68 |
-3.6% |
Others |
42 |
32 |
+32.3% |
Internal revenue |
47 |
42 |
+12.0% |
Other
income and expenses |
- |
69 |
-€69m |
EBITDA (excluding capital gain linked to cargo hub
buildings) |
148 |
146 |
+1.3% |
EBITDA |
148 |
209 |
-29.4% |
Share in
associates and joint ventures from operating activities |
2 |
(2) |
€4m |
Operating income from ordinary activities (including
operating activities of associates) |
101 |
161 |
-37.2% |
EBITDA / Revenue |
55.6% |
83.5% |
-27.9pt |
Operating income from ordinary activities /
Revenue |
38.0% |
64.1% |
-26.1pt |
Over 2018, real estate segment
revenue, which includes Parisian activities alone, was up by 6.0%,
at €265 million.
External
revenue[15]
(€218 million) was up by 4.9% notably thanks to the full
acquisition of the "Dôme" building in Paris-Charles de Gaulle,
which has a positive effect of €4.5 million on rents.
EBITDA of the
segment was down by 29.4%, at €148 million, due to the capital gain
linked to the cargo hub buildings[16] accounted
for in "Other income and expenses" for an amount of
€63 million during the 1st half of
2017.
Excluding the profit linked to the
cargo hub buildings, the EBITDA was up by +1.3%.
The share of profit from operating
associates stood at €2 million, up by €4 million due to a
reversal of provision on studies following the confirmation of the
Belaïa project, within Coeur d'Orly.
As a consequence,
operating income from ordinary activities (including operating
activities of associates) decreased, at €101 million, vs.
€161 million over 2017. Excluding the capital gain linked to
the cargo hub buildings, operating income from ordinary activities
was up by 3.1%.
International and airports developments
(in millions of euros) |
2018(1) |
2017(1) |
2018/2017(1) |
Revenue |
1,412 |
682 |
+€730m |
ADP Ingénierie |
58 |
52 |
+€7m |
ADP International |
188 |
15 |
+€173m |
Of which AIG |
175 |
- |
+€175m |
dont TAV Airports |
1,166 |
616 |
+€550m |
EBITDA |
585 |
252 |
+€333m |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
75 |
77 |
-€2m |
Operating income from ordinary activities (including
operating activities of associates) |
339 |
186 |
+€153m |
(1) 2018's data
take into account the full consolidation of TAV Airports' results
since the 2nd half of
2017, and the full consolidation of AIG's results since April
2018.
Please note that the impact of the
application of the norm IFRS 15 as from 1 January 2018 on the
revenue from ordinary activities from contracts concluded with its
customers has no significant impact on the revenue from the
International and airport development segment (below €1
million).
Over 2018, revenue from
International and airport developments strongly increased by
€730 million, to €1,412 million, due to the scope change
linked to the full consolidation of TAV Airports' results1 since
July 2017 and the full consolidation of AIG's results2 since April
2018. EBITDA segment stood at €585 million.
ADP
Ingénierie[17] revenue
was up by €7 million, at €58 million. ADP Ingénierie EBITDA amounts
to €0.8 million (vs. -€12m compared to 2017) and operating income
from ordinary activities (including operating activities of
associates) is null (vs. a result of -€13m in 2017). As of 31
December 2018, ADP Ingénierie's backlog stood at €75 million,
strongly up compared to end of 2017 (€61 million).
ADP
International, excluding its subsidiary ADP Ingénierie, saw its
revenue increase by €173 million, to €188 million, out of which
€175 million due to the full consolidation of AIG since April
2018.
ADP International's EBITDA stood
at €37.2 million, up by €48.7 million, thanks to the contribution
of the full consolidation of AIG's results for an amount of €54
million. ADP international Operating income from ordinary
activities (including operating activities of associates) stood at
€2.6 million, up by €41.3 million due to:
Over 2018, TAV
Airports achieved an increase in revenue of €550 million, to
€1,166 million.
-
€544m linked to the full consolidation over the
1st semester of
2018;
-
€6m corresponding to the change between the
2nd semester of
2017 and the 2nd semester of
2018, the effect of the rise in traffic being almost entirely
offset by the negative impact on revenue of the depreciation of
-49% of the Turkish lira on average in 2nd semester
2018 (vs. 2nd semester of
2017)
In full year, TAV Airports revenue
was up by 2.7%, thanks to very good traffic dynamics, to the growth
of the activities of its subsidiaries, despite the depreciation of
the Turkish lira.
TAV Airports' EBITDA[18] rose by
€268 million to €548 million:
-
€228m linked to the full consolidation over the
1st semester of
2018
-
€40 million corresponding to the change between
the 2nd semester of
2017 and the 2nd semester of
2018, in particular due to the dynamism of traffic, the effect of
the depreciation of the Turkish lira being broadly neutral at the
level of EBITDA.
In full year, TAV Airports' EBITDA
was up by 7% to €514 million under the effect of the increase in
revenue and thanks to a stability of the operating expenses.
TAV Airports' net result
attributable to the group net result is up by €46 million, at
€75 million.
Share of profit from operating associates, including mainly the
share from operating associates of TAV Airports (in particular
Antalya) and Schiphol Group stood at €75 million over 2018, vs.
€77 million compared to 2017, i.e. a decrease of €2
million.
Operating income
from ordinary activities (including operating activities of
associates) for International and airport developments stood
consequently at €339 million, compared to a result of
€186 million for 2017.
Other
activities
(in millions of euros) |
2018 |
2017 |
2018/2017 |
Products |
155 |
217 |
-€61m |
Hub One |
155 |
154 |
+€1m |
Hub Safe(1) |
- |
63 |
-€63m |
EBITDA |
47 |
25 |
+€22m |
Operating income from ordinary activities (including
operating activities of associates) |
33 |
9 |
+€24m |
EBITDA / Revenue |
30.1% |
11.6% |
+18.5pt |
Operating income from ordinary activities /
Revenue |
21.4% |
4.3% |
+17.1pt |
(1) Following
the sale by Groupe ADP of a 80%-stake of Hub Safe on 29 September
2017, Hub Safe sub-group is presented in share in associates from
non-operating activities.
Over 2018, other activities
segment revenue decreased by 28.3% at €155 million.
As a reminder, since
29 September 2017, date of the sale of 80%-stake in Hub Safe,
Hub Safe has been accounted for as non-operational associates.
From this date, the share in profit has been accounted for as share
in associates from non-operating activities.
Over 2018, Hub
One saw its products slightly increasing by 0.8%
to €155 million. Hub One's EBITDA decreased
by 34.1%, to €13.4 million due to re-negotiation of
intragroup contracts, with no impact on the group financial
accounts.
Segment EBITDA increased by €22 million to €47 million mainly
linked to reimbursement of studies and works made for
the project CDG Express (+€30m in 2018 compared to 2017).
The operating income from ordinary
activities (including operating activities of associates) of the
segment was up by €24 million, at €33 million.
Highlights
of the period occurred after the publication of the 2018 9-month
revenue, on 29 October 2018
Change in passenger traffic
Group traffic
(million passengers) |
|
Groupe ADP stake(1) |
Stake-weighted traffic(2) |
2018 / 2017 change(3) |
Groupe ADP |
Paris
Aéroport (CDG+ORY) |
@ 100% |
105.3 |
+3.8% |
Zagreb |
@
20.8% |
0.7 |
+7.9% |
Jeddah-Hajj |
@ 5% |
0.4 |
-8.8% |
Amman |
@ 100% |
8.4 |
+6.4% |
Mauritius |
@ 10% |
0.4 |
+3.5% |
Conakry |
@ 29% |
0.2 |
+7.9% |
Santiago de Chile |
@ 45% |
10.5 |
+8.8% |
Madagascar |
@ 35% |
0.4 |
+13.8% |
TAV Airports Group |
Istanbul
Atatürk |
@
46.1% |
68.0 (@ 100
%) |
+6.0% |
Antalya |
@
46.1% |
31.6 (@ 100
%) |
+22.0% |
Ankara
Esenboga |
@
46.1% |
16.7 (@ 100
%) |
+5.8% |
Izmir |
@
46.1% |
13.4 (@ 100
%) |
+4.7% |
Other
airports(4) |
@
46.1% |
26.1 (@ 100
%) |
+15.6% |
TOTAL GROUP(2) |
|
|
281.4 |
+7.6% |
(1) Direct or indirect
(2) Total traffic is calculated using the following method: traffic
at the airports that are fully integrated is recognized 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 practices.
(3) Change in 2018 traffic as compared to 2017. For TAV Airports,
change in traffic in 2018 vs. 2017 is calculated on a comparable
basis (as if TAV Airports was fully consolidated in H1 2017) and
includes traffic on Antalya Airports, in which TAV Airports took a
stake in May 2018.
(4)Turkey (Milas-Bodrum), Croatia (Zagreb), Saudi Arabia (Medinah),
Tunisia (Monastir & Enfidha), Georgia (Tbilissi & Batumi),
and Macedonia (Skopje & Ohrid).
|
Paris Aéroport handled a total of
105.3 million passengers in 2018, an increase of 3.8% compared to
the previous year. Paris-Charles de Gaulle Airport welcomed 72.2
million passengers (+4.0%) and Paris-Orly Airport 33.1 million
(+3.4%). Excluding the impact of the first semester strikes, the
increase in traffic for Paris Aéroport would have been +4.5%.
Traffic increased by 3.0% over the 1st half of the
year and by 4.5% over the 2nd half.
-
International traffic (excluding Europe) was up
(+6.0%), with a growth in the following destinations: North America
(+8.7%), the French Overseas Territories (+8.6%), the Middle East
(+5.8%), Asia-Pacific (+5.8%), Africa (+4.2%) and
Latin America (+1.2%);
-
European traffic (excluding France) was up
(+3.8%);
-
Traffic within France was down (-1.7%);
Geographic split
Paris Aéroport |
2018 / 2017 change(3) |
Share of total traffic |
France |
-1.7% |
15.4% |
Europe |
+3.8% |
43.8% |
Other
International |
+6.0% |
40.8% |
Of which |
|
|
Africa |
+4.2% |
11.4% |
North America |
+8.7% |
10.4% |
Latin America |
+1.2% |
3.0% |
Middle East |
+5.8% |
5.2% |
Asia-Pacific |
+5.8% |
6.5% |
French Overseas Territories |
+8.6% |
4.3% |
Total Paris Aéroport |
+3.8% |
100.0% |
The number of connecting
passengers has reduced by 2.5%. The connecting rate stood at 21.7%,
down by 1.4 points. The load factor was up by 1.7 points, at 85.6%.
The number of air traffic movements (709,997) was up by
0.8%.
Freight and postal activity decreased by 1.9%, with 2,251,729
tonnes transported.
Events
having occurred since 31 December 2018
The decision of the ISA not to approve the 2019
airport charges (11 January 2019)
On 15 January 2019, Aéroports de
Paris SA took note of the decision n°1810-D1 of the Independent
Supervisory Authority (ISA) not to approve the airport charges
applicable from 1 April 2019, on Paris-Charles de Gaulle,
Paris-Orly and Paris-Le Bourget airports as well as their
modulations, with the exception of fees for assistance to disabled
passengers and passengers with reduced mobility. The ISA estimates
that the overall product of the airport public service fees on the
airport system, after taking into account the proposed tariffs
increase, exceeds the services cost.
The decision of the ISA to approve the 2019
airport charges (6 February 2019)
On 8 February 2019, Aéroports de
Paris SA took note of the decision n°1810-D2 of 6 February 2019 of
the Independent Supervisory Authority (ISA) to approve the airport
charges applicable for the 2019-2020 tariff period([20]). These
tariffs will come into force from 1 April 2019 and will be up by
1.0% for Paris-Charles de Gaulle and Paris-Orly airports and 3.52%
for Paris-Le Bourget airport.
Groupe ADP contributes to the CDG
Express project
The infrastructure manager CDG
Express ("GI CDG Express"), equally owned by Groupe ADP, SNCF
Réseau and Caisse des Dépôts et Consignations, has signed today
with the French State the concession contract for works relating to
the CDG Express link project. Under this contract, GI CDG Express
is responsible for financing, designing, building and maintaining
the CDG Express link for 50 years. It will connect the Gare de
l'Est (Paris-East station) to Paris-Charles de Gaulle Airport in 20
minutes. Groupe ADP will be committed to finance the project
through equity contribution of €134 million and a non-renewable
repayable advance of up to €150 million.
January 2019 traffic figures
In January 2019, Paris Aéroport
welcomed 7.7 million passengers; an increase of 1.9% compared with
January 2018. 5.4 million passengers travelled through
Paris-Charles de Gaulle (+2.9%) and 2.4 million through Paris-Orly
(-0.4%).
Dividend distribution
During its meeting on 14 February
2019, the Board of Directors approved the social and consolidated
financial statements for the year ended 31 December 2018. The Board
of Directors decided to propose a dividend payment of €3.70 per
share for 2018, reduced by the interim dividend for 2018 of
€0.70/share, paid out on 10 December 2018, at the next Annual
Shareholders General Meeting, to be held on 20 May 2019. Subject to
the approval of the Annual General Meeting, the ex-dividend date
would be on 7 June 2019, and payment would be made on 11 June 2019.
This dividend corresponds to a payout ratio of 60% of the 2018 net
income attributable to the Group.
2019 Forecasts
|
2019 Forecasts |
Group
traffic's assumption
|
Traffic growth assumption for Paris Aéroport
between +2% and +2.5% in 2019 compared to 2018
Traffic assumption (5) for TAV
Airports Group (excluding Istanbul Atatürk) in 2019: decrease of
between -38% and -42% |
Consolidated EBITDA(1)/(2)/(3)
|
Decrease of between -8% and -13% in 2019
compared to 2018 taking into account the closure of Istanbul
Atatürk Airport(3)
Consolidated EBITDA restated of Istanbul Atatürk Airport
contribution in 2018 (proforma) and in 2019 : increase of between
+1% and +5% compared to 2018
Of which consolidated EBITDA excluding full consolidation of TAV
Airports and AIG: increase between +1% and
+2%
Reminder of TAV Airports' EBITDA(4) guidance:
drop from -38% to -42% compared to 2018 |
Dividend for 2019 |
Maintained pay-out of 60% of NRAG(6)
2019 |
(1) TAV Airports' EBITDA guidance,
underlying Group's EBITDA guidance, is built on the following
exchange rate assumptions: EUR/TRY = 6.7, EUR/USD = 1,17
(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 finance dated 28 December 2018.
(3) The closure of Atatürk Airport is expected to take effect
on 3 March 2019. Therefore, as this is a discontinued operation
within the meaning of the norm IFRS5, the contribution of this
airport in 2019 will not be included in the EBITDA
calculation.
(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%
(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.
The closure of Atatürk Airport is
expected as of 3 March 2019. Therefore, as this is a discontinued
operation under the norm IFRS5, the contribution of this airport in
2019 will not be included in EBITDA, but fully in income from
discontinued operations (in non-operating income).
In 2018, the contribution of TAV
Istanbul, the entity holding the Atatürk operating contract, is
€471 million in revenue, €263 million in EBITDA, €97 million in
Operating income from ordinary activities (after PPA impacts).
Revision of 2016-2020
guidances
Groupe ADP 2016-2020 targets, as
announced on 13 October 2015 are partially modified and have to be
understood independently from the effect of the full consolidation
of TAV Airports 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 2020 EBITDA
target.
|
2016-2020 Guidances, as published on 15 October
2015 |
Guidances revised on
14 February 2019 |
Traffic |
Traffic
growth assumption of 2.5% in average per year between 2016 and
2020
Of which international traffic: +3.6% |
Revision of traffic growth
assumption:
Increase between +2.8% and +3.2% in average per year between
2016 and 2020, including international between +3.6% and +4.0% |
2020 consolidated EBITDA between 2014 and 2020e |
+30 to +40%
growth
|
+30% to
+40% growth (unchanged) |
Regulated ROCE (1) |
5.4%
assumption in 2020e |
Revision of ROCE of the regulated scope at a range of 5.6%
and 5.8% |
Regulated OPEX/pax (in constant euros) |
-8%
decrease between 2015 and 2020 |
Revision of regulated OPEX/pax objective:
Decrease of between -10% and -15% between 2015 and 2020 |
Parent company operating expenses (2) |
Limit the
growth in parent-company operating expenses to a level below or
equal to 2.2% in average per annum between 2015 and 2020 |
Limit the
growth in parent-company operating expenses to a level below or
equal to 2.2% in average per annum between 2015 and 2020
(unchanged) |
Dividend |
Maintained
pay-out of 60% of NRAG for the dividend |
Maintained
pay-out of 60% of NRAG for the dividend (unchanged) |
sales/PAX |
€23 on a
full-year basis after delivery of the infrastructure projects |
€23 on a
full-year basis after delivery of the infrastructure projects
(unchanged) |
Real estate |
Growth in
external rents (excluding reinvoicing and indexation) ranging from
10% to 15% between 2014 and 2020e |
Growth in
external rents (excluding reinvoicing and indexation) ranging from
10% to 15% between 2014 and 2020e (unchanged) |
Quality of service |
Overall
ACI/ASQ rating of 4 in 2020e |
Adjustment of the quality of service
objective:
Overall ACI/ASQ rating of 4 on a full-year basis after delivery of
the infrastructure projects |
Extra-financial rating (3) |
Rating
assumption 83/100 in 2020 |
Revision of rating assumption:
86/100 |
(1) Return on capital employed calculated as
the operating profit of the regulatory scope after normative tax on
companies in relation to the regulated asset base
(2) Excluding SGP
(3) Extra-financial rating perimeter: ADP and its
subsidiaries at 100%
Objectives presented here-above
are based on data, assumptions and estimates considered as
reasonable by the management of the group.
Agenda
-
Friday 15 February 2019: analysts meeting at
11:00 am Paris time, webcasted in live on our website at the
following address: webcast. The presentation is available at the
following address: finance.groupeadp.fr
-
Next traffic figures
publications:
-
Publication of Public
Consultation Document
-
Investor day :
Investor
Relations
Audrey Arnoux: + 33 1 74 25 70
64 - invest@adp.fr
Press
Lola Bourget: + 33 1 74 25 23
23
Website
finance.groupeadp.fr
The financial information presented within this press release comes
from Aéroports de Paris'consolidated financial statements. Audit
procedures have been carried out and the audit report relating to
the certification of Aéroports de Paris consolidated financial
statements at 31 December 2018 is in the process of being
issued.
Consolidated financial statements at 31 December 2018 and the
related report are available on the Group website
(www.groupeadp.fr) in the section "Group / Finance / AMF
information".
Forward
looking statements
This press release does not
constitute an offer of, or an invitation by or on behalf of
Aéroports de Paris to subscribe or purchase financial securities
within the United States or in any other country. Forward-looking
disclosures are included in this press release. These
forward-looking disclosures are based on data, assumptions and
estimates deemed reasonable by Aéroports de Paris. They include in
particular information relating to the financial situation, results
and activity of Aéroports de Paris. These data, assumptions and
estimates are subject to risks (such as those described within the
reference document filed with the French financial markets
authority on 31 March 2017 under D-17-0288) and uncertainties, many
of which are out of the control of Aéroports de Paris and cannot be
easily predicted. They may lead to results that are substantially
different from those forecasts or suggested within these
disclosures.
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
(in millions of euros) |
2018 |
2017 |
Revenue |
4,478 |
3,617 |
Other
operating income |
58 |
92 |
Consumables |
(200) |
(165) |
Employee
benefit costs |
(890) |
(814) |
Other
operating expenses |
(1,538) |
(1,164) |
Net
allowances to provisions and Impairment of receivables |
53 |
1 |
EBITDA |
1,961 |
1,567 |
EBITDA/Revenue |
43.8% |
43.3% |
Amortisation & Depreciation |
(804) |
(615) |
Share of profit or loss in associates and joint ventures from
operating activities |
80 |
78 |
Operating income from ordinary activities |
1,237 |
1,030 |
Other operating income
and expenses |
(2) |
22 |
Operating income |
1,235 |
1,052 |
Financial income |
100 |
47 |
Financial
expenses |
(306) |
(226) |
Financial income |
(206) |
(179) |
Share of profit or loss in associates and joint ventures from
non-operating activities |
1 |
1 |
Income before tax |
1,030 |
874 |
Income tax expense |
(335) |
(260) |
Net results from continuing activities |
695 |
614 |
Net income |
695 |
614 |
Net income attributable to the Group |
610 |
571 |
Net income
attributable to non-controlling interests |
85 |
43 |
Basic
earnings per share (in €) |
6.16 |
5.77 |
Diluted earnings per share (in €) |
6.16 |
5.77 |
Earnings per share from continuing activities attributable
to the Group |
|
|
Basic
earnings per share (in €) |
6.16 |
5.77 |
Diluted
earnings per share (in €) |
6.16 |
5.77 |
|
|
|
|
As of 31/12/2018 |
As of 31/12/2017 |
|
(in millions
of euros) |
|
|
Intangible
assets |
3,560 |
2,808 |
|
Property,
plant and equipment |
7,272 |
6,793 |
|
Investment
property |
509 |
476 |
|
Investments
in associates |
1,146 |
686 |
|
Deferred tax assets |
- |
1 |
|
Non-current assets |
12,890 |
11,139 |
|
Inventories |
38 |
33 |
|
Contract
assets |
9 |
- |
|
Trade
receivables |
628 |
641 |
|
Other
receivables and prepaid expenses |
239 |
243 |
|
Other
current financial assets |
201 |
248 |
|
Current tax
assets |
6 |
59 |
|
Cash and
cash equivalents |
2,056 |
1,912 |
|
Current assets |
3,177 |
3,137 |
|
Total assets |
16,067 |
14,276 |
|
|
|
|
|
|
|
|
(in millions of euros) |
As of 31/12/2018 |
As of 31/12/2017 |
|
|
Share
capital |
297 |
297 |
|
Share
premium |
543 |
543 |
|
Retained
earnings |
4,096 |
3,834 |
|
Shareholders' equity - Group share |
4,850 |
4,577 |
|
Non-controlling interests |
951 |
857 |
|
Shareholders' equity |
5,801 |
5,434 |
|
Non-current
debt |
5,970 |
5,320 |
|
Provisions
for employee benefit obligations (more than one year) |
484 |
458 |
|
Other
non-current provisions |
39 |
56 |
|
Deferred
tax liabilities |
383 |
369 |
|
Other
non-current liabilities |
780 |
780 |
|
Non-current liabilities |
7,656 |
6,983 |
|
Contract
liabilities |
6 |
- |
|
Trade
payables |
590 |
422 |
|
Other debts
and deferred income |
793 |
724 |
|
Current
debt |
1,159 |
645 |
|
Provisions
for employee benefit obligations (less than one year) |
9 |
10 |
|
Other
current provisions |
16 |
33 |
|
Current tax
liabilities |
37 |
25 |
|
Current liabilities |
2,610 |
1,859 |
|
Total equity and liabilities |
16,067 |
14,276 |
|
(in millions of euros) |
2018 |
2017 |
Operating income |
1,235 |
1,052 |
Income and
expense with no impact on net cash |
644 |
460 |
Net
financial income other than cost of debt |
(44) |
(42) |
Operating cash flow before change in working capital and
tax |
1,835 |
1,470 |
Change in working capital |
(3) |
113 |
Tax
expenses |
(281) |
(313) |
Cash flows from operating activities |
1,551 |
1,270 |
Purchase of
property, plant, equipment and intangible assets |
(1,078) |
(879) |
Change in
debt and advances on asset acquisitions |
50 |
(52) |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(630) |
20 |
Proceeds
from sale of subsidiaries (net of cash sold) and associates |
1 |
21 |
Change in
other financial assets |
(20) |
(46) |
Proceeds
from sale of property, plant and equipment |
2 |
6 |
Dividends
received |
39 |
42 |
Cash flows from investing activities |
(1,636) |
(888) |
Capital
grants received in the period |
3 |
6 |
Dividends
paid to shareholders of the parent company |
(342) |
(261) |
Dividends
paid to non controlling interests in the subsidiaries |
(65) |
(10) |
Proceeds
from long-term debt |
1,064 |
561 |
Repayment
of long-term debt |
(392) |
(253) |
Change in
other financial liabilities |
115 |
(38) |
Interest
paid |
(180) |
(139) |
Interest
received |
24 |
20 |
Cash flows from financing activities |
227 |
(114) |
Change in cash and cash equivalents |
145 |
254 |
Net cash
and cash equivalents at beginning of the period |
1,910 |
1,656 |
Net cash
and cash equivalents at end of the period |
2,055 |
1,910 |
of which Cash and cash equivalents |
2,056 |
1,912 |
of which Bank overdrafts |
(1) |
(2) |
|
|
[1] Audit procedures have been carried out and the audit report
relating to the certification of Aéroports de Paris consolidated
financial statements at 31 December 2018 is in the process of being
issued. Following financial statements are projects of financial
statements
[2] Unless otherwise stated, percentages are comparing 2018
data to 2017 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 2017 for the need of the
analysis, while TAV Airports only has included Antalya traffic
since May 2018.
[4] Please refer to press release published on 7 July 2017 and
19 April 2018, available on www.groupeadp.fr
[5] Sales in airside shops divided by the number of departing
passengers (Sales/Pax).
[6] Revenues and other ordinary income less operating
consumables and expenses from ordinary activities excluding
depreciation and amortisation of tangible and intangible
assets
7 Net income
attributable to the Group
[8] TAV Airports' EBITDA guidance, underlying Group's EBITDA
guidance, is built on the following exchange rate assumptions:
EUR/TRY = 6.7, EUR/USD = 1,17
9 The closure of Atatürk
Airport is expected to take effect on 3 March 2019. Therefore, as
this is a discontinued operation within the meaning of IFRS5, the
contribution of this airport in 2019 will not be included in the
EBITDA calculation.
10 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.
11 Excluding the potential
impact on Groupe ADP's accounts related to the adoption of the
PACTE Bill
12 Intermediate consumption,
personnel expenses excluding social commitments and participation,
taxes and duties, excluding Société du Grand Paris (SGP)
[9] Please refer to press release published on 29 September
2017, available on www.groupeadp.fr.
[10] Full-time equivalent (FTE) 2018, including average FTE of
TAV Airports in 2018 and AIG since April 2018.
[11] The average number of employees of the parent company is
stable in 2018.
[13] Persons with reduced mobility.
[14] Sales of airside shops divided by the number of departing
passengers.
[15] Generated with third parties (outside the Group).
[16] Please refer to financial release published on 24 July
2017.
[17] Subsidiary of ADP International from 1 July 2017.
[18] To be noted, EBITDA as published by TAV Airports includes
Ankara guaranteed passenger Revenue (accounted for in revenue) and
the share of equity pick-up, of which result of Antalya airport
since May 2018.
[20]
With the exception of fees for assistance to disabled passengers
and passengers with reduced mobility already approved with the
decision n°1810-D1 of 11 January 2019.
Aéroports de Paris SA - press
release of 2018 full-year results
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
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