Aéroports de Paris SA: Solid First Half Results, Driven by the
Acceleration of the Traffic Recovery and Leading to the Improvement
of Certain Financial Guidelines for 2022 and 2023
FINANCIAL RELEASE
July 28th, 2022
Aéroports de Paris SASOLID FIRST HALF
RESULTS, DRIVEN BY TRAFFIC
MOMENTUMEBITDA MARGIN AND NET DEBT
RATIO IMPROVED FOR
2022
Solid
half-year
results:
-
Revenue: €2,006M, up by +102.7%
(+92.2% excluding the integration of Almaty
since May 2021), driven by the recovery in traffic:
- Groupe ADP: up by
+134.4%, to 118.2 million passengers, or 71.9% of the 2019 group
traffic level
-
Paris Aéroport traffic: up by +249.2%, to 37.5 million passengers,
or 71.6% of the 2019 level
-
EBITDA: €702M, up by +€547M;
EBITDA Margin at 35.0% of the consolidated revenue,
supported by good control of current expenses
-
Operating income from ordinary activities: €340M,
up by +€583M, including an improvement in income from companies
accounted for by the equity method of +€59M
-
Net income group
share: €160M, up
by €332M
-
Net Financial debt: €8,309M i.e a
debt ratio of 6.4x EBITDA over 12 last months
Unless otherwise indicated, changes are expressed
in comparison with the results for the 1st half of 2021.Key figures
for the 1st half of the year are presented in a table on page 2 of
this financial release.
Groupe ADP's
2022 traffic
assumptions1:
-
Groupe ADP: traffic between 74% and 84% of 2019 group traffic;
-
Paris Aéroport: traffic between 72% and 82% of 2019 Paris Aéroport
traffic ;
Improvement of
certain 2022 and
2023 financial
guidances2:
-
EBITDA: between 32% and 37% of the revenue in 2022 and 2023 (vs.
30% to 35% previously)
-
Net financial debt / EBITDA ratio forecast: 5.5x to 6.5x. en 2022
(vs. 6x to 7x previously)
Deployment of the 2025 Pioneers
roadmap:
-
Recognition of the improvement in quality of service by Skytrax:
Paris-Charles de Gaulle elected best airport in Europe and 6th
in the world; Paris-Orly moved up 27 places in the 2022 ranking to
46th; 3 airports in the international network ranked in the
Top 100;
-
Commitment of the Group to the SBTi (Science Based Target
Initiative) to define and validate its greenhouse gas emission
reduction targets (scopes 1, 2 and 3);
-
Deployment of Extime:
-
Lagardère Travel Retail selected as ADP's partner in the future
Extime Duty Free Paris joint venture.
-
JC Decaux selected as ADP's partner in the future Extime Media
joint venture.
Augustin de
Romanet, Chairman and CEO of Groupe
ADP, commented:"Groupe ADP recorded a clear improvement in
its performance in the 1st half of 2022 and returned
to a positive net result, at €160 million. The Group's
revenue doubled compared to the 1st half of 2021, driven in
particular by the rebound in traffic at Paris Aéroport, which
reached 71.6% of the level for the same period in 2019.
This recovery momentum in Paris is particularly strong and is close
to the one recorded in our international airports. The EBITDA
margin reached 35% of revenue, or 702 million euros.
This performance has led us to raise the target range for
EBITDA margin by 2 points to 32% to 37% of revenue in 2022. The
debt ratio is now expected to be between 5.5 and 6.5 times the
EBITDA for the year 2022.
We are proud that the Groupe ADP's commitment to
quality of service and hospitality has been recognized in the
latest Skytrax rankings. In Paris, the successful combination of
our retail and airport hospitality expertise is also reflected in a
sales per passenger of €25.4. In a particularly demanding context,
Groupe ADP teams, whom I would like to thank for their
commitment, are fully mobilized to welcome passengers and serve the
interests of all our stakeholders."
The financial statements for the first half of
2022 were approved by the Board of Directors of Aéroports de Paris
at its meeting of July 28, 2022. They have been subject to a
limited review by the statutory auditors, and the limited review
report is currently being issued.
Key figures – Half-year 2022
|
OPERATIONAL INDICATORS |
|
|
|
|
|
|
H1 2022 |
in% of 2019 |
Change 2022/2021 |
|
Groupe ADP traffic |
118.2Mpax |
71.9% |
+67.8Mpax |
+134.4% |
|
Paris Aéroport traffic |
37.5Mpax |
71.6% |
+26.7Mpax |
+249.2% |
|
|
H1 2022 |
H1 2021 |
Change 2022/2021 |
|
Extime
Paris(1)
Sales/PAX |
€25.4 |
€27.0 |
-€1.6 |
-5.9% |
(1) Sales per passenger for activities in the
restricted area: stores, bars & restaurants, currency exchange
& tax-free offices, commercial lounges, VIP reception,
advertising and other paid services in the restricted area.
|
FINANCIAL RESULTS |
|
|
|
|
|
|
H1 2022 |
H1 2021(1) |
Change 2022/2021 |
|
Revenue |
€2,006M |
€989M |
+€1,017M |
+102.7% |
|
EBITDA |
€702M |
€155M |
+€547M |
+353.4% |
|
In % of revenue |
35.0% |
15.6% |
+19.4pts |
+123.6% |
|
Operating income from ordinary
activities(2) |
€340M |
-€243M |
+€583M |
N/A |
|
Net income group share |
€160M |
-€172M |
+€332M |
N/A |
|
Net financial debt |
€8,309M |
€8,027M |
+€282M |
+3.5% |
|
Net financial debt/EBITDA(2) |
6.4x |
28.3x |
-21.9x |
- |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document)(2) Net financial
debt at end of June compared with EBITDA over 12 last months.
Comments on latest events
Evolution of
traffic
Groupe ADP3 total traffic is up by +134.4%
compared to the fisrt half of 2021, to 118.2 million passengers,
standing at 71.9% of the group traffic over the same period in
2019.
Traffic in Paris Aéroport
is up by +249.2% compared to the 1st half of 2021,
to 37.5 million passengers, at 71.6% of the traffic
over the same period in 2019. Moreover, aircraft
movements at Paris Aéroport are up by +122.7% compared to the first
half of 2021.
During the last few days of June and the first
few days of July, occasional industrial actions at the Paris hubs
led to flight cancellations, mainly affecting domestic and
short-haul flights. The impact of these cancellations on passenger
traffic remained limited.
In the context created by Russia's invasion of
Ukraine and the international sanctions imposed on Russia, the
group is monitoring the situation to assess its short, medium
and long-term consequences. In 2019, traffic with Ukraine
and Russia amounted to 1.4% of Paris Aéroport's total traffic,
as well as to 17.1%4 of TAV Airports' total traffic, at 27.9%2
of TAV Airports' international traffic.
In the first half of 2022, traffic at TAV
Airports' Turkish airports is up +100.8% compared to 2021,
representing 70.8% of 2019 traffic levels. Although traffic with
Russia and Ukraine account for 36.3% and 5.6% of their respective
2019 levels, totaling 1.5 million passengers, the recovery at TAV
Airports' Turkish airports is supported by other routes, notably
traffic with the United Kingdom and Germany, which stand
at 141.5% and 106.2% of their 2019 levels, totaling 4.4 million
passengers.
In addition, at Almaty, in Kazakhstan, traffic
is up +11.8% compared to the 1st half of the year, at 3.1 million
passengers, or 109.4% of the traffic level in the same period
in 2019. The recovery is also supported by the doubling of the
number of cargo flights served, resulting from the Russian airspace
overflight ban.
Based on the traffic recorded in the 1st half of
the year, and as announced in the press release of July 18, 2022,
the group has revised its traffic assumptions for
2022 as follows:
-
Groupe ADP: traffic between 74 and 84% of 2019 levels (compared to
70 to 80% of 2019 previously)
-
Paris Aéroport: traffic between 72 and 82% of 2019 levels (compared
to 65 to 75% of 2019 previously)
Evolution of commercial
activities
As announced on February 16, 2022, the Group's
new commercial strategy initiated with the 2025 Pioneers plan
and the launch of the Extime brand have led to a change
in the definition of the "Extime Paris Sales/PAX" operating
indicator from 2022 onwards. Prior to this date, the definition
was: revenue from airside shops divided by the number of departing
passengers (sales/Pax) in Paris.
The Extime Paris sales/pax ratio now includes
all activities in the airside area: Stores, bars & restaurants,
currency exchange & tax-free offices, commercial lounges,
VIP reception, advertising and other paid services in the
restricted area.
Over the first half of 2022, Extime Paris
sales/pax was €25.4, compared with €27.0 in the same period of
2021, a decrease of 5.9% reflecting the normalization of this
ratio resulting from the recovery in traffic. Compared to the first
half of 2019, Extime Paris sales/pax is up by 2.9 euros, or +12.9%,
confirming the Group's belief in the effectiveness of its retail
model.
Following a public consultation, Groupe ADP
announced on July 8, 2022 that it had chosen Lagardère Travel
Retail to become the future co-shareholder of Extime Duty Free
Paris, which will operate the Duty Free & Retail activities
for Paris Charles de Gaulle and Paris-Orly
airports.
Extime Duty Free Paris will operate nearly 140
beauty, gastronomy, technical products and fashion outlets. It will
be owned at 51% by Groupe ADP and at 49% by Lagardère Travel
Retail, subject to the approval of the relevant competition
authorities.
In addition, following a public consultation,
Groupe ADP announced on July 28, 2022 that it had selected JC
Decaux to become a co-partner in Extime Media, which will operate,
as of January 1, 2023, the advertising activities at Paris-Charles
de Gaulle, Paris-Orly and Paris-Le Bourget airports, as well as, in
a second phase, at the airports of Antalya and Milas-Bodrum
in Turkey.
Subject, where required, to the approval of the
relevant competition authorities, Extime Media will be owned
equally by Groupe ADP and JC Decaux.
Signing of a profit-sharing agreement
for the employees of Aéroports de
Paris SA
Signed on June 13, 2022 by the unanimous
agreement of the representative trade unions, the profit-sharing
agreement set up by the group for the employees of ADP SA
covers a three-year period from 2022 to 2024. The payment of the
profit-sharing bonus is conditional on the achievement of five
objectives linked to the Pioneers 2025 strategic plan and is paid
out in the year following the end of the financial year
concerned.
As part of the 2025 Pioneers for Trust ESG
strategy, this agreement marks Groupe ADP's desire to involve
employees in achieving the company's strategic and
transformation objectives and to benefit directly from the results
obtained.
The objectives relate to improving economic
performance (EBITDA/Group revenue ratio), quality of service
(departing passenger satisfaction rating) and corporate social
responsibility (number of days of civic engagement carried out
by employees during their working hours, reduction of CO2
emissions, rate of completion of ethics and compliance training by
employees). This collective performance incentive agreement is
unprecedented, at ADP SA in the importance
it gives to ESG criteria.
Two salary increase agreements
signed for the employees of
Aéroports de Paris SA
Following negotiations with the representative
trade unions initiated on June 14, 2022, the Group announced to ADP
SA employees on July 8, 2022 the signature of two agreements
relating to immediate salary increases, effective as of July 1.
These agreements provide for a return to the 2019 salary level
for employees affected by the Employment Contract Adjustment Plan
(PACT) and an additional general increase of 3% for all ADP SA
employees.
The impact of these measures in the second half
of 2022 is estimated at 13 million euros.
Groupe ADP's commitment
in the scientific validation process of its greenhouse gas emission
reduction objectives
Since June 23, 2022, Groupe ADP has formally
committed in the process of defining and validating its greenhouse
gas emissions reduction targets (scopes 1, 2 and 3) through the
SBTi (Science Based Target initiative), a joint program
of the CDP (Carbon Disclosure Project), the
United Nations Global Compact, the World Resources Institute (WRI)
and the WWF
2022 Skytrax
ranking
The latest World Airport Awards rankings, based
on a worldwide passenger satisfaction survey conducted by the
independent British organization Skytrax, were unveiled on June 23.
Paris-Charles de Gaulle was voted "best European airport"
and is now ranked 6th in the Top 100 best airports
in the world (up 9 places). Paris-Orly moved up 27 places to 46th
place worldwide. 3 airports belonging to the group's
international network are rising again in the top 100
worldwide5.
Presentation
of Groupe ADP's 2022 half-year results
2022 half-year
consolidated accounts
|
(in millions of euros) |
H1
2022 |
H1
2021(1) |
2022/2021 |
|
Revenue |
2,006 |
989 |
+€1,017M |
|
EBITDA |
702 |
155 |
+€547M |
|
EBITDA / Revenue |
35.0% |
15.6% |
+19.4 pts |
|
Operating income from ordinary activities |
340 |
(243) |
+€583M |
|
Operating income from ordinary activities / Revenue |
17.0% |
-24.6% |
+41.6 pts |
|
Operating income |
348 |
(235) |
+€583M |
|
Financial result |
(121) |
(21) |
-€100M |
|
Net income attributable to the Group |
160 |
(172) |
+€332M |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document).
Revenue
|
(in million of euros) |
H1 2022 |
H1 2021(1) |
2022/2021 |
|
Revenue |
2 006 |
989 |
+€1,017M |
|
Aviation |
741 |
372 |
+€369M |
|
Retail and services |
625 |
289 |
+€336M |
|
of which Société de Distribution Aéroportuaire |
254 |
84 |
+€170M |
|
of which Relay@ADP |
39 |
8 |
+€31M |
|
Real estate |
156 |
146 |
+€10M |
|
International and airport developments |
538 |
221 |
+€317M |
|
of which TAV Airports |
410 |
154 |
+€256M |
|
of which AIG |
104 |
47 |
+€57M |
|
Other activities |
83 |
83 |
- |
|
Inter-sector eliminations |
(137) |
(122) |
-€16M |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document).
Groupe ADP's consolidated
revenue stood at 2,006 million euros over the 1st
half of 2022, up by +102.7% compared
to the same period in 2021, mainly due to the effect of
the traffic recovery on:
-
Revenue from aeronautical activities in Paris, up by +369 million
euros, to 741 million and from the retail and services segment in
Paris, up +336 million euros, at 625 million euros;
-
TAV Airports' revenue, which reached 410 million euros, up by +256
million euros. These revenues include those of
the management company of the Almaty airport in Kazakhstan, in
Kazakhstan, since May 2021 for 142 million over the first half
of 2022, compared with 19 million euros for May and June 2021;
-
AIG's revenue, up by +57 million euros, to 104 million euros.
The amount of inter-sector eliminations stood at
137 million over the 1st half of 2022, compared to 122 million
over the 1st half of 2021.
EBITDA
|
(in millions of euros) |
H1 2022 |
H1 2021(1) |
2022/2021 |
|
Revenue |
2,006 |
989 |
€1,017M |
|
Operating expenses |
(1,367) |
(994) |
-€373M |
|
Consumables |
(309) |
(135) |
-€174M |
|
External services |
(473) |
(328) |
-€145M |
|
Employee benefit costs |
(384) |
(344) |
-€40M |
|
Taxes other than income taxes |
(151) |
(155) |
+€4M |
|
Other operating expenses |
(50) |
(32) |
-€18M |
|
Other incomes and expenses |
64 |
159 |
-€95M |
|
EBITDA |
702 |
155 |
+€547M |
|
EBITDA/Revenue |
35.0% |
15.6% |
+19.4pts |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document).
Group operating expenses stood
at 1,367 million euros over the 1st half of 2022, up by
373 million d'euros (+37.6%). They are growing less
rapidly than revenues (+102.7%), driving the EBITDA margin up by
+19.4 points to 35.0% in the first half of 2022.
The distribution of the group's operating
expenses was as follows:
-
Consumables stood at 309 million euros, up
by 174 million euros, due in particular to:
- the increase of 83 million euros
for TAV Airports, including 65 million euros related to the
integration of the management company of Almaty airport into ADP's
accounts from 1st May 2021, onwards;
- the increase of 73 million euros
for the retail subsidiaries (Société de Distribution Aéroportuaire
and Relay@ADP) resulting from the mechanical effect of higher
costs in line with the rise in revenue.
-
External services
costs stood at 473 million euros, up by +145
million euros, of which in particular:
-
the increase in subcontracting costs for +70 million euros mainly
in terms of safety, due to the recovery in traffic;
-
the increase in expenses related to other services and external
expenses for +60 million euros, due in particular to the mechanical
increase in the concession rent in Amman for +31 million euros,
because of increase in revenue of AIG.
-
Employee benefit costs stood at 384 million
euros, up by 40 million euros due to the increase of employee
benefit costs at TAV Airports for 34 million euros due in
particular to the non-recourse to partial activity in the first
half of 2022 compared to 2021, as well as to the effect of the full
consolidation of Almaty since May 2021;
-
Taxes other than income taxes stood at 151 million
euros, slightly decreasing by 4 million euros, mainly due to
property tax rebates related to infrastructure closures in Paris in
2020, partially offset by an increase in taxes on security
services, in line with the increase in traffic;
-
Other operating expenses stood at 50 million
euros, up by 18 million euros.
Other income and expenses
represented a net product of 64 million euros, down by 95 millions
euros compared to the 1st half of 2021, of
which mainly the unfavorable base effect related to the return to
full ownership of certain buildings on the Paris platforms in the
first half of 2021 for +117 million euro, partially offset by an
increase in reversals of provisions, particularly in international
operations
Over the 1st half of 2022, the group's
consolidated EBITDA stood at 702 million euros, up
by 547 million euros.
Net result attributable to the Group
|
(in millions of euros) |
H1 2022 |
H1 2021(1) |
2022/2021 |
|
EBITDA |
702 |
155 |
+€547M |
|
Amortisation and impairment of tangible and intangible assets |
(356) |
(333) |
-€23M |
|
Share of profit or loss in associates and joint ventures |
(6) |
(65) |
+€59M |
|
Operating income from ordinary activities |
340 |
(243) |
+€583M |
|
Other operating income and expenses |
8 |
8 |
- |
|
Operating income |
348 |
(235) |
+€583M |
|
Financial income |
(121) |
(21) |
-€100M |
|
Income before tax |
227 |
(256) |
+€483M |
|
Income tax expense |
(59) |
69 |
-€128M |
|
Net income from continuing operations |
168 |
(187) |
+€355M |
|
Net income from discontinuing operations |
(1) |
(1) |
- |
|
Net income |
167 |
(188) |
+€355M |
|
Net income attributable to non-controlling interests |
7 |
(16) |
-€24M |
|
Net income group share |
160 |
(172) |
+€332M |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document).
Operating income from ordinary
activities stood at 340 million euros, up by +583 million
euros, under the efect:
-
the improvement of EBITDA for +547 million euros;
-
the improving results from companies consolidated under the equity
method, up by +59 million euros compared
to the 1st half of 2021, at -6 million euros, mainly
due to the favorable base effect of the reclassification of Royal
Schiphol Group, whose shares are recorded as non-consolidated
shares, and of Tibah Development, the company operating
the Medina airport, whose results are recorded in financial
income.
Operating income stood at 348
million euros, up by 583 million euros compared to the 1st half of
2021, due to the improvement of operating income.
Financial result stood at -121
million euros, down by 100 million euros, mainly due to the
unfavorable base effect linked to the restructuration of
TAV Tunisia's debt, for a net gain of 110 million euros, during the
1st half of 2022. Besides, the cost of gross debt has
decreased by 38 million euros.
Income tax expense constituted
a tax expense of 59 million euros over the 1st half of 2022,
compared to a tax income of 69 million euros over the
first half of 2021, due to the return to a positive income before
tax.
The net income stood at 167
million euros over the 1st half of 2022, up by 355 million
euros over the 1st half of 2021.
Taking into account all these items, the
net income
group share was
up by 332 million euros compared
to the 1st half of, at 160 million euros.
Cash and investments
As of June 30, 2022, the Groupe ADP had
cash position of 1.8 billion
euros. In the first half of 2022, cash and cash equivalents
decreased by 532 million euros, mainly due to the repayment of a
400 million euros bond in February 2022 and the capital injection
by TAV Airports into the new Antalya concession, in which it is a
shareholder alongside Fraport, for 375 million euros.
In view of this available cash and its forecasts
for the next 12 months, the group has liquidity that it considers
satisfactory in the current exceptional sanitary and
economic context and to meet its current needs and financial
commitments.
Tangible and intangible
investments stood at 270 million euros over the 1st half
of 2022, compared to 215 million euros over the 1st half of
2021.
Financial debt
Groupe ADP's net financial debt
stood at 8,309 million euros at June 30, 2022, compared with 8,012
million euros at December 31, 2021. As of June 30, 2022, the debt
ratio stood at 6.4x EBITDA over a sliding 12-month period, compared
with 10.7x EBITDA at the end of 2021.
Given the confidence of investors in the
solidity of its financial model and with its long-term credit
rating (A negative outlook by Standard and Poor's since March 25,
2020, confirmed on December 17, 2021), the Groupe ADP is taking
care to ensure that, in the event of a significant deterioration in
the economic and health context, it would be able to meet its
commitments and have recourse to additional financing.
Analysis by segment
Aviation – Parisian platforms
|
(in millions of euros) |
H1 2022 |
H1 2021 |
2022/2021 |
|
Revenue |
741 |
372 |
+€369M |
|
Airport fees |
434 |
163 |
+€271M |
|
Passenger fees |
259 |
68 |
+€191M |
|
Landing fees |
103 |
52 |
+€51M |
|
Parking fees |
72 |
42 |
+€30M |
|
Ancillary fees |
92 |
36 |
+€56M |
|
Revenue from airport safety and security services |
198 |
158 |
+€40M |
|
Other income |
16 |
16 |
- |
|
EBITDA |
186 |
(108) |
+€294M |
|
Operating income from ordinary activities |
7 |
(285) |
+€292M |
|
EBITDA / Revenue |
25.0% |
-29.0% |
+54.0pts |
|
Operating income from ordinary activities / Revenue |
0.9% |
-76.6% |
+77.5pts |
Over the 1st half of 2022, revenue of
aviation segment, which relates solely to
the airport activities carried out by Aéroports de Paris
as operator of the Parisian platforms, was up by +99.2% at
741 million euros. As revenue from airport safety and security
are determined by the partially fixed costs of these activities,
revenues are growing at a lower rate than passenger traffic.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) increased
by +166.8%, to 434 million euros due to:
- the increase of +279.5% of the
revenue from passenger fees, due to the increase in passenger
traffic (+249.2%)
- the increase of +97.7% of the
revenue from landing fees, due to the increase in aircraft
movements (+122.7%)
- the increase of +70.2% of the
revenue from parking fees
As a reminder, the average tariff increase,
approved by the French Transport Regulation Authority (ART) for the
2022 tariff period, i.e. since April 1, 2022
are as follows: a +1.54% increase in passenger fee, a freeze in the
unit rate of the parking fee and the landing fee and an
average increase of +0.95% for ancillary fees with the exception of
the PRM (Person with reduced mobility) fee which will increase by
+10.0% on the Paris-Charles de Gaulle platform and +0.94% at
Paris-Orly. For the Paris Le Bourget airport,
the ART approved fee increases of +0.91% for landing fees and
+19.9% for parking fees.
Revenue from ancillary fees was
up by +160.3%, to 92 million euros, linked to the increase in
passenger traffic.
Revenue from airport safety and security
services was up by +25.8%, to 198 million euros.
Other income, mostly consisting
in re-invoicing the French Air Navigation Services Division,
leasing associated with the use of terminals and
other work services made for third parties were stable at
16 million euros.
EBITDA was up by +294 million
euros at 186 million euros due to the increase of revenue.
The operating income from ordinary
activities was up by +292 million euros, to 7 million
euros over the 1st half of 2022, due to the increase in
EBITDA.
Retail and services – Parisian platforms
|
(in millions of euros) |
H1
2022 |
H1
2021 |
2022/2021 |
|
Revenue |
625 |
289 |
+€336M |
|
Retail activities |
367 |
115 |
+€252M |
|
Société de Distribution Aéroportuaire |
254 |
84 |
+€170M |
|
Relay@ADP |
39 |
8 |
+€31M |
|
Other Shops and Bars and restaurants |
32 |
9 |
+€23M |
|
Advertising |
13 |
6 |
+€7M |
|
Other products |
29 |
8 |
+€21M |
|
Car parks and access roads |
67 |
31 |
+€36M |
|
Industrial services |
91 |
68 |
+€23M |
|
Rental income |
69 |
58 |
+€11M |
|
Other income |
32 |
17 |
+€15M |
|
EBITDA |
250 |
26 |
+€224M |
|
Operating income from ordinary activities |
183 |
(49) |
+€232M |
|
EBITDA / Revenue |
40.0% |
8.9% |
+31.1pts |
|
Operating income from ordinary activities / Revenue |
29.3% |
-17.0% |
+46.3pts |
Over the 1st half of 2022,
Retail and services
segment revenue, which includes only Parisian
activities, was up by +116.4%, to 625 million euros.
Revenue from retail activities
consists in rents received from airside and landside shops, bars
and restaurants, banking and foreign exchange activities, and
car rental companies, as well as revenue from advertising.
Over the 1st half of 2022, revenue from retail
activities was up by +219.1%, to 367 million euros, including
Société de Distribution Aéroportuaire, up by +201.7%, at 254
million euros and Relay@ADP, up by +413.9%, at 39 million
euros, due to the increase in traffic and the number of
outlets opened compared to the first half of 2021.
Revenue from car
parks was up by +115.3%, to 67 million euros.
Revenue from industrial
services (supply of electricity and water) was up by
+34.0%, to 91 million euros.
Rental revenues (leasing of
spaces within terminals) were up by +17.8%, to 69 million
euros.
Other revenues (primarily
constituted of internal services) were down by 87.9%,
to 32 million euros.
L’EBITDA of the segment was up
by +224 million euros, to 250 million euros, due to higher revenues
from commercial activities, notably Société de Distribution
Aéroportuaire and Relay@ADP.
Operating income from ordinary
activities was up by +232 million euros, to 183 million
euros, due to the increase in EBITDA.
Real Estate -
Parisian platforms
|
(in millions of euros) |
H1 2022 |
H1 2021 |
2022/2021 |
|
Revenue |
156 |
146 |
+€10M |
|
External revenue |
132 |
121 |
+€11M |
|
Land |
60 |
55 |
+€5M |
|
Buildings |
42 |
36 |
+€6M |
|
Others |
30 |
29 |
+€1M |
|
Internal revenue |
24 |
25 |
-€1M |
|
EBITDA |
91 |
206 |
-€115M |
|
Share in associates and joint ventures from operating
activities |
1 |
0 |
+€1M |
|
Operating income from ordinary activities |
57 |
178 |
-€121M |
|
EBITDA / Revenue |
58.4% |
141.3% |
-82.9 pts |
|
Operating income from ordinary activities / Revenue |
36.9% |
122.1% |
-85.2 pts |
Over the 1st half of 2022, revenue from
the Real Estate segment,
which includes only Parisian activities stood at 156 million euros,
stable compared to the 1st half of 2021.
Revenue from retail activities,
realized with third parties, stood at 132 million euros, stable
compared to the 1st half of 2021.
EBITDA of the segment stood at
91 million euros, down by 115 million euros, due to the unfavorable
base effect related to the return to full ownership of
some buildings on the Parisian platforms for 117 million euros over
the 1st half of 2021, compared to 5 million in the first half of
2022.
Operating income from ordinary
activities stood at 57 million euros, down by 121 million
euros due to the decrease in EBITDA.
International and airport
developments
|
(In millions of euros) |
H1
2022 |
H1
2021(1) |
2022/2021 |
|
Revenue |
538 |
221 |
+€317M |
|
ADP International |
121 |
64 |
+€57M |
|
of which AIG |
104 |
47 |
+€57M |
|
of which ADP Ingénierie |
12 |
13 |
-€1M |
|
TAV Airports |
410 |
154 |
+€256M |
|
Société de Distribution Aéroportuaire Croatie |
6 |
2 |
+€4M |
|
EBITDA |
163 |
20 |
+€143M |
|
Share of profit or loss in associates and joint ventures |
(6) |
(64) |
+€58M |
|
Operating income from ordinary activities |
90 |
(90) |
+€180M |
|
EBITDA / Revenue |
30.3% |
9.0% |
+21.3 pts |
|
Operating income from ordinary activities / Revenue |
16.8% |
-40.9% |
+57.7 pts |
(1) The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated
accounts from May 2021 onwards (on the acquisition of the
management company of Almaty airport, see section 5.1.6 of the 2021
Universal Registration Document).
Over the 1st half of 2022, revenue
from the International and
airport developments segment stood at 538 million euros,
up by +143,5% compared to the 1st half of 2021, mainly
due to the increase in revenue for TAV Airports and AIG.
AIG's revenue was up by
+119,9%, to 104 million euros, due in particular to the effect of
the increase by +163,4% of traffic recorded in Amman on
aeronautical fees for +43 million euros and commercial revenues at
+11 million euros.
TAV Airports'
revenue was up by +166.4%, at 410 million euros, Since May
1, 2021, it has included the revenues of Almaty airport in
Kazakhstan. Excluding the integration of Almaty, TAV Airports'
revenues would have increased by 99.5% to 268 million euros due
to:
- the effect of increased traffic on
the revenues of the assets managed by TAV Airports, notably in
Georgia, for +21 million euros, Izmir for +16 million
euros, and North Macedonia at +7 million euros;
-
the increases of revenue of TAV Airports' service companies,
notably Havas (company specialized in ground handling), for +28
million euros, due to the increase in the number of flights served,
the revenue of BTA (company specialized in bars and restaurants),
for +21 million euros, due to the increase in attendance and the
revenue of TAV OS (company specialized in airport lounge
management) for +15 million euros.
EBITDA of the International and airport
developments segment was up by +143
million euros, to 163 million euros.
TAV Airports' EBITDA was up by
+107 million euros compared to the 1st half of 2021, to 127 million
euros, linked to the increase in revenue, despite the increase in
operating expenses of +150 million euros. Excluding the integration
of Almaty, TAV Airports' EBITDA would be up by +69 million euros to
84 million euros.
AIG's EBITDA was up by up by
+22 million euros compared to the 1st half of 2021, at 31 million
euros, linked to the increase in revenue, despite the increase
in operating expenses of +36 million euros, linked in particular to
the increase in concession rent for +31 million euros concomitant
with the recovery in traffic.
Operating income from ordinary
activities of the segment stood at 90 million euros, up by
+180 million euros, due to:
- the increase of EBITDA for +143
million euros;
- the +58 million euros rise of
the share of profit from operating associates, to -6 million
euros over the 1st half of 2022, as a result of the increase of
results of companies accounted for by the equity method:
- TAV Airports for +34 million euros,
to 5 million euros, due mainly to the reclassification of Tibah
Development, the company operating the Medina airport, whose
results are recorded in the financial result, as well as
an increase in the results of TGS, ground handling
company;
- ADP International for +9 million
euros to 8 million euros due to the sale of shares in ATOL, the
company operating the Mauritius airport, on January 28, 2022 for 6
million euros;
- Offsetting the decrease in result
from GMR Airport for -3 million euros to -19 million euros.
Hyperinflation in Turkey: In
the context of very high inflation in Turkey, group entities whose
functional currency is the Turkish lira are obliged to apply the
provisions of IAS 29 "Financial Reporting in Hyperinflationary
Economies" from February 2022 onwards, requiring the restatement of
the financial statements to take account of changes in the general
purchasing power of this currency. The limited effect on the
Group's financial statements is described in note 2 of the
consolidated financial statements.
Other activities
|
(in millions of euros) |
H1
2022 |
HI
2021 |
2022/2021 |
|
Products |
83 |
83 |
- |
|
Hub One |
78 |
77 |
+€1M |
|
EBITDA |
12 |
12 |
- |
|
Operating income from ordinary activities |
4 |
4 |
- |
|
EBITDA / Products |
15.3% |
14.5% |
+0.8pt |
|
Operating income from ordinary activities / Products |
4.4% |
4.5% |
-0.1pt |
Over the 1st half of 2022,
products from the other
activities segment stood at 83 million euros, stable
compared to the first half of 2021.
Hub One saw a slight increase in its revenue of
+1 million euros, to 78 million euros.
EBITDA of the segment stood at
12 million euros, stable compared to the first half of 2021.
The operating income from ordinary
activities of the segment stood at 4 million euros, stable
compared to the first half of 2021.
Evolution of passenger traffic over the first
half of 2022
Group
traffic(1)
|
|
Status as of 30 June 2022 |
Group traffic
@100%(Mpax) |
Change H1
2022/2021(1)
(Mpax) |
Level compared to 2019
(1) |
|
Paris Aéroport (CDG+ORY) |
Open to domestic and international commercial flights. Paris-CDG:
Terminal 1 closed since 30/03/2020, |
37.5 |
+249.2% |
71.6% |
|
Zagreb |
Open to domestic and international commercial flights. |
1.3 |
+285.1% |
84.7% |
|
Jeddah-Hajj |
Open to domestic and international commercial flights. |
0.4 |
N/A |
10.3% |
|
Amman |
Open to domestic and international commercial flights. |
3.2 |
+163.4% |
78.3% |
|
Conakry |
Open to international commercial flights. |
0.3 |
+50.7% |
112.5% |
|
Santiago de Chile |
Open to domestic and international commercial flights. |
8.7 |
+161.4% |
69.2% |
|
Madagascar |
Antananarivo and Nosy Be: Open to domestic and international
commercial flights. |
0.2 |
+217.3% |
43.1% |
|
New Delhi –GMR Airports |
Open to domestic and international commercial flights. |
27.2 |
+83.4% |
83.5% |
|
Hyderabad –GMR Airports |
Open to domestic and international commercial flights. |
8.7 |
+80.2% |
79.3% |
|
Cebu – GMR Airports |
Open to domestic and international commercial flights, traffic
restrictions. |
2.1 |
+348.2% |
33.2% |
|
Almaty – TAV Airports |
Open to domestic and international commercial flights. |
3.1 |
+11.8% |
109.4% |
|
Antalya – TAV Airports |
Open to domestic and international commercial flights. |
10.2 |
+143.3% |
76.0% |
|
Ankara – TAV Airports |
Open to domestic and international commercial flights. |
3.9 |
+62.3% |
55.8% |
|
Izmir – TAV Airports |
Open to domestic and international commercial flights. |
4.2 |
+69.8% |
72.9% |
|
Other platforms –TAV
Airports(2) |
Open to domestic and international commercial flights, local
restrictions may apply. |
8.4 |
+190.9% |
70.5% |
|
GROUP TOTAL |
- |
118.2 |
+134.4% |
71.9% |
(1) Group traffic includes the
traffic of Delhi International Airport Limited (DIAL), Hyderabad
International Airport Limited (GHIAL), Mactan-Cebu International
Airport and Almaty International Airport traffic as of January 1st,
2019. Following the non-renewal on December 31st, 2021, of the
technical assistance contract (TSA) relating to Mauritius airport,
group traffic no longer includes traffic of Mauritius
airport.(2) Turkey (Milas-Bodrum & Gazipaşa),
Croatia (Zagreb), Saudi Arabia (Medinah), Tunisia (Monastir &
Enfidha), Georgia (Tbilisi & Batumi), and North Macedonia
(Skopje & Ohrid).
-
Traffic at Paris
Aéroport:
Over the 1st half of 2022, Paris Aéroport
passenger traffic was up by +249.2% with a total of 37.5 million
passengers, at 71.6% of the level over the same period in 2019.
Geographical breakdown of traffic in Paris is as
follows:
- International traffic (excluding
Europe, including French Overseas Territories) was up +242.5%
compared to the 1st half of 2021, to 67.9% of the 2019 level,
due to an increase in the traffic on the following destinations:
North America (+524.1%), Latin America (+327.4%),
Middle East (+276.7%), Asia-Pacific (+239.4%) and
Africa (+171.3%);
- European traffic (excluding France)
was up by +358.4% compared to the 1st half of 2021, to 74.3% of
2019 level;
- Traffic within mainland France was
up by +112.9% compared to the 1st half of 2021, to 73.5% of 2019
level;
- Traffic with the French Overseas
Territories (included within the international traffic) was up by
+129.6% compared to the 1st half of 2021, to 90.8% of 2019
level.
|
Segment |
H1 2022/H1
2021 change |
Share in total traffic over H1
2022 |
Level compared to H1
2019 |
|
France |
+112.9% |
15.8% |
73.5% |
|
Europe |
+358.4% |
45.6% |
74.3% |
|
Other International |
+242.5% |
38.6% |
67.9% |
|
of which |
|
|
|
|
Africa |
+171.3% |
11.8% |
76.4% |
|
North America |
+524.1% |
10.5% |
74.0% |
|
Latin America |
+327.4% |
3.4% |
73.1% |
|
Middle East |
+276.7% |
5.3% |
72.3% |
|
Asia-Pacific |
+239.4% |
2.0% |
22.3% |
|
French Overseas Territories |
+129.6% |
5.7% |
90.8% |
|
Total Paris Aéroport |
+249.2% |
100.0% |
71.6% |
The number of connecting passengers was up by
+172.9%. The connecting rate stood at 21.4%, down by 6.1 points
compared to 2021. The aircraft load factor was up by +19.8 points,
to 78.4%.
The number of aircraft movements at Paris
Aéroport was up +122.7% to 272,651 movements, including 184,108
movements at Paris Charles de Gaulle, up 114.0%, to 76.4% of the
first half of 2019 level, and 88,543 movements at Paris-Orly, up
143.5%, to 80.0% of the first half of 2019 level.
Traffic assumptions, forecasts and targets 2022-2025
Traffic assumptions, forecasts
and targets 2022-2025
These forecasts are based on the assumption of
no new restrictions or airport closures due to the health crisis,
of a stable business model in Paris, and of no abnormally high
volatility in exchange rates and inflation rates. Any negative
change in relation to these assumptions could have an adverse
effect on traffic volumes and the 2025 financial indicators.
They are also based on the consolidation scope at the end of
2021, with no assumption of developments up to 2025.
Based on the traffic recorded in the 1st half of
the year, and as announced in the press release of July 18, 2022,
the group has revised its assumptions for 2022 as follows
- Groupe ADP: traffic
between 74% and 84% of 2019 levels (compared to 70-80% of 2019
previously)
- Paris Aéroport:
traffic between 72% and 82% of 2019 levels (compared to 65 - 75% of
2019 previously)
Accordingly, and in light of the results
recorded in the 1st half of 2022:
- The group has
raised the target EBITDA margin range for 2022 and 2023 by 2
points, i.e. 32% to 37% of revenue;
- The debt ratio
is now expected to be between 5.5 and 6.5 times EBITDA for the year
2022 (compared to 6 to 7 times the EBITDA previously).
|
|
20226 |
2023 |
2024 |
2025 |
|
Group7 trafficIn
% of 2019 traffic |
74% -84% |
Return to the 2019 traffic level between 2023 and 2024 |
- |
|
Traffic at Paris AéroportIn % of
2019 traffic |
72% -82% |
85% -95% |
90% -100% |
95% -105% |
|
Return to the 2019 traffic level between 2024 and 2026,More than
100% as of 2026 |
|
Extime Sales / Pax in
Paris8in euros |
- |
- |
- |
€27.5 |
|
ADP SA operating expensesper
passenger, in € |
- |
- |
16€ -18€ / pax |
|
Group EBITDA growthCompared to 2019 |
- |
- |
Return to the 2019 level, EBITDA above or equal to €1,772M |
- |
|
Group EBITDA margin In % of revenue |
Between 32% and 37%(vs. 30-35% previously) |
Between 35% and 40% |
|
Net income, attributable to the Groupin millions
of euros |
Positive |
|
Group investments(excl. financial
investments) |
1 billion euros per year on average between 2022 and 2025at Group
level (ADP SA and subsidiaries) in constant euros |
|
ADP SA investments(excl. financial investments,
regulated, non-regulated) |
€550M – €600M |
€750M – €800M |
€650M – €750M |
€800M – €900M |
|
Net Financial Debt/ EBITDA
ratio |
5.5x – 6.5x(vs. 6x-7x previously) |
- |
- |
4.5x – 5x |
|
Dividends due for the year N-1In % of the
NRAG |
- |
60% pay out rateMinimum of €1 per share |
60% pay out rateMinimum of €3 per share |
Agenda
-
An analyst conference will be held on Thursday 28
July 2022 at 6:00 pm
(Paris
time). This conference
will be webcasted live on the links below and on the Groupe ADP
website: finance.groupeadp.fr
Link to the webcast in English / Link to the
webcast in French
Phone lines:
United Kingdom:
+44 (0) 33 0551
0200
France: +33 (0)1
70 37 71 66
United States:
+1 212 999 6659
Access
codes:
French:
ADP
FR
English:
ADP
ENG
A replay of the conference will be available on
Groupe ADP (https://www.parisaeroport.fr/groupe/finances)
-
Next traffic figures publication:
Tuesday, August 16, 2022 - July 2022 Traffic
-
Next results publication: Thursday, October 27,
2022 - Revenue for the first nine months of 2022
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 14 April 2022 under
D.22-0299, and the amendment filed with the AMF on July 1, 2022
under number 22-0299-A01. These documents are retrievable online on
the AMF website www.amf-france.org or Aéroports de Paris website
www.parisaeroports.fr.Aéroports de Paris does not commit and shall
not update forecasted information contained in the document to
reflect facts and posterior circumstances to the presentation
date.
Definitions
The definition and calculation of the
alternative performance indicators (APIs) as well as the
segmentation of the Group's activities presented in this press
release are published in full in the Group's universal registration
document. It is available on the Group's website:
https://www.parisaeroport.fr/en/group/finance/amf-information
Investor Relations contacts:
Cécile Combeau,
Eliott Roch - +33 1 74 25 31
33 Press contact: Lola Bourget,
Head of Medias and Reputation Department +33 1 74
25 23 23Groupe ADP develops and manages airports,
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
In 2021, the group handled through its brand Paris Aéroport
more than 41.9 million passengers and 2.1 million metric tons of
freight and mail at Paris-Charles de Gaulle and Paris-Orly,
and more than 118.1 million passengers in airports abroad.
Boasting an exceptional geographic location and a major catchment
area, the group is pursuing its strategy of adapting
and modernizing its terminal facilities and upgrading quality of
services; the group also intends to develop its retail and real
estate businesses. In 2021, group revenue stood at €2,777 million
and net income at -€248 millionRegistered office: 1, rue de France,
93290 Tremblay-en-France. Aéroports de Paris is a public limited
company (Société Anonyme) with share capital of €296,881,806.
Registered in the Bobigny Trade and Company Register under no. 552
016 628.
groupeadp.fr
Appendix 1 – 2022 first half consolidated financial
statements
Consolidated income statement of the 1st half of 2022
|
(in millions of euros) |
Half-year 2022 |
Half-year 2021 |
|
Revenue |
2,006 |
989 |
|
Other operating income |
30 |
139 |
|
Consumables |
(309) |
(135) |
|
Employee benefit costs |
(384) |
(344) |
|
Other operating expenses |
(675) |
(514) |
|
Net allowances to provisions and Impairment of receivables |
34 |
20 |
|
EBITDA |
702 |
155 |
|
EBITDA/Revenue |
35.0% |
15.6% |
|
Amortisation and impairment of tangible and intangible assets |
(356) |
(333) |
|
Share of profit or loss in associates and joint ventures |
(6) |
(65) |
|
Operating income from ordinary activities |
340 |
(243) |
|
Other operating income and expenses |
8 |
8 |
|
Operating income |
348 |
(235) |
|
Financial income |
169 |
253 |
|
Financial expenses |
(290) |
(274) |
|
Financial income |
(121) |
(21) |
|
Income before tax |
227 |
(256) |
|
Income tax expense |
(59) |
69 |
|
Net results from continuing activities |
168 |
(187) |
|
Net results from discontinued activities |
(1) |
(1) |
|
Net income |
167 |
(188) |
|
Net income attributable to the Group |
160 |
(172) |
|
Net income attributable to non-controlling interests |
7 |
(16) |
|
Earnings per share attributable to owners of the parent
company |
|
|
|
Basic earnings per share (in €) |
1.62 |
(1.74) |
|
Diluted earnings per share (in €) |
1.62 |
(1.74) |
|
Earnings per share from continuing activities attributable
to the Group |
|
|
|
Basic earnings per share (in €) |
1.62 |
(1.73) |
|
Diluted earnings per share (in €) |
1.62 |
(1.73) |
Consolidated balance sheet as of 30 June 2022
|
(in millions of euros) |
Half-year 2022 |
Half-year 2021 |
|
Intangible assets |
3,067 |
3,007 |
|
Property, plant and equipment |
8,210 |
8,181 |
|
Investment property |
606 |
614 |
|
Investments in associates |
1,958 |
1,583 |
|
Other non-current financial assets |
565 |
972 |
|
Deferred tax assets |
24 |
26 |
|
Non-current assets |
14,430 |
14,383 |
|
Inventories |
87 |
84 |
|
Contract assets |
4 |
9 |
|
Trade receivables |
960 |
827 |
|
Other receivables and prepaid expenses |
292 |
298 |
|
Other current financial assets |
640 |
193 |
|
Current tax assets |
162 |
179 |
|
Cash and cash equivalents |
1,847 |
2,379 |
|
Current assets |
3,992 |
3,969 |
|
Assets held for sales |
15 |
10 |
|
Total assets |
18,437 |
18,362 |
|
(in millions of euros) |
As of 30 June 2022 |
As at Dec 31, 2021 |
|
Share capital |
297 |
297 |
|
Share premium |
543 |
543 |
|
Treasury shares |
(1) |
(1) |
|
Retained earnings |
3,043 |
2,936 |
|
Other equity items |
(95) |
(259) |
|
Shareholders' equity - group share |
3,787 |
3,516 |
|
Non-controlling interests |
762 |
660 |
|
Shareholders' equity |
4,549 |
4,176 |
|
Non-current debt |
9,209 |
9,144 |
|
Provisions for employee benefit obligations (more than one
year) |
439 |
513 |
|
Other non-current provisions |
67 |
136 |
|
Deferred tax liabilities |
362 |
300 |
|
Other non-current liabilities |
947 |
953 |
|
Non-current liabilities |
11,024 |
11,046 |
|
Contract liabilities |
3 |
5 |
|
Trade payables |
736 |
785 |
|
Other debts and deferred income |
1,167 |
1,008 |
|
Current debt |
860 |
1,169 |
|
Provisions for employee benefit obligations (less than one
year) |
78 |
141 |
|
Other current provisions |
6 |
24 |
|
Current tax liabilities |
14 |
8 |
|
Current liabilities |
2,864 |
3,140 |
|
Total equity and liabilities |
18,437 |
18,362 |
Consolidated statement of cash flows of the 1st half-year
2022
|
(in millions of euros) |
Half-year 2022 |
Half-year 2021 |
|
Operating income |
348 |
(235) |
|
Income and expense with no impact on net cash |
244 |
263 |
|
Net financial income other than cost of debt |
17 |
(11) |
|
Operating cash flow before change in working capital and
tax |
609 |
17 |
|
Change in working capital |
22 |
(147) |
|
Tax expenses |
(11) |
70 |
|
Impact of discontinued activities |
1 |
194 |
|
Cash flows from operating activities |
621 |
134 |
|
Purchase of tangible assets, intangible assets and investment
property |
(270) |
(215) |
|
Change in debt and advances on asset acquisitions |
(104) |
(120) |
|
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(397) |
(299) |
|
Proceeds from sale of subsidiaries (net of cash sold) and
investments |
11 |
- |
|
Change in other financial assets |
(18) |
18 |
|
Proceeds from sale of property, plant and equipment |
4 |
2 |
|
Dividends received |
10 |
14 |
|
Cash flows from investing activities |
(764) |
(600) |
|
Proceeds from long-term debt |
340 |
214 |
|
Repayment of long-term debt |
(564) |
(85) |
|
Repayments of lease debts and related financial charges |
(10) |
(9) |
|
Capital grants received in the period |
10 |
(1) |
|
Revenue from issue of shares or other equity instruments |
(2) |
(1) |
|
Dividends paid to non controlling interests in the
subsidiaries |
(7) |
- |
|
Change in other financial liabilities |
12 |
(46) |
|
Interest paid |
(174) |
(170) |
|
Interest received |
(2) |
33 |
|
Impact of discontinued activities |
- |
(175) |
|
Cash flows from financing activities |
(397) |
(240) |
|
Impact of currency fluctuations |
8 |
(1) |
|
Change in cash and cash equivalents |
(532) |
(707) |
|
Net cash and cash equivalents at beginning of the period |
2,378 |
3,458 |
|
Net cash and cash equivalents at end of the period |
1,846 |
2,751 |
|
of which Cash and
cash equivalents |
1,847 |
2,767 |
|
of which Bank
overdrafts |
(1) |
(16) |
1 As announced in the June 2022 traffic release, published on
July 18, 2022, the 2022 traffic assumptions have been revised
upwards - see page 15 of this release2 The positive financial
impacts resulting from the increase in traffic assumptions for 2022
lead to an increase in the EBITDA margin target range for 2022 and
2023 - see page 15 of this release
3 Group traffic is accounted for on a
like-for-like basis, restated for the following changes: the
acquisitions of Delhi, Hyderbad, Mactan Cebu and Almaty airports,
and the non-renewal of the technical assistance contract (TSA) for
Mauritius airport.4 Including Almaty and Zagreb airports.5 See the
press release of June 22, 2022: "Skytrax 2022 ranking.
Paris-Charles de Gaulle voted best airport in Europe, 6th in the
world".
6 The 2022 financial forecasts are based on the
following exchange rate assumptions: EUR/USD = 1.09, EUR/TRY =
17.03, EUR/JOD = 0.77 and EUR/INR = 83.657 Group
traffic includes the traffic of Delhi International Airport Limited
(DIAL), Hyderabad International Airport Limited (GHIAL),
Mactan-Cebu International Airport and Almaty International Airport
traffic as of January 1st, 2019. 8 Extime Sales/Pax: Sales per
passenger in the airside activities: shops, bars & restaurants,
foreign exchange & tax refund counters, commercial lounges, VIP
reception, advertising and other paid services in the airside
area.
- Aéroport de Paris SA - Solid first half results, driven by
traffic momentum
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
