Aéroport de Paris SA - 2022 Full-year results
FINANCIAL RELEASE
February 16th, 2023
Aéroports de Paris
SAFULL-YEAR
2022
RESULTS
UP SHARPLYALL GROUPE
ADP'S ANNUAL OBJECTIVES WERE MET
OR EXCEEDED
Strong
full-year
results:
- Revenue: €4,688M,
up +68.8% (+62.9% excluding the integration of Almaty airport since
May 2021), driven by the strong traffic recovery, both in Paris and
abroad, and the strong momentum of Retail and services activities,
with Extime Paris Sales/Pax reaching €27.4 (+8.2% vs. 2021 and
+16.9% vs. 2019);
-
EBITDA: €1,704M, up +€953M; EBITDA margin at 36.4%
of revenue, in line with the guidance of a margin in the upper
part of the 32% to 37% range;
-
Operating Income: €936M, up +€964M, of which +€75M
improvement in income of equity-accounted companies;
-
Net income attributable to
the Group: €516M, up +€764M;
-
Net financial
debt: €7,440M, with a Net Debt to
EBITDA ratio better than expected, at 4.4x EBITDA (4.6x EBITDA
excl. the €420M proceeds from the disposal of the stake held by
Groupe ADP in Royal Schiphol Group vs. a guidance of 5.5x
to 5.0x, excl. RSG impact);
-
Dividend: proposal to distribute a dividend of 60%
of the 2022 NRAG, i.e. €3.13 per share1, a level 3 times higher
than the target floor of €1.00 per share.
Unless otherwise indicated, changes are expressed
in comparison with the 2021 full-year results.2022 forecasts and
corresponding results are summarized on page 17 of this financial
release.Key figures for the full-year 2022 are presented in a table
on page 3 of this financial release.Operational and financial
indicators definitions appear in appendix 2.
2023-2025
trajectory
adjusted:
- Narrower traffic
forecasts for 2023:
- Paris Aéroport: between 87% and 93%
of the 2019 level (previously 85% to 95%);
- Groupe ADP:
between 95% and 105% of the 2019 level;
- Return as early
as 2023 to an EBITDA at least equal to 2019 (i.e. equal or above
€1,772M), i.e a year earlier than previous forecasts;
- EBITDA margin
target range unchanged for 2023 (32% to 37%) and now expected
between 35% and 38% in 2024-2025 (previously 35% to 40%);
- Extime Paris
Sales Per Pax target upgraded to 29.5 euros in 2025 (previously
27.5 euros).
2023-2025
capital allocation policy
refined:
-
Capex now capped in current euros (previously in constant euros):
- ADP SA capex: c.€900M per year on
average (previously: capex program divided in a yearly schedule
ranging from €650M to €900M in constant euros);
- Group capex:
c.€1,300M per year on average (previously: €1,000M per year on
average in constant euros);
- Dividend policy
confirmed: payout of 60% of the NRAG, with a floor at €3.00 per
share;
- Net Debt to
EBITDA decrease continuing: target lowered to c.3.5x to 4.5x EBITDA
in 2025 (previously 4.5x to 5.0x), including selective
international growth projects.
Augustin de Romanet, Chairman and CEO of
Groupe ADP, stated:"2022 is a year marked by strong growth
in Groupe ADP's results. We have welcomed more than
280 million passengers in our entire airport network. In
Paris, we have welcomed close to 87 million passengers, more than
twice than in 2021. The strong recovery in traffic has been an
operational and human challenge and a want to thank our employees
and partners for their mobilization. In Paris, Retail &
Services activities recorded an outstanding growth, driven by an
Extime Paris Sales per Pax2 reaching 27.4 euros, up +4.0 euros
(+16.9%) compared to 2019, and up 2.1 euros (+8.2%) compared
to 2021.This solid performance translates into an EBITDA of 1,704
million euros, with an EBITDA margin of 36.4% of revenue, in the
upper part of the target range. Groupe ADP returns to a solid net
result, at 516 million euros, leading to propose to the General
Meeting a 3.13 euros dividend per share, equivalent to a payout of
60% of the net result attributable to the group. All the 2022
targets have been met or exceeded. Based on an adjusted financial
trajectory for the 2023-2025 period, Groupe ADP confirms its
commitment to continue deleveraging its balance sheet, targeting a
Net Debt to EBITDA ratio lowered again to 3.5x to 4.5x EBITDA in
2025 (the previous target was 4.5x to 5.0x EBITDA), including
selective international growth projects.In 2023, all Groupe ADP
teams will continue to be mobilized for the ecological transition
of our industry and to welcome travelers in our airports even
better. This ambition is set out in our 2025 Pioneers strategic
roadmap, serving all our stakeholders."
The 2022 Full-year results have been approved by
the Board of Directors of February 15th, 2023 and examined by the
Audit committee on February 9th, 2023. The audit procedures of
the consolidated financial statements by the auditors have been
realized. The certification report will be issued after: (i) the
review of subsequent events, (ii) the finalization of the specific
reviews required by French laws and regulation, (iii) the
finalization of the works regarding the required presentation of
the annual financial report in the ESEF standard.
Key figures
OPERATIONAL INDICATORS |
|
|
|
|
|
2022 |
In % of
2019 |
2022/2021 Change |
Group
traffic3 |
280.4
Mpax |
80.9% |
+118.0MPax |
+72.6% |
Paris Aéroport traffic |
86.7
Mpax |
80.2% |
+44.7MPax |
+106.7% |
|
2022 |
2021 |
Var. 2022/2021 |
2019 |
Var. 2022/2019 |
Extime Paris Sales /
Pax4 |
€27.4 |
€25.4 |
+€2.1 |
+8.2% |
€23.5 |
+€4.0 |
+16.9% |
FINANCIAL RESULTS |
|
|
|
|
|
2022 |
20215 |
2022/2021 Change |
Revenue |
€4,688M |
€2,777M |
+€1,911M |
+68.8% |
EBITDA |
€1,704M |
€751M |
+€953M |
+126.8% |
In % of revenue |
36.4% |
27.0% |
+9.4pts |
+34.4% |
Operating income from ord.
activities |
936M |
-€29M |
+€965M |
- |
Net result attributable to the group |
€516M |
-€248M |
+€764M |
- |
Net financial debt |
€7,440M |
€8,011M |
-€571M |
-7.1% |
Net financial debt/EBITDA6 |
4.4x |
10.7x |
-6.3x |
-59.1% |
Highlights
Successful launch of the 2025 Pioneers
strategic roadmap
In 2022, Groupe ADP has adopted a 2022-2025
strategic roadmap to build the foundation of a new airport model
geared towards sustainability and performance, in line with
societal and environmental expectations. (see press release of
February 16th, 2022).
The "2025 Pioneers" strategic roadmap defines
the priority transformation actions for the 2022-2025 period
and sets 20 objectives up to 2025, structured around
3 strategic priorities:
- An industrial ambition: One
ambition, "imagining the sustainable airport of tomorrow"
- A multi-local approach: One Group,
"build a global, integrated and responsible group"
- A collective
dynamic: Shared dynamics, "innovate, support and empower"
At the end of this first year of deployment, the
successful launch of the 2025 Pioneers strategic roadmap
materializes into the launch of concrete actions
contributing to the objectives set for 2025. (See the table of the
20 objectives on page 19 of this release).
Mandatory annual negotiations
(Négociations annuelles obligatoires "NAO"): signing of a
salary increase agreement for the employees of Aéroports de Paris
SA
As part of the Mandatory annual negotiations and
following meetings held with the representative trade unions, the
group has announced to the employees of Aéroports de Paris SA the
signing of a salary increase agreement.
This agreement notably includes, as of January
1st, 2023, a general increase of base salaries, of 2% for
executives (French "cadres")
and 3% for non-executives (French "non-cadres"),
followed by an increase of 1% for executives as of July 1st, 2023,
being an increase of at least €100 in the monthly gross
base salary for all employees of Aéroports de Paris SA. The
impact of these new measures is estimated at €15 million for
the year 2023.
This agreement is coupled with an exceptional
value-sharing bonus, to be paid to all employees in April 2023
(already recognized in the 2022 Full-year accounts) and a
commitment to initiate negotiations in 2023 regarding the
remuneration structure for executive employees.
Situation in international
assets
In 2022, some of the Group's international
assets that had been weakened by the Covid crisis have continued to
hold discussions with their counterparties (conceding authorities,
banks…) aimed at maintaining their financial and operational
viability. Depending on the situation, these assets requested
concession term extensions and debt restructurings.
Regarding TAV Airports, a two-year concession
extension was obtained on June 17th, 2022 for the
airports of Skopje and Ohrid, in North Macedonia.
Regarding Santiago de Chile, a debt
restructuring agreement was reached with the lenders on October
21st, 2022. In addition, initiatives towards the
Chilean authorities are continuing aiming at restoring the economic
balance of the project. Furthermore, the claim filed by the Group
with the International Centre for Settlement of Investment Disputes
(ICSID) against the Chilean State under the bilateral treaty
between France and Chile on the protection of foreign investments
(ICSID No. ARB/21/40 dated August 13th,
2021) is ongoing.
Moreover, Airport International Group (AIG), the
concession company for Amman airport in Jordan, is holding active
discussions with its conceding authority to achieve the economic
and financial rebalancing of the concession,
including the negotiation of a duration extension. A
restructuring of the commitments towards the lenders is being
carried out at the same time.
In Madagascar, discussions are ongoing with the
lenders to amend certain conditions of the project company's
loans.
As a result, the Groupe ADP may be required to
provide financial support to these airport management companies in
which it is a shareholder. The support that may arise from
restructuration discussions is estimation, globally, at a maximum
of 20 million euros in 2023. In addition, in the event of a failure
in negotiations aiming at rebalancing some of its international
concessions' situation, the group may be led to take decisions,
which could go as far as withdrawing from the project.
Groupe ADP's 2022 full-year results
presentation
2022 Full-year
consolidated
accounts
(in millions of euros) |
2022 |
2021 |
2022/2021 |
Revenue |
4,688 |
2,777 |
+€1,911M |
EBITDA |
1,704 |
751 |
+€953M |
EBITDA / Revenue |
36.4% |
27.0% |
+9,4pts |
Operating income from ordinary activities |
936 |
(29) |
+€965M |
Operating income from ordinary activities / Revenue |
20.0% |
-1.0% |
+21,0pts |
Operating income |
988 |
(20) |
+1,008M |
Financial result |
(224) |
(218) |
-6M |
Net income attributable to the Group |
516 |
(248) |
+764M |
Revenue
(in millions of euros) |
2022 |
20217 |
2022/2021 |
Revenue |
4,688 |
2,777 |
+€1,911M |
Aviation |
1,675 |
1,028 |
+€647M |
Retail and services |
1,442 |
825 |
+€617M |
of which Extime Duty Free Paris (ex. SDA) |
631 |
311 |
+€320M |
of which Relay@ADP |
95 |
36 |
+€59M |
Real estate |
296 |
278 |
+€18M |
International and airport developments |
1,361 |
726 |
+€635M |
of which TAV Airports |
1,048 |
518 |
+€530M |
of which AIG |
263 |
159 |
+€104M |
Other activities |
166 |
170 |
-€4M |
Inter-sector eliminations |
(252) |
(250) |
-€2M |
Groupe ADP's consolidated
revenue stood at 4,688 million euros in 2022,
up +1,911 million euros compared to 2021, mainly due to the
positive effect of traffic recovery on:
-
The revenue of aviation activities in Paris, up +647 million euros,
at 1,675 million euros and of the Retail and Services segment in
Paris, up +617 million euros, at 1,442 million euros;
-
The revenue of TAV Airports, which reached 1,048 million euros, up
+530 million euros. This revenue includes the one of Almaty airport
management company in Kazakhstan, for 334 million euros in
2022, while 105 million euros of revenue had been accounted for the
period of May to December 2021;
-
The revenue of AIG, up +104 million euros, at 263 million
euros.
The amount of inter-sector eliminations stood at
252 million euros over 2022, compared to 250 million euro over
2021.
EBITDA
(in millions of euros) |
2022 |
20218 |
2022/2021 |
Revenue |
4,688 |
2,777 |
+€1,911M |
Operating expenses |
(3,071) |
(2,182) |
-€889M |
Consumables |
(755) |
(383) |
-€372M |
External services |
(1,106) |
(789) |
-€317M |
Employee benefit costs |
(862) |
(739) |
-€123M |
Taxes other than income taxes |
(233) |
(195) |
-€38M |
Other operating expenses |
(114) |
(77) |
-€37M |
Other incomes and expenses |
87 |
156 |
-€69M |
EBITDA |
1,704 |
751 |
+€953M |
EBITDA/Revenue |
36.4% |
27.0% |
+9.4pts |
Group operating expenses stood
at 3,071 million euros over 2022,
up +889 million euros (+40.7%). Operating expenses
are evolving slower than revenue (+68.8%), driving the EBITDA
margin up 9.3 points, at 36.4% in 2022. The effect of the increase
of Energy prices observed at the European level had not significant
impact of group expenses, ADP SA having contractually secured from
2020, the purchase price of its electricity and gas consumption
until December 2023.
In 2022, electricity and gas expenses are up
+38.0%, representing c.2% of operating expenses, a stable portion
compared to 2021. Aéroports de Paris is currently working
on the elaboration of the new energy purchase policy which will
cover the needs of the years 2024 and beyond.
Overall, the impact of inflation on operating
expenses of ADP SA has been limited so far, most of the contracts
signed with providers including price increase clauses that are not
directly linked to inflation or that include fixed prices.
The distribution of the group's operating
expenses was as follows:
-
Consumables stood at 755
million euros, up +372 million euros, mainly due to:
- The increase of 190 million
euros for TAV Airports, of which 137 million are due to the full
consolidation of the Almaty airport in Kazakhstan management
company in TAV Airports' accounts since May 2021;
- The increase of 148 million
euros at the retail subsidiaries (Extime Duty Free Paris
and Relay@ADP) due to the mechanical increase in costs in line
with the increase in revenues.
- External
services stood at 1,106 million euros, up 317
million euros, due to:
- The increase in expenses related to
subcontracting for +140 million euros, in particular in safety, due
to the traffic recovery and the reopening of the
infrastructures in Paris that were still closed in 2021;
- The increase in expenses related to
other services and external expenses for +139 million euros, in
particular because of the mechanical increase in the concession
rent in Amman for +57 million euros, due to the increase in revenue
of AIG.
-
Employee benefits costs stood at
862 million euros, up 123 million euros. They include:
- An increase in employee benefits
costs of TAV Airports for 79 million euros, due to increase of
salaries in Turkey in 2022 compared to 2021 and the effect of
full consolidation of Almaty since May 2021;
- An increase in employee benefits
costs of retail subsidiaries at Paris (Extime Duty Free Paris &
Relay@ADP) for 26 million euros;
- The 20 million euros impact
relating to, on the one hand, ADP SA's employees salary increases
effective since July 1st, 20229, and on the other hand, exceptional
value-sharing bonuses paid in November 2022 and to be paid in April
2023, offset by the reversal of a 20 million euros provision for
employee benefits (related to the termination of the defined
benefit pension plan, referred to as "article 39").
-
Taxes other than income taxes stood at 233
million euros, up +38 million euros, due to the increase of tax
expense related to the increase in security activities, linked to
traffic recovery, and the increase of the CET10 expense, linked the
added value increase, partially offset by property tax rebates
linked to infrastructure closures in Paris, mainly in 2020;
-
Other operating expenses stood at 114 million
euros, up +37 million euros.
Other income and expenses
represented a net product of 87 million euros, down -69 million
euros compared to 2021, the unfavorable base effect related to
the return to full ownership of certain buildings on the Paris
platforms in 2021 for +109 million euros, partially
offset by a provision reversal recorded in 2022 following an
international impairment recorded in 2021.
Over 2022, the group's
consolidated EBITDA stood at
1,704 million euros, up +953 million euros.
Net result attributable to the Group
(in millions of euros) |
2022 |
202111 |
2022/2021 |
EBITDA |
1,704 |
751 |
+€953M |
Amortisation and impairment of tangible and intangible assets |
(782) |
(719) |
-€63M |
Share of profit or loss in associates and joint ventures(2) |
14 |
(61) |
+€75M |
Operating income from ordinary activities |
936 |
(29) |
+€965M |
Other operating income and expenses |
52 |
9 |
+€43M |
Operating income |
988 |
(20) |
+€1,008M |
Financial income |
(224) |
(218) |
-€6M |
Income before tax |
764 |
(238) |
+€1,002M |
Income tax expense |
(172) |
(8) |
-€164M |
Net income from continuing operations |
592 |
(247) |
+€839M |
Net income from discontinued operations |
(1) |
(1) |
+€0M |
Net income |
591 |
(248) |
+€839M |
Net income attributable to non-controlling interests |
(75) |
0 |
-€75M |
Net income attributable to the Group |
516 |
(248) |
+€764M |
Operating income from ordinary
activities stood at -936 million euros, up +965 million
euros, driven by the EBITDA increase for +953 million euros, as
well as by the improvement of the results from equity-accounted
companies for +75 million euros, at 14 million euros, notably
due to:
-
The performance of TAV Airports' equity-accounted companies, in
particular ATU and TGS, services companies respectively specialized
in Duty Free and Ground Handling;
-
The reclassification of Royal Schiphol Group, whose results are not
accounted for since June 30th, 2021;
-
The reclassification of Tibah Development, the company operating
the Medina airport, whose results (losses) are not accounted
for, only depreciation of the shareholder loan to this company are
recorded in the financial result, in accordance with IAS 28.
Operating income stood at 988
million euros, up +1,008 million euros compared to 2021, due to the
increase in operating income from ordinary activities and the
reversal of a provision for 56 million euros, recorded in 2020.
Financial result stood at -224
million euros, down -6 million euros, mainly due to mainly due to
the unfavorable base effect linked to the restructuration
of TAV Tunisia's debt, for a net gain of 109 million euros in 2021,
partially offset by the gain, for 46 million euros, from
the disposal of Royal Schiphol Group stake and the decrease in the
cost of gross debt for 41 million euros.
The income tax expense stood at
172 million euros in 2022, compared to a tax expense of 8 million
euros in 2021, due to the return to a positive income before
tax.
Net income stood at 591 million
euros in 2022, up +839 million euros compared to 2021.
Given all these items, net income
attributable to the group is up +764 million euros
compared to 2021, at 516 million euros.
Cash and investments
As 31 December 2022, the Groupe ADP had
cash position of 2.6 billion euros. In 2022, cash
is up +253 million euros due to the increase in operating
cash-flows, linked to the recovery of activities, standing at 1,553
million euros and the disposal of the stake in Royal Schiphol Group
for 420 million euros and despite the bond repayment in February
2022 for 400 million euros and the capital injection by TAV
Airports into the new Antalya concession, in which it is a
shareholder alongside Fraport.
In view of this available cash and its forecasts
for 2023, the group has liquidity that it considers satisfactory
in the current sanitary and economic context and to meet
its operating needs and financial commitments.
Tangible and intangible
investments stood at 695 million euros in 2022, compared
to 527 million euros in 2021.
Financial debt
Groupe ADP's net financial debt
stood at 7,440 million euros as of December 31st, 2022,
compared to 8,011 million euros as of December 31st,
2021. As of December 31st, 2022, debt ratio stood at 4.4x EBITDA
(4.6x EBITDA excluding the proceeds of 420 million euros
from the disposal by Groupe ADP of the stake it held in Royal
Schiphol Group), compared to 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 25th,
2020, confirmed on December 21st, 2022), 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) |
2022 |
2021 |
2022/2021 |
Revenue |
1,675 |
1,028 |
+€647M |
Airport fees |
1,004 |
527 |
+€477M |
Passenger fees |
616 |
273 |
+€343M |
Landing fees |
232 |
147 |
+€85M |
Parking fees |
156 |
107 |
+€49M |
Ancillary fees |
209 |
106 |
+€103M |
Revenue from airport safety and security services |
428 |
365 |
+€63M |
Other income |
34 |
31 |
+€3M |
EBITDA |
499 |
30 |
+€469M |
Operating income from ordinary activities |
117 |
(346) |
+€463M |
EBITDA / Revenue |
29.8% |
3.0% |
+26.8pts |
Operating income from ordinary activities / Revenue |
7.0% |
-33.6% |
+40.6pts |
In 2022, revenue of aviation
segment, which relates solely to the airport activities
carried out by Aéroports de Paris as operator of the
Parisian platforms, is up +62.9%, at 1,675 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 +90.6%, at 1,004 million euros due to:
- the increase of +125.4 % of the
revenue from passenger fees, due to the increase in passenger
traffic (+106.7%);
- the increase of +57.7% of the
revenue from landing fees, due to the increase in aircraft
movements (+62.4%);
- the increase of +46.3% 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 1st, 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.
By its decision n°2022-087 of December 8th,
2022, published on January 13th, 2023, the ART has approved the
airport fees for Aéroports de Paris for the tariff period from
April 1st, 2023, to March 31st, 2024. This approval translates, for
Paris-Charles de Gaulle and Paris-Orly, by a tariff freeze,
different measures offsetting each other. These measures involve
the reduction of the parking fee by approximately -2.7%, the
increase of the fee for assistance to persons with reduced mobility
by +2.5% at Paris-Charles de Gaulle and by +10.0% at Paris-Orly and
the +7% increase in the fixed portion of the annual fee for
check-in counters, boardings desks and local luggage handling for
Paris-Orly and Paris-Charles de Gaulle.
For Paris-Le Bourget airport, the average
increase in fees is approximately +2.5%, resulting from a +2.1%
increase in the landing fee, a modification of the acoustic
modulation coefficients for group 6 aircrafts, a freeze in the fee
for the provision of airport circulation permits and a +2.5%
increase in the parking fee. The applicable fees are available on
the company's website.
Revenue from ancillary fees was
up +98.1%, at 209 million euros, linked to the increase in
passenger traffic.
Revenue from airport safety and security
services was up +17.3%, at 428 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 34 million euros.
EBITDA was up +469 million
euros, at 499 million euros due to the increase of
revenue.
Operating income from
ordinary activities was up +463 million euros, at 117
million euros in 2022, due to the EBITDA increase.
Retail and services – Parisian platforms
(in millions of euros) |
2022 |
2021 |
2022/2021 |
Revenue |
1,442 |
825 |
+€617M |
Retail activities |
922 |
428 |
+€494M |
Extime Duty Free Paris (ex. Société de Distribution
Aéroportuaire) |
631 |
311 |
+€320M |
Relay@ADP |
95 |
36 |
+€59M |
Other Shops and Bars and restaurants12 |
119 |
40 |
+€79M |
Advertising |
35 |
18 |
+€17M |
Other retail products |
41 |
23 |
+€18M |
Car parks and access roads |
149 |
90 |
+€59M |
Industrial services revenue |
156 |
146 |
+€10M |
Rental income |
140 |
122 |
+€18M |
Other income |
75 |
39 |
+€36M |
EBITDA |
613 |
245 |
+€368M |
Operating income from ordinary activities |
475 |
98 |
+€377M |
EBITDA / Revenue |
42.5% |
29.7% |
+12.8pts |
Operating income from ordinary activities / Revenue |
32.9% |
11.9% |
+21.0pts |
In 2022, Retail and services segment
revenue, which includes only Parisian activities,
was up +74.8%, at 1,442 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.
In 2022, revenue from retail activities was up
+115.6%, at 922 million euros, including Extime Duty Free Paris
(ex. Société de Distribution Aéroportuaire), up +102.8%, at 631
million euros and Relay@ADP, up +166.1%, at 95 million euros, due
to the increase in traffic and the number of outlets opened
compared to 2021.
Revenue from car
parks was up +65.5%, at 149 million euros.
Revenue from industrial
services (supply of electricity and water) was up +6.5%,
at 156 million euros.
Rental revenues (leasing of
spaces within terminals) were up +14.3%, at 140 million euros.
Other revenues (primarily
constituted of internal services) were up +94.7%, at 140 million
euros.
EBITDA was up +368 million
euros, at 613 million euros, mainly due to higher revenues from
retail activities, notably Extime Duty Free Paris and
Relay@ADP.
Operating income from ordinary
activities was up +377 million euros, at 475 million
euros, due to the EBITDA increase.
Real Estate - Parisian platforms
(in millions of euros) |
2022 |
2021 |
2022/2021 |
Revenue |
296 |
278 |
+€18M |
External revenue |
249 |
227 |
+€22M |
Land |
120 |
114 |
+€6M |
Buildings |
89 |
74 |
+€15M |
Others |
40 |
39 |
+€1M |
Internal revenue |
47 |
50 |
-€3M |
EBITDA |
194 |
294 |
-€100M |
Operating income from ordinary activities |
124 |
235 |
-€111M |
EBITDA / Revenue |
65.5% |
105.7% |
-40.2pts |
Operating income from ordinary activities / Revenue |
41.9% |
85.1% |
-43.2pts |
In 2022, revenue from the Real Estate
segment, which includes only Parisian activities stood at
296 million euros, up +6.8% compared to 2021.
External revenue realized with
third parties, stood at 249 million euros, up +9.6% compared to
2021, notably due to scope effect linked to the return in full
ownership of some buildings on the Parisian platforms in 2021 and
the commissioning of cargo areas in 2021, as well as the effect of
indexation clauses on rents.
EBITDA of the segment stood at
194 million euros, down 100 million euros, due to the unfavorable
base effect related to the return to full ownership of
some buildings on the Parisian platforms for 109 million euros in
2021.
Operating income from ordinary
activities stood at 124 million euros, down 111 million
euros due to EBITDA decrease.
International and airport developments
(in millions of euros) |
2022 |
202113 |
2022/2021 |
Revenue |
1,361 |
726 |
+€635M |
ADP International |
296 |
197 |
+€99M |
of which AIG |
263 |
159 |
+€104M |
of which ADP Ingénierie |
22 |
30 |
-€8M |
TAV Airports |
1,048 |
518 |
+€530M |
Société de Distribution Aéroportuaire Croatie |
15 |
7 |
+€8M |
EBITDA |
379 |
156 |
+€223M |
Share of profit or loss in associates and joint ventures |
13 |
(61) |
+€74M |
Operating income from ordinary activities |
221 |
(28) |
+€249M |
EBITDA / Revenue |
27.8% |
21.5% |
+6.3pts |
Operating income from ordinary activities / Revenue |
16.2% |
-3.8% |
+20.0pts |
In 2022, revenue from the International
and airport developments segment stood at
1,361 million euros, up +87.5% compared to 2021, mainly due to
the increase in revenue from TAV Airports and AIG.
AIG's revenue was up +65.1%, at
263 million 'euros, due notably to the effect of the traffic
increase by +71.9% in Amman on airport fees for +86 million
euros and commercial revenues for 21 million euros.
TAV Airports' revenue was up
+102.2%, at 1,048 million euros. It includes since May 2021 the
revenue from Almaty airport in Kazakhstan. Excluding the
integration of Almaty, TAV Airports' revenue would be up +72.6%, at
714 million euros, due to:
- the effect of increased traffic on
the revenues of the assets managed by TAV Airports, notably in
Georgia, for +39 million euros, at Izmir for +31
million euros, and at Bodrum for +16 million euros;
-
the increases of revenue of TAV Airports' service companies,
notably Havas (company specialized in ground handling), for +51
million euros, due to the increase in the number of flights served,
TAV Technologies (company specialized in IT services)
for +51 million euros and BTA (company specialized in bars and
restaurants), for +45 million euros, due to the increase in
traffic.
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%14 of TAV Airports' total traffic, at 27.9%13
of TAV Airports' international traffic.
In 2022, traffic at TAV Airports' Turkish
airports was up +35.1% compared to 2021, amounting to 80.8% of 2019
traffic levels. Despite the impact of the conflict in Ukraine on
routes with Russia and Ukraine, the recovery at TAV Airports'
Turkish airports is supported by other routes, notably traffic
with the United Kingdom and Germany which respectively
stand at 152.8% and 108.7% of 2019 traffic,
amounting to 12.9 million passengers. In addition, at Almaty, in
Kazakhstan, traffic is up +18.5% compared to 2021,
at 7.2 million passengers, or 112.6% of 2019 traffic. The
recovery is also supported by the increase of the number
of cargo flights served, resulting from the Russian airspace
overflight ban.
EBITDA of the International and airport
developments segment was up +223 million euros,
at 379 million euros.
TAV Airports' EBITDA was up
+174 million euros compared to 2021, at 318 million euros, linked
to the increase in revenue and despite the increase in
operating expenses of +358 million euros. Excluding the integration
of Almaty, TAV Airports' EBITDA would be up +108 million euros, at
233 million euros.
AIG's EBITDA was up +41 million
euros compared to 2021, at 84 million euros, linked to the increase
in revenue, despite the increase in operating expenses of +62
million euros, due in particular to the increase in concession rent
for +57 million euros resulting from the traffic
recovery.
Operating income from ordinary
activities of the segment stood at 221 million euros,
up +249 million euros, due to:
- the increase of EBITDA for +223
million euros;
- the increase in results from
equity-accounted companies, for +75 million euros, at 14 million
euros, due to:
- the performance of TAV Airports'
equity-accounted companies, in particular ATU and TGS, services
companies respectively specialized in Duty Free and Ground
Handling, for +27 million euros;
- the reclassification of Tibah
Development, the company operating the Medina airport, whose
results (losses) are not accounted for, only depreciation of
the shareholder loan to this company are recorded in the financial
result, in accordance with IAS 28;
- the reclassification of Royal
Schiphol Group, whose results are not accounted for since June
30th, 2021;
- offsetting the decrease in GMR
Airports' contribution, for -22 million euros, linked to the
decrease in net result.
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) |
2022 |
2021 |
2022/2021 |
Products |
166 |
170 |
-4M |
Hub One |
161 |
157 |
+4M |
EBITDA |
19 |
26 |
-8M |
Operating income from ordinary activities |
(1) |
9 |
-10M |
EBITDA / Products |
11.6% |
15.3% |
-3.7pts |
Operating income from ordinary activities / Products |
-0.3% |
5.3% |
-5.6pts |
In 2022, products from the other
activities segment stood at 166 million euros, down -3.3%
compared to 2021, despite the increase in revenue for Hub One by 4
million euros, at 161 million euros.
EBITDA is down -28.7% compared
to 2021, at 19 million euros.
Operating income from ordinary
activities is down 10 million euros compared to 2021, at
-1 million euros.
Evolution of traffic in 2022
Group
traffic15:
|
2022 |
Passengers |
22/21 Change |
Recoveryvs. 2019 |
Paris-CDG |
57,474,033 |
+119.4% |
75.5% |
Paris-Orly |
29,187,269 |
+85.6% |
91.6% |
Total Paris Aéroport |
86,661,302 |
+106.7% |
80.2% |
Antalya |
31,210,119 |
+41.8% |
87.5% |
Almaty |
7,230,156 |
+18.5% |
112.6% |
Ankara |
8,644,967 |
+23.0% |
62.9% |
Izmir |
9,837,110 |
+30.0% |
79.6% |
Bodrum |
3,904,083 |
+34.2% |
90.0% |
Gazipaşa |
705,440 |
+21.5% |
65.0% |
Medina |
6,340,684 |
+260.7% |
75.6% |
Tunisia |
1,476,131 |
+181.6% |
48.5% |
Georgia |
3,612,927 |
+64.9% |
83.8% |
North Macedonia |
2,371,423 |
+70.4% |
88.6% |
Zagreb |
3,124,605 |
+122.5% |
90.9% |
Total TAV Airports |
78,457,645 |
+46.7% |
82.2% |
New Delhi |
59,490,074 |
+60.2% |
86.9% |
Hyderabad |
19,042,499 |
+58.8% |
85.6% |
Cebu |
5,533,315 |
+320.2% |
43.7% |
Medan |
3,291,554 |
+134.7% |
78.7% |
Total GMR Airports |
87,357,442 |
+68.5% |
81.2% |
Santiago de Chile |
18,744,155 |
+87.2% |
76.1% |
Amman |
7,837,501 |
+71.9% |
87.8% |
Other airports16 |
1,342,025 |
+114.1% |
72.5% |
GROUPE ADP |
280,400,070 |
+72.6% |
80.9% |
Paris Aéroport
traffic:
In 2022, Paris Aéroport traffic is up +106.7%
with a total of 86.7 million of passengers, at 80.2% of traffic in
the same period in 2019.
Geographical breakdown is as follows:
- Traffic within mainland France is
up +46.5% compared to, at 77.2% of 2019 level;
- Traffic with the French Overseas
Territories is up +54.8% compared to 2021, at 98.5% of 2019
level.
- European traffic (excluding France)
is up +119.2% compared to 2021, at 82.8% of 2019 level;
- International traffic (excluding
Europe and French Overseas Territories) is up +142.6% compared to
2021, at 76.3% of 2019 level, due to the increase of the
following destinations: North America (+201.0%), Latin America
(+151.5%), Middle-East (+137.8%), Asia-Pacific (+249.6%) and
Africa (+96.2%).
IMPORTANT NOTE: Since the traffic release of
December and the year 2022, the geographical breakdown at Paris
Aéroports within this release as well as in the historical data
used for variation and recovery calculations are aligned with the
different categories applicable to airport fees. It presents the
detailed breakdown of the "Europe" traffic into three categories:
"Schengen Area" traffic, "UE excluding Schengen & United
Kingdom" traffic, and "Other Europe" traffic. Traffic with "French
overseas territories", is presented separately from the
"International" traffic, in which it was included until the
November 2022 traffic release. It is reminded that airports fees
applicable to these different categories are available on the
company website.
|
2022 |
|
Share of traffic |
Change 22/21 |
Recovery vs. 2019 |
Mainland France |
14.4% |
+46.5% |
77.2% |
French Overseas Territories |
5.4% |
+54.8% |
98.5% |
Schengen Area |
36.7% |
+113.2% |
86.6% |
EU ex. Schengen & United-Kingdom |
6.1% |
+233.3% |
76.9% |
Other Europe |
2.3% |
+51.3% |
55.4% |
Europe |
45.1% |
+119.2% |
82.8% |
Africa |
12.7% |
+96.2% |
90.8% |
North America |
11.2% |
+201.0% |
82.7% |
Latin America |
3.0% |
+151.5% |
76.7% |
Middle East |
5.4% |
+137.8% |
83.6% |
Asia-Pacific |
2.7% |
+249.6% |
33.8% |
Other International |
35.0% |
+142.6% |
76.3% |
PARIS AEROPORT |
100.0% |
+106.7% |
80.2% |
The number of connecting passengers is up
+93.8%. Connecting rate stoods at 20.6%, down – 1,4 point compared
to 2021. Seat load factor is up +12.3 points, at 81.9%.
Aircraft movements at Paris Aéroport is up
+62.4%, at 598,640 movements, of which 402,849 movements
at Paris-Charles de Gaulle, up +61,1 %, at 80.9% of 2019
level, and 195,791 movements at Paris-Orly, up +65.1%, at
89.7% 2019 level.
Highlights of the period since the publication of the
2022 9-month revenue, on 27 October 2022
Unwinding process of the
cross-shareholdings with Royal Schiphol Group
It is reminded that the orderly sale process of
the cross-shareholdings of 8% held respectively by Aéroports de
Paris and with Royal Schiphol Group is described in the press
release from February 16th, 2022.
Groupe ADP took note of the announcement, made
on November 10th, 2022, of the acquisition by Crédit Agricole
Assurances, through its subsidiary Predica, of an additional stake
of 2.5% of Groupe ADP capital from Royal Schiphol Group, bringing
Crédit Agricole Assurances total stake in Groupe ADP at 7.73%.
Besides, it is reminded that Crédit Agricole Assurances has a seat
on the Board of Directors of Groupe ADP.
Groupe ADP took note of the announcement, made
on November 16th, 2022, of the acquisition by Canada Pension Plan
Investment Board, of an additional stake of 1.59% of Groupe ADP
capital from Royal Schiphol Group, bringing Canada Pension Plan
Investment Board total stake in Groupe ADP at 5.64%.
Royal Schiphol Group announced on December 6th,
2022, the sale of its remaining stake in Aéroports de Paris.
This sale represented approximately 3.91% of Groupe ADP's
capital, i.e. 3,869,859 shares. It was carried out by way of an
accelerated book-building (ABB) at a price of 133 euros per
share.
On this occasion, Groupe ADP has bought back
296,882 shares, i.e. approximately 0.3 % of the share capital, at a
unit price of133 euros. This share buyback, amounting to c.39.5
million euros, has been financed with Groupe ADP's available
cash. It was carried out within the framework of the share buyback
program authorized by the 6th resolution voted by the General
Shareholders' Meeting of May 17, 2022. It is intended to cover
any allocation of Groupe ADP performance shares and/or allocation
of shares in the context of an employee shareholding operation.
Following the ABB, Royal Schiphol Group no
longer holds any shares in Groupe ADP. In accordance with an Exit
Agreement concluded between the parties on December 1st, 2008,
Royal Schiphol Group has repurchased the shares held by Groupe ADP
in Royal Schiphol Group, marking the end of the process of
unwinding the cross-shareholdings with Royal Schiphol Group.
The proceeds from this transaction, received on
December 21st, 2022, by Groupe ADP, amounted to c.420 million
euros. They will enable Groupe ADP to selectively seize potential
international development opportunities while pursuing its debt
reduction path.
Aéroports de Paris announces the
implementation of its first Euro Medium Term Notes program
(EMTN)
Aéroports de Paris announces the implementation
of its first Euro Medium Term Notes program (EMTN). The Base
Prospectus of the Programme received the visa n°22-492 of the
Autorité des marchés financiers (AMF) on December 16th, 2022.
The program provides a legal framework intended to govern in
advance the bond financing transactions to be carried out by
Aéroports de Paris. Aéroports de Paris is currently noted A
(negative perspective) by S&P Global Ratings. The program's
prospectus and the documents incorporated by references are
available on the Groupe ADP's website
(parisaeroport.fr/en/group/finance) and the Autorité des Marchés
Financiers (amf-france.org).
TAV Airports won the tender for the
renewal of the Ankara Airport concession
TAV Airports, member of Groupe ADP, won on
December 20th, 2022, the tender for the renewal of
Ankara Airport concession. This success results from the auction
held by the Turkish State Airports Authority (DHMI)
in which TAV Airports was the highest bidder. The object
of the tender is the realization of investments to increase
capacity of the airport in return for the right to operate the
airport for 25 years, between May 24th, 2025 and May
23rd, 2050.
The total concession rent to DHMI is of 475
million euros (VAT excluded), of which 25% (119 million euros)
are to be paid within 90 days after the signing of the concession
agreement. The investment aiming at increase Ankara Airport's
capacities, notably estimated at around 300 million euros, of which
two thirds will be conducted between 2023 and 2026, and one third
to be engaged at the latest in 2038.
The accounts of the company will be fully
consolidated into TAV Airports. The current operating rights of
Ankara Airport, operated by TAV Esenboğa, a 100%-owned subsidiary
of TAV Airports, member of Groupe ADP, remain unchanged
until May 23rd, 2025.
Events occurred since December 31st, 2022
Precisions
following the announcement
made on Monday January
9th, 2023, by the French
Competition Authority
French Competition Authority has announced, on
Monday, January 9th, 2023, the opening of an in-depth examination
phase in the context of the proposed sale of by Aéroports de Paris
("Groupe ADP") of a 50% stake in Extime Food & Beverage Paris
to Select Service Partner ("SSP"). In its January 10th, 2023,
presse release, Groupe ADP specified that the joint venture
model is commonly used by many airports around the world, and that
the Groupe ADP itself has been using it for more than a decade. By
relying on the expertise of an industrial partner, this model has
contributed to the development of the Group's various retail and
food & beverage activities. In this context, Groupe ADP had
launched a call for tenders in April 2021 to seek a
co-shareholder in Extime Food & Beverage Paris. Select Service
Partner (SSP) was chosen at the end of this procedure with the
aim of acquiring, subject to the authorization
of the competition authority, 50% of the capital of
Extime Food & Beverage Paris along Aéroports de Paris (see
press release of October 25, 2021).
During this process, the food and beverage
activities in Paris will continue to be operated not only through
Extime Food & Beverage Paris, operating c.30 sales points in
Paris Charles de Gaulle and Paris-Orly Airports, but also by other
operators, including EPIGO joint-venture implemented in 2016. In
the meantime, Groupe ADP and its partner SPP will continue to
discuss with the Authority concerning the elements demonstrating
the expected effects of the transaction for passengers and the
benefits that will result in terms of pricing management and
quality of service. As reminded by the French Competition Authority
in its press release, the opening of this procedure does not
presume the existence of possible competition problems, nor the
outcome of this procedure. In any event, should this project not be
implemented in the form envisaged here, Groupe ADP will retain full
control of its commercial system in order to adapt it to passenger
demand and contribute to the achievement of its profitable growth
objectives.
2022 targets achievement
|
2022 Forecasts as established
on 16 February 202217 |
2022 Forecasts on 27
July 202218 |
2022 Forecasts on 27
October
202219 |
Achievement of targets on 31
December 2022 |
Group
traffic20In% of 2019 traffic |
70%-80% |
74%-84% |
77%-83% |
✔️Traffic recovery at80.9% of 2019 |
Traffic at Paris AéroportIn% of 2019 traffic |
65%-75% |
72%-82% |
78%-82% |
✔️Traffic recovery at80.2% of 2019 |
Group EBITDA margin In % of revenue |
30%-35% |
32%-37% |
>34.5% |
✔️EBITDA Margin at 36.4% |
Net income, attributable to the Groupin millions
of euros |
Positive |
Positive |
Positive |
✔️Net income attributable to the group
positive at
€516M |
Group investments(ADP SA
and
subsidiaries)21(excl.
financial investments) |
1 billion eurosper year on averagebetween 2022 and 2025 |
1 billion eurosper year on averagebetween 2022 and 2025 |
1 billion eurosper year on averagebetween 2022 and 2025 |
-695 million euros of investments
in 2022 |
ADP SA
Investissements21(excl. financial
investments, regulated / non-regulated) |
€550M – €600M |
€550M – €600M |
€500M – €550M |
-497 million euros of investments in
2022 |
Net Financial Debt/ EBITDA
Ratio22 |
6.0x€–7.0x |
5.5x–6.5x |
5.0x-5.5x |
✔️4.6x
224.4x incl. RSG proceeds |
Dividend policyIn % of NRAG |
60% payout ratioFloor at €1/share(distribution in 2023) |
60% payout ratioFloor at €1/share(distribution in 2023) |
60% payout ratioFloor at €1/share(distribution in 2023) |
✔️Proposal of a €3.13 dividend being 60% of net
income attributable to the group23 |
Traffic assumptions, forecasts and targets
2023-2025
As part of the 2025 Pioneers strategic roadmap
communicated on February 16th, 2022, Groupe ADP has set out targets
up to 2025. These targets have been built on the assumptions of no
new restrictions or airport closures linked to the health
crisis, of a stability of the economic model in Paris and of an
absence of abnormally high volatility in terms of exchange rates
and inflation rates. They have also been built on the basis of the
consolidation scope at the end of 2021, with no assumption of
changes up to 2025.
Based on the passengers' traffic and the results
recorded in 2022, the salary increases measures from 2023 as well
as the evolution of the macroeconomic context (foreign exchanges
rates, inflation, energy prices), Groupe ADP refined its
traffic assumptions in Paris in 2023 and adjusts some 2023-2025
forecasts and targets.
The updated targets are market
in blue in the
following table
It is specified that any further changes to the
assumptions on which the group's targets are based could have an
impact on the volume of traffic and the 2025 Pioneers financial
indicators
|
2023 |
2024 |
2025 |
Group traffic24In % of 2019
traffic |
95%-105% |
- |
- |
Back to 2019 level between 2023 and 2024 |
Traffic at Paris AéroportIn % of 2019 traffic
|
87%-93%Previously: 85%-95% |
90%-100% |
95%-105% |
Back to 2019 level between 2024 and 2026,above 2019 level from
2026 |
Extime Paris Sales / Pax25In
euros |
- |
- |
€29.5previously:
€27.5 |
ADP SA operating expensesper
passenger, in € |
- |
€17-€20/paxpreviously:
€16-€18/pax |
Group EBITDA growthCompared to 2019 |
At least equal to the 2019 EBITDA
(i.e. ≥ €1,772M)Previously: return to 2019 level
expected in 2024 |
- |
- |
Group EBITDA margin In % of revenue |
32% to 37% |
35% to 38%Previously: 35% to 40% |
Net income, attributable to the Groupin millions
of euros |
Positive |
Group investments(excl. financial
investments) |
c.1,300 million euros per year on average
between 2023 and 2025, in current eurosPreviously: 1,000
million euros per year on average between 2022 and 2025 (in
constant euros) |
ADP SA investments(excl. financial investments,
regulated and non-regulated) |
c.900 million euros per year on average between 2023 and
2025, in current euros |
Previously: €750M - €800Min constant euros |
Previously: €650M - €750Min constant euros |
Previously: €800M - €900Min constant euros |
Net Financial Debt/ EBITDA ratio
incl. Selective international
growth |
- |
- |
3.5x – 4.5xPreviously: 4.5x – 5.0x |
Dividends In % of the NRAGdue for the year N, paid
in N+1 |
60% pay out rateMinimum of €3 per share |
Follow up of the 2025 Pioneers strategic roadmap
indicators
The following table summarizes and illustrates
the 2022 dynamic for the deployment of actions aiming for the 2025
objective.
Legend: |
|
The blue bars symbolize the deployment dynamics of the identified
actions. Greater number of bars indicates greater momentum. |
N° |
Key performance indicatorand
2025 objective |
Scope |
Deployment
Dynamics in
2022 |
ONE AMBITION – Imagining the sustainable
airport of tomorrow |
1 |
Make more than 80% of flights depart on time or within 15
minutes of the scheduled time |
Airports controlled within Groupe ADP |
|
2 |
Reduce average taxiing emissions per flight by 10%
at Paris-Orly and Paris-CDG |
Paris-Orly, Paris-CDG |
|
3 |
Set a carbon budget for the life cycle of all
investment projects over €5 million |
ADP SA, TAV Airports |
|
4 |
Provide 50% of passengers at Paris-Orly and Paris-CDG with
biometric facilitation in their departure
journey |
Paris-Orly, Paris-CDG |
|
5 |
Aim for excellence in
hospitality |
|
|
• Place Paris-CDG n the top 10 of the Skytrax ranking of the
world's best airports, as well as 4 airports in the Top 50 and 8
airports in the Top 100 |
All Groupe ADP's airports |
|
• Achieve an ACI/ASQ score of 4 for passenger satisfaction |
Airports controlled, with traffic > 3m pax |
|
6 |
Deploy the Extime Retail and Hospitality concept
in Paris and initiate the deployment of the franchise in two
terminals outside the Parisian platforms |
Paris & International |
|
7 |
Set the Parisian platforms at the best European level in terms of
train-air connection by increasing by 50% the
number of train-aircraft connecting passengers at Paris-CDG and by
doubling it at Paris-Orly |
Paris Airports |
|
8 |
Using 10% of low-carbon energy in terminals and
airside, almost doubling compared to 2019, and 40% excluding
landing and take-off |
Controlled Airports and with ACA ≥ 3 in 2021 |
|
9 |
Open the new multimodal hub at Paris-Orly, with
the opening of the line 14 station, in 2024 and make it possible to
open or build 8 additional public transport lines to connect the
Parisian airports to the neighboring territories |
Paris Airports |
|
10 |
Preserve 25% of land for biodiversity at Paris-CDG
and 30% at Paris-Orly and Paris-Le Bourget, and set a course for
the group's airports to improve their biodiversity index by
2030 |
The 23 airports committed to the Airports for trust charter |
|
ONE GROUP – Building a
global, integrated and responsible group |
11 |
Stabilize the average maturity of our concession
portfolio at 30 years |
All airports under concession (excl. Paris) |
|
12 |
Opening 100 additional international routes to
increase the connectivity of our territories |
All airports |
|
13 |
Develop the smartization of the Group's airports
with three airports at "full" level and 100% of the others at
"friendly" level |
Airports controlled, with traffic > 4m pax |
|
14 |
Support the generalization of continuous descent
procedures between 2023 and 2025 at Paris-CDG and Paris-Orly |
Paris-Orly, Paris-CDG |
|
15 |
Promote the realization 80% of local purchases in
the Paris region, including 20% from SMEs, in compliance with
public procurement legislation |
ADP SA |
|
SHARED DYNAMICS –
Innovate,
support &
empower |
16 |
Deploy 120 experiments in societal, environmental and operational
innovations by 2025, 30 of which will leading to
industrialization |
ADP SA, TAV Airports, Hub One |
|
17 |
Carry out at least one employee shareholding
operation by 2025 |
ADP SA |
|
18 |
Include a ESG element in the remuneration of 100%
of employees |
ADP SA, TAV Airports, AIG |
|
19 |
Increase the number of employee civic engagement
days by a factor of five, to 5,000 over the period 2022-2025 |
ADP SA |
|
20 |
Educate 100% of employees on good ethical and
compliance practices |
ADP SA, TAV Airports, AIG |
|
The successful start of the "2025 Pioneers"
roadmap is illustrated by several examples of actions whose
deployment began in 2022 and whose first observed results are
contributing to the achievement of the objective set for 2025.
One Ambition -
Imagining the sustainable airport of
tomorrow
The strategic axis
One Ambition
aims for (i)
excellence and sustainability of operational and
construction
methods, (ii)
being innovative in hospitality,
and (iii) Developing the
offer of multi-global connections.
-
The work carried out in 2022 will enable the implementation, from
2023 onwards, of a punctuality management system for aircraft at
the Paris airports. It will be organized in coordination with the
various stakeholders, in particular the airlines, with the
establishment of a Punctuality Committee that will decide, if
necessary, on corrective actions to be deployed as part of a
continuous improvement process [KPI 1]
-
In 2022, the group launched work on the development of a tool to
budget the carbon impact of investment projects, initially tested
at its Paris hubs (in 2023) and intended to be extended to TAV's
airports (in 2024) for widespread use in 2025. The emissions taken
into account in this tool are those linked to construction,
maintenance or renovation, heating and cooling energy consumption,
electricity consumption and demolition of structures.[KPI 3]
-
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, 2022. 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 still in the top 100
worldwide: Delhi, Hyderabad and Medina. [KPI 5]
-
After several months of modernization work, Terminal 1 reopened its
doors to passengers on December 5, 2022. Closed since March 30,
2020 due to the Covid crisis, its reopening is accompanied by the
unveiling of a brand new nodal building and a new, innovative
passenger pathway, which fully embody Groupe ADP's quality of
service and hospitality requirements. The new boarding lounge is a
concept of the Groupe ADP's hospitality brand, Extime. Designed on
a human scale, it guarantees a maximum journey time of 6 minutes
from the end of security checks to the boarding gate. In 2023, the
group aims to deploy the Extime brand in Terminal 2 link B-D as
well as its marketplace and loyalty program (www.extime.com). [KPI
6]
-
Several infrastructure projects to facilitate access to the Paris
airports are under development and will continue in 2023: work on
the Paris-Orly multimodal station, work on the CDG Express tunnel,
feasibility studies for the creation of three bus lines from
Paris-CDG serving the Val d'Oise department, as well as the signing
of the agreement for the Roissy-Picardie line. [KPI 7]
One Group - Building a
global, integrated and responsible Group
The strategic axis One Group
aims for (i)
consolidating the group’s
network (ii) Mobilising
and federating
expertise to multiply it and
(iii) building on strong local
roots, respectful of
diversity.
-
In 2022, the average maturity of the concession portfolio is 32
years. The renewal of the Ankara airport concession won by TAV
Airports on December 20, 2022, to increase the capacity of this
airport in exchange for the right to operate it until May 2050,
contributes to the objective of stability in the maturity of the
portfolio. [KPI 11]
-
300 international routes were opened or reopened in 2022, and 40
routes were closed. Thus, the group has added 260 routes in the
past year [KPI 12].
-
In order to increase the proportion of purchases made with local
companies, including small companies, studies were carried out in
2022 to ensure that calls for tenders of less than 100,000 euros
are more easily directed towards the smallest companies, as well as
towards companies located within a radius of less than 150 km from
Paris [KPI 15]
Shared Dynamics -
Innovate, support and empower
The strategic axis
Shared dynamics aims for
(i) promoting an innovative and agile
approach in our projects,
(ii) Attracting and
retaining talents and
(iii) developing a
culture of responsibility
promoting civic engagement of employees.
-
In 2022, Groupe ADP experimented with 86 innovation projects, six
of which were the subject of industrialization work, including [KPI
16]:
- vertiports for flying cabs: March
21, 2022 saw the inauguration of the first piloted flight tests of
Volocopter's e-VTOL (Electric Vertical Take-Off and Landing) on the
experimental zone dedicated to new aerial mobilities at the
Pontoise Cormeilles-en-Vexin airfield. The vertiport model
currently being designed meets the challenges of a more sustainable
development of our infrastructures as well as the challenges of
modularity, agility and adaptability in an airport context that is
restrictive in terms of space and air integration, and a dynamic
market with a notable growth trend after 2030.
- Low carbon impact urban cool
islands at Paris-Orly: following the redevelopment of the Orly 4
drop-off point, the first stages of the greening and development of
the Orly 4 forecourt with the installation of green corollas by the
start-up Urban Canopee have been visible since the end of 2022. The
aim of this project is to create pedestrian walkways with pergolas
to combat urban heat islands.
-
On December 6, 2022, Groupe ADP bought back 296,882 of its own
shares (c. 0.3% of the share capital) at a unit price of133 euros.
This share buyback was carried out within the framework of the
share buyback program authorized by the 6th resolution voted by the
General Shareholders' Meeting of May 17, 2022. It is intended to
cover any allocation of Groupe ADP performance shares and/or
allocation of shares in the context of an employee shareholding
operation. [KPI 17]
-
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. 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. [KPI 18]
-
Groupe ADP has established a partnership agreement with the city of
Wissous (Paris Aera) to offer skills sponsorship to Paris-Orly
employees (up to 5 days per year through the ADP Foundation) with
the aim of working on fauna and flora inventories, on the city's
ecological management plan and on its biodiversity strategy. For
the first time, Groupe ADP also organized the "Month of Civic
Engagement", which took place in November 2022, with collective
actions offered to employees around the issues of the environment,
education and professional integration: nearly 200 employees were
involved in this event. [KPI 19]
-
In 2022, c. 90% of ADP SA's employees have received training in
good ethical practices and compliance. [KPI 20]
Next events
-
A conference call (audiocast in english) will be held on
Thursday 16
February 2023
at
10:00
am (CET). The
presentation can be follow in live at the followings links, which
are also posted on the Groupe ADP website:
A live webcast of the conference will be
available at the following link: webcast (only in english)
Registration to participate in the Q&A
session is available at the following link: call registration
-
Next traffic figures
publication: Wednesday 15 March 2023 – February
2023 traffic figures
-
Next results publication: Wednesday 26 April 2023
– First quarter of 2023 revenue
-
Next thematic conferences:
-
Thematic conference Extime & Terminal
1 visit: 5 April 2023
-
Thematic conference GMR Airports:
May/June 2023
-
Thematic conference Real estate: September/October
2023
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 18 March 2021 under
D.21-0149, 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
Definition and accounting of Alternative
Performance Measures (APM) as well as the segmentation of group
activities presented in this press release are fully published in
the Group universal registration document.
It is available in Groupe website: AMF
information - Groupe ADP (parisaeroport.fr)
Investor Relations
contacts: Cécile Combeau
+33 6 32 35 01 46 and
Eliott Roch +33
6 98 90 85 14 - invest@adp.fr Press
contact: Justine Léger, 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 2022, the group handled through its brand Paris Aéroport 86.7
million passengers at Paris-Charles de Gaulle and Paris-Orly, and
nearly 193.7 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
2022, group revenue stood at €4,688 million and net income at
€516million.Registered office: 1, rue de France, 93 290
Tremblay-en-France. Aéroports de Paris is a public limited company
(Société Anonyme) with share capital of €296,881,806.
Registered in the Bobigny Trade and Company Register under no. 552
016 628.
groupeadp.frAppendix 1 –
2022 consolidated financial statement
2022 consolidated income statement
(in millions of euros) |
2022 |
2021 |
Revenue |
4,688 |
2,777 |
Other operating income |
55 |
156 |
Consumables |
(755) |
(383) |
Personnel costs |
(862) |
(739) |
Other operating expenses |
(1,455) |
(1,061) |
Net allowances to provisions and Impairment of receivables |
33 |
1 |
EBITDA |
1,704 |
751 |
EBITDA/Revenue |
36.4% |
27.0% |
Amortisation, depreciation and impairment of tangible and
intangible assets net of reversals |
(782) |
(719) |
Share of profit or loss in associates and joint ventures |
14 |
(61) |
Operating income from ordinary activities |
936 |
(29) |
Other operating income and expenses |
52 |
9 |
Operating income |
988 |
(20) |
Financial income |
617 |
393 |
Financial expenses |
(841) |
(611) |
Financial income |
(224) |
(218) |
Income before tax |
764 |
(238) |
Income tax expense |
(172) |
(9) |
Net results from continuing activities |
592 |
(247) |
Net results from discontinued activities |
(1) |
(1) |
Net income |
591 |
(248) |
Net income attributable to the Group |
516 |
(248) |
Net income attributable to non-controlling interests |
75 |
- |
Earnings per share attributable to owners of the parent
company |
|
|
Basic earnings per share (in €) |
5.22 |
(2.50) |
Diluted earnings per share (in €) |
5.22 |
(2.50) |
Earnings per share from continuing activities attributable
to the Group |
|
|
Basic earnings per share (in €) |
5.22 |
(2.50) |
Diluted earnings per share (in €) |
5.22 |
(2.50) |
Consolidated balance sheet as of 31 December 2022
(in millions of euros) |
As of 31/12/2022 |
As of
31/12/2021 |
Intangible assets |
3,004 |
3,007 |
Property, plant and equipment |
8,253 |
8,181 |
Investment property |
621 |
614 |
Investments in associates |
1,879 |
1,583 |
Other non-current financial assets |
668 |
972 |
Deferred tax assets |
42 |
26 |
Non-current assets |
14,467 |
14,383 |
Inventories |
133 |
84 |
Contract assets |
4 |
9 |
Trade receivables |
938 |
827 |
Other receivables and prepaid expenses |
307 |
298 |
Other current financial assets |
237 |
193 |
Current tax assets |
121 |
179 |
Cash and cash equivalents |
2,631 |
2,379 |
Current assets |
4,371 |
3,969 |
Assets held for sales |
7 |
10 |
Total assets |
18,845 |
18,362 |
(in millions of euros) |
As of
31/12/2022 |
As of
31/12/2021 |
Share capital |
297 |
297 |
Share premium |
543 |
543 |
Treasury shares |
(40) |
(1) |
Retained earnings |
3,408 |
2,936 |
Other equity items |
(183) |
(259) |
Shareholders' equity - Group share |
4,025 |
3,516 |
Non-controlling interests |
830 |
660 |
Shareholders' equity |
4,855 |
4,176 |
Non-current debt |
8,763 |
9,144 |
Provisions for employee benefit obligations (more than one
year) |
386 |
513 |
Other non-current provisions |
56 |
136 |
Deferred tax liabilities |
433 |
300 |
Other non-current liabilities |
960 |
953 |
Non-current liabilities |
10,598 |
11,046 |
Contract liabilities |
2 |
5 |
Trade payables and other payables |
909 |
785 |
Other debts and deferred income |
1,171 |
1,008 |
Current debt |
1,233 |
1,169 |
Provisions for employee benefit obligations (less than one
year) |
56 |
141 |
Other current provisions |
6 |
24 |
Current tax liabilities |
15 |
8 |
Current liabilities |
3,392 |
3,140 |
Total equity and liabilities |
18,845 |
18,362 |
2022 Consolidated statement of cash flows
(in millions of euros) |
2022 |
2021 |
Operating income |
988 |
(20) |
Income and expense with no impact on net cash |
591 |
650 |
Net financial expense other than cost of debt |
(53) |
(36) |
Operating cash flow before change in working capital and
tax |
1,526 |
594 |
Change in working capital |
55 |
(88) |
Tax expenses |
(31) |
56 |
Impact of discontinued activities |
3 |
195 |
Cash flows from operating activities |
1,553 |
757 |
Purchase of tangible assets, intangible assets and investment
property |
(695) |
(527) |
Change in debt and advances on asset acquisitions |
3 |
(56) |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
(414) |
(315) |
Proceeds from sale of subsidiaries (net of cash sold) and
investments |
18 |
2 |
Change in other financial assets |
(64) |
(210) |
Proceeds from sale of property, plant and equipment |
6 |
11 |
Proceeds from sale of non-consolidated investments |
420 |
- |
Dividends received |
25 |
40 |
Cash flows from investing activities |
(701) |
(1,055) |
Proceeds from long-term debt |
461 |
294 |
Repayment of long-term debt |
(770) |
(578) |
Repayments of lease liabilities and related financial charges |
(20) |
(17) |
Capital grants received in the period |
12 |
1 |
Revenue from issue of shares or other equity instruments |
19 |
(1) |
Net purchase/disposal of treasury shares |
(34) |
1 |
Dividends paid to non controlling interests in the
subsidiaries |
(11) |
(4) |
Change in other financial liabilities |
(24) |
(56) |
Interest paid |
(258) |
(285) |
Interest received |
20 |
39 |
Impact of discontinued activities |
- |
(176) |
Cash flows from financing activities |
(605) |
(782) |
Impact of currency fluctuations |
5 |
- |
Change in cash and cash equivalents |
252 |
(1,080) |
Net cash and cash equivalents at beginning of the period |
2,378 |
3,458 |
Net cash and cash equivalents at end of the period |
2,630 |
2,378 |
of which Cash and cash equivalents |
2,631 |
2,379 |
of which Bank overdrafts |
(1) |
(1) |
Appendix 2 – Glossary
Definition and accounting of Alternative
Performance Measures (APM) as well as the segmentation of group
activities presented in this press release are fully published in
the Group universal registration document.
It is available in Groupe website: AMF
information - Groupe ADP (parisaeroport.fr)
Financial
indicators:
-
EBITDA is an accounting measure of the operating
performance of fully consolidated Group subsidiaries. It is
comprised of revenue and other ordinary income less purchases and
current operating expenses excluding depreciation and impairment of
property, plant and equipment and intangible assets.
-
EBITDA margin is the ratio
corresponding to: EBITDA / Revenue.
-
Gross Financial debt as defined by Groupe ADP
includes long-term and short-term borrowings and debts (including
accrued interests and hedge of the fair value of liabilities
related to these debts), debts related to the minority put option
(presented in other non-current liabilities)
-
Net Financial
debt as defined by Groupe ADP refers to gross
financial debt less, fair value hedging derivatives, cash and cash
equivalents and restricted bank balances.
-
Net Financial Debt/EBITDA Ratio
is the ratio corresponding to the ratio: Net Financial Debt/EBITDA,
which measures the company's ability to repay its debt.
Operating
indicators:
-
Extime Paris Sales /
Pax or Extime Paris
Sales per
passengers is
the ratio correponding to: Sales in the airside activities: shops,
bars & restaurants, foreign exchange & taxe refund
counters, commercial lougnes, VIP reception, advertising and other
paid services in the airside area / Departing passengers at Paris
Aéroport.
-
Group traffic includes airports operated by Groupe
ADP in full ownership (including partial ownership) or under
concession, receiving regular commercial passenger traffic,
excluding airports under management contract. Historical data for
the 2019-2022 period is available on the Company's website
Sub-group |
Airport |
Country |
Paris Aéroport |
Paris-Charles de Gaulle |
France |
Paris-Orly |
France |
TAV Airports
|
Antalya |
Turkey |
Almaty |
Kazakhstan |
Ankara |
Turkey |
Izmir |
Turkey |
Bodrum |
Turkey |
Gazipasa |
Turkey |
Medina |
Saudi Arabia |
Monastir |
Tunisia |
Enfidha |
Tunisia |
Tbilisi |
Georgia |
Batumi |
Georgia |
Skopje |
North Macedonia |
Ohrid |
North Macedonia |
Zagreb |
Croatia |
GMR Airports |
Delhi |
India |
Hyderabad |
India |
Cebu |
Philippines |
Medan |
Indonesia |
ADP International |
Santiago de Chile |
Chile |
Amman |
Jordan |
Antananarivo |
Madagascar |
Nosy Be |
Madagascar |
Conakry |
Guinea |
Appendix 3 – 2021 and 2022 Revenue of Retail and
Services
Revenue of Extime Food & Beverage Paris is
included in "Other Shops and Bars and restaurants" revenue.
In 2021 and 2022, it was presented in "Other
retail products" revenues. The rectified historical data for the
breakdown of revenues in the Retail and Services segment is shown
below:
2021 Retail and services
|
Q1 2021 |
H1 2021 |
9M 2021 |
FY 2021 |
(in millions of euros) |
published |
corrected |
published |
corrected |
published |
corrected |
published |
corrected |
Revenue |
135 |
135 |
289 |
289 |
534 |
534 |
825 |
825 |
Retail activities |
55 |
55 |
115 |
115 |
258 |
258 |
428 |
428 |
Extime Duty Free Paris (ex. SDA) |
41 |
41 |
84 |
84 |
186 |
186 |
311 |
311 |
Relay@ADP |
3 |
3 |
8 |
8 |
21 |
21 |
36 |
36 |
Other Shops and Bars and restaurants |
5 |
5 |
9 |
10 |
21 |
24 |
36 |
40 |
Adverstising |
3 |
3 |
6 |
6 |
11 |
11 |
18 |
18 |
Other retail products |
3 |
3 |
8 |
7 |
18 |
16 |
27 |
23 |
Car parks and access roads |
15 |
15 |
31 |
31 |
60 |
60 |
90 |
90 |
Industrial services revenue |
27 |
27 |
68 |
68 |
95 |
95 |
146 |
146 |
Rental income |
30 |
30 |
58 |
58 |
90 |
90 |
122 |
122 |
Other income |
8 |
8 |
17 |
17 |
31 |
31 |
39 |
39 |
2022 Retail and services
|
Q1 2022 |
H1 2022 |
9M 2022 |
FY 2022 |
(in millions of euros) |
published |
corrected |
published |
corrected |
published |
corrected |
Revenue |
270 |
270 |
625 |
625 |
1,020 |
1,020 |
1,442 |
Retail activities |
144 |
144 |
367 |
367 |
643 |
643 |
922 |
Extime Duty Free Paris (ex. SDA) |
104 |
104 |
254 |
254 |
438 |
438 |
631 |
Relay@ADP |
14 |
14 |
39 |
39 |
70 |
70 |
95 |
Other Shops and Bars and restaurants |
12 |
14 |
32 |
44 |
53 |
82 |
119 |
Adverstising |
5 |
5 |
13 |
13 |
23 |
23 |
35 |
Other retail products |
8 |
7 |
29 |
17 |
58 |
29 |
41 |
Car parks and access roads |
28 |
28 |
67 |
67 |
110 |
110 |
149 |
Industrial services revenue |
50 |
50 |
91 |
91 |
114 |
114 |
156 |
Rental income |
34 |
34 |
69 |
69 |
104 |
104 |
140 |
Other income |
14 |
14 |
32 |
32 |
49 |
49 |
75 |
1 Subject to the approval of the General Meeting
of the Shareholders of May 16th, 2023, approving 2022 accounts.2
Sales per passenger in the airside activities, including shops,
bars & restaurants, foreign exchange & tax refund counters,
commercial lounges, VIP reception, advertising and other paid
services in the airside area.3 Group traffic includes airports
operated by Groupe ADP in full ownership (including partial
ownership) or under concession, receiving regular commercial
passenger traffic, excluding airports under management contract.
Historical data for the 2019-2022 period is available on the
company's website.4 Sales per passenger in the airside activities,
including shops, bars & restaurants, foreign exchange & tax
refund counters, commercial lounges, VIP reception, advertising and
other paid services in the airside area.5 The accounts of the
Almaty airport management company have been included in the
consolidated accounts of TAV Airports from May 2021 (See section
5.1.6 of the 2021 Universal Registration Document regarding the
acquisition of the Almaty airport management company).6 Net
Financial Debt as of December 31st, 2022, compared to the 2022
EBITDA.7 The accounts of the Almaty airport management company have
been included in the consolidated accounts of TAV Airports from May
2021 (See section 5.1.6 of the 2021 Universal Registration
Document regarding the acquisition of the Almaty airport management
company).8 The accounts of the Almaty airport management company
have been included in the consolidated accounts of TAV Airports
from May 2021 (See section 5.1.6 of the 2021 Universal
Registration Document regarding the acquisition of the Almaty
airport management company).9 Measures negotiated with the
representative trade unions and consisting in particular of (i) a
return to the 2019 level of remuneration for employees affected by
the work contract adaptation plan (PACT) and (ii) an additional
general increase of 3% for all ADP SA employees.10 CET: Territorial
financial contribution.11 The accounts of the Almaty airport
management company have been included in the consolidated accounts
of TAV Airports from May 2021 (See section 5.1.6 of the 2021
Universal Registration Document regarding the acquisition of the
Almaty airport management company).12 Revenue of Extime Food &
Beverage Paris is included in "Other Shops and Bars and
restaurants" revenue. In 2021 and 2022, it was presented in "Other
retail products" revenues. The corrected historical data for the
breakdown of revenues in the Retail and Services segment is shown
in Appendix 3 of this financial release.13 The accounts of the
Almaty airport management company have been included in the
consolidated accounts of TAV Airports from May 2021
(See section 5.1.6 of the 2021 Universal Registration Document
regarding the acquisition of the Almaty airport management
company).14 Including Almaty and Zagreb airports.15 Group traffic
includes airports operated by Groupe ADP in full ownership
(including partial ownership) or under concession, receiving
regular commercial passenger traffic, excluding airports under
management contract. Historical data for the 2019-2022 period is
available on the company's website.16 Airports of Conakry,
Antananarivo and Nosy Be.17 See financial release of the 2021
full-year results, published on February 16th 2022.18 See financial
release of the 2022 half-year results, published on July 27th
2022.19 See financial release of the 2022 9-months-revenue,
published on October 27th 2022.20 The group's traffic includes the
traffic of Delhi International Airport Limited (DIAL), Hyderabad
International Airport Limited (GHIAL), Mactan Cebu International
Airport and Almaty International Airport from 1 January 2019.
Following the non-renewal of the technical assistance contract
(TSA) for Mauritius airport on 31 December 2021, the group's
traffic no longer includes the traffic of Mauritius airport.21 In
constant euros.22 The net financial debt / EBITDA ratio target is
calculated excluding the proceeds of the unwinding of
cross-shareholding with Royal Schiphol Group see the February 16th
2022 financial release.23 Subject to the approval of the General
Meeting of the Shareholders of May 16th, 2023, approving 2022
accounts.24 Group traffic includes airports operated by Groupe ADP
in full ownership (including partial ownership) or under
concession, receiving regular commercial passenger traffic,
excluding airports under management contract. Historical data for
the 2019-2022 period is available on the company's website.25 Sales
per passenger in the airside activities, including 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 - 2022 Full-year results
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