Aéroport de Paris SA - 2023 first quarter revenue
FINANCIAL RELEASE1
Tremblay-en-France, April 26th, 2023
Aéroports de Paris
SAStrong increase
in revenue in Q1
2023Solid traffic
recovery, in line with
group assumptions,
strong dynamic in retail in
Paris
Consolidated
revenue standing
at
€1,194M
in Q1 2023, up
+40.7%
compared to the same period in
2022, which was
still impacted by
health restrictions.
-
Aviation and International & airport developments segments are
driven by the continued recovery of traffic in Paris (+44.6%,
at 88.7% of 2019 level) and abroad, especially in TAV airports
(+41.9%, at 94.7% of 2019 traffic level).
-
Retail & Services segment record a solid growth, benefiting of
traffic recovery in Paris, the strong increase in Paris Sales/Pax
Extime2, at 30.3 euros for the 1st quarter of 2023, and a larger
number of opened sales points compared to the same period in
2022.
-
Real Estate segment is increasing, notably supported by additional
rental income from assets taken over in full ownership during
2022.
Unless otherwise indicated, changes are expressed in comparison
with the 1st quarter 2022.Operational and financial indicators
definitions appear in appendix 1. CONSOLIDATED REVENUE – KEY
FIGURES |
|
Q1
2023 |
Q1 2022 |
Change
2023/2022 |
Revenue3 |
€1,194M |
€848M |
+€346M |
+40.7% |
of which Aviation |
€430M |
€322M |
+€108M |
+33.4% |
of which Retail and
Services |
€384M |
€270M |
+€114M |
+42.3% |
of which Real
Estate |
€93M |
€85M |
+€8M |
+9.6% |
of which Intl. &
airport development |
€321M |
€205M |
+€116M |
+56.6% |
OPERATIONAL INDICATORS |
|
|
|
|
|
Q1
2023 |
in % of
20194 |
Change
2023/20224 |
Group
traffic5 |
69.4
Mpax |
95.2% |
+21.3 MPax |
+45.1% |
Paris Aéroport
traffic |
21.0
Mpax |
88.7% |
+6.5 MPax |
+44.6% |
|
Q1
2023 |
Q1 2022 |
Change
2023/2022 |
Q1 2019 |
Change
2023/2019 |
Extime Paris Sales / Pax |
€30.3 |
€26.0 |
+€4.3 |
+16.5% |
€22.9 |
+€7.4 |
+32.3% |
Augustin de Romanet,
Chairman and CEO of Groupe ADP, stated:
"The traffic recovery dynamic that began last
year continued in the 1st quarter of 2023. In line with our traffic
assumptions, we welcomed 69 million passengers across our airports'
network, including 21 million in Paris. Groupe ADP's hospitality
expertise in Paris and abroad was again recognized through the 2023
Skytrax ranking: Paris-Charles de Gaulle was voted world's 5th best
airport in quality of service and five airports of the group are
ranked among the world's 100 best airports. Extime Paris Sales/Pax
is up sharply. This momentum in all business segments is driving
revenue to 1,194 million euros, up +40.7% compared to the
same period in 2022. Groupe ADP's teams are committed to deliver
the 2025 Pioneers strategic roadmap, which aims at welcoming our
passengers at best, while placing the decarbonization of our
business at the heart of our new airport model, for the benefit of
all our stakeholders."
Comments on group news
Contemplated merger between
GIL & GAL
Following the announcement of the agreement
between Groupe ADP and GMR Enterprises to form an airport holding
company listed on Indian Stock Exchange by the first half of 2024
(see press release of March 19th, 2023), some preparatory steps to
the contemplated merger have been realized during 1st quarter
2023:
-
Groupe ADP subscribed to 330,817 bonds of Foreign Currency
Convertible Bonds (FCCBs), issued by GMR Airports Infrastructure
Ltd (GIL) and allocated on 24th March 2023, for a total of 331
million euros.
-
Groupe ADP also proceeded to the early settlement of earn-outs, for
a total of 62 million euros. Initial impact of this payment,
negative on group's net debt in the 1st half of 2023 will be
gradually neutralized by the extinction of the liabilities
associated with these earnouts over the period until the completion
of the contemplated merger.
-
Furthermore, on 12 April 2023, GIL has submitted the merger
application for approval to BSE Limited and National Stock Exchange
of India Limited, the Indian financial markets where GIL is
currently listed, and to the Securities and Exchange Board of India
(SEBI)
Renewal of Ankara Airport concession
agreement
Following the success of TAV Airports in the
auction for the renewal of Ankara Airport concession agreement for
2025-2050 period (see press release of December 20th, 2022), TAV
Airports signed the 1st February 2023 the concession agreement with
the Turkish Sate Airports Authority (DHMI). At this purpose, TAV
Airports is going to pay by 1st May 2023, the sum of 119 million
euros owed to DHMI, representing 25% of the concession rental.
Works on expansion capacities of the airport
will be conducted during the 2nd quarter 2023. As a reminder,
necessary investments are planned at around 300 million euros
of which two thirds will be conducted between 2023 and 2026 and the
remaining third to be engaged by 2038.
Ranking results of
Skytrax 2023
In 2023, 5 airports of the group are among the
100 best airports in the world in terms of service quality
according to the Skytrax World Airport Awards.
Paris-Charles de Gaulle retains its position as
the best airport in Europe and is now the 5th best airport in the
world (compared to 6th in 2022). Paris-Orly continues its
progression, ranking 39th in the world (against 46th in 2022 and
76th in 2021).
Abroad, 3 other airports in the network are
among the 100 best airports: Indira Gandhi in Delhi in 36th
position (up +1 rank), Rajiv Gandhi in Hyderabad in 65th
position (down- 2 ranks) and Medina in 52nd position (UP + 6
ranks).
Introduction of a waiting time barometer
for borders controls in
Paris
Groupe ADP has initiated, in collaboration with
the French Border Police, the implementation of a barometer of
waiting time at borders controls in our Parisian airports (see
press release of March 29th, 2023).
It will report monthly the percentage of
passengers who waited less than 10 minutes in Paris-CDG and
Paris-Orly; the number of events resulting in waiting times of more
than 30 minutes and will specify the reason for the most disruptive
events; and lastly, will give details by terminal on the
percentage of departing and arriving passengers who waited by
10-minute intervals. This tool will enable to measure, report
and steer improvements.
The data is extracted from sensors installed in
the border controls areas of our Parisian airports. This initiative
is part of a global action plan conducted alongside the French
Border Police to reduce waiting times at borders controls
(recruitment of contractual staff by this summer,
reinforcement of PARAFE (Automated Rapid Crossing of External
Borders)...) and, as a result, improve the quality of
service and contribute to the performance of the Parisian
platforms.
Regulated scope performance in
20226
As of 31 December 2022, the regulated ROCE,
stood at 4.67%, against -3.47% as of 31 December 2021. It
corresponds to the ratio between the operating income of
the regulated scope7 less standard corporate tax and the regulated
asset base and is used to assess the performance of the
regulated scope as per Article L. 6325-1 of the Transportation
Code.
The operating income of the regulated scope for
was of 365 million euros, before tax against - 204 million euros in
2021.
The sum of the regulated asset base,
corresponding to the net book value of tangible and intangible
assets relating to the regulated scope and the working capital
requirement was 5,800 million euros as of 31 December 2022 against
5,870 million euros as of 31 December 2021.
Detail of consolidated revenue - 1st quarter 2023
|
Q1
2023 |
Q1 2022 |
Change
2023/2022 |
Revenue |
1,194 |
848 |
+€346M |
+40.7% |
Aviation |
430 |
322 |
+€108M |
+33.4% |
Retail and services |
384 |
270 |
+€114M |
+42.3% |
of which Extime Duty Free |
159 |
104 |
+€55M |
+52.3% |
of which Relay@ADP |
21 |
14 |
+€7M |
+49.6% |
Real estate |
93 |
85 |
+€8M |
+9.6% |
International and airport developments |
321 |
205 |
+€116M |
+56.6% |
of which TAV Airports |
250 |
148 |
+€102M |
+68.7% |
of which AIG |
61 |
47 |
+€14M |
+30.5% |
Other activities |
44 |
37 |
+€7M |
+20.4% |
Inter-sector eliminations |
(78) |
(70) |
-€8M |
+11.1% |
Evolution of revenue by segment
Analysis by segment
Aviation – Parisian
platforms
(in
million of
euros) |
Q1
2023 |
Q1
2022 |
Change
2023/2022 |
Revenue |
430 |
322 |
+€108M |
+33.4% |
Airport fees |
247 |
177 |
+€70M |
+39.7% |
Passenger fees |
152 |
101 |
+€51M |
+51.0% |
Landing fees |
56 |
43 |
+€13M |
+29.7% |
Parking fees |
39 |
33 |
+€6M |
+17.9% |
Ancillary fees |
59 |
40 |
+€19M |
+47.3% |
Revenue from airport safety and security services |
116 |
98 |
+€18M |
+18.1% |
Other income |
9 |
8 |
+€1M |
+13.8% |
Over the 1st quarter of 2023,
the aviation segment revenue, which relates
solely to the airport activities carried out
by Aéroports de Paris as operator of the Parisian
platforms, was up +33.4% to 430 million euros.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees)
up +39.7%, to 247 million euros due to:
- Increase of +51.0% of revenue from
passenger fees, linked to: the growth of passenger traffic
(+44.6%), the increase of international share of traffic (see
geographical breakdown traffic in page 8) and the increase of
+1.54% of passenger fees tariffs compared to 20218 tariffs
period;
- Increase of +29.7% of revenue from
landing fees, linked to the increase in aircrafts movements
(+23.0%);
- Increase of +17.9% of revenue from
parking fees, linked to the increase in aircrafts movements
(+23.0%).
Revenue from ancillary fees was
up +47.3%, to 59 million euros, linked to the increase of
passenger traffic.
As a reminder the tariffs changes of applicable
fees for Parisian platforms are presented in appendix 2 of this
release as well as on the company's website.
Revenue from airport safety and security
services was up +18.1%, to 116 million euros. These
revenues are determined by the partially fixed costs of
these activities, revenues are growing at a lower rate than
passenger traffic.
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 are up +13.8%, to 9 million
euros.
Retail and services – Parisian platforms
(in millions of euros) |
Q1
2023 |
Q1
2022 |
Change
2023/2022 |
Revenue |
384 |
270 |
+€114M |
+42.3% |
Retail activities |
234 |
144 |
+€90M |
+62.4% |
Extime Duty Free Paris |
159 |
104 |
+€55M |
+52.3% |
Relay@ADP |
21 |
14 |
+€7M |
+49.6% |
Other Shops and Bars and restaurants |
35 |
14 |
+€22M |
+160.9% |
Advertising |
9 |
5 |
+€4M |
+74.2% |
Other products |
9 |
7 |
+€3M |
+39.1% |
Car parks and access roads |
38 |
28 |
+€10M |
+35.6% |
Industrial services revenue |
55 |
50 |
+€5M |
+10.0% |
Rental income |
39 |
34 |
+€6M |
+16.7% |
Other income |
17 |
14 |
+€3M |
+25.7% |
Over the 1st quarter of 2023, revenue
from the segment Retail and services, which includes only
Parisian activities, was up +42.3%, to 384
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 1st
quarter 2023, revenue from retail activities was up +62.4%, to 234
million euros, including Extime Duty Free Paris, up +52.3%, to
159 million euros. This increase is due to:
-
Increase of passenger traffic at Paris Aéroport (+44.6%);
-
Increase of +16.5% of Extime Paris Sales/Pax, at 30.3 euros. This
increase is driven by structural effects: the unfolding
of Extime retail strategy, the reopening of Terminal 1 at
Paris-Charles de Gaulle in December 2022 and the increasing share
of international traffic, as well as by conjunctural effects in the
1st quarter of 2023: the effect from inflation and favorable
foreign exchange rates, and the impact from strikes, which notably
reduced the share of domestic traffic.
As a reminder, revenue from airside area
activities is perceived in integrality when it is generated by
fully consolidated companies and partially, as a variable rents,
when it is generated by third-party lessees or companies accounted
for under the equity method;
-
Increase of opened sales points compared to 1st quarter 2022, which
was still affected by health restrictions.
Revenue from car parks
services, up +35.6%, to 38 million euros, due to increase in
traffic.
Revenue from industrial
services (supply of electricity and water), up +10.0%, to
55 million euros, linked to the reopening
of infrastructure in Paris compared to 1st quarter 2022.
Rental revenues (leasing of
spaces within terminals), up +16.7%, to 39 million euros, due
to the increase of terminals and open areas compared to 1st quarter
2022.
Other revenues (primarily
constituted of internal services), up +25.2%,
to 17 million euros.
Real Estate – Parisian
platforms
(in million of euros) |
Q1
2023 |
Q1
2022 |
Change 2023/2022 |
Revenue |
93 |
85 |
+€8M |
+9.6% |
External revenue |
81 |
73 |
+€8M |
+11.0% |
Land |
33 |
29 |
+€4M |
+13.7% |
Buildings |
23 |
20 |
+€3M |
+13.2% |
Others |
26 |
24 |
+€1M |
+6.0% |
Internal revenue |
12 |
12 |
- |
- |
Over the 1st quarter of 2023, real
estate revenue, which includes only Parisian activities,
stood at 93 million euros, up +9.6%.
External revenue, realized with
third parties (outside of the group), stood at 81
million euros, up +11.0% compared to 1st quarter 2022,
especially due to additional rents related to assets return to full
ownership in 2022 and the effect of indexation clauses on
rents.
International and
airports developments
(in million of euros) |
Q1
2023 |
Q1
2022 |
Change
2023/2022 |
Revenue |
321 |
205 |
+€116M |
+56.6% |
ADP International |
64 |
53 |
+€11M |
+21.0% |
of which AIG |
61 |
47 |
+€14M |
+30.5% |
of which ADP Ingénierie |
2 |
4 |
-€2M |
-54.5% |
TAV Airports |
250 |
148 |
+€102M |
+68.7% |
Société de Distribution Aéroportuaire Croatie |
3 |
3 |
- |
- |
Over the 1st quarter of 2023, revenue
from International and airport developments stood
at 321 million euros, up +56.6%, mainly due to the
increase in revenue for TAV Airports and AIG.
AIG's revenue was up +30.5%, to
61 million euros, mainly due to the effect of passenger traffic
increase of +55.1% recorded in Amman on revenues from
aeronautical fees.
TAV Airports' revenue was up
+68.7%, to 250 million euros, mainly due to the effect of the
traffic increase of +41.9% of TAV Airports on
revenue:
- Turkish assets of
TAV Airports, especially Izmir, for +4.0 million euros (+39.5%) and
Ankara, for +1.8 million euros (+28.8%);
- International
assets of TAV Airports, especially in Almaty, for +50.6 million
euros (+110.5%) and in Georgia, for +5.1 million euros
(+31.8%);
- Services companies
of TAV Airports, especially Havas (ground handling), for +14.8
million euros (+55.5%), due to the increase of flights served, BTA
(bars and restaurants) for +12.4 million euros (+77.9%) and
TAV OS (airport lounge) for +9.7 million euros (+96.4%),
due to the increase in attendance.
Other activities
(in million of euros) |
Q1
2023 |
Q1
2022 |
Change
2023/2022 |
Products |
44 |
37 |
+€7M |
+20.4% |
of which Hub One |
40 |
35 |
+€5M |
+13.3% |
Over the 1st quarter of 2023, other
activities segment products stood at 44
million euros, up +20.4%.
This change is mainly due to the 5 million euro increase in Hub
One revenue, as a result of an increase in activity and a perimeter
effect of 1.4 million euros, linked to the acquisition in October
2022 of ID Services, a digital technology operator for
businesses.
Evolution of 1er quarter 2023 traffic
Groupe9
traffic
|
|
Passengers |
Change
23/22 |
% of
trafficcompared
to 2019 |
Paris-CDG |
14,310,930 |
+49.7% |
86.9% |
Paris-Orly |
6,733,476 |
+34.9% |
92.8% |
Total Paris Aéroport |
21,044,406 |
+44.6% |
88.7% |
Antalya |
2,799,398 |
+33.4% |
99.8% |
Almaty |
1,910,965 |
+48.7% |
155.1% |
Ankara |
2,482,332 |
+33.8% |
70.4% |
Izmir |
1,942,518 |
+14.5% |
69.6% |
Bodrum |
265,714 |
+20.4% |
92.5% |
Gazipaşa |
124,817 |
+35.9% |
123.6% |
Medina |
2,494,835 |
+104.2% |
120.5% |
Tunisia |
181,437 |
+58.2% |
82.6% |
Georgia |
790,071 |
+37.4% |
92.4% |
North Macedonia |
493,720 |
+41.4% |
102.7% |
Zagreb |
694 956 |
+43.2% |
114.8% |
Total TAV Airports |
14,180,763 |
+41.9% |
94.7% |
New Delhi |
17,739,224 |
+49.1% |
105.5% |
Hyderabad |
5,709,050 |
+52.2% |
104.0% |
Medan |
1,821,859 |
+62.0% |
89.5% |
Goa |
664,160 |
- |
- |
Total GMR Airports10 |
25,934,293 |
+50.6% |
103.9% |
Santiago du Chili |
5,949,877 |
+28.8% |
85.1% |
Amman |
2,063,051 |
+55.1% |
107.2% |
Other airports11 |
188,400 |
+159.3% |
80.8% |
GROUPE ADP10 |
69,360,790 |
+45.1% |
95.2% |
Traffic
at Paris Aéroport
Over the 1st quarter 2023, traffic at Paris
Aéroport up +44.6% with a total of 21.0 million of passengers
(+47.8% excluding strikes in 2023), at 88.7% of traffic on the same
period in 2019 (90.7% excluding strikes in 2023).
At Paris Aéroport, 1st quarter 2023 traffic was
impacted by social movements (strikes): the loss of traffic is
estimated at approximately 470,000 passengers, of which 390,000 in
March.
The geographical breakdown of passenger traffic
appears in the table below.
Number of aircrafts movements at Paris Aéroport,
up +23.0%, at 141,758 movements, of
which 98,591 movements at Paris-Charles de Gaulle,
up +26.8%, at 88.0% of 2019 level, and 43,167 movements at
Paris-Orly, up +15.1%, at 85.4% of 2019 level.
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, "United Kingdom & UE excluding
Schengen " 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.
Passengers |
1st quarter |
Geographical breakdown |
Share of traffic Q1
2023 |
Share of traffic Q1
2022 |
Change
23/22in
passengers |
% of traffic
2023compared
to 2019 |
Mainland France |
12.9% |
16.9% |
+10.5% |
73.7% |
French Overseas Territories |
5.7% |
7.3% |
+13.8% |
97.0% |
Schengen Area |
34.0% |
34.0% |
+44.6% |
93.3% |
United Kingdom & UE excluding Schengen12 |
6.5% |
5.1% |
+86.4% |
92.3% |
Autre Europe |
2.1% |
2.5% |
+20.6% |
62.5% |
Europe |
42.6% |
41.6% |
+48.2% |
90.9% |
Afrique |
14.0% |
12.9% |
+57.8% |
103.1% |
Amérique du Nord |
10.3% |
9.3% |
+60.4% |
101.5% |
Amérique Latine |
3.5% |
4.3% |
+17.6% |
81.6% |
Moyen-Orient |
6.1% |
5.9% |
+51.3% |
97.1% |
Asie-Pacifique |
4.7% |
1.9% |
+261.0% |
59.0% |
Autre International |
38.7% |
34.2% |
+63.6% |
91.3% |
PARIS AEROPORT |
100.0% |
100.0% |
+44.6% |
88.7% |
Passengers |
Q1 2023 |
Q1 2022 |
Change 23/22 |
Change 23/19 |
Connecting rate |
22.6% |
24.2% |
-1.6pt |
-2.1pts |
Seat load factor |
83.4% |
71.8% |
+11.5pts |
-0.9pt |
Reminder of 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 increase measures starting in 2023 as
well as the evolution of the macroeconomic context (foreign
exchanges rates, inflation, energy prices), Groupe ADP refined13
its traffic assumptions in Paris in 2023 and adjusted some
2023-2025 forecasts and targets.
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 traffic14In % of 2019
traffic |
95% - 105% |
- |
- |
Back to 2019 level between 2023 and 2024 |
Traffic at Paris AéroportIn % of
2019 traffic |
87% - 93% |
90% - 100% |
95% - 105% |
Back to 2019 level between 2024 and 2026,above 2019 level from
2026 |
Extime Paris Sales / Pax15In
euros |
- |
- |
€29.5 |
ADP SA operating expensesper
passenger, in € |
- |
€17 - €20 / pax |
Group EBITDA growthCompared to 2019 |
At least equal to the 2019 EBITDA (i.e. ≥ €1,772M) |
- |
- |
Group EBITDA margin In % of revenue |
32% to 37% |
35% to 38% |
Net income, attributable to the Groupin millions
of euros |
Positive |
Group investments(excl. financial
investments) |
c.1.3 billion euros per year on average between 2023 and 2025, in
current 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 |
Net Financial Debt/ EBITDA ratio
incl. Selective international
growth |
- |
- |
3.5x – 4.5x |
DividendsIn % of the NRAG due for the year N, paid
N+1 |
60% pay out rateMinimum of €3 per share |
Financial calendar16
-
A conference call (audiocast in english) will be held on
Wednesday 26
April 2023
at 06:00
pm (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
-
Annual General Meeting of shareholders: Tuesday 16
May 2023
-
Next traffic publication: April 2023 traffic
figures - Wednesday 17 May 2023, after market closing
-
Ex-dividend
date17 : Monday 5 June 2023
-
Dividend17 payment: Wednesday 7
June 2023
-
2023 Half-Year results: Thursday 27 July 2023,
after markets closing
-
2023 nine months revenue: Wednesday 25 October
2023, after markets closing
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thematic
conferences:
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thematic conference: September/October 2023
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thematic conference: Upon contemplated GIL & GAL merger
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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 2023 under
D.23-0284, 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
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 –
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, based on its
EBITDA.
Operating indicators:
-
Extime Paris Sales / Pax or
Extime Paris Sales
per passengers is the ratio corresponding
to: Sales 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
/ Departing passengers at Paris Aéroport. This indicator replaces
the "Sales per pax" indicator since 2022, corresponding to the
ratio: Revenue from airside areas only / Passengers departing from
Paris Airport.
-
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. As of today, it
includes traffic of the following airports.
Historical data since 2019 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 |
Tbilissi |
Georgia |
Batumi |
Georgia |
Skopje |
North Macedonia |
Ohrid |
North Macedonia |
Zagreb |
Croatia |
GMR Airports |
Delhi |
India |
Hyderabad |
India |
Medan |
Indonesia |
Goa |
India |
ADP International |
Santiago de Chile |
Chile |
Amman |
Jordan |
Antananarivo |
Madagascar |
Nosy Be |
Madagascar |
Appendix 2 – Evolution of tariffs at Paris Aéroport
As a reminder, the French Transport Regulation
Authority (ART) has, for the 2022 tariff period,
i.e. since April 1st, 2022 approved the tariff
proposals 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 evolutions 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. The approved proposal
translates, by an average rate stability, for Paris-Charles de
Gaulle and Paris-Orly, tariffs evolutions 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.
1 This document is voluntarily disclosed by
Aéroports de Paris. See article 10 of the AMF recommendation -
Guide de l'information périodique des sociétés cotées (DOC-2016-05,
amended on April 29, 2021).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 Before inter-sector eliminations, see page 3 of this
financial release for the details of the consolidated revenue.4
Changes vs. 2022 and recovery rates vs. 2019 here above are
calculated on a like-for-like basis without traffic from Goa
airport in 2023, opened on January 5th, 2023.5 Group traffic
includes traffic from airports operated by Groupe ADP in full
ownership (incl. partial ownership) or under concession, receiving
regular commercial passenger traffic, excluding airports under
management contract. Historical traffic data since 2019 is
available on the company's website.6 Data for the regulated
perimeter at the end of 2022 are currently being reviewed. They
will be certified by the statutory auditors in the second quarter
of 2023.7 Regulated scope as defined by the 1st article of the
decree of September 16th, 2005, relating to fees for services
rendered in airports.8 As a reminder, the 2021 tariff period refers
to the period from April 1st, 2021 to March 31st, 2022.9 Group
traffic includes traffic from 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 since 2019 is available
on the company's website.10 Changes vs. 2022 and traffic % vs. 2019
hereabove are calculated on a like-for-like basis. These elements
do not include airport traffic from Goa airport in 2023, opened on
January 5th, 2023.11 Antananarivo & Nosy Be airports.12 Traffic
with Croatia remains included in the EU ex. Schengen until March
2023. It will be accounted within the Schengen Area as of April
2023 onwards.13 See the 2022 full-year results financial release,
published on February 16th, 2023.14 Group traffic includes traffic
from 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 since 2019 is available on the company's
website.15 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.16 Subject to change17 Subject to
the approval of the General Meeting of the Shareholders of May
16th, 2023, approving 2022 accounts.18 See press release of March
19th, 2023.
- Aéroport de Paris SA - 2023 first quarter revenue
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