Financial release
26 April 2017
Aéroports de Paris SA
First quarter of 2017 consolidated revenue up by
1.8%, at €700 million,
driven by the dynamism of traffic
Upward revision of 2017 traffic assumption
Financial information as of 31 March 2017
[1]
Consolidated revenue up +1.8%
over the first quarter of 2017, at €700 million
-
Groupe ADP passenger traffic: +3.3%, at
33.4 million passengers[2] (vs. 32.3
million passengers in 2016)
-
Paris Aéroport passenger traffic[3]: +5.0%, to
22.0 million passengers (vs. 20.9 million passengers in 2016),
driven by the dynamism of low cost carriers (+17.9%) and
the gradual recovery in international traffic (+4.8%)
-
Aviation (+4.0%): growth in
revenue from aviation fees (+3.3%, to € 229 million) and
de-icing fees (+73.2%, to €14 million)
-
Retail and services
(+2.4%): slight growth in Q1 2017 sales/pax[4]
(+0.4%, at €18.9) and improvement in the performance of bars and
restaurants (+24.9%, to €9 million), partly linked to favourable
base effect on the 1st quarter
due to the setting up of the EPIGO joint-venture
-
Real estate (-5.4%):
decrease in internal rents (-26.4%, to €10 million), with no
impact on the consolidated revenue
-
International and airport
developments (-45.5%): slowdown in the activity of ADP
Ingénierie in the Middle East
(-38.7%, to €11 million)
-
Other activities (+7.8%):
increase in Hub One revenue (+8.9%, to €37 million)
Revision of 2017 traffic growth assumption and confirmation of 2017
forecasts
-
Paris Aéroport traffic:
revision of traffic growth assumption of +3.0% more or less 0.5
points in 2017 compared with 2016, vs. +1.7% and +2.2%
previously
-
Confirmation of 2017
consolidated EBITDA forecast: EBITDA in upward trend compared
with 2016, impacted favourably by planned-to-date profit linked to
cargo hub buildings[5]
-
Confirmation of upholding of a
60% payout of NRAG[6] for
dividend in 2017, with a minimum dividend of €2.64/share
Groupe ADP revenue by segment for the 1
st quarter of
2017
(in millions of euros) |
Q1 2017 |
Q1 2016 restated |
2017/2016 |
Aviation |
415 |
399 |
+4.0% |
Retail and
services |
223 |
218 |
+2.4% |
Real
estate |
72 |
76 |
-5.4% |
International and airport developments |
12 |
22 |
-45.5% |
Other
activities |
56 |
52 |
+7.8% |
Inter-segment eliminations |
(78) |
(80) |
-2.3% |
Consolidated revenue |
700 |
687 |
+1.8% |
Augustin de Romanet, Chairman and
CEO of Aéroports de Paris - Groupe ADP, said:
"First quarter of 2017 revenue increased by 1.8%,
to €700 million, driven by the dynamism of European traffic
and the gradual recovery in international traffic since the
end of 2016 that had a favourable impact of aviation fees. The
latter will be driven by the 0.97% average increase in tariffs as
of 1 April 2017, as provided for under the 2016-2020 Economic
Regulation Agreement. The growth in retail activities has been
driven by the dynamism of bars and restaurants, partly linked to
favourable base effect on the 1st quarter of
2017 due to the setting up of the EPIGO joint venture, alongside
slight growth in sales per passenger in airside shops, despite the
decrease in tobacco sales following the introduction of plain
packets.
The recent trends in traffic and growth prospects
for the remainder of the year lead Groupe ADP to revise its traffic
assumption upwards +3,0%, more or less 0.5 points in 2017, compared
with 2016, vs. between +1.7% and +2.2% previously. Based on this
assumption, Groupe ADP also confirms its 2017 EBITDA
forecast."
Groupe ADP
first quarter 2017 consolidated revenue
Aviation
(in millions of euros) |
Q1 2017 |
Q1 2016 |
2017/2016 Change |
Revenue |
415 |
399 |
+4.0% |
Airport
fees |
229 |
222 |
+3.3% |
Passenger fees |
138 |
141 |
-2.2% |
Landing fees |
54 |
48 |
+12.8% |
Parking fees |
36 |
32 |
+13.3% |
Ancillary
fees |
59 |
53 |
+11.2% |
Revenue
from airport safety and security services |
116 |
113 |
+1.9% |
Other
income |
11 |
10 |
+2.1% |
Over the 1st quarter of
2017, aviation segment revenue was up 4.0%, at
€415 million.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) was up
3.3%, at €229 million, thanks to the increase in passenger
traffic (+5.0%). The breakdown of aviation fees is explained by
the application of the 2016-2020 Economic Regulation Agreement
new tariffs grid on 1st April 2016,
accompanied on the same date by a tariff freeze. For information,
on 1 April 2017, airport and ancillary fees (excluding fees for
disabled and reduced-mobility passengers) increased by 1.51%,
excluding the CREWS fee, that decreased significantly. Overall
(excluding fees for disabled and reduced-mobility passengers), the
increase was +0.97% on average as of 1st April
2017.
Ancillary fees were up 11.2%,
at €59 million, mainly thanks to the strong growth in de-icing
fee (+73.2%, to €14 million).
Revenue from airport safety and
security services increased by 1.9%, to €116 million.
Other revenue mostly consists
in re-invoicing the French Air Navigation Services Division and
leasing associated with the use of terminals. It was up 2.1%, at
€11 million.
Retail and services
(in millions of euros) |
Q1 2017 |
Q1 2016 restated[7] |
2017/2016 Change |
Revenue |
223 |
218 |
+2.4% |
Retail
activities |
101 |
96 |
+5.9% |
Airside shops |
68 |
65 |
+4.6% |
Landside shops |
4 |
4 |
+3.9% |
Bars and restaurants |
9 |
7 |
+24.9% |
Advertising |
11 |
10 |
+5.4% |
Others |
9 |
9 |
+1.3% |
Car parks
and access roads |
41 |
41 |
+0.4% |
Industrial
services revenue |
37 |
37 |
-1.3% |
Rental
income |
36 |
34 |
+5.6% |
Other
income |
8 |
10 |
-20.9% |
Over the 1st quarter of
2017, retail and services segment revenue increased by 2.4 %,
to €223 million.
The revenue from retail (revenue received from shops, bars and
restaurants, banking and foreign exchange activities, car rental
companies and revenue from advertising) was up 5.9%, at
€101 million.
-
Inside this revenue, revenue from airside shops
grew by 4.6%, to €68 million thanks to slight growth in Q1
2017 sales/PAX[8], and this,
despite the negative impact of the decrease in tobacco sales. Q1
2017 sales/PAX were up slightly (+0.4%), at €18.9:
-
Duty Free sales/PAX increased by 1.6%, to
€34.2;
-
Duty Paid sales/PAX decreased by 2.3%, to
€7.0.
-
Rents from landside shops increased by 3.9%, to
€4 million.
-
Bars and restaurants continued to experience a
strong growth of 24.9%, to €9 million, partly linked to
favourable base effect on the 1st quarter due
to the setting up of the EPIGO joint venture.
Média Aéroports de
Paris[9] saw an
increase in revenue of 5.7%, to €12 million.
Revenue from car parks was
almost stable, at €41 million (+0.4%).
Revenue from industrial
services (electricity and water supply) was down 1.3%, at
€37 million.
Rental revenue (leasing of
space within terminals) was up 5.6%, at €36 million thanks to
the opening of new lounges.
Other income (essentially
internal) was down 20.9%, at €8 million.
Real estate
(in millions of euros) |
Q1 2017 |
Q1 2016 |
2017/2016 Change |
Revenue |
72 |
76 |
-5.4% |
External
revenue[10] |
62 |
63 |
-0.7% |
Land |
26 |
26 |
+0.4% |
Buildings |
19 |
20 |
-8.2% |
Others |
18 |
17 |
+6.6% |
Internal
revenue |
10 |
14 |
-26.4% |
Over the 1st quarter of
2017, real estate segment revenue decreased by 5.4%, to
€72 million.
External revenue was down
0.7%, at €62 million[11].
Internal revenue was down
strongly, by 26.4%, at €10 million, due to a revision of all
internal rents to market price in order to improve the Group
financial management.
International and airport developments
(in millions of euros) |
Q1 2017 |
Q1 2016 |
2017/2016 Change |
Revenue |
12 |
22 |
-45.5% |
ADP Ingénierie |
11 |
18 |
-38.7% |
Aéroports de Paris Management |
1 |
4 |
-73.9% |
Over the 1st quarter of
2017, international and airport developments segment revenue
decreased strongly by 45.5%, to €12 million.
ADP Ingénierie revenue decreased by 38.7%, to
€11 million due to a slowdown in activities in the Middle
East. At the end of March 2017, ADP Ingénierie contractual
backlog stood at €51 million for the 2017-2019 period.
Aéroports de Paris Management
revenue was down sharply by 73.9%, at €1 million, due to the
correction of completion revenue. Excluding this correction,
Aéroports de Paris Management would be down by €1 million
euros.
Other activities
(in millions of euros) |
Q1 2017 |
Q1 2016 |
2017/2016 |
Revenue |
56 |
52 |
+7.8% |
Hub One |
37 |
34 |
+8.9% |
Hub Safe |
19 |
18 |
+5.4% |
Over the 1st quarter of
2017, other activities segment revenue was up 7.8%, at
€56 million.
Hub One saw its revenue grow
by 8.9%, at €37 million, driven by the increase in activity of
the Mobility division.
Hub Safe revenue was up by
5.4%, at €19 million, thanks to the positive impact of traffic
on the level of activity.
Highlights
of first quarter events having occured since the publication of the
2016 Registration Document on 3 April 2017
Change in passenger traffic in the first quarter of 2017
Group traffic
(million passengers) |
|
Groupe ADP stake |
Stake-weighted traffic |
Q1 2017
2017/2016 |
Groupe ADP |
Paris Aéroport |
@ 100% |
22.0 |
+5.0% |
Zagreb |
@
20.8% |
0.1 |
+1.3% |
Jeddah-Hajj |
@ 5% |
0.1 |
-22.7% |
Amman |
@ 9.5% |
0.2 |
+1.8% |
Mauritius |
@ 10% |
0.1 |
+7.0% |
Conakry |
@ 29% |
0.0 |
+19.5% |
Santiago de Chile |
@ 45% |
2.5 |
+9.7% |
Madagascar |
@ 35% |
0.1 |
+1.3% |
TAV Airports Group |
Istanbul Atatürk |
@ 38% |
4.9 |
-7.0% |
Ankara Esenboga |
@ 38% |
1.2 |
+5.6% |
Izmir |
@ 38% |
1.0 |
-0.6% |
Other airports(a) |
@ 38% |
1.4 |
+9.7% |
TOTAL GROUPE ADP |
|
|
33.4 |
+3.3% |
(a)
Milas-Bodrum (Turkey), Croatia (Zagreb), Saudi Arabia (Medinah),
Tunisia (Monastir & Enfidha), Georgia (Tbilissi & Batumi),
and Macedonia (Skopje & Ohrid). On a regulated scope basis,
including Milas-bodrum international terminal traffic in 2016,
traffic of other TAV Group airports would be down by 1.2% over the
1st quarter of 2017 compared with the same period in 2016 |
Over the 1st quarter of
2017, Paris Aéroport welcomed 22.0 million passengers, an
increase of 5.0% compared with the 1st quarter of
2016. 14.9 million passengers travelled through Paris-Charles
de Gaulle (+4.3%) and 7.1 million through Paris-Orly
(+6.6%).
Geographical breakdown is as follows:
-
International traffic (excluding Europe) was up
(+4.8%), due to growth in all destinations: the Middle East
(+8.8%), Asia-Pacific (+6.2%), Africa (+6.0%), North America
(+3.0%), Latin America (+2.5%) and the French Overseas
Territories (+1.1%);
-
European traffic (excluding France) was up
(+6.7%);
-
Traffic within France was up (+1.6%);
Geographic split
Paris Aéroport |
Q1 2017
Change 2017/2016 |
Share of total traffic |
France |
+1.6% |
17.0% |
Europe |
+6.7% |
41.7% |
Other
International |
+4.8% |
41.3% |
Of which |
|
|
Africa |
+6.0% |
11.6% |
North America |
+3.0% |
8.3% |
Latin America |
+2.5% |
3.9% |
Middle-East |
+8.8% |
5.4% |
Asia-Pacific |
+6.2% |
7.2% |
French Overseas Territories |
+1.1% |
5.0% |
Total Paris Aéroport |
+5.0% |
100.0% |
The number of connecting
passengers decreased by 3.9%. The connecting rate stood at 24.2%,
down by 2.4 points compared with the first quarter of
2016.
The load factor was up 3.6 points,
at 84.7%. Air traffic movements (159,652) were up by 0.5%.
Freight and postal activity
decreased by 0.7%, with 541,268 tonnes transported.
Events
having occurred since 31 March 2017
Revision of 2017 traffic growth assumption
|
2017 Forecasts
as presented on 22 February 2017 |
2017 Forecasts
as of 26 April 2017 |
Traffic
growth assumption for 2017 in Paris Aéroport |
Between +1.7 and +2.2 % compared with
2016 |
+3.0% more or less 0.5 points in 2017
compared with 2016 |
Consolidated EBITDA |
In upward trend compared with 2016,
favourably impacted by the extraordinary incomes
planned to date |
In upward trend compared with 2016,
impacted favourably by planned-to-date profit linked to cargo hub
buildings[14] |
Dividend
for 2017 |
Maintaining 60% payout ratio, with a minimum dividend fixed
at €2.64 /share
Interim dividend payment scheduled for December
2017 |
Maintaining 60% payout ratio, with a minimum dividend fixed
at €2.64 /share
Interim dividend payment scheduled for December
2017 |
Forthcoming
events
A conference call will take place
today at 8.30am, webcast live on our website.
The presentation is available on
the website: finance.groupeadp.fr
Investor relations contact
Aurélie Cohen: + 33 1 74 25 70 64 -
invest@adp.fr
Press
contact
Elise Hermant: + 33 1 74 25 23 23
Website
finance.groupeadp.fr
Press contact: Elise Hermant,
Medias and Reputation Department Manager +33 1 74 25 23
23
Investor Relations: Aurélie Cohen, Head of
Investor Relations +33 1 74 25 70 64 - invest@adp.fr
Groupe ADP builds, develops and manages airports, including
Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2016,
Paris Aéroport handled more than 97 million passengers and
2.2 million metric tonnes of freight and mail at Paris-Charles
de Gaulle and Paris-Orly, and more than 42 million passengers
in airports abroad through its subsidiary ADP Management. Boasting
an exceptional geographic location and a major catchment area, the
Group is pursuing its strategy of adapting and modernising its
terminal facilities and upgrading quality of services; the group
also intends to develop its retail and real estate businesses. In
2016, Group revenue stood at €2,947 million and net income at
€435 million.
Registered office: 1, rue de France, 93290 Tremblay-en-France.
Aéroports de Paris is a public limited company (Société Anonyme)
with share capital of €296,881,806. Registered in the Bobigny Trade
and Company Register under no. 552 016 628.
groupeadp.fr
APPENDIX 1
- 2016 restated financial statements
Restatement of 2016 financial statements for comparison with 2017
To facilitate understanding of Group performance
in 2017 compared with 2016, segmented restated quarterly
accounts[15] for 2016
(excluding full year results) have been drawn up.
-
For the 1st quarter of
2016:
-
For the 1st half of
2016:
-
Retail and services segment restated revenue is
€455 million (vs. €446 million published),
for a consolidated revenue of €1,425 million (vs.
1,416 million published) ;
-
Retail and services segment restated EBITDA is
€253 million (vs. €249 million published),
for a consolidated EBITDA of €527 million (vs.
523 million published) ;
-
Retail and services segment restated operating
income from ordinary activities is €197 million
(vs. €195 million published), for a consolidated
operating income from ordinary activities of €272 million (vs.
€270 million published) ;
-
For the 9 first months of 2016
-
Retail and services segment restated revenue is
€695 million (vs. €680 million published),
for a consolidated revenue of €2,198 million (vs.
€2,183 million published).
*End*
[1] This document is voluntarily made by Aéroport de Paris in
compliance with the AMF recommendation - Quarter or transitional
financial information - DOC 2015-03. Unless otherwise indicated,
all percentages in this document compare the 1st quarter of 2017 with the
1st quarter of 2016. Restated
data for Q1 2016 is presented in appendix 1
[2] Excluding stake in Mexican airports, sold in October 2016
(press release available on www.groupeadp.fr.
As a reminder, operational assistance contract is still in force.
In total, Groupe ADP welcomed 54.8 MPAX in its 23 airports in Q1
2017
[3] Paris-Charles de Gaulle and Paris-Orly
[4] Sales of airside shops divided by the number of departing
passengers
[5] Groupe ADP and Fedex intend to sign in 2017 a final
contract for the rental of cargo hub buildings until 2048. This
contract having to be qualified as financial lease in accordance
with IAS 17 norm, a capital gain on disposal will have to be
accounted for by Groupe ADP in 2017 for the buildings
leased.
[6] Net Result Attributable to the Group
[7] Please refer to appendix 1
[8] Sales of airside shops divided by the number of departing
passengers
[9] Média Aéroports de Paris has been globally integrated since
2016. 2016 financial statements have been restated - see appendix
1
[10] Generated with third parties (outside Groupe ADP)
[11] As of 1 January 2017, ICC is +0.5%
[13] Groupe ADP total traffic was up 1.0%, at 54.8 million
passengers over the 1st quarter of 2017 compared with
2016
[14] Groupe ADP and Fedex intend to sign in 2017 a final
contract for the rental of cargo hub buildings until 2048. This
contract having to be qualified as financial lease in accordance
with IAS 17 norm, a capital gain on disposal will have to be
accounted for by Groupe ADP in 2017 for the buildings
leased.
[15] Including the global integration of Média Aéroports de
Paris, previously accounted for as associates. As a reminder,
restated 2016 full-year financial statement have been published on
22 February 2017 and are available on the website
www.groupeadp.fr, under Finance/Investor
relations
Aéroprts de Paris SA: First quarter
2017 revenue and traffic revision
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aéroports de Paris via Globenewswire
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