Financial release
22 February 2017
Aéroports de Paris SA
Responsiveness of Groupe ADP in a difficult year
in 2016,
reflected by the growth in consolidated EBITDA and
net result
Groupe ADP 2016 full year results[1]
-
Traffic of Groupe ADP: +2.0%[2], to
147.0 million passengers[3]
-
Traffic at Paris Aéroport (+1.8%, to 97.2
million passengers): strong increase of traffic in Paris-Orly
(+5.3%, to 31.3 million passenger) and resilience of
traffic in Paris-Charles de Gaulle (+0.3%, at 65.9 million
passengers);
-
Good resistance of consolidated
revenue (+0.4%, to €2,947 million), driven notably by the
ancillary fees and the increase in fees from bars and restaurants
managed by the joint-venture EPIGO;
-
EBITDA in slight increase
(+0.4%, to €1,195 million), thanks to the good control over
operating expenses, favourable and unfavourable non-recurring items
offsetting each other;
-
Operating income from ordinary
activities (including operating activities of associates) down
by 16.1%, at €664 million, due notably to the effect of
the decrease in the share of profit from operating associates
;
-
Net result attributable to the
Group (NRAG) up by 1.2%, at €435 million,
unfavourable and favourable extraordinary items offsetting each
other;
-
Application of 60% dividend
payout (proposed dividend of €2.64/shares[4] for
2016);
-
Improvement of Groupe ADP's
global extra-financial rating by Ethifinance in 2016:
+4 points, to 82/100.
Groupe ADP
forecasts[5] for 2017:
-
Traffic in Paris Aéroport:
assumption of a traffic growth of between +1.7% and +2.2% in 2017
compared to 2016;
-
2017 consolidated EBITDA:
EBITDA in upward trend compared to 2016, impacted favourably by
planned-to-date extraordinary incomes;
-
Upholding of a 60% payout of
NRAG for dividend in 2017, with a minimum dividend of
€2.64/share.
(in millions of euros - unless otherwise stated) |
2016 |
2015 restated |
2016/2015 |
Revenue |
2,947 |
2,935 |
+0.4% |
EBITDA |
1,195 |
1,191 |
+0.4% |
Operating
income from ordinary activities (including operating activities of
associates) |
664 |
791 |
-16.1% |
Operating
income (including operating activities of associates) |
696 |
791 |
-12.0% |
Associates
from non-operating activities |
59 |
6 |
+€53M |
Income
taxes |
(202) |
(258) |
-21.9% |
Net result attributable to the Group |
435 |
430 |
+1.2% |
Sales/PAX (€) |
18.2 |
19.7 |
+8.0% |
Augustin de Romanet, Chairman and
CEO of Aéroports de Paris, said:
"2016 results showed the responsiveness of Groupe
ADP in a difficult context. Traffic in Paris Aéroport exceeded 97
million passengers, growing by 1.8%, driven by the dynamism of
European traffic and the recovery of international traffic at the
end of the year. Retail activities resisted in 2016, thanks to the
good performance of bars and restaurants and other shops,
offsetting the decrease in sales per pax of airside shops. EBITDA
grew slightly, to €1,195 million, thanks to the control
over operating expenses, unfavorable and favourable non-recurring
items offsetting each other. Our stake porfolio is optimised, with
the sale of our Mexican stake and with the proposed disposal of TAV
Construction. The net result attributable to the Group is
consequently slightly growing, to €435 million, and allows to
propose the shareholder general meeting a dividend that is slightly
higher than in 2015, to €2.64/share.
In 2016, Groupe ADP got closer to its passengers
customers with the launch of the new brand universe and the loyalty
programme, and with the building of the new head offices in
Paris-Charles de Gaulle. 2016 was the year in which new services
were set in our airports, as the lounge Instant Paris for all
passengers, and the year that saw decisive steps for the launch of
CDG Express project.
In 2017, on the basis of a traffic growth
assumption of between +1.7% and +2.2% compared to 2016, EBITDA is
expected in upward trend, favourably impacted by the
planned-to-date extraordinary income. In 2017, Groupe ADP will keep
a payout of 60% of the net result attributable to the Group and
commit in addition to maintain a dividend by share at least
equal to that proposed for 2016, that is to say €2.64 per
share."
Groupe ADP
2016 full year results
2016 consolidated revenue
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
2,947 |
2,935 |
+0.4% |
Aviation |
1,743 |
1,735 |
+0.5% |
Retail and
services |
941 |
935 |
+0.7% |
Real
estate |
263 |
265 |
-0.8% |
International and airport developments |
97 |
96 |
+1.0% |
Other
activities |
223 |
215 |
+3.6% |
Inter-sector eliminations |
(320) |
(312) |
+2.9% |
Consolidated revenue of Group
ADP was up by 0.4%, at €2,947 million in 2016, mainly thanks
to:
-
The increase in airport fees (+0.5%, to €1,003
million), driven by passenger traffic dynamics (+1.8%, in Paris
Aéroport) combined with the increase in tarrifs
between 1 April 2015 and 31 March 2016
(+2.4%);
-
The progression of the ancillary fees (+5.8%, to
€220 million);
-
The good performance of the rents from bars and
restaurant (+24.6%, to €39 million) and from landside shops
(+21.4%, to €18 million);
-
And thanks to the growth in Hub One activities
(+5.1%, to €144 million) and in Aéroport de Paris Management
activities (+28.1%, to €23 million).
This favourable items are nevertheless offset
by
-
The decrease in revenue from airport safety and
security services (-1.4%, to €480 million), related to the
defavourable base effect;
-
And by the the decrease in rents from airside
shops (-4.0%, to €299 million).
Intersegment eliminations[6] amounted to
€320 million in 2016.
2016 consolidated EBITDA
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
2,947 |
2,935 |
+0.4% |
Operating
expenses |
(1,807) |
(1,747) |
+3.4% |
Consumables |
(113) |
(110) |
+3.1% |
External services |
(707) |
(672) |
+5.1% |
Employee benefit costs |
(698) |
(712) |
-1.9% |
Taxes other than income taxes |
(262) |
(238) |
+10.2% |
Other operating expenses |
(27) |
(15) |
+76.9% |
Other
incomes and expenses |
56 |
4 |
+€52m |
EBITDA |
1,195 |
1,191 |
+0.4% |
EBITDA / Revenue |
40.6% |
40.6% |
- |
Operating expenses increased
by 3.4%, to €1,807 million over 2016, due to the effect of
non-recurring expenses (see below) and due to the increase in local
taxes that offsets the decrease in staff costs. The negative
impact of identified non-recurring expenses amounted to €44 million
(including, in particular, the impact of the launch of the new
brand universe and the loyalty programme, of tax provisions and
provisions for litigation, and of other non-recurring expenses).
The operating expenses of parent-company increased by 2.7% in
2016.
Excluding these non-recurring expenses cited
above, the growth of operating expenses for the Group (+0.9%) and
of the parent-company (stable) was under control.
The distribution of operating expenses is as
follows:
-
Consumables were up by
3.1%, at €113 million, mainly due to the increase in Hub One
activities (see below).
-
The costs related to external
services increased by 5.1%, to €707 million, notably due to
non-recurring expenses linked with the launch of the new brand
universe and the loyalty programme for about €10 million, and
due to the increase in costs of maintenance and repairs.
-
Staff costs were down by
1.9% and stood at €698 million, thanks to the decrease in indirect
staff costs. The average number of employees[7] stood
at 8,947 in 2016, down by 0.7%[8].
-
Taxes other than income
taxes were up 10.2%, at €262 million, mainly due to higher
local taxes.
-
Other operating expenses
were up 76.9%, at €27 million, mainly due to a negative base effect
linked to a compensation of €4 million received in 2015.
Other income and expenses
stood at €56 million, due to favourable non-recurring items, mainly
identified during the first half of 2016, for around
€38 million, consisting of other products linked to resolution
of old litigations and reversals of provisions and of depreciation
of receivables.
As a consequence, EBITDA increased slightly
(+0.4%, to €1,195 million), thanks to the control over the
operating expenses, the favourable and unfavourable non-recurring
items offsetting each other.
The gross margin rate[9] for 2016 is
stable compared to 2015, at 40.6%.
2016 net result attributable to
the Group
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
EBITDA |
1,195 |
1,191 |
+0.4% |
Amortisation & Depreciation |
(479) |
(458) |
+4.7% |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
(52) |
58 |
-€110m |
Share of profit or loss of operating associates and joint
ventures before adjustments related to acquisition of
holdings |
3 |
105 |
-€103m |
Adjustments related to acquisition of holdings in
operating associates and joint ventures(a) |
(55) |
(47) |
+15.6% |
Operating income from ordinary activities (including
operating activities of associates) |
664 |
791 |
-16.1% |
Other operating expenses and incomes |
32 |
(0) |
+€32m |
Operating income (including operating activities of
associates) |
696 |
791 |
-12.0% |
Financial income |
(115) |
(106) |
+8.7% |
Associates
from non-operating activities |
59 |
6 |
+€53m |
Income before tax |
640 |
691 |
-7.4% |
Income taxes |
(202) |
(258) |
-21.9% |
Net results from continuing activities |
438 |
433 |
+1.2% |
Net income
attributable to non-controlling interests |
(3) |
(3) |
-1.5% |
Net income attributable to the Group |
435 |
430 |
+1.2% |
(a) Including
depreciation and amortisation of PPA of associates |
Amortisation and depreciation increased (+4.7%, to
€479 million) due to the investment programme, larger in 2016 than
in 2015.
Operating income from ordinary
activities (including operating activities of associates) was
down 16.1%, at €664 million, penalised by the decrease in
the share of profit from operating associates (-€52 million
compared to €58 million in 2015)after adjustments due to
participations.
Operating income is
decreasing by only 12.0%, to €696 million, thanks to the capital
gain of €31 million[10] linked to
the disposal of the Parisian head offices.
The net finance result was a
loss of €115 million, up by 8.7% mainly due to the unfavourable
foreign exchange rates for international business.
The net debt/equity ratio decreased slightly and
stood at 63% as at 31 December 2016 compared to 64% at the end
of 2015[11]. Groupe
ADP net debt was up and stood at €2,709 million as at 31
December 2016, compared to €2,627 million at the end of
2015[12].
The share of profit of
non-operating associates stood at €59 million, due notably to
the completion of the sale of Groupe ADP's stake in Mexican
airports operator OMA[13], occurring
in October 2016, which generated a capital gain of €58 million
before tax (including the share of profit of associates until the
date of transfer, for €5 million).
The income tax expense was
down by 21.9%, at €202 million in 2016, due, on the one hand
to the decrease in theorical or "nominal" tax rate from 38% to
34.43%, for €25 million, and on the other hand, due to the impact
on the deferred taxes of the lowering of the income tax rate in
2020 from 34.43% to 28.92%, that generated an income of
€29 million in 2016.
The effective tax rate stood at 29.44% as at 31
December 2016, and at 33.7% excluding impact of the revaluation of
deferred taxes.
Taking into account all these items, the net result attributable to the Group increased slightly
by 1.2%, to €435 million.
Analysis by segment Aviation
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
1,743 |
1 735 |
+0.5% |
Airport fees |
1,003 |
998 |
+0.5% |
Ancillary fees |
220 |
208 |
+5.8% |
Revenue from airport safety and security services |
480 |
486 |
-1.4% |
Other income |
40 |
43 |
-5.0% |
EBITDA |
488 |
469 |
+4.1% |
Operating income from ordinary activities (including
operating activities of associates) |
186 |
181 |
+3.0% |
EBITDA / Revenue |
28.0% |
27.0% |
+1.0pt |
Operating income from ordinary activities /
Revenue |
10.7% |
10.4% |
+0.3pt |
In 2016, aviation segment revenue increased
slightly by 0.5% to €1,743 million.
Revenue from airport fees
(passenger fees, landing fees and aircraft parking fees) was up
slightly by 0.5%, at €1,003 million in 2016, benefiting from
the growth in passenger traffic (+1.8%) and the increase in tariffs
between 1 April 2015 and 31 March 2016 (+2.4%).
Ancillary fees are up by
5.8%, at €220 million, mainly thanks to the impact of the
implementation, on 1 April 2016, of the fee for the provision of
the sorting system for luggage in transfer in Paris-Charles de
Gaulle airport (+23.2%, to €43 million) and thanks to the growth in
revenue from the fee related to the provision of de-icing
facilities (+19.6%, to €19 million).
Revenue from airport safety and security services are down by 1.4%,
at €480 million, due to a negative base effect.
Other income, which mostly
consists in re-invoicing the French Air Navigation Services
Division and leasing associated with the use of terminals,
decreased by 5.0% to €40 million.
EBITDA of the aviation
segment was up, by 4.1% at €488 million. The gross margin rate
increased by 1.0 point, and stood at 28.0%.
Amortisation and depreciation
were up (4.9%), at €302 million due to the investment programme,
larger in 2016 than in 2015.
As a consequence, the operating
income from ordinary activities (including operating activities of
associates) was up by 3.0%, at €186 million, in 2016.
Retail and services
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
941 |
935 |
+0.7% |
Retail activities |
449 |
451 |
-0.5% |
Car parks and access roads |
175 |
176 |
-0.7% |
Industrial services revenue |
133 |
133 |
+0.6% |
Rental income |
146 |
141 |
+3.6% |
Other income |
38 |
34 |
+11.8% |
EBITDA |
527 |
540 |
-2.3% |
Share in
associates and joint ventures from operating activities |
1 |
8 |
-€7m |
Operating income from ordinary activities (including
operating activities of associates) |
409 |
440 |
-7.1% |
EBITDA / Revenue |
56.0% |
57.7% |
-1.7pt |
Operating income from ordinary activities /
Revenue |
43.5% |
47.1% |
-3.6pt |
In 2016, revenue from retail and services was up
by 0.7%, to €941 million.
The revenue from retail
(rents received from airside and landside shops, bars and
restaurants, banking and foreign exchange activities, car rental
companies and revenue from advertising) was almost stable (-0.5%)
in 2016, at €449 million.
-
In this amount, the rents from airside shops
stood at €299 million, down by 4.0%, as a result of the decrease in
sales per passenger[14] (-8.0%, at
€18.2),
-
These effects are partially offset by the good
performance of fees from bars and restaurants, increasing by 24.6%
(to €39 million), following the rise in rents related to the
takeover of some shops by the joint-venture EPIGO in February 2016,
and thanks to the progression of activities of landside shops, up
by 21.4% (at €18 million).
Revenue from car parks
decreased slightly by 0.7% and stood at €175 million, mainly due to
lower hourly earnings.
Revenue from industrial
services (the supply of electricity and water) was almost
stable (+0.6%), at €133 million.
Rental revenue (leasing of
space within terminals) increased by 3.6%, to €146 million.
Other revenue saw an increase
of 11.8%, to €38 million.
Media Aéroports de Paris² saw an increase of 4.0%
of its revenue, at €54 million, thanks in particular to the
positive impact of the Euro football cup. Its EBITDA was up by
12.3%, at €8 million and its net result by 9.7%, at €2 million.
EBITDA decreased by 2.3%, to
€527 million. The gross margin rate decreased by 1.7 points,
to 56.0%.
The share of profit from operating
associates[15] (Société
de Distribution Aéroportuaire, RELAY@ADP and EPIGO) was down by €7
million, to €1 million.
As a consequence, operating
income from ordinary activities (including operating activities of
associates) decreased by 7.1%, to €409 million.
Real estate
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
263 |
265 |
-0.8% |
External revenue |
211 |
213 |
-1.2% |
Internal revenue |
52 |
52 |
+0.9% |
EBITDA |
149 |
164 |
-9.0% |
Share in
associates and joint ventures from operating activities |
(2) |
(13) |
+€11m |
Operating income from ordinary activities (including
operating activities of associates) |
105 |
105 |
- |
EBITDA / Revenue |
56.7% |
61.9% |
-5.2pt |
Operating income from ordinary activities /
Revenue |
39.8% |
39.4% |
+0.4pt |
In 2016, real estate revenue decreased slightly,
by 0.8%, to €263 million.
External revenue[16] (€211
million) was down (-1.2%), due mainly to the negative effect of
indexing revenue to the cost of construction index (ICC) on 1 January 2016[17].
Internal revenue was up
slightly (+0.9%), at €52 million.
EBITDA was down 9.0%, at €149
million, mainly due to the increase in local taxes. The gross
margin rate stood at 56.7%, a decrease of 5.2 points.
Amortisation and depreciation decreased by 7.4%,
to €43 million thanks to the review of some assets' lifespan.
The share of profit from operating associates was
a loss of €2 million, compared to a loss of €13 million in
2015, related to the depreciation of studies linked to office
projects for Coeur d'Orly in 2015.
As a consequence, operating
income from ordinary activities (including operating activities of
associates) was stable in 2016 compared to 2015,
at €105 million.
International and airports developments
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
97 |
96 |
+1.0% |
ADP Ingénierie |
75 |
79 |
-5.1% |
Aéroports de Paris Management |
23 |
18 |
+28.1% |
EBITDA |
3 |
(8) |
+€11m |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
(51) |
63 |
-€114m |
Share of profit or loss of operating associates and joint
ventures before adjustments related to acquisition of
holdings |
4 |
110 |
-€106m |
Adjustments related to acquisition of holdings in
operating associates and joint ventures (a) |
(55) |
(47) |
+15.6% |
Operating income from ordinary activities (including
operating activities of associates) |
(49) |
54 |
-€103m |
EBITDA / Revenue |
2.8% |
-8.6% |
11.4pt |
Operating income from ordinary activities /
Revenue |
-50.4% |
56.2% |
N/A |
(a) Including
depreciation and amortisation of PPA of associates |
In 2016, revenue from International and airport
developments increased by 1.0%, to €97 million driven by an
increased activity of Aéroport de Paris Management. EBITDA stood at €3 million, up by €11 million in 2016
compared to 2015 which was penalised by provisions from ADP
Ingénierie.
ADP Ingénierie's revenue was
down 5.1%, at €75 million, due to a slowdown in activity for
all the branches. EBITDA and operating income from ordinary
activities (including operating activities of associates) posted a
gain of €4 million (compared to losses of €5 million in 2015).
At the end of December, the backlog for the 2017-2019 period
amounted to €57 million.
Aéroports de Paris Management
saw its revenue increase by 28.1%, to €23 million, mainly thanks to
the Zagred contract and following the takeover of the concession of
Santiago de Chile airport. EBITDA was null (stable compared to
2015) and its operating income from ordinary activities (including
operating activities of associates) was a profit of €5 million
(compared to €1 million in 2015).
Share of profit from operating associates
(TAV Airports, TAV Construction and Schiphol)
after adjustments related to the acquisition of holdings, was a
loss of €51 million in 2016, compared to a gain of €63 million in
2015.
-
TAV Airports Group achieved
an increase in revenue[18] of 1%, to
€1,092 million. EBITDA was down 9%, at €445 million. The
net result attributable to the Group decreased by 39%, to €127
million, following the negative impact of the terrorist attacks in
Turkey and the attempt of coup in 2016. The share of profit from
TAV Airports stood at €48 million before adjustments related to
acquisition of holding, and at -€1 million after adjustments.
-
The increase in TAV
Construction's exposure to non-airport building projects have
led Groupe ADP's management to engage, at the end of December 2016,
the sale of its 49%-stake in the holding that owns 100% of TAV
Construction. As a consequence, Groupe ADP's stake in TAV
Construction has been impaired by €45 million and has been
reclassified under "Assets held for sale" as at 31 December 2016.
The share of profit from TAV Construction was a loss of €67 million
after adjustments related to acquisition of holding.
-
Schiphol's revenue was
almost stable, at €1,435 million. The net result attributable to
the group stood at €306 million, down by 18 % compared to 2015 due
to an unfavourable base effect. The share of profit from Schiphol
after adjustments related to acquisition of holding stood at €12
million, down by €7 million compared to 2015.
Operating income from ordinary
activities (including operating activities of
associates) for International and airport developments was
consequently a loss of €49 million, compared to a gain of €54
million in 2015.
Other activities
(in millions of euros) |
2016 |
2015 restated |
2016/2015 |
Revenue |
223 |
215 |
+3.6% |
Hub One |
144 |
137 |
+5.1% |
Hub Safe |
78 |
77 |
+0.8% |
EBITDA |
29 |
27 |
+4.7% |
Operating income from ordinary activities (including
operating activities of associates) |
14 |
12 |
+15.1% |
EBITDA / Revenue |
12.9% |
12.8% |
+0.1pt |
Operating income from ordinary activities /
Revenue |
6.4% |
5.8% |
+0.6pt |
In 2016, revenue from other activities was up by
3.6% at €223 million. EBITDA was up 4.7%, at €29 million.
In 2016, Hub One saw its
revenue increase by 5.1%, to €144 million, driven by the increased
activity of the Mobility division. EBITDA amounted to €22 million,
up by 2.5%. The operating income from ordinary activities increased
by 17.7%, to €8 million.
Revenue generated by Hub Safe
was slightly up by 0.8%, at €78 million. EBITDA stood at
€4 million, up by 9.9% compared to 2015. The operating income
from ordinary activities (including operating activities of
associates) increased by 8.0%, to €4 million.
The operating income from
ordinary activities (including operating activities of
associates) of the segment was up strongly by 15.1%, at €14
million.
Highlights
of the period occured after the publication of 2016 9-month
revenue
Change in passenger traffic
Group traffic |
|
Groupe ADP stake |
Stake-weighted traffic (million passengers) |
2016-2015 |
Groupe ADP |
Paris
Aéroport |
@
100% |
97.2 |
+1.8% |
Zagreb |
@
20.8% |
0.6 |
+6.9% |
Jeddah-Hajj |
@ 5% |
0.4 |
+6.8% |
Amman |
@ 9.5% |
0.7 |
+4.4% |
Mauritius |
@ 10% |
0.4 |
+10.6% |
Conakry |
@ 29% |
0.1 |
+27.3% |
Santiago de
Chile |
@ 45% |
8.6 |
+11.3% |
TAV Airports Group |
Istanbul
Atatürk |
@ 38% |
22.8 |
-2.0% |
Ankara
Esenboga |
@ 38% |
5.0 |
+7.7% |
Izmir |
@ 38% |
4.5 |
-1.9% |
Other
airports |
@ 38% |
7.3 |
+5.5% |
TOTAL GROUP |
excluding Mexican airports |
|
147.0 |
+ 2.0% |
Paris Aéroport handled a total of 97.2 million
passengers in 2016, an increase of 1.8% compared to the previous
year. Paris-Charles de Gaulle Airport welcomed 65.9 million
passengers (+0.3%) and Paris-Orly Airport 31.3 million (+5.3%).
Traffic increased by 1.5% over the first half of the year, and by
2.1% over the second half.
Geographical breakdown is as follows:
Geographic split
Paris Aéroport |
2016
Change 2016/2015 |
Share of total traffic |
France |
+1.1% |
16.8% |
Europe |
+3.4% |
43.9% |
Other
International |
+0.4% |
39.3% |
Of which |
|
|
Africa |
+1.9% |
11.0% |
North America |
+0.1% |
9.7% |
Latin America |
+2.0% |
3.2% |
Middle-East |
+3.6% |
4.9% |
Asia-Pacific |
+6.7% |
6.4% |
French Overseas Territories |
+4.8% |
4.1% |
Total Paris Aéroport |
+1.8% |
100.0% |
-
International traffic (excluding Europe) was up
slightly (+0.4%), with an increase in the following destinations:
the French Overseas Territories (+4.8%), the Middle East (+3.6%),
Latin America (+2.0%), Africa (+1.9%) and North America (+0.1%).
Only Asia-Pacific was down (-6.7%) due to the decrease in traffic
with Japan and Malaysia;
-
European traffic (excluding France) was up
(+3.4%), driven by the dynamism of low-cost carriers;
-
Traffic within France was up (+1.1%);
The number of connecting passengers rose by 1.2%.
The connecting rate stood at 23.9%, down
by 0.1 points.
Air traffic movements (707,403) were up by
1.0%.
The connecting rate was up 0.9points, at
83.8%.
Freight and postal activity increased by 1.2%,
with 2,243,160 tonnes transported.
Payment of an interim dividend
The Board of Directors of Aéroports de Paris has
decided to implement a policy for the payment in cash of an interim
dividend up until the financial year ending on 31 December 2020.
For the 2016 financial year, this interim dividend amounts to €69
million, i.e. €0.70 per share. The ex-interim dividend date was 7
December 2016 and the interim dividend for 2016 was paid out on 9
December 2016.
Proposed disposal of TAV Construction
The increase in TAV Construction's
exposure to non-airport building projects have led Groupe ADP's
management to engage, at the end of December 2016, the sale of its
49%-stake in the holding company (TAV Yatirim Holding - TAV
Investment) that owns 100% of TAV Construction.
As at 31 December 2016, this sale
was considered as highly probable and should occur in 2017, taking
into account the progress of the negotiations process with
potential buyers. As a consequence, Groupe ADP's stake in TAV
Construction has been impaired by €45 million and has been
reclassified under "Assets held for sale" as at 31 December
2016.
Events
having occurred since 31 December 2016
January 2017 traffic figures
In January 2017, Paris Aéroport welcomed 7.3
million passengers, an increase of 7.2% compared to January 2016.
5.0 million passengers travelled through Paris-Charles de
Gaulle (+6.1%) and 2.3 million at Paris-Orly (+9.6%).
Tariffs 2017 approval process completed
On 19 January 2017, Aéroports de Paris SA has
taken note of the decision of the Autorité de Supervision
Indépendante (ASI, Independent Supervisory Authority) published
on 19 January 2017 not to approve the proposed
aviation fee tariffs applicable from 1 April 2017. The refusal of
approval was primarily motivated by a technical consideration in
the fee for the provision of the computerised check-in and boarding
system (CREWS).
The regulatory provisions lay down that Aéroports
de Paris SA should present a new proposal for 2017 tariffs within
one month of the decision of the ASI, and that the latter is
invited to issue its decision within 15 days of the new
notification of tariffs.
As a consequence, Aéroports de Paris SA proposed a
modified tariffs grid (see below) that have been approved by the
ASI on 20 February 2017.
Tariffs
As of 1 April 2017, airport and ancillary fees
(excluding fees for disabled and reduced-mobility passengers) will
increase by 1.51%, except for the CREWS fee that will decrease
significantly. Globally, the evolution will amount to +0.97% in
average by 1 April 2017.
Dividend distribution policy
During its meeting on 22 February 2017, the Board
of Directors approved the social and consolidated financial
statements for the year ended 31 December 2016. The Board of
Directors decided to propose a dividend payment of €2.64 per share
for 2016, reduced by the interim dividend for 2016 of €0.70/share,
paid out on 9 December 2016, at the next Annual Shareholders
General Meeting, to be held on 11 May 2017. Subject to the approval
of the Annual General Meeting, the ex-dividend date would be on 7
June 2017, and payment would be made on 9 June 2017. This dividend
corresponds to a payout ratio of 60% of the 2016 net income
attributable to the Group. As a reminder, the payout ratio was
increased from 50% to 60% in 2013, for the 2012 financial year
dividends.
Forecasts
Groupe ADP's 2017 forecasts
|
2017 Forecasts |
Traffic
growth assumption for 2017 in Paris Aéroport |
Between +1.7 and +2.2 % compared 2016 |
Consolidated EBITDA |
In upward trend compared to 2016,
favourably impacted by the extraordinary incomes planned to
date |
Dividend
for 2017 |
Maintaining 60% payout ratio, with a minimum dividend fixed
at €2.64 €/share
Interim dividend payment planned for December
2017 |
The forecasts for 2017 were established using the
same accounting methods as those used to prepare the consolidated
accounts at 31 December 2016. They are based on assumptions
made by the Group. The main assumptions are as follows:
-
growth in passenger traffic of between 1.7% and
2.2% in 2017 compared to 2016;
-
the absence of any significant events with the
potential to decrease passenger traffic growth over the long
term;
-
the progression of airport fee rates at
1 April 2017 as stated in the 2016-2020 Economic Regulation
Agreement signed with the government in August 2015;
-
meeting the commitments undertaken in the
Economic Regulation Agreement (available on
www.groupeadp.fr);
-
a minimum capital gain linked to buildings of
the cargo hub;
-
no significant change in the scope of
consolidation.
The 2017 forecasts presented above are based on
data, assumptions and estimates that the Group management believes
to be reasonable.
The data, hypotheses and estimates summarised
above are liable to change or be modified due to uncertainties
linked in particular to competition and the economic, financial,
regulatory and climatic environment. Moreover, the occurrence of
certain risks described in Chapter 4 "Risks linked to the
activities of Aéroports de Paris" of the 2015 registration
document, may have an impact on the Group's activities and its
ability to realise its objectives. In addition, the realisation of
its objectives is based on the assumption that Aéroports de Paris
successfully implements its commercial strategy described in the
"Strategy" paragraph of Chapter 6 of the 2015 registration
document. Aéroports de Paris therefore gives no undertaking, nor
does it provide any guarantee, with regard to attainment of the
objectives and guidance described above in this chapter.
Agenda
-
Thursday 23 February 2017:
analysts meeting at 11:00 am Paris time. The presentation is
available on our website: finance.groupeadp.fr.
-
Next traffic figures
publication:
-
Next financial results publication:
-
Annual Shareholders General
Meetings
Investor Relations
Aurélie Cohen: +33 1 74 25 70 64 -
invest@adp.fr
Press
Elise Hermant: +33 1 43 35 70 70
Website: www.groupeadp.fr
The financial information
presented within this press release comes from Aéroports de Paris'
consolidated financial statements. Audit procedures have been
carried out and the audit report relating to the certification of
Aéroports de Paris consolidated financial statements at 31 December
2016 is in the process of being issued.
Consolidated financial statements
at 31 December 2016 and the related report are available on the
Group website (www.groupeadp.fr) in the section "Group / Finance /
AMF Information".
Forward looking statements
This press
release does not constitute an offer of, or an invitation by or on
behalf of Aéroports de Paris to subscribe or purchase financial
securities within the United States or in any other country.
Forward-looking disclosures are included in this press release.
These forward-looking disclosures are based on data, assumptions
and estimates deemed reasonable by Aéroports de Paris. They include
in particular information relating to the financial situation,
results and activity of Aéroports de Paris. These data, assumptions
and estimates are subject to risks (such as those described within
the reference document filed with the French financial markets
authority on 31 March 2016 under number D. 16-0248 and
uncertainties, many of which are out of the control of Aéroports de
Paris and cannot be easily predicted. They may lead to results that
are substantially different from those forecasts or suggested
within these disclosures.
Investor Relations: Aurélie
Cohen, Head of Investor Relations +33 1 74 25 70 64 -
invest@adp.fr
Press contact: Elise Hermant, Media and Reputation
Department Manager +33 1 43 35 70 70
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 at
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: 291, boulevard Raspail, 75014 PARIS
Aéroports de Paris is a public limited company (Société Anonyme)
with share capital of €296,881,806.
Registered in the Paris Trade and Company Register under no. 552
016 628 RCS Paris
groupeadp.fr
Appendix 1
- 2015 restated financial statements
Restatement of 2015 financial statements for comparison with
2016
[21]
As a reminder, the change of the allocation keys
for the regulated assets base, as proposed by ADP in January
2015[22] and
confirmed by the Airport Consultative Committee (Commission
Consultative Aéroportuaire), has an impact on the following
segments' EBITDA and operating income from ordinary activities,
including operating activities of associates for Aviation, Retail
and services, and Real Estate segments as of 1st
January 2016. The 2016 full-year accounts take into account
this change in allocation keys.
In order to facilitate the reading and
understanding of the Group's performance in 2016 compared to 2015,
restated financial statements for 2015[23] have
been prepared and are as follows:
(in millions of euros) |
2015 as published |
2015 restated2 |
Revenue |
2 916 |
2 935 |
Aviation |
1 735 |
1 735 |
Retail and services |
917 |
935 |
Real estate |
265 |
265 |
International and airport developments |
96 |
96 |
Other activities |
215 |
215 |
Inter-sector eliminations |
(312) |
(312) |
Operating expenses |
(1 737) |
(1 747) |
Other
incomes and expenses |
4 |
4 |
EBITDA |
1 184 |
1 191 |
Aviation |
443 |
469 |
Retail and services |
552 |
540 |
Real estate |
170 |
164 |
International and airport developments |
(8) |
(8) |
Other activities |
27 |
27 |
Amortisation & Depreciation |
(456) |
(458) |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
60 |
58 |
Share of profit or loss of operating associates and joint
ventures before adjustments related to acquisition of
holdings |
107 |
105 |
Adjustments related to acquisition of holdings in operating
associates and joint ventures |
(47) |
(47) |
Operating income from ordinary activities (including
operating activities of associates) |
787 |
791 |
Aviation |
139 |
181 |
Retail and services |
468 |
440 |
Real estate |
115 |
105 |
International and airport developments |
54 |
54 |
Other activities |
12 |
12 |
Operating income (including operating activities of
associates) |
787 |
791 |
Financial
income |
(106) |
(106) |
Associates
from non-operating activities |
6 |
6 |
Income
taxes |
(256) |
(258) |
Net income
of non-controlling interests |
(1) |
(3) |
Net income attributable to the Group |
430 |
430 |
Restated consolidated balance sheet as
at 31 December 2015
|
As at Dec 31, 2015 published |
As at Dec 31, 2015 restated |
(in millions of euros) |
Non-current assets |
7 977 |
7 977 |
Current assets |
2 434 |
2 447 |
Total assets |
10 435 |
10 448 |
|
|
|
|
As at Dec 31, 2015 published |
As at Dec 31, 2015 restated |
(in millions of euros) |
Shareholders' equity - Group share |
4 125 |
4 125 |
Non-controlling interests |
1 |
7 |
Shareholders' equity |
4 126 |
4 132 |
Non-current liabilities |
5 253 |
5 251 |
Current liabilities |
1 056 |
1 064 |
Total equity and liabilities |
10 435 |
10 448 |
2015 Restated consolidated statement of cash flows
(in millions of euros) |
|
2015 published |
2015 restated |
Operating income |
|
787 |
791 |
Operating cash flow before change in working capital and
tax |
|
1 151 |
1 158 |
Change in working capital |
|
83 |
62 |
Cash flows from operating activities |
|
1 003 |
987 |
Cash flows from investing activities |
|
(438) |
(416) |
Cash flows from financing activities |
|
(99) |
(101) |
Change in cash and cash equivalents |
|
466 |
470 |
Net cash
and cash equivalents at beginning of the period |
|
1 262 |
1 262 |
Net cash
and cash equivalents at end of the period |
|
1 728 |
1 732 |
of which Cash and cash equivalents |
|
1
729 |
1
734 |
of which Bank overdrafts |
|
1 |
(2) |
Appendix 2
- 2016 Consolidated financial statement
(in millions of euros) |
2016 |
2015 restated* |
Revenue |
2,947 |
2,935 |
Other
operating income |
29 |
18 |
Consumables |
(113) |
(110) |
Employee
benefit costs |
(698) |
(712) |
Other
operating expenses |
(996) |
(926) |
Net
allowances to provisions and Impairment of receivables |
26 |
(14) |
EBITDA |
1,195 |
1,191 |
EBITDA/Revenue |
+40.6% |
+40.6% |
Amortisation & Depreciation |
(479) |
(458) |
Share of
profit or loss in associates and joint ventures from operating
activities |
(52) |
58 |
Operating income from ordinary activities |
664 |
791 |
Other operating income
and expenses |
32 |
- |
Operating income |
696 |
791 |
Financial income |
26 |
47 |
Financial
expenses |
(141) |
(153) |
Financial income |
(115) |
(106) |
Share of profit or loss in associates and joint ventures from
non-operating activities |
59 |
6 |
Income before tax |
640 |
691 |
Income tax expense |
(202) |
(258) |
Net results from continuing activities |
438 |
433 |
Net income |
438 |
433 |
Net income attributable to the Group |
435 |
430 |
Net income
attributable to non-controlling interests |
3 |
3 |
Basic
earnings per share (in €) |
4.40 |
4.35 |
Diluted
earnings per share (in €) |
4.40 |
4.35 |
Earnings per share from continuing activities
attributable to the Group |
|
|
Basic
earnings per share (in €) |
4.40 |
4.35 |
Diluted
earnings per share (in €) |
4.40 |
4.35 |
*
Restated figures - see Appendix 1 |
|
|
Appendix 3
- Consolidated balance sheet as at 31 December 2016
|
As at Dec 31, 2016 |
As at Dec 31, 2015* |
|
(in millions of euros) |
|
Intangible
assets |
110 |
104 |
|
Property,
plant and equipment |
6,271 |
5,960 |
|
Investment
property |
499 |
503 |
|
Investments
in associates |
1,101 |
1,229 |
|
Other
non-current financial assets |
125 |
181 |
|
Non-current assets |
8,106 |
7,977 |
|
Inventories |
26 |
18 |
|
Trade
receivables |
548 |
516 |
|
Other
receivables and prepaid expenses |
116 |
112 |
|
Other
current financial assets |
129 |
67 |
|
Cash
and cash equivalents |
1,657 |
1,734 |
|
Current assets |
2,476 |
2,447 |
|
Assets held for sales |
10 |
24 |
|
Total assets |
10,592 |
10,448 |
|
* Restated figures
|
|
|
|
|
As at Dec 31, 2016 |
As at Dec 31, 2015* |
|
(in millions of euros) |
|
Share
capital |
297 |
297 |
|
Share
premium |
543 |
543 |
|
Retained
earnings |
3,541 |
3,390 |
|
Treasury
shares |
(12) |
(24) |
|
Other equity items |
(85) |
(81) |
|
Shareholders' equity - Group share |
4,284 |
4,125 |
|
Non-controlling interests |
7 |
7 |
|
Shareholders' equity |
4,291 |
4,132 |
|
Non-current
debt |
4,239 |
4,426 |
|
Provisions
for employee benefit obligations (more than one year) |
452 |
427 |
|
Other
non-current provisions |
46 |
53 |
|
Deferred
tax liabilities |
198 |
229 |
|
Other non-current liabilities |
125 |
117 |
|
Non-current liabilities |
5,060 |
5,252 |
|
Trade
payables |
472 |
457 |
|
Other debts
and deferred income |
456 |
464 |
|
Current
debt |
265 |
75 |
|
Provisions
for employee benefit obligations (less than one year) |
17 |
15 |
|
Other
current provisions |
23 |
30 |
|
Current tax liabilities |
8 |
23 |
|
Current liabilities |
1,241 |
1,064 |
|
Total equity and liabilities |
10,592 |
10,448 |
|
* Restated figures
Appendix 4
- 2016 Consolidated statement of cash flows
(in millions of euros) |
2016 |
2015* |
Operating income |
696 |
791 |
Income and
expense with no impact on net cash |
484 |
359 |
Net financial income other than cost of
debt |
(2) |
8 |
Operating cash flow before change in working capital and
tax |
1,178 |
1,158 |
Change in working capital |
(77) |
62 |
Tax
expenses |
(226) |
(233) |
Cash flows from operating activities |
875 |
987 |
Proceeds
from sale of subsidiaries (net of cash sold) and associates |
71 |
5 |
Purchase of
property, plant, equipment and intangible assets |
(792) |
(527) |
Change in
debt and advances on asset acquisitions |
31 |
72 |
Acquisition
of non-consolidated investments |
(19) |
(49) |
Acquisitions of subsidiaries and associates (net of cash
acquired) |
(1) |
- |
Change in
other financial assets |
(11) |
(6) |
Proceeds
from sale of property, plant and equipment |
27 |
31 |
Dividends
received |
70 |
58 |
Cash flows from investing activities |
(624) |
(416) |
Capital
grants received in the period |
15 |
4 |
Net
purchase/disposal of treasury shares |
12 |
(24) |
Dividends
paid to shareholders of the parent company |
(258) |
(311) |
Dividends
paid to non controlling interests in the subsidiaries |
(2) |
- |
Proceeds
from long-term debt |
7 |
507 |
Repayment
of long-term debt |
(4) |
(179) |
Interest
paid |
(115) |
(125) |
Interest
received |
18 |
27 |
Cash flows from financing activities |
(327) |
(101) |
Change in cash and cash equivalents |
(76) |
470 |
Net cash
and cash equivalents at beginning of the period |
1,732 |
1,262 |
Net cash
and cash equivalents at end of the period |
1,656 |
1,732 |
of which Cash and cash
equivalents |
1,657 |
1,734 |
of which Bank overdrafts |
(1) |
(2) |
*
Restated figures |
|
*end*
[1] Audit procedures have been carried out but the audit report
relating to the certification of Aéroports de Paris consolidated
financial statements at 31 December 2016 are currently in the
process of being issued. Following financial statements are
projects of financial statements
[2] Unless otherwise stated, percentages compared 2016 data to
2015 comparable data. The 2015 restated financial statements are
disclosed in appendice 1
[3] 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
[4] Subject to the approval of the Annual Shareholders General
Meeting of 11 May 2017. As a reminder, an interim dividend for 2016
financial year of €0.7/share was paid in December 2016. Should the
approval occur, the 2016 dividend should amount to €2.64/share and
be paid in June 2017
[5] See paragraph "Forecasts"
[6] Internal revenue realised between segments
[8] The average number of employees of the parent company
decreased by 1.1% over 2016
[10] Before tax, that is to say a capital gain of €20 million
after tax
[11] Pro forma (including current accounts with non-consolidated
companies and debt related to the minority put option)
[12] Restated 2015 figures - see appendix 1
[13] See the press release published on 10 October 2016
(available on www.groupeadp.fr)
[14] Sales of airside shops divided by the number of departing
passengers
[15] Media Aéroports de Paris is now accounted for according to
the global integration and not as associate anymore. As a
consequence, 2015 restated financial statements have been restated
- see appendix 1
[16] Generated with third parties (outside the Group)
[17] As at 1 January 2016, ICC is -0.4%. As at 1 January 2017,
ICC is +0.5%
[18] Ajusted for IFRIC 12
[19] Direct or indirect - excluding stake in Mexican
airports, sold in October 2016
[20] Groupe ADP total traffic stood at 240 million passengers,
up by 2.3% in 2016 compared to 2015
[21] See press release of 17 January 2017, available on
www.groupeadp.fr
[22] Please refer to the 2016-2020 ERA Public Consultation Document, available
on www.groupeadp.fr
[23] Including global integration of Media@ADP, formely
accounted for as share of profit of associates from operating
activities associates
Aéroports de PAris SA: 2016 full
year results
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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