PRESS RELEASE
22 February 2018
Aéroports de Paris SA
Solid
performance driven by the dynamism of traffic
and group's
international development
Groupe ADP 2017 full year
results
-
Groupe ADP traffic: +7.4%[1], at
228.2 million passengers[2]
-
Paris Aéroport traffic: +4.5%, at 101.5 million
passengers
-
Good performance of
consolidated revenue (€3 617 million), driven by the
growth in aviation activities in Paris and the full consolidation
of TAV Airports. Excluding TAV Airports' full
consolidation[3], revenue is
up by 1.8%, at €3 001 million. Full year 2017 sales in airside
shops per passenger[4] were stable
(+0.4%) at €18.2
-
EBITDA at €1,567 million,
up by €372 million thanks to the full consolidation of TAV
Airports, dynamism of traffic and control over operating expenses.
Excluding TAV Airports' full consolidation, EBITDA is growing by
7.7%, at €1,287 million
-
Operating income from ordinary
activities (including operating activities of associates) up by
€366 million, at €1,030 million, benefiting from TAV Airports'
contribution and favorable extraordinary items as the capital gain
from TAV Construction and the re-evaluation of the stake in TAV
Airports, partially offset by provisions on international stake,
accounted for during the 1st half of
2017
-
Net result attributable to the
Group (NRAG) at €571 million, up by €136 million, supported by
the capital gain from the sale of 80% of the stake in Hub Safe but
impacted by the net increase in income tax amounted to €58
million
Groupe ADP 2018 forecasts
-
Traffic growth assumption for
Paris Aéroport between 2.5% and 3.5% in 2018 compared to
2017
-
Traffic growth assumption for TAV Airports
between 10% and 12% in 2018 compared to 2017
-
2018 consolidated
EBITDA[5]: increase of between 10% and 15% in 2018 compared to
2017, with the full-year effect of the full consolidation of TAV
Airports and excluding the effects of any change in scope that may
occur in 2018
-
2018 consolidated EBITDA excluding the full
consolidation of TAV Airports: increase of between 2.5% and 3.5% in
2018 compared to 2017
-
Reminder of the TAV Airports EBITDA[6]'s guidance:
increase of between 5% and 7% in 2018 compared to 2017
-
Maintained pay-out of 60% of
NRAG 2018
(in millions of euros - unless otherwise stated) |
2017(1) |
2016 |
2017/2016(1) |
Revenue |
3,617 |
2,947 |
+22.7% |
+€670m |
EBITDA |
1,567 |
1,195 |
+31.1% |
+€372m |
Operating
income from ordinary activities (including operating activities of
associates) |
1,030 |
664 |
+55.1% |
+€366m |
Operating
income (including operating activities of associates) |
1,052 |
696 |
+51.1% |
+€356m |
Associates
from non-operating activities |
1 |
59 |
N/A |
-€58m |
Income
taxes |
(260) |
(202) |
+28.9% |
+€58m |
Net result attributable to the Group |
571 |
435 |
+31.2% |
+€136m |
Sales/PAX (€) |
18.2 |
18.2 |
+0.4% |
- |
(1)
Excluding the sales per pax, 2017 data were taking
into account TAV Airports full consolidation on 2nd half
of 2017 |
|
Augustin de Romanet, Chairman and
CEO of Aéroports de Paris SA - Groupe ADP, stated:
"2017 was a year of transformation for Groupe ADP,
in Paris as well as abroad.
Traffic in Paris Aéroport reached
101.5 million passengers, crossing the symbolic threshold of
100 million passengers, driven by the growth in long haul traffic.
In 2017, in Paris, occurred the materialisation of structuring
projects for Groupe ADP's development with in particular the
validation of major steps for CDG Express project and the signing
of the agreement with FedEx. Besides, 2017 saw the rolling out of
Groupe ADP's international strategy with the reinforcement
in TAV Airports' capital leading to the full
consolidation of TAV Airports in the group consolidated accounts
for the 2nd half of 2017
and the signing of the agreement relative to the reinforcement of
Groupe ADP's stake in Amman airport (Jordan), operation that will
be completed very soon. These projects are opportunities for growth
and value creation for the years to come.
In 2017, revenue increased by €670 million, to
€3,617 million and EBITDA reached €1,567 million. Net result
attributable to the Group is up by €136 million, at €571 million
and allows to propose to the shareholder general meeting a dividend
of €3.46 per share.
On the basis of a
traffic growth assumption of between +2.5% and +3.5% for Paris
Aéroport and of between +10% and +12% for TAV Airports in 2018,
compared to 2017, growth in consolidated EBITDA5 is
expected between +10% and +15%, excluding the
effects of any change in scope that may occur in 2018. Excluding the full consolidation of TAV Airports,
increase in Groupe ADP's EBITDA is expected between +2.5% and +3.5%
in 2018. As a reminder, TAV Airports expects an increase of its
EBITDA between 5% and 7% in 2018 compared to 2017.Groupe ADP will
keep a payout of 60% of the net result attributable to the
Group."
Groupe ADP
2017 full year results
2017 consolidated accounts
(in millions of euros) |
2017(1) |
2016 |
2017/2016(1) |
Revenue |
3,617 |
2,947 |
+€670m |
EBITDA |
1,567 |
1,195 |
+€372m |
EBITDA / Revenue |
43.3% |
40.6% |
+2.7pt |
Operating income from ordinary activities (including
operating activities of associates) |
1,030 |
664 |
+€366m |
Operating income from ordinary activities /
Revenue |
28.5% |
22.5% |
+6.0pt |
Operating
income (including operating activities of associates) |
1,052 |
696 |
+€356m |
Financial
income |
(179) |
(115) |
-€64m |
Net income attributable to the Group |
571 |
435 |
+€136m |
(1)
Including the full consolidation of TAV Airports
in the 2nd half of
2017 |
Revenue
(in millions of euros) |
2017 |
2016 |
2017/2016 |
Revenue(1) |
3,617 |
2,947 |
+€670m |
Aviation |
1,813 |
1,743 |
+4.0% |
Retail and
services |
953 |
941 |
+1.2% |
Real
estate |
250 |
263 |
-4.8% |
International and airport developments(1) |
682 |
97 |
+€585m |
of which
TAV Airports |
616 |
- |
+€616m |
Other
activities |
217 |
223 |
-2.5% |
Inter-sector eliminations |
(298) |
(321) |
-7.0% |
(1)
Including the full consolidation of TAV Airports
in the 2nd half of
2017 |
Over 2017, Groupe ADP consolidated
revenue stood at €3,617 million, up by €670 million, mainly
thanks to:
-
The full consolidation of TAV Airports for the
2nd half of
2017, which contributed to revenue up to €616 million. Excluding
the full consolidation of TAV Airports, Groupe ADP revenue grew by
1.8%, to €3,001 million;
-
The growth in airport fees in Paris Aéroport
(+5.2%, at €1,055 million), driven by passenger traffic dynamics
(+4.5%) combined with the increase in tariffs since 1 April
2017 (+0.97%);
-
The strong increase in revenue from ancillary
fees in Paris Aéroport (+4.6%, at €230 million), in particular from
the fee related to the provision of de-icing facilities (+29.1%, at
€24 million) and PRM[7] fees
(+9.5%, at €60 million).
These favorable items were
partially offset by:
-
The decrease in revenue in international
activities, excluding the full consolidation of TAV Airports
(-32.0%, at €66 million) linked to a slowdown in activity
and a decrease in backlog in the Middle-East for ADP
Ingénierie;
-
The change in consolidation method for Hub Safe
during the 4th
quarter[8], following
the 80%-disposal of the stake in this entity. For the 4th quarter of
2017, Hub Safe's results has been accounted for as non-operating
associates.
Over 2017, intersegment
eliminations[9] amounted to
€298 million.
EBITDA
(in millions of euros) |
2017(1) |
2016 |
2017/2016(1) |
2017
(excl. FC of TAV A) |
2017/2016 (excl. FC of TAV A) |
Revenue |
3,617 |
2,947 |
+€670m |
3,001 |
+1.8% |
Operating
expenses |
(2,142) |
(1,807) |
+€335m |
(1,809) |
+0.1% |
Consumables |
(165) |
(113) |
+€52m |
(120) |
+5.8% |
External services |
(865) |
(707) |
+€158m |
(725) |
+2.7% |
Employee benefit costs |
(814) |
(698) |
+€116m |
(689) |
-1.2% |
Taxes other than income taxes |
(260) |
(262) |
-€2m |
(250) |
-4.5% |
Other operating expenses |
(39) |
(27) |
+€12m |
(25) |
-9.4% |
Other
incomes and expenses |
93 |
56 |
+€37m |
96 |
+€40m |
EBITDA |
1,567 |
1,195 |
+€372m |
1,287 |
+7.7% |
EBITDA
/ Revenue |
43.3% |
40.6% |
+2.7pt |
42.9% |
+2.3pt |
(1)
Including the full consolidation (FC) of TAV
Airports in the 2nd half of
2017 |
Group operating expenses stood at
€2,142 million over 2017. Excluding the full consolidation of TAV
Airports, operating expenses were almost stable (+0.1%) due to the
good control over expenses. The operating expenses of the parent
company increased slightly by 0.3%, compared to 2016.
The distribution of operating
expenses is as follows:
-
Consumables stood at €165
million. Excluding the full consolidation of TAV Airports,
consumables were up by 5.8% due to the increase in furniture need
for the de-icing activity and the increase in Hub One
activities.
-
The costs related to external
services stood at €865 million. Excluding the full
consolidation of TAV Airports, the costs related to external
services were up by 2.7% due to the increase of use of
sub-contracting, linked to the change of accounting method for Hub
Safe, and the increase in expense for maintenance and
repairs.
Employee
benefit costs stood at €814 million. Excluding the full
consolidation of TAV Airports, employee benefit costs were down by
1.2%, notably due to the partial sale of Hub Safe over the last
quarter of 2017. As of 31 December 2017, the average number of
employees stood at 17,422[10]/[11].
(in
millions of euros) |
2017(1) |
2016 |
2017/2016(1) |
Employee benefit costs |
814 |
698 |
+€116m |
Aéroports de Paris |
555 |
553 |
+0.4% |
Subsidiaries |
258 |
145 |
+€113m |
Average staff numbers (Full-Time Equivalent) |
17,422 |
8,947 |
+8,475 |
Aéroports de Paris |
6,435 |
6,478 |
-0.7% |
Subsidiaries |
10,987 |
2,469 |
+8,518 |
(1)
Including the full consolidation of TAV Airports
in the 2nd half of
2017 |
-
Taxes other than income
taxes stood at €260 million. Excluding the full consolidation
of TAV Airports, taxes other than income taxes decreased by 4.5%
due to the settlement of a litigation on previous years.
-
Other operating expenses
stood at €39 million. Excluding the full consolidation of TAV
Airports, other operating expenses were down by 9.4%, due to a
decrease in management expenses.
Other income and
expenses stood at €93 million, due to the accounting, under to
the IAS 17 norm, of the capital gain linked to the long term lease
of cargo hub buildings[12], for €63
million.
Over 2017, group consolidated
EBITDA stood at €1,567 million. Excluding the full consolidation of
TAV Airports, EBITDA stood at €1,287 million, up by 7.7% compared
to 2016. The consolidated gross margin rate[13] for
2017 was up by 2.7 points, at 43.3%.
Net result attributable to the Group
(in millions of euros) |
2017(1) |
2016 |
2017/2016(1) |
EBITDA |
1,567 |
1,195 |
+€372m |
Amortisation & Depreciation |
(615) |
(479) |
+€136m |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
77 |
(52) |
+€129m |
Operating income from ordinary activities (including
operating activities of associates) |
1,030 |
664 |
+€366m |
Other operating expenses and incomes |
22 |
32 |
-€10m |
Operating income (including operating activities of
associates) |
1,052 |
696 |
+€356m |
Financial income |
(179) |
(115) |
-€64m |
Associates
from non-operating activities |
1 |
59 |
-€58m |
Income before tax |
874 |
640 |
+€234m |
Income taxes |
(260) |
(202) |
+€58m |
Net results from continuing activities |
614 |
438 |
+€176m |
Net income
attributable to non-controlling interests |
(44) |
(3) |
-€41m |
Net income attributable to the Group |
571 |
435 |
+€136m |
(1)
Including the full consolidation of TAV Airports
in the 2nd half of
2017 |
Over 2017, amortisation and depreciation stood at €615 million.
Excluding the full consolidation of TAV Airports, amortisation and
depreciation decreased by €7 million.
Operating income
from ordinary activities (including operating activities of
associates) stood at €1,030 million notably due to:
-
The scope effect of the full consolidation of
TAV Airports for the 2nd half of
2017;
-
The re-evaluation of the 38%-stake in TAV
Airports for €63 million;
-
The capital gain following the sale of TAV
Construction for a net amount of €12 million;
-
The negative effect linked to provisions on
international stake amounting to €46 million, accounted for during
the 1st half-year of
2017.
Operating
income stood at €1,052 million, due notably to the capital gain
of the 80%-sale of the stake in Hub Safe, net of disposal fee, for
an amount of €27 million.
The net financial
result stood at -€179 million and was notably impacted by
provisions on international stake for €9 million accounted for
during the 1st half of
2017, in addition to the €46 million mentioned above.
As of 31 December 2017, Groupe ADP
net debt stood at €3,797 million compared with €2,709 million as of
31 December 2016 due to the full consolidation of TAV Airports.
Excluding the full consolidation of TAV Airports, Groupe ADP's net
debt would stand at €3,144 million.
The share of
profit of non-operating associates was down by €58 million, to
€1 million, due to the negative impact of the non-renewal of the
capital gain linked to the sale, in October 2016, of Groupe ADP's
stake in the Mexican airport operator OMA for an amount of €58
million.
The income tax
expense stood at €260 million in 2017, up by €58 million. This
net increase in income tax is, on one hand, due to the corporate
income tax for €82 million, linked to the increase in income before
tax and the 2017 surcharge on income tax, partially offset by the
re-evaluation of deferred taxes from 2020. On the other hand, the
reimbursement of tax on dividends, amounting for €24 million,
reduced the impact of the increase in corporate income tax.
Taking into account all these
items, the net result attributable to the
Group increased by €136 million, to €571 million.
Analysis by segment Aviation
(in millions of euros) |
2017 |
2016 |
2017/2016 |
Revenue |
1,813 |
1,743 |
+4.0% |
Airport fees |
1,055 |
1,003 |
+5.2% |
Passenger fees |
653 |
619 |
+5.4% |
Landing fees |
243 |
233 |
+4.6% |
Parking fees |
159 |
151 |
+5.6% |
Ancillary fees |
230 |
220 |
+4.6% |
Revenue from airport safety and security services |
487 |
480 |
+1.6% |
Other income |
40 |
40 |
-1.6% |
EBITDA |
551 |
488 |
+12.8% |
Operating income from ordinary activities (including
operating activities of associates) |
272 |
186 |
+46.4% |
EBITDA / Revenue |
30.4% |
28.0% |
+2.4pt |
Operating income from ordinary activities /
Revenue |
15.0% |
10.7% |
+4.4pt |
Over 2017, Aviation segment, that
only includes Parisian activities, revenue increased by 4.0%, to
€1,813.
Revenue from airport fees (passenger fees, landing fees and aircraft
parking fees) was up by 5.2%, at €1,055 million, in
2017, benefiting from the growth in passenger traffic (+4.5%) and
the increase in tariffs as of 1 April 2017 (+0.97%). It should
be noted that, as of 1 April 2017, tariffs (excluding
PRM[14] fees) have
increased by 1.51%, except the CREWS fee that decreased
significantly. Overall, excluding PRM fees, the increase was equal
to +0.97% on average.
Ancillary
fees were up by 4.6%, to €230 million, mainly thanks to the
increase in revenue from the fee related to the provision of
de-icing facilities (+29.1%, at €24 million) and from the fee for
PMR (+9.5%, at €60 million) linked to the growth in traffic.
Revenue from
airport safety and security services was up by 1.6%, to €487
million. This revenue covered the expenses engaged by Groupe ADP,
up due to the increase in traffic. This increase was partially
offset by productivity gain made possible by the signing of markets
in obligation of results in security.
Other income,
which mostly consists in re-invoicing the French Air Navigation
Services Division and leasing associated with the use of terminals,
slightly decreased by 1.6%, to €40 million.
The combination
of these elements with the good control over expenses resulted in
an EBITDA of the aviation segment up by 12.8%, at €551 million.
The gross margin rate increased by 2.4 points and stood at
30.4%.
Amortisation and
depreciation were down (-7.9%), at €279 million due to the
favourable base effect linked to the extraordinary amortisation and
depreciation in 2016 and the full year effect of the review of the
lifespan of some assets occurring at the end of 2016 that
translated into a small lengthening of the mean duration of
amortisation.
As a consequence, the operating income from ordinary activities was strongly
up by €86 million, at €272 million in 2017.
Retail and
services
(in millions of euros) |
2017 |
2016 |
2017/2016 |
Revenue |
953 |
941 |
+1.2% |
Retail activities |
459 |
449 |
+2.2% |
Airside shops |
303 |
299 |
+1.6% |
Landside shops |
19 |
18 |
+5.4% |
Bars and restaurants |
42 |
39 |
+10.2% |
Advertising |
50 |
50 |
-0.8% |
Others |
45 |
44 |
+1.0% |
Car parks and access roads |
171 |
175 |
-2.1% |
Industrial services revenue |
134 |
133 |
+0.5% |
Rental income |
147 |
146 |
+0.5% |
Other income |
42 |
38 |
+11.4% |
EBITDA |
533 |
527 |
+1.0% |
Share in
associates and joint ventures from operating activities |
3 |
1 |
+€2m |
Operating income from ordinary activities (including
operating activities of associates) |
404 |
409 |
-1.2% |
EBITDA / Revenue |
55.9% |
56.0% |
-0.1pt |
Operating income from ordinary activities /
Revenue |
42.4% |
43.5% |
-1.1pt |
Over 2017, revenue from Retail and
services, that only includes Parisian activities, was up by 1.2%,
at €953 million.
Revenue from retail (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) was up
by 2.2% in 2017, at €459 million, the favorable impact of the
return of the most contributive passengers being partly offset by
the negative effect of exchange rate during the 2nd half of
2017.
-
Among this item, the rents from airside shops
stood at €303 million, up by 1.6%, thanks to the good performance
of the luxury activity, partly offset the negative effect of the
roll-out of the plain packaging on tobacco sales. The sales
per passenger[15] were
stable (+0.4%), at €18.2;
-
Rents from landside shops increased by 5.4%, to
€19 million;
-
Bars and restaurants posted a growth of 10.2%,
at €42 million, linked partly to the full year effect of the
roll-out of the EPIGO joint venture.
Media Aéroports
de Paris[16] saw a
decrease of 1.0% of its revenue, at €53 million, due to the
negative base effect linked to the strong activity in 2016 related
to the Euro football championship. Its EBITDA was down by 1.5%, at
€8 million and its net result was up by 3.2%, at €2 million.
Revenue from car
parks stood at €171 million, down by 2.1%.
Revenue from industrial services (the supply of electricity and
water) was up slightly (+0.5%), at €134 million.
Rental
revenue (leasing of space within terminals) increased slightly
by 0.5%, to €147 million.
Other revenue
saw an increase of 11.4%, to €42 million.
EBITDA of the
segment was up by 1.0%, at €533 million, due to the growth in
revenue and to the control over expenses. The gross margin rate was
stable (-0.1 point), at 55.9%.
The share of profit from operating
associates (Société de Distribution Aéroportuaire, RELAY@ADP and
EPIGO) was up by €2 million, at €3 million.
Operating income
from ordinary activities (including operating activities of
associates) decreased by 1.2%, to €404 million.
Real Estate
(in millions of euros) |
2017 |
2016 |
2017/2016 |
Revenue |
250 |
263 |
-4.8% |
External revenue1 |
208 |
211 |
-1.1% |
Land |
108 |
102 |
+5.5% |
Buildings |
68 |
82 |
-16.1% |
Others |
32 |
27 |
+19.2% |
Internal revenue |
42 |
52 |
-19.6% |
Other
income and expenses (incl. capital gain linked to the cargo hub
buildings) |
69 |
3 |
+€66m |
EBITDA (excluding capital gain linked to cargo hub
buildings) |
146 |
149 |
-2.3% |
EBITDA |
209 |
149 |
+€60m |
Share in
associates and joint ventures from operating activities |
(2) |
(2) |
-€0.6m |
Operating income from ordinary activities (including
operating activities of associates) |
161 |
104 |
+€57m |
EBITDA / Revenue |
83.5% |
56.7% |
+26.8pt |
Operating income from ordinary activities /
Revenue |
64.1% |
39.7% |
+24.4pt |
Over 2017, Real estate revenue,
that only includes Parisian activities, was down by 4.8%, at €250
million.
External
revenue[17] (€208
million) was down (-1.1%) due to the loss of some contracts in
Paris-Orly.
Internal
revenue decreased (-19.6%), to €42 million, due to the revision
of internal rents in order to correspond to market prices, in order
to improve the internal management of the group, with no impact on
the group consolidated revenue.
According to the IAS 17 norm, the
capital gain linked to the long term lease of cargo hub
buildings[18], was
accounted for in "other incomes" and amounted to €63 million.
This gain was accounted for during the 1st half of
2017.
As a consequence, EBITDA was up strongly, by €60 million, at €209
million.
Excluding the profit linked to the
cargo hub buildings, the EBITDA was down 2.3% due, notably, due to
the increase in local taxes.
Amortisation and depreciation
increased by 7.6%, to €46 million, linked to the head offices
amortisation (€2.5 million in 2017).
The share of profit from operating
associates stood at -€2 million.
As a consequence,
operating income from ordinary activities (including operating
activities of associates) increased strongly, to €161 million,
compared with €104 million in 2016.
International
and airports developments
(in millions of euros) |
2017(1) |
2016 |
2017/2016(1) |
Revenue |
682 |
97 |
+€585m |
ADP Ingénierie |
52 |
75 |
-30.9% |
ADP International |
15 |
23 |
-35.6% |
TAV Airports |
616 |
- |
+€616m |
EBITDA |
252 |
3 |
+€249m |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
77 |
(51) |
+€128m |
Operating income from ordinary activities (including
operating activities of associates) |
186 |
(49) |
+€235m |
EBITDA / Revenue |
36.9% |
2.8% |
N/A |
Operating income from ordinary activities /
Revenue |
27.2% |
-50.4% |
N/A |
(1)
Including the full consolidation of TAV Airports
in the 2nd half of
2017 |
Over 2017, revenue from
International and airport developments increased strongly by €585
million, to €682 million, due to the full consolidation of TAV
Airports since July 2017, and the acquisition of an additional
8.12%-stake in the company, for a total stake of 46.12%. EBITDA
stood at €252 million.
At constant scope (excluding the
full consolidation of TAV Airports), revenue from International and
airport developments decreased by 32.0% and EBITDA stood at -€28
million.
ADP
Ingénierie[19]'s revenue
was down by 30.9%, at €52 million, due to a slowdown in
activity for all international branches and a decrease in backlog
in the Middle East. EBITDA and operating income from ordinary
activities (including operating activities of associates) stood
both at - €14 million (compared with a positive result of €5
million in 2016). At the end of 2017, ADP Ingénierie's
backlog amounted to €61 million.
ADP
International, excluding ADP Ingénierie, saw its revenue
decreasing by €8 million, to €15 million. EBITDA stood
at €12 million (compared to zero in 2016). Its operating
income from ordinary activities (including operating activities of
associates) stood at -€39 million (compared with a result of
€5 million in 2016) due to a provision on international stake
amounting to €46 million, accounted for during the 1st half of
2017.
Over the 2nd half
of 2017, TAV Airports' contribution in the financial accounts of
the group, after adjustments related to acquisition of holdings,
stood at €616 million in revenue, €280 million in EBITDA and €149
million in operating income from ordinary activities.
In 2017, TAV
Airports achieved an increase in revenue of 2%, to €1,139
million, in EBITDA of 15%, to €481 million and in net result of
55%, to €185 million.
Share of profit from operating
associates, including mainly TAV Airports for the 1st half of 2017
and Schiphol Group, after adjustments related to acquisition of
holdings, stood at €77 million in 2017, compared to -€51 million in
2016, hence an increase of €128 million. This increase was mainly
due to the following drivers:
-
The capital gain of the re-evaluation of
the 38%-stake in TAV Airports for an amount of €63 million;
-
The positive base effect linked to the
impairment of TAV Construction in 2016, and, in 2017, a capital
gain, net of disposal fee, for an amount of €12 million;
-
These elements are partially offset by
provisions on international stake amounting to €46 million,
accounted for during the 1st half of
2017.
Operating income from ordinary
activities (including operating activities of associates) for
International and airport developments stood consequently at €186
million, compared to a result of -€49 million in 2016.
Other
activities
(in millions of euros) |
2017 |
2016 |
2017/2016 |
Revenue |
217 |
223 |
-2.5% |
Hub One |
154 |
144 |
+6.8% |
Hub Safe(1) |
63 |
78 |
-19.6% |
EBITDA |
25 |
29 |
-12.5% |
Operating income from ordinary activities (including
operating activities of associates) |
9 |
14 |
-35.1% |
EBITDA / Revenue |
11.6% |
12.9% |
-1.3pt |
Operating income from ordinary activities /
Revenue |
4.3% |
6.4% |
-2.1pt |
(1)
Revenue for 9 months, following the sale of an
80%-stake in Hub Safe on 29 September 2017. |
In 2017, revenue from Other
activities segment was down by 2.5%, at €217 million. EBITDA
decreased by 12.5%, to €25 million. As a reminder, since 29
September 2017, date of sale of 80%-stake in Hub Safe, Hub Safe has
been accounted for as non-operational associates. From this
date, the share in profit has been be accounted for as share in
associates from non-operating activities.
In 2017, Hub One saw its revenue
growing by 6.8%, at €154 million, driven by the increased activity
of the Telecom division. EBITDA was down 7.7%, at €20 million. The
operating income from ordinary activities (including operating
activities of associates) decreased by €3 million, to €5
million.
Hub Safe's revenue was down by
19.6%, at €63 million due to the change in accounting method of the
company during the last quarter. EBITDA increased by €1 million, to
€5 million. The operating income from ordinary activities
(including operating activities of associates) increased by 9.2%,
to €4 million.
The operating income from ordinary
activities (including operating activities of associates) of the
segment was down by 35.1%, at €9 million.
Highlights
of the period occurred after the publication of the 2017
9-month revenue, on 26 October 2017
Change in passenger traffic
Group traffic
(million passengers) |
|
Groupe ADP stake(1) |
Stake-weighted traffic (mpax) |
2017 / 2016 change(2) |
Groupe ADP |
Paris
Aéroport (CDG+ORY) |
@ 100% |
101.5 |
+4.5% |
Zagreb |
@
20,8% |
0.6 |
+11.8% |
Jeddah-Hajj |
@ 5% |
0.4 |
+2.9% |
Amman |
@ 9,5% |
0.8 |
+6.8% |
Mauritius |
@ 10% |
0.4 |
+5.4% |
Conakry |
@ 29% |
0.1 |
+23.8% |
Santiago de Chile |
@ 45% |
9.6 |
+11.6% |
Antananarivo et Nosy Be |
@ 35% |
0.4 |
+6.2% |
TAV Airports Group |
Istanbul
Atatürk |
@
46.1% |
63.7 (@ 100
%) |
+5.5% |
Ankara
Esenboga |
@ 46.1% |
15.8 (@ 100
%) |
+21.5% |
Izmir |
@ 46.1% |
12.8 (@ 100
%) |
+6.4% |
Other
airports(3) |
@ 46.1% |
22.6 (@ 100
%) |
+17.5% |
TOTAL GROUP(4) |
|
|
228.2 |
+7.4% |
-
Direct or indirect. Groupe ADP
total traffic stood at 259 million passengers, up by 7.4% compared
to 2016.
-
Excluding stake in Mexican
airports, sold in October 2016 ; Calculation taking into account
TAV Airports traffic at 100% in 2017.
-
Turkey (Milas-Bodrum), Croatia
(Zagreb), Saudi Arabia (Medinah), Tunisia (Monastir & Enfidha),
Georgia (Tbilissi & Batumi), and Macedonia (Skopje &
Ohrid).
-
The computation was made
according to the following method: traffic from airports that are
fully consolidated are taken at 100%, traffic from other airports
was taken according to the stake owned
|
Paris Aéroport handled a total of
101.5 million passengers in 2017, an increase of 4.5% compared to
the previous year. Paris-Charles de Gaulle Airport welcomed 69.5
million passengers (+5.4%) and Paris-Orly Airport 32.0 million
(+2.6%). Traffic increased by 5.0% over the first half of the year
and by 4.0% over the second half.
-
International traffic (excluding Europe) was up
(+6.2%) due to growth in all destinations: the Middle East (+8.9%),
Africa (+7.8%), North America (+6.9%), the French Overseas
Territories (+4.8%), Asia-Pacific (+4.1%) and Latin America
(+0.7%);
-
European traffic (excluding France) was up by
4.2%;
-
Traffic within France was up by 1.0%.
Geographic split
Paris Aéroport |
2017 / 2016 change |
Share of total traffic |
France |
+1.0% |
16.3% |
Europe |
+4.2% |
43.8% |
Other
International |
+6.2% |
40.0% |
Of which |
|
|
Africa |
+7.8% |
11.3% |
North America |
+6.9% |
10.0% |
Latin America |
+0.7% |
3.1% |
Middle East |
+8.9% |
5.1% |
Asia-Pacific |
+4.1% |
6.4% |
French Overseas Territories |
+4.8% |
4.1% |
Total Paris Aéroport |
+4.5% |
100.0% |
The number of connecting
passengers rose by 1.2%. The connecting rate stood at 23.1%, down
by 0.8 points.
The load factor was up by 3.5
points, at 85.0%. The number of air traffic movements (704,681) was
up by 0.4%.
Freight and postal activity
increased by 2.3%, with 2,295,417 tonnes transported.
Groupe ADP signed a contract to take exclusive control on AIG,
concessionaire of Amman Airport, Jordan
Groupe ADP signed on 22 December a
contract to take exclusive control on Airport International Group
("AIG"), concessionaire of Queen Alia International Airport in
Amman, Jordan. The co-shareholders will be Meridiam, ASMA
Capital Partners B.S.C. (c) and Edgo.
With this take over, Groupe ADP,
which has been a 9.5%-shareholder of AIG, through ADP
International, since 2007, will be able to fully consolidate the
financial statements of the concessionaire company.
This transaction results in an
investment of USD267million for Groupe ADP.
The completion of the transaction
is subject suspensive conditions including the Government of Jordan
and AIG's Lenders consents.
Queen Alia airport welcomed 7.4
million passengers in 2016 and was named the best airport of its
size (5-15 million passengers) in the Middle East by the
Airport Council International (ACI) based on the results of the
2016 Airport Service Quality (ASQ) Survey, the world's leading
airport passenger satisfaction benchmark program.
€500 million new bond issue
On 6 December 2017, Aéroports de
Paris launched a bond issue for a total amount of €500 million
with the following characteristics:
-
Format: Fixed rate
-
Redemption: in fine
-
Annual rate: 1.0%
-
Re-offer spread: 25 bp over mid swap
-
Re-offer yield: 1.036%
-
Payment date: 13 December 2017
-
Maturity date: 13 December 2027
Aéroports de Paris is rated A+
(stable outlook) by Standard and Poor's.
This bond was issued on 13
December 2017 and will have to be reimbursed on 13 December
2017.
Events
having occurred since 31 December 2017
January 2018 traffic figures
In January 2018, Paris Aéroport
welcomed 7.6 million passengers, an increase of 4.5% compared to
January 2017. 5.2 million passengers travelled through
Paris-Charles de Gaulle (+4.9%) and 2.4 million through Paris-Orly
(+3.8%).
2018 Forecasts
|
2018 Forecasts |
Traffic
growth assumption |
Traffic
growth assumption for Paris Aéroport between 2.5% and 3.5% in 2018
compared to 2017
Traffic growth assumption for TAV Airports between +10% and +12% in
2018 compared to 2017 |
Consolidated EBITDA(1) |
Increase of
between 10% and 15% in 2018 compared to 2017, with the full-year
effect of the full consolidation of TAV Airports and excluding the
effects of any change in scope that may occur in 2018
2018 consolidated EBITDA excluding the full consolidation of TAV
Airports: increase of between 2.5% and 3.5% in 2018 compared to
2017
Reminder of the TAV Airports EBITDA (2)'s guidance:
increase of between 5% and 7% in 2018 compared to 2017 |
Dividend
for 2018 |
Maintained
pay-out of 60% of NRAG 2018 |
(1)
TAV Airports' EBITDA guidance, underlying Group's
EBITDA guidance, is built on the following exchange rate
assumption: EUR/TRY = 4.86 and EUR/USD = 1.22
(2)
EBITDA reported by TAV Airports includes the
Ankara guaranteed pax revenue and the equity pick-up |
The achievement of these forecasts
are subject to the assumption of traffic growth in Paris Aéroport
and the good run of TAV Airports' strategy.
2016-2020 Period guidances
Groupe ADP 2016-2020 targets, as
announced on 13 October 2015 remain unchanged and have to be
understood independently from the effect of the full consolidation
of TAV Airport. Groupe ADP will continue to present a
consolidated EBITDA excluding the effect of the full consolidation
of TAV Airport in order to follow the 2020 EBITDA target.
On the basis of a traffic growth assumption of 2.5% in
average per year between 2016 and 2020: |
ROCE of the regulated scope |
5.4% in 2020e |
2020 consolidated EBITDA |
+30 to +40% growth in consolidated EBITDA between 2014 and
2020e |
Quality of service |
Overall ACI/ASQ rating of 4 in 2020e |
Retail |
Sales per passenger of €23 on a full-year basis after
delivery of the 2016-2020e projects |
Parent company operating expenses |
Limit the growth in parent-company operating expenses to a
level below or equal to 2.2% in average per annum between 2015
and 2020 |
Real estate |
Growth in external rents (excluding reinvoicing and
indexation) ranging from 10% to 15% between 2014 and 2020e |
Agenda
-
Friday 23 February 2018: analysts meeting at
11:00 am Paris time, webcasted in live on our website at the
following address: webcast. The presentation is available at the
following address: finance.groupeadp.fr.
-
Next traffic figures
publications:
-
Next financial results
publication:
Investor
Relations
Audrey Arnoux : + 33 1 74 25 70 64
- invest@adp.fr
Press
Lola Bourget : + 33 1 74 25 23
23
Website
finance.groupeadp.fr
Investor
Relations: Audrey Arnoux, Head of Investor Relations +33 1 74 25 70
64 - invest@adp.fr
Press contact: Lola Bourget, Head of Medias and
Reputation Department +33 1 74 25 23 23
Groupe ADP develops and manages airports, including Paris-Charles
de Gaulle, Paris-Orly and Paris-Le Bourget. In 2017, the group
handled through its brand Paris Aéroport more than 101 million
passengers and 2.3 million metric tonnes of freight and mail at
Paris-Charles de Gaulle and Paris-Orly, and more than 127 million
passengers in airports abroad through its subsidiary ADP
International. 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 2017, group revenue stood at €3,617
million and net income at €571 million.
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.fr
|
2017 |
|
Groupe ADP
(incl. full consolidation of TAV Airports since
01/01/2017) |
TAV Airports' contribution
since 01/01/2017 after PPA |
Groupe ADP
(excl. full consolidation of TAV Airports in 2017) |
Revenue |
4,137 |
1,136 |
3,001 |
Operating
expenses |
(2,464) |
(654) |
(1,809) |
Consumables |
(215) |
(95) |
(120) |
External services |
(985) |
(260) |
(725) |
Employee benefit costs |
(933) |
(244) |
(689) |
Taxes other than income taxes |
(269) |
(19) |
(250) |
Other operating expenses |
(62) |
(37) |
(25) |
Other
incomes and expenses |
93 |
(3) |
96 |
EBITDA |
1,766 |
479 |
1,287 |
Amortisation & Depreciation |
(752) |
(279) |
(472) |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
79 |
12 |
67 |
Operating income from ordinary activities (including
operating activities of associates) |
1,093 |
211 |
881 |
Other
operating expenses and incomes |
22 |
- |
22 |
Operating income (including operating activities of
associates) |
1,115 |
211 |
904 |
Financial income |
(205) |
(109) |
(95) |
Associates
from non-operating activities |
1 |
- |
1 |
Income
taxes |
(274) |
(34) |
(240) |
Income of the period |
638 |
68 |
569 |
Income
outside of the Group |
53 |
56 |
(3) |
Net income attributable to the Group |
691 |
124 |
567 |
(in millions of euros) |
2017 |
Revenue |
616 |
EBITDA |
280 |
Amortisation & Depreciation |
(143) |
Share in
associates and joint ventures from operating activities after
adjustments related to acquisition of holdings |
11 |
Operating income from ordinary activities (including
operating activities of associates) |
149 |
Operating income (including operating activities of
associates) |
149 |
Financial
income |
(60) |
Income before tax |
88 |
Income
taxes |
(19) |
Net income |
70 |
Net result attributable to the Group |
29 |
(in millions of euros) |
2017 |
2016 |
Revenue |
3,617 |
2,947 |
Other
operating income |
92 |
29 |
Consumables |
(165) |
(113) |
Employee
benefit costs |
(814) |
(698) |
Other
operating expenses |
(1,164) |
(996) |
Net
allowances to provisions and Impairment of receivables |
1 |
26 |
EBITDA |
1,567 |
1,195 |
EBITDA/Revenue |
43.3% |
40.6% |
Amortisation and impairment of tangible and intangible assets |
(615) |
(479) |
Share of profit or loss in associates and joint ventures from
operating activities |
77 |
(52) |
Operating income from ordinary activities |
1,030 |
664 |
Other operating income
and expenses |
22 |
32 |
Operating income |
1,052 |
696 |
Financial income |
47 |
26 |
Financial
expenses |
(226) |
(141) |
Financial income |
(179) |
(115) |
Share of profit or loss in associates and joint ventures from
non-operating activities |
1 |
59 |
Income before tax |
874 |
640 |
Income tax expense |
(260) |
(202) |
Net results from continuing activities |
614 |
438 |
Net income |
614 |
438 |
Net income attributable to the Group |
571 |
435 |
Net
income attributable to non-controlling interests |
43 |
3 |
Basic
earnings per share (in €) |
5.77 |
4.40 |
Diluted earnings per share (in €) |
5.77 |
4.40 |
Earnings per share from continuing activities attributable
to the Group |
|
|
Basic
earnings per share (in €) |
5.77 |
4.40 |
Diluted
earnings per share (in €) |
5.77 |
4.40 |
|
|
|
(in millions of euros) |
As of 31/12/2017 |
As of 31/12/2016 |
Intangible
assets |
2,808 |
110 |
Property,
plant and equipment |
6,793 |
6,271 |
Investment
property |
476 |
499 |
Investments
in associates |
686 |
1,101 |
Other
non-current financial assets |
376 |
125 |
Deferred tax assets |
1 |
0 |
Non-current assets |
11,139 |
8,106 |
Inventories |
33 |
26 |
Trade
receivables |
641 |
548 |
Other
receivables and prepaid expenses |
243 |
116 |
Other
current financial assets |
248 |
129 |
Current tax
assets |
59 |
- |
Cash and
cash equivalents |
1,912 |
1,657 |
Current assets |
3,137 |
2,476 |
Assets held
for sales |
- |
10 |
Total assets |
14,276 |
10,592 |
|
|
|
(in millions of euros) |
As of 31/12/2017 |
As of 31/12/2016 |
Share
capital |
297 |
297 |
Share
premium |
543 |
543 |
Treasury
shares |
- |
(12) |
Retained
earnings |
3,834 |
3,541 |
Other
equity items |
(97) |
(85) |
Shareholders' equity - Group share |
4,577 |
4,284 |
Non-controlling interests |
857 |
7 |
Shareholders' equity |
5,434 |
4,291 |
Non-current
debt |
5,320 |
4,239 |
Provisions
for employee benefit obligations (more than one year) |
458 |
452 |
Other
non-current provisions |
56 |
46 |
Deferred
tax liabilities |
369 |
198 |
Other
non-current liabilities |
780 |
125 |
Non-current liabilities |
6,983 |
5,060 |
Trade
payables |
422 |
472 |
Other debts
and deferred income |
724 |
456 |
Current
debt |
645 |
265 |
Provisions
for employee benefit obligations (less than one year) |
10 |
17 |
Other
current provisions |
33 |
23 |
Current tax
liabilities |
25 |
8 |
Current liabilities |
1,859 |
1,241 |
Total equity and liabilities |
14,276 |
10,592 |
(in millions of euros) |
2017 |
2016 |
Operating income |
1,052 |
696 |
Income and
expense with no impact on net cash |
460 |
484 |
Net financial income other than cost of
debt |
(42) |
(2) |
Operating cash flow before change in working capital and
tax |
1,470 |
1,178 |
Change in working capital |
113 |
(77) |
Tax
expenses |
(313) |
(226) |
Cash flows from operating activities |
1,270 |
875 |
Purchase of
property, plant, equipment and intangible assets |
(879) |
(792) |
Change in
debt and advances on asset acquisitions |
(52) |
31 |
Acquisitions of subsidiaries and investments (net of cash
acquired) |
20 |
(20) |
Proceeds
from sale of subsidiaries (net of cash sold) and investments |
21 |
71 |
Change in
other financial assets |
(46) |
(11) |
Proceeds
from sale of property, plant and equipment |
6 |
27 |
Dividends
received |
42 |
70 |
Cash flows from investing activities |
(888) |
(624) |
Capital
grants received in the period |
6 |
15 |
Net
purchase/disposal of treasury shares |
0 |
12 |
Dividends
paid to shareholders of the parent company |
(261) |
(258) |
Dividends
paid to non-controlling interests in the subsidiaries |
(10) |
(2) |
Proceeds
from long-term debt |
561 |
7 |
Repayment
of long-term debt |
(253) |
(4) |
Change in
other financial liabilities |
(38) |
- |
Interest
paid |
(139) |
(115) |
Interest
received |
20 |
18 |
Cash flows from financing activities |
(114) |
(327) |
Impact of
currency fluctuations |
(14) |
|
Change in cash and cash equivalents |
254 |
(76) |
Net cash
and cash equivalents at beginning of the period |
1,656 |
1,732 |
Net cash
and cash equivalents at end of the period |
1,910 |
1,656 |
of which Cash and cash equivalents |
1,912 |
1,657 |
of which Bank overdrafts |
(2) |
(1) |
[1] Unless otherwise stated, percentages are comparing 2017
data to 2016 comparable data
[2] Excluding stake in Mexican airports, sold in October 2016 ;
Calculation taking into account TAV Airports traffic at 100% in
2017
[3] Please refer to press release published on 7 July 2017,
available on www.groupeadp.fr
[4] Sales in airside shops divided by the number of departing
passengers (Sales/Pax)
[5] TAV Airports' EBITDA guidance, underlying Group's EBITDA
guidance, is built on the following exchange rate assumption:
EUR/TRY = 4.86 and EUR/USD = 1.22
[6] EBITDA reported by TAV Airports includes the Ankara
guaranteed pax revenue and the equity pick-up
[7] Persons with reduced mobility
[8] Please refer to the press release published on 29 September
2017, available on www.groupeap.fr
[9] Internal revenue realised between segments
[10] Full time equivalent, of which average number of employees
of Hub Safe over 9 months, following the sale of a 80%-stake in the
entity at the end of september 2017 and of which average number of
employees of TAV Airports since the full consolidation, made in
July 2017.
[11] The average number of employees of the parent company
decreased by 0.7% in 2017.
[12] Please refer to the press release of the first half year of
2017 results, available on www.groupeadp.fr
[14] Persons with reduced mobility
[15] Sales of airside shops divided by the number of departing
passengers
[16] Media Aéroports de Paris is now fully consolidated and no
longer accounted for in associates. 2016 restated accounts were
released in 2016 full year results press release, available on
www.groupeadp.fr
[17] Generated with third parties (outside the group)
[18] Please refer to press release published for the 1st half
year results, available on www.groupeadp.fr
[19] Subsidiary of ADP International from 1 July 2017
Aéroports de Paris SA: FY 2017
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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