Groupe ADP : 2020 Financial results marked by the Covid-19 pandemic

Groupe ADP 2020 full-year results[1]

Groupe ADP traffic [2]: decrease by -60.4% [3], at 96.3 million passengers (excluding traffic at Istanbul Atatürk and excluding GMR Airports platforms in 2019);
Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): -69.4% at 33.1 million passengers;
Consolidated revenue down by -54.5%, at 2,137 million, due to the important impact of the Covid-19 pandemic on the revenue from aviation and retail activities in Paris as well as from TAV Airports and AIG on the international level;
Positive EBITDA [4]at +€168 million, down by -€1,604 million (-90.5%), due to the sharp decline in revenue, partially offset by the implementation of an operational and financial optimization plan undertaken throughout the group (decrease in the total operating expenses by €1,023 million, mainly under the drive of the optimization plan implemented for €668 million, within the €650 to €700 million announced range [5], and the remainder being linked to the effects of the decline in activity);
Impairment of assets[6]for an amount of €378 million (in NRAG), with an impact of €423 million on the operating income from ordinary activities (before tax);
Operating income from ordinary activities at -€1,123 million, down by -€2,217 million;
Net result attributable to the Group at -€1,169 million, down by -€1,757 million.

(in millions of euros - unless otherwise stated)	2020(1) (2)	2019 (1)	2020 / 2019
Revenue	2,137	4,700	- €2,563m	-54.5%
EBITDA	168	1,772	- €1,604m	-90.5%
Operating income from ordinary activities (2)	(1,123)	1,094	- €2,217m	N/A
Net result attributable to the Group	(1,169)	588	- €1 ,757m	N/A
Paris Sales/PAX (€) (3)	19.1 €	19.7 €	-	-3.0%
Net financial debt (4)	(7,484)	(5,392)	- €2,092m	+40.5%

(1) These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019.
(2) Groupe ADP has accounted the results of the GMR Airports group using the equity method at 24.99% between March and June 2020 and at 49% from July 2020 (on the stake acquisition in GMR Airports, see the press releases of 20 and 26 February, and 7 July 2020).
(3) Sales in airside shops divided by the number of departing passengers (Sales/PAX).
(4) The method for calculating net financial debt was changed between 2019 and 2020. In 2020, the applied method is as follows: 'gross debt less fair value hedging assets, cash and cash equivalents and restricted cash', while for 2019 the applied method was as follows: 'gross debt less receivables and current accounts with equity affiliates, fair value hedging assets, cash and cash equivalents and restricted cash'. By way of comparison, net financial debt at 31 December 2019, shown on page 5 of the press release of 10 February 2020 on the 2019 annual results, amounted to €5,254 million.

Augustin de Romanet, Chairman and CEO, stated: 'The year 2020 was marked by the Covid-19 pandemic with a strong impact on all of the group's activities from March onwards. Groupe ADP's total traffic amounted to 96.3 million of passengers over 2020, down by 60.4% compared to 2019, taking into account the integration of GMR Airports' traffic since March, in which the stake acquisition opens the way to a new industrial partnership, growth driver for the future. Paris Aéroport traffic amounted to 33.1 million passengers, down by 69.4%. The group managed to maintain a positive EBITDA at 168 million euros thanks to the effects of an optimization plan implemented throughout the group. Net result attributable to the Group stands at -1,169 million euros, down by 1,757 million euros, mainly due to the significant decline in revenue and to impairments.
Groupe ADP succeeded in improving its quality of service, its extra-financial rating and in preserving its sales per passenger in Parisian shops. Since August, the group has stabilized its cash position at a high level, enabling it to confidently consider the year 2021. It is pursuing its financial stabilization plan, in particular by implementing a collective mutually agreed termination agreement signed on December 9th, 2020. It anticipates a return to the 2019 traffic level in Paris between 2024 and 2027. Groupe ADP confirms its guidance of a net financial debt/EBITDA ratio between 6x and 7x by the end of 2022, enabling it to lay ground for a new development dynamic in France and abroad.'

[1] This press release presents the consolidated results approved by the Board of Directors of February 17th, 2021 and examined by the Audit committee on February 12th, 2021. The audit procedures of the consolidated financial statements by the auditors have been realized. The certification report will be issued after: (i) the review of subsequent events, (ii) the finalization of the specific reviews required by French laws and regulation, (iii) the finalization of the works regarding the required presentation of the annual financial report in the ESEF standard.
[2] Group traffic @100%. Group traffic @100% includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1st March, 2020. For information, taking into account the traffic of Istanbul Atatürk Airport in 2019, the group's traffic @100% is down by -62.8% over 2020. Excluding the integration of GMR Airports as of March 1st, 2020, the decrease in group traffic would be -69.8% over 2020.
[3] Unless otherwise stated, percentages are comparing 2020 full-year data with 2019 comparable data.
[4] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
[5]See the press release of 23 October 2020: '2020 9-month revenue'.
[6]Intangible assets (including goodwill), tangible assets, stocks, shares and loans to companies accounted for by the equity method other than receivables.

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