FINANCIAL RELEASE
Aéroports de
FULL-YEAR 2022 RESULTS UP SHARPLY
ALL GROUPE ADP'S ANNUAL OBJECTIVES WERE MET OR EXCEEDED
Strong full-year results:
- Revenue: €4,688M, up +68.8% (+62.9% excluding the integration of
Almaty airport sinceMay 2021 ), driven by the strong traffic recovery, both inParis and abroad, and the strong momentum of Retail and services activities, with Extime Paris Sales/Pax reaching €27.4 (+8.2% vs. 2021 and +16.9% vs. 2019);- EBITDA: €1,704M, up +€953M; EBITDA margin at 36.4% of revenue, in line with the guidance of a margin in the upper part of the 32% to 37% range;
- Operating Income: €936M, up +€964M, of which +€75M improvement in income of equity-accounted companies;
- Net income attributable to the Group: €516M, up +€764M;
- Net financial debt: €7,440M, with a Net Debt to EBITDA ratio better than expected, at 4.4x EBITDA (4.6x EBITDA excl. the €420M proceeds from the disposal of the stake held by Groupe ADP in Royal Schiphol Group vs. a guidance of 5.5x to 5.0x, excl. RSG impact);
- Dividend: proposal to distribute a dividend of 60% of the 2022 NRAG, i.e. €3.13 per share1, a level 3 times higher than the target floor of €1.00 per share.
Unless otherwise indicated, changes are expressed in comparison with the 2021 full-year results.
2022 forecasts and corresponding results are summarized on page 17 of this financial release.
Key figures for the full-year 2022 are presented in a table on page 3 of this financial release.
Operational and financial indicators definitions appear in appendix 2.
2023-2025 trajectory adjusted:
- Narrower traffic forecasts for 2023:
- Paris Aéroport: between 87% and 93% of the 2019 level (previously 85% to 95%);
- Groupe ADP: between 95% and 105% of the 2019 level;
- Paris Aéroport: between 87% and 93% of the 2019 level (previously 85% to 95%);
- Return as early as 2023 to an EBITDA at least equal to 2019 (i.e. equal or above €1,772M), i.e a year earlier than previous forecasts;
- EBITDA margin target range unchanged for 2023 (32% to 37%) and now expected between 35% and 38% in 2024-2025 (previously 35% to 40%);
- Extime Paris Sales Per Pax target upgraded to
29.5 euros in 2025 (previously27.5 euros ).
2023-2025 capital allocation policy refined:
- Capex now capped in current euros (previously in constant euros):
ADP SA capex: c.€900M per year on average (previously: capex program divided in a yearly schedule ranging from €650M to €900M in constant euros);- Group capex: c.€1,300M per year on average (previously: €1,000M per year on average in constant euros);
- Dividend policy confirmed: payout of 60% of the NRAG, with a floor at €3.00 per share;
- Net Debt to EBITDA decrease continuing: target lowered to c.3.5x to 4.5x EBITDA in 2025 (previously 4.5x to 5.0x), including selective international growth projects.
"2022 is a year marked by strong growth in Groupe ADP's results. We have welcomed more than 280 million passengers in our entire airport network. In Paris, we have welcomed close to 87 million passengers, more than twice than in 2021. The strong recovery in traffic has been an operational and human challenge and a want to thank our employees and partners for their mobilization. In Paris, Retail & Services activities recorded an outstanding growth, driven by an Extime Paris Sales per Pax2 reaching 27.
This solid performance translates into an EBITDA of
In 2023, all Groupe ADP teams will continue to be mobilized for the ecological transition of our industry and to welcome travelers in our airports even better. This ambition is set out in our 2025 Pioneers strategic roadmap, serving all our stakeholders."
The 2022 Full-year results have been approved by the Board of Directors of February 15th, 2023 and examined by the Audit committee on February 9th, 2023. 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.
Key figures
OPERATIONAL INDICATORS | ||||
2022 | In % of 2019 | 2022/2021 Change | ||
Group traffic3 | 280.4 Mpax | 80.9% | +118.0MPax | +72.6% |
Paris Aéroport traffic | 86.7 Mpax | 80.2% | +44.7MPax | +106.7% |
2022 | 2021 | Var. 2022/2021 | 2019 | Var. 2022/2019 | |||
Extime Paris Sales / Pax4 | €27.4 | €25.4 | +€2.1 | +8.2% | €23.5 | +€4.0 | +16.9% |
FINANCIAL RESULTS | ||||
2022 | 20215 | 2022/2021 Change | ||
Revenue | €4,688M | €2,777M | +€1,911M | +68.8% |
EBITDA | €1,704M | €751M | +€953M | +126.8% |
In % of revenue | 36.4% | 27.0% | +9.4pts | +34.4% |
Operating income from ord. activities | 936M | -€29M | +€965M | - |
Net result attributable to the group | €516M | -€248M | +€764M | - |
Net financial debt | €7,440M | €8,011M | -€571M | -7.1% |
Net financial debt/EBITDA6 | 4.4x | 10.7x | -6.3x | -59.1% |
Highlights
Successful launch of the 2025 Pioneers strategic roadmap
In 2022, Groupe ADP has adopted a 2022-2025 strategic roadmap to build the foundation of a new airport model geared towards sustainability and performance, in line with societal and environmental expectations. (see press release of
The "2025 Pioneers" strategic roadmap defines the priority transformation actions for the 2022-2025 period and sets 20 objectives up to 2025, structured around 3 strategic priorities:
- An industrial ambition: One ambition, "imagining the sustainable airport of tomorrow"
- A multi-local approach: One Group, "build a global, integrated and responsible group"
- A collective dynamic: Shared dynamics, "innovate, support and empower"
At the end of this first year of deployment, the successful launch of the 2025 Pioneers strategic roadmap materializes into the launch of concrete actions contributing to the objectives set for 2025. (See the table of the 20 objectives on page 19 of this release).
Mandatory annual negotiations (Négociations annuelles obligatoires "NAO"): signing of a salary increase agreement for the employees of Aéroports de
As part of the Mandatory annual negotiations and following meetings held with the representative trade unions, the group has announced to the employees of Aéroports de
This agreement notably includes, as of
This agreement is coupled with an exceptional value-sharing bonus, to be paid to all employees in
Situation in international assets
In 2022, some of the Group's international assets that had been weakened by the Covid crisis have continued to hold discussions with their counterparties (conceding authorities, banks…) aimed at maintaining their financial and operational viability. Depending on the situation, these assets requested concession term extensions and debt restructurings.
Regarding TAV Airports, a two-year concession extension was obtained on
Regarding
Moreover,
In
As a result, the Groupe ADP may be required to provide financial support to these airport management companies in which it is a shareholder. The support that may arise from restructuration discussions is estimation, globally, at a maximum of
Groupe ADP's 2022 full-year results presentation
2022 Full-year consolidated accounts
(in millions of euros) | 2022 | 2021 | 2022/2021 |
Revenue | 4,688 | 2,777 | +€1,911M |
EBITDA | 1,704 | 751 | +€953M |
EBITDA / Revenue | 36.4% | 27.0% | +9,4pts |
Operating income from ordinary activities | 936 | (29) | +€965M |
Operating income from ordinary activities / Revenue | 20.0% | -1.0% | +21,0pts |
Operating income | 988 | (20) | +1,008M |
Financial result | (224) | (218) | -6M |
Net income attributable to the Group | 516 | (248) | +764M |
Revenue
(in millions of euros) | 2022 | 20217 | 2022/2021 |
Revenue | 4,688 | 2,777 | +€1,911M |
Aviation | 1,675 | 1,028 | +€647M |
Retail and services | 1,442 | 825 | +€617M |
of which Extime Duty Free Paris (ex. SDA) | 631 | 311 | +€320M |
of which | 95 | 36 | +€59M |
Real estate | 296 | 278 | +€18M |
International and airport developments | 1,361 | 726 | +€635M |
of which TAV Airports | 1,048 | 518 | +€530M |
of which AIG | 263 | 159 | +€104M |
Other activities | 166 | 170 | -€4M |
Inter-sector eliminations | (252) | (250) | -€2M |
Groupe ADP's consolidated revenue stood at 4,688 million euros in 2022, up +1,911 million euros compared to 2021, mainly due to the positive effect of traffic recovery on:
- The revenue of aviation activities in
Paris , up+647 million euros , at1,675 million euros and of the Retail and Services segment inParis , up+617 million euros , at1,442 million euros ; - The revenue of TAV Airports, which reached
1,048 million euros , up+530 million euros . This revenue includes the one ofAlmaty airport management company inKazakhstan , for 334 million euros in 2022, while105 million euros of revenue had been accounted for the period of May toDecember 2021 ; - The revenue of AIG, up
+104 million euros , at263 million euros .
The amount of inter-sector eliminations stood at
EBITDA
(in millions of euros) | 2022 | 20218 | 2022/2021 |
Revenue | 4,688 | 2,777 | +€1,911M |
Operating expenses | (3,071) | (2,182) | -€889M |
Consumables | (755) | (383) | -€372M |
External services | (1,106) | (789) | -€317M |
Employee benefit costs | (862) | (739) | -€123M |
Taxes other than income taxes | (233) | (195) | -€38M |
Other operating expenses | (114) | (77) | -€37M |
Other incomes and expenses | 87 | 156 | -€69M |
EBITDA | 1,704 | 751 | +€953M |
EBITDA/Revenue | 36.4% | 27.0% | +9.4pts |
Group operating expenses stood at 3,071 million euros over 2022, up +889 million euros (+40.7%). Operating expenses are evolving slower than revenue (+68.8%), driving the EBITDA margin up 9.3 points, at 36.4% in 2022. The effect of the increase of Energy prices observed at the European level had not significant impact of group expenses,
In 2022, electricity and gas expenses are up +38.0%, representing c.2% of operating expenses, a stable portion compared to 2021. Aéroports de Paris is currently working on the elaboration of the new energy purchase policy which will cover the needs of the years 2024 and beyond.
Overall, the impact of inflation on operating expenses of
The distribution of the group's operating expenses was as follows:
- Consumables stood at 755 million euros, up +372 million euros, mainly due to:
- The increase of 190 million euros for TAV Airports, of which 137 million are due to the full consolidation of the
Almaty airport inKazakhstan management company in TAV Airports' accounts sinceMay 2021 ; - The increase of 148 million euros at the retail subsidiaries (Extime Duty Free Paris and Relay@ADP) due to the mechanical increase in costs in line with the increase in revenues.
- The increase of 190 million euros for TAV Airports, of which 137 million are due to the full consolidation of the
- External services stood at 1,106 million euros, up
317 million euros , due to:- The increase in expenses related to subcontracting for
+140 million euros , in particular in safety, due to the traffic recovery and the reopening of the infrastructures inParis that were still closed in 2021; - The increase in expenses related to other services and external expenses for
+139 million euros , in particular because of the mechanical increase in the concession rent inAmman for+57 million euros , due to the increase in revenue of AIG.
- The increase in expenses related to subcontracting for
- Employee benefits costs stood at
862 million euros , up123 million euros . They include:- An increase in employee benefits costs of TAV Airports for
79 million euros , due to increase of salaries in Turkey in 2022 compared to 2021 and the effect of full consolidation ofAlmaty sinceMay 2021 ; - An increase in employee benefits costs of retail subsidiaries at Paris (Extime Duty Free Paris &
Relay@ADP ) for 26 million euros; - The
20 million euros impact relating to, on the one hand,ADP SA's employees salary increases effective sinceJuly 1 st, 20229, and on the other hand, exceptional value-sharing bonuses paid inNovember 2022 and to be paid inApril 2023 , offset by the reversal of a20 million euros provision for employee benefits (related to the termination of the defined benefit pension plan, referred to as "article 39").
- An increase in employee benefits costs of TAV Airports for
- Taxes other than income taxes stood at 233 million euros, up
+38 million euros , due to the increase of tax expense related to the increase in security activities, linked to traffic recovery, and the increase of the CET10 expense, linked the added value increase, partially offset by property tax rebates linked to infrastructure closures inParis , mainly in 2020; - Other operating expenses stood at
114 million euros , up+37 million euros .
Other income and expenses represented a net product of
Over 2022, the group's consolidated EBITDA stood at
Net result attributable to the Group
(in millions of euros) | 2022 | 202111 | 2022/2021 |
EBITDA | 1,704 | 751 | +€953M |
Amortisation and impairment of tangible and intangible assets | (782) | (719) | -€63M |
Share of profit or loss in associates and joint ventures(2) | 14 | (61) | +€75M |
Operating income from ordinary activities | 936 | (29) | +€965M |
Other operating income and expenses | 52 | 9 | +€43M |
Operating income | 988 | (20) | +€1,008M |
Financial income | (224) | (218) | -€6M |
Income before tax | 764 | (238) | +€1,002M |
Income tax expense | (172) | (8) | -€164M |
Net income from continuing operations | 592 | (247) | +€839M |
Net income from discontinued operations | (1) | (1) | +€0M |
Net income | 591 | (248) | +€839M |
Net income attributable to non-controlling interests | (75) | 0 | -€75M |
Net income attributable to the Group | 516 | (248) | +€764M |
Operating income from ordinary activities stood at -
- The performance of TAV Airports' equity-accounted companies, in particular ATU and TGS, services companies respectively specialized in Duty Free and Ground Handling;
- The reclassification of
Royal Schiphol Group , whose results are not accounted for sinceJune 30 th, 2021; - The reclassification of
Tibah Development , the company operating the Medina airport, whose results (losses) are not accounted for, only depreciation of the shareholder loan to this company are recorded in the financial result, in accordance with IAS 28.
Operating income stood at
Financial result stood at -
The income tax expense stood at
Net income stood at
Given all these items, net income attributable to the group is up
Cash and investments
As
In view of this available cash and its forecasts for 2023, the group has liquidity that it considers satisfactory in the current sanitary and economic context and to meet its operating needs and financial commitments.
Tangible and intangible investments stood at
Financial debt
Groupe ADP's net financial debt stood at 7,440 million euros as of
Given the confidence of investors in the solidity of its financial model and with its long-term credit rating (A negative outlook by Standard and Poor's since
Analysis by segment
Aviation – Parisian platforms
(in millions of euros) | 2022 | 2021 | 2022/2021 |
Revenue | 1,675 | 1,028 | +€647M |
Airport fees | 1,004 | 527 | +€477M |
Passenger fees | 616 | 273 | +€343M |
Landing fees | 232 | 147 | +€85M |
Parking fees | 156 | 107 | +€49M |
Ancillary fees | 209 | 106 | +€103M |
Revenue from airport safety and security services | 428 | 365 | +€63M |
Other income | 34 | 31 | +€3M |
EBITDA | 499 | 30 | +€469M |
Operating income from ordinary activities | 117 | (346) | +€463M |
EBITDA / Revenue | 29.8% | 3.0% | +26.8pts |
Operating income from ordinary activities / Revenue | 7.0% | -33.6% | +40.6pts |
In 2022, revenue of aviation segment, which relates solely to the airport activities carried out by Aéroports de Paris as operator of the Parisian platforms, is up +62.9%, at 1,675 million euros. As revenue from airport safety and security are determined by the partially fixed costs of these activities, revenues are growing at a lower rate than passenger traffic.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) increased by +90.6%, at 1,004 million euros due to:
- the increase of +125.4 % of the revenue from passenger fees, due to the increase in passenger traffic (+106.7%);
- the increase of +57.7% of the revenue from landing fees, due to the increase in aircraft movements (+62.4%);
- the increase of +46.3% of the revenue from parking fees.
As a reminder, the average tariff increase, approved by the
By its decision n°2022-087 of
For
Revenue from ancillary fees was up +98.1%, at 209 million euros, linked to the increase in passenger traffic.
Revenue from airport safety and security services was up +17.3%, at
Other income, mostly consisting in re-invoicing the
EBITDA was up
Operating income from ordinary activities was up
Retail and services – Parisian platforms
(in millions of euros) | 2022 | 2021 | 2022/2021 |
Revenue | 1,442 | 825 | +€617M |
Retail activities | 922 | 428 | +€494M |
Extime Duty Free Paris (ex. Société de Distribution Aéroportuaire) | 631 | 311 | +€320M |
95 | 36 | +€59M | |
Other Shops and Bars and restaurants12 | 119 | 40 | +€79M |
Advertising | 35 | 18 | +€17M |
Other retail products | 41 | 23 | +€18M |
Car parks and access roads | 149 | 90 | +€59M |
Industrial services revenue | 156 | 146 | +€10M |
Rental income | 140 | 122 | +€18M |
Other income | 75 | 39 | +€36M |
EBITDA | 613 | 245 | +€368M |
Operating income from ordinary activities | 475 | 98 | +€377M |
EBITDA / Revenue | 42.5% | 29.7% | +12.8pts |
Operating income from ordinary activities / Revenue | 32.9% | 11.9% | +21.0pts |
In 2022, Retail and services segment revenue, which includes only Parisian activities, was up +74.8%, at
Revenue from retail activities consists in rents received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising.
In 2022, revenue from retail activities was up +115.6%, at
Revenue from car parks was up +65.5%, at
Revenue from industrial services (supply of electricity and water) was up +6.5%, at 156 million euros.
Rental revenues (leasing of spaces within terminals) were up +14.3%, at
Other revenues (primarily constituted of internal services) were up +94.7%, at
EBITDA was up
Operating income from ordinary activities was up
Real Estate - Parisian platforms
(in millions of euros) | 2022 | 2021 | 2022/2021 |
Revenue | 296 | 278 | +€18M |
External revenue | 249 | 227 | +€22M |
Land | 120 | 114 | +€6M |
Buildings | 89 | 74 | +€15M |
Others | 40 | 39 | +€1M |
Internal revenue | 47 | 50 | -€3M |
EBITDA | 194 | 294 | -€100M |
Operating income from ordinary activities | 124 | 235 | -€111M |
EBITDA / Revenue | 65.5% | 105.7% | -40.2pts |
Operating income from ordinary activities / Revenue | 41.9% | 85.1% | -43.2pts |
In 2022, revenue from the Real Estate segment, which includes only Parisian activities stood at 296 million euros, up +6.8% compared to 2021.
External revenue realized with third parties, stood at
EBITDA of the segment stood at
Operating income from ordinary activities stood at
International and airport developments
(in millions of euros) | 2022 | 202113 | 2022/2021 |
Revenue | 1,361 | 726 | +€635M |
296 | 197 | +€99M | |
of which AIG | 263 | 159 | +€104M |
of which ADP Ingénierie | 22 | 30 | -€8M |
TAV Airports | 1,048 | 518 | +€530M |
Société de Distribution Aéroportuaire Croatie | 15 | 7 | +€8M |
EBITDA | 379 | 156 | +€223M |
Share of profit or loss in associates and joint ventures | 13 | (61) | +€74M |
Operating income from ordinary activities | 221 | (28) | +€249M |
EBITDA / Revenue | 27.8% | 21.5% | +6.3pts |
Operating income from ordinary activities / Revenue | 16.2% | -3.8% | +20.0pts |
In 2022, revenue from the International and airport developments segment stood at 1,361 million euros, up +87.5% compared to 2021, mainly due to the increase in revenue from TAV Airports and AIG.
AIG's revenue was up +65.1%, at 263 million 'euros, due notably to the effect of the traffic increase by +71.9% in
TAV Airports' revenue was up +102.2%, at
- the effect of increased traffic on the revenues of the assets managed by TAV Airports, notably in
Georgia , for +39 million euros, atIzmir for+31 million euros , and at Bodrum for+16 million euros ;- the increases of revenue of TAV Airports' service companies, notably Havas (company specialized in ground handling), for
+51 million euros , due to the increase in the number of flights served, TAV Technologies (company specialized in IT services) for+51 million euros and BTA (company specialized in bars and restaurants), for+45 million euros , due to the increase in traffic.
- the increases of revenue of TAV Airports' service companies, notably Havas (company specialized in ground handling), for
In the context created by
In 2022, traffic at TAV Airports' Turkish airports was up +35.1% compared to 2021, amounting to 80.8% of 2019 traffic levels. Despite the impact of the conflict in
EBITDA of the International and airport developments segment was up
TAV Airports' EBITDA was up
AIG's EBITDA was up
Operating income from ordinary activities of the segment stood at 221 million euros, up
- the increase of EBITDA for
+223 million euros ; - the increase in results from equity-accounted companies, for
+75 million euros , at14 million euros , due to:- the performance of TAV Airports' equity-accounted companies, in particular ATU and TGS, services companies respectively specialized in Duty Free and Ground Handling, for
+27 million euros ; - the reclassification of
Tibah Development , the company operating the Medina airport, whose results (losses) are not accounted for, only depreciation of the shareholder loan to this company are recorded in the financial result, in accordance with IAS 28; - the reclassification of
Royal Schiphol Group , whose results are not accounted for sinceJune 30 th, 2021; - offsetting the decrease in
GMR Airports' contribution, for -22 million euros , linked to the decrease in net result.
- the performance of TAV Airports' equity-accounted companies, in particular ATU and TGS, services companies respectively specialized in Duty Free and Ground Handling, for
Hyperinflation in
Other activities
(in millions of euros) | 2022 | 2021 | 2022/2021 |
Products | 166 | 170 | -4M |
161 | 157 | +4M | |
EBITDA | 19 | 26 | -8M |
Operating income from ordinary activities | (1) | 9 | -10M |
EBITDA / Products | 11.6% | 15.3% | -3.7pts |
Operating income from ordinary activities / Products | -0.3% | 5.3% | -5.6pts |
In 2022, products from the other activities segment stood at
EBITDA is down -28.7% compared to 2021, at 19 million euros.
Operating income from ordinary activities is down
Evolution of traffic in 2022
Group traffic15:
| 2022 | ||
Passengers | 22/21 Change | Recovery vs. 2019 | |
Paris-CDG | 57,474,033 | +119.4% | 75.5% |
Paris-Orly | 29,187,269 | +85.6% | 91.6% |
Total Paris Aéroport | 86,661,302 | +106.7% | 80.2% |
Antalya | 31,210,119 | +41.8% | 87.5% |
7,230,156 | +18.5% | 112.6% | |
8,644,967 | +23.0% | 62.9% | |
9,837,110 | +30.0% | 79.6% | |
Bodrum | 3,904,083 | +34.2% | 90.0% |
Gazipaşa | 705,440 | +21.5% | 65.0% |
Medina | 6,340,684 | +260.7% | 75.6% |
Tunisia | 1,476,131 | +181.6% | 48.5% |
Georgia | 3,612,927 | +64.9% | 83.8% |
2,371,423 | +70.4% | 88.6% | |
3,124,605 | +122.5% | 90.9% | |
Total TAV Airports | 78,457,645 | +46.7% | 82.2% |
59,490,074 | +60.2% | 86.9% | |
19,042,499 | +58.8% | 85.6% | |
Cebu | 5,533,315 | +320.2% | 43.7% |
3,291,554 | +134.7% | 78.7% | |
Total | 87,357,442 | +68.5% | 81.2% |
Santiago de Chile | 18,744,155 | +87.2% | 76.1% |
7,837,501 | +71.9% | 87.8% | |
Other airports16 | 1,342,025 | +114.1% | 72.5% |
GROUPE ADP | 280,400,070 | +72.6% | 80.9% |
Paris Aéroport traffic:
In 2022, Paris Aéroport traffic is up +106.7% with a total of 86.7 million of passengers, at 80.2% of traffic in the same period in 2019.
Geographical breakdown is as follows:
- Traffic within mainland
France is up +46.5% compared to, at 77.2% of 2019 level; - Traffic with the French Overseas Territories is up +54.8% compared to 2021, at 98.5% of 2019 level.
- European traffic (excluding
France ) is up +119.2% compared to 2021, at 82.8% of 2019 level; - International traffic (excluding
Europe and French Overseas Territories) is up +142.6% compared to 2021, at 76.3% of 2019 level, due to the increase of the following destinations:North America (+201.0%),Latin America (+151.5%),Middle-East (+137.8%),Asia-Pacific (+249.6%) and Africa (+96.2%).
IMPORTANT NOTE: Since the traffic release of December and the year 2022, the geographical breakdown at Paris Aéroports within this release as well as in the historical data used for variation and recovery calculations are aligned with the different categories applicable to airport fees. It presents the detailed breakdown of the "Europe" traffic into three categories: "Schengen Area" traffic, "UE excluding Schengen &
2022 | |||
Share of traffic | Change 22/21 | Recovery vs. 2019 | |
Mainland | 14.4% | +46.5% | 77.2% |
French Overseas Territories | 5.4% | +54.8% | 98.5% |
Schengen Area | 36.7% | +113.2% | 86.6% |
EU ex. Schengen & | 6.1% | +233.3% | 76.9% |
Other | 2.3% | +51.3% | 55.4% |
45.1% | +119.2% | 82.8% | |
12.7% | +96.2% | 90.8% | |
11.2% | +201.0% | 82.7% | |
3.0% | +151.5% | 76.7% | |
5.4% | +137.8% | 83.6% | |
2.7% | +249.6% | 33.8% | |
Other International | 35.0% | +142.6% | 76.3% |
PARIS AEROPORT | 100.0% | +106.7% | 80.2% |
The number of connecting passengers is up +93.8%. Connecting rate stoods at 20.6%, down – 1,4 point compared to 2021. Seat load factor is up +12.3 points, at 81.9%.
Aircraft movements at Paris Aéroport is up +62.4%, at 598,640 movements, of which 402,849 movements at Paris-
Highlights of the period since the publication of the 2022 9-month revenue, on
Unwinding process of the cross-shareholdings with
It is reminded that the orderly sale process of the cross-shareholdings of 8% held respectively by Aéroports de Paris and with
Groupe ADP took note of the announcement, made on
Groupe ADP took note of the announcement, made on
On this occasion, Groupe ADP has bought back 296,882 shares, i.e. approximately 0.3 % of the share capital, at a unit price of133 euros. This share buyback, amounting to c.39.5 million euros, has been financed with Groupe ADP's available cash. It was carried out within the framework of the share buyback program authorized by the 6th resolution voted by the General Shareholders' Meeting of
Following the ABB,
The proceeds from this transaction, received on
Aéroports de Paris announces the implementation of its first Euro Medium Term Notes program (EMTN)
Aéroports de Paris announces the implementation of its first Euro Medium Term Notes program (EMTN). The Base Prospectus of the Programme received the visa n°22-492 of the Autorité des marchés financiers (AMF) on
TAV Airports won the tender for the renewal of the
TAV Airports, member of Groupe ADP, won on
The total concession rent to DHMI is of
The accounts of the company will be fully consolidated into TAV Airports. The current operating rights of
Events occurred since
Precisions following the announcement made on
During this process, the food and beverage activities in
2022 targets achievement
2022 Forecasts as established on | 2022 Forecasts on 27 July 202218 | 2022 Forecasts on 27 October 202219 | Achievement of targets on 31 December 2022 | |
Group traffic20 In% of 2019 traffic | 70%-80% | 74%-84% | 77%-83% | ✔️ Traffic recovery at 80.9% of 2019 |
Traffic at Paris Aéroport In% of 2019 traffic | 65%-75% | 72%-82% | 78%-82% | ✔️ Traffic recovery at 80.2% of 2019 |
Group EBITDA margin In % of revenue | 30%-35% | 32%-37% | >34.5% | ✔️ EBITDA Margin at 36.4% |
Net income, attributable to the Group in millions of euros | Positive | Positive | Positive | ✔️ Net income attributable to the group positive at €516M |
Group investments ( (excl. financial investments) | per year on average between 2022 and 2025 | per year on average between 2022 and 2025 | per year on average between 2022 and 2025 | - 695 million euros of investments in 2022 |
(excl. financial investments, regulated / non-regulated) | €550M – €600M | €550M – €600M | €500M – €550M | - 497 million euros of investments in 2022 |
Net Financial Debt/ EBITDA Ratio22 | 6.0x€–7.0x | 5.5x–6.5x | 5.0x-5.5x | ✔️ 4.6x 22 4.4x incl. RSG proceeds |
Dividend policy In % of NRAG | 60% payout ratio Floor at €1/share (distribution in 2023) | 60% payout ratio Floor at €1/share (distribution in 2023) | 60% payout ratio Floor at €1/share (distribution in 2023) | ✔️ Proposal of a €3.13 dividend being 60% of net income attributable to the group23 |
Traffic assumptions, forecasts and targets 2023-2025
As part of the 2025 Pioneers strategic roadmap communicated on
Based on the passengers' traffic and the results recorded in 2022, the salary increases measures from 2023 as well as the evolution of the macroeconomic context (foreign exchanges rates, inflation, energy prices), Groupe ADP refined its traffic assumptions in
The updated targets are market in blue in the following table
It is specified that any further changes to the assumptions on which the group's targets are based could have an impact on the volume of traffic and the 2025 Pioneers financial indicators
2023 | 2024 | 2025 | |
Group traffic24 In % of 2019 traffic | 95%-105% | - | - |
Back to 2019 level between 2023 and 2024 | |||
Traffic at Paris Aéroport In % of 2019 traffic | 87%-93% Previously: 85%-95% | 90%-100% | 95%-105% |
Back to 2019 level between 2024 and 2026, above 2019 level from 2026 | |||
Extime Paris Sales / Pax25 In euros | - | - | €29.5 previously: €27.5 |
per passenger, in € | - | €17-€20/pax previously: €16-€18/pax | |
Group EBITDA growth Compared to 2019 | At least equal to the 2019 EBITDA (i.e. ≥ €1,772M) Previously: return to 2019 level expected in 2024 | - | - |
Group EBITDA margin In % of revenue | 32% to 37% | 35% to 38% Previously: 35% to 40% | |
Net income, attributable to the Group in millions of euros | Positive | ||
Group investments (excl. financial investments) | c. Previously: | ||
(excl. financial investments, regulated and non-regulated) | c.900 million euros per year on average between 2023 and 2025, in current euros | ||
Previously: €750M - €800M in constant euros | Previously: €650M - €750M in constant euros | Previously: €800M - €900M in constant euros | |
Net Financial Debt/ EBITDA ratio incl. Selective international growth | - | - | 3.5x – 4.5x Previously: 4.5x – 5.0x |
Dividends In % of the NRAG due for the year N, paid in N+1 | 60% pay out rate Minimum of €3 per share |
Follow up of the 2025 Pioneers strategic roadmap indicators
The following table summarizes and illustrates the 2022 dynamic for the deployment of actions aiming for the 2025 objective.
Legend: | |
The blue bars symbolize the deployment dynamics of the identified actions. Greater number of bars indicates greater momentum. |
N° | Key performance indicator and 2025 objective | Scope | Deployment Dynamics in 2022 |
ONE AMBITION – Imagining the sustainable airport of tomorrow | |||
1 | Make more than 80% of flights depart on time or within 15 minutes of the scheduled time | Airports controlled within Groupe ADP | |
2 | Reduce average taxiing emissions per flight by 10% at Paris-Orly and Paris-CDG | Paris-Orly, Paris-CDG | |
3 | Set a carbon budget for the life cycle of all investment projects over €5 million | ||
4 | Provide 50% of passengers at Paris-Orly and Paris-CDG with biometric facilitation in their departure journey | Paris-Orly, Paris-CDG | |
5 | Aim for excellence in hospitality | ||
• Place Paris-CDG n the top 10 of the Skytrax ranking of the world's best airports, as well as 4 airports in the Top 50 and 8 airports in the Top 100 | All Groupe ADP's airports | ||
• Achieve an ACI/ASQ score of 4 for passenger satisfaction | Airports controlled, with traffic > 3m pax | ||
6 | Deploy the Extime Retail and Hospitality concept in | Paris & International | |
7 | Set the Parisian platforms at the best European level in terms of train-air connection by increasing by 50% the number of train-aircraft connecting passengers at Paris-CDG and by doubling it at Paris-Orly | Paris Airports | |
8 | Using 10% of low-carbon energy in terminals and airside, almost doubling compared to 2019, and 40% excluding landing and take-off | Controlled Airports and with ACA ≥ 3 in 2021 | |
9 | Open the new multimodal hub at Paris-Orly, with the opening of the line 14 station, in 2024 and make it possible to open or build 8 additional public transport lines to connect the Parisian airports to the neighboring territories | Paris Airports | |
10 | Preserve 25% of land for biodiversity at Paris-CDG and 30% at Paris-Orly and Paris-Le Bourget, and set a course for the group's airports to improve their biodiversity index by 2030 | The 23 airports committed to the Airports for trust charter | |
ONE GROUP – Building a global, integrated and responsible group | |||
11 | Stabilize the average maturity of our concession portfolio at 30 years | All airports under concession (excl. Paris) | |
12 | Opening 100 additional international routes to increase the connectivity of our territories | All airports | |
13 | Develop the smartization of the Group's airports with three airports at "full" level and 100% of the others at "friendly" level | Airports controlled, with traffic > 4m pax | |
14 | Support the generalization of continuous descent procedures between 2023 and 2025 at Paris-CDG and Paris-Orly | Paris-Orly, Paris-CDG | |
15 | Promote the realization 80% of local purchases in the Paris region, including 20% from SMEs, in compliance with public procurement legislation | ||
SHARED DYNAMICS – Innovate, support & empower | |||
16 | Deploy 120 experiments in societal, environmental and operational innovations by 2025, 30 of which will leading to industrialization | ||
17 | Carry out at least one employee shareholding operation by 2025 | ADP SA | |
18 | Include a ESG element in the remuneration of 100% of employees | ||
19 | Increase the number of employee civic engagement days by a factor of five, to 5,000 over the period 2022-2025 | ||
20 | Educate 100% of employees on good ethical and compliance practices |
The successful start of the "2025 Pioneers" roadmap is illustrated by several examples of actions whose deployment began in 2022 and whose first observed results are contributing to the achievement of the objective set for 2025.
One Ambition - Imagining the sustainable airport of tomorrow
The strategic axisOne Ambition aims for (i) excellence and sustainability of operational and construction methods, (ii) being innovative in hospitality, and (iii) Developing the offer of multi-global connections.
- The work carried out in 2022 will enable the implementation, from 2023 onwards, of a punctuality management system for aircraft at the Paris airports. It will be organized in coordination with the various stakeholders, in particular the airlines, with the establishment of a Punctuality Committee that will decide, if necessary, on corrective actions to be deployed as part of a continuous improvement process [KPI 1]
- In 2022, the group launched work on the development of a tool to budget the carbon impact of investment projects, initially tested at its Paris hubs (in 2023) and intended to be extended to TAV's airports (in 2024) for widespread use in 2025. The emissions taken into account in this tool are those linked to construction, maintenance or renovation, heating and cooling energy consumption, electricity consumption and demolition of structures.[KPI 3]
- The latest
World Airport Awards rankings, based on a worldwide passenger satisfaction survey conducted by the independent British organization Skytrax, were unveiled onJune 23, 2022 . Paris-Charles de Gaulle was voted "Best European Airport" and is now ranked 6th in the Top 100 best airports in the world (up 9 places). Paris-Orly moved up 27 places to 46th place worldwide. 3 airports belonging to the group's international network are still in the top 100 worldwide:Delhi ,Hyderabad and Medina. [KPI 5] - After several months of modernization work, Terminal 1 reopened its doors to passengers on
December 5, 2022 . Closed sinceMarch 30, 2020 due to the Covid crisis, its reopening is accompanied by the unveiling of a brand new nodal building and a new, innovative passenger pathway, which fully embody Groupe ADP's quality of service and hospitality requirements. The new boarding lounge is a concept of the Groupe ADP's hospitality brand, Extime. Designed on a human scale, it guarantees a maximum journey time of 6 minutes from the end of security checks to the boarding gate. In 2023, the group aims to deploy the Extime brand in Terminal 2 link B-D as well as its marketplace and loyalty program (www.extime.com). [KPI 6] - Several infrastructure projects to facilitate access to the Paris airports are under development and will continue in 2023: work on the Paris-Orly multimodal station, work on the CDG Express tunnel, feasibility studies for the creation of three bus lines from Paris-CDG serving the
Val d'Oise department, as well as the signing of the agreement for the Roissy-Picardie line. [KPI 7]
One Group - Building a global, integrated and responsible Group
The strategic axisOne Group aims for (i) consolidating the group’s network (ii) Mobilising and federating expertise to multiply it and (iii) building on strong local roots, respectful of diversity.
- In 2022, the average maturity of the concession portfolio is 32 years. The renewal of the
Ankara airport concession won by TAV Airports onDecember 20, 2022 , to increase the capacity of this airport in exchange for the right to operate it untilMay 2050 , contributes to the objective of stability in the maturity of the portfolio. [KPI 11] - 300 international routes were opened or reopened in 2022, and 40 routes were closed. Thus, the group has added 260 routes in the past year [KPI 12].
- In order to increase the proportion of purchases made with local companies, including small companies, studies were carried out in 2022 to ensure that calls for tenders of less than
100,000 euros are more easily directed towards the smallest companies, as well as towards companies located within a radius of less than 150 km from Paris [KPI 15]
Shared Dynamics - Innovate, support and empower
The strategic axis Shared dynamics aims for (i) promoting an innovative and agile approach in our projects, (ii) Attracting and retaining talents and (iii) developing a culture of responsibility promoting civic engagement of employees.
- In 2022, Groupe ADP experimented with 86 innovation projects, six of which were the subject of industrialization work, including [KPI 16]:
- vertiports for flying cabs:
March 21, 2022 saw the inauguration of the first piloted flight tests of Volocopter's e-VTOL (Electric Vertical Take-Off and Landing) on the experimental zone dedicated to new aerial mobilities at the Pontoise Cormeilles-en-Vexin airfield. The vertiport model currently being designed meets the challenges of a more sustainable development of our infrastructures as well as the challenges of modularity, agility and adaptability in an airport context that is restrictive in terms of space and air integration, and a dynamic market with a notable growth trend after 2030. - Low carbon impact urban cool islands at Paris-Orly: following the redevelopment of the Orly 4 drop-off point, the first stages of the greening and development of the Orly 4 forecourt with the installation of green corollas by the start-up Urban Canopee have been visible since the end of 2022. The aim of this project is to create pedestrian walkways with pergolas to combat urban heat islands.
- vertiports for flying cabs:
- On
December 6, 2022 , Groupe ADP bought back 296,882 of its own shares (c. 0.3% of the share capital) at a unit price of133 euros. This share buyback was carried out within the framework of the share buyback program authorized by the 6th resolution voted by the General Shareholders' Meeting ofMay 17, 2022 . It is intended to cover any allocation of Groupe ADP performance shares and/or allocation of shares in the context of an employee shareholding operation. [KPI 17] - Signed on
June 13, 2022 by the unanimous agreement of the representative trade unions, the profit-sharing agreement set up by the group for the employees ofADP SA covers a three-year period from 2022 to 2024. The payment of the profit-sharing bonus is conditional on the achievement of five objectives linked to the Pioneers 2025 strategic plan. The objectives relate to improving economic performance (EBITDA/Group revenue ratio), quality of service (departing passenger satisfaction rating) and corporate social responsibility (number of days of civic engagement carried out by employees during their working hours, reduction of CO2 emissions, rate of completion of ethics and compliance training by employees). This collective performance incentive agreement is unprecedented, atADP SA in the importance it gives to ESG criteria. [KPI 18] - Groupe ADP has established a partnership agreement with the city of Wissous (Paris Aera) to offer skills sponsorship to Paris-Orly employees (up to 5 days per year through the
ADP Foundation ) with the aim of working on fauna and flora inventories, on the city's ecological management plan and on its biodiversity strategy. For the first time, Groupe ADP also organized the "Month of Civic Engagement", which took place inNovember 2022 , with collective actions offered to employees around the issues of the environment, education and professional integration: nearly 200 employees were involved in this event. [KPI 19] - In 2022, c. 90% of
ADP SA's employees have received training in good ethical practices and compliance. [KPI 20]
Next events
- A conference call (audiocast in english) will be held on Thursday 16 February 2023 at 10:00 am (CET). The presentation can be follow in live at the followings links, which are also posted on the Groupe ADP website:
A live webcast of the conference will be available at the following link: webcast (only in english)
Registration to participate in the Q&A session is available at the following link: call registration
- Next traffic figures publication: Wednesday
15 March 2023 –February 2023 traffic figures
- Next results publication: Wednesday
26 April 2023 – First quarter of 2023 revenue
- Next thematic conferences:
- Thematic conference Extime & Terminal 1 visit:
5 April 2023 - Thematic conference GMR Airports: May/
June 2023 - Thematic conference Real estate: September/
October 2023
- Thematic conference Extime & Terminal 1 visit:
Disclaimer
This presentation does not constitute an offer to purchase financial securities within
Forward-looking disclosures (including, if so, forecasts and objectives) are included in this press release. These forward-looking disclosures are based on data, assumptions and estimates deemed reasonable at the diffusion date of the present document but could be unprecise and are, either way, subject to risks. There are uncertainties about the realization of predicted events and the achievements of forecasted results. Detailed information about these potential risks and uncertainties that might trigger differences between considered results and obtained results are available in the registration document filed with the French financial markets authority on
Aéroports de Paris does not commit and shall not update forecasted information contained in the document to reflect facts and posterior circumstances to the presentation date.
Definitions
Definition and accounting of Alternative Performance Measures (APM) as well as the segmentation of group activities presented in this press release are fully published in the Group universal registration document.
It is available in Groupe website: AMF information - Groupe ADP (parisaeroport.fr)
Investor Relations contacts: Cécile Combeau +33 6 32 35 01 46 and
Press contact: Justine Léger, Head of
Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2022, the group handled through its brand Paris Aéroport 86.7 million passengers at Paris-Charles de Gaulle and Paris-Orly, and nearly 193.7 million passengers in airports abroad. Boasting an exceptional geographic location and a major catchment area, the Group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading quality of services; the group also intends to develop its retail and real estate businesses. In 2022, group revenue stood at €4,688 million and net income at €516million.
Registered office: 1, rue de
groupeadp.fr
Appendix 1 – 2022 consolidated financial statement
2022 consolidated income statement
(in millions of euros) | 2022 | 2021 |
Revenue | 4,688 | 2,777 |
Other operating income | 55 | 156 |
Consumables | (755) | (383) |
Personnel costs | (862) | (739) |
Other operating expenses | (1,455) | (1,061) |
Net allowances to provisions and Impairment of receivables | 33 | 1 |
EBITDA | 1,704 | 751 |
EBITDA/Revenue | 36.4% | 27.0% |
Amortisation, depreciation and impairment of tangible and intangible assets net of reversals | (782) | (719) |
Share of profit or loss in associates and joint ventures | 14 | (61) |
Operating income from ordinary activities | 936 | (29) |
Other operating income and expenses | 52 | 9 |
Operating income | 988 | (20) |
Financial income | 617 | 393 |
Financial expenses | (841) | (611) |
Financial income | (224) | (218) |
Income before tax | 764 | (238) |
Income tax expense | (172) | (9) |
Net results from continuing activities | 592 | (247) |
Net results from discontinued activities | (1) | (1) |
Net income | 591 | (248) |
Net income attributable to the Group | 516 | (248) |
Net income attributable to non-controlling interests | 75 | - |
Earnings per share attributable to owners of the parent company | ||
Basic earnings per share (in €) | 5.22 | (2.50) |
Diluted earnings per share (in €) | 5.22 | (2.50) |
Earnings per share from continuing activities attributable to the Group | ||
Basic earnings per share (in €) | 5.22 | (2.50) |
Diluted earnings per share (in €) | 5.22 | (2.50) |
Consolidated balance sheet as of
(in millions of euros) | As of | As of |
Intangible assets | 3,004 | 3,007 |
Property, plant and equipment | 8,253 | 8,181 |
Investment property | 621 | 614 |
Investments in associates | 1,879 | 1,583 |
Other non-current financial assets | 668 | 972 |
Deferred tax assets | 42 | 26 |
Non-current assets | 14,467 | 14,383 |
Inventories | 133 | 84 |
Contract assets | 4 | 9 |
Trade receivables | 938 | 827 |
Other receivables and prepaid expenses | 307 | 298 |
Other current financial assets | 237 | 193 |
Current tax assets | 121 | 179 |
Cash and cash equivalents | 2,631 | 2,379 |
Current assets | 4,371 | 3,969 |
Assets held for sales | 7 | 10 |
Total assets | 18,845 | 18,362 |
(in millions of euros) | As of | As of |
Share capital | 297 | 297 |
Share premium | 543 | 543 |
(40) | (1) | |
Retained earnings | 3,408 | 2,936 |
Other equity items | (183) | (259) |
Shareholders' equity - Group share | 4,025 | 3,516 |
Non-controlling interests | 830 | 660 |
Shareholders' equity | 4,855 | 4,176 |
Non-current debt | 8,763 | 9,144 |
Provisions for employee benefit obligations (more than one year) | 386 | 513 |
Other non-current provisions | 56 | 136 |
Deferred tax liabilities | 433 | 300 |
Other non-current liabilities | 960 | 953 |
Non-current liabilities | 10,598 | 11,046 |
Contract liabilities | 2 | 5 |
Trade payables and other payables | 909 | 785 |
Other debts and deferred income | 1,171 | 1,008 |
Current debt | 1,233 | 1,169 |
Provisions for employee benefit obligations (less than one year) | 56 | 141 |
Other current provisions | 6 | 24 |
Current tax liabilities | 15 | 8 |
Current liabilities | 3,392 | 3,140 |
Total equity and liabilities | 18,845 | 18,362 |
2022 Consolidated statement of cash flows
(in millions of euros) | 2022 | 2021 |
Operating income | 988 | (20) |
Income and expense with no impact on net cash | 591 | 650 |
Net financial expense other than cost of debt | (53) | (36) |
Operating cash flow before change in working capital and tax | 1,526 | 594 |
Change in working capital | 55 | (88) |
Tax expenses | (31) | 56 |
Impact of discontinued activities | 3 | 195 |
Cash flows from operating activities | 1,553 | 757 |
Purchase of tangible assets, intangible assets and investment property | (695) | (527) |
Change in debt and advances on asset acquisitions | 3 | (56) |
Acquisitions of subsidiaries and investments (net of cash acquired) | (414) | (315) |
Proceeds from sale of subsidiaries (net of cash sold) and investments | 18 | 2 |
Change in other financial assets | (64) | (210) |
Proceeds from sale of property, plant and equipment | 6 | 11 |
Proceeds from sale of non-consolidated investments | 420 | - |
Dividends received | 25 | 40 |
Cash flows from investing activities | (701) | (1,055) |
Proceeds from long-term debt | 461 | 294 |
Repayment of long-term debt | (770) | (578) |
Repayments of lease liabilities and related financial charges | (20) | (17) |
Capital grants received in the period | 12 | 1 |
Revenue from issue of shares or other equity instruments | 19 | (1) |
Net purchase/disposal of treasury shares | (34) | 1 |
Dividends paid to non controlling interests in the subsidiaries | (11) | (4) |
Change in other financial liabilities | (24) | (56) |
Interest paid | (258) | (285) |
Interest received | 20 | 39 |
Impact of discontinued activities | - | (176) |
Cash flows from financing activities | (605) | (782) |
Impact of currency fluctuations | 5 | - |
Change in cash and cash equivalents | 252 | (1,080) |
Net cash and cash equivalents at beginning of the period | 2,378 | 3,458 |
Net cash and cash equivalents at end of the period | 2,630 | 2,378 |
of which Cash and cash equivalents | 2,631 | 2,379 |
of which Bank overdrafts | (1) | (1) |
Appendix 2 – Glossary
Definition and accounting of Alternative Performance Measures (APM) as well as the segmentation of group activities presented in this press release are fully published in the Group universal registration document.
It is available in Groupe website: AMF information - Groupe ADP (parisaeroport.fr)
Financial indicators:
- EBITDA is an accounting measure of the operating performance of fully consolidated Group subsidiaries. It is comprised of revenue and other ordinary income less purchases and current operating expenses excluding depreciation and impairment of property, plant and equipment and intangible assets.
- EBITDA margin is the ratio corresponding to: EBITDA / Revenue.
- Gross Financial debt as defined by Groupe ADP includes long-term and short-term borrowings and debts (including accrued interests and hedge of the fair value of liabilities related to these debts), debts related to the minority put option (presented in other non-current liabilities)
- Net Financial debt as defined by Groupe ADP refers to gross financial debt less, fair value hedging derivatives, cash and cash equivalents and restricted bank balances.
- Net Financial Debt/EBITDA Ratio is the ratio corresponding to the ratio: Net Financial Debt/EBITDA, which measures the company's ability to repay its debt.
Operating indicators:
- Extime Paris Sales / Pax or Extime Paris Sales per passengers is the ratio correponding to: Sales in the airside activities: shops, bars & restaurants, foreign exchange & taxe refund counters, commercial lougnes, VIP reception, advertising and other paid services in the airside area / Departing passengers at Paris Aéroport.
- Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the Company's website
Sub-group | Airport | Country |
Paris Aéroport | Paris-Charles de Gaulle | |
Paris-Orly | ||
TAV Airports | Antalya | |
Bodrum | ||
Gazipasa | ||
Medina | ||
Monastir | ||
Enfidha | ||
Batumi | ||
Ohrid | ||
Cebu | ||
Chile | ||
Nosy Be | ||
Appendix 3 – 2021 and 2022 Revenue of Retail and Services
Revenue of Extime Food & Beverage Paris is included in "Other Shops and Bars and restaurants" revenue.
In 2021 and 2022, it was presented in "Other retail products" revenues. The rectified historical data for the breakdown of revenues in the Retail and Services segment is shown below:
2021 Retail and services
Q1 2021 | H1 2021 | 9M 2021 | FY 2021 | |||||
(in millions of euros) | published | corrected | published | corrected | published | corrected | published | corrected |
Revenue | 135 | 135 | 289 | 289 | 534 | 534 | 825 | 825 |
Retail activities | 55 | 55 | 115 | 115 | 258 | 258 | 428 | 428 |
Extime Duty Free Paris (ex. SDA) | 41 | 41 | 84 | 84 | 186 | 186 | 311 | 311 |
3 | 3 | 8 | 8 | 21 | 21 | 36 | 36 | |
Other Shops and Bars and restaurants | 5 | 5 | 9 | 10 | 21 | 24 | 36 | 40 |
Adverstising | 3 | 3 | 6 | 6 | 11 | 11 | 18 | 18 |
Other retail products | 3 | 3 | 8 | 7 | 18 | 16 | 27 | 23 |
Car parks and access roads | 15 | 15 | 31 | 31 | 60 | 60 | 90 | 90 |
Industrial services revenue | 27 | 27 | 68 | 68 | 95 | 95 | 146 | 146 |
Rental income | 30 | 30 | 58 | 58 | 90 | 90 | 122 | 122 |
Other income | 8 | 8 | 17 | 17 | 31 | 31 | 39 | 39 |
2022 Retail and services
Q1 2022 | H1 2022 | 9M 2022 | FY 2022 | ||||
(in millions of euros) | published | corrected | published | corrected | published | corrected | |
Revenue | 270 | 270 | 625 | 625 | 1,020 | 1,020 | 1,442 |
Retail activities | 144 | 144 | 367 | 367 | 643 | 643 | 922 |
Extime Duty Free Paris (ex. SDA) | 104 | 104 | 254 | 254 | 438 | 438 | 631 |
14 | 14 | 39 | 39 | 70 | 70 | 95 | |
Other Shops and Bars and restaurants | 12 | 14 | 32 | 44 | 53 | 82 | 119 |
Adverstising | 5 | 5 | 13 | 13 | 23 | 23 | 35 |
Other retail products | 8 | 7 | 29 | 17 | 58 | 29 | 41 |
Car parks and access roads | 28 | 28 | 67 | 67 | 110 | 110 | 149 |
Industrial services revenue | 50 | 50 | 91 | 91 | 114 | 114 | 156 |
Rental income | 34 | 34 | 69 | 69 | 104 | 104 | 140 |
Other income | 14 | 14 | 32 | 32 | 49 | 49 | 75 |
1 Subject to the approval of the General Meeting of the Shareholders of
2 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
3 Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website.
4 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
5 The accounts of the
6 Net Financial Debt as of
7 The accounts of the
8 The accounts of the
9 Measures negotiated with the representative trade unions and consisting in particular of (i) a return to the 2019 level of remuneration for employees affected by the work contract adaptation plan (PACT) and (ii) an additional general increase of 3% for all
10 CET: Territorial financial contribution.
11 The accounts of the
12 Revenue of Extime Food & Beverage Paris is included in "Other Shops and Bars and restaurants" revenue. In 2021 and 2022, it was presented in "Other retail products" revenues. The corrected historical data for the breakdown of revenues in the Retail and Services segment is shown in Appendix 3 of this financial release.
13 The accounts of the
14 Including Almaty and
15 Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website.
16 Airports of
17 See financial release of the 2021 full-year results, published on
18 See financial release of the 2022 half-year results, published on
19 See financial release of the 2022 9-months-revenue, published on
20 The group's traffic includes the traffic of
21 In constant euros.
22 The net financial debt / EBITDA ratio target is calculated excluding the proceeds of the unwinding of cross-shareholding with
23 Subject to the approval of the General Meeting of the Shareholders of
24 Group traffic includes airports operated by Groupe ADP in full ownership (including partial ownership) or under concession, receiving regular commercial passenger traffic, excluding airports under management contract. Historical data for the 2019-2022 period is available on the company's website.
25 Sales per passenger in the airside activities, including shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
Attachment
- Aéroport de
Paris SA - 2022 Full-year results
© OMX, source