FINANCIAL RELEASE AS OF
Aéroports de
Consolidated revenue over the first 9 months of 2021
driven by the gradual recovery of traffic in line with the group's forecasts
Consolidated revenue of Groupe ADP2
- Groupe ADP traffic3: up by +14.5%, at 104.9 million passengers over the first 9 months of 2021, compared to the same period in 2020, standing at 39.1% of the level of the first 9 months of 2019;
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): down by -5.5%, at 26.3 million passengers over the first 9 months of 2021, compared to the same period in 2020, standing at 31.8% of the level of the first 9 months of 2019;
- Consolidated revenue: up by +11.9 %, at
1,868 million euros over the first 9 months of 2021, compared to the same period in 2020, mainly due to the effect of the recovery on the revenue of TAV Airports (+55.2%) and of AIG (+75.3%). Revenues from the Aviation and Real Estate segments remain stable, while revenue from the Retail and Services segment was up by +4.9%, at534 million euros .
(in millions of euros – unless otherwise stated) | 9M 2021 | 9M 2020 | 2021/2020 |
Revenue | 1,868 | 1,669 | +11.9% |
Aviation | 687 | 686 | +0.1% |
Retail and services | 534 | 509 | +4.9% |
of which Société de Distribution Aéroportuaire | 186 | 176 | +5.7% |
of which | 21 | 17 | +22.7% |
Real estate | 210 | 213 | -1.2% |
International and airport developments | 488 | 334 | +46.2% |
of which TAV Airports(1) | 353 | 227 | +55.2% |
of which AIG | 106 | 60 | +75.3% |
Other activities | 122 | 101 | +20.8% |
Inter-sector eliminations | (173) | (174) | -0.2% |
21.1 | 18.6 | +13.4% |
(1) The accounts of the management company of
(2) Sales in airside shops divided by the number of departing passengers (Sales/PAX) in
Reminder of the 2021 assumptions and forecasts, unchanged since the publication of the 2021 half-year results4:
- Groupe ADP traffic assumption in 2021 between 40% and 50% of the 2019 group traffic;
- Paris Aéroport traffic assumption in 2021 between 30% and 40% of the 2019 Paris Aéroport traffic;
- EBITDA / Group revenue ratio forecast estimated between 15% and 20% in 2021;
- Annual investments amount in
Paris , regulated and non-regulated (excluding financial investment) for 2021-2022, estimated between €500 and €550 million on average per year; - Net financial debt ratio/EBITDA from 6x to 7x by the end of 2022.
"After a first half of 2021 still strongly impacted by the persistence of the Covid-19 pandemic, the recovery of traffic intensified over the 3rd quarter of the year, in line with the group's forecasts, stabilizing to a level slightly above 50% compared to 2019. Groupe ADP's traffic was thus up by +14.5% compared to the first 9 months of 2020, with a total of 104.9 million passengers, or 39.1% of the first 9 months of 2019 traffic. Over the same period, Paris Aéroport traffic was down by -5.5%, with 26.3 million passengers, or 31.8% of the first 9 months of 2019 traffic. Consolidated revenue over the first 9 months of 2021 was up by +11.9%, at
First 9 months of 2021 consolidated revenue – Analysis by segment
Aviation – Parisian platforms
(in millions of euros) | 9M 2021 | 9M 2020 | 2021/2020 |
Revenue | 687 | 686 | +0.1% |
Airport fees | 341 | 338 | +0.8% |
Passenger fees | 167 | 181 | -7.5% |
Landing fees | 99 | 93 | +6.5% |
Parking fees | 74 | 64 | +15.7% |
Ancillary fees | 67 | 71 | -5.5% |
Revenue from airport safety and security services | 255 | 253 | +0.9% |
Other income | 24 | 24 | -0.3% |
Over the first 9 months of 2021, aviation segment revenue, which includes only Parisian activities, was stable, at 687 million euros. It does note vary in the same proportion as the passenger traffic in Paris Aéroport over the same period (-5.5%), due notably to the increase in revenue from certain airport fees and to the rigidity of revenue from airport safety and security.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was stable, at 341 million euros, due to the decrease in revenue from passenger fees by -7.5%, linked to the decrease in passenger traffic, compensated by the increase in revenue from landing fees by +6.5%, linked to the increase in aircraft movements (+4.1%), and the increase in revenue from parking fees by +15.7%.
As a reminder, the average tariff increase for 2021 was of +2.2% as of
Revenue from ancillary fees was down by -5.5%, at 67 million euros, due to the decline in passenger traffic.
Revenue from airport safety and security services was stable, at 255 million euros.
Other income, mostly consisting in re-invoicing the
Retail and services – Parisian platforms
(in millions of euros) | 9M 2021 | 9M 2020 | 2021/2020 |
Revenue | 534 | 509 | +4.9% |
Retail activities | 258 | 253 | +2.0% |
Société de Distribution Aéroportuaire | 186 | 176 | +5.7% |
21 | 17 | +22.7% | |
Other Shops and Bars and restaurants | 21 | 24 | -9.8% |
Advertising | 11 | 21 | -45.6% |
Other products | 18 | 15 | +17.4% |
Car parks and access roads | 60 | 64 | -5.5% |
Industrial services revenue | 95 | 76 | +24.2% |
Rental income | 90 | 88 | +2.7% |
Other income | 31 | 28 | +9.9% |
Over the first 9 months of 2021, revenue from the segment Retail and services, which includes only Parisian activities, was up by +4.9%, at 534 million euros.
Revenue from retail activities5 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. Over the first 9 months of 2021, revenue from retail activities was slightly up by +2.0%, at 258 million euros.
As a reminder, this figure takes into account the full consolidation of Société de Distribution Aéroportuaire which revenue stood at
Over the first 9 months of 2021, the Sales/Pax6 of airside shops stood at
The revenue from car parks was down by -5.5%, at 60 million euros.
Revenue from industrial services (supply of electricity and water) was up by +24.2%, at 95 million euros.
Rental revenues (leasing of spaces within terminals) were up by +2.7%, at 90 million euros.
Other revenues (primarily constituted of internal services) were up by +9.9%, at 31 million euros.
Real estate – Parisian platforms
(in millions of euros) | 9M 2021 | 9M 2020 | 2021/2020 |
Revenue | 210 | 213 | -1.2% |
External revenue | 173 | 177 | -1.9% |
Land | 83 | 89 | -6.8% |
Buildings | 56 | 51 | +9.6% |
Others | 34 | 37 | -6.0% |
Internal revenue | 37 | 36 | +2.3% |
Over the first 9 months of 2021, real estate revenue, which includes only Parisian activities, was nearly stable at 210 million euros.
External revenue7 was slightly down by -1.9%, at 173 million euros.
International and airport developments
(in millions of euros) | 9M 2021 | 9M 2020 | 2021/2020 |
Revenue | 488 | 334 | +46.2% |
130 | 103 | +25.7% | |
of which AIG | 106 | 60 | +75.3% |
of which ADP Ingénierie | 18 | 31 | -42.8% |
TAV Airports(1) | 353 | 227 | +55.2% |
Société de Distribution Aéroportuaire Croatie | 5 | 4 | +29.0% |
(1) The accounts of the management company of
Over the first 9 months of 2021, revenue from International and airport developments stood at
AIG's revenue was up by +75.3%, at
TAV Airports' revenue was up by +55.2%, at
- the integration in the group's accounts of the management company of
Almaty airport inKazakhstan 8 as of May 1st, 2021, for+57 million euros ; - the effect of the increase in traffic on the revenue from the assets operated by TAV Airports, notably TAV Georgia for
+19 million euros , TAV Milas Bodrum for+9 million euros and TAV Ege for+8 million euros ; - the increase in revenue from Havas (a company specialized in ground handling), for
+20 million euros , due to the rise in flights served, and BTA (a company specialized in bars and restaurants), for+6 million euros , due to the rise in frequentation.
Other activities
(in millions of euros) | 9M 2021 | 9M 2020 | 2021/2020 |
Products | 122 | 101 | +20.8% |
of which | 114 | 98 | +17.0% |
Over the first 9 months of 2021, other activities segment products are up by +20.8% at
Highlights of the period since the publication of the 2021 half-year results, on 28 July 2021
Change in passenger traffic over the first 9 months of 2021:
- Group traffic:
Information regarding the suspension of commercial flights and infrastructures closures as of | Status as of | Trafic(1) (mPax) | 2021/ 2020 change(1) | Level compared to 2019(1) | |
Paris Aéroport (CDG+ORY) | Paris-CDG: Open terminals: 2A, 2B, 2D, 2E (halls K, L, M for arrivals only), 2F. Terminal 3 closed since 23/03/2020, Terminal 1 closed since 30/03/2020, Terminal 2C closed since 01/12/2020, Terminal 2G closed since 23/03/2021. Paris-Orly: all sectors are open except Orly 1B closed since 26/01/2021. | Paris-CDG & Paris-Orly: Open to domestic and international commercial flights. | 26.3 | -5.5% | 31.8% |
Border closure to non-European citizens from | Open to domestic and international commercial flights. | 0.9 | +11.8% | 33.4% | |
Jeddah-Hajj | Complete closure since 20/03/2020. | Terminal closed since 20/03/2020. | 0.0 | - | - |
Suspension of domestic commercial flights from Suspension of international commercial flights from | Open to domestic and international commercial flights. | 3.1 | +80.4% | 44.5% | |
Suspension of international commercial flights from | Traffic restrictions. Border closure except for repatriation flights since | 0.1 | -90.5% | 3.2% | |
Complete closure from | Open to international commercial flights. | 0.3 | +99.9% | 75.2% | |
Suspension of international commercial flights from Border closure to non-residents since 05/04/2021. | Open to domestic and international commercial flights, with circulation restrictions. | 5.9 | -13.6% | 31.7% | |
Suspension of domestic commercial flights from | Nosy Be: airport closed since | 0.1 | -45.5% | 13.3% | |
Suspension of domestic and international commercial flights from | Open to domestic and international commercial flights (limited to the countries | 23.4 | +11.5% | 46.9% | |
Suspension of domestic and international commercial flights from | Open to domestic and international commercial flights (limited to the countries | 7.6 | +14.5% | 46.8% | |
Cebu – | Continuation of domestic and international commercial flights (albeit with travel restrictions). | Open to domestic and international commercial flights, with restrictions on traffic. | 0.8 | -70.8% | 8.0% |
TAV Airports | Suspension of domestic commercial flights from the end of March to the end of | Open to domestic and international commercial flights. | 2.8 | +117.4% | 88.8% |
Antalya – TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 16.3 | +129.7% | 55.5% |
TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 5.0 | +22.5% | 47.2% |
TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 5.4 | +28.2% | 57.1% |
Other platforms – TAV Airports(2) | - | Open to domestic and international commercial flights, with circulation restrictions. | 7.8 | +38.6% | 35.1% |
GROUP TOTAL(1) | - | - | 104.9 | +14.5% | 39.1% |
(1) Group traffic includes the traffic of
(2)
- Paris Aéroport traffic:
Over the first 9 months of 2021, Paris Aéroport passenger traffic was down by -5.5%, with a total of 26.3 million passengers.
Geographical breakdown of traffic in
- International traffic (excluding
Europe , including French Overseas Territories) was down (-11.2%), among which: Asia Pacific (-67.4%), Latin America (-32.2%),Middle East (-15.6%),North America (-12.7%) andAfrica (+12.0%); - European traffic (excluding
France ) was down by -4.9%; - Traffic within mainland
France was up by +4.7%; - Traffic with the French Overseas Territories (included within the international traffic) was stable, at +0.7%.
Geographic split Paris Aéroport | 2021 / 2020 Change | Share in total traffic |
+4.7% | 21.7% | |
-4.9% | 41.6% | |
Other International | -11.2% | 36.7% |
Of which | ||
+12.0% | 14.0% | |
-12.7% | 7.0% | |
-32.2% | 2.2% | |
-15.6% | 4.4% | |
-67.4% | 1.6% | |
French Overseas Territories | +0.7% | 7.5% |
Total Paris Aéroport | -5.5% | 100.0% |
The number of connecting passengers was down by -7.3%. The connecting rate stands at 22.8%, down by -0.6 points compared to the first 9 months of 2020. The aircraft load factor was down by -4.9 points, at 67.2%. The number of air traffic movements (246,077) was up by +4.1%.
Forecasts and guidances
Forecasts 2021-2024
2021-2022 Forecasts as published on | 2021-2024 Forecasts as of | |
Traffic | 2021 group traffic(1) assumption between 45% and 55% of the 2019 group traffic. 2021 Paris Aéroport traffic assumption between 35% and 45% of the 2019 Paris Aéroport traffic. | 2021 group traffic(1) assumption between 40% and 50% of the 2019 group traffic. 2021 Paris Aéroport traffic assumption between 30% and 40% of the 2019 Paris Aéroport traffic. |
EBITDA / group revenue groupe(2) | 18% - 23% in 2021 | 15% - 20% in 2021 |
Paris annual investments (excl. financial investment) | ||
in 2021-2022 | €500m - €600m per year, regulated / non-regulated | €500m - €550m on average per year, regulated / non-regulated |
in 2023-2024 | €650m - €750m on average per year, regulated / non-regulated |
(1) Group traffic includes the traffic of
(2) The EBITDA / Group revenue ratio forecast for 2021 is based on the following exchange rate assumptions: EUR/TRY = 9.69, EUR/USD = 1.20, EUR/JOD = 0.84.
2022 Guidance
2022 Guidance | |
Net financial debt / EBITDA ratio | 6x to 7x by the end of 2022 |
Medium term traffic assumption
Medium term traffic assumption | |
Paris Aéroport traffic In 2022 In 2023 In 2024 | Assumption of a return to the 2019 traffic level between 2024 and 2027, of which: 65% - 75% of the 2019 traffic 75% - 85% of the 2019 traffic 90% of the 2019 traffic |
The achievement of these targets is based on the assumptions presented above and on the good run of TAV Airports' strategy.
Agenda
A conference call will be held today, on Friday,
- Live audiocast: Audiocast in English
- Live by phone:
- From
France : +33 (0) 1 70 37 71 66 - From
the United States : +1 212 999 6659 - From other countries: +44 (0) 33 0551 0200
- Password: ADP
- From
- Next traffic figures publication:
- Friday
17 November 2021 :October 2021 traffic figures
- Friday
- Next results publication:
- Wednesday
16 February 2022 (after market closing): 2021 Full-year results
- Wednesday
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 do not commit and shall not update forecasted information contained in the document to reflect facts and posterior circumstances to the presentation date.
Investor Relations:
Press contact:
Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and
Registered office: 1, rue de
groupeadp.fr
1 This document is voluntarily made by Aéroports de Paris in compliance with the AMF recommendation. See AMF recommandation - Guide de l'information permanente et de la gestion de l'information privilégiée - DOC-2016-08.
2 Unless otherwise stated, percentages and variations mentioned compare data from the first 9 months of 2021 to equivalent data for the first 9 months of 2020. To be noted that the variations are calculated on a basis that includes the months of January and
3 Group traffic includes the traffic of
4 See the 2021 half-year results financial release, published on
5 See chapter 7 of the 2020 Universal Registration Document, filled on
6 Sales in airside shops divided by the number of departing passengers (Sales/PAX) in
7 Generated with third parties (outside the group).
8 On the acquisition of the management company of
Attachment
- Aéroports de
Paris SA - Consolidated revenue over the first 9 months of 2021 driven by the gradual recovery of traffic in line with the group's forecasts
© OMX, source