FINANCIAL RELEASE AS OF
27th
Aéroports de
Revenue for the first 9 months of 2022: sustained growth, driven by a strong traffic dynamic and the rebound of retails activities
Consolidated revenue at €3,384M for the first 9 months, up 81.1% compared to the first 9 months of 2021 (+74.2% excluding the integration of
- Growth in the Aviation and International & airport developments segments continue to be driven by the increase in traffic in
Paris and abroad - The Retail and services segment registered solid growth, benefiting from an Airside Sales per Passenger of
26.1 euros during the first 9 months of the year - Real estate segment's growth is driven by the additional rents collected for buildings taken over in full ownership in 2021
Adjustments of 2022 traffic forecasts and further improvements of financial guidance for 20222 :
- Groupe ADP expects a traffic recovery rate compared to 2019 in the upper part of the target ranges raised last July: 77% to 83% for the group and 78% to 82% for Paris Aéroport
- EBITDA margin 2022 is now expected to be in the upper part of the target range raised last July, i.e. above 34.5% of 2022 revenue
- Group's financial discipline led to a reduction in capital expenditure, now estimated to be between €500 million and €550 million for
ADP SA (vs. €550m to €600 million previously) - Debt ratio is expected to be down, between 5.0 and 5.5 times EBITDA 20223.
All other objectives of the Pioneers 2025 Roadmap are maintained2
CONSOLIDATED REVENUE –
9M 2022 | 9M 20214 | Change 2022/2021 | ||
Revenue5 | €3,384M | €1,868M | +€1,516M | +81.1% |
of which Aviation | €1,224M | €687M | +€537M | +78.1% |
of which Retail and services | €1,020M | €534M | +€486M | +91.0% |
of which Real estate | €225M | €210M | +€14M | +6.7% |
of which International and airport developments | €978M | €488M | +€489M | +100.2% |
OPERATIONAL INDICATORS | ||||
9M 2022 | In % of 2019 | Change 2022/2021 | ||
Groupe ADP traffic | 204.7 Mpax | 76.6% | +98.3 MPax | +92.4% |
Paris Aéroport traffic | 63.8 Mpax | 77.2% | +37.5 MPax | +142.6% |
9M 2022 | 9M 2021 | Change 2022/2021 | 9M 2019 | Change 2022/2019 | |||
CA / Pax Extime Paris6 | €26.1 | €24.7 | +€1.4 | +5.7% | €22.7 | +€3.4 | +15.0% |
"Revenue for the first nine months of 2022 stood at
Unless otherwise indicated, changes are expressed by comparison between data for the first 9 months of 2022 and data for the first 9 months of 2021.
Furthermore, the mention "30 September" means for the first 9 months of the considered year.
Consolidated revenue by segment – First 9 months of 2022
9M 2022 | 9M 20219 | Change 2022/2021 | ||
Revenue | €3,384M | €1,868M | +€1,516M | +81.1% |
Aviation | €1,224M | €687M | +€537M | +78.1% |
Retail and services | €1,020M | €534M | +€486M | +91.0% |
of which Société de Distribution Aéroportuaire | €438M | €186M | +€252M | +135.2% |
of which | €70M | €21M | +€48M | +226.3% |
Real estate | €225M | €210M | +€14M | +6.7% |
International and airport developments | €978M | €488M | +€489M | +100.2% |
of which TAV Airports | €750M | €353M | +€397M | +112.6% |
of which AIG | €191M | €106M | +€86M | +81.3% |
Other activities | €122M | €122M | - | - |
Inter-sector eliminations | (€184M) | (€174M) | -€10M | +6.0% |
Comments on group actuality
Traffic evolution
Groupe ADP10 total traffic is up +92.4% compared to the first 9 months of 2021, to 204.7 million passengers, standing at 76.6% of the group traffic over the same period in 2019.
Traffic in Paris Aéroport is up +142.6% compared to the first 9 months of 2021, to 63.8 million passengers, at 77.2% of the traffic over the same period in 2019. Moreover, aircraft movements at Paris Aéroport are up by +80.3% compared to the first 9 months of 2021.
In the context created by
In the first 9 months of 2022, traffic at TAV Airports' Turkish airports is up +44.4% compared to 2021, representing 78.9% of the same period in 2019 traffic levels. Although traffic with
In addition, at
2023 tariff approval process
As part of the airports fees tariff approval procedure, Aéroports de Paris notified on
It is reminded that, without an Economic Regulation Agreement, tariffs are subject to the respect of two caps:
- The limitation, for airport public service activities (aeronautical till), of the revenue to the level of the costs incurred for the services provided;
- The fair return on capital employed (ROCE) of the regulated scope of Aéroport de Paris, against the weighted average cost of capital (WACC) of the same scope.
Besides, the tariffs evolution compared to the tariffs currently in force must be moderate.
As of
Due to the recovery of traffic, combined with the group's good control of income operating expenses, and in the absence of major investments impacting the regulated asset base, the remuneration on capital employed of the regulated scope is likely to rise in the coming years.
Taking into account all of these elements, the tariffs notified on
Commissioning of the Caveirac solar farm as part of the energy purchasing policy of Aéroports de Paris
Fully engaged to reduce its CO2 emissions,
The corporate Power Purchase agreement (PPA)12 signed in 2020 by Aéroports de Paris (see press release of
These 3 parks will produce about 45 GWh/year, covering 10% of electricity consumption of the pre-covid Parisian platforms.
This electricity supply is part of Aéroport de Paris' policy of controlling energy costs, under which the company has contractually secured, from 2020, the purchase price of its electricity and gas consumption until
Finally, in line with the energy conservation plan presented by the French government on 6 October, Groupe ADP has committed to contributing to the national effort, while continuing its decarbonization action over the medium and long term.
Revenue evolution by segment
Aviation – Parisian platforms
(in millions of euros) | 9M 2022 | 9M 2021 | Change 2022/2021 | |
Revenue | 1,224 | 687 | +€537M | +78.1% |
Airport fees | 734 | 341 | +€393M | +115.4% |
Passenger fees | 448 | 167 | +€281M | +167.7% |
Landing fees | 172 | 99 | +€72M | +72.9% |
Parking fees | 114 | 74 | +€40M | +54.4% |
Ancillary fees | 149 | 67 | +€82 M | +121.1% |
Revenue from airport safety and security services | 316 | 255 | +€61M | +24.0% |
Other income | 24 | 24 | - | - |
As of
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) increased by 115.4%, to
- the increase of +167.7% of revenues from passenger fees, in line with the increase in passenger traffic (+142.6%);
- the increase of +72.9% of revenues from landing fees, in line with the increase in aircraft movements (+80.3%);
- the increase of +54.4% of revenues from parking fees.
Revenue from ancillary fees was up +121.1%, to
Revenue from activities airport safety and security services was up +24.0%, to
Other income, mostly consisting in re-invoicing the
Retail and services – Parisian platforms
(in millions of euros) | 9M 2022 | 9M 2021 | Change 2022/2021 | |
Revenue | 1,020 | 534 | +€486M | +91.0% |
Retail activities | 643 | 258 | +€385M | +148.9% |
Société de Distribution Aéroportuaire | 438 | 186 | +€252M | +135.2% |
70 | 21 | +€48M | +226.3% | |
Other Shops and Bars and restaurants | 54 | 21 | +€33M | +154.9% |
Advertising | 23 | 11 | +€12M | +107.6% |
Other products | 57 | 18 | +€39M | +217.8% |
Car parks and access roads | 110 | 60 | +€50M | +82.9% |
Industrial services revenue | 114 | 95 | +€19M | +20.1% |
Rental income | 104 | 90 | +€14M | +15.6% |
Other income | 49 | 31 | +€18M | +59.9% |
As of
Revenue from retail activities consists in revenues received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising.
As of
Revenue from car parks was up +82.9%, to 110 million euros.
Revenue from industrial services (supply of electricity and water) was up +20.1%, to
Rental revenues (leasing of spaces within terminals) were up +15.6%, to
Other revenues (primarily constituted of internal services) were up +59.9%, to 49 million euros
Real Estate - Parisian platforms
(in millions of euros) | 9M 2022 | 9M 2021 | Change 2022/2021 | |
Revenue | 225 | 210 | +€14M | +6.7% |
External revenue | 190 | 173 | +€16M | +9.5% |
Land | 91 | 83 | +€8M | +9.6% |
Buildings | 64 | 56 | +€8M | +13.8% |
Others | 35 | 34 | +€1M | +2.1% |
Internal revenue | 35 | 37 | (€2M) | (6.3%) |
As of
External revenue stood at
International and airport developments
(in millions of euros) | 9M 2022 | 9M 202114 | Change 2022/2021 | |
Revenue | 978 | 488 | +€489M | +100.2% |
215 | 130 | +€85M | +65.7% | |
of which AIG | 191 | 106 | +€86M | +81.3% |
of which ADP Ingénierie | 17 | 18 | (€1M) | (5.2%) |
TAV Airports | 750 | 353 | +€397M | +112.6% |
Société de Distribution Aéroportuaire Croatie | 11 | 5 | +€6M | +143.6% |
As of
AIG's revenue was up +81.3%, to
TAV Airports' revenue was up +112.6%, to
- the traffic recovery in the airports managed by TAV Airports, notably in
Georgia 15, for 31 million euros,Izmir for 26 million euros and Bodrum for14 million euros ; - the good performance from TAV Airports' service companies:
- HAVAS (company specialized in ground handling), for
42 million euros , due to the increase in the number of flights served; - BTA (company specialized in bars and restaurants), for
39 million euros , due to the increase of attendance in airports in which it operates; - TAV IT for 27 million due to the realization of new projects.
- HAVAS (company specialized in ground handling), for
Other activities
(in millions of euros) | 9M 2022 | 9M 2021 | Change 2022/2021 | |
Products | 122 | 122 | - | - |
of which | 116 | 114 | +€2M | +1.4% |
As of
The revenue of
Main highlights since the publication of the 2022 Half-year results, on 28 July 2022
Change in passenger traffic over the nine months 2022
- Situation of the group's airports:
Status as of 30 September 2022 | Traffic (Mpax) | Change 9M 2022/202116 (in %) | Level compared to 201917 | ||
Paris Aéroport (CDG+ORY) | Open to domestic and international commercial flights. Paris-CDG: Terminal 1 closed since 30/03/2020, | 63.8 | +142.6% | 77.2% | |
Open to domestic and international commercial flights. | 2.3 | +162.3% | 87.7% | ||
Open to domestic and international commercial flights. | 1.1 | +100.0% | 19.1 % | ||
Open to domestic and international commercial flights. | 5.8 | +89.6% | 84.4% | ||
Open to international commercial flights. | 0.5 | +40.5% | 105.8% | ||
Open to domestic and international commercial flights. | 13.4 | +124.4% | 71.6% | ||
0.5 | +533.7% | 94.8% | |||
Open to domestic and international commercial flights. | 42.2 | +80.5% | 84.6% | ||
Open to domestic and international commercial flights. | 13.6 | +78.2% | 83.4% | ||
Cebu – | Open to domestic and international commercial flights, traffic restrictions. | 3.7 | +384.4% | 38.7% | |
TAV Airports | Open to domestic and international commercial flights. | 5.2 | +17.2% | 108.5% | |
Antalya – TAV Airports | Open to domestic and international commercial flights. | 24.8 | +52.7% | 84.7% | |
TAV Airports | Open to domestic and international commercial flights. | 6.4 | +27.3% | 60.2% | |
TAV Airports | Open to domestic and international commercial flights. | 7.6 | +39.5% | 79.7% | |
Other platforms – TAV Airports(2) | Open to domestic and international commercial flights, local restrictions may apply depending of the platforms | 2.0 | +344.8% | 28.7% | |
GROUP TOTAL | - | 204.7 | +92.4% | 76.6% |
- Group Traffic:
9M 2022 Passenger Traffic | Change 9M 2022/9M 2021 | Level compared to 9M 2019 | |
Paris Aéroport | 63.8 | 142.6% | 77.2% |
42.2 | 162% | 72.8% | |
Paris-Orly | 21.6 | 111.9% | 87.6% |
TAV Airports | 60.2 | 54.9% | 78.9% |
59.5 | 87.2% | 78.6% | |
5.8 | 89.6% | 84.4% | |
13.4 | 124.4% | 71.6% | |
Others airports(18) | 2.0 | 344.8% | 28.7% |
Groupe ADP(19) | 204.7 | 92.4% | 76.6% |
- Geographic split Paris Aéroport:
Segment | 9M 2022 Passenger Traffic | Change 9M 2022/9M 2021 (in passengers) | Share in total traffic over 9M 2022 | Level compared to 9M 2019 |
9,371,670 | +3,673,684 | 14.7% | 76.4% | |
29,163,967 | +18,217,140 | 45.7% | 80.1% | |
Other International | 25,290,897 | +15,624,495 | 39.6% | 74.3% |
of which | ||||
7,911,376 | +4,228,132 | 12.4% | 85.5% | |
7,192,112 | +5,344,999 | 11.3% | 79.0% | |
1,876,794 | +1,294,346 | 2.9% | 73.5% | |
3,344,897 | +2,195,020 | 5.2% | 78.6% | |
1,475,271 | +1,056,916 | 2.3% | 28.0% | |
French Overseas Territories | 3,490,447 | +1,505,082 | 5.5% | 97.2% |
Total Paris Aéroport | 63,826,534 | +37,515,319 | 100% | 77.2% |
Traffic assumptions, forecasts and targets 2022-2025
As part of the 2025 Pioneers strategic roadmap communicated on
Considering the volume of traffic recorded in the first half of the year, the group revised in the financial release of 18 July 2022, its assumptions for 2022 as follows:
- Groupe ADP: traffic between 74 and 84% of the 2019 level (compared to 70 to 80% of 2019 in the release of 16 February 2022);
- Paris Aéroport: traffic between 72 and 82% of the 2019 level (compared to 65 to 75% of 2019 in the release of 16 February 2022).
On this basis, in light of the results for the fisrt half of 2022 and while considering the evolution of macro-economic indicators (foreign exchange rate, inflation, energy prices), the group updated on
- EBITDA margin target range raised by 2 points for 2022 and 2023, i.e. 32% to 37% of revenue (compared to 30 to 35% in the release of 16 February 2022);
- debt ratio target lowered to 5.5 to 6.5 times the EBITDA for the year 2022 (compared to 6 to 7 times the EBITDA in the release of 16 February 2022).
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
2022 Forecasts
2022 Forecasts as established on | 2022 Forecasts as of | 2022 Forecast as of today | |
Group traffic22 In% of 2019 traffic | 70% - 80% | 74% - 84% | 77% - 83% |
Traffic at Paris Aéroport In% of 2019 traffic | 65% - 75% | 72% - 82% | 78% - 82% |
Group EBITDA margin In % of revenues | 30% - 35% | 32% - 37% | >34.5% |
Net income, attributable to the Group in millions of euros | Positive | Positive | Positive |
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 |
(excl. financial investments, regulated, non-regulated) | €550M – €600M | €550M – €600M | €500M – €550M |
Net Financial Debt/ EBITDA | 6.0x – 7.0x | 5.5x – 6.5x | 5.0x - 5.5x |
Dividend policy In % of NRAG | 60% payout ratio Floor at €1/share (for distribution in 2023) | 60% payout ratio Floor at €1/share (for distribution in 2023) | 60% payout ratio Floor at €1/share (for distribution in 2023) |
Traffic assumptions, forecasts and targets 2023-2025
2023 | 2024 | 2025 | |
Group traffic25 In% of 2019 traffic | Return to the 2019 traffic level between 2023 and 2024 | - | |
Traffic at Paris Aéroport In% of 2019 traffic | 85% -95% | 90% -100% | 95% -105% |
Return to the 2019 traffic level between 2024 and 2026, More than 100% as of 2026 | |||
Extime Sales / Pax in Paris26 in euros | - | - | €27.5 |
per passenger, in € | - | €16 -€18 / pax | |
Group EBITDA growth Compared to 2019 | - | Return to the 2019 level, EBITDA above or equal to €1,772M | - |
Group EBITDA margin In % of revenues | Between 32% and 37% | Between 35% and 40% | |
Net income, attributable to the Group in millions of euros | Positive | ||
Group investments27 (excl. financial investments) | |||
(excl. financial investments, regulated, non-regulated) | €750M – €800M | €650M – €750M | €800M – €900M |
Net Financial Debt/ EBITDA Ratio | - | - | 4.5x – 5x |
Dividend policy due for the year N-1 In % of NRAG | 60% pay out ratio Min. €1 per share | 60% pay out ratio Minimum €3 per share |
Agenda
- An analyst conference will be held today at
08:30 am (Paris time). This conference will be webcasted live on the links below and on the Groupe ADP website: finance.groupeadp.fr- Live audiocast available on our website : Webcast 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) 330 551 0200
- Password: ADP
- From
- Next traffic figures publication:
- Thursday
17 November 2022 : Traffic ofOctober 2022
- Thursday
- Next results publication:
- Thursday
16 February 2023 : 2022 Full-year results
- Thursday
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
The definition and the calcul of Alternative Performance Measures (AMP) as well as the group segmentation presented in the release are fully published in the universal registration document. It is available on the website of the Groupe: https://www.parisaeroport.fr/en/group/finance/amf-information.
Investor Relations contacts: Cécile Combeau, Eliott Roch - +33 1 74 25 31 33 - invest@adp.fr
Press contact: Justine Léger, Head of
Groupe ADP develops and manages airports, including
Registered office: 1, rue de
groupeadp.fr
1 This document is voluntarily made by Aéroports de Paris. See article 10 of the AMF recommendation - Guide de l'information périodique des sociétés cotées (DOC-2016-05, modified on
2 See "Traffic assumptions, forecasts and objectives for 2022 – 2025" on pages 10 and 11 of this release.
3 Excluding the unwinding of the cross-shareholdings with
4 The accounts of the
5 Before inter-sector eliminations, see page 2 of this financial release for the details pf the consolidated revenue.
6 Sales per passenger for activities in the restricted area: stores, bars & restaurants, currency exchange & tax-free offices, commercial lounges, VIP reception, advertising and other paid services in the restricted area.
7 See "Traffic assumptions, forecasts and objectives for 2022 – 2025" on pages 10 and 11 of this release.
8 Excluding the unwinding of the cross-shareholdings with
9 The accounts of the
10 Group traffic is accounted for on a like-for-like basis, restated for the following changes: consideration of airport traffic of
11 Including
12 Direct supply contract with a renewable energy producer.
13 See page 9 of this release " raffic assumptions, forecasts and targets 2022-2025".
14The accounts of the
15 TAV Tbilisi and
16 Group traffic includes the traffic of
17
18 Includes traffic from the following airports: Jeddah-Hajj (JED),
19 Group traffic includes the traffic of
20 See release of annual results2021, publsihed the
21 See the half-year results 2022, published the
22 The group's traffic includes the traffic of
23 In constants euros.
24 Excluding the unwinding of the cross-shareholdings with
25 Group traffic includes the traffic of
26 Extime Sales/Pax: Sales per passenger in the airside activities: shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising, and other paid services in the airside area.
27 In constant euros
Attachment
- Aéroports de
Paris SA - Revenue for the first 9 months of 2022
© OMX, source