Financial release
17 February 2021
Aéroports de
2020 Financial results marked by the Covid-19 pandemic
Groupe ADP 2020 full-year results1
- Groupe ADP traffic2: decrease by -60.4%3, at 96.3 million passengers (excluding traffic at Istanbul Atatürk and excluding
GMR Airports platforms in 2019); - Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): -69.4% at 33.1 million passengers;
- Consolidated revenue down by -54.5%, at 2,137 million, due to the important impact of the Covid-19 pandemic on the revenue from aviation and retail activities in
Paris as well as from TAV Airports and AIG on the international level; - Positive EBITDA4 at +€168 million, down by -€1,604 million (-90.5%), due to the sharp decline in revenue, partially offset by the implementation of an operational and financial optimization plan undertaken throughout the group (decrease in the total operating expenses by €1,023 million, mainly under the drive of the optimization plan implemented for €668 million, within the €650 to €700 million announced range5, and the remainder being linked to the effects of the decline in activity);
- Impairment of assets6 for an amount of €378 million (in NRAG), with an impact of €423 million on the operating income from ordinary activities (before tax);
- Operating income from ordinary activities at -€1,123 million, down by -€2,217 million;
- Net result attributable to the Group at -€1,169 million, down by -€1,757 million.
(in millions of euros – unless otherwise stated) | 2020(1)(2) | 2019(1) | 2020/2019 | |
Revenue | 2,137 | 4,700 | -€2,563m | -54.5% |
EBITDA | 168 | 1,772 | -€1,604m | -90.5% |
Operating income from ordinary activities(2) | (1,123) | 1,094 | -€2,217m | N/A |
Net result attributable to the Group | (1,169) | 588 | -€1,757m | N/A |
€19.1 | €19.7 | - | -3.0% | |
Net financial debt(4) | (7,484) | (5,392) | -€2,092m | +40.5% |
- These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP results sinceApril 2019 . - Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (on the stake acquisition inGMR Airports , see the press releases of 20 and 26 February, and 7 July 2020). - Sales in airside shops divided by the number of departing passengers (Sales/PAX).
- The method for calculating net financial debt was changed between 2019 and 2020. In 2020, the applied method is as follows: "gross debt less fair value hedging assets, cash and cash equivalents and restricted cash", while for 2019 the applied method was as follows: "gross debt less receivables and current accounts with equity affiliates, fair value hedging assets, cash and cash equivalents and restricted cash". By way of comparison, net financial debt at
31 December 2019 , shown on page 5 of the press release of10 February 2020 on the 2019 annual results, amounted to €5,254 million.
"The year 2020 was marked by the Covid-19 pandemic with a strong impact on all of the group's activities from March onwards. Groupe ADP's total traffic amounted to 96.3 million of passengers over 2020, down by 60.4% compared to 2019, taking into account the integration of
Update on the situation related to the Covid-19 pandemic
Air transport was abruptly interrupted between the months of April to
Over the year 2020, Groupe ADP7 passenger traffic has been down by -60.4% compared to the same period in 2019.
Traffic at Paris Aéroport is down by -69.4% in 2020 compared to 2019, with 33.1 million passengers welcomed, compared with 108 million passengers over 2019. Aircraft movements at Paris Aéroport are down by -58.8% in 2020 compared to 2019. At Paris-Charles de Gaulle and Paris-Orly, the platforms have adapted their infrastructures as of March onwards by closing or opening terminals according to the evolution of commercial passenger traffic.
Regarding Groupe ADP's international platforms, many airports have been closed to passenger traffic and many domestic and/or international flights have been suspended between March and
u Operational and financial optimization plan
Over 2020, Groupe ADP has engaged a major operational and financial optimization plan with an objective of reduction of the group's current expenses for the year 2020 by €650 million to €700 million in total8. This objective has been reached for the year 2020 with a total reduction of €668 million in current expenses, including €423 million for
Regarding the 2020 investments9, they amounted to €689 million for Paris (including €463 million on the regulated scope), down by -€486 million compared to what was planned for the year 202010 following the termination of the 2016-2020 Economic Regulation Agreement11. In addition, the major projects (BD link and junction of the satellites of terminal 1 at Paris-Charles de Gaulle, international departure zone at Paris-Orly) were continued to avoid the additional costs that a suspension of works would have incurred. For TAV Airports, investments amounted to €83 million and for AIG to €8 million.
Regarding the investments for 2021 and 2022, investments in
u Situation in
Support measures have been granted by Groupe ADP in favor of its customers, service providers and suppliers for an amount of approximately €50 million for the year 2020.
Retail activities have been considerably reduced in 2020 as from mid-March onwards by the implementation of the sanitary measures and the two periods of confinement. The activity has therefore only been conducted on a reduced number of terminals. Apart from the two periods of confinement and activity restrictions, a limited number of shops were able to reopen and thus gradually follow the recovery of traffic (see page 9 for further details).
Aéroports de Paris has signed12 with the representative trade unions a collective mutually agreed termination agreement. This agreement, which has been approved by the State on
In addition, information and consultation with the
u Situation abroad
In the context of the Covid-19 crisis, exceptional impairments on some fully consolidated or equity-accounted international assets have been recorded as of
Due to the decrease in traffic linked to the Covid-19 pandemic as well as its unfavorable economic consequences, discussions have been initiated with the involved counterparties (concessionary authorities, banks) in order to guarantee the financial and operational sustainability of some of these assets, notably by requesting extensions to the duration of the concessions. Regarding TAV Airports, two-year extensions of the concessions were granted on
In particular, Groupe ADP, as a shareholder of
Regarding TAV Airports, restructurings are underway (refinancing, capital increase…) in
Due to the deterioration of the traffic projection curve at
The impairments take into account the current situation and prospects of these discussions. If they should not succeed, this could result in impairments and additional costs depending on the assets, estimated to a total of approximately €80 million. The group does not plan to provide financing to
The financing contracts regarding the concessions operated notably by AIG, TAV Esenboga, TAV Macedonia, TAV Milas Bodrum, TAV Ege, TAV Tunisia and HAVAS, include early repayment clauses in the event of failure to comply with certain financial ratios. In the event of a persistent non-compliance, the lenders may impose conditions of default which may result in limited or no recourse regarding the shareholders. Contracts with such covenants amount to 12.4% of the group's total debt at
u Solid financial structure and strengthened liquidity
Groupe ADP had a cash position of €3.5 billion as of
In addition, Aéroports de Paris received an exceptional cash advance from the French State in regard to airport tax for an amount of €121.8 million. This advance is intended to compensate for the loss of revenue resulting from the drop in airport tax revenues due to the collapse in traffic as a result of the health crisis.
Given its available cash, the group does not anticipate any short-term liquidity difficulties. This cash position enables it both to meet its current needs and its financial commitments notably including the repayment of a bond debt for
Given the confidence of the investors in the strength of its financial model and its long-term credit rating15, Groupe ADP does not anticipate any particular medium or long-term financing difficulties.
u Trends for the group
To date, the traffic assumption for Groupe ADP in 2021 stands between 45% and 55% of the 2019 group traffic16 and the traffic assumption for Paris Aéroport between 35% and 45% of the 2019 Paris Aéroport traffic17.
Under these conditions, the EBITDA / group revenue ratio is expected to stand between 18% and 23% in 2021.
The annual investments in
In view of the company's results over the year ended on
Regarding the financial debt, Groupe ADP confirms the guidance18 of a net financial debt/EBITDA ratio between 6x and 7x by the end of 2022.
Moreover, the group confirms that Paris Aéroport traffic may return to the level reached in 2019 between 2024 and 2027.
Groupe ADP's 2020 full-year results
2020 consolidated accounts
(in millions of euros) | 2020(1) | 2019(2) | 2020/2019 |
Revenue | 2,137 | 4,700 | -54.5% |
EBITDA | 168 | 1,772 | -90.5% |
EBITDA / Revenue | 7.8% | 37.7% | -29.9pts |
Operating income from ordinary activities(2) | (1,123) | 1,094 | -€2,217M |
Operating income from ordinary activities / Revenue | -52.5% | 23.3% | -75.8pts |
Operating income | (1,374) | 1,081 | -€2,455M |
Financial result | (390) | (206) | -€184M |
Net income attributable to the Group | (1,169) | 588 | -€1,757M |
- Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (on the stake acquisition inGMR Airports , see the press releases of 20 and 26 February, and 7 July 2020). - These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP results sinceApril 2019 .
Revenue
(in millions of euros) | 2020(1) | 2019(1) | 2020/2019 |
Revenue | 2,137 | 4,700 | -54.5% |
Aviation | 860 | 1,929 | -55.4% |
Retail and services | 645 | 1,505 | -57.1% |
of which Société de Distribution Aéroportuaire | 225 | 628 | -64.2% |
of which | 16 | 78 | -79.0% |
Real estate | 280 | 274 | 2.2% |
International and airport developments | 441 | 1,081 | -59.2% |
of which TAV Airports | 299 | 746 | -59.9% |
of which AIG | 77 | 250 | -69.2% |
Other activities | 146 | 168 | -13.3% |
Inter-sector eliminations | (235) | (257) | - 8.6 % |
(1) These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Over 2020, Groupe ADP's consolidated revenue stood at €2,137 million, down by -€2,563 million, due to the traffic decline resulting from the crisis linked to the Covid-19 and more specifically to:
- the decline by -63.7% in airport fees in Paris Aéroport (-€739 million);
- the decline by -57.1% in revenue from retail activities in Paris Aéroport (-€860 million);
- the decline by -59.9% in revenue of TAV Airports (-€447 million) resulting from the impact of Istanbul Atatürk Airport's closure in
April 2019 on TAV Airports' subsidiaries; - the decline in revenue of AIG for €173 million;
- the revenue from the Real Estate segment, which includes only Parisian activities, is up by 2.2%, at €280million.
The amount of inter-sector eliminations stood at -€235 million over 2020 compared to -€257 million over 2019.
EBITDA
(in millions of euros) | 2020(1) | 2019(1) | 2020/2019 |
Revenue | 2,137 | 4,700 | -€2563M |
Operating expenses | (1,962) | (2,985) | +€1,023M |
Consumables | (263) | (520) | +€257M |
External services | (681) | (1,150) | +€469M |
Employee benefit costs | (732) | (930) | +€198M |
Taxes other than income taxes | (245) | (316) | +€71M |
Other operating expenses | (42) | (70) | +€28M |
Other incomes and expenses | (8) | 57 | -€65M |
EBITDA | 168 | 1,772 | -€1,604M |
EBITDA/Revenue | 7.8% | 37.7% | -29.9pts |
(1) These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Group operating expenses stood at -€1,962 million over 2020, down by -€1,023 million due to the decline in activity and under the drive of the financial and economic optimization plan implemented throughout the group. The objective was a €650 million to €700 million reduction in operating expenses: it was reached for 2020 with a total reduction of operating expenses of -€668 million of which €423 million at
The distribution of the group's operating expenses was as follows:
- Consumables were down by -€257 million and stood -€263 million, among which:
- a -€220 million decrease in
Paris with, in particular, -€165 million at the commercial subsidiaries (Société de distribution aéroportuaire andRelay@ADP ) as a result of the lower cost of sales in line with the decline in revenue, -€27 million in reduced expenses engaged in link to Société du Grand Paris and savings from infrastructure closures; - and a -€37 million decrease on the international level, mainly due to a €22 million decrease in the cost of sales of BTA (company specialized in bars and restaurants) and savings from infrastructure closures.
- a -€220 million decrease in
- External services stood at -€681 million down by -€469 million, among which:
- a -€287 million decrease in
Paris , under the drive of the optimization plan implemented, with a - €197 million decrease in subcontracting, mainly due to a lesser reliance on external service providers as a result of the decline in traffic and the closure of infrastructure, a -€29 million decrease in upkeep and repair, and a -€ 61 million decrease in other external services and charges; - and a -€182 million decrease on the international level, including -€103 million for AIG as a result of the mechanical decrease in concession rent for -€100 million correlated to the decline in revenue and - €68 million for TAV Airports as a result of lower operating costs for service companies related to the decline in traffic, savings from infrastructure optimization and the impact of the closure of Istanbul Atatürk airport in
April 2019 .
- a -€287 million decrease in
- Employee benefit costs were down by -€198 million, at €732 million, mainly due to the deployment of the partial activity in
Paris (-€173 million) as well as other aid or support measures on the international level (including -€46.5 million at TAV Airports).
In France, the group's main companies resorted to partial activity from mid-March. This covers a range of between 35% and 85% of the full-time equivalent workforce, depending on the month and the entity concerned. In the foreign subsidiaries, the support measures for the decline in activity have been adapted in accordance with regulatory requirements and local government measures.
However, the decrease in employee benefit costs was limited by an unfavorable base effect due to the recording in 2019 of a reversal in Aéroports de
- Taxes other than income taxes were down by -€71 million and stood at -€245 million. This decrease was mainly due to the lower level of activity in
Paris compared to 2019 (impact on the CET19 for €39.4 million and security services for €21 million). - Other operating expenses were down by -€28 million and stood at -€42 million.
Other income and expenses represented a net expense of -€8 million, notably due to:
u the accounting of impairments for trade receivables net of reversals for -€41 million;
These impairments take into account the risk of default by customers in segments in which activity was suddenly interrupted due to the crisis linked to the Covid-19 pandemic;
- the decrease in products related to the CDG Express project (-€11.2 million) due to the crisis linked to the Covid-19 pandemic, which led to a slowdown in the pace of studies and work;
- an unfavorable base effect of -€7 million due to the sale of lands in 2019.
Over 2020, the group's consolidated EBITDA stood at €168 million. The gross margin rate20 associated was 7.8%, down by 29.9 points.
Net result attributable to the Group
(en millions d'euros) | 2020(1) (2) | 2019(1) | 2020/2019 |
EBITDA | 168 | 1,772 | -€1,604M |
Amortisation and impairment of tangible and intangible assets | (1,071) | (768) | -€303M |
Share of profit or loss in associates and joint ventures(2) | (220) | 90 | -€310M |
Operating income from ordinary activities | (1,123) | 1,094 | -€2,217M |
Other operating income and expenses | (251) | (13) | -€238M |
Operating income | (1,374) | 1,081 | -€2,455M |
Financial income | (390) | (206) | -€184M |
Income before tax | (1,764) | 875 | -€2,639M |
Income tax expense | 255 | (293) | +€548M |
Net income from continuing operations | (1,509) | 582 | -€2,091M |
Net income from discontinued operations | (7) | 55 | -€62M |
Net income | (1,516) | 637 | -€2,153M |
Net income attributable to non-controlling interests | (347) | 49 | €396M |
Net income attributable to the Group | (1,169) | 588 | -€1,757M |
- These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Relay@ADP results sinceApril 2019 . - Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (on the stake acquisition inGMR Airports , see the press releases of 20 and 26 February, and 7 July 2020).
Operating income from ordinary activities stood at -€1,123 million, down by -€2,217 million, notably due to:
- the decline of EBITDA by -€1,604 million;
- the impairment and disposals of assets (-€71 million) and a rise in depreciation and amortization (- €23 million) for
ADP SA ; - the impairment of intangible assets of Société de Distribution Aéroportuaire (-€41 million),
Relay@ADP (- €25 million); - the impairment of international intangible assets (-€252 million) and of shares in international assets accounted for by the equity method (-€26 million), particularly in
Jordan ; - the impact of results excluding impairments from companies consolidated under the equity method which stood in 2020 at -€73.5 million for TAV Airports and -€77 million for
ADP International andGMR Airports 21 .
These effects were partially offset by the impact of the decline in traffic on the amortization of airport operating rights under concession (AOR) of TAV Airports and AIG for €113 million, due to an amortization method calculated on the basis of traffic.
Operating income stood at -€1,374 million, down by -€2,455 million, notably due to:
- the decline in operating income from ordinary activities of -€2,217 million;
- the accounting of a provision for departure plans, net of reversals for employee benefit obligations, for -€208 million including a provision reversal for employee benefit obligations of €105 million;
- the €43 million impairment on the goodwill recorded upon the acquisition of an international concession.
Financial result stood at -€390 million, down by -€184 million due notably to the increase in gross debt, rising by +€3,520 million, linked to bond issues (€2.5 billion in
Net financial debt24 of Groupe ADP stood at €7,484 million as of
Income tax expense constituted a tax profit of €255 million over 2020 (compared to a tax expense of €293 million over 2019), linked notably to the recognition of deferred tax assets for €160 million on the loss registered by
Net income from discontinued operations stood at -€7 million over 2020, compared to €55 million over 2019, it coincided exclusively with TAV Istanbul activities from
The net income stood at -€1,516 million over 2020.
Taking into account all these items, the net result attributable to the Group was down by €1,757 million, at -€1,169 million.
Analysis by segment
Aviation – Parisian Platforms
(in millions of euros) | 2020 | 2019 | 2020/2019 |
Revenue | 860 | 1,929 | -55.4% |
Airport fees | 421 | 1,160 | -63.7% |
Passenger fees | 218 | 726 | -70.0% |
Landing fees | 119 | 262 | -54.6% |
Parking fees | 84 | 172 | -51.1% |
Ancillary fees | 83 | 250 | -66.7% |
Revenue from airport safety and security services | 326 | 482 | -32.4% |
Other income | 30 | 37 | -16.7% |
EBITDA | (124) | 611 | -€735M |
Operating income from ordinary activities | (516) | 283 | -€799M |
EBITDA / Revenue | -14.4% | 31.7% | -46.1pts |
Operating income from ordinary activities / Revenue | -60.0% | 14.7% | -74.7pts |
Over 2020, aviation segment revenue, which includes only Parisian activities, was down by -55.4% at €860 million. It did not vary in the same proportion as the passenger traffic over the same period (-69.4 %), notably due to rigidity of revenue from airport safety and security.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was down by -63.7%, at €421 million, due to the effect of the decline in passenger traffic compared to 2019. As a reminder, airport tariffs (excluding PRM25 fees) increased by 1.595% on
The suspension of the parking fees, implemented on
Revenue from ancillary fees was down at €83 million due to the decline in passenger traffic.
Revenue from airport safety and security services was down at €326 million, due the decline in passenger traffic.
Other income mostly consisted in re-invoicing the
EBITDA was down by -€735 million, at -€124 million due to the decline in revenue and despite the positive effect of the implementation of the optimization plan, notably the closure of infrastructures and the partial activity measures.
The operating income from ordinary activities was down by -€799 million, at -€516 million over 2020, due essentially to the decrease in EBITDA over the year and the impairment of intangible assets.
Retail and services – Parisian platforms
(in millions of euros) | 2020(1) | 2019(1) | 2020/2019 |
Revenue | 645 | 1,505 | -57.1% |
Retail activities | 313 | 970 | -67.7% |
Société de Distribution Aéroportuaire | 225 | 628 | -64.2% |
16 | 78 | -79.1% | |
Other Shops and Bars and restaurants | 26 | 166 | -83.7% |
Advertising | 26 | 57 | -54.7% |
Other products | 20 | 41 | -55.8% |
Car parks and access roads | 77 | 172 | -55,0% |
Industrial services revenue | 100 | 140 | -28.9% |
Rental income | 115 | 145 | -20.5% |
Other income | 40 | 78 | -49.3% |
EBITDA | 90 | 638 | -€548M |
Share in associates and joint ventures from operating activities | (5) | 41 | -€46M |
Operating income from ordinary activities | (177) | 513 | -€690M |
EBITDA / Revenue | 14.0% | 42.4% | -28.4 pts |
Operating income from ordinary activities / Revenue | -27.4% | 34.1% | -61.5 pts |
(1) These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of
Over 2020, revenue from Retail and services, which includes only Parisian activities, is down by -57.1%, at €645 million.
Revenue from retail activities26 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 2020, retail activities revenue stood at €313 million.
As a reminder, this figure takes into account the full consolidation since
Sales/Pax27 of airside shops was only slightly down at €19.1 over 2020: it was thus down by -3.0% compared to 2019.
Retail activities were considerably reduced in 2020 from mid-March onwards by the introduction of sanitary measures, with periods of confinement having a very negative impact on traffic levels, the quality of the traffic mix and restrictions on authorised shops. Thus, during these periods of activity restrictions set by the decree of
With the decline in traffic in 2020, the adaptation of activity has led to operate on a limited number of terminals with traffic concentrated on the Schengen routes.
Outside the periods of confinement and restrictions on authorized activity and with the very gradual recovery in traffic, some shops have reopened. Their number remained limited to adapt the commercial offer to the level of traffic and the economic constraints associated with wide opening ranges and the associated costs, faced with a very sharp decline in revenue due to the deterioration in the volume and quality of the traffic mix. The profitability of the retail subsidiaries and operators was affected, with a significant impact on the financing needs.
Operators and retail subsidiaries have also resorted to partial activity.
As a result of the medium-to-long-term decline in revenue forecasts, Groupe ADP is developing an action plan in collaboration with the group's retail subsidiaries and operators to readapt its operating structures to the new situation. To this end, two types of actions are being implemented:
- Short-term actions affecting operators and aiming, over the 2020-2022 period, to optimize operating expenses and contain the indebtedness of the group's retail subsidiaries. The strategy of optimizing retail outlets is part of the reopening sequence of infrastructures in line with traffic;
- structural actions aiming to improve the productivity of the businesses by relying on the structuring in the form of retail subsidiaries allowing for a stronger impact of Groupe ADP in the adjustment measures decided upon.
Thus, Société de Distribution Aéroportuaire and
The revenue from car parks was down by -55.0%, at €77 million.
Revenue from industrial services (supply of electricity and water) was down by -28.9%, at €100 million.
Rental revenues (leasing of spaces within terminals) were down by -20.5%, at €115 million.
Other revenues (primarily constituted of internal services) decreased by -49.3%, at €40 million, notably due to a €23 million decrease on works linked to Société du Grand Paris.
EBITDA of the segment was down by -€548 million, at €90 million, notably following the decline in revenue and the accounting of receivables depreciations for -€7.1 million.
Operating income from ordinary activities was down by -€690 million, at -€177 million, due notably to impairment of the intangible assets constituted by Société de Distribution Aéroportuaire and
Real estate – Parisian platforms
(in millions of euros) | 2020 | 2019 | 2020/2019 |
Revenue | 280 | 274 | +2.2% |
External revenue | 231 | 228 | +1.5% |
Land | 119 | 117 | +2.4% |
Buildings | 67 | 69 | -2.2% |
Others | 44 | 42 | +5.2% |
Internal revenue | 49 | 47 | +5.4% |
EBITDA | 173 | 169 | +2.3% |
Share in associates and joint ventures from operating activities | 0 | 1 | -€1M |
Operating income from ordinary activities | 117 | 122 | -4.1% |
EBITDA / Revenue | 61.8% | 61.8% | 0.0pt |
Operating income from ordinary activities / Revenue | 41.9% | 44.6% | -2.7pts |
Over 2020, real estate revenue, which includes only Parisian activities, was up by 2.2%, at €280 million.
External revenue28 is up by 1.5%, at €231 million.
EBITDA of the segment is up by 2.3%, at €173 million.
Operating income from ordinary activities is down by -4.1%, at €117 million.
International and airports developments
(in millions of euros) | 2020(1) (2) | 2019(1) | 2020/2019 |
Revenue | 441 | 1,081 | -59.2% |
133 | 321 | -58.5% | |
Of which AIG | 77 | 250 | -69.2% |
Of which ADP Ingénierie | 45 | 57 | -22.0% |
TAV Airports | 299 | 746 | -59.9% |
Société de Distribution Aéroportuaire Croatie | 4 | 13 | -67.5% |
EBITDA | 7 | 326 | -€319M |
Share of profit or loss in associates and joint ventures | (214) | 48 | -€262M |
Operating income from ordinary activities | (551) | 164 | -€715M |
EBITDA / Revenue | 1.7% | 30.2% | -28.5pts |
Operating income from ordinary activities / Revenue | -126.1% | 15.2% | -141.3pts |
- Data takes into account the full consolidation of MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire
Croatia ) sinceApril 2019 . - Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (see the press releases of 20 and 26 February, and 7 July 2020).
Over 2020, revenue from International and airport developments stands at €441 million, down by -59.2% compared to 2019, mainly due to:
- the decrease in revenue of AIG of -€173 million, at €77 million, mainly explained by the decline of passengers fees of - €120 million due to the decline in traffic at
Amman (-77.0%) and in the revenues from airside shops (-€25 million); - the decrease in revenue of TAV Airports of -€447 million, at €299 million, mainly explained by the decline in traffic by - 69.8% and in particular:
- the decrease in revenue of BTA (company specialized in bars and restaurants) of -€88 million and of TAV OS (company specialized in airport lounges management) of -€61 million euros, due to the impact of the crisis linked to the Covid-19 on airport frequencies in which these two companies operates and also on Istanbul Atatürk Airport's closure in
April 2019 ; - the decrease in revenue of Havas (company specialized in the ground handling) of -€79 million, due to the decline of flights (-44% compared to 2019);
- the decrease in revenue of TAV Georgia (company operating the
Tbilisi and Batumi airports concessions) for - €73 million notably following the decline in traffic (-85.1% compared to 2019) but also the air travel restrictions enforced to and fromGeorgia implemented byRussia sinceJuly 2019 .
- the decrease in revenue of BTA (company specialized in bars and restaurants) of -€88 million and of TAV OS (company specialized in airport lounges management) of -€61 million euros, due to the impact of the crisis linked to the Covid-19 on airport frequencies in which these two companies operates and also on Istanbul Atatürk Airport's closure in
Over 2020, the revenue of ADP Ingénierie is down by -€12 million and stands at €45 million.
TAV Airports' EBITDA decreases by -€256 million, at €21 million linked to the decrease in revenue (-€447 million) limited by the decrease in operating expenses linked to the cost-cutting plan (-€107 million).
EBITDA of the segment International and airport developments decreases by -€319 million, at €7 million, mainly due the decrease in revenue of the segment (-59.2%) despite the measures taken to reduce to the operating expenses notably in TAV Airports (-41% compared to 2019).
Operating income from ordinary activities of the segment stands at -€551 million, compared to €164 million over 2019 due to:
- the impairment of international intangible assets and of shares in international assets accounted for by the equity method, particularly in
Jordan ; - the decrease of the share of profit from operating associates by -€263 million, at -€214 million over 2020, notably explained by loss of companies consolidated under the equity method:
- TAV Airports for -€73.5 million;
- Holdings of
ADP International (-€26 million) andGMR Airports (-€51 million)
Other activities
(in millions of euros) | 2020 | 2019 | 2020/2019 |
Products | 146 | 168 | -13.3% |
136 | 152 | -10.6% | |
EBITDA | 25 | 29 | -€4M |
Operating income from ordinary activities | 6 | 13 | -€7M |
EBITDA / Revenue | 17.0% | 17.3% | -0.3pt |
Operating income from ordinary activities / Revenue | 4.1% | 7.7% | -3.6pts |
Over 2020, other activities segment products decreased by -13.3%, at €146 million, mainly due the non-renewal of some surveys performed in 2019 for the CDG Express project (which are re-invoicing).
EBITDA of the segment stands at €25 million, down only by -€4 million under the drive of the optimization plan.
The operating income from ordinary activities of the segment stood at €6 million, down by -€7 million.
Highlights of the period since the publication of the 2020 9-month revenue, on
Change in passenger traffic over 2020
u Group traffic:
Information regarding the suspension of commercial flights and infrastructures closures | Status as of | Group traffic @100% (mPax) | Groupe ADP stake(1) | Stake-weighted traffic (mPax)(2) | 2020/ 2019 change @100% | ||||
Paris Aéroport (CDG+ORY) | Paris-CDG : Continuation of domestic and international commercial flights (albeit with travel restrictions) Paris-Orly : Closure of the airport and suspension of commercial flights from | - Paris-CDG : Open to domestic and international commercial flights - Paris-Orly : Open to domestic and international commercial flights | 33.1 | @100% | 33.1 | -69.4% | |||
Border closure to non-European citizens from | Open to domestic and international commercial flights | 0.9 | @20.8% | 0.2 | -73.1% | ||||
Jeddah-Hajj | Complete closure since | Complete closure of the terminal | 1.4 | @5% | 0.1 | -80.0% | |||
Suspension of domestic commercial flights from Suspension of international commercial flights from | Open to domestic and international commercial flights | 2.0 | @51% | 2.0 (@100%) | -77.0% | ||||
Suspension of international commercial flights from | Open to domestic and international commercial flights | 1.0 | @10% | 0.1 | - 74.8% | ||||
Complete closure from | Open to domestic and international commercial flights | 0.2 | @29% | 0.1 | -58.2% | ||||
Suspension of international commercial flights from | Open to domestic and international commercial flights | 8.5 | @45% | 3.8 | -65.4% | ||||
Suspension of domestic commercial flights from Suspension of international commercial flights from | Open to domestic and international commercial flights | 0.3 | @35% | 0.1 | -78.4% | ||||
- | Suspension of domestic and international commercial flights from | Open to domestic and international commercial flights (limited to the countries | 16.4 | @31.4% | 8.0 (@49%) | N/A | |||
- | Suspension of domestic and international commercial flights from | Open to domestic and international commercial flights (limited to the countries | 5.8 | @30.9% | 2.8 (@49%) | N/A | |||
Cebu - | Continuation of domestic and international commercial flights (albeit with travel restrictions) | Open to domestic and international commercial flights | 0.7 | @19.6% | 0.1 (@19.6%) | N/A | |||
Antalya – TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights | 9.8 | @23.2% | 9.8 (@100%) | -72.6% | |||
Ankara Esenboga - TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights | 5.1 | @46.4% | 5.1 (@100%) | -63.2% | |||
- TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights | 5.5 | @46.4% | 5.5 (@100%) | -55.8% | |||
Other platforms - TAV Airports(4) | - | - | 6.7 | @46.4% | 6.7 (@100%) | -75.4% | |||
GROUP TOTAL (excl. Atatürk) | - | - | 96.3 | 77.3 | -60.4% | ||||
GROUP TOTAL (incl. Atatürk) | - | - | 96.3 | 77.3 | -62.8% |
(1) Direct or indirect
(2) Total traffic is calculated using the following method: traffic at the airports that are fully integrated is recognized at 100%, while the traffic from the other airports is accounted for pro rata to Groupe ADP’s percentage holding. Traffic of all TAV Airports' airports is taken into account at 100% in accordance with TAV Airports' financial communication practices
(3) Groupe ADP has accounted the results of the
(4)
u Paris Aéroport traffic:
Over 2020, Paris Aéroport passenger traffic has seen the decrease of 69.4%, with a total of 33.1 million passengers.
Geographical breakdown of traffic in
- International traffic (excluding
Europe ) was down (-70.6%) due to a decline of all destinations: Asia Pacific (- 79.9%),North America (-80.0%), theMiddle-East (-70.9%),Africa (-65.8%),Latin America (-70.6%) and French Overseas Territories (-45.3%), - European traffic (excluding France) is down by 72.1%,
- Traffic within France decreased by 58.3%
Geographic split Paris Aéroport | 2020 / 2019 Change | Share in total traffic over 2020 |
France | -58.3% | 20.4% |
-72.1% | 40,0% | |
Other International | -70.6% | 39.6% |
Of which | ||
| -65.8% | 12.6% |
| -80,0% | 7.1% |
| -70.6% | 3,0% |
| -70.9% | 4.9% |
| -79.9% | 4.2% |
French Overseas Territories | -45.3% | 7.8% |
Total Paris Aéroport | -69.4% | 100,0% |
The number of connecting passengers decreased by -69.2%. The connecting rate stood at 23.1%, up by 0.3 points compared to 2019. The aircraft load factor is down by -17.2 points, at 69.3%. The number of air traffic movements (295,333) is down by 58.8%.
Groupe ADP announced on
Aéroports de Paris concluded on
This alliance, which includes a long-term industrial cooperation and cross-equity investment agreement between the two companies for 8% of the share capital, was formed in 2008 for an original period of 12 years.
Groupe ADP announces the unanimous signature by the representative trade unions of a collective mutually agreed termination agreement
Groupe ADP, as all companies in the air transport sector, is hit with full force by the consequences of the crisis linked to the Covid-19. In this context, Groupe ADP needs to adapt to move from a development- supporting model to a model managing a situation of reduced activities and investments.
To achieve this, a set of three indissociable agreements - collective mutually agreed termination, collective performance agreement and long-term partial activity - has been proposed for negotiation to the representative trade unions of
Nevertheless, in order to give a new chance to social dialogue, and to avoid any imposed departures within
Groupe ADP has praised on
The agreement, which has been approved by the Direccte on
This agreement is in line with the objective pursued from the start of the social negotiations: to sustainably safeguard the company and preserve its skills while avoiding imposed departures.
Aéroports de Paris has received notification of the resignation of Vinci, represented by
Aéroports de Paris has received a letter dated from
Events having occurred since
Approval of the 2021 airport fees of Aéroports de Paris by the
Aéroports de Paris has filled in
Aéroports de Paris has submitted for the approval by the ART the annual tariff evolutions for the following fees:
At Paris-Charles de Gaulle and Paris-Orly airports, an average increase of 2.5% in unit fees, with the exception of the CREWS fee (fee relating to computerised check-in and boarding), which will be integrated into the per-passenger fee without any tariff impact, broken down as follows:
- +3.0% for the unit fee for the passenger fee and for the fee for providing check-in counters, boarding facilities, and local baggage handling facilities;
- +1.5% for those of the parking fee;
- +1.6% for those of the landing fee;
- +2.5% for those of the other airport fees;
- For
Paris-Le Bourget airport , an average increase of 2.68%
By decision n°2020-083 of
Dividend distribution policy
The Board of Directors approved, on
Groupe ADP engages in a transformation project for the Paris-Charles de Gaulle platform to promote ecological transition
In an announcement made on
Developments contributing to the energy transition of the airport, and of the air sector as a whole, must be thoroughly reviewed considering the increasing commitments on green aircrafts, confirmed in the Government's aeronautics support plan for a green and competitive industry, on
A review of the initial project had been undertaken during the previous months in order to adapt to new traffic assumptions and to better address the sector's environmental transition issues. This work, led by Groupe ADP teams, will lay ground to future thinking on the development issues for the Paris-Charles de Gaulle platform.
Forecasts and reminder of guidances
Forecasts 2021-2022
2021-2022 Forecasts | |
Traffic | 2021 group traffic assumption between 45% and 55% of the 2019 group traffic(1) 2021 Paris Aéroport traffic assumption between 35% and 45% of the 2019 Paris Aéroport traffic(1) |
EBITDA / group revenue ratio(2) | 18% - 23% in 2021 |
2021-2022 annual investments In Paris | Estimated between €500 million and €600 million per year, regulated / non regulated Finalization of ongoing projects, maintenance and regulatory investments |
(1) Includes
(2) The EBITDA / group revenue ratio forecast for 2021 is based on the following exchange rate assumptions: EUR/TRY = 9.84, EUR/USD = 1.19, 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 | Assumption of a return to the 2019 traffic level between 2024 and 2027 |
The achievement of these targets is based on the assumptions presented above and on the good run of TAV Airports' strategy.
Reminder of the 2020 forecasts
| 2020 forecasts as published on | Sensitivity analysis from | Sensitivity analysis from | 2020 forecast from | 2020 forecast from | Achievement of targets by |
Group Traffic | Traffic growth assumption for Paris Aéroport: increase between +2% and +2.5% in 2020 vs 2019 Traffic growth assumption for TAV Airports between +3% and +5% between 2020 and 2019, without Istanbul Atatürk ð Abandoned on | Traffic decline assumption for Paris of -25% on all destinations between the months of March and | Traffic decline assumption in | Traffic decline assumption in | Traffic decline assumption in Paris Aéroport by between -65% and - 70% in 2020 vs. 2019 | ü Decline in traffic at Paris Aéroport by - 69.4% in 2020 compared to 2019 |
Consolidated revenue | - | - | Decline in consolidated revenue between - €2 bn and - €2.5 bn | Decline in consolidated revenue between - €2 bn and - €2.5 bn | Decline in consolidated revenue between - €2.3 bn and - €2.6 bn | ü Decline in revenue by €2.6 bn |
Reduction of the Group's operating expenses | - | - | €270M | €550M | €650M to €700M | ü Reduction of expenses by €668M in 2020 |
Consolidated EBITDA | Consolidated EBITDA growth in 2020(2)(3)(4)(5) between +3.5% and +6.5% compared to 2019 Consolidated EBITDA growth excluding TAV Airports and AIG(3)(4) between +3% and +5% compared to 2019 ð Abandoned on | Decline in EBITDA of approximately €190M | Decline in EBITDA of approximately €800M | - | - | - |
Didivend | Proposed dividend(6) of €3.70 per share for 2019, stable compared to 2018 ð Revised on | - | - | - | No interim dividend distribution for 2020 | - No dividend distribution for 2020(8) |
- See the 2019 Full year results press release from
10 February 2020 - TAV Airports' EBITDA guidance for 2020, underlying to the group EBITDA guidance for 2020, was built on the following exchange rate assumptions: EUR/TRY = 6.87, EUR/USD = 1.12
- As a reminder, the IFRS 5 standard “Non-current assets held for sale and discontinued operations” is applying to TAV Istanbul’s activities as of the termination of activities at Istanbul Atatürk airport on
6 April 2019 (see the press release from 8 April 2019). - Takes into account the introduction, since
April 1 st, 2019, of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax, in accordance with article 179 of Law No. 2018-1317 of28 December 2018 of finance. - Excluding potential effects on ADP’s accounts related the sell by the State of the majority of ADP’s capital (according to the PACTE law provisions)
- Subject to the approval of the General Meeting of the Shareholders approving the 2019 accounts.
- Approved by the 2020 General Meeting of the Shareholders approving the 2019 accounts on
May 12 th, 2020 - Subject to the approval of the General Meeting of the Shareholders approving the 2020 accounts on
May 11 th, 2021
2016-2020 period guidances
2016-2020 guidances as revised on | 2016-2020 guidances on | Status | |
Traffic | Yearly increase between 2.8% and 3.2% on average between 2016 and 2020, of which international traffic between +3.6% and +4% | Unchanged | Abandoned on |
Consolidated EBITDA 2020 between 2014 and 2020e | Increase between +30% and +40% | Unchanged | Abandoned on |
ROCE of the regulated scope1 | Level between 5.6% and 5.8% in 2020e | Unchanged | Abandoned on |
Operational expenditures over the regulated scope (in constant euros) | Decrease between –10% and –15% between 2015 and 2020 | Unchanged | Abandoned on |
Parent company operating expenses2 | Limit the growth of operating expenses to a level around 2.2% in average per year between 2015 and 2020 | Unchanged | Abandoned on |
Dividend | Maintained pay-out of 60% of NRAG 2019 | Unchanged | Abandoned on |
Sales/PAX | €23 in full year after infrastructure projects delivery | Revised: delaying of the target from 2020 to 2021 €23 in fully year after infrastructure projects delivery in 2021 (delivery of the junction of terminal 1 at Paris-CDG in 2021) | Abandoned on |
Real estate | Growth in external rents (excluding re-invoicing and indexation) from real estate : between 10% to 15% between 2014 and 2020e | Unchanged | Abandoned on |
Quality of service | Overall ACI/ASQ rating of 4 in full year after infrastructure projects delivery | Revised: delaying of the target from 2020 to 2021 Overall ACI/ASQ 4 in full year after infrastructure projects delivery in 2021 (delivery of the junction of terminal 1 at Paris-CDG in 2021) | Abandoned on |
Extra-financial notation3 | Assumption of 86/100 in 2020 | Unchanged | 89/100 |
- Return on capital employed computed as operating income of the regulated scope after normative taxes on societies compared with the regulated assets scope
- Excluding SGP
- Extra-financial notation scope: ADP and its subsidiaries at 100%
- See press release from
23 March 2020 "Filing of the 2019 Universal Registration Document and abandonment of certain targets and outlook elements for 2020" - See press release from
31 March 2020 "Update items concerning the Combined General Meeting of the Shareholders and notably the dividend distribution"
The requested extra-financial rating increased by 3 points in 2020 compared to 2018 to 89/100, showing the achievement of a high level of maturity in integrating corporate social responsibility (CSR) issues into our actions and our collaboration with our stakeholders.
Agenda
u An analyst conference will be held on Thursday
Link to the webcast in French
Link to the webcast in English
To join the conference by phone, please call:
For French speakers:
From France : 01 70 37 71 66
From other countries: +44 (0) 330 551 0200
Confirmation code : ADP FR
For English speakers:
From other countries: +44 (0) 330 551 0200
Confirmation code : ADP ENG
A replay of the meeting will be available on Groupe ADP's website (https://www.parisaeroport.fr/en/group/finance)
- Next traffic figures publication:
- Tuesday
16 March 2021 :February 2021 traffic figures
- Next results publication:
- Wednesday
28 April 2021 : First quarter 2021 revenue
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 Paris-Le Bourget. In 2020, the group handled through its brand Paris Aéroport 33.1 million passengers and 1.8 million metric tons of freight and mail at Paris-Charles de Gaulle and Paris-Orly, and more than 96.3 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 2020, group revenue stood at €2,137 million and net result attributable to the Group at -€1,169 million.
Registered office: 1, rue de France, 93 290 Tremblay-en-France. Aéroports de Paris is a public limited company (Société Anonyme) with share capital of €296,881,806. Registered in the Bobigny Trade and
groupeadp.fr
Appendix 1 – 2020 consolidated financial statements
2020 consolidated income statement
(in millions of euros) | FY 2020 | FY 2019 |
Revenue | 2,137 | 4,700 |
Other operating income | 50 | 80 |
Consumables | (263) | (520) |
Employee benefit costs | (732) | (930) |
Other operating expenses | (966) | (1,535) |
Net allowances to provisions and Impairment of receivables | (58) | (23) |
EBITDA | 168 | 1 772 |
EBITDA/Revenue | 7.8% | 37.7% |
Amortisation and impairment of tangible and intangible assets | (1,071) | (768) |
Share of profit or loss in associates and joint ventures | (220) | 90 |
Operating income from ordinary activities | (1,123) | 1,094 |
Other operating income and expenses | (251) | (13) |
Operating income | (1,374) | 1,081 |
Financial income | 191 | 99 |
Financial expenses | (581) | (305) |
Financial income | (390) | (206) |
Income before tax | (1,764) | 875 |
Income tax expense | 255 | (293) |
Net results from continuing activities | (1,509) | 582 |
Net results from discontinued activities | (7) | 55 |
Net income | (1,516) | 637 |
Net income attributable to the Group | (1,169) | 588 |
Net income attributable to non-controlling interests | (347) | 49 |
Earnings per share attributable to owners of the parent company | ||
Basic earnings per share (in €) | (11.81) | 5.95 |
Diluted earnings per share (in €) | (11.81) | 5.95 |
Earnings per share from continuing activities attributable to the Group | ||
Basic earnings per share (in €) | (11.78) | 5.69 |
Diluted earnings per share (in €) | (11.78) | 5.69 |
Consolidated balance sheet as of
(in millions of euros) | As at | As at | |
Intangible assets | 2,795 | 3,304 | |
Property, plant and equipment | 8,084 | 7,930 | |
Investment property | 502 | 510 | |
Investments in associates | 1,943 | 1,019 | |
Other non-current financial assets | 374 | 682 | |
Deferred tax assets | 46 | 37 | |
Non-current assets | 13,744 | 13,482 | |
Inventories | 70 | 94 | |
Contract assets | 5 | 3 | |
Trade receivables | 567 | 609 | |
Other receivables and prepaid expenses | 467 | 382 | |
Other current financial assets | 169 | 176 | |
Current tax assets | 85 | 65 | |
Cash and cash equivalents | 3,463 | 1,982 | |
Current assets | 4,826 | 3,311 | |
Total assets | 18 570 | 16,793 |
(in millions of euros) | As at | As at | |
Share capital | 297 | 297 | |
Share premium | 543 | 543 | |
(3) | - | ||
Retained earnings | 3,164 | 4,341 | |
Other equity items | (349) | (149) | |
Shareholders' equity - group share | 3,652 | 5,032 | |
Non-controlling interests | 561 | 975 | |
Shareholders' equity | 4,213 | 6,007 | |
Non-current debt | 9,370 | 6,077 | |
Provisions for employee benefit obligations (more than one year) | 644 | 511 | |
Other non-current provisions | 97 | 47 | |
Deferred tax liabilities | 89 | 371 | |
Other non-current liabilities | 797 | 798 | |
Non-current liabilities | 10,997 | 7,804 | |
Contract liabilities | 4 | 2 | |
Trade payables | 682 | 679 | |
Other debts and deferred income | 958 | 812 | |
Current debt | 1,598 | 1,362 | |
Provisions for employee benefit obligations (less than one year) | 104 | 14 | |
Other current provisions | 6 | 5 | |
Current tax liabilities | 8 | 107 | |
Current liabilities | 3,360 | 2,982 | |
Total equity and liabilities | 18,570 | 16,793 |
2020 consolidated statement of cash flows
(in millions of euros) | FY 2020 | FY 2019 |
Operating income | (1,374) | 1,081 |
Income and expense with no impact on net cash | 1,556 | 619 |
Net financial income other than cost of debt | (50) | (53) |
Operating cash flow before change in working capital and tax | 132 | 1,647 |
Change in working capital | 114 | 145 |
Tax expenses | (59) | (321) |
Impact of discontinued activities | 109 | 82 |
Cash flows from operating activities | 296 | 1,553 |
Purchase of tangible assets, intangible assets and investment property(1) | (848) | (1,203) |
Change in debt and advances on asset acquisitions | 39 | - |
Acquisitions of subsidiaries and investments (net of cash acquired) | (1,221) | (35) |
Change in other financial assets | (93) | (102) |
Proceeds from sale of property, plant and equipment | 5 | 19 |
Dividends received | 9 | 173 |
Cash flows from investing activities | (2,109) | (1,148) |
Proceeds from long-term debt | 4,189 | 877 |
Repayment of long-term debt | (884) | (749) |
Repayments of lease debts and related financial charges | (15) | (10) |
Capital grants received in the period | 7 | 4 |
Products from issue of Company shares or securities and other equity instruments | 1 | - |
Net purchase/disposal of treasury shares | (3) | - |
Dividends paid to shareholders of the parent company | - | (366) |
Dividends paid to non controlling interests in the subsidiaries | (32) | (79) |
Change in other financial liabilities | 50 | (2) |
Interest paid | (194) | (209) |
Interest received | 7 | 43 |
Impact of discontinued activities | 176 | 2 |
Cash flows from financing activities | 3,302 | (489) |
Impact of currency fluctuations | (4) | 2 |
Change in cash and cash equivalents | 1,485 | (82) |
Net cash and cash equivalents at beginning of the period | 1,973 | 2,055 |
Net cash and cash equivalents at end of the period | 3,458 | 1,973 |
of which Cash and cash equivalents | 3,463 | 1,982 |
of which Bank overdrafts | (5) | (9) |
* Restated figures as described in note 13 of the 2020 consolidated financial statements as of
1 This press release presents the consolidated results approved by the Board of Directors of
2 Group traffic @100%. Group traffic @100% includes the traffic of
3 Unless otherwise stated, percentages are comparing 2020 full-year data with 2019 comparable data.
4 Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
5 See the press release of
6 Intangible assets (including goodwill), tangible assets, stocks, shares and loans to companies accounted for by the equity method other than receivables.
7 Group traffic @100%. Group traffic @100% does not take into account the traffic of Istanbul Atatürk Airport in 2019 and includes the traffic of
8 See chapter 4.2.2 of the 2019 Universal Registration Document filled on
9 Excluding financial investments.
10 See the press release of
11 See the press release of
12 See the press release of
13 See the press release from
14 See the press release from
15 A negative outlook by the Standard and Poor's agency since
16 2019 reference traffic at 346.5 million passengers (including
17 2019 Paris Aéroport traffic at 108 million passengers.
18 See the 2020 half year results financial release published on
19 Contribution économique territoriale: Territorial Financial Contribution.
20 EBITDA / Revenue
21 Groupe ADP has accounted the results of the
22 See the press release from
23 See the press release from
24 The method for calculating net financial debt was changed between 2019 and 2020. In 2020, the applied method is as follows: "gross debt less fair value hedging assets, cash and cash equivalents and restricted cash", while for 2019 the applied method was as follows: "gross debt less receivables and current accounts with equity affiliates, fair value hedging assets, cash and cash equivalents and restricted cash". By way of comparison, net financial debt at
25 People with disabilities and reduced mobility
26 See chapter 8 of the 2019 Universal Registration Document, filled on
27 Sales in airside shops divided by the number of departing passengers (Sales/PAX)
28 Generated with third parties (outside the group).
29 See the press release of
Attachment
- Aéroports de
Paris SA - 2020 Full-year results financial release
© OMX, source