Aéroports de Paris SA - A first quarter of 2021 marked by the
continuation of the Covid-19 pandemic
FINANCIAL RELEASE AS OF 31 MARCH
2021128 April
2021
Aéroports de Paris SAA first quarter of
2021 marked by the
continuation of the Covid-19
pandemic
Groupe ADP consolidated
revenue
-
Groupe ADP
traffic2 3:
decrease by -60.2%4 over the first quarter of 2021 compared to the
first quarter of 2020, at 24.9 million passengers.
It stands at 33.2% of the first quarter of 2019 group traffic;
-
Paris Aéroport traffic (Paris-Charles de Gaulle
and Paris-Orly): -75.1% over the first quarter of 2021 compared to
the first quarter of 2020 at 4.7 million passengers. It stands at
19.7% of Paris Aéroport's first quarter of 2019 traffic;
-
Consolidated revenue down by -48.0% over the first
quarter of 2021 compared to the same period in 2020, at €474
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. Sales/Pax5 of
airside shops has risen by 31% to €26.1. Real estate's revenue
showed some resilience, while revenue from other activities were up
due to the good performance of Hub One.
Groupe ADP revenue by segment for the first quarter of
2021 compared to the first quarter of 2020
(in millions of euro – unless otherwise stated) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
474 |
911 |
-48.0% |
Aviation |
179 |
376 |
-52.5% |
Retail and services |
135 |
297 |
-54.5% |
of which Société de Distribution Aéroportuaire |
41 |
133 |
-69.4% |
of which Relay@ADP |
3 |
15 |
-78.3% |
Real estate |
83 |
83 |
+0.2% |
International and airport developments |
88 |
182 |
-51.8% |
of which TAV Airports |
60 |
118 |
-49.4% |
of which AIG |
19 |
45 |
-57.3% |
Other activities |
41 |
35 |
+17.0% |
Inter-sector eliminations |
-52 |
-61 |
-15.3% |
Augustin de Romanet, Chairman and CEO,
stated:"Over the first 3 months of 2021, group traffic is down by
60.2% compared to the first quarter of 2020, with a total of 24.9
million passengers and traffic at Paris Aéroport is down by
75.1%, with 4.7 million passengers. The crisis linked to the
Covid-19 pandemic continues to affect the aviation sector and
weight on the resumption of the traffic. All the group's activities
have been heavily impacted over the 1st quarter of 2021 and
the consolidated revenue has decreased by 48.0% over
the first 3 months of 2021, at €474 million.
Nevertheless, the strong increase in the Sales/Pax, of
almost 31% compared to the first quarter of 2020, at
€26.1, confirms the strength of the travel retail
business model of the Parisian platforms. The group is continuing
its efforts to stabilize its financial position by carefully
managing its expenses and demonstrating agility and flexibility in
the management of its infrastructure. In addition,
Groupe ADP maintains a solid cash position, ensuring
a satisfying level of liquidity. The group confirms its
traffic assumptions and forecasts and anticipates a return to 2019
traffic levels in Paris between 2024 and 2027. In this context,
the objective of a net financial debt6/EBITDA7 ratio of
6x to 7x by the end of 2022 is maintained."
Update on the situation related to the Covid-19 pandemic
Since the sudden interruption of air transport
during the months of April to June 2020, the traffic recovery is
dependent on the evolution and spread of the pandemic. Air traffic
is impacted by the unpredictability of the measures decided by most
countries (containment, quarantine, border closures, etc.) to fight
the spread of new Covid-19 variants.
Over the first three months of 2021, Groupe ADP8
passenger traffic1 was down by -60.2% compared to the same period
in 2020, at 24.9 million passengers, or 33.2% of the group traffic
level in Q1 2019. As a reminder, Groupe ADP's traffic assumption in
2021 is between 45% and 55% of 20199 group's traffic.
During the first quarter of 2021, Paris
Aéroport's traffic is down by -75.1% compared to the 1st quarter of
2020, with 4.7 million passengers handled, i.e. 19.7% of
Paris Aéroport's traffic level over the first quarter of 2019. In
this respect, the traffic assumption for Paris Airport in 2021 is
between 35% and 45% of Paris Airport traffic in 2019. Aircraft
movements at Paris Aéroport are down by -60.0% over the 1st quarter
of 2021 compared to the same period in 2020. At Paris-Charles de
Gaulle and Paris-Orly, the hubs are adapting their infrastructure
by closing or opening terminals according to the evolution of
commercial passenger traffic.
Regarding Groupe ADP's international platforms,
most airports are open to commercial flights. However, following
the resumption of the pandemic in March 2021, a number of countries
have tightened travel restrictions (see page 8 for details).
Aéroports de Paris has signed10 with the
representative trade unions a collective mutually agreed
termination agreement. This agreement, which has been approved by
the DIRECCTE11 on 17 December 2020, sets to 1,150 the maximum
number of voluntary departures, of which 700 will not be replaced.
The first departures from the company started at the end of March
2021.
It will have, for Aéroports de Paris, a
structural cost-cutting effect of around €35 million in 2021 and of
€60 million in 2022 (full-year effect).
The partial activity at Aéroports de Paris as a
result of the drop in activity and the closure of the
infrastructure has been extended until 31 May 2021.
In addition, information and consultation with
the Social and Economic Committee of Aéroports de Paris SA has been
initiated in order to adapt the employment contracts and standards
applicable to Aéroports de Paris' employees.
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.
In particular, Groupe ADP, as a shareholder of
Airport International Group (AIG), concessionary company of Amman
airport in Jordan, may have to support this company in the form of
a shareholder loan for an amount which is currently being
evaluated, prior to a restructuring that is being discussed by the
stakeholders.
Regarding TAV Airports, restructurings are
underway (refinancing, capital increase…) in several
concessions.
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. As a reminder,
contracts with such covenants amount to 12.4% of the group's total
debt at 31 December 2020. To date, either the early repayment
clauses in the event of failure to comply with certain financial
ratios have been respected by the airport management companies, or
the lenders have agreed to refrain from exercising their rights,
with the exception of AIG. In the case of AIG, a dialogue is
maintained with the lenders and both parties are working to find a
consensual solution. In the case of Tunisia, a restructuring
arrangement and a financial closing have been signed between TAV
Tunisia and its group of lenders in order to modify the financing
conditions of the subsidiary. TAV Tunisia and its existing lender
group have signed a restructuring agreement and reached financial
closing to amend the existing financing terms of TAV Tunisia. TAV
Airports recorded a net gain of around €100 million as a result of
the restructuring, with a positive impact on the financial
result.
-
Solid financial structure and strengthened
liquidity
Groupe ADP had a cash position
of €3.3 billion as of 31 March 2021, of which €0.7 billion was held
by TAV Airports.
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 ADP SA in July 2021 for €400 million and the payment
for the concession of Almaty, and also to dispose of significant
means to react and adapt in the current exceptional health and
economic context.
Given the confidence of the investors in the
strength of its financial model and its long-term credit rating12,
Groupe ADP does not anticipate any particular medium or
long-term financing
difficulties.
To date, the traffic assumption
for Groupe ADP in 2021 stands between 45% and 55% of the
2019 group
traffic13 and the traffic
assumption for Paris Aéroport between 35% and 45% of the 2019 Paris
Aéroport traffic14.
Under these conditions, the EBITDA
/ group revenue ratio is
expected to stand between 18% and 23% in 2021.
The annual investments in Paris
for the 2021-2022 period are estimated between €500 and €600
million per year.
Regarding the financial debt,
Groupe ADP confirms the guidance15 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.
First quarter of 2021 consolidated revenue – Analysis by
segment
Aviation – Parisian Platforms
(in millions of euros) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
179 |
376 |
-52.5% |
Airport fees |
73 |
210 |
-65.2% |
Passenger fees |
29 |
124 |
-76.3% |
Landing fees |
24 |
51 |
-52.8% |
Parking fees |
20 |
35 |
-44.6% |
Ancillary fees |
20 |
49 |
-60.2% |
Revenue from airport safety and security services |
78 |
108 |
-27.5% |
Other income |
8 |
9 |
-12.5% |
Over the first quarter of 2021, aviation
segment revenue, which includes only Parisian activities,
was down by -52.5% at €179 million. It did not vary in the
same proportion as the passenger traffic over the same period
(-75.1%), 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 -65.2%, at €73 million, due to the effect of the decline in
passenger traffic compared to the first quarter of 2020.
Revenue from ancillary fees was
down at €20 million due to the decline in passenger traffic.
Revenue from airport safety and security
services was down by -€30 million over the first quarter
of 2021 at €78 million, due the decline in passenger traffic.
Other income mostly consisted
in re-invoicing the French Air Navigation Services Division and
leasing associated with the use of terminals and other works
services made for third parties. They stood at €8 million over the
first quarter of 2021.
Retail and services – Parisian platforms
(in millions of euros) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
135 |
297 |
-54.5% |
Retail activities |
55 |
182 |
-69.8% |
Société de Distribution Aéroportuaire |
41 |
133 |
-69.4% |
Relay@ADP |
3 |
15 |
-78.3% |
Other Shops and Bars and restaurants |
5 |
17 |
-73.1% |
Advertising |
3 |
9 |
-65.2% |
Other products |
3 |
8 |
-60.1% |
Car parks and access roads |
15 |
37 |
-58.3% |
Industrial services revenue |
27 |
34 |
-22.1% |
Rental income |
30 |
36 |
-16.3% |
Other income |
8 |
7 |
+14.6% |
Over the first quarter of 2021, revenue
from Retail and services, which includes only Parisian
activities, is down by -54.5%, at €135 million.
Revenue from retail
activities16 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 quarter of 2021, retail
activities revenue stood at €55 million.
As a reminder, this figure takes into account
the full consolidation of Société de Distribution Aéroportuaire
which revenue stood at €41 million euros, and of Relay@ADP which
revenue stood at €3 million.
Sales/Pax17 of airside shops strongly increased
at €26.1 over the first quarter of 2021: it was thus up by 31%
compared to the same period in 2020. At the terminal 2EK at
Paris-Charles de Gaulle airport, Sales/Pax for the first three
months of the year amounted to 59.3 euros: confirming the
effectiveness of Groupe ADP's retail model.
The revenue from car parks was
down by -58.3% compared to the first quarter of 2020, at €15
million.
Revenue from industrial
services (supply of electricity and water) was down by
-22.1%, at €27 million.
Rental revenues (leasing of
spaces within terminals) were down by -16.3%, at €30 million.
Other revenues (primarily
constituted of internal services) increased by 14.6%, at €8
million.
Real estate – Parisian
platforms
(in millions of euros) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
83 |
83 |
+0.2% |
External revenue |
71 |
70 |
+1.5% |
Land |
28 |
29 |
-4.2% |
Buildings |
19 |
18 |
+4.4% |
Others |
24 |
23 |
+6.8% |
Internal revenue |
12 |
12 |
+4.3% |
Others |
0 |
1 |
-€1M |
Over the first quarter of 2021, real
estate revenue, which includes only Parisian activities,
was up by 0.2%, at €83 million.
External
revenue18 is up by 1.5%, at €71
million.
International and airports developments
(in millions of euros) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
88 |
182 |
-51.8% |
ADP International |
27 |
62 |
-55.5% |
Of which AIG |
19 |
45 |
-57.3% |
Of which ADP Ingénierie |
7 |
14 |
-54.8% |
TAV Airports |
60 |
118 |
-49.4% |
Société de Distribution Aéroportuaire Croatie |
1 |
2 |
-69.8% |
Over the first quarter of 2021, revenue
from International and airport developments stands at €88
million, down by -51.8% compared to 2020, mainly due to:
-
the decrease in revenue of AIG of -€26 million, at €19 million,
explained by the decline in traffic at Amman (-70.3%). The latter
had an impact on passengers fees of - €17 million and on
the revenues from airside shops of -€5 million;
-
the decrease in revenue of TAV Airports of -€58 million, at €60
million, mainly explained by the decline in traffic by -59.3% and
in particular:
- the decrease in revenue of BTA
(company specialized in bars and restaurants) of -€13 million and
of TAV OS (company specialized in airport lounges management) of
-€14 million, due to the impact of the crisis linked to the
Covid-19 on airport frequencies in which these two companies
operates;
- the decrease in revenue of Havas
(company specialized in the ground handling) of -€9 million, due to
the decline of flights (-36% compared to the first quarter of
2021);
- the decrease in revenue of TAV
Georgia (company operating the Tbilisi and Batumi airports
concessions) for - €9 million notably following the
decline in traffic (-80.3% compared to 2020) due to the suspension
of international flights because of the pandemic and also to the
air travel restrictions enforced to and from Georgia implemented by
Russia since July 2019.
Over the first quarter of 2021, the revenue of
ADP Ingénierie is down by -€7 million and stands
at €7 million. An information and consultation process of ADP
Ingénierie's Social and Economic Committee (CSE) is underway as
part of a job protection plan (PSE) in the context of a plan to
close the company by mutual agreement.
Other activities
(in millions of euros) |
Q1 2021 |
Q1 2020 |
2021/2020 |
Revenue |
41 |
35 |
+17.0% |
Hub One |
37 |
34 |
+8.9% |
Others |
4 |
1 |
+€3M |
Over the first 3 months of 2021, revenue from the Other
activities segment is up by 17.0%, at €41 million.
Hub One sees its revenue increasing by 8.9%, at
€37 million as a result of good business activity in the mobility
sector.
Main highlights since the publication of the 2020 full-year
results, on 18 February 2020
Change in passenger traffic over the
first quarter of 2021
|
Status as of 31 March 2021 |
Group traffic @100%(mPax) |
Groupe ADP stake(1) |
Stake-weighted
traffic(mPax)(2) |
2021/ 2020 change @100% |
Paris Aéroport (CDG+ORY) |
Paris-CDG & Paris-Orly
:Open to domestic and international commercial
flights (albeit with increased travel restrictions from 03/04/2021
onwards). |
4.7 |
@100% |
4.7 |
-75.1% |
Zagreb |
Open to domestic and international commercial flights, (albeit with
travel restrictions). |
0.1 |
@20.8% |
0.0 |
-76.6% |
Jeddah-Hajj |
Terminal closed since 20/03/2020. |
0.0 |
@5% |
0.0 |
-100.0% |
Amman |
Open to domestic and international commercial flights (albeit with
increased travel restrictions from 11/03/2021 onwards). |
0.5 |
@51% |
|
0.5 (@100%) |
-70.3% |
Mauritius |
Strong traffic restrictions. No passenger entry on Mauritian
territory is allowed from 07/03/2021 to, at least, 15/04/2021.
Flights departing from the airport maintained. |
0.0 |
@10% |
0.0 |
-94.8% |
Conakry |
Open to domestic and international commercial flights |
0.1 |
@29% |
0.0 |
-20.6% |
Santiago de Chile |
Open to domestic and international commercial flights with
increased travel restrictions: Quarantine on arrivals since
31/03/2021. Borders closed since 05/04/2021, no entry of
non-resident foreign nationals, exits on imperative reasons
only. |
2.0 |
@45% |
0.9 |
-66.8% |
Madagascar |
Nosy Be: Airport closed since
29/03/2021.Antanarivo: Strong traffic
restrictions. Suspension of international commercial flights from
04/04/2021 onwards. |
0.1 |
@35% |
0.0 |
-72.3% |
New Delhi - GMR
Airports(3) |
Open to domestic and international commercial flights (limited to
the countries India has signed bilateral agreements with). |
9.7 |
@31.4% |
|
4.8 (@49%) |
-37.9% |
Hyderabad - GMR
Airports(3) |
Open to domestic and international commercial flights (limited to
the countries India has signed bilateral agreements with). |
3.3 |
@30.9% |
|
1.6 (@49%) |
-31.0% |
Cebu - GMR
Airports(3) |
Open to domestic and international commercial flights (albeit
strong travel restrictions). |
0.2 |
@19.6% |
|
0.0 (@19.6%) |
-91.4% |
Antalya – TAV Airports |
Open to domestic and international commercial flights (albeit with
travel restrictions). |
1.1 |
@23.2% |
|
1.1 (@100%) |
-50.9% |
Ankara Esenboga - TAV
Airports |
Open to domestic and international commercial flights (albeit with
travel restrictions). |
1.1 |
@46.4% |
|
1.1 (@100%) |
-56.7% |
Izmir - TAV Airports |
Open to domestic and international commercial flights (albeit with
travel restrictions). |
1.1 |
@46.4% |
|
1.1 (@100%) |
-48.3% |
Other platforms - TAV
Airports(4) |
- |
0.9 |
@46.4% |
|
0.9 (@100%) |
-73.5% |
GROUP TOTAL |
- |
24.9 |
|
16.8 |
-60.2% |
(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 GMR Airports group
using the equity method at 24.99% between March and June 2020 and
at 49% from July 2020 (on the stake acquisition in GMR Airports,
see the press releases of 20 and 26 February, and 7 July 2020). As
a reminder, GMR holds 64% of New Delhi airport, 63% of Hyderabad
airport and 40% of Cebu airport
(4) Turkey (Milas-Bodrum & Gazipaşa),
Croatia (Zagreb), Saudi Arabia (Medinah), Tunisia (Monastir &
Enfidha), Georgia (Tbilisi & Batumi), and Macedonia (Skopje
& Ohrid
Over the first quarter of 2021, Paris Aéroport
passenger traffic has seen the decrease of -75.1%, with a total of
4.7 million passengers.
Geographical breakdown of traffic in Paris is as
follow:
- International traffic (excluding
Europe and including French Overseas Territories) was down (-74.2%)
due to a decline of all destinations:
Asia Pacific (-89.8%), North America (-86.5%), the
Middle-East (-79.3%), Latin America (-77.6%) and Africa
(-65.5%);
- European traffic (excluding France)
is down by -82.3%;
- Traffic within France decreased by
-59.0%;
- French Overseas Territories traffic
(included in the international traffic segment) is down by
-50.6%.
Geographic split Paris Aéroport |
Q1 2021 / 2020 Change |
Share in total traffic over Q1
2021 |
France |
-59.0% |
25.5% |
Europe |
-82.3% |
28.5% |
Other International |
-74.2% |
46.0% |
Of which |
|
|
Africa |
-65.5% |
17.6% |
North America |
-86.5% |
5.2% |
Latin America |
-77.6% |
3.7% |
Middle East |
-79.3% |
4.9% |
Asia-Pacific |
-89.8% |
2.4% |
French Overseas Territories |
-50.6% |
12.1% |
Total Paris Aéroport |
-75.1% |
100.0% |
The number of connecting passengers decreased by
-70.6%. The connecting rate stood at 30.8%, up by 5.5 points
compared to the first quarter of 2020. The aircraft load factor is
down by -21.8 points, at 57.2%. The number of air traffic movements
(54,750) is down by 60.0%.
Abandonment
of the proceeding to annul the notice
issued by the Transports Regulation
Authority (ART) on 27 February 2020
Aéroports de Paris has filed to the Council of
State, on 3 April 2020, an appeal towards the cancellation of the
opinion published by the ART on 27 February 2020.
The abandonment of the procedure for the
elaboration of the Economic Regulation Agreement (ERA) for the
period 2021-2025, at the initiative of Aéroports de Paris, deprives
of object the scoping opinion on the Weighted Average Cost of
Capital issued by the ART. Consequently, Aéroports de Paris has
decided to withdraw the said appeal and the litigation procedure is
terminated.
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 GMR Airports' traffic, does not include Istanbul
Atatürk's traffic in 2019 (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.
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
(https://www.parisaeroport.fr/en/group/finance):
-
Live audiocast available on our website: 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) 330 551 0200
- Password: ADP
-
Next traffic
figures publication:
- Monday 17 May
2021 : April 2021 traffic figures
- General Meeting
of the Shareholders : Tuesday 11 May 2021
-
Next results publication:
- Wednesday 28
July 2021 : 2021 Half-year results
Disclaimer
This presentation does not constitute an offer
to purchase financial securities within the United States or in any
other country.
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 18 March 2021 under
D.21-0149, retrievable online on the AMF website www.amf-france.org
or Aéroports de Paris website www.parisaeroports.fr.
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: Audrey Arnoux, Head of Investor
Relations +33 6 61 27 07 39 - invest@adp.fr Press
contact: Lola Bourget, Head of Medias and Reputation Department +33
1 74 25 23 23
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 Company Register
under no. 552 016 628.
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).2 Group
traffic @100%. Group traffic @100% includes the traffic of Delhi
International Airport Limited (DIAL), Hyderabad International
Airport Limited (GHIAL) and Mactan-Cebu International Airport as of
1st January, 2019. For more details on the stake acquisition in GMR
Airports, see the press releases of 20 and 26 February, and 7 July
2020).3 Excluding the favorable scope effect of the integration of
GMR Airports, which were not part of the Groupe in January and
February 2020, the decrease in group traffic would be
-70.6%.
4 Unless otherwise stated, percentages and
variations mentioned throughout the press release are comparing
data for the first 3 month of 2021 with equivalent data for the
year 2020.5 Sales in airside shops divided by the number of
departing passengers (Sales/PAX).6 Gross debt less fair value
hedging assets, cash and cash equivalents and restricted cash.7
Revenues and other ordinary income reduced by operating consumables
and expenses from ordinary activities excluding depreciation and
amortization of tangible and intangible assets.
8 Group traffic @100%. Group traffic @100%
includes the traffic of Delhi International Airport Limited (DIAL),
Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu
International Airport as of 1 March 2020. Excluding the integration
of GMR Airports as of 1 March 2020, the decrease in group traffic
would be -70.6% over the first quarter of 2021.9 The group's
traffic assumption calculation includes GMR Airports' traffic from
2019 and does not include Istanbul Atatürk's traffic.10 See the
press release of 9 December 2020: "Groupe ADP announces the
unanimous signature by the representative trade unions of a
collective mutually agreed termination agreement".11 Regional
directorate for companies, competition, consumption, work and
employment.12 A negative outlook by the Standard and Poor's agency
since 25 March 2020.13 2019 reference traffic for the 2021 group
traffic assumption at 346.5 million passengers (including GMR
Airports' traffic).14 2019 Paris Aéroport traffic at 108 million
passengers.
15 See the 2020 half year results financial
release published on 27 July 2020.16 See chapter 7 of the 2020
Universal Registration Document, filled on 18 March 2021. 17 Sales
in airside shops divided by the number of departing passengers
(Sales/PAX).18 Generated with third parties (outside the
group).
- Aéroports de Paris SA - A first quarter of 2021 marked by the
continuation of the Covid-19 pandemic
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