[Erratum] Aéroports de Paris - Groupe ADP took note of the French government's proposal for a new tax applicable to certain major transport infrastructure in France, including ADP SA's
September 27 2023 - 8:30AM
[Erratum] Aéroports de Paris - Groupe ADP took note of the French
government's proposal for a new tax applicable to certain major
transport infrastructure in France, including ADP SA's
ERRATUM – CANCELS AND REMPLACES THE PREVIOUS
TRANSLATION OF THE PRESENT PRESS RELEASE
The sentence "La partie de la taxe afférente au
périmètre non-régulé ne serait pas répercutable et resterait à la
charge d'Aéroports de Paris SA" was eroneously translated and is
corrected below
FINANCIAL RELEASE
September 27th, 2023
Aéroports de Paris SAGroupe ADP took note
of the French government's
proposal for a new tax
applicable to certain major transport infrastructure in
France, including ADP SA's
Groupe ADP took note of the finance bill for
2024, adopted today by the Council of Ministers. The bill plans to
introduce a new tax applicable to certain French transport
infrastructure companies, including Aéroports de Paris SA (ADP
SA).
The bill provides for a 4.6% tax applicable to
the revenue, as stated in Aéroport de Paris SA's annual accounts,
notably excluding revenues from airport safety and security
services, and after the deduction of a 120 million euros exemption.
The tax base would therefore have been 2,175 million euros as of
December 31st, 20221 (to be compared with 2022 consolidated revenue
of 4,688 million euros). On this basis, the tax would have had an
impact of c.100 million euros, on ADP SA's operating expenses
(taxes other than income taxes), reducing the group's EBITDA by the
same amount.
The group estimates that c.75% of the additional
expense related to this tax would be attributable to the regulated
scope, and c.25% to the non-regulated scope.
The portion of the tax attributable to the
non-regulated scope could not be passed through and would remain
borne by the group.
Pursuant with the French Transport Code and
subject to the annual tariffs' approval by the Transport Regulation
Authority (ART), Aéroports de Paris SA intends to pass the increase
in regulated expenses through the tariffs. The tariffs' increase
would be phased in two to three years, as to contain its impact on
airlines and to comply with the principle set in the law of
"moderate" yearly changes in tariffs. The first increase, covering
around half of the impact from the tax, would be applied for the
2024 tariff-period2. Further increase(s) would be applied to the
subsequent tariff period(s).
If the bill were to be passed in its current
form, and subject to the annual tariffs' approval, the group
estimates the remaining impact to amount to c.90 million euros in
2024 (for a tax estimated at c.120 million euros in 2024),
reducing the group's EBITDA by the same amount. This impact would
gradually decrease from 2025 onwards and would be limited to its
non-regulated portion from 2027 onwards.
This bill must be submitted to the National
Assembly by October 3rd, 2023, at the latest, to be reviewed and
debated before being put to the vote of both chambers (i.e. the
National Assembly and the Senate). During this process, the
National Assembly and the Senate will deliberate on the principle
of the tax, and may amend its terms (scope, nature of the tax, tax
base and tax rate).
The enactment of the initial finance law for
2024 will occur by December 31st, 2023.
Forward looking statements
This release 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 April 14th, 2023 under
D.23-0284, retrievable online on the AMF website www.amf-france.org
or Aéroports de Paris website www.parisaeroports.fr.
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.
Investor Relations contacts:
Cécile Combeau +33 6 32 35 01 46 and Eliott Roch +33 6 98
90 85 14 - invest@adp.fr Press contact: Justine
Léger, 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 2022, the group handled through its brand Paris Aéroport 86.7
million passengers at Paris-Charles de Gaulle and Paris-Orly, and
nearly 193.7 million passengers in airports abroad. Boasting an
exceptional geographic location and a major catchment area, the
Group is pursuing its strategy of adapting and modernizing its
terminal facilities and upgrading quality of services; the group
also intends to develop its retail and real estate businesses. In
2022, group revenue stood at €4,688 million and net income at
€516million.Registered office: 1, rue de 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.
groupe-adp.com
1 Calculated as follows: ADP SA 2022 revenues of 2,723 million
euros, deducting 428 million euros of revenues related to airport
safety and security and a 120 million euros exemption.2 Tariff
periods start on April 1st.
- Aéroports de Paris SA - Tax applicable to certain major
transport infrastructure in France
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