Regulatory News:
Half-year financial information at 30 June 20091
- Consolidated revenue rose
5.9% to €1,285.9 million in the first half of 2009:
- Aviation revenue was lifted
by new services, facilities opened in 2008 and 2009 and fee
increases: +6.9%
- Retail & Services were
resilient despite the decline in traffic: +1.4%
- Real Estate showed buoyant
momentum: +5.5%
- Ground Handling declined by
-3.4%, affected by the decline in traffic
- Other Activities showed
strong growth: +25.1%
- Stronger revenue growth in
second-quarter 2009: +6.9%
- Passenger traffic declined
6.4%, but was more resilient than for the other major European
airports
- A new business segmentation
in compliance with IFRS 8
Pierre Graff, Chairman and CEO of Aéroports de Paris (Paris:ADP)
(Pink Sheets:AEOPF), states:
"In a difficult economic environment, Aéroports de Paris reports
a satisfactory first-half 2009 performance with revenues up 5.9%.
This performance confirms the strength of our business model
despite declining traffic. The main drivers of robust revenue
growth were the expansion of our retail services, the opening of
new facilities, buoyant momentum in real estate and the rapid
development of diversification activities. With the improvement in
our second-quarter revenue compared to the first quarter, we are
confident in our ability to generate mild revenue growth in 2009,
in line with our outlook."
Key events during the
period
Start-up of the Duty Free Paris joint venture
- Duty Free Paris, an
equally-owned joint venture between Aéroports de Paris and The
Nuance Group which specializes in fashion and accessories retailing
at the Paris-based airports, started up in early February
2009.
- It currently operates 23 shops
in the terminals of the Paris-Charles de Gaulle and Paris-Orly
airports with a total retail area of 1,600m².
- By 2012, the joint venture
intends to operate about forty shops with a total retail area of
about 5,000m², nearly half through the creation of new retail
spaces.
Passenger traffic in first-half 2009: Aéroports de Paris has
continued to withstand better the downturn in passenger traffic
than its main European airport peers
- Passenger traffic declined 6.4%
to 39.9 million passengers, with a 6.6% decline at Paris-Charles de
Gaulle (27.7 million passengers) and a 6.2% decline at Paris-Orly
(12.3 million passengers). Second-quarter traffic declined
4.6%.
- A better traffic mix:
international traffic excluding Europe (38.3% of the total) showed
more resilience than overall traffic, down only 4.9%. With the
exception of Africa (+1.6%), traffic declined on all major routes:
North America (-6.9%), Latin America (-8.0%), Asia/Pacific (-9.3%)
and the Middle East (-5.3%).
- European traffic excluding
France (42.1% of the total) declined 7.9%.
- Domestic traffic (19.6%) was
down 6.4%.
- The connecting traffic rate
increased 0.3 points to 24.4%.
- Aircraft movements were down
5.7%.
Adoption of a new business segmentation, in compliance
with IFRS 8, on January 1st, 2009.
First-half 2009 consolidated
revenue
Consolidated revenue growth was very resilient in the first
half of 2009, up 5.9% to €1,285.9 million, despite the downturn in
traffic:
In millions of euros
H1 2009 H1 2008
Change Aviation 692.2 647.3 +6.9% Retail &
Services 430.9 425.0 +1.4% Real Estate 107.8 102.2 +5.5% Ground
Handling 94.0 97.3 -3.4% Other Activities 123.5 98.7 +25.1%
Intersegment eliminations -162.5 -156.6 +3.8%
Consolidated
Revenue 1,285.9 1,214.0 +5.9%
Revenue by
segment2
Strong growth in Aviation, up 6.9% to €692.2 million
In millions of euros
H1 2009 H1 2008
Change Aviation 692.2 647.3
+6.9% Aeronautical fees 376.0 376.4 -0.1% Ancillary fees
86.2 61.2 +40.8% Airport security tax 207.4 185.9 +11.6% Other 22.6
23.8 -4.7%
- Higher fees (+3.8% on average
from April 1, 2008 and +5.5% on average from April 1, 2009) and the
increase in the number of terminal-side aircraft slots (aircraft
parking fees rose 13.1%) offset the negative impact of declining
traffic on aeronautical fees3.
- Ancillary fees were
lifted by the introduction of new services and by the opening of
new facilities. Services for passengers with disabilities or
reduced mobility, introduced in July 2008, generated additional
revenue of €15.8 million in 2009. Revenue linked to baggage
handling capacity and check-in counters were up €4.1 million due to
the opening of new facilities. De-icing services generated €4.6
million in additional revenue due to a colder winter in 2008/2009
than in 2007/2008.
- The airport security tax,
which mainly finances security-related activities, was raised to
€9.5 per departing passenger on January 1, 2009 from €8.75 in
2008.
Despite the decline in traffic, Retail & Services revenue
grows slightly: +1.4%
In millions of euros
H1 2009 H1 2008
Change Retail & Services 430.9
425.0 +1.4% Retail activities 178.5 176.1 +1.4% Fees
120.8 119.3 +1.3% SDA & DFP 89.4 87.2 +2.6% Eliminations -31.7
-30.4 +4.3% Car parks and access 72.1 77.4 -6.9% Industrial
services 36.7 40.5 -9.4% Rental revenue 50.0 40.2 +24.3% Other 93.6
90.8 +3.1%
- Retail activities:
- Fees from shops, bars &
restaurants, advertising, banking and forex activities and car
rental rose 1.3% to €120.8 million. Despite the decline in traffic,
revenue from shops in restricted areas rose 3.9%4, buoyed by the
ongoing increase in sales per passenger, up 9.8% to €12.3 (impact
of new retail areas and positive traffic mix).
- Revenue from the joint ventures
Société de Distribution Aéroportuaire and Duty Free
Paris rose 2.6% to €89.4 million5.
- Lower traffic levels hit revenue
from car parks and access (-6.9%).
- Revenue from industrial
services (power and water supply) decreased 9.4% due to the
transfer of heating and air conditioning services to “rental
revenue” within the segment. It increased 6.6% at constant scope
due to the opening of new facilities and to the increase in natural
gas price, to which these services are indexed.
- Rental revenue (leasing
of space within terminals) benefited from new rental areas in
facilities opened in 2008 and 2009 as well as the transfer of
heating and air conditioning services.
- Other revenue consisted
mainly of internal services.
Real estate revenue continues to rise: +5.5%, including +8.6%
for external revenue
In millions of euros
H1 2009 H1 2008
Change Revenue 107.8 102.2
+5.5% Internal revenue 24.0 25.0 -4.3% External
revenue
6 Generated with third parties 83.8 77.2 +8.6%
- Revenue growth can be attributed
to new contracts signed in 2008: Paris-Orly cargo station and
extension of the FedEx hub at Paris-Charles-de Gaulle.
- Positif impact of the indexation
of rents on the cost of construction index (CCI).
Decline of Ground Handling & Related Services revenue:
-3.4%
In millions of euros
H1 2009 H1 2008
Change Ground handling & related services
94.0 97.3 -3.4% Ground handling services 67.5
74.2 -9.0% Security 26.5 23.1 +14.6%
- Transfer of business to the
Alyzia subsidiary completed since March, 31st 2009.
- Ground handling was down 9.0%,
particularly affected by traffic decline.
- Security revenues, in contrast,
rose 14.6% to €26.5 million.
Other Activities continue to grow rapidly: +25.1%
In millions of euros
H1 2009 H1 2008
Change Revenue 123.5 98.7
+25.1% ADP Ingénierie 60.0 41.9 +43.2% Hub Telecom 54.7 48.7
+12.4% Aéroports de Paris Management 5.5 5.9 -7.9% Aéroports de
Paris 3.2 2.2 +48.8%
- ADP Ingénierie continued
to grow rapidly thanks to the ramp-up of contracts signed in 2007,
2008 and 2009: in Jeddah (Saudi Arabia), Bogotá (Colombia),
Mauritius and Libya (Tripoli, Benghazi and Sebah). At the end of
June, order books were still dramatically high at €290
million.
- Hub Telecom acquired
Masternaut, the European leader in tracking services, on 8 April
2009. Revenue contracted 4.3% at constant scope, due notably to the
impact of the economic crisis on sales of tracking/mobility
solutions at Hub Telecom Region.
- Aéroports de Paris
Management reported a decline in revenues because the positive
impact of implementing the airport management contract for the
Republic of Mauritius, signed in fall 2008, failed to offset the
decline in other airports.
There will be a conference call today at 9 am (CET).
- From France: + 33 (0) 1 72 00 09 86
- Outside of France: + 44 (0) 203 367 9457
- Listen to a rebroadcast of the
conference call as of 12 noon (CET):
- From France: + 33 (0) 1 72 00 14 69, access code: 25 83 70
#
- Outside of France: + 44 (0) 207 107 0686, access code: 25
83 70 #
The first-half 2009 revenue presentation is available on the
Group’s website: www.aeroportsdeparis.fr
Upcoming publications:
- First-half 2009 results: Friday,
August 28, 2009
- Third-quarter 2009 revenues:
Friday, November 13, 2009
Website: www.aeroportsdeparis.fr
Consolidated revenue
In millions of euros
Q1 2009 Q2 2009
H1 2009 Q1 2008 Q2 2008
H1 2008 Q1 09 /Q1 08
Q2 09 / Q2 08 H1 09 / H1 08
Aviation 315.2 377.0
692.2 304.8 342.5
647.3 +3.4%
+10.1% +6.9% Retail & Services 218.8 212.1
430.9 209.7
215.3
425.0 +4.4% -1.5% +1.4% Real estate 53.5 54.3
107.8 50.2 52.0
102.2 +6.5% +4.4% +5.5% Ground
handling & related services 45.4 48.6
94.0 47.0 50.4
97.3 -3.2% -3.6% -3.4% Other activities 58.6 62.4
121.0 47.2 51.5
98.7 +24.1% +21.3% +22.6%
Intersegment eliminations -83.1 -77.0
-160.1 -78.5 -78.1
-156.6 +5.9% -1.4% +2.2%
Consolidated revenue
608.5 677.4 1,285.9 580.4 633.6
1,214.0 +4.8% +6.9% +5.9%
Pro-format 2008 consolidated revenue
In millions of euros
H1 2008 reported Transfer
of commercial activities to "Retail & Services" Transfer
of SDA to "Retail & Services" Intra-segment eliminations
Intersegment eliminations
H1 2008
pro-format
Aviation
957.4 -292.4 - - -17.7
647.3 Retail &
Services
- 292.4 87.2 -31.2 76.6
425.0 Real Estate
102.2 - - - -
102.2 Ground Handling
97.3 - - -
-
97.3 Other Activities
185.8 - -87.2 -0.1 0.2
98.7 Eliminations
-128.7 - - 31.3 -59.1
-156.5
Consolidated Revenue 1,214.0 - -
- - 1,214.0
Aéroports de Paris
Registered office : 291, boulevard
Raspail, 75014 Paris
A Société anonyme with a share
capital of 296,881,806 euros
552 016 628 RCS Paris
Aéroports de Paris builds, develops and manages airports
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
Aéroports de Paris is Europe's second-largest airport group in
terms of airport revenue and the European leader for freight and
mail. Aéroports de Paris accommodates nearly 460 airlines,
including the main companies in the air transport industry. With 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, and also
intends to develop its retail and real estate business. In 2008,
Aéroports de Paris had revenues of €2,527.0 million, and the Group
handled 87.1 million passengers.
1 This document complies with Article L.451-162, IV of the
French Monetary and Financial Code. Unless otherwise indicated, all
percentages in this press release compare 2009 data with comparable
data from 2008.
2 Before intersegment eliminations
3 Passenger fees, landing fees (including lighting fees since
April 1, 2009) and aircraft parking fees (including fuelling fees
since April 1, 2009)
4 After elimination of non-recurring items
5 Aéroports de Paris share (50%), including €87.6 million for
Société de Distribution Aéroportuaire (SDA)
6 Generated with third parties
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