Finance & governance

A first quarter of 2020 marked by the first impacts of the Covid-19 pandemic

FINANCIAL RELEASE AS OF 31 MARCH 2020 [1]
 
Consolidated revenue down by 5.6% [2] [3] at €911 million (down by 15.1% excluding full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP)
 
  • Groupe ADP's traffic [4] [5] [6] : decline by 10.1%, at 44.5 million passengers
  • Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): -20.9%, at 18.8 million passengers
  • Aviation activities (-15.0%): decrease in revenue from airport fees (-17.0%, at €210 million)
  • Retail and services (+19.8%): increase in revenue from retail activities due to the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP [7] as of April 2019. Excluding this full consolidation, the revenue from this segment would be down by 16.7%. Revenue per passenger [8] of airside shops is up by 3.5 %, at €20.0
  • Real Estate (+2.8%): growth in external revenue [9] (+3.2%, at €70 million) driven by the full year effect of new contracts signed in 2019
  • International and airports developments (-16.8%): decrease in the revenues of TAV Airports (-21.2%) and of Airport International Groupe (-15.9%)
  • Other activities (-11.7%) : decrease due to reduction of surveys repayments for the CDG Express project

Groupe ADP revenue by segment for the first quarter of 2020 compared to the first quarter of 2019
 
 (in millions of euros – unless otherwise stated) Q1 2020 Q1 2019 (2) 2020/2019 (2)
 Revenue (1) 911   966   -5.6%
 Aviation  376   442   -15.0%
 Retail and services 297   248   +19.8%
      of which Société de Distribution Aéroportuaire 133   N/A  N/A
      of which Relay@ADP  15   N/A  N/A
 Real estate 83   80   +2.8%
 International and airport developments 182    219   -16.8%
     of which TAV Airports 118    149   -21.2%
     of which AIG 45   53   - 5.9%
 Others activities 35   40   -11.7%
 Inter-sector eliminations -61   -63   -3.8%
1: These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019.
2.The consolidated revenue of €1,080 million as of 31 March 2019 which has been published on 26 April 2019 was restated in order to take into account, in compliance with IFRS 5 standard, Istanbul Atatürk airport end of operation as of 6 April 2019. The consolidated restated revenue therefore does not include the revenue from Istanbul Atatürk airport in 2019. As a reminder the revenue related to Istanbul Atatürk airport stood at €115 million for the first quarter of 2019



Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated:
"This first quarter has been marked by the Covid-19 pandemic, the scale and effects of which have continuously amplified. In this context, Groupe ADP took full measure of the crisis and its priorities have been to ensure the safety of its employees and customers. Furthermore, the group quickly engaged an important operational and financial optimization plan in order to stabilize its financial situation but also to take account the situation of its airlines customers and its providers. All the group's activities having been heavily affected in March, the consolidated revenue has decreased on average by 5.6% over the first 3 months of 2020, at €911 million. Excluding the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP, the revenue is down by 15.1%.
Over the first quarter of 2020, group traffic is down by 10.1%, with a total of 44.5 million passengers and traffic at Paris Aéroport is down by 20.9%, with 18.8 million passengers. This decline in traffic has amplified in April and main at a low level in May. A gradual recovery is expected from June onwards. The key to this recovery will be to restore confidence among travelers, mainly by reassuring them on the sanitary conditions which will be ensured on departure, on board and on arrival. This is a matter involving all of the aviation sector, which thus should focus on restoring in a coordinated manner this confidence ecosystem. I would like to pay tribute to the commitment and spirit of responsibility of the employees of the group during these challenging times."

 

[1] This document is voluntarily made by Aéroports de Paris in compliance with the AMF recommendation. See AMF recommandation - Guide de l'information permanente et de la gestion de l'information privilégiée– DOC-2016-08.
[2] Unless otherwise stated, percentages are comparing the first 3 month of 2020 data to 2019 comparable data.
[3] The consolidated revenue of €1,080 million as of 31 March 2019 which has been published on 26 April 2019 was restated in order to take into account, in compliance with IFRS 5 standard, Istanbul Atatürk airport end of operation as of 6 April 2019. The consolidated restated revenue therefore does not include the revenue from Istanbul Atatürk airport in 2019. As a reminder the revenue related to Istanbul Atatürk airport stood at €115 million for the first quarter of 2019.
[4] Group's traffic @100% excluding traffic from Istanbul Atatürk Airport in 2019 (see page 6 for detailed calculation). For information, with taking into account the traffic of Istanbul Atatürk Airport in 2019, group's traffic at 100% is down by 31.2% over the first 3 months of the year.
[5] Group traffic including the traffic of the airports of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan–Cebu International Airport since 1st March 2020 (on the current and upcoming stake acquisitions in the company GMR Airports see the press release of 20 and 26 February 2020). Excluding consolidation of the airports of GMR Airports as of 1 March 2020, the decrease in traffic would be -20.1% on the first quarter.
[6] Passenger traffic data from airports operated by TAV Airports are taken into account at 100% according to their financial communication, including Istanbul Atatürk traffic until 6 April 2019
[7] In April 2019, Groupe ADP reviewed its links with the shareholders of the companies Société de Distribution Aéroportuaire and Relay@ADP and considers controlling these entities since then, as well as MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire Croatia) . Booked until this date with the equity method, these companies are since April 2019 fully consolidated.
[8] Sales in airside shops divided by the number of departing passengers (Sales/Pax).
[9] Realized with third parties (outside of the Group).
 
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