Finance & governance

2018 half-year results driven by good performance of all the activities and group's international development

2018 half-year results 1

  • Groupe ADP traffic's: +10.9%3, at 130.4 million passengers
  • Paris Aéroport traffic's (Paris-Charles de Gaulle and Paris-Orly): +3.0% at 49.9 million passengers in spite of the strikes (+4.6% excluding the strikes)
  • Good performance of consolidated revenue (€2,099 million, up by €640 million, i.e. +43.9%), driven by all the activities and by the positive impact of the full consolidation, in Groupe ADP's financial statements, of TAV Airports results since the 2nd half of 2017 and  AIG's  results  since  April  20184.  Excluding  the  full  consolidation  of  both  entities'  results,  revenue  was  up  by  3.0%,  at €1,502 million
  • Good progression of retail activities (+3.0%) in spite of a sales per passenger5 down by 1.3%, at €17.9
  • EBITDA at €815 million, up by €205 million, i.e. +33.6%, thanks to the positive impact of the full consolidation of TAV Airports and AIG, the dynamism of traffic and the control over expenses. Excluding the full  consolidation of TAV  Airports and AIG, EBITDA  is down by 6.3 % compared to 2017 due to the capital gain linked to the cargo hub buildings accounted for during the 1st half of 2017. Excluding the full consolidation of TAV Airports and AIG's results and the capital gain linked to the cargo hub buildings, EBITDA was up by 4.5%, as of 30 June 2018
  • Operating income from ordinary activities (including operating activities of associates) at €469 million, up by €127 million,i.e. +37.4%, due to the full consolidation of TAV Airports and the the re-evaluation of the already-owned 9.5%-stake in AIG
  • Net result attributable to the Group (NRAG) at €205 million, up by €43 million
 (in millions of euros -
unless otherwise stated)
H1 2018 (1) H1 2017 2018/2017 (1)
 Revenue 2,099 1,459 +43.9% +€640m
 EBITDA 815 610 +33.6% +€205m
 Operating income from ordinary activities          
 (including operating activities of associates)
469 341 +37.4% +€127m
 Operating    income   
 (including    operating    activities    of associates)
468 341 +37.3% +€127m
 Associates from non-operating activities 1 - - +€1m
 Income taxes (132) (114) +14.9% +€17m
 Net result attributable to the Group 205 161 +26.9% +€43m
 Sales/PAX (€) 17.9 18.1 -1.3% -
(1) Except for sales/pax, 2018's data take into account the full consolidation of TAV Airports' results, since the 2nd half of 2017, and the full consolidation of AIG's results since April 2018

Revision of Groupe ADP 2018 forecasts published on 22 February 2018

  • Traffic growth assumption for Paris Aéroport between +2.5% and +3.5% in 2018 compared to 2017 – unchanged
  • Traffic growth assumption for TAV Airports: revision of TAV Airports' traffic growth assumption6: growth above 30% in 2018 compared to 2017 (vs. between +10% and +12% previously)
  • Revision of consolidated EBITDA7 forecast: increase between +17% and +22% in 2018 (vs. between +10% and +15%) compared to 2017, with the full-year effect of the full consolidation of TAV Airports and the effect of the full consolidation of AIG since April 2018
    • 2018 consolidated EBITDA excluding the full consolidation of TAV Airports  and AIG: increase between +2.5% and +3.5%  in 2018 compared to 2017 - unchanged
    • Revision of TAV Airports EBITDA7/8 forecast : increase between +14% and +16% in 2018 compared to 2017 (vs. between +5% and +7% previoulsy)
  • Maintained pay-out of 60% of NRAG 2018 – unchanged
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA – Groupe ADP, stated: "Traffic of Groupe ADP increased by 10.9% to reach 130.4 million passengers over the 1st half of 2018. 1st half-year results are solid for all the activities. EBITDA reached €815 million, up by 33.6 % compared to 2017. The infrastructure works, as planned by the ERA 3, are on track, in particular the commissioning, during the 2nd quarter of 2018, of the luggage sorting system under the hall L of the terminal 2E. Abroad, a new step has been passed in April, with the take-over of Airport International Group, concessionary of Amman international airport in Jordan. Results of the firm are now fully consolidated. Over the 1st half, TAV Airports posted very good results thanks notably to the acquisition of Antalya since May 2018 and the traffic growth of 17.7%. At last, Groupe ADP follows its long term development strategy, by preparing the future terminal T4, an infrastructure allowing to increase Paris-Charles de Gaulle's capacity by 35 to 40 million passengers by 2037. This emblematic, structuring and ambitious project for the attractiveness of Île-de-France and its territories will be built in several phases and its global cost is estimated between €7 billion and €9 billion. "

(1) Limited audit procedures on half-year accounts have been carried out.
(2) TAV Airports traffic is taken into account at 100% according to their financial communication. However, following the acquisition of a 49%-stake in Antalya airport, traffic of this airport is 100%-included since January 2017 for the need of the analysis, while TAV Airports only has included Antalya traffic since May 2018.
(3) Unless otherwise stated, percentages are comparing 2018 data to 2017 comparable data.
(4) Please refer to press release published on 7 July 2017 and 19 April 2018.
(5) Sales in airside shops divided by the number of departing passengers (Sales/Pax).
(6) TAV Airports has taken a stake in Antalya Airport since May 2018. Here-above traffic growth assumption takes into account the traffic of this airport from May 2018 only.
(7) TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the assumption that Istanbul Ataturk airport will operate for the full year in 2018 and on the following exchange rate assumptions: EUR/TRY = 5.21 et EUR/USD = 1.20.
(8) EBITDA as published by TAV Airports includes Ankara guaranteed passenger revenue and the share of equity pick-up, of which the share of result of Antalya airport following the acquisition in May 2018 of a 49%-stake.

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Groupe ADP
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