Finance & governance

Good performance of all the activities, stability of the dividend and preparation of the future growth

Groupe ADP 2019 full-year results1
 
  • Groupe ADP traffic's: including traffic from Istanbul Atatürk in 2018 and 2019, until 6 April 2019, date of  the termination of commercial flights at this airport, Group's traffic is down by -16.7%2 3 compared to 2018. Excluding Istanbul Atatürk's traffic in 2018 and 2019, 2019 Group's traffic increasing by +2.3%3 compared to 2018, at 218 million passengers.
  • Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): +2.5% at 108 million passengers.
  • Good performance of consolidated revenues (€4,700 million), driven by the growth of aviation activities in Paris, retail activities dynamism in Paris, the impact of the full consolidation in Groupe ADP's accounts of Société de Distribution Aéroportuaire and Relay@ADP4 since April 2019, and of Airport International Group (AIG) since April 2018. Revenue per passenger5 of airside shops increased by 7.3% at €19.7.
  • EBITDA6 at €1,772 million, up by €92 million (+5.5%) notably thanks to TAV Airports' growth and to the full consolidation of Société de Distribution Aéroportuaire, Relay@ADP and AIG.
  • Operating income from ordinary activities7 at €1,094 million, down by €29 million.
  • Net result attributable to the Group at €588 million, down by €22 million (-3.5%).
 
 (in millions of euro – unless otherwise stated) 2019 2018 2019/2018
 Revenue(1)(2) 4,700   4,007 +€693m +17.3%
 EBITDA(1)(2) 1,772   1,680 +€92m +5.5%
 Operating income from ordinary activities (1)(2)  1,094   1,123 -€29m -2.6%
 Net result attributable to the Group (1)(2)   588   610 -€22m -3.5%
 Paris Sales/PAX (€) €19.7 €18.4   +7.3%
(1). The figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019, and AIG results since April 2018.
(2) Revenue and operating expenses of TAV Istanbul for 2018 and 2019 are presented on a separate line on the income statement as "net income from discontinued activities", in accordance with the IFRS 5 standard. Therefore, consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport in 2018 and 2019 anymore. Furthermore, the line "net income from discontinued activities" includes as well the profit following the announcement by Turkish authorities of the compensation due to TAV Airports for the early closure of Atatürk airport, after taxes and the impact of corresponding assets disposal (for €31M before elimination of non-controlling interests)(see the press release from 26 December 2019).

Groupe ADP 2020 forecasts
 
  • Traffic at Paris Aéroport: traffic growth assumption between +2% and +2.5% in 2020 compared to 2019.
  • Traffic for TAV Airports: traffic growth assumption between +3% and +5% in 2020 compared to 2019 excluding Istanbul Atatürk.
  • 2020 consolidated Group EBITDA8 9 10 11: increase between +3.5% and +5.5% in 2020 compared to 2019.
  • 2020 Consolidated EBITDA10 11 excluding the full consolidation of TAV Airports and AIG10 11 : increase between +3% and +4.5% in 2020 compared to 2019.
  • Proposed dividend12 of 3.70 per share for 2019, stable compared to 2018.
 
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated: "2019 has been impacted by the early closure of Atatürk airport in Turkey in early April. Groupe ADP welcomes that the Turkish government kept its commitments by compensating the loss of profit due to the early termination of this concession. Total Groupe ADP traffic stood at 234.5 million passengers for 2019, down by 16.7% compared to 2018. Nevertheless, excluding Atatürk airport traffic between January and early April 2019, Group traffic grew by +2.3% compared to 2018. In 2019, the revenue grew by more than 17%, at €4,700 million and the EBITDA by 5.5% at 1,772 million due to a good performance of all the activities and a control over expenses. The net result attributable to the Group is €588 million, in slight decrease. It will be proposed a dividend of 3.70 euros per share, stable compared to 2018, at the next General Meeting".

[1] This press release presents the consolidated results approved by the Board of Directors of 10 February 2020 and examined by the Audit committee on 6 February 2020. Audit procedures have been carried out and the audit report relating to the certification of Aéroports de Paris consolidated financial statements is still in the process of being issued. Following financial statements are projects of financial statements
[2] Unless otherwise stated, percentages are comparing 2019 data with 2018 comparable data.
[3] 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 (16Mpax). Following the acquisition of a 49%-stake in Antalya airport, traffic of this airport is 100%-included since January 2018 for the need of the analysis, while TAV Airports only has included Antalya traffic since May 2018
[4] In April 2019, Groupe ADP reviewed its links with Société de Distribution Aéroportuaire, Relay@ADP and MZLZ-TRGOVINA D.o.o (Société de Distribution Aéroportuaire Croatia) and considers exercising exclusive control on these entities since then. Booked until this date under the equity method, these companies are fully consolidated since April 2019.
[5] Sales in airside shops divided by the number of departing passengers (Sales/PAX).
[6] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
[7] Until 31st December 2018, the Group disclosed the share of profit or loss in associates and joint ventures on two separate lines "Share of profit or loss in associates and joint ventures from operating activities" and "Share of profit or loss in associates and joint ventures from non-operating activities". For non-materiality reasons, the Group discloses since 1st January 2019 the share of profit or loss in associates and joint ventures on one single line included within the operating income
[8] 2020 TAV Airports' EBITDA guidance, underlying to the 2020 Group's EBITDA guidance, is built on the following exchange rate assumptions: EUR/TRY=6.87, EUR/US =1.12.
[9] The IFRS 5 standard "Non-current assets held for sale and discontinued operations" is applying to TAV Istanbul's activities as of the termination of activities at Istanbul Atatürk airport on 6 April 2019 (see the press release from 8 April 2019). The revenue and operating expenses of TAV Istanbul for 2018 and 2019 are therefore presented on a separate line on the income statement titled "net income from discontinued activities". Consolidated revenue, EBITDA and operating income of the Group don't take into account the activity of Istanbul Atatürk airport anymore. Furthermore, the line "net income from discontinued activities" includes as well the profit following the announcement by Turkish authorities of the compensation due to TAV Airports for the early closure of Atatürk airport, after taxes and the impact of corresponding assets disposal (for €31M before elimination of non-controlling interests)(see the press release from 26 December 2019).
[10] Takes into account since 1st April 2019 the introduction of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax, in accordance with Article 179 of Law No. 2018-1317 of 28 December 2018 of finance.
[11] Excluding the potential effect on ADP's accounts of the transfer by the state of the majority of ADP's capital (in accordance with the provisions of the PACTE law).
[12] Subject to the approval of the 2020 General Meeting of the Shareholders approving 2019 accounts.

 
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