Finance & governance

2020 half-year results:
Financial indicators heavily impacted by the crisis linked to the CoVid-19 epidemic

Groupe ADP 2020 half-year results [1]

u  Groupe ADP traffic's [2] : decrease by 57.5% [3], (excluding traffic at Istanbul Atatürk and excluding GMR Airports platforms in 2019) at 48.2 million passengers.

u  Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): -62.2% at 19.8 million passengers.

u  Consolidated revenue down by 46.5% at €1,168 million, resulting to the crisis linked to CoVid-19, with an important impact notably on aviation and retail activities at Paris, but on the revenue of TAV Airports and AIG abroad as well.

u  EBITDA [4] at €39 million, down by €725 million (-94.9%), notably following the sharp decline in revenue and trade receivables depreciations for €63 million, despite the savings plan engaged by the group (decrease by €385 million of the group operating expenses over the 1st half of 2020).
u  Impairment of assets in France and internationally for an amount of €201 million (in NRAG), of which €191 million of impact on the operating income from ordinary activities (before taxes).

u  Operating income from ordinary activities at -€566 million, down by €1,019 million.

u  Net result attributable to the Group at -€543 million, down by €793 million.

 (in millions of euros – unless otherwise stated) H1 2020  (a) (b)   H1 2019 (a) 2020/2019
 Revenue 1,168   2,185   -€1,017m -46.5%
 EBITDA 39  764   -€725m -94.9%
 Operating income from ordinary activities (b) - 566   453   -€1,019m N/A
 Net result attributable to the Group - 543   250   -€793m N/A
 Paris Sales/PAX (€) 19.8€ 18.8€ - +4.9%
(a) These figures take into account the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP results since April 2019.
(b) As of 30 June 2020, Groupe ADP accounts the results of the GMR Airports group using the equity method following the acquisition of an initial 24.99% stake in GMR Airports in March 2020. The results of the GMR Airports group will be accounted by the equity method at 49% from July 2020, following the acquisition by Groupe ADP of a second stake bringing the total stakeholding to 49% of the share capital of GMR Airports (see the press releases of 20 and 26 February, and 7 July 2020).

Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated:
"Over the 1st half of the year, group traffic fell by 57.5%, with a total of 48.2 million passengers, and that of Paris Aéroport by 62.2%, with 19.8 million passengers. The months of April and May saw almost no traffic and the recovery in traffic was slow in June and July. The entirety of the group's activities were strongly affected from March onwards: consolidated revenue fells by 46.5% over the 1st half of the year to €1,168 million. EBITDA remains positive at €39 million thanks to the first effects of an optimization plan introduced throughout the group. Net result attributable to the Group stood at -€543 million, due in particular to significant depreciations abroad and in the retail and services impacted by the crisis.
In this context, the priority of the group was to ensure the safety of its employees and customers. It has thus played a key role in managing the health crisis. Groupe ADP has succeeded to stabilize its financial situation. Moreover, the group has concluded the acquisition of a stake in the Indian airport group GMR Airports, in downward revised conditions to take into account the pandemic impact, paving the way to a new industrial partnership which will be a growth driver for the future. This is the first time in 50 years that air traffic has experienced a downturn this abrupt and it is established that the recovery will be very gradual: a return to the 2019 traffic level in Paris is anticipated between 2024 and 2027. This crisis brings structural economic effects on air transport with a persistent public health threat. In this new operational and financial environment, Groupe ADP is going to review its strategic orientations in order to provide the company with the capacity to return to profitable and sustainable growth

[1] Limited audit and procedures on 2020 half-year accounts have been carried out. Furthermore, the accounts have been approved by the Board of Directors of ADP S.A o, 27 July 2020.
[2] Group traffic @100%. Group traffic @100% does not take into account the traffic of Istanbul Atatürk Airport in 2019. Group traffic @100% in 2020 includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1 March 2020 (on current and future shareholdings in GMR Airports see press releases of 20 and 26 February, and 7 July 2020). For information, taking into account the traffic of Istanbul Atatürk Airport in 2019, the group's traffic @100% is down by -62.6% over the 1st half of 2020 compared to the 1st half of 2019. Excluding the integration of GMR Airports as of 1 March 2020, the decrease in group traffic would be -63.1% over the 1st half of 2020 compared to the first half of 2019
[3] Unless otherwise stated, percentages are comparing 2020 1st half-year data with 2019 comparable data. 

[4] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
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