- Groupe ADP traffic [2] : up by +37.2%[3], at 160 million passengers over 2021 compared to 2020, in line with the Group's forecasts[4]. It was standing at 45.6% of the 2019 group traffic level;
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): up by +26.8%, at 41.9 million passengers over 2021 compared to 2020, in line with the Group's forecasts. It was standing at 38.8% of the 2019 group traffic level;
- Consolidated revenue: up by +27,9%, at 2 777 million euros over 2021 compared to 2020, mainly due to the impact of the traffic recovery on the revenue in Paris (+19.5% for the Aviation and +27.8% for the Retail & Services segments) and in Jordan (+106.8%), as well as the effect of the integration of Almaty as of May 1st, for TAV Airports (+73.0%);
- EBITDA [5] at 751 million euros, up by +583 million euros, mainly due to the continuation of the operational and financial optimization plan, the punctual gains related to the return to full ownership of some buildings on the Parisian platforms, the effect of the reform of production taxes, and a favorable base effect related to the recognition in 2020 of impairment of receivables;
- Operating income from ordinary activities at -29 million euros, up by +1,094 million euros mainly due to a favorable base effect related to the recognition in 2020 of impairment on assets[6] in Paris and internationally, and an improvement in the share of profit from companies accounted for by the equity method, up by +159 million euros;
- Net result attributable to the Group at -248 million euros, up by +921 million euros mainly due to a favorable base effect related to the recognition in 2020 of impairment of assets[6]and to the positive impact of the TAV Tunisia's debt restructuring in 2021.
Groupe ADP trafic assumptions and forecasts for 2022:
- Groupe ADP traffic assumption between 70% ans 80% of the 2019 group traffic;
- Paris Aéroport traffic assumption between 65% and 75% of the 2019 Paris Aéroport traffic;
- Group EBIDTA margin forecast between 30% and 35% of the revenue, and positive net result attributable to the group ;
- Group investments (excluding financial investments) target of 1 billon euros per year on average between 2022 and 2025, of which between 500 and 650 million euros in Paris in 2022;
- Net financial debt/EBITDA ratio forecast from 6x to 7x.
Augustin de Romanet, Chairmand and CEO, stated:""The months from January to May 2021 were marked by a resurgence of the Covid-19 pandemic which affected all of the group's activities. The recovery in activity that began in mid-May continued until the end of the year in line with the Group's forecasts. All financial indicators are trending upwards in 2021. In addition to the positive impact of the recovery in traffic in the second half of the year, this trend is also due to the management of operating expenses, as a result of the savings measures initiated at the beginning of the crisis and the first effects of the social measures in Paris. The Group has also succeeded in increasing its quality of service and its revenue per passenger in the Paris commercial activities, whose level has exceeded that of 2019. The year 2021 was also marked by the development of international activities, with in particular the acquisition of Almaty airport, which contributes significantly to improve the group's EBITDA in 2021 and the gain of the Antalya concession for a further 25 years. Several international assets have been subjects of extensions of concession periods and debt restructurings. Discussions are ongoing regarding Amman and Santiago de Chile airports. The recovery in activity over the second half of the year has enabled the group to stabilize its cash position between mid-July and December 2021. For 2022, traffic group is expected between 70% and 80% of the 2019 level, and Paris Aéroport traffic between 65% and 75% of the 2019 level. The EBITDA margin should be between 30% and 35% and net income should be positive for the year 2022. The target of reaching a net financial debt/EBITDA ratio between 6x and 7x is maintained. At last, Groupe ADP has defined a strategic roadmap entitled "2025 Pioneers", carrying a new impulse, which expresses over the 2022‑2025 the vision of its new airport model on the long-term."
| (in millions of euros – unless otherwise stated) | 2021 (1) | 2020 (2) | 2021/2020 | |
| Revenue | 2,777 | 2,137 | +€640M | +29.9% |
| EBITDA | 751 | 168 | +€583M | N/A |
| Operating income from ordinary activities | (29) | (1,123) | +€1,094M | N/A |
| Net result attributable to the group | (248) | (1,169) | +€921M | N/A |
| Paris Sales/PAX (€) (3) | €21.6 | €19.1 | - | +13.1% |
| Net financial debt | (8,011) | (7,484) | +€527M | +7.0% |
(1) The accounts of the management company of Almaty airport have been integrated into TAV Airports' consolidated accounts from May 2021 onwards (On the acquisition of the management company of Almaty airport, see page 13 of the 2021 half-year results, released on July 28th, 2021).
(2) Groupe ADP has accounted the results of the GMR Airports group using the equity method at 24.99% between March and June 2020 and at 49% from July 2020 (on the stake acquisition in GMR Airports, see the press releases of 20 and 26 February, and 7 July 2020).
(3) Sales in airside shops divided by the number of departing passengers (Sales/PAX).
Groupe ADP trafic assumptions and forecasts for 2022:
- Groupe ADP traffic assumption between 70% ans 80% of the 2019 group traffic;
- Paris Aéroport traffic assumption between 65% and 75% of the 2019 Paris Aéroport traffic;
- Group EBIDTA margin forecast between 30% and 35% of the revenue, and positive net result attributable to the group ;
- Group investments (excluding financial investments) target of 1 billon euros per year on average between 2022 and 2025, of which between 500 and 650 million euros in Paris in 2022;
- Net financial debt/EBITDA ratio forecast from 6x to 7x.
Augustin de Romanet, Chairmand and CEO, stated:""The months from January to May 2021 were marked by a resurgence of the Covid-19 pandemic which affected all of the group's activities. The recovery in activity that began in mid-May continued until the end of the year in line with the Group's forecasts. All financial indicators are trending upwards in 2021. In addition to the positive impact of the recovery in traffic in the second half of the year, this trend is also due to the management of operating expenses, as a result of the savings measures initiated at the beginning of the crisis and the first effects of the social measures in Paris. The Group has also succeeded in increasing its quality of service and its revenue per passenger in the Paris commercial activities, whose level has exceeded that of 2019. The year 2021 was also marked by the development of international activities, with in particular the acquisition of Almaty airport, which contributes significantly to improve the group's EBITDA in 2021 and the gain of the Antalya concession for a further 25 years. Several international assets have been subjects of extensions of concession periods and debt restructurings. Discussions are ongoing regarding Amman and Santiago de Chile airports. The recovery in activity over the second half of the year has enabled the group to stabilize its cash position between mid-July and December 2021. For 2022, traffic group is expected between 70% and 80% of the 2019 level, and Paris Aéroport traffic between 65% and 75% of the 2019 level. The EBITDA margin should be between 30% and 35% and net income should be positive for the year 2022. The target of reaching a net financial debt/EBITDA ratio between 6x and 7x is maintained. At last, Groupe ADP has defined a strategic roadmap entitled "2025 Pioneers", carrying a new impulse, which expresses over the 2022‑2025 the vision of its new airport model on the long-term."
[1] This press release presents the consolidated results approved by the Board of Directors of February 16th , 2022 and examined by the Audit committee on February 10th, 2022. The audit procedures of the consolidated financial statements by the auditors have been realized. The certification report will be issued after: (i) the review of subsequent events, (ii) the finalization of the specific reviews required by French laws and regulation, (iii) the finalization of the works regarding the required presentation of the annual financial report in the ESEF standard.
[2] Group traffic includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1st January 2019. It also includes the traffic of Almaty airport as of 1st May 2019, 2020 & 2021.
[3] Unless otherwise stated, percentages and variations mentioned throughout the financial release compare 2021 full-year data with 2020 comparable data.
[4] As regards the Group's forecasts, see the reminder of the 2021 forecasts on page 16 of this press release.
[5] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
[6] Intangible assets (including goodwill), tangible assets, stocks, shares and loans to companies accounted for by the equity method other than receivables.
