- Groupe ADP traffic [2] : down by -26.6% [3] over the 1st half of 2021 compared to the 1st half of 2020, at 48.8 million passengers, standing at 29.7% of the 1st half of 2019 group traffic level;
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): down by -45.7% over the 1st half of 2021 compared to the 1st half of 2020, at 10.7 million passengers, standing at 20.5% of the 1st half of 2019 Paris Aéroport traffic level;
- Consolidated revenue: down by -15.3%, at €989 million, due to the Covid-19 pandemic on the revenue from aviation and retail activities in Paris;
- Positive EBITDA [4] at +€155 million, up by +€116 million, mainly due to punctual gains related to the return to full ownership of some buildings on the Parisian platforms and to favorable base effects compared to the 1st half of 2020;
- Operating income from ordinary activities at -€243 million, up by +€323 million, mainly due to a favorable base effect related to the recognition of impairment on assets of €191 million in the 1st half of 2020 [5];
- Net result attributable to the Group at -€172 million, up by +€371 million, mainly due to a favorable base effect related to the recognition of assets impairment in the 1st half of 2020 and to the positive impact of the TAV Tunisia's debt restructuring over the 1st half of 2021.
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): down by -45.7% over the 1st half of 2021 compared to the 1st half of 2020, at 10.7 million passengers, standing at 20.5% of the 1st half of 2019 Paris Aéroport traffic level;
- Consolidated revenue: down by -15.3%, at €989 million, due to the Covid-19 pandemic on the revenue from aviation and retail activities in Paris;
- Positive EBITDA [4] at +€155 million, up by +€116 million, mainly due to punctual gains related to the return to full ownership of some buildings on the Parisian platforms and to favorable base effects compared to the 1st half of 2020;
- Operating income from ordinary activities at -€243 million, up by +€323 million, mainly due to a favorable base effect related to the recognition of impairment on assets of €191 million in the 1st half of 2020 [5];
- Net result attributable to the Group at -€172 million, up by +€371 million, mainly due to a favorable base effect related to the recognition of assets impairment in the 1st half of 2020 and to the positive impact of the TAV Tunisia's debt restructuring over the 1st half of 2021.
| (in millions of euros – unless otherwise stated) | H1 2021 (1) | H1 2020 | 2021/2020 | |
| Revenue | 989 | 1,168 | -€179M | -15.3% |
| EBITDA | 155 | 39 | +€116M | N/A |
| Operating income from ordinary activities (2) | (243) | (566) | +€323M | N/A |
| Net result attributable to the group | (172) | (543) | +€371M | N/A |
| Paris Sales/PAX (€) (3) | 23.3 | 19.8 | - | +17.7% |
| Net financial debt (4) | 8,027 | 6,657 | +€1,370M | +20.6% |
(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 the press releases of 8 May 2020 and 29 April 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).
(4) The method for calculating net financial debt was changed compared to the 1st half of 2020. The applied method over the 1st half of 2021 is as follows: "gross financial debt less fair value hedging assets, cash and cash equivalents and restricted cash", while for the 1st half of 2020 the applied method was as follows: "gross debt less receivables and current accounts with equity affiliates, fair value hedging assets, cash and cash equivalents and restricted cash". By way of comparison, net financial debt at 30 June 2020 stood at €6.576 million.
Revision of some assumptions and forecasts for 2021 compared to the 2020 publication of the annual results
- Revision of Groupe ADP traffic assumption in 2021 between 40% and 50% of the 2019 group traffic (45% to 55% previously);
- Revision of Paris Aéroport traffic assumption in 2021 between 30% and 40% of the 2019 Paris Aéroport traffic (35% to 45% previously);
- Revision of EBITDA / Group revenue ratio forecast estimated between 15% and 20% in 2021 (18% to 23% previously);
- Revision of the annual investments amount in Paris, regulated and non-regulated (excluding financial investment) for 2021-2022, estimated between €500 and €550 million per year;
- Confirmation of the net financial debt ratio/EBITDA from 6x to 7x by the end of 2022.
Augustin de Romanet, Chairman and CEO, stated: "The 1st half of 2021 was marked by a resurgence of the pandemic. It affected all aviation and retail activities from January to May, with a recovery starting mid-May, whereas the year 2020 was only impacted from March onwards. As a result, Groupe ADP's traffic fell by -26.6% compared to the 1st half of 2020, with a total of 48.8 million passengers, or 29.7% of the 1st half of 2019 traffic. Over the same period, Paris Aéroport traffic was down by ‑45.7%, with 10.7 million passengers, or 20.5% of the 1st half of 2019 traffic. Consolidated revenue was down by -15.3% in the 1st half of 2021, at 989 million euros. EBITDA is positive at 155 million euros thanks to punctual gains related to the return to full ownership of some buildings on the Parisian platforms and to favorable base effects compared to the 1st half of 2020. The net result attributable to the group stood at -172 million euros, increasing, mainly due to the base effect related to the impairments recorded in the 1st half of 2020. Groupe ADP is pursuing its efforts aiming at stabilizing its financial situation and maintains a satisfying cash position. Even though our traffic technical forecasts are at the lower end of the 2021 assumptions as published at the 2020 Full-year results presentation, the group is cautious and revises its guidances given the uncertain evolution of the health situation. Therefore, the range is now between 30% and 40% of the 2019 traffic for Paris Aéroport, and between 40% and 50% of the 2019 traffic for Groupe ADP. As a consequence, the EBITDA/Group revenue ratio forecast for 2021 has been revised down from a range of 18%-23% to 15%-20%. The guidance of a net financial debt/EBITDA ratio between 6x and 7x by the end of 2022 is confirmed."
[1] The accounts of the 1st half of 2021 have been subject to a limited review by the auditors, the limited review report is being issued. Furthermore, the accounts have been approved by the Board of Directors of Aéroports de Paris on 28 July 2021.
[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. Excluding the integration of Almaty, the group traffic would stand at 47.8 million of passengers over the 1st half of 2021.
[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. Excluding the integration of Almaty, the group traffic would stand at 47.8 million of passengers over the 1st half of 2021.
[3] Unless otherwise stated, percentages and variations mentioned throughout the financial release compare data from the 1st half of 2021 to equivalent data for the 1st half of 2020.
[4] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
[5] Assets (including goodwill), tangible assets, inventories, securities, and loans to companies consolidated under the equity method other than receivables.
