Financial information as of 31 March 2018 [1] [2]
- Consolidated revenue, including the full consolidation of TAV Airports [3] up by 37.3% at €965 million.
- Consolidated revenue, exlcuding the full consolidation of TAV Airports up by 2.8% at €723 million.
- Groupe ADP Passenger Traffic [4] : +13.6%, at 53.7 million passengers (vs. 47.2 million passengers during the 1st quarter of 2017).
- Paris Aéroport traffic [5] : +3.7%, at 22.8 million passengers (vs. 22.0 million passengers during the 1st quarter of 2017), thanks to the dynamism of low cost airlines (+10.1%) and international traffic (+6.3%).
- Aviation (+2.8%): growth in revenue from airport fees (+4.5%, at €240 million) due to the increase in tariffs since 1st April 2017 (+0.97%) [6] and the good growth in traffic.
- Retail and services (+3.4%): good dynamic of retail activities (+3.3%, at €105 million), driven by the revenue from bars and restaurants (+18.1%). Sales/pax [7] is down on the 1st quarter of 2018 (-1.4%, at €18.6), due to the negative impact of strong Euro and the refurbishment works in terminal 2E.
- Real Estate (+2.7%): growth in external revenue (+4.1%, at €65 million) linked to the positive effect resulting from the full acquisition of the "Dôme" building in Paris-Charles de Gaulle.
- International and airports developments (+€240 million): effect of the full consolidation of TAV Airports for €243 million on the 1st quarter of 2018.
- Other activities (-34.4%): decrease linked to the change in Hub Safe consolidation method, now accounted for as share of results from non-operation associates.
Reminder of 2018 assumptions and forecasts, unchanged since the publication of 2017 full year results
- Traffic growth assumption for Paris Aéroport between 2.5% and 3.5% in 2018 compared to 2017
- Traffic growth assumption for TAV Airports between 10% and 12% in 2018 compared to 2017.
- 2018 consolidated EBITDA [8] : increase of between 10% and 15% in 2018 compared to 2017, with the full-year effect of the full consolidation of TAV Airports and excluding the effects of any change in scope that occurred or may occur in 2018.
- 2018 consolidated EBITDA excluding the full consolidation of TAV Airports: increase of between 2.5% and 3.5% in 2018 compared to 2017.
- reminder of the TAV Airports EBITDA [9]'s guidance: increase of between 5% and 7% in 2018 compared to 2017
- Maintained pay-out of 60% of NRAG 2018.
2018 first quarter consolidated revenue
| (in millions of euros) | Q1 2018 | Q1 2017 restated (1) |
Q1 2018/ Q1 2017 (1) |
| Revenue | 965 | 703 | +37.3% |
|
Aviation
|
426 | 415 | +2.8% |
|
Retail and services
|
230 | 223 | +3.4% |
|
Real estate
|
74 | 72 | +2.7% |
|
International and airport developments
|
256 | 16 | +€240m |
|
of which TAV Airports
|
243 | - | +€243m |
|
Other activities
|
37 | 56 | -34.4% |
| Inter-sector eliminations | (58) | (78) | -26.2% |
(1) Restatement linked to the norm IFRS 15. Please refer to note 2 below
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated: "2018 first quarter revenue, including the full consolidation of TAV Airports, increased by 37.3%, to €965 million, driven by the international and European traffic dynamic, with a favourable impact on airport fees. Those will benefit from 1 April 2018 from the increase in tariffs by 2.125%. Retail activities growth keeps on being driven by the dynamism of bars and restaurants. Sales in airside shops per passenger is down, negatively impacted by strong Euro and important works in terminal 2E. Abroad, TAV Airports posted good results for 2018 first quarter with a strong growth in traffic.
Then, Groupe ADP, through its subsidiary ADP International, finalized a few days ago, the transaction for the ownership of 51% of the capital and the control of Airport International Group, concessionary of Queen Alia International Airport in Amman, Jordan. Regarding this 1st quarter revenue, our forecasts are confirmed."
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated: "2018 first quarter revenue, including the full consolidation of TAV Airports, increased by 37.3%, to €965 million, driven by the international and European traffic dynamic, with a favourable impact on airport fees. Those will benefit from 1 April 2018 from the increase in tariffs by 2.125%. Retail activities growth keeps on being driven by the dynamism of bars and restaurants. Sales in airside shops per passenger is down, negatively impacted by strong Euro and important works in terminal 2E. Abroad, TAV Airports posted good results for 2018 first quarter with a strong growth in traffic.
Then, Groupe ADP, through its subsidiary ADP International, finalized a few days ago, the transaction for the ownership of 51% of the capital and the control of Airport International Group, concessionary of Queen Alia International Airport in Amman, Jordan. Regarding this 1st quarter revenue, our forecasts are confirmed."
[1] This document is voluntarily made by Aéroports de Paris in compliance with the AMF recommendation (see AMF recommandation - Guide de l'information permanente et de la gestion de l'information privilégiée– DOC-2016-08). Unless otherwise stated, percentage are comparing 2018 first quarter data to 2017 comparable data.
[2] The norm IFRS 15 modifies the principles for revenue recognition (excluding lease contracts) and has, in particular, a repercussion on the methodology for accounting the revenue recognized using the percentage of completion method. Regarding 2017 first quarter revenue, the only significant impact for the group concerns ADP International for an amount of €4 million.
[3] Following the acquisition in July 2017 of a further 8.12%-stake the share capital of TAV Airports, bringing Groupe ADP's stake up to 46.12%. Please refer to press release published on 7 July 2017, available of www.groupeadp.fr.
[4] TAV Airports traffic is taken into account at 100% according to their financial communication. Taking into account traffic of airports whose management company has Groupe ADP as shareholder, Groupe ADP traffic totalled 61.9 million passengers over 2018 first quarter.
[5] Paris-Charles de Gaulle and Paris-Orly.
[6] On the period from 1 April 2018 to 31 March 2019, tariff increase stands at +2.125%.
[7] Estimation of sales of airside shops divided by the number of departing passengers.
[8] TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the following exchange rate assumption:
[2] The norm IFRS 15 modifies the principles for revenue recognition (excluding lease contracts) and has, in particular, a repercussion on the methodology for accounting the revenue recognized using the percentage of completion method. Regarding 2017 first quarter revenue, the only significant impact for the group concerns ADP International for an amount of €4 million.
[3] Following the acquisition in July 2017 of a further 8.12%-stake the share capital of TAV Airports, bringing Groupe ADP's stake up to 46.12%. Please refer to press release published on 7 July 2017, available of www.groupeadp.fr.
[4] TAV Airports traffic is taken into account at 100% according to their financial communication. Taking into account traffic of airports whose management company has Groupe ADP as shareholder, Groupe ADP traffic totalled 61.9 million passengers over 2018 first quarter.
[5] Paris-Charles de Gaulle and Paris-Orly.
[6] On the period from 1 April 2018 to 31 March 2019, tariff increase stands at +2.125%.
[7] Estimation of sales of airside shops divided by the number of departing passengers.
[8] TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the following exchange rate assumption:
