Finance & governance

Consolidated revenue over the first quarter of 2019 up by 11.9% driven by a good performance in all the business segments  

Financial release as of 31 March 2019 [1]
 
Consolidated revenue including the full consolidation (FC) of TAV Airports and Airport International Group (AIG) was up by 11.9% [2] , i.e. +€115 million, at €1,080 million. Excluding the full consolidation of AIG, the consolidated revenue would be up by 6.4%.
 
  • Groupe ADP's traffic: +0.4%, at 58 million passengers [3] over the first quarter of 2019 (vs. 57.8 million passengers over the same period in 2018), explained by the domestic traffic decrease registered in the Turkish airports of TAV Airports.
  • Paris Aéroport [4] traffic: +4.1%, at 23.7 million passengers (vs. 22.8 million passengers over the first quarter of 2018), thanks to international traffic (+5.5%) and the dynamism of low-cost companies (+4.8%).
  • Aviation activities (+3.8%): growth in airport fees (+5.5%, at €253 million) due to the increase in tariffs as of 1 April 2018 (+2.125%) [5] and the good traffic growth.
  • Retail and services (+7.5%): good dynamics of retail activities (+6.0%, at €111 million) driven by the results of airside shops (+11.0%) and bars & restaurants (+5.3%). The sales/pax [6] increased over the first quarter of 2019 (+3.7%, at €19.3), due to the progressive shops reopening of terminal 2E Hall L at Paris-Charles de Gaulle after works, and the full effect of the shops opening  of 2018 second semester.
  • Real Estate (+8.2%): increase of external revenue (+6.2%, at €69 million) driven by new contracts.
  • International and airports developments (+30.4%): the revenue reflected TAV Airports' contribution, up to €264 million and AIG's contribution, up to €53 million over the first quarter of 2019.
  • Other activities (+9.4%) : increase linked to surveys and realized works repayments for the CDG Express.
Groupe ADP revenue by segment for the first quarter of 2019 compared to the first quarter of 2018
 (in millions of euros)  Q1 2019  Q1 2018  2019/2018
 Revenue  1 080  965  +11.9%
 Aviation  442  426  +3.8%
 Retail and services  248  230  +7.5%
 Real estate  80  74  +8.2%
 International and airport developments  334  256  +30.4%
 of which TAV Airports  264  243  +9.0%
 of which AIG  53  -  N/A
 Other activities  40  37  +9.4%
 Inter-sector eliminations  (63)  (58)  +10.0%

Reminder of 2019 assumptions and forecasts, revised since the publication of 2018 full-year results on February 14th 2019
  • Revision of the traffic growth assumption for Paris Aéroport between +2.5% and +3.0% in 2019 compared with 2018 (vs. +2.0% and +2.5% previously).
  • Traffic growth assumption for TAV Airports: decrease between -38% and -42% compared to 2018 (calculated without Istanbul Atatürk)(unchanged).
  • 2019 consolidated EBITDA: decrease between -8% and -13% compared to 2018 taking into account the closure of Istanbul  Atatürk airport [7] (unchanged).
  • Consolidated EBIDTA restated of Istanbul Atatürk contribution in 2018 (pro forma) and in 2019: increase of between +1% and +5% compared to 2018 (unchanged).
  • 2019 consolidated EBITDA, excluding the full consolidation of TAV Airports et AIG [8] : increase between +1% et +2% (unchanged).
  • Maintained pay-out of 60% of NR AG 2019 (unchanged). 
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated : "2019 first quarter revenue increased by 11.9%, at €1,080 million driven by a very good performance of all the activities of the group. In Paris, the commercial activities growth continues to be sustained and the sales per passenger of the airside shops was up to €19.3. Regarding the international activities, TAV Airports reports good results concerning 2019 first quarter despite a decreasing domestic traffic and the Turkish lira depreciation. The commercial flights of the Istanbul Atatürk Airport were transferred to the new Istanbul Airport on 6 April 2019. Since Paris Aéroport traffic figures over 2019 first quarter were very good (+4.1%), the traffic growth assumption is revised for 2019, between +2.5% and +3.0%, against +2.0% and +2.5% previously. All our other 2019 assumptions 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).
[2] Unless otherwise stated, percentages are comparing Q1 2019 to Q1 2018 comparable data.

[3] TAV Airports' traffic is taken into account at 100% according to their financial communication. However, 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] Paris-Charles de Gaulle and  Paris-Orly.
[5] Over the 1st April 2018 to the 31 March 2019 period, the tariffs increase is +2.125% (excluding persons with reduced mobility fees).
[6] Estimation of airside shops' revenue per departing passenger.
[7] Following the transfer of commercial flights of Istanbul Atatürk to the new Istanbul airport on April 6 2019 (i.e. press release of 8 April 2019), the dispositions regarding the IFRS 5 standard must apply to TAV Istanbul as of this date. Therefore, concerning the half-year and full-year results for 2019, the full 2019 revenue and operating expenses of TAV Istanbul (i.e. as of 01/01/2019) will be separately presented on the income statement as "Net income from non-continuing operations ". The Group consolidated revenue, EBITDA and operating income from ordinary activities won't take into account the Istanbul Atatürk airport activity any more (revenues of €115 million for Q1 2019 vs €111 million for Q1 2018).
[8] Takes into account 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.