Groupe ADP 2016 Full year results[1]
Groupe ADP forecasts for 2017[5]
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, said:
"2016 results showed the responsiveness of Groupe ADP in a difficult context. Traffic in Paris Aéroport exceeded 97 million passengers, growing by 1.8%, driven by the dynamism of European traffic and the recovery of international traffic at the end of the year. Retail activities resisted in 2016, thanks to the good performance of bars and restaurants and other shops, offsetting the decrease in sales per pax of airside shops. EBITDA grew slightly, to €1,195 million, thanks to the control over operating expenses, unfavorable and favourable non-recurring items offsetting each other. Our stake porfolio is optimised, with the sale of our Mexican stake and with the proposed disposal of TAV Construction. The net result attributable to the Group is consequently slightly growing, to €435 million, and allows to propose the shareholder general meeting a dividend that is slightly higher than in 2015, to €2.64/share.
In 2016, Groupe ADP got closer to its passengers customers with the launch of the new brand universe and the loyalty programme, and with the building of the new head offices in Paris-Charles de Gaulle. 2016 was the year in which new services were set in our airports, as the lounge Instant Paris for all passengers, and the year that saw decisive steps for the launch of CDG Express project.
In 2017, on the basis of a traffic growth assumption of between +1.7% and +2.2% compared to 2016, EBITDA is expected in upward trend, favourably impacted by the planned-to-date extraordinary income.
In 2017, Groupe ADP will keep a payout of 60% of the net result attributable to the Group and commit in addition to maintain a dividend by share at least equal to that proposed for 2016, that is to say €2.64 per share."
- Traffic of Groupe ADP: +2.0% [2], to 147.0 million passengers [3].
- Traffic at Paris Aéroport (+1.8%, to 97.2 million passengers): strong increase of traffic in Paris-Orly (+5.3%, to 31.3 million passenger) and resilience of traffic in Paris-Charles de Gaulle (+0.3%, at 65.9 million passengers).
- Good resistance of consolidated revenue (+0.4%, to €2,947 million), driven notably by the ancillary fees and the increase in fees from bars and restaurants managed by the joint-venture EPIGO.
- EBITDA in slight increase (+0.4%, to €1,195 million), thanks to the good control over operating expenses, favourable and unfavourable non-recurring items offsetting each other.
- Operating income from ordinary activities (including operating activities of associates) down by 16.1%, at €664 million, due notably to the effect of the decrease in the share of profit from operating associates ;
- Net result attributable to the Group (NRAG) up by 1.2%, at €435 million, unfavourable and favourable extraordinary items offsetting each other.
- Application of 60% dividend payout (proposed dividend of €2.64/shares [4] for 2016).
- Improvement of Groupe ADP's global extra-financial rating by Ethifinance in 2016: +4 points, to 82/100.
| (in millions of euros - unless otherwise stated) |
2016 | 2015 restated | 2016 / 2015 |
| Revenue | 2,947 | 2,935 | +0.4% |
| EBITDA | 1,195 | 1,191 | +0.4% |
| Operating income from ordinary activities (including operating activities of associates) |
664 | 791 | -16.1% |
| Operating income (including operating activities of associates) | 696 | 791 | -12.0% |
| Associates from non-operating activities | 59 | 6 | +€53M |
| Income taxes | (202) | (258) | -21.9% |
| Net result attributable to the Group | 435 | 430 | +1.2% |
| Sales/PAX (€) | 18.2 | 19.7 | +8.0% |
Groupe ADP forecasts for 2017[5]
- Traffic in Paris Aéroport: assumption of a traffic growth of between +1.7% and +2.2% in 2017 compared to 2016.
- 2017 consolidated EBITDA: EBITDA in upward trend compared to 2016, impacted favourably by planned-to-date extraordinary incomes.
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, said:
"2016 results showed the responsiveness of Groupe ADP in a difficult context. Traffic in Paris Aéroport exceeded 97 million passengers, growing by 1.8%, driven by the dynamism of European traffic and the recovery of international traffic at the end of the year. Retail activities resisted in 2016, thanks to the good performance of bars and restaurants and other shops, offsetting the decrease in sales per pax of airside shops. EBITDA grew slightly, to €1,195 million, thanks to the control over operating expenses, unfavorable and favourable non-recurring items offsetting each other. Our stake porfolio is optimised, with the sale of our Mexican stake and with the proposed disposal of TAV Construction. The net result attributable to the Group is consequently slightly growing, to €435 million, and allows to propose the shareholder general meeting a dividend that is slightly higher than in 2015, to €2.64/share.
In 2016, Groupe ADP got closer to its passengers customers with the launch of the new brand universe and the loyalty programme, and with the building of the new head offices in Paris-Charles de Gaulle. 2016 was the year in which new services were set in our airports, as the lounge Instant Paris for all passengers, and the year that saw decisive steps for the launch of CDG Express project.
In 2017, on the basis of a traffic growth assumption of between +1.7% and +2.2% compared to 2016, EBITDA is expected in upward trend, favourably impacted by the planned-to-date extraordinary income.
In 2017, Groupe ADP will keep a payout of 60% of the net result attributable to the Group and commit in addition to maintain a dividend by share at least equal to that proposed for 2016, that is to say €2.64 per share."
[1] Audit procedures have been carried out but the audit report relating to the certification of Aéroports de Paris consolidated financial statements at 31 December 2016 are currently in the process of being issued. Following financial statements are projects of financial statements.
[2]Unless otherwise stated, percentages compared 2016 data to 2015 comparable data. The 2015 restated financial statements are disclosed in appendice 1
[3] Excluding stake in Mexican airports, sold in October 2016 (press release available on www.groupeadp.fr). As a reminder, operational assistance contract is still in force.
[4] Subject to the approval of the Annual Shareholders General Meeting of 11 May 2017. As a reminder, an interim dividend for 2016 financial year of €0.7/share was paid in December 2016. Should the approval occur, the 2016 dividend should amount to €2.64/share and be paid in June 2017
[4] Subject to the approval of the Annual Shareholders General Meeting of 11 May 2017. As a reminder, an interim dividend for 2016 financial year of €0.7/share was paid in December 2016. Should the approval occur, the 2016 dividend should amount to €2.64/share and be paid in June 2017
[5] See paragraph "Forecasts".
