Finance & governance

2016 first half year results: EBITDA in line with our forecasts Revision of the 2016 NRAG forecast

Groupe ADP 2016 first half year results:
  • Groupe ADP traffic: +2.3% (1) to 70.5 million passengers
  • Paris Aéroport traffic (+1.5% to 46.2 million passengers): growth in line with our annual growth assumption of +2.3% in 2016 compared to 2015
  • Consolidated revenue (-0.5% to €1,416 million): impact of the slowdown of retail activities
  • Re-dynamisation plan for retail activities in response to the decrease in sales per pax (2) (-8.3% to €18.1)
  • EBITDA up by 2.7% to €523 million: control over our operating expenses and non-renewable reversals of provisions
  • Operating Income from ordinary activities down by 13.6% to €270 million: negative impact of the International and airport development segment share of profit from operating associates, at -€16 million
  • Net result attributable to the Group (NRAG) down (-23.7% to €127 million): negative impact of unfavourable exchange rates, the capital gain for the disposal of the current headquarter occurring during the 2nd half of 2016
Confirmation of 2016 EBITDA forecast and revision of 2016 NRAG forecast:
  • Confirmation of our 2016 traffic growth assumption at Paris Aéroport: +2.3% compared to 2015
  • Confirmation of the 2016 EBITDA forecast: slight increase in EBITDA in 2016 compared to 2015 Revision of the 2016 NRAG forecast: slight decrease of NRAG in 2016 compared to 2015, with a slight organic growth (3)
2016 interim dividend: payment in cash of €0.7 per share planned on 9 December 2016
Launch of a cost-cutting plan aiming at limiting the growth in parent-company operating expenses to a level below or equal to 2.2% in average per annum between 2015 and 2020, consistent with the commitment linked to 2016-2020 ERA of a 8 % decrease in regulated operating expenses per passenger between 2015 and 2020.
 (in millions of euros) S1 2016 S1 2015  Change  
 Revenue  1,416  1,422  -0.5%
 EBITDA  523  509  +2.7%
 Operating income from ordinary activities 
 (including operating activities of associates)
 270  313 -13.6%
 Operating income
 (including operating activities of associates)
 270  313  -13.6%
 Financial income  (59)  (50)  +17.5%
 Income taxes  (89)  (104)  -14.5%
 Net income attributable to the Group  127  167  -23.7%
Augustin de Romanet, Chairman and CEO of Aéroports de Paris – Groupe ADP, said: “2016 is the starting year for our strategic plan, Connect 2020. During the first half of 2016, began the works of our main infrastructure projects. The new pricing structure is in place and a new cost-cutting plan has been launched.
This first half year results occurred in a difficult temporary context, in particular for international activities, and bring us to intensify optimisation strategy. The level of traffic in Paris is in line with our annual assumption, despite the decrease of international destinations, mainly Japan and Malaysia, offset essentially by the growth in traffic of low cost carriers. EBITDA is in line with our forecast, underpinned by the control over the operating expenses and by non-renewable reversals of provisions. The retail activities bear the consequence of unfavourable traffic mix and exchange rate and will be supported by the launch of a re-dynamisation plan. At last, our international activities were impacted by the slowdown of tourism and the difficulties met by TAV Airports and TAV Construction.
In this context, on the basis of a traffic growth assumption in Paris Aéroport of 2.3% in 2016 compared to 2015, we confirm our forecast of a slight growth in EBITDA in 2016. We revised our forecast for net result attributable to the Group: we now expect a slight decrease of the net result attributable to the Group in 2016 compared to 2015, with a slight organic growth

(1) Unless otherwise stated, percentages compared 1st half of 2016 data to 1 st half of 2015 equivalent data
(2) Sales from airside shops per departing passenger
(3) NRAG growth compares 2016 to 2015 excluding 1/ the impact of the capital gain of the current headquarters disposal and 2/ the impact of the share of profit of associates from operating activities of the International and Airport Development activities