Groupe ADP 2017 full year results
- Groupe ADP traffic: +7.4%1, at 228.2 million passengers2
- Paris Aéroport traffic: +4.5%, at 101.5 million passengers
- Good performance of consolidated revenue (€3 617 million), driven by the growth in aviation activities in Paris and the full consolidation of TAV Airports. Excluding TAV Airports' full consolidation3, revenue is up by 1.8%, at €3 001 million. Full year 2017 sales in airside shops per passenger4 were stable (+0.4%) at €18.2
- EBITDA at €1,567 million, up by €372 million thanks to the full consolidation of TAV Airports, dynamism of traffic and control over operating expenses. Excluding TAV Airports' full consolidation, EBITDA is growing by 7.7%, at €1,287 million
- Operating income from ordinary activities (including operating activities of associates) up by €366 million, at €1,030 million, benefiting from TAV Airports' contribution and favorable extraordinary items as the capital gain from TAV Construction and the re-evaluation of the stake in TAV Airports, partially offset by provisions on international stake, accounted for during the 1st half of 2017
- Net result attributable to the Group (NRAG) at €571 million, up by €136 million, supported by the capital gain from the sale of 80% of the stake in Hub Safe but impacted by the net increase in income tax amounted to €58 million
Groupe ADP 2018 forecasts
- 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 EBITDA5: 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 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 EBITDA6's guidance: increase of between 5% and 7% in 2018 compared to 2017
- Maintained pay-out of 60% of NRAG 2018
| (in millions of euros - unless otherwise stated) |
2017 (1) | 2016 | 2017/2016 (1) | |
| Revenue | 3,617 | 2,947 | +22.7% | +€670m |
| EBITDA | 1,567 | 1,195 | +31.1% | +€372m |
| Operating income from ordinary activities (including operating activities of associates) |
1,030 | 664 | +55.1% | +€366m |
| Operating income (including operating activities of associates) | 1,052 | 696 | +51.1% | +€356m |
| Associates from non-operating activities | 1 | 59 | N/A | -€58m |
| Income taxes | (260) | (202) | +28.9% | +€58m |
| Net result attributable to the Group | 571 | 435 | +31.2% | +€136m |
| Sales/PAX (€) | 18.2 | 18.2 | +0.4% | - |
(1) Excluding the sales per pax, 2017 data were taking into account TAV Airports full consolidation on 2nd half of 2017
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA – Groupe ADP, stated:
"2017 was a year of transformation for Groupe ADP, in Paris as well as abroad.Traffic in Paris Aéroport reached 101.5 million passengers, crossing the symbolic threshold of 100 million passengers, driven by the growth in long haul traffic. In 2017, in Paris, occurred the materialisation of structuring projects for Groupe ADP's development with in particular the validation of major steps for CDG Express project and the signing of the agreement with FedEx. Besides, 2017 saw the rolling out of Groupe ADP's international strategy with the reinforcement in TAV Airports' capital leading to the full consolidation of TAV Airports in the group consolidated accounts for the 2nd half of 2017 and the signing of the agreement relative to the reinforcement of Groupe ADP's stake in Amman airport (Jordan), operation that will be completed very soon. These projects are opportunities for growth and value creation for the years to come.
In 2017, revenue increased by €670 million, to €3,617 million and EBITDA reached €1,567 million. Net result attributable to the Group is up by €136 million, at €571 million and allows to propose to the shareholder general meeting a dividend of €3.46 per share.
On the basis of a traffic growth assumption of between +2.5% and +3.5% for Paris Aéroport and of between +10% and +12% for TAV Airports in 2018, compared to 2017, growth in consolidated EBITDA5 is expected between +10% and +15%, excluding the effects of any change in scope that may occur in 2018. Excluding the full consolidation of TAV Airports, increase in Groupe ADP's EBITDA is expected between +2.5% and +3.5% in 2018. As a reminder, TAV Airports expects an increase of its EBITDA between 5% and 7% in 2018 compared to 2017.Groupe ADP will keep a payout of 60% of the net result attributable to the Group."
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA – Groupe ADP, stated:
"2017 was a year of transformation for Groupe ADP, in Paris as well as abroad.Traffic in Paris Aéroport reached 101.5 million passengers, crossing the symbolic threshold of 100 million passengers, driven by the growth in long haul traffic. In 2017, in Paris, occurred the materialisation of structuring projects for Groupe ADP's development with in particular the validation of major steps for CDG Express project and the signing of the agreement with FedEx. Besides, 2017 saw the rolling out of Groupe ADP's international strategy with the reinforcement in TAV Airports' capital leading to the full consolidation of TAV Airports in the group consolidated accounts for the 2nd half of 2017 and the signing of the agreement relative to the reinforcement of Groupe ADP's stake in Amman airport (Jordan), operation that will be completed very soon. These projects are opportunities for growth and value creation for the years to come.
In 2017, revenue increased by €670 million, to €3,617 million and EBITDA reached €1,567 million. Net result attributable to the Group is up by €136 million, at €571 million and allows to propose to the shareholder general meeting a dividend of €3.46 per share.
On the basis of a traffic growth assumption of between +2.5% and +3.5% for Paris Aéroport and of between +10% and +12% for TAV Airports in 2018, compared to 2017, growth in consolidated EBITDA5 is expected between +10% and +15%, excluding the effects of any change in scope that may occur in 2018. Excluding the full consolidation of TAV Airports, increase in Groupe ADP's EBITDA is expected between +2.5% and +3.5% in 2018. As a reminder, TAV Airports expects an increase of its EBITDA between 5% and 7% in 2018 compared to 2017.Groupe ADP will keep a payout of 60% of the net result attributable to the Group."
[1] Unless otherwise stated, percentages are comparing 2017 data to 2016 comparable data
[2] Excluding stake in Mexican airports, sold in October 2016 ; Calculation taking into account TAV Airports traffic at 100% in 2017
[3] Please refer to press release published on 7 July 2017, available on www.groupeadp.fr
[4] Sales in airside shops divided by the number of departing passengers (Sales/Pax)
[5] TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the following exchange rate assumption: EUR/TRY = 4.86 and EUR/USD = 1.22
[6] EBITDA reported by TAV Airports includes the Ankara guaranteed pax revenue and the equity pick-up
