Groupe ADP 2018 full year results [1]
(1) Except for sales/pax, 2018's data take into account the full consolidation of TAV Airports' results, since the 2nd half of 2017, and the full consolidation of AIG's results since April 2018.
Groupe ADP 2019 forecasts
2020 guidances revision
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated:
"Traffic of Groupe ADP increased by 7.6% in 2018 to reach 281.4 million passengers propelling the Group to be the leading airport operating group in the world in terms of passenger numbers. 2018 results are excellent for all the activities. In 2018, revenue was up by 24% to €4,478 million and EBITDA was up by 25% to €1,961 million. Net income attributable to the Group grew by 6.9% to €610 million, and allows to propose a dividend payment of €3.70 per share at the next General Meeting.
The year 2018 has seen the acceleration of the infrastructure works as planned by the Economic Regulation Agreement covering the 2016-2020 tariff period necessary to accommodate sustained traffic growth on Parisian platforms. Abroad, it also saw the deployment of the strategy of the Groupe ADP with the take-over of Airport International Group, concessionary of Amman international airport in Jordan. TAV Airports posted excellent results thanks notably to the traffic growth of 10.4% and to the acquisition of the management company of Antalya aiport since May 2018.
Groupe ADP is following its trajectory and, thanks to good traffic performance and financial discipline, is revising some of its objectives for 2020, in particular the regulated ROCE. This performance will be put at the service of the long-term growth of our infrastructures. Let's meet on April 5th for our Investor day. "
- Groupe ADP traffic's: +7.6% [2] at 281.4 million passengers [3].
- Paris Aéroport traffic's: +3.8% at 105.3 million passengers.
- Good performance of consolidated revenue (€4,478 million), driven by the growth in aviation activities in Paris and by the positive impact of the full consolidation, in Groupe ADP's financial statements, of TAV Airports results since the 2nd half of 2017 and AIG's results since April 2018 [4]. Excluding the full consolidation of TAV Airports and AIG, revenue was up by 4.6% at €3,137 million. The sales per passenger [5] is slightly up to €18.4 (+0.6%).
- EBITDA [6] at €1,961 million, up by €393 million (+25.1%), thanks to the positive impact of the full consolidation of TAV Airports and AIG, the dynamism of traffic and the control over expenses. Excluding the full consolidation of TAV Airports and AIG, EBITDA was up by 5.6%, at €1,359 million.
- Operating income from ordinary activities (including operating activities of associates) at €1,237 million, up by €207 million, supported by the contributions of TAV Airports (+€170 million) and AIG (+€33 million).
- Net result attributable to the Group (NRAG) [7] at €610 million, up by €39 million.
| (in millions of euros - unless otherwise stated) | 2018 (1) | 2017 (1) | 2018/2017 (1) | |
| Revenue | 4,478 | 3,617 | +23.8% | +€861m |
| EBITDA | 1,961 | 1,567 | +25.1% | +€393m |
|
Operating income from ordinary activities
(including operating activities of associates)
|
1,237 | 1,030 | +20.1% | +€207m |
| Net income attributable to the Group | 610 | 571 | +6.9% | +€39m |
| Sales/PAX (€) | 18.4 | 18.2 | +0.6% | +€0.2 |
Groupe ADP 2019 forecasts
- Traffic growth assumption for Paris Aéroport between +2% and +2.5% in 2019 compared to 2018.
- Traffic for TAV Airports: traffic decline assumption between -38% and -42% compared to 2018 excluding Istanbul Atatürk in 2019.
- 2019 consolidated EBITDA [8] [9] [10] : decrease between -8% and -13% compared to 2018 taking into account the closure of Istanbul Atatürk Airport [9].
- Consolidated EBITDA restated of Istanbul Atatürk Airport contribution in 2018 (proforma) and in 2019 : increase of between +1% and +5% compared to 2018.
- EBITDA excluding the full consolidation of TAV Airports and AIG [10] : increase between +1% and +2%.
- Maintained pay-out of 60% of NRAG 2019.
2020 guidances revision
- Group's traffic: revision of Group's traffic growth assumption between +2.8% and +3.2% 2016-2020 (vs. +2.5% previously) including international between +3.6% and +4.0% (vs. +3.6% previously).
- 2020 consolidated EBITDA [11] (excluding the full consolidation of TAV Airports and AIG): increase between +30% and +40% between 2014 and 2020e (unchanged).
- Regulated ROCE: revision at a range of 5.6%-5.8% (vs. 5.4% previously).
- Regulated OPEX/pax (in constant euros) : revision down between -10% and -15% between 2015 and 2020 ( -8% previously).
- Parent-company operating expenses: limit the growth to a level below or equal to 2.2% [12] in average per annum between 2015 and 2020 (unchanged).
- Dividend : Maintained pay-out of 60% of NRAG (unchanged).
- Revenue per passenger: €23 on a full-year basis after delivery of infrastructure projects (unchanged).
- Quality of service: point concerning the overall ACI/ASQ rating of 4 in 2020 on a full-year basis after delivery of infrastructure projects (vs. 4 in 2020 previously).
- External rents (excluding reinvoicing and indexation): growth between +10% and +15% between 2014 and 2020e (unchanged).
- Extra-financial rating: revision of extra-financial rating to 86/100 (vs. 83/100 previously).
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated:
"Traffic of Groupe ADP increased by 7.6% in 2018 to reach 281.4 million passengers propelling the Group to be the leading airport operating group in the world in terms of passenger numbers. 2018 results are excellent for all the activities. In 2018, revenue was up by 24% to €4,478 million and EBITDA was up by 25% to €1,961 million. Net income attributable to the Group grew by 6.9% to €610 million, and allows to propose a dividend payment of €3.70 per share at the next General Meeting.
The year 2018 has seen the acceleration of the infrastructure works as planned by the Economic Regulation Agreement covering the 2016-2020 tariff period necessary to accommodate sustained traffic growth on Parisian platforms. Abroad, it also saw the deployment of the strategy of the Groupe ADP with the take-over of Airport International Group, concessionary of Amman international airport in Jordan. TAV Airports posted excellent results thanks notably to the traffic growth of 10.4% and to the acquisition of the management company of Antalya aiport since May 2018.
Groupe ADP is following its trajectory and, thanks to good traffic performance and financial discipline, is revising some of its objectives for 2020, in particular the regulated ROCE. This performance will be put at the service of the long-term growth of our infrastructures. Let's meet on April 5th for our Investor day. "
[1] Audit procedures have been carried out and the audit report relating to the certification of Aéroports de Paris consolidated financial statements at 31 December 2018 is in the process of being issued. Following financial statements are projects of financial statements.
[2] Unless otherwise stated, percentages are comparing 2018 data to 2017 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 2017 for the need of the analysis, while TAV Airports only has included Antalya traffic since May 2018.
[4] Please refer to press release published on 7 July 2017 and 19 April 2018, available on www.groupeadp.fr
[5] Sales in airside shops divided by the number of departing passengers (Sales/Pax).
[6] Revenues and other ordinary income less operating consumables and expenses from ordinary activities excluding depreciation and amortisation of tangible and intangible assets.
[7] Net income attributable to the Group.
[8] TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the following exchange rate assumptions: EUR/TRY = 6.7, EUR/USD = 1,17.
[9] The closure of Atatürk Airport is expected to take effect on 3 March 2019. Therefore, as this is a discontinued operation within the meaning of IFRS5, the contribution of this airport in 2019 will not be included in the EBITDA calculation.
[10] 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.
[11] Excluding the potential impact on Groupe ADP's accounts related to the adoption of the PACTE Bill.
[12] Intermediate consumption, personnel expenses excluding social commitments and participation, taxes and duties, excluding Société du Grand Paris (SGP).
[9] The closure of Atatürk Airport is expected to take effect on 3 March 2019. Therefore, as this is a discontinued operation within the meaning of IFRS5, the contribution of this airport in 2019 will not be included in the EBITDA calculation.
[10] 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.
[11] Excluding the potential impact on Groupe ADP's accounts related to the adoption of the PACTE Bill.
[12] Intermediate consumption, personnel expenses excluding social commitments and participation, taxes and duties, excluding Société du Grand Paris (SGP).
