FINANCIAL RELEASE
Aéroports de
Groupe ADP's activities driven by a gradual recovery in traffic in 2021, the continuation of financial discipline
and the development of our international concessions
Groupe ADP 2021 full-year results1
- Groupe ADP traffic2 : up by +37.2%3, at 160 million passengers over 2021 compared to 2020, in line with the Group's forecasts4. It was standing at 45.6% of the 2019 group traffic level;
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): up by +26.8%, at 41.9 million passengers over 2021 compared to 2020, in line with the Group's forecasts. It was standing at 38.8% of the 2019 group traffic level;
- Consolidated revenue: up by +27,9%, at 2
777 million euros over 2021 compared to 2020, mainly due to the impact of the traffic recovery on the revenue inParis (+19.5% for the Aviation and +27.8% for the Retail & Services segments) and in Jordan (+106.8%), as well as the effect of the integration ofAlmaty as ofMay 1 st, for TAV Airports (+73.0%); - EBITDA5 at 751 million euros, up by
+583 million euros , mainly due to the continuation of the operational and financial optimization plan, the punctual gains related to the return to full ownership of some buildings on the Parisian platforms, the effect of the reform of production taxes, and a favorable base effect related to the recognition in 2020 of impairment of receivables; - Operating income from ordinary activities at -
29 million euros , up by+1,094 million euros mainly due to a favorable base effect related to the recognition in 2020 of impairment on assets6 inParis and internationally, and an improvement in the share of profit from companies accounted for by the equity method, up by+159 million euros ; - Net result attributable to the Group at -
248 million euros , up by+921 million euros mainly due to a favorable base effect related to the recognition in 2020 of impairment of assets6 and to the positive impact of the TAV Tunisia's debt restructuring in 2021
(in millions of euros – unless otherwise stated) | 2021(1) | 2020(2) | 2021/2020 | |
Revenue | 2,777 | 2,137 | +€640M | +29.9% |
EBITDA | 751 | 168 | +€583M | N/A |
Operating income from ordinary activities | (29) | (1,123) | +€1,094M | N/A |
Net result attributable to the group | (248) | (1,169) | +€921M | N/A |
€21.6 | €19.1 | - | +13.1% | |
Net financial debt | (8,011) | (7,484) | +€527M | +7.0% |
- The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated accounts fromMay 2021 onwards (On the acquisition of the management company ofAlmaty airport , see page 13 of the 2021 half-year results, released onJuly 28 th, 2021). - Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (on the stake acquisition inGMR Airports , see the press releases of 20 and 26 February, and 7 July 2020). - Sales in airside shops divided by the number of departing passengers (Sales/PAX).
Groupe ADP traffic assumptions and forecasts for 2022:
- Group ADP traffic assumption between 70% and 80% of 2019 group traffic;
- Paris Aéroport traffic assumption between 65% and 75% of 2019 Paris Aéroport traffic;
- Group EBITDA margin forecast between 30% and 35% of the revenue, and positive net result attributable to the group;
- Group investments (excluding financial investments) target of
1 billion euros per year on average between 2022 and 2025, of which between 550 and 650 million euros inParis in 2022; - Net financial debt / EBITDA ratio forecast from 6x to 7x.
"The months from January to
Update on the situation related to the Covid-19 pandemic
Since the sudden halt of air transport in the spring of 2020, the recovery of traffic in
Over 2021, Groupe ADP7 passenger traffic level has been up by +37.2% compared to 2020, at 160.0 million passengers, standing at 45.6% of 2019 group traffic.
Over the year 2021, Paris Aéroport passenger traffic level has been up by +26.8% compared to 2020, at 41.9 million passengers, standing at 38.8% of 2019 Paris Aéroport traffic. Aircraft movements at Paris Aéroport are up by +24.8% over 2021 compared 2020. At Paris-Charles de Gaulle and Paris-Orly, the platforms have adapted their infrastructures by closing or opening terminals according to the evolution of commercial passenger traffic.
Regarding Groupe ADP's international platforms, most airports have been opened to commercial flights. Due the resurgence of the pandemic in
Regarding
Regarding TAV Airports' platforms, where traffic also faced the impact of the resurgence of the Covid-19 pandemic during the spring, the recovery began in early summer and continued until the end of the year. TAV Airports9 traffic thus stood at 40.3 million de passengers in 2021, standing at 59.9% of the 2019 traffic.
- Social situation in
Paris
The partial activity at Aéroports de
Aéroports de
In addition, the Plan for the Adaptation of Employment Contracts (PACT) and standards applicable to employees of Aéroports de
Finally, an information and consultation process with the
These social measures have enabled a reduction in expenses of around
- Situation abroad
The group's international assets saw their traffic decline due to the Covid-19 pandemic and its unfavorable economic consequences. Discussions had thus to be opened with the stakeholders involved (conceding authorities, banks) with the aim of maintaining financial and operational viability of some of these assets, notably by requesting extensions of the concession period and debt restructuring.
The financing contracts for concessions operated in particular by the airport management companies in which Groupe ADP, AIG, TAV Airports and
Regarding TAV Airports, two-year concession extensions were obtained on
Regarding GMR airports, the
Following the non-renewal on
Due to the deterioration of traffic assumptions at
In
As a result, the Groupe ADP may be required to provide financial support to these airport management companies in which it is a shareholder10. To date, this support is estimated at a maximum of
- Solid financial structure and strengthened liquidity
Groupe ADP had a cash position of
Given its available cash, and with regard to its forecasts for the next 12 months, the group does not anticipate any liquidity difficulties. This cash position enables it, on the one hand, to have sufficient liquidity in the current exceptional health and economic context and on the other hand, to meet its current needs and its financial commitments, including in particular the repayment of bond debt for
Given the confidence of the investors in the strength of its financial model and with its long-term credit rating (A, negative outlook by the Standard and Poor's agency since
Groupe ADP's 2021 full-year results
2021 consolidated accounts
(in millions of euros) | 2021(1) | 2020(2) | 2021/2020 |
Revenue | 2,777 | 2,137 | +29.9% |
EBITDA | 751 | 168 | +€583M |
EBITDA / Revenue | 27.0% | 7.8% | +19.2pts |
Operating income from ordinary activities | (29) | (1,123) | +€1,094M |
Operating income from ordinary activities / Revenue | -1.0% | - 52.5% | +51.5pts |
Operating income | (20) | (1,374) | +€1,354M |
Financial result | (218) | (390) | +€172M |
Net income attributable to the Group | (248) | (1,169) | +€921M |
(1) The accounts of the
(2) Groupe ADP has accounted for 24.99% of
Revenue
(in million of euros) | 2021(1) | 2020 | 2021/2020 |
Revenue | 2,777 | 2,137 | +29.9% |
Aviation | 1,028 | 860 | +19.5% |
Retail and services | 825 | 645 | +27.8% |
of which Société de Distribution Aéroportuaire | 311 | 225 | +38.6% |
of which | 36 | 16 | +119.1% |
Real estate | 278 | 280 | -1.0% |
International and airport developments | 726 | 441 | +64.6% |
of which TAV Airports | 518 | 299 | +73.0% |
of which AIG | 159 | 77 | +106.8% |
Other activities | 170 | 146 | +18.1% |
Inter-sector eliminations | (250) | (235) | +6.8% |
(1) The accounts of the
Over 2020, Groupe ADP's consolidated revenue stood at
- The revenue of TAV Airports, up by
+219 million euros , at518 million euros , associated to the impact of the full consolidation in the Group's accounts of the management of theAlmaty airport inKazakhstan as of1 May 2021 12, for 105 million euros; - The revenue of AIG, up by
+82 million euros , at159 million euros ; - Revenues of the Retail and Services segment, in
Paris , up by+180 million euros , at825 million euros , despite restrictions on the opening of non-essential businessesbetween March 20 and May 19, 2021 , and the Aviation segment, inParis , up by +168 million euros, at at1,028 million euros .
The amount of inter-sector eliminations stood at -
EBITDA
(in millions of euros) | 2021(1) | 2020 | 2021/2020 |
Revenue | 2,777 | 2,137 | +€640M |
Operating expenses | (2,182) | (1,962) | -€220M |
Consumables | (383) | (263) | -€120M |
External services | (789) | (681) | -€108M |
Employee benefit costs | (739) | (732) | -€7M |
Taxes other than income taxes | (195) | (245) | +€50M |
Other operating expenses | (77) | (42) | -€35M |
Other incomes and expenses | 156 | (8) | +€164M |
EBITDA | 751 | 168 | +€583M |
EBITDA/Revenue | 27.0% | 7.8% | +€19.2pts |
(1) The accounts of the
Group operating expenses stood at -2,182 million euros over 2021, up by +220 million euros. Operating expenses (+11.2%) are evolving slower than revenue (+29.9%).
The company's operational and financial optimization has resulted in 2021 both in the continuation of various conjunctural savings measures initiated since the start of the crisis (including the closure of infrastructure in
The distribution of the group's operating expenses was as follows:
- Consumables stood at -383 million euros, up by
+120 million euros , mainly due to:- An increase of
+62 million euros for TAV Airports, of which+50 million euros due to the full consolidation of theAlmaty airport management company in TAV Airports' accounts as ofMay 1, 2021 13 ; - An increase of
+24 million euros at the commercial subsidiaries (Société de Distribution Aéroportuaire andRelay@ADP ) due to the mechanical increase in costs in line with the increase in revenues. - An increase of
+15 million euros forHub One , linked to the increase in its revenues.
- An increase of
- External services stood at -789 million euros, increased by
+108 million euros , due to :- the increase in expenses related to other services and external expenses for
+55 million euros , due in particular to the mechanical increase in the concession rent inAmman for+50 million euros , because of increase in revenue of AIG; - the increase in subcontracting costs for
+36 million euros mainly due to the recovery in traffic, and in maintenance and repair expenses for+17 million euros .
- the increase in expenses related to other services and external expenses for
- Employee benefit costs stood at -739 million euros, stable compared to 2020, due to the impact of the first effects of social measures in
Paris (departures of employees and salary moderation), compensating for the reduced use of partial activity and equivalent measures, in particular for:ADP SA , over the first half of the year only for45 million euros in 2021, compared to118 million euros in 2020;- TAV Airports, for
13 million euros in 2021, compared with46.5 million euros in 2020; - the commercial subsidiaries in
Paris , for28 million euros in 2021, compared with53 million euros in 2020.
- Taxes other than income taxes stood at -
195 million euros , down by -50 million euros compared to 2020, mainly due the reform of production taxes on property tax and the CET14, for -51 million euros ; - Other operating expenses stood at -
77 million euros , up+35 million euros , due to losses on bad debts, mainly related to the bankruptcy ofAigle Azur in 2019.
Other income and expenses represented a net product of
- impairment losses on receivables, net of reversals, which has generated a net income of 18 million in 2021, up by +58 million euros, due to the reversal of certain provisions (notably relating to
Aigle Azur receivables) in 2021, as well as the favorable base effect linked to the receivables impairments recorded in 2020 for41 million euros ; - the increase of other operating income, at
156 million euros , following punctual gains related to the return to full ownership of some buildings on the Parisian platforms for109 million euros .
Over 2021, the group's consolidated EBITDA stood at 751 million euros. The gross margin rate 15 associated was 27.0%, up by +19.2 points.
Net result attributable to the Group
(in millions of euros) | 2021(1) | 2020(2) | 2021/2020 |
EBITDA | 751 | 168 | +€583M |
Amortisation and impairment of tangible and intangible assets | (719) | (1 071) | +€352M |
Share of profit or loss in associates and joint ventures(2) | (61) | (220) | +€159M |
Operating income from ordinary activities | (29) | (1,123) | +€1,094M |
Other operating income and expenses | 9 | (251) | +€260M |
Operating income | (20) | (1,374) | +€1,354M |
Financial income | (218) | (390) | +€172M |
Income before tax | (238) | (1,764) | +€1,526M |
Income tax expense | (9) | 255 | -€264M |
Net income from continuing operations | (247) | (1,509) | +€1,262M |
Net income from discontinued operations | (1) | (7) | +€6M |
Net income | (248) | (1,516) | +€1,268M |
Net income attributable to non-controlling interests | 0 | (347) | -€347M |
Net income attributable to the Group | (248) | (1,169) | +€921M |
(1) The accounts of the management company of
(2) Groupe ADP has accounted the results of the
Operating income from ordinary activities stood at -
- the improvement of EBITDA for
+583 million euros ; - the favorable base effect due to the accounting over 2020 of impairments on intangible assets of Société de Distribution Aéroportuaire (for -
41 million euros ), ofRelay@ADP (for -25 million euros ) and of intangible international assets (for -252 million euros); - the improvement of results from companies consolidated under the equity method, up by
+159 million euros compared to 2020, at -61 million euros , mainly under the effect of the gradual recovery in traffic.
Operating income stood at -
- the improvement of operating income from ordinary activities for
+1,094 million euros ; - the favorable base effect due to the accounting of a provision16 for departure plan and for an impairment17 on the goodwill recorded upon the takeover of an international concession.
Financial result stood at -218 million euros, up by +172 million, mainly due to the restructuration agreement on the debt of TAV Tunisia (for a net gain of
Net financial debt18 of Groupe ADP stood at
Income tax constituted a tax expense of
Net income stood at -
Taking into account all these items, the net result attributable to the Group was up by
Analysis by segment
Aviation – Parisian platforms
(in millions of euros) | 2021 | 2020 | 2021/2020 |
Revenue | 1,028 | 860 | +19.5% |
Airport fees | 527 | 421 | +25.2% |
Passenger fees | 273 | 218 | +25.6% |
Landing fees | 147 | 119 | +23.5% |
Parking fees | 107 | 84 | +26.5% |
Ancillary fees | 106 | 83 | +26.5% |
Revenue from airport safety and security services | 365 | 326 | +12.0% |
Other income | 31 | 30 | +2.2% |
EBITDA | 30 | (124) | +€154M |
Operating income from ordinary activities | (343) | (516) | +€173M |
EBITDA / Revenue | 3.0% | -14.4% | +17.4pts |
Operating income from ordinary activities / Revenue | -33.6% | -60.0% | +26.4pts |
Over 2021, aviation segment revenue, which relates solely to the airport activities carried out by Aéroports de Paris as operator of the Parisian platforms, was up by +19.5%, at
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) increased by +25.2%, à 527 million euros. This evolution is due to the increase of +25.6% of the revenue from passenger fees, in line with the increase in passenger traffic (+26.8%), to the increase of +23,5% of the revenue from landing fees, in line with the increase in aircraft movements (+24.8%), and the increase of +26.5% of the revenue from parking fees.
As a reminder, the average tariff increase, approved by the
In its decision no. 2021-068 of
Revenue from ancillary fees was up by +26.5%, at
Revenue from airport safety and security services was up by +12.0%, at
Aéroports de Paris has received from the State, in application of the finance law for 2021, an exceptional cash advance for safety and security expenses. This advance is intended to compensate for the shortfall in revenue resulting from the decline in airport tax yields due to the drop in air traffic as a result of the health crisis. The portion of this advance allocated to Aéroports de Paris amounts to
Other income, mostly consisting in re-invoicing the
EBITDA was up by +154 million, at 30 million euros due to the increase of revenue.
The operating income from ordinary activities was up by
Retail and services – Parisian platforms
(in millions of euros) | 2021 | 2020 | 2021/2020 |
Revenue | 825 | 645 | +27.8% |
Retail activities | 428 | 313 | +36.5% |
Société de Distribution Aéroportuaire | 311 | 225 | +38.6% |
36 | 16 | +119.1% | |
Other Shops and Bars and restaurants | 36 | 26 | +36.0% |
Advertising | 18 | 26 | -31.1% |
Other products | 27 | 20 | +33.8% |
Car parks and access roads | 90 | 77 | +17.0% |
Industrial services revenue | 146 | 100 | +46.4% |
Rental income | 122 | 115 | +5.9% |
Other income | 39 | 40 | -2.7% |
EBITDA | 245 | 90 | +€155M |
Share in associates and joint ventures from operating activities | 0 | (5) | +5M |
Operating income from ordinary activities | 98 | (177) | +€275M |
EBITDA / Revenue | 29.7% | 14.0% | +15.7pts |
Operating income from ordinary activities / Revenue | 11.9% | -27.4% | +39.3pts |
Over 2021, revenue from the segment Retail and services, which includes only Parisian activities, was up by +27.8%, at 825 million euros.
Revenue from retail activities20 consists in rents received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising.
Over 2021, revenue from retail activities was up by +36.5%, at 428 million euros, including Société de Distribution Aéroportuaire, up by +38.6%, at
Over 2021, Sales/Pax21 of airside shops stood at
Revenue from car parks was up by +17.0%, at 90 million euros.
Revenue from industrial services (supply of electricity and water) was up by +46.4%, at 146 million euros.
Rental revenues (leasing of spaces within terminals) were up by +5.9%, at
Other revenues (primarily constituted of internal services) were down by -2.7%, at
EBITDA of the segment was up by
Operating income from ordinary activities was up by
Real Estate - Parisian platforms
(in millions of euros) | 2021 | 2020 | 2021/2020 |
Revenue | 278 | 280 | -1.0% |
External revenue | 227 | 231 | -1.7% |
Land | 114 | 119 | -4.7% |
Buildings | 74 | 67 | +9.6% |
Others | 39 | 44 | -10.8% |
Internal revenue | 50 | 49 | +2.3% |
EBITDA | 294 | 173 | +€121M |
Share in associates and joint ventures from operating activities | 0 | 0 | 0M |
Operating income from ordinary activities | 235 | 117 | +€118M |
EBITDA / Revenue | 105.7% | 61.8% | +40.8pts |
Operating income from ordinary activities / Revenue | 85.1% | 41.9% | +40.0pts |
Over 2021, real estate revenue, which includes only Parisian activities, was almost stable at 278 million euros.
External revenue22 was slightly down by -1.7%, at
EBITDA of the segment was up by
Operating income from ordinary activities was up by
International and airport developments
(in millions of euros) | 2021(1) | 2020(2) | 2021/2020 |
Revenue | 726 | 441 | +64.6% |
197 | 133 | +47.8% | |
of which AIG | 159 | 77 | +106.8% |
of which ADP Ingénierie | 30 | 45 | -33.5% |
TAV Airports | 518 | 299 | +73.0% |
Société de Distribution Aéroportuaire Croatie | 7 | 4 | +74.1% |
EBITDA | 156 | 7 | +€149M |
Share of profit or loss in associates and joint ventures | (61) | (214) | +153M |
Operating income from ordinary activities | (28) | (551) | +€523M |
EBITDA / Revenue | 21.5% | 1.7% | +19.8pts |
Operating income from ordinary activities / Revenue | -3.8% | -126.1% | +122.3pts |
- The accounts of the management company of
Almaty airport have been integrated into TAV Airports' consolidated accounts fromMay 2021 onwards (On the acquisition of the management company ofAlmaty airport , see page 13 of the 2021 half-year results, released onJuly 28th , 2021). - Groupe ADP has accounted the results of the
GMR Airports group using the equity method at 24.99% between March andJune 2020 and at 49% fromJuly 2020 (on the stake acquisition inGMR Airports , see the press releases of 20 and 26 February, and 7 July 2020).
Over 2021, revenue from International and airport developments stood at 726 million euros, up by +64,6% compared to 2020, mainly due to the increase in revenue for TAV Airports and AIG, despite the decline in revenue for ADP Ingénierie by -33.5%, at 30 million euros.
AIG's revenue was up by +106.8%, at
TAV Airports' revenue was up by +73,0%, at
- the integration in the group's accounts of the management company of
Almaty airport inKazakhstan 23 as ofMay 1 st, 2021, at+105 million euros ; - the effect of increased traffic on the revenues of the assets managed by TAV Airports, notably in
Georgia 24, at +32 million euros, TAV Ege at+14 million euros , and TAV Macedonia at+10 million euros TAV Milas Bodrum at +9 million euros;- the increases of revenue of HAVAS (company specialized in ground handling), at
+30 million euros , due to the increase in the number of flights served, the revenue of BTA (company specialized in bars and restaurants), at+10 million euros , due to the increase in attendance and the revenue of TAV IT at+6 million euros , due to the realization of new projects.
- the increases of revenue of HAVAS (company specialized in ground handling), at
TAV Airports' EBITDA was up by
AIG's EBITDA was up by
EBITDA of the segment International and airport developments was thus up by
Operating income from ordinary activities of the segment stood at -
- the favorable base effect linked to the accounting in 2020 of an impairment of the goodwill25 recorded upon the acquisition of a concession;
- the rise of the share of profit from operating associates by
+153 million euros , at -61 million euros over 2021, as a result of the gradual recovery in traffic on the results of companies accounted for by the equity method:- TAV Airports for
+53 million euros at -21 million euros , of which+38 million euros for Antalya; ADP International for+26 million euros at0,3 million euros ;- GMR Airport for
+51 million euros at -24 million euros .
- TAV Airports for
Other activities
(in millions of euros) | 2021 | 2020 | 2021/2020 |
Products | 170 | 146 | +18.1% |
157 | 136 | +15.0% | |
EBITDA | 26 | 25 | +€1M |
Operating income from ordinary activities | 9 | 6 | +€3M |
EBITDA / Products | 15.3% | 17.1% | -1.8pt |
Operating income from ordinary activities / Products | 5.3% | 4.1% | +1.2pt |
In 2021, other activities segment products are up by +18.1%, at
EBITDA of the segment stands at
The operating income from ordinary activities of the segment stands at
Highlights of the period since the publication of the 2020 9-month revenue, on
Change in passenger traffic over 2021
- Group Traffic :
Information regarding the suspension of commercial flights and infrastructures closures | Status as of | Group traffic @100% (mPax) | 2021/2020 change(1) | Level compared to 2019(1) | |
Paris Aéroport (CDG+ORY) | Paris-CDG: Open terminals: 2A, 2B, 2C, 2D, 2E (halls K, L, M in arrivals only), 2F. Terminal 3 closed since 23/03/2020, Terminal 1 closed since 03/30/2020, Terminal 2G closed since 23/03/2021. Paris-Orly: all sectors open, except Orly 1B closed since 26/01/2021. | Paris-CDG & Paris-Orly: open to domestic and international commercial flights. | 41.9 | +26.8% | 38.8% |
Closure of borders to non-EU citizens from | Open to domestic and international commercial flights. | 1.4 | +51.9% | 40.9% | |
Jeddah-Hajj | Total closure since | Terminal closed since 20/03/2020. | 0.0 | - | - |
Suspension of domestic commercial flights | Open to domestic and international commercial flights. | 4.6 | +122.3% | 51.1% | |
Suspension of international commercial flights from | Open to domestic and international commercial flights. | 0.5 | -50.8% | 12.4% | |
Total closure from | Open to domestic and international commercial flights. | 0.5 | +83.4% | 76.5% | |
Santiago de Chile | Suspension of international commercial flights | Open to domestic and international commercial flights. | 10.0 | +17.4% | 40.7% |
Suspension of domestic commercial flights | Nosy Be: International commercial flights suspended. | 0.2 | -28.6% | 15.4% | |
Suspension of domestic and international commercial flights | Open to domestic and international commercial flights (limited to countries with which | 37.1 | +30.3% | 54.2% | |
Suspension of domestic and international commercial flights | Open to domestic and international commercial flights (limited to countries with which | 12.0 | +25.7% | 53.9% | |
Cebu – | Domestic and international commercial flights maintained (although with travel restrictions). | Open to domestic and international commercial flights, traffic restrictions. | 1.3 | -52.0% | 10.4% |
TAV Airports | Suspension of domestic commercial flights between the end of March and the end of One-time suspension of commercial flights in | Open to domestic and international commercial flights. | 4.4 | +86.7% | 93.4% |
Antalya – TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 22.0 | +126.6% | 61.7% |
TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 7.0 | +36.1% | 51.1% |
TAV Airports | Suspension of international commercial flights from | Open to domestic and international commercial flights. | 7.7 | +40.3% | 62.0% |
Other platforms – TAV Airports(2) | - | Open to domestic and international commercial flights, local restrictions may apply. | 10.8 | +62.0% | 39.7% |
GROUP TOTAL(1) | - | - | 160.0 | +37.2% | 45.6% |
(1) Group traffic includes the traffic of
(2)
- Trafic à Paris Aéroport:
In 2021, Paris Aéroport passenger traffic was by +26.8% with a total of 41.9 million de passengers.
Geographical breakdown of traffic in
International traffic (excluding
- European traffic (excluding
France ) was up by +35.2% compared to 2020, at 37.8% of 2019 level; - Traffic within mainland
France was up by +26.6% compared to 2020, at 52.7% of 2019 level; - Traffic with the French Overseas Territories (included within the international traffic) was up by +16.3%. compared to 2020, at 63.6% of 2019 level.
Geographic split Paris Aéroport | 2021 / 2020 Change | Share in total traffic over 2021 |
+26.6% | 20.4% | |
+35.2% | 42.6% | |
Other International | +18.5% | 37.1% |
of which | ||
+35.6% | 13.4% | |
+37.1% | 7.7% | |
+3.7% | 2.4% | |
+20.9% | 4.7% | |
-51.8% | 1.6% | |
French Overseas Territories | +16.3% | 7.2% |
Total Paris Aéroport | +26.8% | 100.0% |
The number of connecting passengers was up by +21.2%. The connecting rate stood at 22.0%, down by -1.1 point compared to 2020. The aircraft load factor was up by +0.4 point, at 69.7%. The number of air traffic movements at Paris Aéroport was up by +24.8%, at 368,668 movements.
A consortium formed by TAV Airports (51%) (46.38% owned by Groupe ADP) and Fraport (49%) has won the tender for the renewal of the
The total concession rent due to DHMI is €7.25 billion (excluding VAT), of which 25% (€1.8 billion) will be paid within 90 days of the signing of the concession contract, which took place on
The service charge is
The results of the consortium are accounted for using the equity method.
Antalya is a major destination during the summer leisure season in
The end of the HubLink industrial cooperation marks the beginning of the process of the orderly disposal of the 8% cross-shareholdings held by Aéroports de Paris and
The industrial cooperation HubLink between Aéroports de Paris and
The termination of this cooperation commences the orderly sale process of the 8% participation each party holds in the share capital of the other party under the terms of an exit agreement between Aéroports de Paris and
As part of this sale process, Aéroports de Paris has a right of first offer, allowing it to submit an offer to
Furthermore, in the event of a project of cession to identified parties of the ADP shares held by
As Aéroports de Paris no longer exerts significant influence over
Events since
This debarment only applies to
This debarment will be followed by an additional 12-month conditional non debarment during which
This measure takes into account Groupe ADP's cooperation throughout the investigation carried out by the
Group ADP reaffirms its strongest commitment to respecting all of the ethics and compliance rules that govern its activity, notably internationally.
Approval of the 2022 tariffs for Aéroports de Paris by the
Aéroports de Paris has filled in
For Paris-Charles de Gaulle and Paris-Orly, Aéroports de Paris has submitted the following annual tariff changes to the ART for approval:
- Increase of 1.54% in the tariffs for the passenger fee;
- Freeze of the parking fee;
- Freeze of the landing fee;
- Average increase in ancillary fees (excluding PRM fee) of +0.94%;
- Increase in PRM fee of +10.0% at Paris-Charles de Gaulle and +0.94% at Paris-Orly.
In addition, for
In its decision no. 2021-068 of
Adoption of the "2025 Pioneers" strategic roadmap by the Board of Directors on 16 February 2022
On
Dividend distribution policy
On
Traffic assumptions, forecasts and targets 2022-2025
Reminder of the 2021 forecasts
2021-2022 forecast as of | Forecast 2021-2024 as of | Achievement of objectives by | |
Group traffic(3) | 2021 group traffic assumption between 45% and 55% of the 2019 group traffic. | 2021 group traffic assumption between 40% and 50% of the 2019 group traffic. | Traffic group at 45.6% of the 2019 traffic |
Paris Aéroport traffic | 2021 Paris Aéroport traffic assumption between 35% and 45% of the 2019 Paris Aéroport traffic. | 2021 Paris Aéroport traffic assumption between 30% and 40% of the 2019 Paris Aéroport traffic. | Paris Aéroport traffic at 38.8% of the 2019 traffic |
EBITDA / group revenue(4) | 18% -23% in 2021 | 15% -20% in 2021 | EBITDA / group revenue of 27.0% in 2021 |
(1) See the 2020 Full year results press release, published on
(2)
(3) Group traffic includes the traffic of
(4) The EBITDA / Group revenue ratio forecast for 2021 is based on the following exchange rate assumptions: EUR/TRY = 9.69, EUR/USD = 1.20, EUR/JOD = 0.84
Traffic assumptions, forecasts and targets 2022-2025
These forecasts are based on the assumption of no new restrictions or airport closures due to the health crisis, of a stable business model in
20221 | 2023 | 2024 | 2025 | |
Group2 traffic In% of 2019 traffic | 70% - 80% | Return to the 2019 traffic level between 2023 and 2024 | ||
Traffic at Paris Aéroport In% of 2019 traffic | 65% - 75% | 85% - 95% | 90% - 100% | 95% - 105% |
Return to the 2019 traffic level between 2024 and 2026, More than 100% as of 2026 | ||||
Extime Sales / Pax in Paris3 in euros | - | - | - | €27.5 |
per passenger, in € | - | - | - | 16€ - 18€ / pax |
Group EBITDA growth Compared to 2019 | - | - | Return to the 2019 level, EBITDA above or equal to €1,772M | - |
Group EBITDA margin In % of revenues | Between 30% and 35% | Between 35% and 40% | ||
Net income, attributable to the Group in millions of euros | Positive | |||
Group investments (excl. financial investments) | ||||
(excl. financial investments, regulated, non-regulated) | €550M – €600M | €750M – €800M | €650M – €750M | €800M – €900M |
Ratio Net Financial Debt/ EBITDA | 6x – 7x | - | - | 4.5x – 5x |
Dividends due for the year N-1 In % of the NRAG | - | 60% pay out rate Minimum of €1 per share | 60% pay out rate Minimum of €3 per share |
- The 2022 financial forecasts are based on the following exchange rate assumptions: EUR/USD = 1.21, EUR/TRY = 11.21, EUR/JOD = 0.84 and EUR/INR = 90.33.
- Group traffic from the airports of
Delhi ,Hyderabad , Mactan-Cebu andAlmaty from1 January 2019 . - Extime Sales/Pax: Sales per passenger in the airside activities: shops, bars & restaurants, foreign exchange & tax refund counters, commercial lounges, VIP reception, advertising and other paid services in the airside area.
Agenda
- An analysts conference will be held on Wednesday 16th,
February 2022 at 6:00 PM (CET). This conference will be webcasted live on the following links and on Groupe ADP's website (https://www.parisaeroport.fr/en/group/finance):
Link to the webcast in french / Link to the webcast in english
Phone lines:
Access codes:
French: 7038837
English: 9726517
A replay of the conference will be available on Groupe ADP (https://www.parisaeroport.fr/en/group/finance)
- An investor day will be held on Thursday 17th, February between 9:00 AM and
1:00 PM (CET).
Registration link
Phone lines:
Access codes:
French: 6338097
English: 5489189
- Next thematic conferences:
- Retail and hospitality strategy:
March 18 th, 2022 - Groupe ADP's ESG strategy:
March 29 th, 2022 - TAV Airports' strategy:
May 18 th, 2022
- Retail and hospitality strategy:
- Next traffic figures publication:
- Wednesday
16 March 2022 :February 2022 traffic figures
- Next results publication:
- Wednesday
27 April 2022 : First quarter of 2022 revenue
- Next General Meeting of the shareholders:
- Tuesday
17 May 2022
Disclaimer
This presentation does not constitute an offer to purchase financial securities within
Forward-looking disclosures (including, if so, forecasts and objectives) are included in this press release. These forward-looking disclosures are based on data, assumptions and estimates deemed reasonable at the diffusion date of the present document but could be unprecise and are, either way, subject to risks. There are uncertainties about the realization of predicted events and the achievements of forecasted results. Detailed information about these potential risks and uncertainties that might trigger differences between considered results and obtained results are available in the registration document filed with the French financial markets authority on
Aéroports de Paris does not commit and shall not update forecasted information contained in the document to reflect facts and posterior circumstances to the presentation date.
Investor Relations:
Press contact:
Groupe ADP develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and
Registered office: 1, rue de
groupeadp.fr
Appendix 1 – 2021 consolidated financial statements
2021 consolidated income statement
(in millions of euros) | 2021 | 2020 |
Revenue | 2,777 | 2,137 |
Other operating income | 156 | 50 |
Consumables | (383) | (263) |
Employee benefit costs | (739) | (732) |
Other operating expenses | (1,061) | (966) |
Net allowances to provisions and Impairment of receivables | 1 | (58) |
EBITDA | 751 | 168 |
EBITDA/Revenue | 27.0% | 7.8% |
Amortisation and impairment of tangible and intangible assets | (719) | (1,071) |
Share of profit or loss in associates and joint ventures | (61) | (220) |
Operating income from ordinary activities | (29) | (1,123) |
Other operating income and expenses | 9 | (251) |
Operating income | (20) | (1,374) |
Financial income | 393 | 191 |
Financial expenses | (611) | (581) |
Financial income | (218) | (390) |
Income before tax | (238) | (1,764) |
Income tax expense | (9) | 255 |
Net results from continuing activities | (247) | (1,509) |
Net results from discontinued activities | (1) | (7) |
Net income | (248) | (1,516) |
Net income attributable to the Group | (248) | (1,169) |
Net income attributable to non-controlling interests | - | (347) |
Earnings per share attributable to owners of the parent company | ||
Basic earnings per share (in €) | (2.50) | (11.81) |
Diluted earnings per share (in €) | (2.50) | (11.81) |
Earnings per share from continuing activities attributable to the Group | ||
Basic earnings per share (in €) | (2.50) | (11.78) |
Diluted earnings per share (in €) | (2.50) | (11.78) |
Consolidated balance sheet as of
(in millions of euros) | As at | As at | |
Intangible assets | 3,007 | 2,795 | |
Property, plant and equipment | 8,181 | 8,084 | |
Investment property | 614 | 502 | |
Investments in associates | 1,583 | 1,943 | |
Other non-current financial assets | 972 | 374 | |
Deferred tax assets | 26 | 46 | |
Non-current assets | 14,383 | 13,744 | |
Inventories | 84 | 70 | |
Contract assets | 9 | 5 | |
Trade receivables | 827 | 567 | |
Other receivables and prepaid expenses | 298 | 467 | |
Other current financial assets | 193 | 169 | |
Current tax assets | 179 | 85 | |
Cash and cash equivalents | 2,379 | 3,463 | |
Current assets | 3,969 | 4,826 | |
Assets held for sales | 10 | - | |
Total assets | 18,362 | 18,570 |
(in millions of euros) | As at | As at | |
Share capital | 297 | 297 | |
Share premium | 543 | 543 | |
(1) | (3) | ||
Retained earnings | 2,936 | 3,164 | |
Other equity items | (259) | (349) | |
Shareholders' equity - group share | 3,516 | 3,652 | |
Non-controlling interests | 660 | 561 | |
Shareholders' equity | 4,176 | 4,213 | |
Non-current debt | 9,144 | 9,370 | |
Provisions for employee benefit obligations (more than one year) | 513 | 644 | |
Other non-current provisions | 136 | 97 | |
Deferred tax liabilities | 300 | 89 | |
Other non-current liabilities | 953 | 797 | |
Non-current liabilities | 11,046 | 10,997 | |
Contract liabilities | 5 | 4 | |
Trade payables | 785 | 682 | |
Other debts and deferred income | 1,008 | 958 | |
Current debt | 1,169 | 1,598 | |
Provisions for employee benefit obligations (less than one year) | 141 | 104 | |
Other current provisions | 24 | 6 | |
Current tax liabilities | 8 | 8 | |
Current liabilities | 3,140 | 3,360 | |
Total equity and liabilities | 18,362 | 18,570 |
2021 consolidated statement of cash flows
(in millions of euros) | FY 2021 | FY 2020 |
Operating income | (20) | (1,374) |
Income and expense with no impact on net cash | 650 | 1,556 |
Net financial income other than cost of debt | (36) | (50) |
Operating cash flow before change in working capital and tax | 594 | 132 |
Change in working capital | (88) | 114 |
Tax expenses | 56 | (59) |
Impact of discontinued activities | 195 | 109 |
Cash flows from operating activities | 757 | 296 |
Purchase of tangible assets, intangible assets and investment property | (527) | (848) |
Change in debt and advances on asset acquisitions | (56) | 39 |
Acquisitions of subsidiaries and investments (net of cash acquired) | (315) | (1,221) |
Proceeds from sale of subsidiaries (net of cash sold) and investments | 2 | - |
Change in other financial assets | (210) | (93) |
Proceeds from sale of property, plant and equipment | 11 | 5 |
Dividends received | 40 | 9 |
Cash flows from investing activities | (1,055) | (2,109) |
Proceeds from long-term debt | 294 | 4,189 |
Repayment of long-term debt | (578) | (884) |
Repayments of lease debts and related financial charges | (17) | (15) |
Capital grants received in the period | 1 | 7 |
Revenue from issue of shares or other equity instruments | (1) | 1 |
Net purchase/disposal of treasury shares | 1 | (3) |
Dividends paid to non controlling interests in the subsidiaries | (4) | (32) |
Change in other financial liabilities | (56) | 50 |
Interest paid | (285) | (194) |
Interest received | 39 | 7 |
Impact of discontinued activities | (176) | 176 |
Cash flows from financing activities | (782) | 3,302 |
Impact of currency fluctuations | - | (4) |
Change in cash and cash equivalents | (1,080) | 1,485 |
Net cash and cash equivalents at beginning of the period | 3,458 | 1,973 |
Net cash and cash equivalents at end of the period | 2,378 | 3,458 |
of which Cash and cash equivalents | 2,379 | 3,463 |
of which Bank overdrafts | (1) | (5) |
1 This press release presents the consolidated results approved by the Board of Directors of
2 Group traffic includes the traffic of
3 Unless otherwise stated, percentages and variations mentioned throughout the financial release compare 2021 full-year data with 2020 comparable data.
4 As regards the Group's forecasts, see the reminder of the 2021 forecasts on page 16 of this press release.
5 Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
6 Intangible assets (including goodwill), tangible assets, stocks, shares and loans to companies accounted for by the equity method other than receivables.
7 Group traffic includes the traffic of
8 Airports of
9 Airports of Antalya,
10 For the airport management companies at
11 Contribution of TAV Airports in the form of equity and shareholder loan to finance the new consortium as part of the renewal of the
12 On the acquisition of the management company of
13 On the acquisition of the management company of
14 CET : Contribution économique territoriale.
15 EBITDA / Revenue.
16 For an amount of
17 For an amount of 43 million euros at
18 Gross debt less fair value hedging assets, cash and cash equivalents and restricted cash.
19 PRM: Persons with reduced mobility.
20
21 Sales in airside shops divided by the number of departing passengers (Sales/PAX).
22 Carried out with third parties (outside the group).
23 On the acquisition of the management company of
24
25
Attachment
- Aéroports de
Paris SA - 2021 Full-year results
© OMX, source