AÉROPORTS DE PARIS 
Financial release 29 July 2015
Aéroports de Paris 2015 first half year results of in line with forecasts1
Refining of 2015 EBITDA target
Agreement with the French State on 2016-2020 Economic Regulation Agreement
Aéroports de Paris Group 2015 first half year results:
·Traffic at the Paris airports in line with assumptions, with 45.5 million passengers welcomed (+1.5%2)
and good dynamics of Group traffic (+3.5%)
·Good growth in revenue (+5.1%, at €1,422 million): increase in retail activities, driven by the growth in sales per pax3(+11.5% to €19.8), and in airport fees, especially de-icing fees
·EBITDA4up by 3.2%, at €509 million: impact on operating costs of a harsher winter in 2015 and the increase in local taxes, partially offset by productivity efforts
·Operating income from ordinary activities5up by 1.2%, at €313 million: very good performance of operating associates (+18.1%) offset by increase in depreciation and amortisation (+7.8%)
· Net result attributable to the Group (NRAG) up (+2.8%, at €167 million): improvement in financial result and non operating associates, and strong growth in income tax
Refining of 2015 targets: based on a traffic growth assumption of +2.6% in 2015 compared to 2014,
2015 EBITDA growth expected between 30% and 35% compared to 20096
2015 Interim Dividend: Payment in cash of €0.7 per share planned on 10 December 2015
(in millions of euros) H1 2015 H1 2014 H1 2015 / restated H1 2014 restated | ||
Revenue | 1,422 | 1,353 + 5.1 % |
EBITDA | 509 | 494 + 3.2 % |
Operating income from ordinary activities (including operating activities of associates) | 313 | 309 + 1.2 % |
Operating income (including operating activities of associates) | 313 | 309 + 1.2 % |
Financial income | (50) | (59) - 14.6 % |
Income taxes | (104) | (85) + 21.8 % |
Net income attributable to the Group | 167 | 162 + 2.8 % |
Sales per pax (€)* | 19.8 | 17.7 + 11.5 % |
Agreement with the French State on 2016-2020 Economic Regulation Agreement
·Policy of moderation in tariffs: 2016-2020 average annual growth of CPI 7+1.0%, including a tariff increase limited to CPI in 2016,
· 2016-2020 Investment plan of €3.0 billion, primarily focused on maintenance, capacity optimisation and hub competitiveness
· Commitment to standards of excellence in terms of quality of service
· Convergence in 2020 of the ROCE of the regulated scope to the WACC at 5.4% Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said:
'First half results for 2015 are in line with our forecast for the year: traffic at the Paris airports is in line with our assumptions. Retail activities are very dynamic, driven by a sales/PAX up by 11.5%, at €19.8. EBITDA is increasing in line with our forecasts despite the impact of a harsher winter and higher local taxes, partially offset by our productivity efforts.
The agreement with the French State has been reached on 2016-2020 Economic Regulation Agreement (ERA) that we are about to sign in the coming days. 2016-2020 ERA gives visibility over 5 years to an investment programme of
€3 billion for the regulated scope, an unreached level up to now. The emphasis will be brought on the maintenance of infrastructure, the optimization of terminals and the efficiency of the hub, through the conquest of our customers, passengers and airlines. Tariffs will increase by only inflation in 2016. They will increase over the 2016-2020 period at an annual average rate of 1% above price index, i.e. a lower amount than in the two previous ERA, despite investments up by 70%. This agreement is very good news for territories, that will generate many job creations and an increased attractiveness for Paris and the Ile-de-France area. The strategic plan and 2020 Group targets will be disclosed in October.'
1For more information, please refer to 2014 registration document available on the websitewww.aeroportsdeparis.fr
2 Unless stated otherwise, mentioned percentages compare first half of 2015 figures to equivalent 2014 figures
3 Sales at airside shops divided by the number of departing passengers
4 Operating income from ordinary activities (including operating activities of associates) plus depreciation and amortisation of assets net of reversals
5 Operating income from ordinary activities (including operating activities of associates)
6 2009 EBITDA : €883 million
7 Consumer price index
1
Aéroports de Paris Group 2015 first half year results
H1 2014 H1 2015 / (in millions of euros) H1 2015 restated H1 2014 restated | ||
Revenue | 1,422 | 1,353 + 5.1 % |
EBITDA | 509 | 494 + 3.2 % |
EBITDA / Revenue | 35.8% | 36.5% -0.7pt |
Operating income from ordinary activities (including operating activities of associates) | 313 | 309 + 1.2 % |
Operating income from ordinary activities / Revenue | 22.0% | 22.8% -0.8pt |
Operating income (including operating activities of associates) | 313 | 309 + 1.2 % |
Financial income | (50) | (59) - 14.6 % |
Net income attributable to the Group | 167 | 162 + 2.8 % |
Aéroports de Paris Group consolidated revenue for the first half of 2015, increased by 5.1% to €1,422 million, mainly as a result of:
- a strong increase in airport fees (+3.6%, to €473 million), driven by good passenger traffic (+1.5% at the
Paris airports) and the increase in tariffs on 1 April 2014 (+2.95%) and on 1 April 2015 (+2.4%);
- the growth in ancillary fees (+10.7%, to €103 million), mainly due to the increase in the de-icing fee, as a consequence of a harsher winter in 2015;
- the increase in revenue from airport safety and security services (+7.5%, to € 247 million) due to increased traffic;
- the strong growth in retail activities (+10.2%, at €206 million), driven by the favourable impact of the weak euro, by the opening of the central square shops in Hall K at Terminal 2E and illustrating the contribution of retail activities to Paris attractiveness;
- and this, despite the decline in revenue from car parks (-4.2%, to €88 million) due to shorter parking times.
Intersegment eliminations1are virtually stable and amounted to €150 million for the first half of 2015.
EBITDA grew (+3.2% to €509 million), despite the impact on operating costs of a harsher winter, the increase of property tax, and negative accounting base effects (reversals of tax provisions in 2014), thanks to continued efforts of financial discipline. The gross margin rate2for the first six months decreased by 0.7 points to 35.8%.
As a reminder, capitalised production has been reclassified since 1 January 2015 and is deducted from personnel costs. 2014 restated accounts take into account this reclassification for the first half of 2014.
Operating expenses were up by 4.6%, at €915 million, during the first half of 2015, due to i/ a harsher winter, ii/ the increase in security costs, iii/ the rise in staffing numbers at ADP Ingénierie linked to the increase in its volume of activity and iv/ the increase in local taxes. The Group continued its modernisation and efficiency plan: as a reminder, the estimated amount of savings related to this plan for 2015 is €15 - 25 million.
Raw material and consumables used was up by 11.9%, at €57 million, due to higher spending on winter products compared to 2014.
The costs related to external services also increased by 4.6%, to €320 million, largely as a result of the increase in sub-contracting costs for security and costs of studies for the subsidiaries.
Employee benefit costs were up by 4.8% and amounted to €360 million, mainly due to the increase in profit sharing and employee benefit obligations. The average number of employees stood at 8,9833at the end of June, down by 2.7%4.
Taxes other than income taxes increased by 4.6% to €171 million, mainly due to higher local taxes.
1 Internal revenue realised between segments
2 EBITDA/Revenue
3 Full-time equivalent
4 The number of parent-company employees was down (-3.3%)
2
Other operating expenses were down by 38.2%, at €6 million.
Other operating income and expenses are nil, compared to an income of €15 million for the first half of 2014, related to reversals of tax provisions.
Operating income from ordinary activities (including operating activities of associates) increased slightly by
1.2% to €313 million and benefits from the growth in the share of profit of associates of operating activities after adjustments due to participations (+18.1% at €33 million), offset by the growth of depreciation and amortisation (+7.8% to €229 million). This growth is mainly due to accelerated amortization of security equipment, especially at Paris-Orly.
The net finance cost was a loss of €50 million, down by 14.6%, thanks to the positive foreign exchange rates for international businesses.
The net debt/equity ratio increased and stood at 72% as at 30 June 2015 compared to 70.5% at the end of 2014. Aéroports de Paris Group net debt was stable and stood at €2,812 million as at 30 June 2015, compared to €2,805 million at the end of 2014.
The income tax expense1increased by 21.8% to €104 million over the first half of 2015, due in particular to the non-deductibility of the tax on offices in the Ile-de-France region since 2015 and of a part of net financial costs, as well as the increase in the tax on dividends.
Taking into account the above elements, the net income attributable to the Group stood at €167 million, up by 2.8%.
Aviation
H1 2014 H1 2015 / (in millions of euros) H1 2015 restated H1 2014 restated | ||
Revenue | 844 | 801 +5.4% |
Airport fees | 473 | 457 +3.6% |
Ancillary fees | 103 | 93 +10.7% |
Revenue from airport safety and security services | 247 | 229 +7.5% |
Other income | 21 | 22 -2.4% |
EBITDA | 168 | 164 +2.9% |
Operating income from ordinary activities (including operating activities of associates) | 11 | 17 -32.7% |
EBITDA / Revenue | 19.9% | 20.4% (0.5)pt |
Operating income from ordinary activities / Revenue | 1.3% | 2.1% (0.7)pt |
Over the first half of 2015, aviation revenue increased by 5.4% to €844 million.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was up by 3.6%, at €473 million, over the first half of 2015, benefiting from the growth in traffic (+1.5%) and the increase in tariffs (+2.95% on 1 April 2014 and +2.4% on 1 April 2015).
Ancillary fees increased strongly by 10.7%, to €103 million, mainly due to the increase in proceeds from the de-icing fees (+62.4% to €11 million) as a consequence of a harsher winter in 2015 compared to 2014, and the increase in check-in desk fees (+4.7%, to €39 million). As a reminder, the number of aircraft in need of de-icing at Paris-Charles de Gaulle increased ninefold compared to the first quarter of 2014.
Revenue from airport safety and security services2increased by 7.5% to €247 million, reflecting in particular the growth in traffic.
Other revenue, which mostly consists in re-invoicing the French Air Navigation Services Division and leasing associated with the use of terminals, decreased by 2.4% to €21 million.
EBITDA was up by 2.9%, at €168 million, impacted in particular by the increase in local taxes. The gross margin rate decreased by 0.5 points to 19.9%. Depreciation and amortisation was up strongly (+7.0%), at €157 million, in particular as a result of the accelerated amortisation of security equipment. The operating income from ordinary activities (including operating activities of associates) was down by 32.7%, at €11 million.
1Nominal tax rate is stable at 38,0% (Please refer to note 16 of consolidated accounts available on www.aeroportsdeparis.fr)
2 Formerly called 'airport security tax'
3
Retail and services
H1 2015 / (in millions of euros) H1 2015 H1 2014 H1 2014 restated restated | ||
Revenue | 448 | 430 +4.3% |
Retail activities | 206 | 187 +10.2% |
Car parks and access roads | 88 | 92 -4.2% |
Industrial services revenue | 68 | 67 +1.2% |
Rental income | 69 | 70 -2.4% |
Other income | 18 | 14 +31.4% |
EBITDA | 257 | 238 +7.8% |
Share in associates and joint ventures from operating activities | 4 | 3 +23.3% |
Operating income from ordinary activities (including operating activities of associates) | 217 | 202 +7.2% |
EBITDA / Revenue | 57.2% | 55.4% +1.8pt |
Operating income from ordinary activities / Revenue | 48.3% | 47.0% +1.3pt |
Over the first half of 2015, revenue from retail and services increased by 4.3% to €448 million.
The revenue from retail (rents received from shops, bars and restaurants, advertising, banking and foreign exchange activities, and car rental companies) grew by 10.2%, to €206 million, over the first half of 2015.
Rents from airside shops stood at €108 million, up by 13.4% due to the traffic dynamics (+1.5%) and the increase in sales per passenger1(+11.5% at €19.8). This performance is mainly attributable to two effects. First one, sales per passenger (sales/PAX) at duty-free outlets was up by 14.4 %, at €37.1, thanks to the very good performance of Fashion and Accessories activities due primarily to the opening in October 2014 of luxury shops
on the central square in Hall K at 2E Terminal and the impact of the weak euro. On the other hand, the duty- paid retail outlets posted dynamic growth, with an increase in sales/PAX of 3.2%, to €7.1, thanks to a favourable traffic mix in Europe. The growth of revenue of retail activities was also driven by the very good performance of advertising (+21.5%), largely thanks to new contracts.
Revenue from car parks was down by 4.2% and stood at €88 million, due primarily to shorter parking times, especially for remote car parks.
Revenue from industrial services (the supply of electricity and water) increased by 1.2% to €68 million. Rental revenue (leasing of space within terminals) decreased by 2.4%, to €69 million.
Other revenue (essentially consisted of internal services) increased by 31.4%, to €18 million.
EBITDA rose by 7.8%, to €257 million thanks to control over operating costs. The gross margin rate increased by 1.8 points, to 57.2%.
Operating Income from ordinary activities (including operating activities of associates) increased by 7.2%, to €217 million. The share of profit of associates from operating activities (Société de Distribution Aéroportuaire, Relay@ADP and MediaADP) increased by 23.3% to €4 million.
1 Sales at airside shops divided by the number of departing passengers
4
Real estate
H1 2015 / (in millions of euros) H1 2015 H1 2014 H1 2014 restated1 restated | ||
Revenue | 137 | 137 +0.6% |
External revenue (generated with third parties) | 112 | 111 +0.9% |
Internal revenue | 25 | 25 -0.9% |
EBITDA | 77 | 82 -6.3% |
Operating income from ordinary activities (including operating activities of associates) | 55 | 61 -10.6% |
EBITDA / Revenue | 55.9% | 60.0% (4.1)pt |
Operating income from ordinary activities / Revenue | 40.0% | 45.0% (5.0)pt |
Over the first half of 2015, real estate revenue increased slightly by 0.6%, to €137 million.
External revenue2(€112 million) was up slightly (+0.9%) driven primarily by higher rebilled real estate expenses, offsetting the negative impact of indexing revenue to the cost of construction index (ICC) on 1 January 20153.
Internal revenue (€25 million) was down slightly, by 0.9%.
EBITDA was down by 6.3%, at €77 million, mainly to the increase of local taxes. The gross margin rate stood at
55.9%, down by 4.1 points.
Depreciation and amortisation increased by 6.9%, to €21 million. Operating income from ordinary activities
(including operating activities of associates) was down by 10.6%, at €55 million.
International and airport developments
H1 2014 H1 2015 / (in millions of euros) H1 2015 restated H1 2014 restated | ||
Revenue | 42 | 38 +9.5% |
ADP Ingénierie | 35 | 31 +12.6% |
Aéroports de Paris Management | 7 | 7 -3.4% |
EBITDA | (4) | (1) na |
Share in associates and joint ventures from operating activities after adjustments related to acquisition of holdings | 29 | 25 +17.2% |
Share of profit or loss of operating associates and joint ventures before adjustments related to acquisition of holdings | 50 | 45 +13.1% |
Adjustments related to acquisition of holdings in operating associates and joint ventures | (21) | (20) +7.9% |
Operating income from ordinary activities (including operating activities of associates) | 25 | 24 +5.5% |
EBITDA / Revenue | (9.7)% | (2.6)% (7.1)pt |
Operating income from ordinary activities / Revenue | 60.6% | 62.9% (2.3)pt |
Revenue from international and airport developments increased by 9.5%, to €42million, over the first half of
2015, driven by the increased activity of ADP Ingénierie. EBITDA was negative, at -€4 million, down by €3 million compared to the first half of 2014.
ADP Ingénierie saw an increase in its activities over the first half of 2015. Its revenue stood at €35 million, up
12.6%, as a result of the beginning of projects, especially in the Middle East. EBITDA and operating income from ordinary activities (including operating activities of associates) amounted, respectively, to -€1.4 and
-€1.5 million, down slightly compared to the first half of 2014. At the end of June, the backlog for the 2015-
2019 period amounted to €57 million.
1 See appendix
2 Generated with third parties (outside the Group)
3 As at 1 January 2015, ICC is -0.98%
5
Aéroports de Paris Management saw its revenue decrease by 3.4% to €7 million. EBITDA was nil and its operating income from ordinary activities (including operating activities of associates) stood at -€1 million.
TAV Airports1group posted a growth in revenue of 17% to €508 million and in EBITDA of 21% to €221 million. Net income share of the Group increased by 4% to €88 million.
Share of profit of associates from operating activities (TAV Airports, TAV Construction and Schiphol) after adjustments related to participations, stood at €29 million over the first half of 2015, up by 17.2%.
Operating income from ordinary activities (including operating activities of associates) was consequently up by 5.5% at €25 million.
Other activities
H1 2015 / (in millions of euros) H1 2015 H1 2014 H1 2014 restated restated | ||
Revenue | 101 | 97 +3.6% |
Hub One | 64 | 62 +3.6% |
Hub Safe | 37 | 33 +9.6% |
EBITDA | 11 | 11 +4.7% |
Operating income from ordinary activities (including operating activities of associates) | 5 | 5 +2.9% |
EBITDA / Revenue | 10.7% | 11.7% (1.0)pt |
Operating income from ordinary activities / Revenue | 4.8% | 4.9% (0.1)pt |
Over the first half of 2015, revenue from other activities was up by 3.6%, at €101 million. EBITDA was up 4.7% , at €11 million.
Over the first half of 2015, Hub One saw its revenue grow by 3.6%, to €64 million. EBITDA amounted to
€9 million, down by 4.8%. The operating income from ordinary activities stood at €2 million, down by 26.2%.
Revenue generated by Hub Safe grew by 9.6%, to €37 million. EBITDA stood at €1 million, compared to close to nil over the first half of 2014.
The operating income from ordinary activities (including operating activities of associates) was up 2.9%, at
€5 million.
1 IFRIC 12 adjusted figures
6
Highlights of the period after the publication on 5 May 2015 of
Q1 2015 revenue
Change in passenger traffic
·Group stake-weighted traffic1:
Group traffic ADP stake
Stake- weighted traffic (million passengers)
H1 2015 / H1 2014 restated
ADP Group
TAV Airports Group
Paris (Charles de Gaulle + Orly) @ 100% 45.5 + 1.5 % Mexico regional airports @ 25,5%22.4 + 16.5 %
@ 21% 0.2 + 7.0 % Jeddah-Hajj @ 5% 0.2 (3.8) % Amman @ 9,5% 0.3 (9.2) % Mauritius @ 10% 0.1 + 7.1 % Conakry @ 29% 0.0 (10.2) % Istanbul Atatürk @ 38% 11.0 + 7.1 % Ankara Esenboga @ 38% 2.2 + 6.3 % Izmir @ 38% 2.1 + 9.4 %
Other airports3@ 38% 2.9 + 54.9 %
TOTAL GROUP 67.1 + 3.5 %
· At the Paris airports:
Over the first six months of 2015, Aéroports de Paris welcomed a total of 45.5 million passengers, a growth of
1.5% compared to the same period last year that posted a growth of 4.2% : 31.3 million passengers travelled through Paris-Charles de Gaulle (+1.6%) and 14.2 million through Paris-Orly (+1.1%).
Geographical breakdown is as follows:
Geographic split ADP Jan.-July 2015 Share of total traffic
France (0.6) % 17.5% Europe + 2.7 % 42.9% Other International + 1.1 % 39.5%
Of which
Africa (2.5) % 10.7% North America + 2.9 % 9.4% Latin America + 0.1 % 3.4% Middle East + 2.7 % 4.8% Asia/Pacific + 6.0 % 7.1% French Overseas Territories (1.7) % 4.1%
Total ADP + 1.5 % 100.0%
The number of connecting passengers increased by 1.0% and the connecting rate decreased by 0.1 points to
23.8%.
Air traffic movements (339,359) were down by 0.8%.
Freight and postal activity decreased by 2.5%, with 1,061,416 tonnes transported.
1 Direct or indirect
2 Of SETA, which owns 16.7% of GACN controlling 13 airports in Mexico
3 Milas-Bodrum (Turkey,) Zagreb (since December 2013), Madinah (since July 2012), Tunisia, Georgia and Macedonia. On a regulated scope basis, including Milas-Bodrum traffic for
2014, traffic of the other TAV Group airports would be stable over the first half of 2015 compared to the same period in 2014.
7
Aéroports de Paris in consortium with Bouygues Bâtiment International, Colas Madagascar and Meridiam, entered into exclusive negotiations for the public-private partnership contract relating to the operation of Tananarive and Nosy Bé airports, in Madagascar
Working together as a consortium, Aéroports de Paris, through its subsidiary Aéroports de Paris Management
(ADPM), Bouygues Bâtiment International, Colas Madagascar and Meridiam, have been selected on 5 May
2015 by the government of the Republic of Madagascar as preferred bidders for the public-private partnership contract relating to the concession of the international airports of Ivato in Tananarive and Fascène in Nosy Bé, in Madagascar.
These airports handled respectively 814,000 and 132,000 passengers in 2014, nearly two-thirds of which were international passengers.
The consortium's offer includes the design, funding and construction of the following facilities: At Ivato Airport, Tananarive
· a new international terminal with an initial capacity of 1.5 million passengers;
· the renovation of the existing terminal for domestic traffic;
· the renovation of the runway and a regulatory upgrade. At Fascène Airport, Nosy Bé
· first phase: the extension of the runway, and a regulatory upgrade as well as the renovation of the existing
terminal;
· second phase: the funding, design and construction of a new terminal which will increase the airport's capacity to around 1 million passengers.
The consortium led by Aéroports de Paris would operate the two airports during the duration of the concession. The next steps consist of negotiating the partnership agreement, then the financial closing necessary to the
entry into force of the concession.
Dividend voted at the Annual General Meeting
At the Annual General Meeting of Shareholders on 18 May 2015, a dividend payment of €2.44 per share for financial year 2014 was approved, the ex-dividend date was set for 28 May 2015, with payment on 1 June
2015. This dividend corresponds to a payout ratio of 60% of the 2014 net income attributable to the Group, unchanged since financial year 2013.
8
Events having occurred since 30 June 2015
Financing
In July 2015, Aéroports de Paris :
· Redeemed a mature bond with a nominal value of €166 million (CHF250 million), bearing interest at 3.125%;
· Issued a bond with a nominal value of €500 million, bearing interest at 1.50% with a maturity date of
24 July 2023.
Interim dividend
The board of directors of Aéroports de Paris has decided on the implementation, until 2020 fiscal year, of a policy for the payment of an interim dividend in cash. For financial year 2015, this interim dividend amounts to €70 million, i.e. €0.70 per share. The ex-interim dividend date has been set for 7 December 2015 and the
2015 interim dividend will be made on 10 December 2015.
Aéroports de Paris welcomes the agreement with the government on the 2016-2020 Economic
Regulation Agreement
Aéroports de Paris and the French State have reached an agreement on a new Economic Regulation Agreement (ERA) covering the 2016-2020 period. On 29 July 2015, the Board of Directors of Aéroports de Paris authorised its Chairman and CEO to sign the ERA with the French State, which will be signed in the coming days.
The balance achieved confirms the industrial strategy of Aéroports de Paris in the service of Paris and the broader aviation sector. In view of the crisis affecting the sector in Europe, the transformation of its leading players, the accentuation of competitive pressure from rival airports and the emergence of new consumption patterns, Aéroports de Paris must unceasingly improve the competitiveness of its airports.
To face these new challenges, the new agreement for 2016-2020, based on an unchanged regulated scope1, has the following main characteristics:
· an assumption of average traffic growth of 2.5% per annum;
·an investment programme of €3.0 billion on the regulated scope1, with an emphasis on the optimisation, maintenance and upgrading of facilities, in addition to operational robustness;
· a strong commitment in terms of service quality, with the introduction of seven 'quality standard' indicators subject to penalties, three 'excellence' indicators, notably for connecting passengers, combined with financial incentives in the form of bonuses and penalties, and five monitoring indicators with no financial impact;
· a moderation in tariffs increase to an average of 1.0% per annum plus inflation, including a tariff increase limited to CPI in 2016,
· a new tariff structure designed first to improve the price competitiveness of intercontinental and connecting traffic and to facilitate airline load factors by reducing the weight of passenger fees and revising landing fees, second to exempt overnight parking so as to encourage the basing of aircraft in Paris, and lastly to make the fee schedule more comprehensible by unifying the financing of the treatment of connecting baggage;
· the implementation of incentives in growing markets and for efficient airlines; with the aim of fostering the development of connecting traffic and boosting airlines' operational performance;
· the establishment of a new adjustment factor based on the volume of the operating expenses (excluding amortisation and taxes) of the regulated scope.
Together, these elements should result in a fair return on the capital employed on the regulated scope by 2020, with the alignment of the return on capital employed of the regulated scope with the Group's weighted average cost of capital, estimated at 5.4%.
1 The regulated scope is defined by Article 1 of the Decree of 16 September 2005 on fees for services provided at airports, as amended on 1 January 2011 by the decree of 17 December 2009.
9
Outlook
Refined 2015 forecasts
2015 refined forecasts | |
Traffic growth assumption compared to 2013 | +2.6% (Unchanged) |
Consolidated EBITDA | Growth of between 30% and 35% between 2009 and 2015(1) |
(1) 2009 consolidated EBITDA: €883 million
Reminder of 2015 main targets (excl. EBITDA) and refined 2015 EBITDA target
2015 targets reviewed in 2012(1) | Assessment of the achievement of 2011- 2015 targets at the end of 2015 |
Assumed growth in passenger traffic +1.9% to +2.9% per year on average (CAGR 2011-2015) (2)over the period | +2.7% on average per year over the period(3) (Unchanged) |
Cap on the average annual increase in +1.38% annually on average over the period fees(4)within the scope of the ERA (CAGR +inflation 2011-2015) (2) | +1.37% annually on average over the period +inflation(3)(Unchanged) |
Cap on the average annual increase in +1.38% annually on average over the period fees(4)within the scope of the ERA (CAGR +inflation 2011-2015) (2) | |
ROCE(5)of the regulated Of 3.8% and 4.3% of the regulated scope in scope 2015 | 3.8% in 2015(3)(Unchanged) |
ROCE(5)of the regulated Of 3.8% and 4.3% of the regulated scope in scope 2015 | |
Consolidated EBITDA Growth of between 25% and 35% between 2009 and 2015(6) | Growth of between 30% and 35% between 2009 and 2015(6) |
Investments of Aéroports de Paris SA €1.9 billion on the regulated scope(7) | €2.0 billion on the regulated scope(3) (7) |
Quality of Service To attain an overall satisfaction rate of 88.1% in 2015 | Unchanged |
Quality of Service To attain an overall satisfaction rate of 88.1% in 2015 | |
Retail Sales per passenger(8)of €19.0 in 2015 +18% new commercial floorspace between now and 2015 (compared to 2009) including +35% for shops in the international area | Unchanged |
Retail Sales per passenger(8)of €19.0 in 2015 +18% new commercial floorspace between now and 2015 (compared to 2009) including +35% for shops in the international area | |
Real estate Commissioning of approximately 320,000m2to 360,000m2of buildings Investment budget reduced to €450 million, of which €340 million in real estate diversification activities | Unchanged |
Real estate Commissioning of approximately 320,000m2to 360,000m2of buildings Investment budget reduced to €450 million, of which €340 million in real estate diversification activities | |
Cost-cutting plan Limiting the increase in parent company operating costs to less than 3.0% per year on average between 2012 and 2015 Between €71 and 81 million cumulated savings between 2013 and 2015 | Unchanged |
Cost-cutting plan Limiting the increase in parent company operating costs to less than 3.0% per year on average between 2012 and 2015 Between €71 and 81 million cumulated savings between 2013 and 2015 | |
Productivity Reducing the Aéroports de Paris headcount by 7% (FTEs) between 2010 and 2015 | Unchanged |
Productivity Reducing the Aéroports de Paris headcount by 7% (FTEs) between 2010 and 2015 | |
Dividends paid Distribution policy of 60% of consolidated net income attributable to the Group(9) | Unchanged |
Dividends paid Distribution policy of 60% of consolidated net income attributable to the Group(9) |
(1) Targets disclosed in the press releases dated 20 December 2012 entitled '2012 and 2015 targets' on the www.aeroportsdeparis.frwebsite
(2) Compound average growth rate
(3) 2015 targets refined in the press release of availability of the public consultation document on 19 January 2015 available on the www.aeroportsdeparis.fr website
(4) From 1 April to 31 March of each civil year
(5) Return On Capital Employed calculated as the operating income of the regulated perimeter after normative corporate tax compared to the regulated asset base (net book value of tangible and intangible assets within the regulated perimeter, increased by working capital of this perimeter).
(6) 2009 consolidated EBITDA: €883 million
(7) In 2014 euros
(8) Sales per passenger corresponds to the sales of airside shops divided by the number of departing passengers
(9) Decision made each period depending on the Company income, its financial situation and any other factor deemed relevant.
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Calendar
· Thursday 30 July 2015: analysts meeting at 11:00 am Paris time. Broadcast and presentation available athttp ://www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/
· Next traffic figures publication:
- Thusday 13 August 2015: July 2015 traffic figures
· Next financial results publication:
- Tuesday 3 November 2015: Q3 2015 revenue
· Investors day planned on 13 October 2015
Investor Relations
Aurélie Cohen: +33 1 43 35 70 58 -invest@adp.fr
Press
Elise Hermant: +33 1 43 35 70 70
Website: www.aeroportsdeparis.fr
The financial information presented within this press release comes from Aéroports de Paris' consolidated financial statements. Audit procedures have been carried out and the audit report relating to the certification of Aéroports de Paris consolidated interim financial statements at 30 June 2015 is in the process of being issued.
Consolidated financial statements at 30 June 2015 and the related report are available on the Group website (www.aeroportsdeparis.fr) in the section 'Group / Finance / AMF Information'.
Forward looking statements
This press release does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures are included in this press release. These forward- looking disclosures are based on data, assumptions and estimates deemed reasonable by Aéroports de Paris. They include in particular information relating to the financial situation, results and activity of Aéroports de Paris. These data, assumptions and estimates are subject to risks (such as those described within the reference document filed with the French financial markets authority on 2 April 2015 under number D. 15-0281) and uncertainties, many of which are out of the control of Aéroports de Paris and cannot be easily predicted. They may lead to results that are substantially different from those forecasts or suggested within these disclosures.
www.aeroportsdeparis.fr
Investor Relations: Aurélie Cohen +33 1 43 35 70 58 -invest@adp.fr
Press contact: Elise Hermant +33 1 43 35 70 70
Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2014, Aéroports de Paris handled around 93 million passengers, 2.2 million metric tonnes of freight and mail in Paris, and more than 41 million passengers at airports abroad.
Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris Group is pursuing its strategy of adapting and modernising its terminal facilities and upgrading quality of services; the Group also intends to develop its retail and real estate businesses. In 2014, Group revenue stood at
€2,791 million and net income at €402 million.
Registered office: 291, boulevard Raspail, 75014 Paris, France. A public limited company (Société Anonyme) with share capital of €296,881,806. Registered in the Paris Trade and Company Register under no. 552 016 628 RCS Paris.
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