Traffic experiencing strong growth (+ 7.4 %[1]: #ftn1 in H1 and + 4.6 % in July) despite political turmoil in Africa and Middle-East and the earthquake in Japan
2011 half year financial results experiencing strong growth:
Revenue up by 1.8 % to ?1,343 million
EBITDA[2]: #ftn2 up by 6.3 % to ?459 million
Net income attributable to the Group up by 30.6 % to ?180 million due in particular to non-recurring items: compensations in relation to the collapse of the boarding area in Terminal 2E, net gains on disposal of Masternaut.
Achievement of JVs' incorporation:
Start of operations for the Advertizing JV in partnership with JCDecaux: "Média Aéroports de Paris"
Incorporation of the Press and Souvenirs JV in partnership with Relay: "Relay@ADP"
Exclusive negotiations to dispose of a majority stake in ground-handling activities
Guidances:
Passenger traffic assumption ranges between +4.5% and +5.0%
Increase in revenue and EBITDA in 2011 slightly below the growth observed in 2010 given Masternaut is out of the consolidation scope among others[3]: #ftn3
2015 EBITDA guidance confirmed: growth of 40% compared to 2009 EBITDA
Pierre Graff, Chairman and Chief Executive Officer of Aéroports de Paris, said:
"Since H2 2010, Aéroports de Paris group has experienced a sustained growth in traffic again. Excluding the impact of Icelandic volcano, the traffic increased by 3.7% in H1 2011. In July, the rise is even stronger (+4.6%), confirming the general recovery in traffic which has been noticed in Europe.
The results of Aéroports de Paris are up sharply, especially regarding the performance of retail in which a rise by 10% of Sales/Pax in shops in international area has been achieved in H1 2011.
For the end of the year, we consider that the high end of our assumption of passenger traffic growth could be reached, i.e. an increase ranging from 4.5% to 5.0% compared to 2010. Given Masternaut is out of the consolidation scope in particular, the growth in consolidated revenue and EBITDA could be slightly below those observed in 2010".
Key events during the period
Developments in traffic
In the 1st half of 2011, Aéroports de Paris' traffic was up by 7.4% to 42.0 million passengers: it increased by 6.3% at Paris-Charles de Gaulle (28.8 million passengers) and by 9.9% at Paris-Orly (13.2 million passengers). Traffic in the 1st quarter and the 2nd quarter respectively rose 3.9% and 10.4%. Excluding the impact of the five days-long disruption due to the eruption of the Icelandic volcano Eyjafjöll in April 2010, traffic increased by 3.7% in the 1st half-year.
Affected by the unfavourable geopolitical context in some African and Middle Eastern countries and the consequences of the earthquake in Japan, international traffic (excluding Europe, i.e. 38.1% of total traffic) nevertheless grew by 2.3% over the period. Excluding the Middle-East (-6.7%) and Africa (-3.2%), all the routes experienced strong growth: Asia-Pacific +8.9%, French overseas territories +7.5%, North America +6.7% and Latin America +4.0%.
European traffic excluding France (42.4% of the total traffic) surged by 11.2%. Domestic traffic (19.5% of the total) grew by 9.7%.
The connecting rate came in at 23.3%, compared to 23.5% during the first six months of 2010.
Low cost carriers, which represent 13.8% of traffic, saw their traffic increase by 16.7% during the 1st half of 2011. This trend is due in particular to the dynamism of airlines such as easyJet and Vueling.
The number of aircraft movements was up by 5.5% to 362,996.
Freight and post fell slightly (-0.7%) to 1.2 million ton carried.
Terminal 2E
As part of the civil proceedings in relation to the collapse of the boarding area in Terminal 2E at Paris-Charles de Gaulle Airport on 23 May 2004, and under the terms of expert report, settlement agreements were signed to extinguish all civil wrongs of the parties involved. Compensation received by Aéroports de Paris in the 1st half of 2011 amounted approximately to ?50 million.
Subsidiaries
Recent events in Libya
As a result of the recent events in Libya, every ADPI activity in the region has been disrupted. In 2010, ADPI revenue in Libya amounted to ?23 million. Considering the situation, a partial depreciation of Libyan receivables was recorded in the books in H1 2011.
Disposal of Masternaut group
On 15 April 2011, Hub télécom, a wholly-owned subsidiary of Aéroports de Paris, disposed of Masternaut International and its subsidiaries (Masternaut Group) to Francisco Partners, a global technology investment fund which owns Cybit group. The transaction included the entire Masternaut group and, in particular, the companies Masternaut France, Masternaut UK and Softrack. In 2010, Masternaut group's revenue reached approximately ?60 million.
Exclusive negotiations with Group 3S to dispose of a majority stake in ground-handling activities
Aéroports de Paris announced on 8 June 2011 that it had entered into exclusive negotiations with Group 3S to dispose of its majority stake in its ground-handling activities. Group 3S, with the support of its sponsor Groupama Private Equity, made a binding offer to Aéroports de Paris, on 7 June 2011, in order to acquire 80% of Alyzia group's ground-handling activities.
Aéroports de Paris stated that this project would allow it to retain a 20% capital stake in ground-handling activities. For the end of 2014 and the beginning of 2015, Group 3S proposes Aéroports de Paris could have an option to dispose of its remaining stake and Group 3S could have an option to purchase the residual stake in the ground-handling activities.
If Aéroports de Paris decided to proceed with this transaction after the work that is currently underway is completed and subject to consultation of the workers councils and to the decision of it competent governing bodies, and provided Group 3S obtains the approval of the Competition Authority, it would then inform the market about it.
Partnerships
Extension of the partnership between Aéroports de Paris and Lagardère Services within Société de Distribution Aéroportuaire.
Aéroports de Paris and Lagardère Services announced on 24 February 2011 that they extended until 31 October 2019 their partnership within Société de Distribution Aéroportuaire, which operates alcohol/tobacco/perfume/cosmetics and gourmet food activities at Paris-Charles de Gaulle and Paris-Orly airports.
Launch of the advertising joint-venture with JCDecaux: "Média Aéroports de Paris"
The company Média Aéroports de Paris, a JV between Aéroports de Paris and JCDecaux, was incorporated on 23 June 2011. It started its operation on 1st July 2011. The purpose of the JV is primarily to leverage and commercialise advertising space and secondly to operate a televisual medium focusing on passenger/airport relations at Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports.
Tariffs
Tariff increase
Average increases in airport and ancillary fees were as follows:
As of 1st April 2011
As of 1st April 2010
Airport fees
+1.49%
+0.0%
Landing fee
+1.49%
-14.5%
Parking fee
+1.49%
-9.9%
Passenger fee
+1.49%
+9.4%
Ancillary fees[4]: #ftn4
+1.49%
+0.0%
Airport security tax
From 1st January 2011, the tariff of Airport security tax was set at ?11.50 per departing passenger (?10.00 in 2010) and at ?1.00 per ton of freight, either cargo or mail (no change vs. 2010).
Group results experiencing strong growth in H1 2011
In millions of euros
1st half of 2011
1st half of 2010
2011 / 2010
Revenue[5]: #ftn5
1,343
1,318
+1.8%
EBITDA[6]: #ftn6
459
432
+6.3%
Operating income from ordinary activities[7]: #ftn7
269
245
+9.8%
Operating income
313
245
+27.7%
Net finance costs
-49
-43
+15.9%
Net income attributable to the Group
180
138
+30.6%
The 1st half of 2011 saw an increase in passenger traffic, up by 7.4% (+3.7% excluding the impact of the traffic disruption due to the eruption of the Icelandic volcano Eyjafjöll in April 2010). However, it was affected by major international events (unfavourable geopolitical context in Africa and the Middle East and the earthquake in Japan) which had a negative impact on the activity of Aéroports de Paris group.
Despite these events, consolidated revenue was up by 1.8% to ?1,343 million. This rise mainly results from:
the strong growth in revenue generated by retail and services (+6.3%) thanks, in particular, to the good performance of retail activities (+11.1%),
the positive development of revenue generated from aviation (+4.7%) mainly supported by the growth in passenger traffic (+7.4%) and by the increase in airport security tax from ?10.00 to ?11.50 on 1st January 2011,
the continued development of real estate (+3.4%),
and this, despite the substantial fall in revenue from other activities (-23.7%) resulting from the change in the scope of consolidation due to the exit of Masternaut group on 1st April 2011 and the fall in ADPI's activity mainly due to an unfavourable geopolitical context in the Middle East.
On a like-for-like basis[8]: #ftn8, consolidated revenue for the 1st half of 2011 amounted to ?1,330 million, an increase of 3.2% in comparison with the same period in 2010.
EBITDA increased substantially (+6.3% to ?459 million) as a result of a moderate growth in operating expenses (+2.1%) and favourable dynamic in other income and expenses. The gross margin for the first six months of 2011 increased by 1.4 points to 34.2%.
In millions of euros
1st half of 2011
1st half of 2010
2011 / 2010
Revenue
1,343
1,318
+1.8%
Capitalised production
27
21
+27.5%
Operating expenses
-931
-912
+2.1%
Raw materials and consumables used
-99
-105
-5.2%
External services and charges
-325
-318
+2.2%
Employee benefit costs
-405
-397
+2.1%
Taxes other than income taxes
-91
-78
+15.7%
Other operating expenses
-12
-15
-21.8%
Other income and expenses
21
5
+305.0%
EBITDA
459
432
+6.3%
EBITDA/Revenue
34.2%
32.8%
+1.4 pt
Capitalised production which relates to the capitalisation of internal engineering services provided within the framework of investment projects was up by 27.5% to ?27 million, due to major projects underway: junction between Terminals A and C, one stop security check process (IFU) between Terminals 2E and 2F at Paris-Charles de Gaulle airport in particular.
Raw materials and consumables used fell by 5.2% to ?99 million, firstly due to the effect of the disposal of Masternaut group, secondly due to the reduction in the consumption of fuels (mainly gas) caused by the disruption of a turbine in the Paris-Charles de Gaulle cogeneration plant as well as a warmer weather in the 1st half of 2011 by comparison to the 1st half of 2010. This fall was partially compensated by the increase in purchasing by Société de Distribution Aéroportuaire and Duty Free Paris whose activities experienced strong growth.
The costs related to external services increased by 2.2% to ?325 million, driven by the increase in security services resulting from the growth in traffic.
Group employee benefit costs (11,9251 employees as at 30 June 2011, resulting from a drop of 1.7% in comparison with 30 June 2010) increased by 2.1% to ?405 million. Staff at the parent company is down by 0.9% to 6,922[9]: #ftn9 and employee benefit costs increased by 4.2% to ?283 million. Workforce in Alyzia Group increased by 3.3% to 3,3931 and employee benefit costs by 7.5%. The fall in staff in other subsidiaries (-13.7% to 1,6101) is essentially explained by a change in the scope of consolidation as a consequence of the disposal of Masternaut group, partially offset by the increase in staff numbers at Société de Distribution Aéroportuaire and Duty Free Paris.
Taxes other than income taxes increased by 15.7% to ?91 million due to an unfavourable base effect. Indeed, Aéroports de Paris benefited in the 1st half of 2010 from an additional tax relief in relation with the former local business tax.
Other operating expenses were down by 21.8% to ?12 million, due mainly to the reduction in losses on unrecoverable trade receivables.
Other income and expenses experienced a significant increase due to the effect non-recurring items amounting to ?9 million including a reversal of provisions in relation to the collapse of the boarding area in terminal 2E. It also increased due to reversals of provisions amounting to ?7 million that offsets losses of revenues including the estimated compensation for the disruption of the cogeneration plant at Paris-Charles de Gaulle airport in February 2011.
On a like-for-like basis[10]: #ftn10, EBITDA increased by 6.9% to ?461 million.
Depreciation and amortisation increased by 1.7% to ?190 million. Operating income from ordinary activities surged by 9.8% to ?269 million. On a like-for-like basis1, operating income from ordinary activities amounted to ?272 million, i.e. an increase of 10.5%.
Operating income amounted to ?313 million, up 27.7%, benefiting from the increase in other operating income and expenses (+?44 million) including both the settlement compensation in relation to the collapse of the boarding area in Terminal 2E at Paris-Charles de Gaulle airport (approximately ?50 million) and the capital gains resulting from the disposal of Masternaut group (?15 million). The positive effects of which were partially mitigated by the depreciation of receivables related to ADPI's activity in the Middle East (?21 million).
Net finance costs amounted to ?49 million, up 15.9%. The cost of net debt is stable at ?47 million, the change in net finance costs being essentially explained by a slight loss on currency fluctuation.
The net debt/equity ratio was 65% at 30 June 2011 vs. 66% at the end of 2010.
The net financial debt of Aéroports de Paris was stable at ?2,242 million on 30 June 2011 vs. ?2,240 million on 31 December 2010.
Share in earnings of associates amounted to ?7 million, an increase of 15.8%. The income tax increased by 30.4% to ?91 million.
Net income attributable to the Group is up 30.6% to ?180 million.
[11]: #ftn11, due to shops in restricted area performing well and benefiting from a positive traffic effect, a solid increase in sales per passenger and the ramping-up of Duty Free Paris (operations started at the beginning of 2009) whose revenue increased by 20.9%.
Revenue from car parks and access roads rose 6.0 %, due to the increase in traffic and in the average expenditure per customer.
Revenue from the provision of industrial services (electricity and water supply) fell by 15.1%, due to the disruption of a turbine in the Paris-Charles de Gaulle cogeneration plant and a fall in consumption volumes due to warmer weather in the 1st half of 2011 in comparison with the 1st half of 2010.
Rental income (leasing of space within terminals) increased by 4.5% to ?49 million, mainly due to the effect of regularisations.
Other income essentially consisted of internal services.
EBITDA for the segment rose 10.2% to ?227 million. The gross margin increased by 1.7 point to 47.5%.
Depreciation and amortisation increased by 6.9% to ?48 million. Operating income from ordinary activities increased by 11.1% to ?180 million.
Development of real estate driven segment by external revenue
In millions of euros
1st half of 2011
1st half of 2010
2011 / 2010
Revenue
118
114
+3.4%
External revenue
93
90
+3.7%
Internal revenue
25
25
+2.4%
EBITDA
64
63
+2.0%
Operating income from ordinary activities
44
43
+2.2%
Revenue from the real estate segment continued to grow (+3.4%) to ?118 million thanks to the good performance of external revenue[12]: #ftn12. It amounted to ?93 million, up 3.7% driven by the positive impact of indexing revenue to the cost of construction on 1st January 2011 (+1.3%) and new occupations. Internal revenue grew by 2.4% to ?25 million.
EBITDA rose slightly by 2.0% to ?64 million, moderately affected by the increase in operating expenses following the increase in taxes. The gross margin stood at 54.3%, down 0.8 point.
Operating income from ordinary activities increased by 2.2% to ?44 million.
Ground-handling and related services: a difficult environment in H1 2011
In millions of euros
1st half of 2011
1st half of 2010
2011 / 2010
Revenue
95
94
+1.7%
Ground-handling
66
67
-1.3%
Security
29
27
+9.5%
EBITDA
-8
-4
+99.9%
Operating income from ordinary activities
-9
-5
+73.8%
Revenue from ground-handling and related services grew slightly (+1.7%) to ?95 million in the 1st half of 2011. Revenue from ground-handling services was down by 1.3% to ?66 million, as the signing of new contracts (British Airways in particular) did not offset losses of contracts and the loss of income caused by client companies discontinuing their activity, and this despite a positive volume effect (+1.8% more aircrafts).
Security activity increased by 9.5% to ?29 million, mainly due to the increase in traffic.
EBITDA fell to -?8 million compared to -?4 million for the 1st half of 2010, affected by the increase in operating expenses, in particular employee benefit costs.
The operating loss from ordinary activities amounted to -?9 million (-?5 million for the 1st half of 2010).
Decrease in revenue of other activities due to a perimeter effect and the disruption of some projects in Middle-East
In millions of euros
1st half of 2011
1st half of 2010
2011 / 2010
Revenue
102
134
-23.7%
EBITDA
9
10
-13.0%
Operating income from ordinary activities
1
2
-31.5%
The consolidated revenue for other activities fell by 23.7% to ?102 million, due mainly to the effect of the deconsolidation of Masternaut group and the reduction in ADPI's business caused for the most part by the events in the Middle East.
Hub télécom's revenue fell by 20.2% following the disposal of Masternaut group. It amounted to ?58 million for the 1st half of 2011. On a like-for-like basis[13]: #ftn13, it stood at ?45 million, an increase of 4.8% as a result of the good performance of the public WIFI business. EBITDA amounted to ?8 million, down by 11.1 %. On a like-for-like basis1, EBITDA reached ?10 million, an increase of 18.7%, while the gross margin increased by 2.5 points to 21.3%. Operating income from ordinary activities reached ?1 million, or ?3 million on a like-for-like basis1 representing an increase of 92.2%.
ADPI saw a decrease in its business in the 1st half of 2011, due in particular to the disruption of activity in Libya. Its revenue was ?37 million, down by 30.5%. The substantial reduction in revenue was accompanied by a large reduction in operating expenses (-18.9%). EBITDA stood at ?0.2 million (?0.3 million in 2010) and the operating income from ordinary activities was slightly negative. The backlog remained strong at the end of June: it stood at ?147 million for the period ranging from 2011 to 2015.
Aéroports de Paris Management saw its revenue fall by 11.1% to ?5 million. No new contract had been signed at the end of June 2011. EBITDA was slightly negative at ?0.2 million (?0.7 million in 2010). Operating loss on ordinary activities stood at -?0.3 million.
Outlook
Based on a traffic growth assumption ranging between +4.5% and +5.0% in 2011, and given that Masternaut is out of the scope of consolidation in particular, Aéroports de Paris expects a slightly lower growth in revenue and EBITDA than that observed in 2010[14]: #ftn14.
However, Aéroports de Paris confirms its 2015 EBITDA guidance i.e. an expected growth of 40% compared to 2009 EBITDA.
New bond issue
In July 2011, Aéroports de Paris issued a ?400 million bond maturing on 8 July 2021 with a 4.00% coupon.
Creation of a joint-venture in partnership with Lagardère Services: "Relay@ADP"
The company Relay@ADP, 49%-owned by Aéroports de Paris, 49% by Lagardère Services and 2% by Société de Distribution Aéroportuaire was incorporated at the beginning of August 2011. The partnership with Lagardère Services is therefore extended to operating shops selling press, books, drinks, sandwiches and souvenirs. The expected growth in surfaces under management of the new joint venture is about 35% by 2015 compared to the scope managed by Relay at the end of 2010.
Project to merge Duty Free Paris and Société de Distribution Aéroportuaire
If the buy-back by Aélia, in accordance with the agreements signed on 26 July 2011, of the whole stake held by The Nuance Group in the company Duty Free Paris[15]: #ftn15 is authorised by the European competition authorities, Aéroports de Paris and Aelia will jointly hold two companies operating retail outlets in airports.
In this context, Aéroports de Paris and Aelia have started discussions in order to group those two activities together in a single entity, the Société de Distribution Aéroportuaire. At the same time, Aelia plans to include in this structure the fashion and accessories activities operated in Paris by its wholly-owned subsidiary Duty Free Associates.
This operation would allow to pool resources, to work on common development projects and on opportunities to create additional sales and to generate synergies on costs. Subject to prior approval by the competition authorities, implementation of the project could be started at the beginning of 2012.
The Société de Distribution Aéroportuaire would then operate 115 outlets across all Paris-Charles de Gaulle and Paris-Orly terminals, including 70 dedicated to core business (alcohol/tobacco/perfume/cosmetics and gourmet food) and 45 dedicated to fashion and accessories. This partnership would lead to a growth in total surfaces managed by the new joint venture of approximately 35% by 2015 compared to the scope under management at the end of 2010 with an increase of about 38% of surfaces dedicated to "core business" and about 29% of surfaces dedicated to Fashion and Accessories.
Aéroports de Paris: Registered office: 291, boulevard Raspail, 75014 Paris A French limited company (Société Anonyme) with share capital of 296,881,806 Euros 552 016 628 RCS Paris
Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. With 83 million passengers handled in 2010, Aéroports de Paris is Europe's second-largest airport group in terms of airport passenger traffic and the European leader for freight and mail. With an exceptional geographic location and a major catchment area, the Group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading quality of services, and also intends to develop its retail and real estate business. In 2010, the group revenue stood at ?2,739 million and the net income at ?300 million.
The financial information presented within this press release comes from Aéroports de Paris' condensed interim consolidated financial statements. Procedures related to the limited review of the interim consolidated financial statements have been carried out. The statutory auditors' review report is in the process of being issued.
The interim financial report as at 30 June 2011 is available on the Company's website (www.aéroportsdeparis.fr) in the section «Group / Finance / AMF Information».
The condensed interim consolidated financial statements as at 30 June 2011 are available on the Company's website (www.aéroportsdeparis.fr) in the section « Group / Finance / Publications».
Forward-looking disclosures
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 21 April 2011 under number D. 11-0352) 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.
Appendices
Consolidated income statement
(in thousands euros)
1st half 2011
1st half 2010
Revenue
1,342,645
1,318,420
Other ordinary operating income
12,883
4,748
Capitalized production
26,575
20,464
Changes in finished goods inventory
171
516
Raw materials and consumables used
(99,046)
(104,479)
Employee benefit costs
(404,844)
(396,689)
Other ordinary operating expenses
(427,108)
(411,098)
Depreciation and amortization
(189,960)
(186,848)
Impairment of assets, net of reversals
(978)
4,157
Net allowance to provisions
9,038
(3,802)
Operating income from ordinary activities
269,376
245,389
Other operating income and expenses
43,551
(306)
Operating income
312,927
245,083
Finance income
44,156
45,729
Finance expenses
(93,605)
(88,403)
Net finance costs
(49,449)
(42,674)
Share in earnings of associates
6,549
5,658
Income before tax
270,027
208,067
Income tax expense
(91,232)
(69,956)
Net income for the period
178,795
138,111
Net income attributable to non-controlling interest
(959)
441
Net income attributable to owners of the parent
179,754
137,670
Earnings per share (EPS) attributable to owners of the parent:
Basic EPS (in euros)
1.82
1.39
Diluted EPS (in euros)
1.82
1.39
Consolidated balance sheet
ASSETS (in thousands of euros)
At 30.06.2011
At 31.12.2010
Intangible assets
64,414
91,993
Property, plant and equipment
5,569,089
5,547,710
Investment property
429,383
429,618
Investment in associates
414,771
417,110
Other non-current financial assets
156,763
135,733
Deferred tax assets
1,863
6,192
Non-currents assets
6,636,283
6,628,356
Inventories
20,464
20,396
Trade receivables
631,150
637,450
Other accounts receivable and prepaid expenses
106,193
106,390
Other current financial assets
55,748
81,077
Current tax assets
771
1,406
Cash and cash equivalents
448,765
808,315
Current assets
1,263,091
1,655,035
TOTAL ASSETS
7,899,374
8,283,390
SHAREHOLDERS' EQUITY AND LIABILITIES (in thousands of euros)
At 30.06.2011
At 31.12.2010
Share capital
296,882
296,882
Share premium
542,747
542,747
Treasury shares
(324)
-
Gains and losses recognized directly in equity
1,949
(135)
Retained earnings
2,594,503
2,566,296
Shareholders' equity - Group share
3,435,757
3,405,791
Non-controlling interest
210
1,843
Shareholders' equity
3,435,967
3,407,634
Non-current debt
2,395,312
2,766,219
Provisions for employee benefit obligations (more than one year)
319,516
320,334
Deferred tax liabilities
198,221
193,531
Other non-current liabilities
60,404
62,214
Non-current liabilities
2,973,453
3,342,298
Trade payables
371,412
448,491
Other payables and deferred income
602,870
560,866
Current debt
396,240
407,145
Provisions for employee benefit obligations (less than one year)
22,045
22,031
Other current provisions
71,116
81,036
Current tax payables
26,271
13,889
Current liabilities
1,489,954
1,533,458
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
7,899,374
8,283,390
Consolidated statement of cash flows
(in thousands of euros)
1st half 2011
1st half 2010
Operating income
312,927
245,083
Elimination of income and expense with no impact on net cash:
- Depreciation, amortization, impairment and net allowances to provisions
180,610
191,721
- Net gains on disposals
(13,325)
(62)
- Other
(1,310)
(279)
Financial net income (expense) other than cost of debt
(2,708)
4,670
Operating cash flow before changes in working capital and tax
476,194
441,133
Increase in inventories
(5,846)
(1,849)
Increase in trade and other receivables
(17,712)
(45,730)
Increase (decrease) in trade and other payables
39,182
(6,799)
Change in working capital
15,624
(54,378)
Income taxes paid
(74,771)
(63,580)
Cash flows from operating activities
417,047
323,175
Proceeds from sale of subsidiaries (net of cash sold) and associates
18,214
1,071
Acquisitions of subsidiaries (net of cash acquired)
(2,350)
-
Purchase of property, plant & equipment and intangible assets
(245,542)
(181,340)
Acquisitions of non-consolidated equity interests
(4,516)
(5,905)
Change in other financial assets
20,280
(10,218)
Revenue from sale of property, plant & equipment
160
1,837
Proceeds from sale of non-consolidated investments
68
1
Dividends received
5,672
5,249
Change in debt and advances on asset acquisitions
(23,320)
(23,389)
Cash flows from investing activities
(231,334)
(212,694)
Capital grants received in the period
4,004
2,466
Purchase of treasury shares (net of disposals)
(294)
3,817
Dividends paid to shareholders of the parent company
(150,405)
(135,576)
Dividends paid to non controlling interests in the subsidiaries
-
(47)
Receipts received from long-term debt
2,702
430,024
Repayment of long-term debt
(321,430)
(459,315)
Change in other financial liabilities
1,208
525
Interest paid
(136,960)
(152,710)
Interest received
56,624
65,945
Cash flows from financing activities
(544,552)
(244,872)
Impact of currency fluctuations
(158)
410
Change in cash and cash equivalents
(358,998)
(133,981)
Net cash and cash equivalents at the beginning of the period
801,121
741,272
Net cash and cash equivalents at the end of the period
442,123
607,291
Attached file : Aéroports de Paris - Financial release: http://hugin.info/145257/R/1542362/472246.pdf
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Source: Aéroports de Paris via Thomson Reuters ONE
Aéroports de Paris develops and manages airports, including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2023, the Group handled c. 99.7 million passengers at Paris-CDG and Paris-Orly, and c. 326.7 million passengers abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris is pursuing its strategy of adapting and modernizing its terminal facilities, upgrading quality of services and developing retail and real estate businesses. Sales break down by activity as follows:
- supply of airport services (32.9%): air traffic management, intermodal transportation and terminal management, telecommunication spaces, and installation of airport infrastructures, etc.;
- operating sales areas and services (30.5%): shops, restaurants, banks, exchange offices, etc.;
- real estate management (5.4%): land and commercial real estate property leasing (businesses, offices, hotels, logistics buildings, passenger registration and transfer, baggage handling, aircraft management (cleaning, guidance, storage and starting assistance, aircraft loading and unloading), etc.;
- other (31.2%): including international airport management, airport engineering services, specialized telecommunications services, etc.
AÉROPORTS DE PARIS 
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