ADP : Aéroports de Paris: H1 2011 Pro Forma Financial Statements
08/07/2012| 11:50am US/Eastern
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Following the acquisition of a stake in TAV Airports and TAV Construction[1]:
#_ftn1, the Group has chosen to consolidate its airport participations located outside Paris in a fifth segment named "Airport Investments". This segment includes Aéroports de Paris Management and the stake in Schiphol Group, previously consolidated in the "Other Activities" segment. From the 2012 half year results publication, it will also include the stake in TAV Airports. TAV Construction will be included in the "Other Activities" segment.
This change in segmentation follows the change that occurred at the 2011 full year results presentation[2]:
#_ftn2.
The table below summarizes all modifications:
| | Before changes
in presentation | After changes
in presentation |
| Revenue | | |
| EBITDA | | |
| Associates from operating activities | | -
50% JVs Net Result (Retail and Real Estate) -
8% Schiphol Net Result -
38% TAV Airports Net Result* -
49% TAV Construction Net Result* |
| Operating Income from Ordinary Activities | | -
50% JVs Net Result (Retail and Real Estate) -
100% Alyzia Sûreté -
8% Schiphol Net Result -
38% TAV Airports Net Result* -
49% TAV Construction Net Result* |
| Operating Income | | -
50% JVs Net Result (Retail and Real Estate) -
100% Alyzia Sûreté -
8% Schiphol Net Result -
38% TAV Airports Net Result* -
49% TAV Construction Net Result* |
| Associates from non-operating activities | | |
| Discontinued activities | | |
| Net Result | | |
* At 30 June 2012, no results were accounted. At 31 December 2012, the impact of the net results of TAV Airports and TAV Construction will be adjusted for the allocation of goodwill carried in H2 ** From 2012
2011 pro forma financial statements have been prepared in accordance with the changes described above:
| In millions of Euros | H1 2011 as published | H1 2011
pro forma | Δ | |
| Revenue | 1,343 | 1,217 | (125) | Ground Handling: (?54m)
Retail JVs: (?71m) |
| EBITDA | 459 | 465 | (6) | Ground Handling: +?9m
Retail JVs: (?3m) |
| Associates from operating activities | - | 6 | +6 | Net Result Schiphol Group: +?6m |
| Operating Income from Ordinary Activities | 269 | 283 | +14 | |
| Operating Income | 313 | 327 | +15 | |
| Associates from non-operating activities | 7 | 1 | (6) | Net Result Schiphol Group |
| Discontinued activities | - | (10) | (10) | Net Result Ground Handling |
| Net Result | 179 | 179 | - | |
Impact on the P&L of the segment "Retail and Services"
| In millions of Euros | H1 2011 as published | H1 2011
pro forma | Δ | |
| Revenue | 479 | 408 | (71) | Revenue of Retail JVs: (?113m)
Rents paid by the JVs: +?41m |
| EBITDA | 227 | 224 | (3) | Retail JVs |
| Associates from operating activities | - | 1 | +1 | Net Result of Retail JVs |
| Operating Income from Ordinary Activities | 180 | 179 | (1) | |
Impact on the P&L of the segment "Airport Investments"
| In millions of Euros | H1 2011 as published | H1 2011
pro forma | Δ | |
| Revenue | - | 5 | +5 | ADPM |
| EBITDA | - | 0 | 0 | |
| Associates from operating activities | - | 6 | +6 | Net Result Schiphol Group |
| Operating Income from Ordinary Activities | - | 5 | +5 | |
Impact on the P&L of the segment "Other Activities"
| In millions of Euros | H1 2011 as published | H1 2011
pro forma | Δ | |
| Revenue | 102 | 127 | +24 | Alyzia Sûreté: +?29m
ADPM: (?5m) |
| EBITDA | 9 | 9 | +1 | Alyzia Sûreté |
| Associates from operating activities | - | - | - | |
| Operating Income from Ordinary Activities | 1 | 2 | +1 | |
[1]:
#_ftnref1 See Financial Release published 16 May 2012 available on www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/:
http://www.aeroportsdeparis.fr/ADP/fr-FR/Groupe/Finance/
[2]:
#_ftnref2 See Financial Release on Full-Year Results available on www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/:
http://www.aeroportsdeparis.fr/ADP/fr-FR/Groupe/Finance/
Aéroports de Paris : H1 2011 Pro Forma Financial Statements:
http://hugin.info/145257/R/1632241/523510.pdf
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Aéroports de Paris via Thomson Reuters ONE
HUG#1632241
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