Aeroports de Paris · EURONEXT:ADP
Aeroports de Paris — Groupe ADP — FY2018 Earnings Presentation
43 slides from Aeroports de Paris's earnings presentation, Feb 14, 2019
Slide 1: 2018 Full Year Results
2018 FULL YEAR RESULTS 14 February 2019 GROUPE ADP Groupe ADP - 2018 Full Year results|0
Slide 2: Agenda
AGENDA 2018 HIGHLIGHTS Augustin de Romanet, Chairman and CEO 2018 FINANCIAL RESULTS Philippe Pascal, CFO OUTLOOK & CONCLUSION Augustin de Romanet, Chairman and CEO Groupe ADP - 2018 Full Year results|1
Slide 3: 2018 Highlights
01 2018 HIGHLIGHTS Augustin de Romanet Chairman and CEO
Slide 4: 2018 Highlights
2018 HIGHLIGHTS The leading airport operating group in the world in terms of passenger numbers thanks to strong growth in Group traffic (+7.6%), both in Paris (+3.8%) and internationally (+10.0%) The Group continued its international expansion with the acquisition of Airport International Group (AIG
Slide 5: A very good performance in 2018, in Paris and internationally
A VERY GOOD PERFORMANCE IN 2018, IN PARIS AND INTERNATIONALLY / REVENUE / EBITDA +23.8% Contribution of AIG +25.1% 4,478 Contribution of M€ AIG 175 Contribution of 1,961 3,617 1,166 TAV Airports 54 Contribution of 616 1,567 548 TAV Airports +4.6% 280 +5.6% 3,001 3,137 1,287 1,359 EBITDA/Revenue(2) %
Slide 6: Continuous improvement approach in a context of tariffs moderation
A CONTINUOUS IMPROVEMENT APPROACH AND PERFORMANCE IN A CONTEXT OF TARIFFS MODERATION CRE2 CRE3 €2.0bn €3.0bn 800 12% 11% 700 10% 12,0% 9% 600 8% 10,0% 500 7% 8,0% 7,5% 6% 400 5% 6,0% 3,4% 4% 300 3,0% 4,0% 2,1% 3% 1,5% 3,0% 2,4% 1,0% 1,8% 1,7% 200 2% 2,0% 1,6% 0,8% 0,6% 0,6% 1,0% 1% 100 0,0% 0% 0,0%
Slide 7: A leader regarding corporate social responsibility
A LEADER REGARDING CORPORATE SOCIAL RESPONSIBILITY A continuous improvement of the extra-financial rating in 2018 EthiFinance rating : 86/100 (vs. 82/100 in 2016, 78/100 in 2014) One of the only French company of the « Transport » sector and the only European airport included in the World and Eu
Slide 8: Opening of new lines in Paris, strong axis of traffic development
THE OPENING OF NEW LINES IN PARIS, STRONG AXIS OF TRAFFIC DEVELOPMENT In number of intercontinental destinations in Paris-CDG1 2018, record of intercontinental destinations for 115 111 110 Paris Aéroport 110 105 106 Paris-Charles de Gaulle, Europe's most connected airport in 105 terms of interco
Slide 9: Work on track to deliver new infrastructures on time
WORK ON TRACK TO DELIVER NEW INFRASTRUCTURES ON TIME IN ORDER TO OPTIMISE CAPACITIES FOR THE TRAFFIC OF TOMORROW Connection of the terminal 1 international satellites at Paris-Charles de Gaulle Terminal B restoration and construction of the connection between terminals 2B and 2D Groupe ADP - 201
Slide 10: New commercial concepts showed great performance
NEW COMMERCIAL CONCEPTS SHOWED GREAT PERFORMANCE : ‘THE ULTIMATE PARISIAN SHOPPING & DINING EXPERIENCE’ Successfull new retail areas within the Hall K of terminal 2E to replicate Louis Vuitton’s opening The new Buy Paris Digital advertising space The new food court at the terminal 2F, a model to
Slide 11: Preparation for the future development of TAV Airports
PREPARATION FOR THE FUTURE DEVELOPMENT OF TAV AIRPORTS The acquisition of the co-control of Antalya by TAV Airports in May 2018 will provide a significant growth driver Traffic increased by 22% compared to 2017 Second-largest airport in Turkey in terms of international traffic The service co
Slide 12: 2018 Financial Results
02 2018 FINANCIAL RESULTS Philippe Pascal CFO
Slide 13: Groupe ADP, the world's leading airport group by passengers in 2018
GROUPE ADP, THE WORLD'S LEADING AIRPORT GROUP BY NUMBER OF PASSENGERS IN 2018 GROUPE ADP IS BENEFITING FROM GOOD INTERNATIONAL DYNAMICS / Traffic of the main airports of Groupe ADP in / Groupe ADP vs. PEERS in 2018 2018 +4.0% 2018 / 2017 72 +6.0% 68 Groupe ADP (1) 281 +7.6% of which TAV @100% (2) 15
Slide 14: Paris Aéroport's traffic up by 3.8%
PARIS AÉROPORT’S TRAFFIC UP BY 3.8% 105.3 MILLION PASSENGERS IN 2018 / Paris Aéroport vs. peers 2018 / 2017 Dynamism of Paris Aéroport’s traffic Paris-CDG+ORY 105 +3.8% (+3.8%), despite the first semester strikes (+4.5% excluding strikes): London-Heathrow 80 +2.7% CDG: +4.0%, at 72.2 mPax Amster
Slide 15: Growth in Paris Aéroport traffic over 2018
GROWTH IN PARIS AÉROPORT TRAFFIC (PARISIAN AIRPORTS) OVER 2018 DRIVEN BY THE DYNAMISM OF INTERNATIONAL TRAFFIC NORTH AMERICA 10.4% EUROPE + 8.7 % 43.8% FRANCE + 3.8% 15.4% ASIA/PACIFIC Canada: - 1.7% 6.5% + 9.4 % + 5.8% U.S.A.: MIDDLE-EAST Japan: + 8.9 % FRENCH OVERSEAS TERRITORIES +4.5% 4.3% AFRICA
Slide 16: Revenue up by 23.8% to €4,478 million
REVENUE UP BY 23.8% TO €4,478 MILLION DYNAMISM OF AVIATION ACTIVITIES AND POSITIVE IMPACT OF THE CONSOLIDATION OF TAV AIRPORTS AND AIG Retail and services: International and airports +4.9% developments +23.8% M€ (B) 4,478 (A) 175 550 15 6 13 13 15 8 5 3,617 78 +4.8% +13.4% +6.0% +7.6% 2017 revenue A
Slide 17: EBITDA growth in 2018 thanks to growing traffic and control over expenses
EBITDA GROWTH IN 2018 THANKS TO GROWING TRAFFIC AND CONTROL OVER EXPENSES (B) Operating expenses of ADP SA: +1.2% (A) 1,961 54 268 1,567 137 75 36 26 M€ 2017 Groupe Growth in revenue Purchases and Employee Other incomes Change in TAV Change in AIG 2018 Groupe ADP EBITDA (excluding FC of External ser
Slide 18: TAV Airports in 2018
TAV AIPORTS IN 2018 / GROWTH IN ALL INDICATORS FOR TAV AIRPORTS In m€ 2017 2018 2018/2017 TAV AIRPORTS proforma Results withstood the effects of exchange rates Revenue 1,169 1,139 +2.7% despite the significant depreciation of the Turkish OPEX & Concession fee -655 -657 -0.4% lira EBITDA 514 481 +6
Slide 19: Net income attributable to the Group offsetting non-recurring items in 2017
NET INCOME ATTRIBUTABLE TO THE GROUP OFFSETTING NON-RECURRING ITEMS IN 2017 Of which: Of which : Of which capital gain TAV Airports : -€135m linked to the sale of Hub TAV Airports: -€28m Safe in 2017 (-€27m) AIG: -€35m AIG: -€43m +6.9% 189 38 25 393 35 27 75 41 610 571 2017 NRAG EBITDA Amort
Slide 20: A solid financial situation as of 31 December 2018
A SOLID FINANCIAL SITUATION AS OF 31 DECEMBER 2018 DEBTS REPAYMENT SCHEDULE (€ MILLION) 34 32 145 5 59 24 82 111 63 5 41 37 94 83 87 74 136 168 680 564 613 588 515 513 513 513 413 413 10 79 16 24 13 13 13 13 11 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032-2038 Airport Intern
Slide 21: Outlook & Conclusion
03 OUTLOOK & CONCLUSION Augustin de Romanet Chairman and CEO
Slide 22: 2019 Forecasts
2019 FORECASTS Traffic growth assumption for Paris Aéroport between +2.0% and +2.5% Group traffic Traffic decline assumption for TAV Airports Group between -38% and -42% excluding Istanbul Atatürk in 2019 Consolidated EBITDA excluding the full consolidation of TAV Airports and AIG: increase be
Slide 23: Upward revision of several 2020 Group targets (1/2)
UPWARD REVISION OF SEVERAL 2020 GROUP TARGETS (1) (1/2) Guidances as published on 12 New targets October 2015 +2.5% CAGR2016-2020 +2.8% - +3.2% CAGR2016-2020 Group’s traffic Of which international traffic: +3.6% of which international traffic: +3.6% -+4% Regulated ROCE (2) 5.4% 5.6% - 5.8% Regulated
Slide 24: Upward revision of several 2020 Group targets (2/2)
UPWARD REVISION OF SEVERAL 2020 GROUP TARGETS (1) (2/2) Guidances as published on 12 October New targets 2015 Sales/PAX €23 euros on a full-year basis after delivery of unchanged the infrastructure projects Quality of service 4 4 on a full-year basis after delivery of the infrastructure projects Rea
Slide 25: Indicative schedule of upcoming deadlines: the Terminal 4 project
INDICATIVE SCHEDULE OF UPCOMING DEADLINES THE TERMINAL 4 PROJECT Public inquiry for the Contracting party Public consultation Debriefing single environmental Start of work decision permit Consultation goals Ensure that stakeholder Involve residents in project Provide information about the expectatio
Slide 26: Indicative schedule: preparation of next economic regulation agreement 2021-2025
INDICATIVE SCHEDULE OF UPCOMING DEADLINES PREPARATION OF THE NEXT ECONOMIC REGULATION AGREEMENT 2021-2025 Public Public consultation and Negotiations with Submittal to ISA Signature of the 15 February: Annual results Prior Cocoéco consultation Cocoaéro (Airport the French State for approval ERA docu
Slide 27: Investor Day on Friday, April 5, 2019 in Paris
INVESTOR DAY ON FRIDAY, APRIL 5, 2019 IN PARIS Groupe ADP - 2018 Full Year results|26
Slide 28: Appendices
04 APPENDICES
Slide 29: 2018 Detailed Group Income Statement
2018 DETAILED GROUP INCOME STATEMENT (In €m unless stated otherwise) 2018 2017 2018/2017 Passengers Groupe ADP (mPax) 281.4 261.5 +7.6% +19,8MPax Of which Paris Aéroport passengers (mPax) 105.3 101.5 +3.8% +3,8MPax Revenue 4,478 3,617 +23.8% +€861m Of which TAV Airports 1,166 616 +89.3% +€550m Of wh
Slide 30: Growth of all financial indicators in a context of growing traffic
GROWTH OF ALL FINANCIAL INDICATORS IN A CONTEXT OF GROWING TRAFFIC & STRUCTURING OPERATIONS REVENUE +23.8% Contribution of 4478 AIG Growth in airport fees (+5.6%) driven by traffic dynamics and the increase in tariffs 175 from 1 April 2018, in spite of the first semester strikes 3617 1166 Contribu
Slide 31: Aviation
AVIATION 2018 INCOME STATEMENT / EBITDA & OP. INCOME FROM ORDINARY / REVENUE (€ MILLION) ACTIVITIES (€ MILLION) +4.3% +12.8% EBITDA 8 11 1,890 11 6 +9.4% Op. income from ord. act. 1 1,813 43 603 551 307 272 27,0 % 10,4 % 28,0 % 10,7 % 2017 Passengers Landing Parking Ancillary fees Revenue Other 2018
Slide 32: Aviation: Group traffic by airport
AVIATION GROUP TRAFFIC BY AIRPORT Stake- Group traffic Group ADP weighted 2018 / (in million passengers) stake (1) traffic 2017 (3) (mPax) (2) Paris Aéroport (CDG+ORY) @ 100% 105.3 +3.8% Zagreb @ 20.8% 0.7 +7.9% Jeddah-Hajj @ 5% 0.4 -8.8% Amman @ 100% 8.4 +6.4% Groupe ADP Mauricius @ 10% 0.4 +3.5% C
Slide 33: Aviation: Monthly change in Paris Aéroport traffic
AVIATION MONTHLY CHANGE IN PARIS AÉROPORT TRAFFIC / MONTHLY CHANGE IN PARIS AÉROPORT TRAFFIC Q1 Q2 Q3 Q4 2018: +3.7% 2018: +2.3% 2018: +4.2% 2018: +4.9% 2017: +5.0% 2017: +5.0% 2017: +4.2% 2017: +3.7% Monthly mPax change 10 +8% +7% 9 +6% +5% 8 +4% +3% 7 +2% +1% 6 +0% -1% 5 -2% Jan. Feb. Mar. April M
Slide 34: Retail and Services
RETAIL AND SERVICES 2018 INCOME STATEMENT / EBITDA & OP. INCOME FROM ORDINARY / REVENUE (€ MILLION) ACTIVITIES (€ MILLION) +4.9% +13.3% EBITDA 13 1,000 Op. income from ord. act. +8.9% 5 6 11 7 580 533 953 15 458 404 2017 Airside shops Bars and Other retail Industrial Other retail Revenue 2018 56,0%
Slide 35: Retail and Services: commercial rents and sales/pax
RETAIL AND SERVICES FOCUS ON COMMERCIAL RENTS AND SALES/PAX(1) IN 2018 / RETAIL ACTIVITIES / SALES/PAX 2018: €18.4 +6.8% 490 459 +0.6% 33.0 32.3 -8,5 % 318 Airside shops: +4.8% 303 18.2 18.4 -8,3 % 20 Landside shops: +9.0% 19 48 7.4 Bars & restaurants: +13.4% 42 7.1 55 -1,8% Advertising: +10.0% 50 O
Slide 36: Retail and Services: commercial joint ventures
RETAIL AND SERVICES FOCUS ON COMMERCIAL JOINT VENTURES IN 2018 In €m REVENUE (1) EBITDA NET INCOME +4.8% 906 SDA (retailing JV with Lagardère Travel Retail) 865 -1.8% Revenue was up (+2.9%) despite the modernizing 24 works in the terminal 2E 24 Relay@ADP 742 16 Revenue up by 15.7%, driven by
Slide 37: Real Estate
REAL ESTATE 2018 INCOME STATEMENT / EBITDA & OP. INCOME FROM ORDINARY / REVENUE (€ MILLION) ACTIVITIES (€ MILLION) -37.2% +6.0% EBITDA -29.4% 265 209 ROC 5 250 10 161 148 101 56,7% 61,9 % 39,7% 39,4 % 83,5% 56,7 % 64,7% 39,8 % 2017 revenue External revenue Internal revenue 2018 revenue FY 2017 FY 20
Slide 38: Real Estate: projects pipeline as at end of December 2018
REAL ESTATE PROJECTS PIPELINE AS AT THE END OF DECEMBER 2018 Airport Segment ADP Role Operator Project Opening Floorspace (sq.m.) CDG Diversification Developer Sogafro/SDV Offices and warehouses 2016 37,500 CDG Aeronautical Investor Aerolima Equipment maintenance centre 2016 4,300 CDG Aeronautical D
Slide 39: International and Airport Development
INTERNATIONAL AND AIRPORT DEVELOPMENT 2018 INCOME STATEMENT / EBITDA & OP. INCOME FROM ORDINARY / REVENUE (€ MILLION) ACTIVITIES (€ MILLION) +€730m +€153m EBITDA 1412 +€333m Op. income from ord. act. 585 550 682 175 7 2 339 252 186 2017 ADP ADP AIG TAV Airports 2018 revenue Ingénierie International
Slide 40: International footprint – 2018 passenger traffic
INTERNATIONAL AND AIRPORT DEVELOPMENT GROUPE ADP INTERNATIONAL FOOTPRINT – 2018 PASSENGER TRAFFIC France Schiphol Group (8%) Liège (25.6%) Zagreb (ADP 21% & TAV 15%) Macedonia (100%) Georgia (76%) Paris-CDG: 72.2 mpax 71.0 mpax Strategic partner 3.3 mpax Skopje & Ohrid: 2.3m pax Tbilisi
Slide 41: Other Activities
OTHER ACTIVITIES 2018 INCOME STATEMENT / EBITDA & OP.INCOME FROM ORDINARY / PRODUCTS (€ MILLION) ACTIVITIES (€ MILLION) EBITDA Op. income from ord. act. -28.3% +24 217 +86.4% 1 47 63 155 33 25 12,9% 12,8 % 6,4% 5,8 % 9 11,6% 12,9 % 4,3% 6,4 % 2017 products Hub One Hub Safe 2018 products FY 2017 FY 2
Slide 42: Excellent extra-financial performance - outperformance
EXCELLENT EXTRA-FINANCIAL PERFORMANCE - OUTPERFORMANCE MAIN ACHIEVEMENTS IN 2018 GROUPE ADP EXTRA-FINANCIAL RATING AT THE END OF 2018 86/100 (+4 points/2016) Greater commitments and improved performance in all areas of Corporate Social Responsibility (CSR) Inclusion in the main ISR indexes (1) inclu
Slide 43: Disclaimer
Disclaimer This presentation 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