Aeroports de Paris · EURONEXT:ADP
Aeroports de Paris — Groupe ADP — H1 2022 Earnings Presentation
34 slides from Aeroports de Paris's earnings presentation, Jul 28, 2022
Slide 1: 2022 Half-Year Results
2022 HALF-YEAR RESULTS 28 JULY 2022 1
Slide 2: Half-Year 2022 Highlights
HALF-YEAR 2022 HIGHLIGHTS 2022 Half-year results 2
Slide 3: Groupe ADP delivers a clear improvement in performance
GROUPE ADP DELIVERS A CLEAR IMPROVEMENT IN PERFORMANCE H1 2022 FINANCIAL RESULTS EBITDA REVENUE €2,006M €702M + 102,7 % vs. H1 2021 EBITDA margin up 19.4pts 35.0% OPERATING INCOME NET RESULT from ordinary activities group share €340M €160M ACCELERATION OF TRAFFIC RECOVERY IN 2022 LEADING TO UPGRADE
Slide 4: Fully engaged to accompany the rebound of traffic in Paris
FULLY ENGAGED TO ACCOMPANY THE REBOUND OF TRAFFIC IN PARIS STRONG REBOUND OF TRAFFIC IN PARIS AEROPORT, AT 71.6% OF H1 2019 TRAFFIC Q1 2022 traffic at Q2 2022 traffic at Traffic level expected occasionally Paris Aéroport Paris Aéroport close or higher than the 2019 level over the summer months of th
Slide 5: Paris-CDG voted best airport in Europe
RECOGNITION OF OUR FOCUS ON HOSPITALITY AND QUALITY OF SERVICE 5 GROUPE ADP AIRPORTS IN THE SKYTRAX 2022 TOP 100 RANKING PARIS-CDG VOTED BEST AIRPORT IN EUROPE PARIS-CDG Paris PARIS-ORLY Aéroport ranked 6th - up from 15th ranked 46th - up from 73rd Best airport in Europe DELHI HYDERABAD GMR Airports
Slide 6: Rolling out our ESG strategy – H1 highlights
1 ROLLING OUT OUR ESG STRATEGY – H1 HIGHLIGHTS ENVIRONMENT TERRITORIES EMPLOYER GOVERNANCE Imaging the sustainable Boosting the attractiveness Attracting talent, developing Managing our business airport of tomorrow of our regions career paths and empowering responsibly employees Committed into the p
Slide 7: 2025 Pioneers: a new step in our hospitality strategy with Extime
2025 PIONEERS : A NEW STEP IN OUR HOSPITALITY STRATEGY WITH EXTIME LAGARDERE TRAVEL RETAIL CHOSEN AS THE FUTURE PARTNER IN JC DECAUX CHOSEN AS THE FUTURE PARTNER IN EXTIME DUTY FREE PARIS EXTIME MEDIA 51-49% Joint venture, consolidated by Groupe ADP 50-50% Joint venture, consolidated by Groupe ADP W
Slide 8: HY 2022 Financial Results
HY 2022 FINANCIAL RESULTS 2022 Half-year results 8
Slide 9: Traffic recovery dynamic in Paris is close to that recorded in international
TRAFFIC RECOVERY DYNAMIC IN PARIS IS CLOSE TO THAT RECORDED IN INTERNATIONAL Strong rebound of traffic in Paris Aéroport Solid recovery of traffic at Group level(1) Traffic : in MPAX Traffic : in MPAX FY FY 108.0 349.0 74-84% 72-82% hypothesis hypothesis for FY 2022 for FY 2022 in % of 2019 in % of
Slide 10: Strong recovery of traffic at Paris Aéroport
STRONG RECOVERY OF TRAFFIC AT PARIS AÉROPORT PARIS AEROPORT TRAFFIC ARRIVALS AND DEPARTURES SHARE OF TOTAL RECOVERY COMPARED AT PARIS AÉROPORT TRAFFIC IN H1 2022 TO H1 2019 INTERNATIONAL TRAFFIC3 LOW-COST TRAFFIC France 15.8% 73.5% 38.6% 40.7% 27.3% 22.4% Europe (excluding France) 45.6% 74.3% of H1
Slide 11: Focus on TAV Airports traffic recovery
FOCUS ON TAV AIRPORTS TRAFFIC RECOVERY SOLID DYNAMIC IN TOURISTIC …UNDERPINNED BY TRAFFIC FROM/TO AIRPORTS… UK AND GERMANY ANTALYA MILAS-BODRUM UNITED KINGDOM & GERMANY 76.0% 84.6% 141.5% 106.2% 4.4MPax of H1 2019 traffic of H1 2019 traffic in H1 2022 of H1 2019 traffic of H1 2019 traffic TAV AIRPOR
Slide 12: Focus on inflation on revenue, operating expenses and capital expenses
FOCUS ON INFLATION ON… REVENUE OPERATING EXPENSES CAPITAL EXPENSES PARIS AEROPORTS DE PARIS SA Airport & ancillary fees (reg.) Expecting modest impact of inflation in 22-23 - Ability to adjust tariffs, albeit a time-lag Protected by long term contracts in majority Exposure to inflation varies accord
Slide 13: H1 2022 financial results: all indicators improving
H1 2022 FINANCIAL RESULTS : ALL INDICATORS IMPROVING REVENUE EBITDA 2,006 702 +€1,017M +€547M NET DEBT 989 8,027 8,309 +€282M 155 15.6% 35.0% Margin Margin H1 2021 H1 2022 H1 2021 H1 2022 OPERATING INCOME NET RESULT FROM ORDINARY ACTIVITIES GROUP SHARE H1 2021 H1 2022 340 160 NET DEBT/EBITDA NET DEB
Slide 14: Revenue doubled vs. H1 2021
REVENUE DOUBLED VS. H1 2021 In €M +€1,016M PARISIAN ACTIVITIES 2,006 57 5 16 256 10 202 135 369 989 Retail and services International & airport development H1 2021 Revenue Aviation Retail and SDA and Real estate TAV Airports AIG Other Other activities H1 2022 Revenue services (excl. Relay@ADP Intern
Slide 15: Strong increase in EBITDA
STRONG INCREASE IN EBITDA In €M +€547M 174 145 40 4 18 95 704 1,016 Margin Margin 15.6% 35.0% 155 +129.4% +44.3% +11.7% H1 2021 EBITDA Increase Consumables External Services Employee Taxes other than Other operating Other income H1 2022 EBITDA in revenue benefit costs income taxes expenses and expen
Slide 16: Return to a positive net result
RETURN TO A POSITIVE NET RESULT In €M +€332M 0 22 59 100 128 0 24 160 547 -172 H1 2021 Change Amortisation Share of profit Other income Financial result Income tax Net result from Net result H1 2022 Net result, in EBITDA and impairment or loss in and expenses discontinued attributable to Net result,
Slide 17: Financial situation as at end June 2022
FINANCIAL SITUATION AS AT END JUNE 2022 DEBT REPAYMENT SCHEDULE (principal excluding interest as of 30/06/2022 in €M) 1,500 1,741 ADP excl. TAV Airports and AIG 502 1,082 600 TAV Airports 501 500 750 750 20 500 522 179 50256 83 12 48 39 29 0 32 211 119 0 Airport International Group 0 0 1 0 0 0 2033
Slide 18: Regulation processes ongoing
REGULATION PROCESSES ONGOING FIRST STEPS OF THE 2023 TARIFFS APPROVAL PROCESS 1st Economic Consultative Decision by the ART Filling of the airport fees Commission held expected at the beginning of 2023 proposal by fall 2022 on 24 June 2022 DISCUSSIONS WITH THE AIRLINES REGARDING THE ALLOCATION KEYS
Slide 19: Outlook
OUTLOOK 2022 Half-year results 19
Slide 20: Acceleration of traffic recovery leading to upgraded guidance
ACCELERATION OF TRAFFIC RECOVERY IN 2022 LEADING TO UPGRADE CERTAIN FINANCIAL GUIDANCES IN 2022 AND 2023(1) 2022 traffic assumptions lifted • Between 74% and 84% of the 2019 group traffic (vs. 70-80% previously) Group traffic(2) • Between 72% and 82% of the 2019 Paris Aéroport traffic (vs. 65-75% pr
Slide 21: Appendices
APPENDICES 2022 Half-year results 21
Slide 22: Summary of forecasts and targets 2022-2025 (1/3)
SUMMARY OF FORECASTS AND TARGETS 2022-2025 (1/3) 1 74% - 84% Group traffic2 (vs. 70-80% previously) Return of the 2019 traffic level between 2023 and 2024 - in % of 2019 traffic Lifted assumption 72% - 82% 85% - 95% 90% - 100% 95% - 105% (vs. 65-75% previously) Traffic at Paris Aéroport Lifted assum
Slide 23: Summary of forecasts and targets 2022-2025 (2/3)
SUMMARY OF FORECASTS AND TARGETS 2022-2025 (2/3) 1 ADP SA operating expenses by passenger - - €16-€18/pax in € Group EBITDA growth Return to the 2019 level compared to 2019 - - EBITDA above or equal to - €1,772M Group EBITDA margin Between 32% and 37% (vs. 30-35% previously) Between 35% and 40% In %
Slide 24: Summary of forecasts and targets 2022-2025 (3/3)
SUMMARY OF FORECASTS AND TARGETS 2022-2025 (3/3) 1 Group investments 1 billion euros per year on average between 2022 and 2025 (excl. financial investments) At Group level (ADP SA and subsidiaries) in constant euros ADP SA investments (excl. financial investments €550M – €600M €750M - €800M €650M -
Slide 25: Group traffic in H1 2022
GROUP TRAFFIC IN H1 2022 Group traffic 2022/2021(1) Compared to 2019 in Mpax (MPax) change (in %) level(1) Paris Aéroport (CDG+ORY) 37.5 +249.2% 71.6% Zagreb 1.3 +285.1% 84.7% Jeddah-Hajj 0.4 N/A 10.3% Amman 3.2 +163.4% 78.3% Conakry 0.3 +50.7% 112.5% Santiago de Chile 8.7 +161.4% 69.2% Madagascar 0
Slide 26: Detailed H1 2022 consolidated income statement
DETAILED H1 2022 CONSOLIDATED INCOME STATEMENT In millions of euros H1 2022 H1 2021(1) 2022 / 2021 Revenue 2,006 989 +1,017 Operating expenses -1,367 -994 -373 Other expenses and incomes 64 159 -95 EBITDA 702 155 +547 Amortisation and impairment of tangible and intangible assets -356 -333 -23 Share
Slide 27: Aviation: monthly change in Paris Aéroport traffic
AVIATION Monthly change in Paris Aeroport traffic PARIS AIRPORT TRAFFIC BY QUARTER COMPARED TO 2019 Mpax Q1 in % of 2019 Q2 in % of 2019 Q3 in % of 2019 Q4 in % of 2019 2022: 61.4% 2022: 80.1% 2021: 51.3% 2021: 61.7% 12 2021: 19.7% 2021: 21.2% 2020: 26.5% 2020: 20.6% 2020: 79.1% 2020: 3.5% 10 8 6 4
Slide 28: Aviation H1 2022 – Income statement
AVIATION H1 2022 – Income statement REVENUE (€M) +99.2% 741 40 0 56 30 51 191 372 H1 2021 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products H1 2022 Revenue airport safety and security services (in millions of euros) H1 2022 H1 2021 2022/2021 Revenue 741 372
Slide 29: Retail and services H1 2022 – Income statement
RETAIL AND SERVICES H1 2022 – Income statement REVENUE (€M) +116.4% 625 23 11 15 36 51 31 170 289 H1 2021 Société de Relay@ADP Other retail Car parks and Industrial Rental income Other income H1 2022 Revenue Distribution activities access roads services Revenue Aéroportuaire (in millions of euros) H
Slide 30: Real estate H1 2022 – Income statement
REAL ESTATE H1 2022 – Income statement REVENUE (€M) +6.8% 1 1 156 6 146 5 H1 2021 Revenue Land Buildings External revenue Internal revenue H1 2022 Revenue (in millions of euros) H1 2022 H1 2021 2022/2021 Revenue 156 146 +€10M External revenue 132 121 +€11M • Revenue: +6.8% Land 60 55 +€5M • EBITDA:
Slide 31: Real estate projects pipeline as at end of June 2022
REAL ESTATE Projects pipeline as at the end of June 2022 Airport Segment ADP Role Operator Project Opening Floorspace (sq.m.) CDG Aeronautical Investor TCR Equipment maintenance center 2017 1,300 CDG Diversification Investor Siège social Offices 2017 17,100 CDG Diversification Investor Divers Wareho
Slide 32: International and airport development H1 2022 – Income statement
INTERNATIONAL AND AIRPORT DEVELOPMENT H1 2022 – Income statement REVENUE (€M) +143.5% 538 4 0 256 1 221 57 H1 2021 Revenue AIG ADP Ingénierie TAV Airports Société de Distribution Others H1 2022 Revenue Aéroportuaire Croatie (in millions of euros) H1 2022 H1 2021(1) 2022/2021 Revenue 538 221 +€317M A
Slide 33: Other activities H1 2022 – Income statement
OTHER ACTIVITIES H1 2022 – Income statement PRODUCTS (€M) +€0M 83 83 1 0 H1 2021 Products Hub One Others H1 2022 Products (in millions of euros) H1 2022 H1 2021 2022/2021 Products 83 83 - • Products: stable at €83M Hub One 78 77 +€1M EBITDA 13 12 +€1M • EBITDA: down by -€1M Operating income from ord
Slide 34: 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 d