Earnings Release • Feb 22, 2012
Earnings Release
Open in ViewerOpens in native device viewer
Paris, 23 February 2012
Record year in terms of traffic: +5.7% with 88.1 million passengers handled Robust annual results:
Disposal of 80% of ground handling activities
Strengthening partnerships in commercial activities:
Guidance:
Pierre Graff, Chairman and Chief Executive Officer of Aéroports de Paris, said:
"The year 2011 was a record year for traffic: it reaches more than 88 million passengers and nearly 2.5 million tons of freight and mail. With 42 million Euros directly invested to improve customer satisfaction, this year was also marked by the continuation of our efforts in terms of quality of service.
As evidenced by the 5.5% growth in EBITDA, the Group results are strong and show the relevance of our development strategy. Revenues benefited from the growth of aeronautical revenue and the rise in sales per passenger in restricted areas, which was up by over 5% this year and exceeded the €15 threshold.
With a powerful hub, deeply modernised infrastructure and a resilient business model, the Group has strong assets to further grow. In 2012, Aéroports de Paris will reach a new milestone with the opening of two major projects at Paris-Charles de Gaulle: the junction between terminals A and C in April and satellite 4 in July.
In an uncertain economic environment, we assume a moderate growth in traffic, revenue and EBITDA in 2012."
1 Excluding the impact of the disposal of Masternaut group, the consolidated revenue for 2011 rose by 2.7% to €2,489 million
2 Excluding the impact of the disposal of Masternaut group, the consolidated EBITDA rose by 6.4% to €974 million
During 2011, passenger traffic rose by 5.7% reaching 88.1 million passengers compared to 83.4 million in 2010. It rose by 4.8% at Paris-Charles de Gaulle (61.0 million passengers) and by 7.7% at Paris-Orly (27.1 million passengers). Traffic increased by 7.4% during the 1st half of 2011 and by 4.2% during the 2nd half of the year. The connecting rate increased by 0.5 point to 23.7%.
Excluding non recurring events occurred in 2010 (eruption of the Icelandic volcano and bad weather conditions during December), traffic would have recorded an increase of 3.7% (3.9% excluding only the volcano).
In 2011, low-cost carriers, which accounted for 13.6% of all traffic, saw their passenger numbers increase by 11.3% compared to 2010.
Breakdown of total traffic by destination:
| 2011 | % of total traffic | |
|---|---|---|
| Domestic | +7.2% | 18.9% |
| Europe | +8.4% | 42.2% |
| International (excl. Europe), Incl. |
+2.2% | 38.8% |
| Africa | -2.9% | 11.2% |
| North America | +5.9% | 9.8% |
| Asia - Pacific | +7.9% | 6.4% |
| Middle East | -6.5% | 4.3% |
| French overseas territories | +7.6% | 3.9% |
| Latin America | +5.6% | 3.2% |
| Total traffic | +5.7% | 100.0% |
The number of aircraft movements increased by 3.9% to 735,422. On average, the aircraft occupancy rate for the year stood at 76.9%, which represents an increase of 0.9% compared to 2010.
At Paris-Le Bourget airport, traffic rose by 4.5% to 59,003 movements.
Freight and mail activity decreased by 3.8% with 2,405,622 tons being transported.
Geopolitical events in Libya
As a result of the geopolitical events in Libya, all ADPI activity in this region has been interrupted. Considering this situation, a partial depreciation in Libyan receivables amounting to €21 million was recorded. In 2010, ADPI revenue in Libya was €23 million.
Majority disposal of ground-handling activities
On 30 December 2011, Aéroports de Paris sold 80% of the share capital of companies owned by Alyzia group - which operates ground-handling services at Paris-Charles de Gaulle, Paris-Orly and Paris-le Bourget airports - to Groupe 3S. In 2011, the net results of those activities amounted to - €13 million compared to -€9 million in 2010.
Security operations carried out by Alyzia Sûreté within Alyzia group remain wholly owned by Aéroports de Paris.
Disposal of Masternaut group
On 15 April 2011, Hub télécom, a 100% owned subsidiary of Aéroports de Paris, disposed of Masternaut International and its subsidiaries (Masternaut Group) to Cybit of which Francisco Partners investment fund - specialising in the technology sector - is a shareholder. The capital gain amounted to €15 million. In 2010, Masternaut Group revenue was around €60 million.
Extension of the partnership within Société de Distribution Aéroportuaire
Aéroports de Paris and Lagardère Services announced that they extend their partnership within Société de Distribution Aéroportuaire - which operates alcohol/tobacco/perfume/cosmetics and gastronomy activities at Paris-Charles de Gaulle and Paris-Orly airports - until 31 October 2019.
Creation of the joint venture: Relay@ADP
The partnership with Lagardère Services has been extended to include the operation of shops selling press, books, drinks, sandwiches and souvenirs. As a result, the company Relay@ADP, 49% of which is held by Aéroports de Paris, 49% by Lagardère Services and 2% by Société de Distribution Aéroportuaire was created on 4 August 2011. The lease will expire on 31 October 2019.
Merger of Duty Free Paris and Société de Distribution Aéroportuaire
On 31 December 2011 (with retroactive effect for accounting and taxation from 1 January 2011), Duty Free Paris and Société de Distribution Aéroportuaire merged. Prior to this merger, Aelia, a subsidiary of Lagardère Services had purchased the shares held by The Nuance Group in Duty Free Paris and Aéroports de Paris has sold to Société de Distribution Aéroportuaire its shares in Duty Free Paris. All of the leases though which Société de Distribution Aéroportuaire is able to carry out its business activities will expire on 31 December 2020.
Following this merger, the Société de Distribution Aéroportuaire now manages 118 stores across all Paris-Charles de Gaulle and Paris-Orly terminals, 73 of which focus on core business (alcohol/tobacco/perfume/cosmetics and food) and 45 are dedicated to fashion and accessories.
Creation of the joint venture: Média Aéroports de Paris
The company Média Aéroports de Paris, held in equal parts by Aéroports de Paris and JCDecaux, was created on 23 June 2011. The aim of this joint venture is to use and commercialise advertising space, as well as to establish a televisual medium focusing on passenger/airport relations at the Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports.
In the context of the civil proceedings relating to the collapse of part of the boarding area in Terminal 2E of Paris-Charles de Gaulle Airport on 23 May 2004 and following the assessment of the damages estimated by the legal experts, compensation settlement agreements were implemented to extinguish the civil cases. The amount received by Aéroports de Paris was €50 million.
Fee tariffs
Average changes to airport and ancillary fee tariffs were as follows:
| As of 1 April 2011 |
As of 1 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 fees1 | +1.49% | +0.0% |
Airport security tax
On 1 January 2011, the tariff of the airport security tax was set at €11.5 per departing passenger (€10.0 in 2010) and at €1.0 per ton of cargo or post (identical to 2010).
Issuance of bonds
In July 2011, Aéroports de Paris issued a bond for €400 million. This loan bears interest at 4.0% and has a settlement date of 8 July 2021.
In November 2011, Aéroports de Paris issued a bond loan for €400 million. This loan bears interest at 3.875% and has a settlement date of 15 February 2022.
Repayment of a bank loan
In September 2011, Aéroports de Paris proceeded to the early repayment of a €200 million loan from European Investment Bank. Its settlement date was June 2021.
1 Excluding assistance fees for disabled people and those with restricted mobility (PHMR)
From the year ended 31 December 2011, Aéroports de Paris has adopted a new financial statements presentation consisting of the implementation of the option offered by the standard on Interests in Joint Ventures (IAS 31) and consolidating jointly controlled entities using the equity method. This change in methodology allows to comply with IFRS 11 which removes the method of proportionate consolidation and to provide more relevant information, this practice being commonly used in the airport sector.
A distinction is now made between the "profit/loss of associates from operating activities" and the "profit/loss of associates from non-operating activities".
The net result of associates from operating activities is accounted for between the EBITDA and the Operating Income from Ordinary Activities. It consists of Retail JVs, Real Estate JVs and the stake in Schiphol Group.
The net result of associates from non-operating activities is accounted for as previously, below the operating income. It consists of the other associates.
Furthermore, the sale of the 80% stake in Alyzia group resulted in the removal of the segment "Ground handling and related services". The ground handling activities of Alyzia group are accounted for "discontinued activities" under IFRS 5 and the 100% stake in Alyzia Sûreté (Security) is transferred to the segment "Other activities".
From 1 January 2012, the 20% share of the net result of the residual stake in Alyzia group is accounted for "profit/loss of associates from non-operating activities".
2010 pro forma financial statements have been prepared in accordance with the changes described above.
| In millions of € | 2010 as published |
2010 pro forma |
∆ | |
|---|---|---|---|---|
| Revenue | 2,739 | 2,480 | (259) | Ground Handling: (€117m) Retail JV: (€143m) |
| EBITDA | 927 | 922 | (5) | Ground Handling: +€5m Retail JV: (€10 m) |
| Associates from operating activities | - | 14 | +14 | Net Result of Retail JV: +€5m Net Result Schiphol Group: +€9m |
| Operating Income from Ordinary Activities |
543 | 557 | +14 | |
| Operating Income | 542 | 557 | +15 | |
| Associates/Associates from non operating activities |
11 | 2 | (9) | Net Result of Schiphol Group |
| Discontinued activities | - | (9) | (9) | Ground Handling |
| Net Result | 300 | 300 | 0 |
| In millions of € | 2010 as published |
2010 pro forma |
∆ | |
|---|---|---|---|---|
| Revenue | 944 | 801 | (143) | Revenue of the JVs: (€223m) Fees paid by the JVs: +€79m |
| EBITDA | 440 | 429 | (11) | |
| Associates from operating activities | - | 5 | +5 | Net result of the JVs |
| Operating Income from Ordinary Activities |
346 | 343 | (3) |
| In millions of € | 2010 as published |
2010 pro forma |
∆ | |
|---|---|---|---|---|
| Revenue | 262 | 318 | +56 | Alyzia Sûreté (security) |
| EBITDA | 31 | 33 | +2 | Alyzia Sûreté (security) |
| Associates from operating activities | - | 9 | +9 | Net Result of Schiphol Group |
| Operating Income from Ordinary Activities |
15 | 26 | +9 |
| In millions of € | 2011 | 2010 pro forma |
2011 / 20101 |
|---|---|---|---|
| Revenue | 2,502 | 2,480 | +0.9% |
| EBITDA | 972 | 922 | +5.5% |
| Operating income from ordinary activities2 | 607 | 557 | +9.1% |
| Operating income | 652 | 557 | +17.0% |
| Net finance income (expenses) | (98) | (100) | +1.5% |
| Net income attributable to the Group | 348 | 300 | +15.9% |
2011 saw a strong increase in passenger traffic, up by 5.7% (3.7% excluding the exceptional events of 2010). However, It was featured 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.
Consolidated revenue was up by 0.9% to €2,502 million. This rise mainly results from:
Excluding the impact of the disposal of Masternaut group, the consolidated revenue for 2011 amounted to €2,489 million, which represents an increase of 2.7% in comparison with the same period in 2010.
Despite the moderate increase in revenue, Aéroports de Paris group EBITDA grew substantially (+5.5% to €972 million) in 2011, reflecting a slight decrease in operating expenses (-0.3% to €1,599 million) and the favourable evolution of other income and expenses. Over the course of the year, the gross margin increased by 1.7% to 38.9%.
Capitalised production which relates to the capitalisation of internal engineering services provided within the framework of investment projects was up by 12.9% to €52 million due to sizeable projects in progress: the one stop security check process (Inspection Filtrage Unique) between Terminals 2E and 2F, and the junction between terminals A and C at Paris-Charles de Gaulle airport in particular.
Raw materials and consumables used decreased by 25.2% to €93 million, as a result of the disposal of the Masternaut group and the reduction in the consumption of winter products due to a milder climate in 2011 than in 2010.
The costs related to external services increased by 2.0% to €636 million driven by the increase in security services resulting from the growth in traffic.
1 Unless otherwise indicated, aforementioned percentages in this document compare data for the fiscal year 2011 to the pro forma fiscal year 2010
2 Current operating income operating income before the impact of certain non-current income and expenses
Group employee benefit costs decreased slightly by 0.5% and amounted €677 million. Group workforce reduced by 4.8% to 9,092 employees. Staff at the parent company (6,879 employees on average) is down by 1.1%. Related employee benefit costs increased by 3.2% to €559 million, due, in particular, to the increase in incentives and profit-sharing (64.1% and 35.7%, respectively). Staff and employee benefit costs of subsidiaries decreased respectively by 14.6% and 15.1%, essentially due to the disposal of Masternaut group in April 2011 and the fall in ADPI's activities.
Taxes other than income taxes increased by 14.6% to €176 million due to an unfavourable base effect. Indeed, Aéroports de Paris benefited in 2010 from an additional corporate tax relief related to the former business tax.
Other operating expenses were down by 25.8% to €17 million, due mainly to the reduction in losses on unrecoverable trade receivables.
Other income and expenses were a profit of €18 million in 2011, compared with profit of €1 million in 2010. These included, non-recurring elements for €8 million and reversals of provisions amounted 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.
Excluding the impact of the disposal of Masternaut group, EBITDA rose by 6.4% to €974 million.
The Operating Income from ordinary activities benefited from the strong growth in EBITDA and that of the share of profit of associates from operating activities (+34.7% to €18 million). It increased by 9.1% to €607 million.
Operating income benefited from the €44 million increase in other i operating expenses and income, including the settlement compensation in relation to the collapse of the boarding area in Terminal 2E at Paris-Charles de Gaulle airport (approximately €50 million), the capital gains resulting from the disposal of Masternaut group (€15 million) and the depreciation of receivables related to ADPI's activity in Libya (€21 million). It stood at €652 million, which represents an increase of 17.0%.
The net debt/equity ratio stood at 61% on 31 December 2011 compared to 66% at the end of 2010. The Group's net debt was fairly stable at €2,206 million on 31 December 2011 compared with €2,237 million on 31 December 2010.
The net finance income (expenses) fell slightly by 1.5% to - €98 million.
The net results of discontinued activities were a cost of €13 million compared with €9 million in 2010 and income taxes rose by 28.2% to €192 million. The net income attributable to the Group stood at €348 million, which represents an increase of 15.9%.
| In millions of € | 2011 | 2010 pro forma |
2011 / 2010 |
|---|---|---|---|
| Revenue | 1,505 | 1,450 | +3.8% |
| Airport fees | 835 | 795 | +5.0% |
| Ancillary fees | 169 | 172 | -1.8% |
| Airport security tax | 458 | 436 | +5.1% |
| Other revenue | 42 | 46 | -9.2% |
| EBITDA | 359 | 337 | +6.6% |
| Operating income from ordinary activities | 125 | 105 | +19.5% |
Revenue from the segment was up by 3.8% to €1,505 million during 2011.
Revenue from airport fees1 was up by 5.0% to €835 million as a result of an increase in traffic (+5.7%) and in tariffs (+1.49% on 1 April 2011), and this, despite an unfavourable trend of traffic mix (international traffic, which is more profitable, increasing less quickly than overall traffic) and the implementation, on 1 April 2011, of the incentive mechanism to bolster traffic.
Revenue from ancillary fees decreased by -1.8% to €169 million, with the increase in revenue from check-in desk fee and the fee for assisting persons with disabilities and reduced mobility being offset by a significant drop in the volume of aircraft de-icing services due to milder weather in 2011.
Airport security tax, which is used to fund security-related activities, stood at €11.50 per departing passenger as of 1 January 2011 (€10.00 in 2010). The revenue from this tax amounted to €458 million, an increase of 5.1% and took into account a €51 million decrease in the debt to the State recorded in the balance sheet, in respect of these activities.
Other revenue consisted, in particular, of reinvoicing the French Air Navigation Services Division and leases associated with the use of terminals. It amounted to €42 million, which represents a drop of 9.2%.
Thanks to effective control over operating expenses, the segment's EBITDA was up by 6.6% to €359 million. The gross margin stood at 23.9%, which represents an increase of 0.7 point.
Depreciation and amortisation remained virtually stable at €234 million. Operating income from ordinary activities increased by 19.5% to €125 million.
1 Passenger fee, landing fee and parking fee
| In millions of € | 2011 | 2010 pro forma |
2011 / 2010 |
|---|---|---|---|
| Revenue | 841 | 801 | +5.1% |
| Commercial activities | 315 | 282 | +11.5% |
| Car parks and access roads | 158 | 151 | +4.6% |
| Industrial services | 60 | 65 | -8.8% |
| Rental revenue | 97 | 97 | +0.1% |
| Other revenue | 212 | 206 | +3.2% |
| EBITDA | 463 | 429 | +7.8% |
| Associates from operating activities | 6 | 5 | +35.5% |
| Operating income from ordinary activities | 375 | 343 | +9.4% |
During the 2011 financial year, revenue from the retail and services segment rose by 5.1% driven by the increase in sales per passenger (+5.2% to €15.1).
Commercial activities include rents received from shops, bars and restaurants, advertising, banking and foreign exchange activities, and car rental companies. They saw their revenue grow by 11.5% to €315 million. In addition to this, rents from shops in restricted area came to €223 million, which represents a 13.7% increase. This performance was largely due to very good results of duty free stores, which benefited from a significant increase in sales per passenger (+8.9% to €27.6) as a result of a strong growth in traffic on routes where the passengers tend to spend more, such as Russia (+17.0%) and China (+8.4%).
Revenue from car parks and access roads rose by 4.6% to €158 million, driven by the increase in average expenditure per customer.
Revenue from the provision of industrial services (electricity and water supply) fell by 8.8% to €60 million due to the disruption of a turbine at the Paris-Charles de Gaulle cogeneration plant and a fall in consumption volumes due to milder weather in 2011 than in 2010.
Rental revenue (leasing of space within terminals) remained unchanged at €97 million.
Other revenue essentially consisted of internal services.
EBITDA for the segment rose by 7.8% to €463 million. The gross margin stood at 55.0%, up 1.4 point compared with 2010.
Operating income from ordinary activities was up by 9.4% to €375 million due to a combination of a slight increase depreciation and amortisation (+3.2% to €94 million), and a growth of 35.5% in the share of profit of associates from operating activities, which amounted to €6 million.
| In millions of € | 2011 | 2010 pro forma |
2011 / 2010 |
|---|---|---|---|
| Revenue | 241 | 233 | +3.8% |
| External revenue1 | 190 | 185 | +3.1% |
| Internal revenue | 51 | 49 | +6.2% |
| EBITDA | 129 | 122 | +5.2% |
| Operating income from ordinary activities | 88 | 83 | +6.3% |
Revenue from the real estate segment continued to grow (+3.8%) to €241million thanks to the good performance in external revenue. This amounted to €190 million, a growth of 3.1% driven by the positive impact of indexing revenue to the cost of construction on 1 January 2011 (+1.3%) and of rent from new occupations, such as those relating to the Aéroville project.
Internal revenue grew by 6.2% to €51 million.
Thanks to effective control over operating expenses, EBITDA was up by 5.2% to €129 million and the gross margin stood at 53.3%, which constitutes an increase of 0.7 point.
Operating income from ordinary activities was up by 5.6% to 88 million.
| In millions of € | 2011 | 2010 pro forma |
2011 / 2010 |
|---|---|---|---|
| Revenue | 255 | 318 | -19. 9% |
| EBITDA | 22 | 33 | -35.1% |
| Associates from operating activities | 13 | 9 | +34.4% |
| Operating income from ordinary activities | 20 | 26 | -26.2% |
Consolidated revenue from other activities was down by 19.9% to €255 million.
Hub télécom saw its revenue fall by 28.3% to €104 million following the disposal of the Masternaut group. Excluding the impact of the disposal of Masternaut group, it stood at €91 million, which represents an increase of 4.4%. EBITDA amounted to €18 million, which is a decrease of 30.9%. Excluding the impact of the disposal of Masternaut group, the EBITDA stood at €19 million, i.e. down by 1.0%. The operating income from ordinary activities amounted to €4 million and €7 million excluding the impact of the disposal of Masternaut group, which is a decrease of 4.4%.
ADPI saw its activity decrease in 2011, which was due, in particular, to the disruption of its activities in Libya. Its revenue stood at €74 million, a decrease of 25.5%. The substantial reduction in revenue was accompanied by a large reduction in operating expenses (-19.5%). EBITDA stood at €0.7 million, a decrease of 33.0%, and the operating income from ordinary activities was slightly up. At the end of December, the backlog (2011-2015) stood at €113 million.
Alyzia Sûreté's activity was up by 7.0% to €60 million due mainly to the increase in traffic. EBITDA and operating income from ordinary activities both stood at €1 million, which represents a decrease of 50.4% and 51.8% respectively.
Aéroports de Paris Management saw its revenue fall by 5.0% to €12 million. EBITDA and operating income from ordinary activities both stood at €2 million, which represents a decrease of 28.1% and 34.2% respectively.
1 Coming from third parties (outside the Group)
In an uncertain economic environment, Aéroports de Paris group makes the assumption of a moderate growth in passenger traffic, in revenue and EBITDA for 2012.
The 2015 EBITDA guidance is confirmed: +40% compared to 2009 EBITDA.
As of January 2012, Aelia, a subsidiary of Lagardère Services, integrated its Fashion and Accessories activities, operated via its subsidiary DFA, into Société de Distribution Aéroportuaire.
As of 1 April 2012, fees will increase by an average of 3.4% on a like-for-like basis. This increase corresponds to the rate of inflation reported between September 2010 and September 2011 and by 0.7% related to the quality of service adjustment factor. The increase authorised by upper limit of fee changes for the 2012 fee period, according to the provisions of the economic regulation agreement, was capped at +4.0%. To take into account the difficult circumstances that have been affecting the airline transport sector, Aéroports de Paris brought forward the introduction of the traffic adjustment factor by one year and decided to increase the annual fee rate by less than the maximum.
At its meeting on 22 February 2012, the Board of Directors decided to put to the vote at the next annual meeting of shareholder scheduled on 3 May 2012 a dividend payment of €1.76 per share for the 2011 financial year. Subject to the vote at the general meeting of shareholders, the payment date would be 18 May 2012. This dividend corresponds to a payout ratio of 50% of consolidated net income attributable to equity holders of the parent company for the 2011 financial year, in line with the payout guidance of Aéroports de Paris.
Florence Dalon / Vincent Bouchery: + 33 1 43 35 70 58 - [email protected]
Christine d'Argentré: + 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 financial statements at 31 December 2011 is in the process of being issued.
Consolidated financial statements at 31 December 2011 and the related report are available on the Group website (www.aéroportsdeparis.fr) in the section "Group / Finance / Publications".
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.
Aéroports de Paris Registered office: 291, boulevard Raspail, 75014 Paris A French limited company (Société Anonyme) with share capital of €296,881,806 552 016 628 RCS Paris
Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2011, Aéroports de Paris handled more than 88 million passengers and almost 2.5 million tons of 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 2011, the group revenue stood at €2,502 million and the net income at €348 million.
| (in thousands of €) | 2011 | 2010 pro forma |
|---|---|---|
| Revenue | 2,501,514 | 2,479,618 |
| Other ordinary operating income | 17,261 | 10,883 |
| Capitalized production | 52,514 | 44,625 |
| Changes in finished goods inventory | (368) | 1,547 |
| Raw materials and consumables used | (92,791) | (124,070) |
| Employee benefit costs | (677,014) | (680,563) |
| Other ordinary operating expenses | (829,273) | (800,036) |
| Depreciation and amortization | (383,114) | (378,753) |
| Impairment of assets, net of reversals | 150 | 2,282 |
| Net allowance to provisions | 233 | (12,413) |
| Profit/Loss of associates from operating activities | 18,190 | 13,509 |
| Operating income from ordinary activities | 607,302 | 556,629 |
| Other operating income and expenses | 44,198 | 380 |
| Operating income | 651,500 | 557,009 |
| Finance income | 88,912 | 81,193 |
| Finance expenses | (187,030) | (180,795) |
| Net finance costs | (98,118) | (99,602) |
| Profit/Loss of Associates/Associates from non operating activities | (590) | 1,821 |
| Income before tax | 552,791 | 459,228 |
| Income tax expense | (192,336) | (150,065) |
| Net results for continuing activities | 360,456 | 309,163 |
| Net results from discontinued activities | (13,419) | (8,787) |
| Net income for the period | 347,037 | 300,376 |
| Net income attributable to non-controlling interest | (776) | 309 |
| Net income attributable to owners of the parent | 347,813 | 300,067 |
| ASSETS (in thousands of €) | 2011 | 2010 pro forma |
|---|---|---|
| Intangible assets | 71,521 | 91,702 |
| Property, plant and equipment | 5,779,523 | 5,524,742 |
| Investment property | 419,427 | 429,618 |
| Investment in associates | 437,068 | 426,662 |
| Other non-current financial assets | 164,938 | 133,955 |
| Deferred tax assets | 1,071 | 4,946 |
| Non-currents assets | 6,873,548 | 6,611,625 |
| Inventories | 14,628 | 13,239 |
| Trade receivables | 610,636 | 644,152 |
| Other accounts receivable and prepaid expenses | 114,700 | 100,607 |
| Other current financial assets | 106,750 | 78,379 |
| Current tax assets | 266 | 948 |
| Cash and cash equivalents | 1,133,672 | 802,759 |
| Current assets | 1,980,652 | 1,640,085 |
| TOTAL ASSETS | 8,854,200 | 8,251,710 |
| TOTAL EQUITY AND LIABILITIES (in thousands of €) | 2011 | 2010 pro forma |
| Share capital | 296,882 | 296,882 |
| Share premium | 542,747 | 542,747 |
| Retained earnings | 2,758,639 | 2,566,297 |
| Gains and losses recognized directly in equity | 990 | (135) |
| Shareholders' equity – Group share | 3,599,258 | 3,405,791 |
| Non-controlling interest | 227 | 1,843 |
| Shareholders' equity | 3,599,486 | 3,407,634 |
| Non-current debt | 3,018,177 | 2,766,236 |
| Provisions for employee benefit obligations (more than one year) | 325,733 | 320,052 |
| Deferred tax liabilities | 204,486 | 193,531 |
| Other non-current liabilities | 62,653 | 62,214 |
| Non-current liabilities | 3,611,049 | 3,342,034 |
| Trade payables | 530,639 | 433,298 |
| Other payables and deferred income | 523,618 | 554,994 |
| Current debt | 469,535 | 398,335 |
| Provisions for employee benefit obligations (less than one year) | 15,440 | 22,031 |
| Other current provisions | 73,335 | 79,496 |
| Current tax payables | 31,099 | 13,889 |
| Current liabilities | 1,643,666 | 1,502,043 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 8,854,200 8,251,710
| (in thousands of €) | 2011 | 2010 pro forma |
|---|---|---|
| Operating income | 651,500 | 548,267 |
| Elimination of income and expense with no impact on net cash: | ||
| - Depreciation, amortization, impairment and net allowances to provisions | 387,168 | 401,820 |
| - Net gains on disposals | (15,001) | 1,278 |
| - Other | (19,994) | (16,200) |
| Financial net income (expense) other than cost of debt | 8,071 | 1,028 |
| Operating cash flow before changes in working capital and tax | 1 011,744 | 936,194 |
| Increase in inventories | (7,168) | (3,098) |
| Increase in trade and other receivables | (11,285) | (39,334) |
| Increase (decrease) in trade and other payables | 12,257 | (4,736) |
| Change in working capital | (6,196) | (47,168) |
| Income taxes paid | (145,938) | (114,714) |
| Cash flows related to discontinued activities | 797 | - |
| Cash flows from operating activities | 860,407 | 774,311 |
| Proceeds from sale of subsidiaries (net of cash sold) and associates | 20,669 | 1,071 |
| Acquisitions of subsidiaries (net of cash acquired) | (4,830) | (325) |
| Purchase of property, plant & equipment and intangible assets | (686,214) | (496,370) |
| Acquisitions of non-consolidated equity interests | (3,890) | (544) |
| Change in other financial assets | 1,895 | (17,201) |
| Revenue from sale of property, plant & equipment | 1,725 | 3,372 |
| Proceeds from sale of non-consolidated investments | 68 | 1 |
| Dividends received | 10,262 | 15,099 |
| Change in debt and advances on asset acquisitions | 96,001 | 29,109 |
| Cash flows related to discontinued activities | (45,269) | - |
| Cash flows from investing activities | (609,582) | (465,788) |
| Capital grants received in the period | 6,782 | 9,624 |
| Disposal of treasury shares (net of disposals) | 46 | 4,372 |
| Dividends paid to shareholders of the parent company | (150,405) | (135,573) |
| Dividends paid to non controlling interests in the subsidiaries | (56) | (515) |
| Receipts received from long-term debt | 801,298 | 435,129 |
| Repayment of long-term debt | (523,795) | (463,294) |
| Change in other financial liabilities | 857 | 421 |
| Interest paid | (175,004) | (186,238) |
| Interest received | 76,879 | 81,527 |
| Cash flows related to discontinued activities | 24,694 | - |
| Cash flows from financing activities | 61,296 | (254,548) |
| Impact of currency fluctuations | 132 | 318 |
| Change in cash and cash equivalents | 312,253 | 54,293 |
| Net cash and cash equivalents at the beginning of the period | 795,565 | 741,272 |
| Net cash and cash equivalents at the end of the period | 1,107,818 | 795,565 |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.