Earnings Release • Feb 19, 2015
Earnings Release
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Financial release 19 February 2015
| (in millions of euros) | 2014 | 2013 pro forma8 | 2014/2013 |
|---|---|---|---|
| Revenue | 2,791 | 2,754 | +1.3% |
| EBITDA | 1,109 | 1,072 | +3.4% |
| Operating income from ordinary activities (including operating activities of associates) |
737 | 677 | +8.8% |
| Operating income (including operating activities of associates) | 730 | 653 | +11.8% |
| Financial income | (115) | (141) | -18.5% |
| Income taxes | (210) | (208) | +1.0% |
| Net income attributable to the Group | 402 | 302 | +33.3% |
| Sales per pax (€) | 18.2 | 17.7 | +3.0% |
Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said:
"The 2014 results reflect the robustness of the Aéroports de Paris business model: traffic, while impacted by the Air France pilots' strike, maintained the momentum enjoyed since the end of 2013, throughout the whole year; retail activities grew in a difficult environment and Group operating costs were kept under control. As a consequence, EBITDA increased faster than revenue and our 2015 target has already been reached. The operating income from ordinary activities, up +8.8%, reflects the good operational performance of the year and the contribution of investments abroad. The net result is in marked rebound, resulting in an increase in the dividend per share, to €2.44 6 .
For 2015, we forecast a traffic growth of 2.6% compared to 2014 and we maintain our 2015 target of a growth of EBITDA of between 25% and 35% compared to 2009. Finally, 2014 was also marked by the preparation of the next economic regulation agreement which determines the basis of the activity of Parisian airports of the next five years. After having presented our proposal in the public consultation document, we entered into a negotiation period that should lead to the 2016-2020 regulation agreement being signed over the 2015 summer."
1 EBITDA higher than €1,100 million and net result attributable to the Group in marked rebound (Please refer to 19 February 2014 and of 30 July 2014, available on the website www.aeroportsdeparis.fr)
2 Operating income from ordinary activities (including operating activities of associates)
3 Unless stated otherwise, mentioned percentages compare 2014 figures to equivalent 2013 figures
4 Sales at airside shops divided by the number of departing passengers
5 Operating income from ordinary activities (including operating activities of associates) plus depreciation and amortisation of assets net of reversals 6 Submitted to the approval of the Annual General Meeting of shareholders of 18 May 2015
7 2009 EBITDA : €883 million
8 See appendix for pro forma financial statements
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 2,791 | 2,754 | +1.3% |
| EBITDA | 1,109 | 1,072 | +3.4% |
| EBITDA / Revenue | 39.7% | 38.9% | +0.8pt |
| Operating income from ordinary activities (including operating activities of associates) |
737 | 677 | +8.8% |
| Operating income from ordinary activities / Revenue | 26.4% | 24.6% | +1.8pt |
| Operating income (including operating activities of associates) | 730 | 653 | +11.8% |
| Financial income | (115) | (141) | -18.5% |
| Net income attributable to the Group | 402 | 302 | +33.3% |
Consolidated revenue of Aéroports de Paris Group was up slightly, by 1.3%, at €2,791 million, mainly due to:
Intersegment eliminations1 amounted to €382 million in 2014, up 2.1%, as a result of studies carried out by ADP Ingénierie for the building of the Company new head office for ADP SA.
EBITDA grew (+3.4%, to €1,109 million), reflecting the control of operating expenses (see below). The gross margin rate2 for 2014 increased by 0.8 points, to 39.7%.
The capitalised production increased by 20.2%, to €79 million, due to costs of studies linked to investment projects.
Operating expenses were contained, up slightly, by 0.6%, at €1,772 million in 2014, due to an exceptionally mild winter that resulted in a decrease in costs linked to dealing with snowfall as well as to the continued savings made through the efficiency and modernisation plan: at end of December, the estimated amount of savings related to this plan for 2014 stood at €30 million.
Raw material and consumables used decreased by 23.0%, to €102 million, due to lower winter product purchases compared to 2013.
The costs related to external services also decreased, by 1.9%, to €670 million, mainly due to a reclassification, as at first half of 2014, of VAT for security services as taxes3 . Consequently, taxes (other than income taxes) increased by 28.7%, to €240 million.
Personnel costs were up slightly, by 1.8%, and amounted to €738 million. The average number of employees stood at 8,966 4 in 2014, down by 0.7% 5 .
Other operating expenses were down by 34.4%, at €23 million.
Full-time equivalent
1 Internal revenue realised between segments
2 EBITDA/Revenue
3 Please refer to note 12 of consolidated accounts, available on www.aeroportsdeparis.fr. On a like-for-like basis, costs related to external services would have decreased by 3.1% and taxes (other than income taxes) would have increased by 9.4% 4
5 The average number of employees of the parent company decreased by 0.6% over 2014
Other operating income and expenses represented an income of €11 million in 2014, down by 10.1%.
Operating income from ordinary activities (including operating activities of associates) strongly increased, by 8.8%, to €737 million and benefits from the growth in the share of profit of associates of operating activities after adjustments due to participations (+71.6%, at €73 million). Depreciation and amortisation increased slightly, by 1.8%, to €445 million.
The net finance cost was a loss of €115 million, down by 18.5%, thanks to the decrease in debt cost.
The net debt/equity ratio decreased and stood at 70% as at 31 December 2014 compared to 79% 1 at the end of 2013. Aéroports de Paris Group net debt stood at €2,805 million as at 31 December 2014, compared to €2,999 million at the end of 2013.
The income tax expense2 increased by 1.0%, to €210 million, in 2014.
Taking into account the above elements, the net income attributable to the Group was up sharply, by 33.3%, at €402 million.
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 1,671 | 1,645 | +1.6% |
| Airport fees | 951 | 908 | +4.7% |
| Ancillary fees | 191 | 191 | +0.3% |
| Revenue from airport safety and security services | 485 | 502 | -3.4% |
| Other income | 44 | 43 | +1.2% |
| EBITDA | 363 | 359 | +1.0% |
| Operating income from ordinary activities (including operating activities of associates) |
83 | 81 | +2.1% |
| EBITDA / Revenue | 21.7% | 21.8% | -0.1pt |
| Operating income from ordinary activities / Revenue | 5.0% | 4.9% | +0.1pt |
In 2014, aviation revenue increased by 1.6%, to €1,671 million.
Revenue from airport fees (passenger fees, landing fees and aircraft parking fees) was up by 4.7%, at €951 million in 2014, benefiting from the growth in passenger traffic (+2.6%) and the increase in tariffs (+3.0% on 1 April 2013 and +2.95% on 1 April 2014).
Ancillary fees are stable (+0.3%) at €191 million, mainly due to the increase in check-in desk fees (+6.8% to €79 million) and in assistance to disabled people (PRM) 3 (+6.8%, to €49 million), offset by the decrease in proceeds from the de-icing fees (-52.8%, to €12 million), as a consequence of an exceptionally mild winter.
Revenue from airport safety and security services4 decreased by 3.4%, to €485 million, reflecting the productivity gained from the introduction of single-security checkpoints.
Other revenue, which mostly consists in re-invoicing the French Air Navigation Services Division and leasing associated with the use of terminals, increased by 1.2%, to €44 million.
EBITDA increased by 1.0%, to €363 million. The gross margin rate decreased by 0.1 points, and stood at 21.7%.
Depreciation and amortisation are virtually stable (+0.7%) to €280 million. The operating income from ordinary activities (including operating activities of associates) was up by 2.1%, at €83 million.
1 Pro forma (please refer to appendix)
2 Nominal tax rate was stable at 38,0% (Please refer to note 18 of consolidated accounts available on www.aeroportsdeparis.fr)
3 Persons with Reduced Mobility 4
Formerly called "airport security tax"
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 956 | 949 | +0.7% |
| Retail activities | 400 | 386 | +3.8% |
| Car parks and access roads | 183 | 165 | +11.3% |
| Industrial services revenue | 43 | 60 | -28.6% |
| Rental income | 105 | 105 | -0.5% |
| Other income | 224 | 233 | -3.8% |
| EBITDA | 560 | 545 | +2.7% |
| Share in associates and joint ventures from operating activities | 9 | 9 | +5.8% |
| Operating income from ordinary activities (including operating activities of associates) |
463 | 452 | +2.4% |
| EBITDA / Revenue | 58.6% | 57.5% | +1.1pt |
| Operating income from ordinary activities / Revenue | 48.4% | 47.6% | +0.8pt |
In 2014, revenue from retail and services increased by 0.7%, to €956 million.
The revenue from retail (rents received from shops, bars and restaurants, advertising, banking and foreign exchange activities, and car rental companies) grew by 3.8%, to €400 million, in 2014.
Rents from airside shops stood at €284 million, up by 4.1%, due to the passenger traffic dynamics (+2.6%) and the increase in sales per passenger1 (+3.0%, at €18.2). This performance is attributable, on the one hand, to the growth in revenue of duty free outlets, for which sales per passenger (sales/PAX) stood at €32.9, 3.1% up, driven by the very good performance of Fashion activities, which were boosted by the opening of the luxury block at Hall K in Terminal 2E and the marketing initiatives launched in summer 2014. On the other hand, the other outlets (duty paid) posted very good growth, with sales/PAX up by 5.8%, at €7.2, thanks to the favourable traffic mix, the good performance of shops in Terminal 2F and the diversification of Relay shops into snack foods.
Revenue from car parks increased by 11.3% and stood at €183 million, due to the refining of the rate structure.
Revenue from industrial services (the supply of electricity and water) decreased by 28.6%, to €43 million, due to the mothballing, in April 2013, of the cogeneration plant and an exceptionally mild winter, which led to a decrease in electricity sales (-43.3%, to €16 million) and the fall in the sales of thermal energy (-19.1%, to €18 million).
Rental revenue (leasing of space within terminals) decreased slightly, by 0.5%, to €105 million.
Other revenue (primarily consisted of internal services) decreased by 3.8%, to €224 million.
EBITDA rose by 2.7%, to €560 million, thanks to control over operating costs and the mothballing of the cogeneration plant which led primarily to a decrease of €14 million in raw material and consumables used. The gross margin rate increased by 1.1 points, to 58.6%.
Operating Income from ordinary activities (including operating activities of associates) increased by 2.4%, to €463 million, impacted by the growth (+5.8%, to €9 million) in the share of profit of associates from operating activities (Société de Distribution Aéroportuaire, Relay@ADP and MediaADP).
1 Sales of airside shops divided by the number of departing passengers
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 264 | 265 | -0.3% |
| External revenue (generated with third parties) | 212 | 212 | +0.1% |
| Internal revenue | 52 | 53 | -1.7% |
| EBITDA | 168 | 159 | +5.1% |
| Operating income from ordinary activities (including operating activities of associates) |
124 | 117 | +5.8% |
| EBITDA / Revenue | 63.4% | 60.1% | +3.3pt |
| Operating income from ordinary activities / Revenue | 46.7% | 44.0% | +2.7pt |
In 2014, real estate revenue decreased by 0.3%, to €264 million.
External revenue1 (€212 million) was up slightly (+0.1%), mainly impacted by the negative effect of indexing revenue to the cost of construction index (ICC) on 1 January 20142 , offset by new leases.
Internal revenue is down by 1.7%, at €52 million.
Thanks to effective control over operating costs, EBITDA was up by 5.1%, at €168 million. The gross margin rate reached 63.4%, an increase of 3.3 points.
Depreciation and amortisation increased at a slower pace than EBITDA, by 3.5%, to €44 million. Operating income from ordinary activities (including operating activities of associates) was up by 5.8%, at €124 million.
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 79 | 69 | +15.3% |
| EBITDA | (2) | (13) | -86.2% |
| Share in associates and joint ventures from operating activities after adjustments related to acquisition of holdings |
64 | 34 | +86.9% |
| Share of profit or loss of operating associates and joint ventures before adjustments related to acquisition of holdings |
111 | 76 | +45.7% |
| Adjustments related to acquisition of holdings in operating associates and joint ventures |
(47) | (42) | +11.9% |
| Operating income from ordinary activities (including operating activities of associates) |
62 | 21 | +196.8% |
| EBITDA / Revenue | -2.2% | -18.8% | +16.6pt |
| Operating income from ordinary activities / Revenue | 78.1% | 30.4% | +47.7pt |
Revenue from international and airport developments increased by 15.3%, to €79 million in 2014. EBITDA was slightly negative at -€2 million and increased by €11 million compared to 2013.
ADP Ingénierie saw its activities grow in 2014. Its revenue stood at €65 million, increasing by 20.2% due to new projects, especially internal studies made by ADP Ingénierie for the building of the new headquarters of Aéroports de Paris. EBITDA and operating income from ordinary activities (including operating activities of associates) stood respectively at €2.8 and €2.4 million, up by €16 million compared to 2013 thanks to optimization works at the company and provision reversals. At the end of December, the backlog for the 2015-2019 period amounted to €83 million.
Aéroports de Paris Management saw its revenue decrease by 2.7%, to €14 million. EBITDA was close to zero and its operating income from ordinary activities (including operating activities of associates) posted a loss of €1 million.
1 Generated with third parties (outside the Group)
2 As at 1 January 2014, ICC is -1.74%. As of 1 January 2015, ICC is -0.98%
TAV Airports Group posted growth in revenue of 8.8%, to €983 million, and in EBITDA of 14.0%, to €434 million. Net result attributable to the Group increased by 64.3%, to €218 million.
Share of profit of associates from operating activities (TAV Airports, TAV Construction and Schiphol) after adjustments related to shareholdings, stood at €64 million in 2014, up by 86.9%.
Operating income from ordinary activities (including operating activities of associates) was consequently multiplied by three compared to 2013, at €62 million.
| (in millions of euros) | 2014 | 2013 pro forma |
2014/2013 |
|---|---|---|---|
| Revenue | 202 | 201 | 0.5% |
| EBITDA | 20 | 21 | -3.7% |
| Operating income from ordinary activities (including operating activities of associates) |
6 | 7 | -12.6% |
| EBITDA / Revenue | 9.8% | 10.2% | -0.4pt |
| Operating income from ordinary activities / Revenue | 2.9% | 3.4% | -0.5pt |
In 2014, revenue from other activities was up by 0.5%, at €202 million.
In 2014, Hub One saw its revenue down by 2.1%, at €127 million. EBITDA amounted to €20 million, up by 1.3%. The operating income from ordinary activities increased, to €7 million.
Revenue generated by Hub Safe1 was up by 4.7%, at €70 million. EBITDA stood at €3 million, up by 20.6%.
The operating income from ordinary activities (including operating activities of associates) was down, at €6 million.
1 Formerly called "Alyzia Sûreté"
Group stake-weighted traffic1 :
| Group traffic | ADP stake | Stake-weighted traffic (million passengers) |
2014-2013 | |
|---|---|---|---|---|
| Paris (Charles de Gaulle +Orly) | @ 100% | 92.7 | +2.6% | |
| Mexico regional airports | @ 25,5%2 | 3.7 | +10.6% | |
| Zagreb | @ 21% | 0.5 | +5.7% | |
| ADP Group | Jeddah-Hajj | @ 5% | 0.4 | +23.0% |
| Amman | @ 9,5% | 0.7 | +9.0% | |
| Mauritius | @ 10% | 0.3 | +4.8% | |
| Conakry | @ 29% | 0.1 | -16.9% | |
| Istanbul Atatürk | @ 38% | 21.6 | +11.0% | |
| Ankara Esenboga | @ 38% | 4.2 | +0.6% | |
| TAV Airports Group | Izmir | @ 38% | 4.2 | +6.9% |
| Other airports3 | @ 38% | 6.6 | +54.9% | |
| TOTAL GROUP | 134.9 | +5.7% |
Aéroports de Paris handled a total of 92.7 million passengers in 2014; an increase of 2.6% compared to the previous year. Paris-Charles de Gaulle Airport welcomed 63.8 million passengers (+2.8%) and Paris-Orly Airport 28.9 million (+2.1%)—new record figures for both airports. Traffic increased by 4.2% over the 1st half the year and by 1.2% over the 2nd half. All months, with the exception of September, which was impacted by the Air France pilots' strike, were also record months for Aéroports de Paris.
Geographical breakdown is as follows:
| Geographic split ADP | 2014 % change |
Share of total traffic |
|---|---|---|
| France | -2.0% | 17.3% |
| Europe | +5.3% | 43.0% |
| Other International |
+1.9% | 39.7% |
| of which | ||
| Africa | +0.7% | 11.2% |
| North America | +1.4% | 9.5% |
| Latin America | +1.4% | 3.2% |
| Middle East | +6.7% | 4.7% |
| Asia/Pacific | +3.1% | 6.9% |
| French Overseas Territories |
-0.2% | 4.1% |
| Total ADP | +2.6% | 100.0% |
The number of connecting passengers decreased by 0.6% and the connecting rate decreased by 0.8 points to 23.4%.
Air traffic movements (693,294) were down by 1.2%.
Freight and postal activity increased by 1.2%, with 2,201,727 metric tonnes transported.
In March 2014, Aéroports de Paris launched a voluntary departure plan on a maximum of 370 positions. As at 31 December 2014, some 300 departures were planned including 250 departures that are already effective.
1 Direct or indirect 2 Of SETA, which owns 16.7% of GACN controlling 13 airports in Mexico
3 Milas-Bodrum (Turkey,) Zagreb (since December 2013), Madinah (since July 2012), Tunisia, Georgia and Macedonia. On a regulated scope basis, including Zagreb and Milas-Bodrum traffic for 2013, traffic of the other TAV Group airports would be up by +13.7% in 2014 compared to 2013.
On 19 January 2015, Aéroports de Paris published the public consultation document for the 2016-2020 ERA, available at www.aeroportsdeparis.fr, which sets out its detailed proposal for the 2016-2020 ERA.
Based on the assumption of traffic growth of 2.5%1 on average per year, the Aéroports de Paris proposal for the 2016-2020 ERA hinges on:
Working together as the Nuevo Pudahuel consortium, Aéroports de Paris (45% of the consortium), VINCI Airports (40%) and Astaldi (15%) have been selected by the Chilean government as having presented the best offer for the concession of Arturo Merino Benítez International Airport in Santiago de Chile, South America's 6th-largest airport which saw 16.1 million passengers in 2014, almost half of whom were international passengers.
The project involves the management and development of the airport. The financial offer was fixed at 77.56%, expressing the proportion of revenue from the concession to be turned over to the government.
In application of the new concession contract, which will enter into force on 1 October 2015 (at the end of the current concession contract), the Nuevo Pudahuel consortium will have the following main missions:
Building work will be undertaken by Vinci Construction Grands Projets (50% of the design-construction pool) and Astaldi (50%).
1 +2.4% excluding the favourable impact of the removal of the civil aviation tax on connecting passengers, provided for by the 2014 Amended Finance Act, currently before Parliament
2 Capital expenditures
3 The regulated scope is defined in article 1 of the decree of 16 September 2005 pertaining to fees for services rendered at aerodromes, modified on 1 January 2011 by the decree of 17 December 2009
4 Internal and external expenses of the regulated scope, excluding depreciation and amortisation and taxes
5 Consumer prices index
6 CPI +1.85% per year excluding the favourable impact of the removal of the civil aviation tax on connecting passengers, provided in two phases by the 2014 Amended Finance Act, currently before Parliament
7 Return on Capital Employed
8 Weighted Average Cost of Capital
In January 2015, Aéroports de Paris saw 6.7 million passengers, an increase of 2.1% on January 2014. 4.7 million passengers travelled through Paris-Charles de Gaulle (+2.5%) and 2.0 million at Paris-Orly (+1.2%).
As of 1 April 2015, airport and ancillary fees (excluding fees for disabled and reduced-mobility passengers) will increase on average by 2.4% on a like-for-like basis.
At its meeting of 19 February 2015, the Board of Directors decided to propose a dividend payment of €2.44 per share for the 2014 financial year at the next Annual General Meeting, to be held on 18 May 2015. Subject to the vote of the Annual General Meeting, the payment will be made on 1 June 2015. This dividend corresponds to a payout ratio of 60% of the 2014 net income attributable to the Group, unchanged since the 2013 financial year. As a reminder, the payout ratio was increased from 50% to 60% in 2013, for the 2012 financial year dividends.
| 2015 forecasts | |
|---|---|
| Traffic growth assumption compared to 2013 | +2.6% |
| Consolidated EBITDA | Maintained 2015 target of a growth of between 25% and 35% between 2009 and 2015(1) |
| (1) 2009 consolidated EBITDA: €883 million |
| 2015 targets reviewed in 2012(1) | Assessment of the achievement of 2011-2015 targets at the end of 2015 |
|
|---|---|---|
| Assumed growth in passenger traffic (CAGR 2011-2015) (2) |
+1.9% to +2.9% per year on average over the period |
+2.7% on average per year over the period(3) |
| Cap on the average annual increase in fees(4) within the scope of the ERA (CAGR 2011-2015) (2) |
+1.38% annually on average over the period +inflation |
+1.37% annually on average over the period +inflation(3) |
| ROCE(5) of the regulated scope |
Of 3.8% and 4.3% of the regulated scope in 2015 |
3.8% in 2015(3) |
| Consolidated EBITDA | Growth of between 25% and 35% between 2009 and 2015(6) |
Unchanged |
| Investments of Aéroports de Paris SA | €1.9 billion on the regulated scope(7) | €2.0 billion on the regulated scope(3) (7) |
| Quality of Service | To attain an overall satisfaction rate of 88.1% in 2015 |
Unchanged |
| Retail | Sales per passenger(8) of €19.0 in 2015 +18% new commercial floorspace between now and 2015 (compared to 2009) including +35% for shops in the international area |
Unchanged |
| Real estate | Commissioning of approximately 320,000m2 to 360,000m2 of buildings Investment budget reduced to €450 million, of which €340 million in real estate diversification activities |
Unchanged |
| Cost-cutting plan | Limiting the increase in parent company operating costs to less than 3.0% per year on average between 2012 and 2015 Between €71 and 81 million cumulated savings between 2013 and 2015 |
Unchanged |
| Productivity | Reducing the Aéroports de Paris headcount by 7% (FTEs) between 2010 and 2015 |
Unchanged |
| Dividends paid | Distribution policy of 60% of consolidated net income attributable to the Group(9) |
Unchanged |
(1) Targets disclosed in the press releases dated 20 December 2012 entitled "2012 and 2015 targets" on the www.aeroportsdeparis.fr website
(2) Compound average growth rate
(3) 2015 targets refined in the press release of availability of the public consultation document on 19 January 2015 available on the www.aeroportsdeparis.fr website
(4) From 1 April to 31 March of each civil year
(5) Return On Capital Employed calculated as the operating income of the regulated perimeter after normative corporate tax compared to the regulated asset base (net book value of f tangible and intangible assets within the regulated perimeter, increased by working capital of this perimeter).
(6) 2009 consolidated EBITDA: €883 million
(7) In 2014 euros
(8) Sales per passenger corresponds to the sales of airside shops divided by the number of departing passengers
(9) Decision made each period depending on the Company income, its financial situation and any other factor deemed relevant.
Vincent Bouchery / Aurélie Cohen: +33 1 43 35 70 58 [email protected]
Elise Hermant: +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 2014 is in the process of being issued.
Consolidated financial statements at 31 December 2014 and the related report are available on the Group website (www.aeroportsdeparis.fr) in the section "Group / Finance / AMF Information".
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 31 March 2014 under number D. 14-0251 and in those contained in the update of registration document 2013 filed with the French financial markets authority on 2 October 2014 under number D. 14-0251-A01) 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.
Investor Relations: Vincent Bouchery / Aurélie Cohen +33 1 43 35 70 58 – [email protected] Press contact: Elise Hermant +33 1 43 35 70 70
Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2014, Aéroports de Paris handled around 93 million passengers, 2.2 million metric tonnes of freight and mail in Paris, and more than 41 million passengers at airports abroad. Boasting an exceptional geographic location and a major catchment area, Aéroports de Paris Group is pursuing its strategy of adapting and modernising its terminal facilities and upgrading quality of services; the Group also intends to develop its retail and real estate businesses. In 2014, Group revenue stood at €2,791 million and net income at €402 million.
Registered office: 291, boulevard Raspail, 75014 Paris, France. A public limited company (Société Anonyme) with share capital of €296,881,806. Registered in the Paris Trade and Company Register under no. 552 016 628 RCS Paris.
| (in millions of euros) | 2014 | 2013 pro forma |
|---|---|---|
| Revenue | 2,791 | 2,754 |
| Capitalised production and change in finished good inventory | 79 | 66 |
| Gross activity for the period | 2,870 | 2,820 |
| Raw materials and consumables used | (102) | (133) |
| External services | (670) | (682) |
| Added value | 2,098 | 2,005 |
| Personnel costs | (738) | (724) |
| Taxes other than income taxes | (240) | (186) |
| Other ordinary operating expenses | (21) | (35) |
| Other ordinary operating income | 7 | 12 |
| Net allowances to provisions and Impairment of receivables | 3 | - |
| EBITDA | 1,109 | 1,072 |
| EBITDA/Revenue | +39.7% | +38.9% |
| Amortisation & Depreciation | (445) | (438) |
| Share of profit or loss in associates and joint ventures from operating activities | 73 | 43 |
| Before adjustments related to acquisition of holdings | 120 | 85 |
| Adjustments related to acquisition of holdings (**) | (47) | (42) |
| Operating income from ordinary activities (including operating activities of associates) (*) |
737 | 677 |
| Other operating income and expenses | (7) | (24) |
| Operating income (including operating activities of associates) (*) | 730 | 653 |
| Financial income | (115) | (141) |
| Share of profit or loss of non-operating associates and joint ventures | (2) | (2) |
| Income before tax | 613 | 510 |
| Income tax expense | (210) | (208) |
| Net results from continuing activities | 403 | 302 |
| Net income for the period | 403 | 302 |
| Net income attributable to non-controlling interests | 1 | - |
| Net income attributable to owners of the parent company | 402 | 302 |
* Including profit/loss of associates from operating activities
| (in millions of euros) | As at Dec 31, 2014 |
As at Dec 31, 2013 Pro forma |
|---|---|---|
| Intangible assets | 82 | 88 |
| Property, plant and equipment | 5,928 | 5,987 |
| Investment property | 443 | 441 |
| Investments in associates | 1,180 | 1,158 |
| Other non-current financial assets | 146 | 139 |
| Deferred tax assets | 1 | 1 |
| Non-current assets | 7,780 | 7,814 |
| Inventories | 14 | 17 |
| Trade receivables | 525 | 555 |
| Other receivables and prepaid expenses | 87 | 106 |
| Other current financial assets | 99 | 90 |
| Current tax assets | - | 1 |
| Cash and cash equivalents | 1,266 | 1,056 |
| Current assets | 1,991 | 1,825 |
| Assets held for sales | 21 | - |
| Total assets | 9,792 | 9,639 |
| As at Dec 31, 2014 |
As at Dec 31, 2013 |
|
|---|---|---|
| (in millions of euros) | Pro forma | |
| Share capital | 297 | 297 |
| Share premium | 543 | 543 |
| Retained earnings | 3,239 | 3,034 |
| Other equity items | (100) | (72) |
| Shareholders' equity -Group share | 3,979 | 3,802 |
| Non controlling interests | 1 | - |
| Shareholders' equity | 3,980 | 3,802 |
| Non-current debt | 4,079 | 3 649 |
| Provisions for employee benefit obligations (more than one year) | 452 | 381 |
| Other non-current provisions | 62 | 72 |
| Deferred tax liabilities | 200 | 216 |
| Other non-current liabilities | 50 | 69 |
| Non-current liabilities | 4,843 | 4,387 |
| Trade payables | 322 | 364 |
| Other liabilities and deferred income | 457 | 476 |
| Current debt | 116 | 528 |
| Provisions for employee benefit obligations (less than one year) | 20 | 13 |
| Other current provisions | 28 | 46 |
| Current tax liabilities | 26 | 23 |
| Current liabilities | 969 | 1,450 |
| Total equity and liabilities | 9,792 | 9,639 |
| (in millions of euros) | 2014 | 2013 pro forma |
|---|---|---|
| Operating income (including operating activities of associates)* | 730 | 653 |
| Income and expense with no impact on net cash | 350 | 418 |
| Net financial income other than cost of debt | 6 | (1) |
| Operating cash flow before change in working capital and tax | 1,086 | 1,070 |
| Change in working capital | 25 | (94) |
| Tax expenses | (198) | (162) |
| Cash flows from operating activities | 913 | 814 |
| Acquisitions of subsidiaries and associates (net of cash acquired) | (24) | - |
| Purchase of property, plant, equipment and intangible assets | (407) | (444) |
| Change in debt and advances on asset acquisitions | (38) | (76) |
| Acquisition of non-consolidated investments | (5) | - |
| Change in other financial assets | (7) | 1 |
| Proceeds from sale of property, plant and equipment | - | 4 |
| Dividends received | 45 | 35 |
| Cash flows from investing activities | (436) | (480) |
| Capital grants received in the period | - | 1 |
| Revenue from issue of shares or other equity instruments | - | (3) |
| Net disposal (purchase) of treasury shares | - | 2 |
| Dividends paid to shareholders of the parent company | (183) | (205) |
| Proceeds from long-term debt | 496 | 594 |
| Repayment of long-term debt | (462) | (344) |
| Interest paid | (172) | (182) |
| Interest received | 53 | 60 |
| Cash flows from financing activities | (268) | (77) |
| Change in cash and cash equivalents | 209 | 257 |
| Net cash and cash equivalents at beginning of the period | 1,053 | 796 |
| Net cash and cash equivalents at end of the period | 1,262 | 1,053 |
* Including profit/loss of associates from operating activities
Aéroports de Paris Group has decided to launch a full review of its employee benefit obligations. This review has led to making corrections to the assessments of employee benefit obligations, especially on the early retirement scheme (PARDA1 ) and on two supplementary retirement benefit plans.
As a consequence, the comparable information for past years has been restated and pro forma financial statements are presented below:
| (in millions of euros) | 2013 published |
Adjustment | 2013 pro forma |
|---|---|---|---|
| Revenue | 2,754 | 0 | 2,754 |
| Other ordinary operational revenue | 12 | - | 12 |
| Capitalised production and change in finished good inventory | 66 | (0) | 66 |
| Raw materials and consumables used | (133) | 0 | (133) |
| Personnel costs | (721) | (3) | (724) |
| Other ordinary operating expenses | (903) | (0) | (903) |
| EBITDA | 1,075 | (3) | 1,072 |
| Depreciation, amortisation, and Impairment, net of reversals | (438) | 0 | (438) |
| Share of profit or loss in associates and joint ventures from operating activities | 43 | (0) | 43 |
| Operating income from ordinary activities (including operating activities of associates) | 680 | (3) | 677 |
| Other operating income and expenses | (24) | 0 | (24) |
| Operating income (including operating activities of associates) | 656 | (3) | 653 |
| Financial income | 65 | 0 | 65 |
| Financial expenses | (205) | (1) | (206) |
| Financial income | (140) | (1) | (141) |
| Share of profit or loss in associates and joint ventures from non-operating activities | (2) | (0) | (2) |
| Income before tax | 514 | (4) | 510 |
| Income tax expense | (209) | 1 | (208) |
| Net results from continuing activities | 305 | (3) | 302 |
| Net income for the period | 305 | (3) | 302 |
| Net income attributable to owners of the parent company | 305 | (3) | 302 |
1 Protocole d'accord de régime de départ
| 2013 as published | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Aviation | Retail and services |
Real estate |
International and airport developments |
Other activities |
Inter-segment eliminations |
TOTAL |
| Revenue | 1,645 | 949 | 265 | 69 | 201 | (375) | 2,754 |
| EBITDA | 362 | 546 | 160 | (13) | 21 | - | 1,075 |
| Operating income from ordinary activities (including operating activities of associates) |
83 | 452 | 117 | 21 | 7 | - | 680 |
| Adjustment | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Aviation | Retail and services |
Real estate |
International and airport developments |
Other activities |
Inter-segment eliminations |
TOTAL |
| Revenue | - | - | - | - | - | - | - |
| EBITDA | (3) | - | - | - | - | - | (3) |
| Operating income from ordinary activities (including operating activities of associates) |
(3) | - | - | - | - | - | (3) |
| 2013 pro forma | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Aviation | Retail and services |
Real estate |
International and airport developments |
Other activities |
Inter-segment eliminations |
TOTAL |
| Revenue | 1,645 | 949 | 265 | 69 | 201 | (375) | 2,754 |
| EBITDA | 359 | 545 | 159 | (13) | 21 | - | 1,072 |
| Operating income from ordinary activities (including operating activities of associates) |
81 | 452 | 117 | 21 | 7 | - | 677 |
| (in millions of euros) | As at Dec 31,2013 published |
Adjustment | As at Dec 31,2013 pro forma |
|---|---|---|---|
| Non-current assets | 7,814 | - | 7,814 |
| Current assets | 1,825 | - | 1,825 |
| Total assets | 9,639 | - | 9,639 |
| (in millions of euros) | As at Dec 31, 2014 |
Adjustment | As at Dec 31, 2013 pro forma |
|---|---|---|---|
| Share capital | 297 | - | 297 |
| Share premium | 543 | - | 543 |
| Retained earnings | 3 037 | (3) | 3 034 |
| Other equity items | (51) | (21) | (72) |
| Shareholders' equity -Group share | 3,826 | (24) | 3,802 |
| Shareholders' equity | 3,826 | (24) | 3,802 |
| Non-current debt | 3 649 | - | 3 649 |
| Provisions for employee benefit obligations (more than one year) | 345 | 36 | 381 |
| Other non-current provisions | 72 | - | 72 |
| Deferred tax liabilities | 228 | (12) | 216 |
| Other non-current liabilities | 69 | - | 69 |
| Non-current liabilities | 4,363 | 24 | 4,387 |
| Current liabilities | 1,450 | - | 1,450 |
| Total equity and liabilities | 9,639 | - | 9,639 |
| (in millions of euros) | 2013 published |
Adjustment | 2013 pro forma |
|---|---|---|---|
| Operating income (including operating activities of associates)* | 656 | (3) | 653 |
| Income and expense with no impact on net cash | 415 | 3 | 418 |
| Net financial income other than cost of debt | (1) | - | (1) |
| Operating cash flow before change in working capital and tax | 1,070 | - | 1,070 |
| Change in working capital | (94) | - | (94) |
| Tax expenses | (162) | - | (162) |
| Cash flows from operating activities | 814 | - | 814 |
| Cash flows from investing activities | (480) | - | (480) |
| Cash flows from financing activities | (77) | - | (77) |
| Change in cash and cash equivalents | 257 | - | 257 |
| Net cash and cash equivalents at beginning of the period | 796 | - | 796 |
| Net cash and cash equivalents at end of the period | 1,053 | - | 1,053 |
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