With 281.4 million passengers (+7.6%), Groupe ADP becomes, in 2018, the world number 1 in airport ma
With 281.4 million passengers (+7.6%), Groupe ADP becomes, in 2018, the world number 1 in airport management
Groupe ADP 2018 full year results[1]
- Groupe ADP traffic's: +7.6%[2] at 281.4 million passengers[3]
- Paris Aéroport traffic's: +3.8% at 105.3 million passengers
- Good performance of consolidated revenue (€4,478 million), driven by the growth in aviation activities in Paris and by the positive impact of the full consolidation, in Groupe ADP's financial statements, of TAV Airports results since the 2nd half of 2017 and AIG's results since April 2018[4]. Excluding the full consolidation of TAV Airports and AIG, revenue was up by 4.6% at €3,137 million. The sales per passenger[5] is slightly up to €18.4 (+0.6%)
- EBITDA[6] at €1,961 million, up by €393 million (+25.1%), thanks to the positive impact of the full consolidation of TAV Airports and AIG, the dynamism of traffic and the control over expenses. Excluding the full consolidation of TAV Airports and AIG, EBITDA was up by 5.6%, at €1,359 million
- Operating income from ordinary activities (including operating activities of associates) at €1,237 million, up by €207 million, supported by the contributions of TAV Airports (+€170 million) and AIG (+€33 million)
- Net result attributable to the Group (NRAG)[7] at €610 million, up by €39 million
(in millions of euros - unless otherwise stated) | 2018 (1) | 2017 (1) | 2018/2017 (1) | |
Revenue | 4,478 | 3,617 | +23.8% | +€861m |
EBITDA | 1,961 | 1,567 | +25.1% | +€393m |
Operating income from ordinary activities
(including operating activities of associates) |
1,237 | 1,030 | +20.1% | +€207m |
Net income attributable to the Group | 610 | 571 | +6.9% | +€39m |
Sales/PAX (€) | 18.4 | 18.2 | +0.6% | +€0.2 |
(1) Except for sales/pax, 2018's data take into account the full consolidation of TAV Airports' results, since the 2nd half of 2017, and the full consolidation of AIG's results since April 2018
Groupe ADP 2019 forecasts
- Traffic growth assumption for Paris Aéroport between +2% and +2.5% in 2019 compared to 2018
- Traffic for TAV Airports: traffic decline assumption between -38% and -42% compared to 2018 excluding Istanbul Atatürk in 2019
- 2019 consolidated EBITDA [8] [9] [10]: decrease between -8% and -13% compared to 2018 taking into account the closure of Istanbul Atatürk Airport [9]
- Consolidated EBITDA restated of Istanbul Atatürk Airport contribution in 2018 (proforma) and in 2019 : increase of between +1% and +5% compared to 2018
- EBITDA excluding the full consolidation of TAV Airports and AIG[10]: increase between +1% and +2%
- Maintained pay-out of 60% of NRAG 2019
2020 guidances revision
- Group's traffic: revision of Group's traffic growth assumption between +2.8% and +3.2% 2016-2020 (vs. +2.5% previously) including international between +3.6% and +4.0% (vs. +3.6% previously)
- 2020 consolidated EBITDA[11] (excluding the full consolidation of TAV Airports and AIG): increase between +30% and +40% between 2014 and 2020e (unchanged)
- Regulated ROCE: revision at a range of 5.6%-5.8% (vs. 5.4% previously)
- Regulated OPEX/pax (in constant euros) : revision down between -10% and -15% between 2015 and 2020 ( -8% previously)
- Parent-company operating expenses: limit the growth to a level below or equal to 2.2%[12] in average per annum between 2015 and 2020 (unchanged)
- Dividend : Maintained pay-out of 60% of NRAG (unchanged)
- Revenue per passenger: €23 on a full-year basis after delivery of infrastructure projects (unchanged)
- Quality of service: point concerning the overall ACI/ASQ rating of 4 in 2020 on a full-year basis after delivery of infrastructure projects (vs. 4 in 2020 previously)
- External rents (excluding reinvoicing and indexation): growth between +10% and +15% between 2014 and 2020e (unchanged)
- Extra-financial rating: revision of extra-financial rating to 86/100 (vs. 83/100 previously)
Augustin de Romanet, Chairman and CEO of Aéroports de Paris SA - Groupe ADP, stated:
"Traffic of Groupe ADP increased by 7.6% in 2018 to reach 281.4 million passengers propelling the Group to be the leading airport operating group in the world in terms of passenger numbers. 2018 results are excellent for all the activities. In 2018, revenue was up by 24% to €4,478 million and EBITDA was up by 25% to €1,961 million. Net income attributable to the Group grew by 6.9% to €610 million, and allows to propose a dividend payment of €3.70 per share at the next General Meeting.
The year 2018 has seen the acceleration of the infrastructure works as planned by the Economic Regulation Agreement covering the 2016-2020 tariff period necessary to accommodate sustained traffic growth on Parisian platforms. Abroad, it also saw the deployment of the strategy of the Groupe ADP with the take-over of Airport International Group, concessionary of Amman international airport in Jordan. TAV Airports posted excellent results thanks notably to the traffic growth of 10.4% and to the acquisition of the management company of Antalya aiport since May 2018.
Groupe ADP is following its trajectory and, thanks to good traffic performance and financial discipline, is revising some of its objectives for 2020, in particular the regulated ROCE. This performance will be put at the service of the long-term growth of our infrastructures. Let's meet on April 5th for our Investor day. "
[9] The closure of Atatürk Airport is expected to take effect on 3 March 2019. Therefore, as this is a discontinued operation within the meaning of IFRS5, the contribution of this airport in 2019 will not be included in the EBITDA calculation.
[10] Takes into account the introduction of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax, in accordance with Article 179 of Law No. 2018-1317 of 28 December 2018 of finance.
[11] Excluding the potential impact on Groupe ADP's accounts related to the adoption of the PACTE Bill
[12] Intermediate consumption, personnel expenses excluding social commitments and participation, taxes and duties, excluding Société du Grand Paris (SGP)
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