ADP investissement 2018 .pdf



Nom original: ADP investissement 2018.pdfTitre: ADP 2016 toolboxAuteur: Aéroports de Paris

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2018 Investor Toolbox

Updated July 2018

TABLE OF CONTENTS
GROUPE ADP PRESENTATION

2

GROUPE ADP BUSINESS MODEL

14

CAPITAL ALLOCATION

23

2016-2020 COST CUTTING PLAN

28

2018 H1 RESULTS

31

2018 FORECASTS

41

2017 FY RESULTS

43

FOCUS ON OUR 5 ACTIVITIES
Aviation

53

Retail & services

60

Real estate

72

International and airport developments

81

Other activities

91

QUALITY OF SERVICE & CORPORATE SOCIAL RESPONSIBILITY

94

APPENDICES

99

IR TEAM

102

Toolbox 2018 |1

01

GROUPE ADP PRESENTATION

PARIS
AEROPORT

PARIS AIRPORT SYSTEM IS THE ONLY ONE OF ITS KIND
IN EUROPE

PARIS-LE BOURGET


Largest business airport in
Europe



Industrial and aeronautical
area



Convention centre

PARIS-ORLY


Europe's 12th busiest airport in
terms of passenger numbers



3 runways



Close to Paris - large
catchment area



Rapid turnaround of mediumhaul and particularly low-cost
flights

PARIS-CHARLES
DE GAULLE


Europe's 2nd busiest airport,
10th busiest in the world in
terms of passenger numbers



2nd busiest airport in Europe for
cargo and mail handling



4 runways, 2 independent
parallel pairs



Skyteam hub for international
and connecting traffic



FEDEX's cargo hub

Toolbox 2018 |3

GROUPE ADP HAS STRONG ASSETS TO FACE COMPETITION
… AND CATCH GLOBAL GROWTH THANKS TO ITS POTENTIAL

PARIS
AEROPORT



No runway constraint, with a unique system in Europe of 2 sets
of independent parallell runways



Terminal capacity optimisation and potential

A privileged geographic
position



Paris as a major touristic destination



Development of CDG Express to connect to Paris in 20 min

Value-creating business
model



Ajusted till regulation model



Visibility thanks to 5-year 2016-2020 Economic Regulation Agreement



Provide the Ultimate Parisian Shopping Experience



Continuing improvement of the retail offering among terminals
and junction buildings



Development of our airport cities



360 ha of land reserves dedicated to real estate

First class infrastructure

Unique positioning in
Retail offering

Real Estate potential and
Land reserves

Toolbox 2018 |4

PARIS-CHARLES DE GAULLE AIRPORT MAP

PARIS
AEROPORT

Toolbox 2018 |5

PARIS
AEROPORT

AN AIRPORT SYSTEM EQUIPPED WITH EFFICIENT RUNWAYS

A PARALLEL RUNWAY SYSTEM AT PARIS-CDG LIKE NO OTHER IN EUROPE

NO RUNWAY RESTRICTIONS IN PARIS
 4 runways at Paris-CDG

 Paris-CDG, a SYSTEM that is UNIQUE in Europe

 3 runways at Paris-Le Bourget

 2 independent parallel
pairs of runways
(+1 runway at Bourget)

 3 runways à Paris-Orly

Comparison of the runway systems of other major hubs
Airport

Existing runways

ATM/h
(2016)

Paris-CDG

4

Paris-Orly
LondonHeathrow
Frankfurt

3

2 independent parallel
pairs of runways
not independent

2

independent

4

not independent

Madrid

4

independent

100

Amsterdam
Istanbul
Ataturk

6

not independent

100

3

not independent

58

Comparison of the runway systems of other major hubs
Airport

Existing runways

120

Paris-CDG

4

72

Los Angeles

4

Atlanta

5

112
100/102

 120 movements per hour
 potential of 135
movements per hour

2 independent parallel
pairs of runways
2 independent parallel
pairs of runways
2 independent parallel
pairs of runways + 1
paralell runway

ATM/h
(2016)
120
176
238

Toolbox 2018 |6

PARIS
AEROPORT

CONTINUE OUR COMMITMENT TO THE CDG EXPRESS

A project to improve the access to Paris-Charles de Gaulle by proposing a high-quality train

to ease the passengers’ travel from Paris to our airport.

High-standards
dedicated rail link

Expected date of completion
2023

Total potential CAPEX
Around €1.6 billion(1)

Improved passenger experience:


Direct train



Travel time: 20 min



Frequency: every 25 minutes



2 years of preparation





6 years of construction,
predominantly at night

Partnership: ADP and SNCF
Réseau



Call for tenders for an operator

(1) This amount is expressed in euros 2014 and is for the whole project
Toolbox 2018 |7

CDG EXPRESS: 2017, YEAR OF DEVELOPMENT OF THE PARIS AIRPORTS
EFFECTIVE LAUNCH OF CDG EXPRESS(1)







PARIS
AEROPORT

Financing: State appointed single
lender of the project (December
2017)
Construction: colocation of the
Groupe ADP and SNCF Réseau
technical teams on a common
platform in Saint-Denis (December
2017)
Operation: State launches the
consultation process to appoint the
rail operator (July 2017)

(1) See

projected schedule in appendix
Toolbox 2018 |8

PARIS
AEROPORT

CDG EXPRESS PROJECT: OVERALL SCHEDULE
2015

2014

2016

2017

2018

End 2023-start
2024

CDG Express
Creation
of project
studies
company

Feasibility
studies

Confirmation of the legal
structure planned by the
French Council of State
and the European
Commission

Traffic and
infrastructure
studies

Financial
arrangements

Jan.: Order allowing
the establishment of
the ADP/SNCF Réseau
project company in
charge of constructing
the infrastructure
Jun-Jul.: Public inquiry
Dec.: Approval by
Parliament of the Act
relating to a rail link
between Paris and
Paris-CDG Airport
Dec.: Decision on the
project financing
arrangements and
creation of air
passenger tax in the
2016 French Budget
Amendment Act

Launch of
consultation
to appoint the
operator

Start of rail
network
works

Commissioning
of CDG Express

March: Publication Adoption by ADP
of new Declaration SA’s Board of
of Public Interest
Directors of CDG
Express concession
contract
June: Approval by
the European
Commission of the
business plan in
terms of regulations
on State aid
Dec. 2017: State
appointed single
lender of the
project
Toolbox 2018 |9

PARIS
AEROPORT

UNIQUE POTENTIAL FOR AERONAUTICAL DEVELOPMENT IN PARIS
LAUNCH OF DETAILED STUDIES IN 2018

Capacity
reserves

•4 parallel
runways
•Unique in
Europe

Increased
traffic

•Global traffic
doubles every 15
years
•Need for new
terminals

New
terminal
at ParisCDG

•1st delivery in 20232024: 7 to 10 million
passengers
•35 to 40 million
passengers
welcomed in the
future

Toolbox 2018 |10

PARIS-ORLY AIRPORT MAP

PARIS
AEROPORT

Toolbox 2018 |11

PARIS
AEROPORT

PARIS-ORLY, IN DEEP TRANSFORMATION
BETWEEN NOW AND 2020

PARIS-ORLY

International boarding lounge East Pier

2016

12 aircrafts stands

Increase the capacity of
Paris-Orly to accommodate
UP TO 32.5MPAX

Junction building

2019

Baggage handling
4 mixed aircraft stands

Plans for Paris-Orly with the One Roof Project

Toolbox 2018 |12

INTERNATIONAL FOOTPRINT – 2018 H1 PASSENGER TRAFFIC

France
 Paris-CDG: 33.9mpax
 Paris-Orly: 16.0mpax
Owner and operator

Schiphol Group (8%)
 34.0mpax
 Industrial cooperation

Liège (25.6%)
 Strategic partner

Zagreb (ADP 21% & TAV 15%)
 1.5mpax
 Operator and partner

GROUPE ADP

Macedonia (100%)
 Skopje & Ohrid: 1.0m pax
 Concession operator

Georgia (76%)
 Tbilisi & Batumi: 1.9 mpax
 Concession operator

Turkey
 61.5 mpax
 Istanbul Ataturk, Antalya(2),
Ankara, Izmir, Gazipasa &
Bodrum
 Concession operator
Amman(1) – Jordan (51%)
 3.9 mpax
 Management contract
 Strategic partner

Conakry (29%)
 0.2 mpax
 Operator

TAV Airports
ADP Airports
TAV + ADP

Santiago de Chili (45%)
 11.3 mpax
 Concession operator

(1)
(2)

Tunisia (67%)
 Enfidha & Monastir 0.8 mpax
 Concession operator

Madagascar
 0.5 mpax
 Concession operator

Mauricius (10%)
 1.8 mpax
 Operator
 Strategic Partners

Jeddah (Terminal Hajj) – Saudi
Arabia
 4.4 mpax
 Management contract

Medinah (Saudi Arabia) (33%)
 4.1 mpax
 Concession operator

In April 2018, Groupe ADP increased its stake in AIG, concessionary company of Amman Airport, Jordan, from 9.5% to 51%.
In May 2018, TAV Airports acquired a 51%-stake in the concessionary company of Antalya Airport, Turkey.
Toolbox 2018 |13

02

A RESILIENT BUSINESS MODEL

A DYNAMIC SECTOR THANKS TO GLOBAL TRAFFIC GROWTH…

BUSINESS
MODEL

The global traffic in the world is expected to nearly double by 2030…

7 billion

Bn Pax

3.7 billion

1.6 billion
0.9 billion
0.4 billion

Source : ADP / SIMCA-DIIO APG 2014 / OACI / Airbus / Boeing / Growth of Global GDP of 3 % between 2015 and 2035 (consensus OCDE, HIS)
Toolbox 2018 |15

…BUT AN INCREASINGLY COMPETITIVE LANDSCAPE FROM ALL OVER THE WORLD

BUSINESS
MODEL

An increasing competition from the Middle East hubs on connecting traffic
mPAX
In connection

Evolution in connecting traffic of the major European and Middle-East hubs

Source : ADP SIMCA Diio – end of 2017
Toolbox 2018 |16

CONNECT 2020 BY GROUPE ADP

OUR STRATEGIC PLAN TO FACE COMPETITION AND PROMOTE OUR AMBITION

BUSINESS
MODEL

ATTRACT
Working proactively on our
Quality of Service and Route
development to become the
number one choice for our
customers

OPTIMISE
A confirmed business model,
with an industrial strategy that
encourages local and sector
competitiveness and with a
strict financial discipline policy,
focused on productivity

EXPAND
A value-creating business model
that spans all of its activities,
strongly rooted in territories, with
a controlled international
development

BE A LEADING GROUP IN AIRPORT DESIGN AND OPERATION

OPTIMISE

ATTRACT

EXPAND

Toolbox 2018 |17

BUSINESS
MODEL

GROUPE ADP AT A GLANCE AS OF 30 JUNE 2018: H1 2018 RESULTS
Aéroports de Paris SA (parent company)(1)
Aviation

H1
Results

Real Estate

International and
Airport
Developments

Real estate activities
outside terminals
 Aeronautical RE with
direct access to
runways
(maintenance
hangars, cargo)
 Diversification real
estate (offices, malls
and hotels)

Airport engineering
 ADP Ingénierie (100%)
Airport management
 ADP International
(100%)
 Schiphol Group (8%)
 TAV Airports (38% 
46.12% since July 2017)
 AIG (9,5 %  51% since
April 2018)

Retail & Services

Construction and
management of
Parisian airports
 3 major airports: ParisCharles de Gaulle,
Paris-Orly and Paris-Le
Bourget
 10 regional airfields

All commercial
activities
 Rents from shops
and B&R
concessions
 Car parks
 Rentals for offices
and lounges within
terminals
 Industrial services

Subsidiaries & Associates(2)
Other Activities

Telecom
 Hub One (100%)
Security
 Hub Safe (20%)
 Sold of 80% on
29/9/2017(3)

Revenue

EBITDA

Op. Inc.
Ord. Act.

Revenue

EBITDA

Op. Inc.
Ord. Act.

Revenue

EBITDA

Op. Inc.
Ord. Act.

Revenue

EBITDA

Op. Inc.
Ord. Act.

Revenue

EBITDA

Op. Inc.
Ord. Act.

€906m

€264m

€124m

€478m

€243m

€180m

€137m

€67m

€44m

€624m

€230m

€116m

€72m

€13m

€6m

Total Groupe ADP H1 2018 results

Revenue: +43.9% to €2,099m(4) - EBITDA: +33.6% to €815m
Operating income from ord. act.: +37.4% to €469m - Net result attributable to the Group: +26.9% to €205m
(1) Including

retail and real estate joint ventures
are accounted for using the equity method and includes Schiphol (8%) and the associates of TAV Airports and AIG, following the full consolidation of their
results respectively since July 2017 and since April 2018.
(3) Results from Hub Safe activity has been accounted for as non-operational activities since 29 September 2017
(4) Including €118m of intersegment eliminations
(2) Associates

Toolbox 2018 |18

BUSINESS
MODEL

AN « ADJUSTED TILL » MODEL THAT CREATES VALUE ON BOTH SCOPES
VALUE DRIVERS

ON REGULATED SCOPE
Optimisation of value drivers


Growth in TRAFFIC



Increase in TARIFFS



Control over OPEX



Control over CAPEX

ON NON REGULATED SCOPE
Continued strategy of development
RETAIL


INCREASE & OPTIMISATION of retail spaces



REFINEMENT OF THE OFFERING

INTERNATIONAL DEVELOPMENT
COMPETENCES




Ability to use the combination
of Groupe ADP skills



Generate opportunities for
our expert subsidiaries

by broadening the product range


Taking advantage of positive PASSENGER

TRAFFIC-MIX

GROWTH



DIVERSIFICATION REAL ESTATE


Prepare the future with AIRPORT CITIES



In geographies where the
traffic perspective is faster
than in Parisian airports

CONTROL




Be in a position to bring
value creation and risks
control,

PROFITABILITY




Risk diversification



Generation of higher
investment return than
in Paris

Toolbox 2018 |19

A VALUE-CREATING REGULATION MODEL BASED ON ADJUSTED TILL

2020 TARGETS

PROVIDING VISIBILITY OVER THE NEXT 5 YEARS (2016-2020)

Adjusted till model
Regulated scope

Non-regulated scope

Regulated ROCE
2020
800
700

600

Aviation
activities

 Aeronautical fees

(passenger, landing,
parking fees)
 Ancillary fees(1)

(check-in desks,
luggage sorting
systems, de-icing)

500

 Revenue from

airport safety and
security services

6,0%

4,5%

Non-aviation
activities

 Industrial services
 Rental revenue
 Airport real estate

700

5,0%

676
4,0%

541

538

485

400

3,0%

300
2,0%

200

379

+2.125%

CPI

1,0%

100

+0.97%

0

 Commercial

5,05%

3,8%

0,0%

2015

 Car parks

5,4%

WACC(2) = 5.4%

2016

2017

2018e

2019e

2020e

Regulated CAPEX 2016-2020 in €m 2017, pricing changes and regulated ROCE

activities
Regulated ROCE

 Diversification real

estate

Tariffs increase (CPI+1.00% CAGR2016-2020)
Regulated CAPEX

 Subsidiaries and

associates

CONVERGENCE of regulated ROCE to the level of the WACC in 2020
at 5.4%
(1)

Excluding fees for disabled person (PHMR)
consistent with that outlined in the Public Consultation Document for the 2016-2020 ERA available at www.groupeadp.fr

(2) Methodology

Toolbox 2018 |20

2016-2020 ERA RELIES UPON A BALANCED EQUATION,
CENTER OF OUR INDUSTRIAL STRATEGY

2020 TARGETS

2020 target
ROCE of regulated
scope = WACC
5.4%
TRAFFIC
ASSUMPTION

TARIFFS STRUCTURE
AND INCENTIVES

CAGR2016-2020 = +2.5%

OPERATIONAL NEEDS

International traffic
CAGR2016-2020 = +3.6%

QUALITY OF SERVICE
REGULATORY CHANGES

PRICE EFFORTS FOR
AIRLINES

ECONOMIC ENVIRONMENT

CAGR2016-2020 =
CPI+ 1.0%

CONTROL OVER
REGULATED OPEX

REGULATED CAPEX
€3.0bn

OPEX / PAX 2020 :
-8% vs 2015e

(1) Excluding

fees for disabled person (PHMR)
Toolbox 2018 |21

2020 TARGETS OF GROUPE ADP(1)

2020 TARGETS

DRIVERS OF OUR DEVELOPMENT STRATEGY
Traffic growth assumption: +2.5% CAGR2016-2020
Convergence of regulated ROCE(2)
to the WACC(3)

5.4% in 2020e

Cost cutting plan

Limit the growth in parent-company
operating expenses to a level below or equal
to 2.2% in average per annum between 2015 and 2020

RETAIL

Revenue per passenger of €23 on a full-year
basis after delivery of the 2016-2020e projects

REAL ESTATE

Growth in external rents (excluding
reinvoicing and indexation) ranging from
10% to 15% between 2014 and 2020e

QUALITY OF SERVICE

Overall ACI/ASQ(4) rating of 4 in 2020e

+30 to +40% growth
in consolidated EBITDA(5)
between 2014 and 2020e
2020 targets remains as explained in the strategic plan, Connect 2020, independently of the effect of the full consolidation of TAV airports
on capital employed calculated as the ratio of after-tax operating income to the Regulated Asset Base
(3) Weighted average cost of capital
(4) Airport Quality of service indicator (Airport Service Quality) made by Airport Council International
(5) Target to be completed annually by an annual forecast
(5) Independently of the full consolidation of TAV Airports in 2 nd half of 2017
(1)

(2) Return

Toolbox 2018 |22

06

CAPITAL ALLOCATION

CAPITAL
ALLOCATION

AN OPTIMISED AND SUSTAINED 2016-2020 CAPEX PROGRAMME
OF €4.6 BILLION(1) TO BACK OUR STRATEGY

Regulated CAPEX:
€3.0 billion

Non-regulated CAPEX:
€1.1 billion

Security CAPEX:
€0.5 billion

Retail(2) and other non regulated:
€0.7bn
Diversification Real Estate: €0.5bn

Regulated
CAPEX
€m 2017

700

Security equipment Standard 3

676

541

538

203

485
294
107

199

120

33

84
2016

99
101
2017

62

133

270
92 147

187

179

2018e

2019e

187 168
56
131
2020e

(1) ADP
(2)

SA (mother company), excluding subsidiaries and financial investments. CAPEX breakdown could be revised if necessary.
Including Retail works CAPEX estimated at €198m over 2016-2020
Toolbox 2018 |24

CAPITAL
ALLOCATION

AN AMBITIOUS AND SELECTIVE REGULATED 2016-2020 CAPEX PROGRAMME

3 PRIORITIES FOR 2016-2020 ERA

1 003

984

969

822

692

634

477

139
Maintenanc e

Maintenance

Mis e en conformité règlementaire

65
Optimisation des capac ités et logique One Roof

Compliance
with regulations

380

159
53

199

33

Amélioration des ac cès

Compétitivité du Hub

Optimisation of
Improving access
capacities and
One Roof initiative

2006-2010 ERA
€2.3 billion(1)

225

176

Competitiveness
of the Hub

2011-2015 ERA
€2.0 billion

Qualité de s ervice et développement durable

108 90,9

93

Développement immobilier aéronautique

Service quality
and sustainable
development

Aeronautical real
estate
development

20
Autres

Others

2016-2020 ERA
€3.0 billion

Comparison of 2006-2010, 2011-2015 and 2016-2020 ERA investment programmes (€ million 2016)

(1) €2.3
(2)

billion with a scope comparable to that of ERA 2, i.e. an adjusted till system
Compared to 2011-2015 ERA
Toolbox 2018 |25

CAPITAL
ALLOCATION

EVOLUTION OF DIVIDEND SINCE THE IPO

Dividend per
share (in €)

Payout ratio

3,46

3,5

75%

3
2,56

2,61

2,64
70%

2,5
2,07
2

1,38

0,5

1,37

65%

1,85

1,75

1,63

1,5
1

80%

60%

1,52

55%

0,94
60%
50%

50%

50%

50%

50%

50%

2006

2007

2008

2009

2010

2011

60%

60%

60%

60%

60%

50%
45%

0

40%

Payout ratio

2012

2013

2014

2015

2016

2017*

Dividend per share (in €)

Toolbox 2018 |26

CAPITAL
ALLOCATION

FINANCIAL SITUATION AS OF 30 JUNE 2018
DEBTS REPAYMENT SCHEDULE (€ MILLION)
839
32
708
31

127

113

562
35

114

279
29

590

39

649

656

57

60

77

83

623
23
87

591
4
74

680
5
62

138

680

613

564

515
413

149

513

513

513

413
101
9
79

101

37
24

13
2018

2019

2020

2021

2022

2023

2024

2025

Excluding TAV Airports and AIG:
capital excluding interest as 30 June 2018

2029

2030

2031-2038

Net debt (€m)
of which ADP
of which TAV Airports
of which AIG

5,029
3,816
782
431

3,797
3,144
653
-

Share of fixed-rate debt(1)
of which ADP(2)

75%
85 %

85%
90%

6.2 years
5.9 years

6.0 years
5.6 years

2.7%
2.3%

2.6%
2.4%

A+ / stable

A+ / stable

Average cost
of which ADP(2)
After rate swap
Excluding the full consolidation of TAV Airports and AIG

2028

104

31/12/2017

Average maturity
of which ADP(2)

1.
2.

2027

24
13 11

30/06/2018

Airport International Group: capital excluding
interest as 30 June 2018
TAV Airports: capital excluding
interest as 30 June 2018

13

116
12

Rating (S&P)

Toolbox 2018 |27

07

2016-2020
COST CUTTING PLAN

COST CUTTING

CONTINUED FINANCIAL DISCIPLINE THANKS TO INCREASES IN PRODUCTIVITY

/

/

Reminder ef 2016-2020 ERA commitment of
reduction of regulated OPEX/PAX by 8%
between 2015 and 2020

Parent company OPEX (regulated + non regulated)(1)
(current €m)

Underlying trend driven by:


The growth in parent-company OPEX (both regulated
& non regulated) should be lower or equal to 2.2%
CAGR2015-2020, to be consistent with 2016-2020 ERA
commitment

Growth in passenger traffic: +2.5%
CAGR2016-2020



Opening of major pieces of infrastructure



Indexation of subcontracting contracts



Employee policy maintained

≤+2.2%

1 557
2015

To avoid the tariff penalty on OPEX of
2016-2020 ERA

-

To guarantee a regulated ROCE at 5.4 %
in 2020

2016

2017

2018e

2019e

2020e

Underlying trend over OPEX, without increased control (infrastructure,
current employed policy maintained, indexation of sub-contracting costs)

Increased control over OPEX in order to meet
the commitment of reduction of regulated
OPEX/PAX by -8%, allowing:
-

CAGR2015-2020

+3.5%

Upper limit of parent-company OPEX, after cost cutting



Continued control over OPEX

Between 2012 and 2015, growth of parent-company OPEX limited to 1.3%
on average per year thanks to the policy of financial discipline



2020 target

Limit the growth in parent-company operating expenses to a level below
or equal to 2.2% in average per annum between 2015 and 2020
(1) Parent-company

(ADP SA) OPEX: (Staff costs (net of capitalised production) without profit share neither employee-related liabilities + other opex + tax other than
income tax in current €m

Toolbox 2018 |29

COST CUTTING

CONTROL OVER EXPENSES TRAJECTORY

Increase in ADP SA's operating expenses is under control (+1.5% per year on average between 2015 and 2017)
which is in line with our commitment of control over expenses (+2.2%(1) per year on average between 2015 and
2020)

Control of staff
costs
(more than one
third of ADP SA's
expenses)





Reorganisation of all operational divisions

Decrease in staff (departures not replaced, retirement plans, etc.)

Approximately 90% of staff
affected by restructurings
between 2016 and 2020
-0.4%*/year



Control over general wage increases & compensation reforms

*ADP SA’s
gross
wage bill
2015

2016

2017

Continuity of the reduction in purchasing costs initiated during ERA2

A rigorous
purchasing
policy





Reminder: approximately €500 to €600 million worth of contracts were
identified as requiring renegotiation during the ERA3 period (2016-2020)
Pooling purchases, systematic renegotiation of contracts reaching
maturity

Accelerated transformation and reduction in expenses

ADP SA's expenses: Purchases, external services, staff expenses (net of capitalised production, excluding profit sharing and employee benefit
obligation), excluding amortisation and depreciation

Approximately 75% of
renegotiations identified as
completed by the end of 2018

Around 20 targeted
actions performed or
already launched

(1)

Toolbox 2018 |30

04

2018 H1 RESULTS

HIGHLIGHTS OF THE FIRST HALF-YEAR
Strong dynamic of the Group’s traffic (+10.9%) in spite of the strikes in Paris (loss of about
750,000 pax)
Met deadlines on ERA 3 main infrastructure projects, out of which the commissionning of the
luggage sorting system under hall L of terminal 2E, during the 2nd quarter of 2018
New steps abroad with the acquisitions of Amman airport, Jordan and Antalya, Turkey
Adoption by ADP SA’s Board of Directors of CDG Express concession contract
Good organic performance: increase in revenue of 3.0%(1), control over operating
expenses(1): +0.5% and 4.5%-growth in EBITDA(2)
« PACTE » draft bill authorizing the transfer to private sector of the majority of Groupe ADP's
capital

1.
2.

Change calculated excluding the full consolidation of TAV Airports and AIG
Change calculated excluding the capital gain from cargo hub buildings in 2017 EBITDA and excluding the full consolidation of TAV Airports and AIG
Toolbox 2018 |32

SOLID PERFORMANCE OF ALL THE INDICATORS
/

REVENUE

/

EBITDA
+33.6%

+43.9%
2,099
53
544

1,459

Contribution
of AIG
Contribution of
TAV Airports

Cap. gain
linked to the
cargo hub
buildings

610
63

+3.0%

/

Contribution
of AIG
Contribution of
TAV Airports

+4.5%

1,502

H1 2017

815
15
228

EBITDA/revenue(2)
%

H1 2018

OIFOA(1)

/

547

571

41.8%

38.0%

H1 2017

H1 2018

NET RESULT ATTRIBUTABLE TO THE GROUP

+37.4%
Cap. gain
linked to the
cargo hub
buildings

469
24
115

341
63
+18.7%

OIFOA/revenue(2)
%

1.
2.
3.

278

Contribution
of AIG(3)
Contribution of
TAV Airports

+26.9%
205
161

330

23.4%

23.5%

H1 2017

H1 2018

H1 2017

H1 2018

Operating income from ordinary activities including operating activities of associates
The margin as presented here-above is calculated excluding the full consolidation of TAV Airports and AIG
The contribution of AIG to Groupe ADP’s OIFOA includes the capital gain from the revalorisation of the already-owned 9.5%-stake in AIG, for an amount of €23 million.
Toolbox 2018 |33

GROWTH OF THE FINANCIAL INDICATORS
+43.9%

REVENUE
 Growth in airport fees (+4.5%) driven by traffic dynamics and the increase in tariffs
from 1 April 2018, in spite of the strikes
 Growth in retail and services activities (+3.3%) in spite of a decrease in sales per
passenger to €17.9 (-1.3%)
 Contribution of the full consolidation of TAV Airports in the first half-year (€544m)
and AIG (€53m) since April 2018
 Excluding the full consolidation of TAV Airports and AIG, revenue increased by 3.0%

2,099
53
544

1,459

+3.0%

H1 2017

Contribution of
AIG
Contribution of
TAV Airports

1,502

H1 2018
+33.6%

EBITDA
 EBITDA increased by 33.6%, thanks to traffic dynamics, the full consolidation of TAV
Airports and control over the parent company’s operating expenses (+0.1%)
 Excluding the capital gain linked to the hub cargo buildings and the full
consolidation of TAV Airports and AIG, EBITDA grew by 4.5%

547

OPERATING INCOME FROM ORDINARY ACTIVITIES

NET RESULT ATTRIBUTABLE TO THE GROUP
€127m increase in OIFOA
Integration of TAV Airports financial results for an amount of €55m
€27m increase in corporate taxes linked to TAV Airports
NRAG up by €43m in H1 2018(1)





1.

15
228

610
63

H1 2017

 Operating income from ordinary activities increased by 37.4%
 Contribution of the full consolidation of TAV Airports (€115m)
 Contribution of the full consolidation of AIG: €24m (of which re-evaluation of the
stake in AIG: €23 million)

Contribution of
AIG

815

571
+4.5%

+37.4%

H1 2018

469
341
63

278

Contribution of
TAV Airports

115
+18.7%

H1 2017

Contribution of
AIG

24

Contribution of
TAV Airports

330
H1 2018

+26.9%
161

205

H138%-stake
2017
H1amount
2018
As a reminder, Groupe ADP’s operating income and net result benefited from the positive impact of the re-evaluation, during the H2 2017, of the
in TAV Airports for an
of €63million
Groupe ADP – Toolbox 2018 | 34

GROUPE ADP’S TRAFFIC UP BY 10.9%

GROUPE ADP IS BENEFITING FROM STRONG INTERNATIONAL DYNAMICS
/

ADP vs. PEERS
mPax

Paris-CDG+ORY

50

2018 / 2017
+3.0%

London-Heathrow

38

+2.5%

Amsterdam-Schiphol

34

+5.4%

Frankfurt-Fraport

33

+9.1%

Istanbul-Atatürk

33

+12.8%

Madrid-Adolfo Suarez

27

+8.2%

Groupe ADP (1)

130

of which TAV @100% (2)
of which Amman @100%
Fraport Group (1)
AENA Group

1.
2.

71

+10.9%

+17.7%

4

+7.6%

78

+10.7%

121



Dynamism of Paris Aéroport’s traffic:
 CDG: +3.0%, at 33.9 mPax
 ORY: +2.9%, at 16.0 mPax



Positive traffic mix: 5.6% increase of international
traffic



Continued dynamism of low-cost airlines: +9.4%



Growth in traffic in all the Group’s airports over
the 1st half of the year:
 TAV Airports: +17.7%(2) with, notably +12.8% in
Istanbul, +26.7% in Antalya and +29.8% in Ankara
 Santiago de Chile: +10.4%
 AIG: +7.6%

+6.8%

Traffic weighted by the percentage of shares held – please refer to slide 28
TAV Airports has taken a stake in Antalya Airport since May 2018. Here-above traffic data are restated in order to take into account the traffic of this airport from 1 January 2017.
Toolbox 2018 |35

GROWTH IN PARIS AÉROPORT TRAFFIC (PARISIAN AIRPORTS) OVER H1 2018
DRIVEN BY THE DYNAMISM OF INTERNATIONAL TRAFFIC
Paris Aéroport
total traffic
50 mPax

International
traffic(1)
40.1%

+3.0%

21.5%

Load factor
85.3%

-1.4pt

+2.5pt

EUROPE
FRANCE
44.0%
15.8%
+3.0%
-3.2%

NORTH AMERICA
9.7%

+5.6%

Connecting rate(2)

+5.2%

FRENCH OVERSEAS TERRITORIES
4.4%
+10.5%

AFRICA

11.0%

+6.0%

MIDDLE EAST
5.3%

+8.5%

ASIA/ PACIFIC
6.6%

+3.9%

China:
+6.3%
Japan:
+4.4%

LATIN AMERICA
% Paris Aéroport
(Parisian airports) total
traffic (departures and
arrivals)

3.1%

-2.1%

H1 2018 / H1 2017
change in Paris (in %)

1.
2.

Excluding France and Europe
Number of connecting passengers out of the number of departing passengers
Toolbox 2018 |36

REVENUE UP BY 43.9% TO €2,099 MILLION
DYNAMISM OF AERONAUTICAL ACTIVITIES
€m
+43.9%
2,099

Aviation:
+3.0%

1,459

23

Retail and services :
+3.3%

3

4

4

2

53

Mainly Hub Safe’s
deconsolidation(1)

6

7

1

1,502
43

544

38

Good revenue dynamics from
rents, including the full
acquisition of the "Dôme"
building, in Paris-CDG

+4.5%
H1 2017
Revenue

Airport fees

+2.9%
Other
aviation
income

Airside
shops





1.

+14.9%
Bars and
restaurants

+14.9%
Other
retail and
services
income

Revenue
linked to
the SGP

-2.3%

- 37.0 %

Real Estate International
Other
(excluding activities
TAV A and
AIG)

- 24.2 %
Inter-sector Revenue TAV Airports AIG since
eliminations (excluding
H1 2018
April 2018
TAV A.
and AIG)

H1 2018
Revenue

Good performance of retail and services (+ 3.3%) in particular due to
strong growth in bars and restaurants
Increase of airside shops driven by the traffic dynamics in spite of a
decrease in sales/pax linked to unfavorable FX effects and
modernizing works in terminal 2E

Please refer to the press release published on 29 September 2017

Toolbox 2018 |37

GROWTH IN EBITDA IN H1 2018

THANKS TO THE DYNAMISM OF TRAFFIC AND CONTROL OVER OPERATING EXPENSES

Control over Groupe ADP’s operating expenses: +0.5% excl. the full consolidation of TAV Airports and AIG vs. H1 2017

Operating expenses of ADP SA: +0.1% vs. H1 2017
+33.6%

€m
Mainly linked to Hub Safe’s
deconsolidation(2)

610

43

45

34

+13.3%

-9.5%

Of which €63 million capital
gain from Cargo Hub in
H1 2017(1)

7

63

547

H1 2017
EBITDA
(excluding
capital gain
linked to the
cargo hub
buildings)

Capital gain
linked to the
cargo hub
buildings

H1 2017
EBITDA

Growth in
revenue
(excluding
FC of TAV
A and AIG)

External
services

Employee
benefit costs

15

815

228
79

571

-84.9%
Other
operating
expenses

Other
expenses
and incomes

EBITDA
(excluding
TAV A.
and AIG)

TAV Airports’
EBITDA

AIG’s
EBITDA since
April 2018

H1 2018
EBITDA

Data before full consolidation of TAV Airports and AIG
1.
2.

Please refer to financial release published on 24 July 2017
Please refer to press release published on 29 September 2017
Toolbox 2018 |38

NET INCOME ATTRIBUTABLE TO THE GROUP INCREASED BY 26.9% IN H1 2018
Of which full consolidation of: Of which full consolidation of:


TAV Airports: +€228m



TAV Airports: -€138m



AIG: +€15m



AIG: -€14m

Provision on international
stake: €14m (vs. €46m
in H1 2017)

Of which full consolidation of:


TAV Airports: -€55m



AIG: -€12m

+26.9%

€m

156

23

205

32

55
17

25

13

205

Elim. of NR
attributable to
non-controlling
interests

H1 2018 NRAG

161

H1 2017 NRAG

EBITDA

Amortization and Share of results
depreciation
of operating
associates

Other operating
Cap. gain
associates
linked to the reevaluation of
the stake in AIG

+85.3%

+14.9%

Financial result

Taxes

Op. income from ordinary activities
€127m increase in OIFOA(1), i.e. +37.4%,
mainly linked to the full consolidation of TAV Airports
since H2 2017 and AIG since April 2018
1.

Operating income from ordinary activities including operating activities of associates

Groupe ADP – Toolbox 2018 | 39

TAV AIRPORTS

 Highlights

 Main indicators

 Acquisition of a 49%-stake in Antalya in May 2018
for €360m:

H1 2018

H1 2018/H1
2017

Passengers (mPax)

71

+18%



End of concession: 2024

Revenue

545

+5%



Co-control with Fraport, accounted for as

Operating expenses(1)

318

-1%

EBITDA

228

+15%

41.8%

+4pt

95

+55%

In €m (unless otherwise stated)

EBITDA/Revenue (%)
Net result @100%

 Contribution of the full consolidation of TAV

Airports during the first half-year(2)

associate


Traffic: 12 mPax (+26.7% vs. H1 2017)

 Half-year results


Good traffic dynamics (+17.7%) in all the
destinations



Revenue was up by 5%

Before
PPA(3)(4)



EBITDA was up by 15%

After PPA(3)



Good holding of the expenses

Revenue

545

544



FX effects: depreciation of the Turkish lira against

EBITDA

228

228

Operating income from ordinary activities

195

115

Net result @100%

95

33

Net result attributable to Groupe ADP

44

15

In €m (unless otherwise stated)

1.
2.
3.
4.

Including other incomes and expenses
Average exchange rates EUR/USD = 1.19 and EUR/TRY = 5.21 during the 1st half of 2018
Price Purchase Allocation
Excluding post-closing adjustments

Euro of c.26%


Performance of the associates, in particular ATU,
TGS and positive effect of the acquisition of
Antalya since May 2018

Toolbox 2018 |40

05

2018 FORECASTS

REVISION OF 2018 FORECASTS & CONFIRMATION OF 2020 FORECASTS
FOLLOWING THE PUBLICATION OF H1 2018 RESULTS


Group traffic
=> revision





2018 EBITDA
=> revision





Proposition(4) of dividend for
2018



Traffic growth assumption for Paris Aéroport maintained between +2.5% and +3.5% in 2018
vs 2017
Revision of TAV Airports traffic growth assumption: increase above 30% in 2018
(vs. between +10% and +12% previously)

Revision of consolidated EBITDA(2): increase of between +17% and +22% in 2018
(vs. between 10% and 15%) compared to 2017, with the full-year effect of the full
consolidation of TAV Airports and the effect of the full consolidation of AIG since April 2018
Consolidated EBITDA excluding the full consolidation of TAV Airports and AIG maintained:
increase of between +2.5% and +3.5% in 2018 compared to 2017
Revision of TAV Airports EBITDA(3) forecast: increase of between +14% and +16% in 2018
compared to 2017 (vs. between +5% and +7% previoulsy)

Payout of 60% of 2018 net result attributable to the group maintained

=> confirmed
Confirmation of 2020
guidances




1.
2.
3.
4.

EBITDA growth guidance maintained in 2020
excluding the effect of the full consolidation of TAV Airports
Connect 2020 other objectives maintained

TAV Airports has taken a stake in Antalya Airport since May 2018. Here-above traffic growth assumption takes into account the traffic of this airport only from May 2018
TAV Airports' EBITDA guidance, underlying Group's EBITDA guidance, is built on the assumption that Istanbul Ataturk airport will operate for the full year in 2018 and on the following exchange rate
assumptions: EUR/TRY = 5.21 et EUR/USD = 1.20
EBITDA as published by TAV Airports includes Ankara guaranteed passenger revenue and the share of equity pick-up, of which the share of result of Antalya airport following the acquisition in May 2018 of
a 49%-stake
Submitted for the approval of the Annual Shareholders General Meeting in 2019 called to approve the 2018 financial statements
Toolbox 2018 |42

03

2017 FULL YEAR
FINANCIAL RESULTS

2017 – SOLID PERFORMANCE TO ENSURE LONG-TERM GROWTH

/



Strong growth in Groupe ADP traffic (+7.4%) including a 4.5% increase for
Paris Aéroport and a 9.8% increase for TAV Airports

Solid performance



Improvement of all financial indicators

/



Continued control over expenses



Payout ratio of 60% of total net result attributable to the Group

/

A base
for
long-term growth






/


FY 2017
RESULTS

Sale of assets that are not aligned with the Group's strategy (sale of TAV
Construction and 80% of Hub Safe)
Continued investment in Paris airports to accommodate increasing traffic
Group's international development: investment in TAV Airports thus
facilitating its full consolidation into Groupe ADP's financial statements and
investment project for Amman Airport in Jordan
Innovation Hub: dynamic programme to conceive and develop the airport
of tomorrow

Toolbox 2018 |44

2017 – A YEAR OF INTERNAL AND EXTERNAL GROWTH

/

REVENUE

/
+22.7%
3,617

M€

EBITDA

Effect of the
increased stake
in TAV Airports
as at H2 2017

+31.1%
1,567

616

2,947

FY 2017
RESULTS

280

1,195

+1.8%

+7.7%

3,001

1,287
EBITDA/CA(2)
%

2016

/

OIFOA(1)

2017
+55.1%
1,030

664
+26.8%
OIFOA/CA(2)
%

22.5%

2016

Effect of the
increased stake
in TAV Airports
as at H2 2017

Effect of the
increased stake
in TAV Airports
as at H2 2017

63 (3)
125 (4)

/

40.6%

42.9%

2016

2017

NET RESULT ATTRIBUTABLE TO
THE GROUP
+31.2%

571
435

842

+15.5%

Effect of the
increased stake
in TAV Airports
as at H2 2017

63 (3)
5 (5)

503

28.1%

2017

2016

Income from ordinary activities including operating activities of associates
excluding full consolidation of TAV Airports
(3) Gain from the re-valuation of the 38% stake in TAV Airports for €63 million linked to the increase of ADP’s stake in TAV Airports
(4) The full consolidation of TAV Airports leads to take into account TAV's total operating income from ordinary activities for the second half-year (€149 million),
less the amount that would have been accounted for using the equity method in the absence of the supplementary stake in TAV Airports (i.e. 38 % of TAV
Airports’ net income for H2 2017, amounting to €24 million)
(5) TAV's NI after PPA as at H2 2017 at 46% (€29 million), minus the reduction of €24 million corresponding to 38% of the TAV Airport's net income for H2 which
would have been recognised in the absence of the supplementary stake in TAV Airports

2017

(1) Ordinary
(2) Margin

Toolbox 2018 |45

FY 2017
RESULTS

IMPROVEMENT FOR ALL FINANCIAL INDICATORS IN A CONTEXT OF GROWTH
IN TRAFFIC AND MAJOR OPERATIONS

Traffic-driven
revenue






Increase in airport fees (+5.2%) driven by traffic dynamics and improvements in
the traffic mix
Increased retail activities (+2.2%), stable sales per passenger
Contribution of the full consolidation of TAV Airports in the 2 nd half-year:
€616 million
Excluding the full consolidation of TAV Airports, revenue increased by 1.8%

€m

+22.7%

Revenue



3,617
616

2,947
+1.8%

2016

Effect of the
increased
stake in TAV
Airports as at
H2 2017

3,001

2017





Operating income
from ordinary
activities sustained
by the reorganisation
of international
activities

Increase in
net result
attributable to the
Group









€63 million gain linked to the long-term leasing of buildings in the cargo hub by
FedEx (according to IAS 17), with no impact on the cash position
Excluding the full consolidation of TAV Airports, EBITDA increased by 7.7%
Operating income from ordinary activities increased by 55.1%
Positive impact of the sale of TAV Construction: €12 million
Provision on international stake accounted for during the first half-year: €46
million
Contribution of the full consolidation of TAV Airports, of which €63 million is linked
to the re-valuation of the stake in TAV Airports, amounting to €188 million(1)





1,195
+7.7%

linked to the corporate income tax amounting to €82 million, due to the increase in
income before tax and the 2017 surcharge on income tax, partially offset by the reevaluation of deferred taxes (Finance Act 2018)
minored by the reimbursement of taxes on dividends for €24 million

1,287

2017

1,030
188

664
+26.8%

2016

842

571
68

435
+15.5%

2016

Effect of the
increased
stake in TAV
Airports as at
H2 2017

2017

+31.2%

Capital gain, net of disposal fee, from the sale of Hub Safe for €27 million

Contribution of the full consolidation of TAV Airports to Groupe ADP's operating income from ordinary activities breaks down as follows: (a) TAV Airport's operating income
from ordinary activities at 100% for €149 million as at H2 (b) plus the capital gain from the re-evaluation of the 38% stake in TAV Airports for €63 million linked to the increased
stake (c) less the €24 million corresponding to 38% of the TAV Airport's net income as at H2 which would have been recognised in operating income from ordinary activities
in the absence of the supplementary stake in TAV Airports

Effect of the
increased
stake in TAV
Airports as at
H2 2017

+55.1%

Net increase in income tax of €58 million:


1,567
280

2016

OIFOA

Growth in EBITDA

EBITDA increased by 31.1%, thanks to traffic dynamics, the full consolidation of
TAV Airports and control of the group's operating expenses (+0.1%)

NRAG



EBITDA

+31.1%

Effect of the
increased
stake in TAV
Airports as at
H2 2017

503
2017

(1)

Toolbox 2018 |46

GROUPE ADP TRAFFIC INCREASED BY 7.4%

GROUPE ADP IS BENEFITING FROM GOOD INTERNATIONAL DYNAMICS

/

FY 2017
RESULTS

ADP VS PEERS
mpax

Paris-CDG+ORY

102

2017 / 2016
+4.5%

Dynamism of Paris Aéroport traffic



London-Heathrow

78

+3.1%

Amsterdam-Schiphol

69

+7.7%

Frankfurt-Fraport

65

Istanbul-Ataturk

64

+5.5%

Madrid-Adolfo Suarez

53

+5.9%



+6.1%

Groupe ADP(1)
of which TAV @100%
Fraport Group(1)
AENA Group

(1)

228

+10.8%

149
249

CDG: +5.4% at 69.5 mpax



ORY: +2.6 % at 32.0 mpax

Positive traffic mix: 6.2% increase in international
traffic
Continued dynamism of low-cost airlines: +8.8%

+7.4%
+9.8%

115





+8.2%





228 mpax welcomed in Groupe ADP’s airports in
2017, an increase of 7.4%

Growth in traffic for Groupe TAV Airports:
+9.8% at 115.0 mpax

Traffic weighted by the percentage of shares held – please refer to slide 27
Toolbox 2018 |47

FY 2017
RESULTS

GROWTH IN PARIS AÉROPORT TRAFFIC (PARISIAN AIRPORTS) IN 2017
DRIVEN BY THE DYNAMISM OF INTERNATIONAL TRAFFIC
International traffic(1)

Total traffic
101.5 mPax

Connecting rate(2)

Load factor

40.0%
23.1%

+6.2%

+ 4.5 %

France

North America

+1.0%

+6.9%

French Overseas Territories

Africa
11.3%

4.1%

+7.8%

+4.8%

85.0%

+3.5pt

Europe
43.8%

16.3%

10.0%

-0.8pt

Latin America

+4.2%

Middle East
5.1%
+8.9%

Asia/ Pacific
6.4%

+4.1%

China:
+5.7%
Japan:
+6.2%

3.1%

% Paris Aéroport (Paris
airports) total traffic
(departures and
arrivals)

+0.7%

2017 / 2016
change in Paris

(1) Excluding
(2) Number

France and Europe
of connecting passengers out of the number of departing passengers
Toolbox 2018 |48

FY 2017
RESULTS

REVENUE INCREASED €670 MILLION TO €3,617 MILLION
DYNAMISM OF AERONAUTICAL ACTIVITIES
/

€m

CONSOLIDATED REVENUE: + 22.7 %

Revision of internal rents
(with no impact on Group revenue)





Retail & Services:
+1.2%

Aviation: +4.0%

Decrease in activity at
ADP Ingénierie
3,617



10

7

4

5

2

Deconsolidation
of Hub Safe in Q4
616

13
3,001

31
6

52

23
+1.8 %

2,947

2016
revenue

+5.2%

+4.6%

Aviation
fees

Ancilliary
fees

+1.6%
Revenues
linked to
safety and
security
serivces

+1.6%
Airside
shops

-4.8%
Other shops,
Other
bars &
retail and
restaurants,
services
other retail
activiites

-32.0%

Real estate International
(excl. TAV)





Traffic growth in volume: +4.5%
Favourable traffic mix: international traffic
increased by 6.2%

Other
Intersegment Revenue TAV Airports
activities eliminations
before
over H2 2017
FC of TAV

2017
revenue

Slight increase in retail activities thanks to the
performance of airside shops (+1.6%), landside
shops (+5.4%) and bars & restaurants (+10.2%)

Toolbox 2018 |49


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