Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — H1 2024 Earnings Presentation
48 slides from Aeroports De Paris's earnings presentation, Jul 23, 2024
Slide 1: 2024 Half-Year Results
2024 HALF-YEAR RESULTS JULY 23rd, 2024 1
Slide 2: Half-Year 2024 Highlights
HALF-YEAR 2024 HIGHLIGHTS 2
Slide 3: Half-year highlights: good performance driven by international
1 st half of 2024: good operating & financial performance, driven by international REVENUE €2,887M HALF-YEAR HIGHLIGHTS +13.4% ◆ Traffic developing in line with our assumptions: EBITDA ◆ Traffic up +4.4% in Paris, incl. an impact from 4-flight trial in Jan.-Feb. €943M ◆ Strong momentum at TAV Airpor
Slide 4: Traffic growing in line with our assumptions
Traffic growing in line with our assumptions Paris Aéroport traffic Group traffic 1 In MPax In MPax 108.0 337.1 336.4 99.7 +9.7% +4.4% H1 52.3 47.1 49.1 H1 158.1 155.4 170.2 … … 2019 2020-2022 2023 H1 2024 2019 2020-2022 2023 H1 2024 1. Group traffic includes traffic from airports operated by Groupe
Slide 5: Paris Aéroport: a special summer has started
Paris Aéroport: a special summer has started Similar level of summer traffic with higher peaks on some specific days… Up to 230k pax/day Up to 120k pax/day In Paris-CDG In Paris-Orly ...with specific Olympics-related flows Accredited traffic Arrivals peak Departure peak >10,000 athletes >64,000 accr
Slide 6: Paris Aéroport: opening of infrastructures
Paris Aéroport: opening of infrastructures New subway station in Paris-Orly Reopening of Terminal 2AC Metro Line 14 opened on 24th June Terminal 2C reopened on May 23rd Decarbonized transport for travelers, Terminal 2A reopened on July 2nd employees and locals Fully accessible Reaching full opening
Slide 7: Adapted processes for optimum passengers' service
Paris Aéroport: adapted processes for optimum passengers’ service Full mobilization of the Dedicated processes for Ensure best experience airport community Olympic delegations for all passengers 20 exercises for 100 hours of Remote check-in with 98 check-in +50% automated border gates training to te
Slide 8: Almaty airport new international terminal
Almaty airport new international terminal Start of operations on June 1st allowing a conversion of previous infrastructure to a domestic terminal More than doubling airport capacity to above 14Mpax nominal capacity Providing quality service to international passengers and leveraging retail potential
Slide 9: Concession extension of Amman airport
Concession extension of Amman airport Global restructuring operation to support financial and operational stability and ability to accompany traffic growth 7-year extension of concession until November 2039 Strengthening financial structure with a shareholder loan Debt reprofiling with maturities ex
Slide 10: Continuing to deploy 2025 Pioneers strategic roadmap
Continuing to deploy 2025 Pioneers strategic roadmap Energy mix Innovation Carbon budget decarbonization Signature of new Corporate Power APU OFF project ready for industrialization, Scheduled deployment for Purchase Agreements, with aim to cover aiming at reducing the use of aircrafts’ eCARB carbon
Slide 11: Half-year financial performance
1 st half of 2024: good operating & financial performance, driven by international In €M REVENUE EBITDA 2,887 943 2,545 +13.4% 863 +9.3% NET DEBT 8,571 7,934 H1 2023 H1 2024 H1 2023 H1 2024 OPERATING INCOME NET RESULT1 FROM ORD. ACTIVITES GROUP SHARE 681 347 4,1x +0,1x 4,2x EBITDA21 EBITDA2 +64.5% N
Slide 12: 2024 Half-Year Financial Results
2024 HALF-YEAR FINANCIAL RESULTS 12
Slide 13: Paris Aéroport: traffic growth
Paris Aéroport: traffic growth Share of H1 24 Traffic growth LOAD FACTOR LOW-COST TRAFFIC H1 24 traffic vs. H1 2023 traffic 11,6% 84.5% 85.9% 28.9% 22.4% Mainland France (6.0)% In H1 2024 In H1 2019 Of H1 2024 traffic Of H1 2019 traffic 4,7% CONNECTING RATE French Overseas T. +1.3% 45,2% 19.7% 22.9%
Slide 14: Extime Paris sales per pax
Extime Paris sales per pax 1 First-half highlights €31.7 Extime Travel Essentials €29.6 Start of operations of the new JV in Feb. 2024 €22.5 Reopening of Terminal 2AC at the end of May 2024 FY FY €23.5 €30.6 … 2019 2020-2022 2023 2024 Q1 Q2 Q3 Q4 SPP in H1 2024 at €31.7, up €2.1 (+7.1%) vs. H1 2023
Slide 15: Traffic at TAV Airports and GMR Airports
Traffic at TAV Airports and GMR Airports TAV AI RPORTS 1 GMR AIRPORTS (GAL) Almaty 5.2 +25.5% Delhi 38.5 +7.7% MPax MPax Medina 5.6 +20.0% Hyderabad 13.3 +11.4% MPax MPax 14.6 +14.3% 3.5 Antalya MPax Medan -6.2% MPax 6.2 +12.4% 2.5 +50.6% Ankara MPax Goa MPax TAV Airports 45.9 +17.3% GMR Airports 57
Slide 16: Solid revenue growth to €2,887M
Solid revenue growth, up +€342M (+13.4%) to €2,887M In €M PARISIAN ACTIVITIES 2,887 0 0 5 174 7 38 68 2,545 50 Retail and services International & airport development H1 2023 Revenue Aviation Extime Duty Free Other retail Real estate TAV Airports AIG Other Other activities H1 2024 Revenue Paris and
Slide 17: EBITDA up 9.3% to €943M
EBITDA up +9.3% to €943M, driven by international In million euros H1 2024 H1 2023 Change In €M PARISIAN ACTIVITIES 75 4 943 Revenue 2,887 2,545 +13.4% €(64)M expense Operating Expenses (2,004) (1,729) +15.9% from infrastructure tax Consumables (442) (402) +10.0% introduced in 2024 External services
Slide 18: EBITDA excl. one-offs up 11.4%
EBITDA excl. one-offs up +11.4% H1 2023 EBITDA STRONG UNDERLYING GROWTH H1 2024 EBITDA EBITDA EXCLUDING ONE-OFFS EXCLUDING ONE-OFFS EXCLUDING ONE-OFFS +11.4% 941 844 863 943 (2) 941 (19) 844 H1 2023 EBITDA One-offs items H1 2023 EBITDA H1 2024 EBITDA One-offs items H1 2024 EBITDA excl. one-offs H1 2
Slide 19: Net result up 64.5% to €347M
Net result up +€136M (+64.5%), to €347M 60 (39) 18 11 (130) 134 347 211 80 H1 2023 Increase in EBITDA Amortisation Share of profit or Other income Financial result Income tax Result from disc. H1 2024 Net result, and impairment loss in associates and expenses activities and net Net result, group sha
Slide 20: Net result excluding one-offs up 29.4%
Net result excluding one-offs up +29.4% STRONG UNDERLYING GROWTH NET RESULT EXCLUDING ONE-OFFS H1 2023 NET RESULT H1 2024 NET RESULT EXCLUDING ONE-OFFS +29.4% 291 EXCLUDING ONE-OFFS 225 225 347 (56) 291 211 14 H1 2023 One-offs items H1 2023 Net H1 2024 One-offs items H1 2024 Net Net result result ex
Slide 21: Net debt standing at 4.2x 12M EBITDA
Net debt standing at 4.2x 12M EBITDA In €M 177 78 8,571 377 181 532 7,934 7,862 471 7,403 (709) (647) Adj. lev. Lev. Lev. Adj. Lev. 3.8x1 4.1x 4.2x 3.9x1 Net debt as of FCCBs-related Net debt as of Cash-flows Capex & Dividends Interest paid FCCBs-related Others Net debt as of FCCBs-related Net debt
Slide 22: Controlled investment trajectory for 2024-2025
Controlled investment trajectory for 2024 -2025 INVESTMENTS AT ADP SA (€M) Historical & forecasted investments Main projects conducted in H1 2024 *forecasts c.€900M Maintenance & regulatory Paris-CDG Runway 1 renovation yearly average New airside remote areas in Paris-CDG Competitiveness Connecting
Slide 23: 2024-2025 targets confirmed
2024 – 2025 targets confirmed 2024 2025 GROUP TRAFFIC1 GROWTH > +8.0% vs. 2023 - PARIS TRAFFIC GROWTH +3.5% to +5.0% vs. 2023 +2.5% to +4.0% vs. 2024 TARGETS EXTIME PARIS SPP GROWTH - +3.0% to +5.0% vs. 2023 Incl. impacts of new tax in France EBITDA GROWTH > +4.0% vs. 2023 > +7.0% vs. 2024 - 3.5x –
Slide 24: Outlook
OUTLOOK 24
Slide 25: Olympic & Paralympic Games: a lasting legacy
OLYMPIC & PARALYMPIC GAMES A LASTING LEGACY FOR THE ENTIRE AIRPORT COMMUNITY, FULLY CONSISTENT WITH 2025 PIONEERS ROADMAP - Innovation Intermodality Accessibility Quality of service Operational excellence Cooperation - Assemblée Générale – 21 mai 2024 // 25
Slide 26: Pivoting our business model to combine sustainability with long term value
Pivoting our business model to combine sustainability with long term value creation Create value, with 3 complementary & listed platforms: Paris Aéroport, TAV Airports, GMR Airports 1 Welcome passengers with the highest quality of service and accessibility for all Support low-carbon aviation and tur
Slide 27: Appendices
APPENDICES 27
Slide 28: Group traffic in H1 2024
Group traffic 1 in H1 2024 in Mpax Group traffic (Pax) 2024/2023 change (in%) Paris-CDG 33,189,226 +4.4% Paris-Orly 15,957,066 +4.2% Total Paris Aéroport 49,146,292 +4.4% Antalya 14,574,033 +14.3% Almaty 5,252,796 +25.5% Ankara 6190,248 +12.4% Izmir 5,311,478 +14.1% Bodrum 1,574,123 +13.6% Gazipaşa
Slide 29: H1 2024 consolidated income statement
H1 2024 consolidated income statement In millions of euros H1 2024 H1 2023 2024 / 2023 Revenue 2,887 2,545 + €342M Operating expenses (2004) (1,729) - €275M Other expenses and incomes 60 47 + €13M EBITDA 943 863 + €80M Amortisation and impairment of tangible and intangible assets (262) (396) + €134M
Slide 30: One-off items – EBITDA and Net result
One-off items – EBITDA and Net result One-offs in H1 2023 EBITDA One-offs in H1 2024 EBITDA €M One-off items €M One-off items One-offs items (18) One-offs items (2) Of wich other income and One-off proceeds from the sale of surplus Of which Revenue +6 Profit on equity (18) expenses electrical capaci
Slide 31: Aviation
Aviation H1 2024 – Income statement REVENUE (€M) +5.4% 14 (8) 969 9 5 1 29 919 H1 2023 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products H1 2024 Revenue airport safety and security services (in millions of euros) H1 2024 H1 2023 2024/2023 Revenue 969 919 +
Slide 32: Retail and services
Retail and services H1 2024 – Income statement REVENUE (€M) +13.0% 924 16 20 8 5 1 31 818 38 H1 2023 Extime Duty Extime Travel Other retail Car parks and Industrial Rental income Other income H1 2024 Revenue Free Paris Essentials Paris activities access roads services Revenue (in millions of euros)
Slide 33: Retail and services subsidiaries
Retail and services subsidiaries RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 30/06/2024 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Extime Travel Essenti
Slide 34: Change in consolidation method for Extime F&B Paris (1/2)
Change in consolidation method for Extime F&B Paris and recognition of Extime Travel Essentials revenue (1/2) As a reminder, the financial statements of Extime Food & Beverage In order to enable comparability between the 2024 and 2023 financial Paris, which were fully consolidated until Select Servi
Slide 35: Change in consolidation method for Extime F&B Paris (2/2)
Change in consolidation method for Extime F&B Paris and in recognition of Extime Travel Essentials revenue (2/2) (3) Impact from revenue (4) H1 2023 (2) Impact and expenses recognition excl. Extime F&B consolidation from consolidation method (in million euros) (1) H1 2023 method change for and with
Slide 36: Real estate
Real estate H1 2024 – Income statement REVENUE (€M) +4.2% (1) 174 3 167 7 (3) H1 2023 Revenue Land Buildings Other external Internal revenue H1 2024 Revenue revenue (in millions of euros) H1 2024 H1 2023 2024/2023 Revenue 174 167 + €7M +4.2% External revenue 153 146 + €7M +4.8% Revenue: +€7M, driven
Slide 37: International and airport development
International and airport development H1 2024 – Income statement REVENUE (€M) +24.5% 2 (8) 883 174 709 0 7 H1 2023 Revenue AIG ADP Ingénierie TAV Airports SDA Croatie Others H1 2024 Revenue (in millions of euros) H1 2024 H1 2023 2024/2023 Revenue 883 709 + €174M +24.5% Revenue: +€174M, driven by: AD
Slide 38: TAV Airports main assets & subsidiaries
TAV Airports main assets & subsidiaries Expiration Ownership Functional Company Activity 2023 Traffic Consolidation method date (by TAV) Currency(1) AIRPORT COMPANIES TAV Kazakhstan Airport Operator, Fuel, F&B, Lounges, Ground Handling, Cargo - 9.5 Mpax 100%(2) Full consolidation USD TAV Ege Izmir a
Slide 39: TAV Airports: 2024 and 2025 guidances
TAV Airports: 2024 and 2025 guidances FY 2023 RESULTS 2024 GUIDANCE 2025 GUIDANCE (Includes New Ankara 2025+) 14 -18% REVENUE (€M) 1,309.7 1,500 – 1,570 CAGR (2022-2025) expected TOTAL PASSENGERS (M) 95.5 100-110 10 – 14% CAGR (2022-2025) expected INTER. PASSENGERS (M) 62.9 67-73 EBITDA MARGIN (%) 2
Slide 40: GMR Airports main assets & structure
GMR Airports main assets & structure STRUCTURE Acquisition price: Market cap.: GMR Airports Infra. LTD Groupe ADP €1,3bn1 €6.5bn2 “GIL” 49% GMR Airports LTD 51% “GAL” 64% 74%3 49% 99% 100% DIAL GHIAL PT Angkasa Pura Av. GGIAL GADL Assets under Delhi Airport Hyderabad Airp. Medan Airport Goa Airport
Slide 41: GMR Airports - contemplated project merger between GAL & GIL
GMR Airports - contemplated project merger between GAL & GIL SEE PRESS RELEASE FROM MARCH 19TH, 2023 1 2 3 CONTEMPLATED CONTEMPLATED CURRENT STRUCTURE SHAREHOLDING STRUCTURE ECONOMIC INTEREST Post-merger, in share capital Based on the shareholding structure incl. OCRPS GMR Group Groupe ADP GMR Group
Slide 42: Other activities
Other activities H1 2024 – Income statement PRODUCTS (€M) +5.6% 95 3 90 2 H1 2023 Products Hub One Others H1 2024 Products (in millions of euros) H1 2024 H1 2023 2024/2023 Products 95 90 +5M€ +5.6% Hub One 83 81 +2M€ +2.5% EBITDA 22 18 +4M€ +22.2% Products: up €5M Operating income from ordinary acti
Slide 43: Financial situation as of 30 June 2024
Financial situation as of 30 June 2024 DEBT REPAYMENT SCHEDULE (principal excluding interest as of 30/06/2024 in €M) 1,363 619 1,513 1,024 ADP excl. TAV Airports and AIG 532 538 763 763 TAV Airports 518 192 440 244 297 Airport International Group 65 25 10 65 5 81 5 97 104 80 13 54 49 13 2024 2025 20
Slide 44: Adjustment of 4 targets 2025 Pioneers indicators
ADJUSTMENT OF 4 TARGETS 2025 PIONEERS INDICATORS KPI 1 KPI 2 Make more than Make more than Reduce average Reduce average taxiing emissions per taxiing emissions per 80% 65% of flights depart on time of flights depart on time flight by10% at flight by7% at Paris- or within 15 minutes of or within 15
Slide 45: 2025 Pioneers strategic roadmap indicators
2025 Pioneers strategic roadmap indicators N° Key Performance Indicator Scope 1 Make that 65% of flights depart on time or within 15 minutes of the scheduled time Airports controlled within Groupe ADP 2 Reduce average taxiing emissions per flight by 7% at Paris-CDG and Paris-Orly Paris-CDG & Paris-O
Slide 46: Definitions
Definitions ◆ Revenue refers to revenues from the ordinary activities of selling goods and services and leasing ◆ Purchase of intangible assets corresponds to the acquisition of identifiable non-monetary assets activities as a lessor. It also includes financial revenue linked to operational activity
Slide 47: Financial calendar
Financial calendar (Subject to change) 2024 FINANCIAL PUBLICATIONS UPCOMING THEMATIC CONFERENCES July traffic figures: 20 August 2024 GMR Airport thematic conference 2024 nine months revenue : 24 October 2024 Virtual – Upon contemplated GIL & GAL merger completion (expected shortly) GROUPE ADP IS SC
Slide 48: Disclaimer
Disclaimer This presentation does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures (including, if so, forecasts and objectives) are included i