Aeroports de Paris · EURONEXT:ADP
Aeroports de Paris — H1 2011 Earnings Presentation
38 slides from Aeroports de Paris's earnings presentation, Aug 31, 2011
Slide 1: 2011 Half Year Results
2011 Half Year Results 31 August 2011
Slide 2: Disclaimer
Disclaimer Forward-looking disclosures are included in this presentation. These forward- looking disclosures are based on data, assumptions and estimates deeemed reasonable by Aéroports de Paris. They include in particular information relating to the financial situation, results and activity of Aéro
Slide 3: Introduction and key highlights
Introduction and key highlights Pierre GRAFF Chairman and CEO 2011 Half Year Results│ 2 Résultats semestriels 2009 │ 2
Slide 4: Results are up sharply
Results are up sharply Δ H1 11 / In €m (unless stated otherwise) H1 2011 H1 10 Passengers (in m) 42.0 +7.4% Revenue 1,343 +1.8% EBITDA 459 +6.3% Operating income from ordinary activites 269 +9.8% Net income attributable to the Group 180 +30.6% Traffic up by 7.4% despite political turmoil in Africa
Slide 5: Business review
Business review François RUBICHON Deputy CEO 2011 Half Year Results│ 4 Résultats semestriels 2009 │ 4
Slide 6: Recovery in traffic since H2 2010
Recovery in traffic since H2 2010 ADP vs. European airports Monthly traffic change H1 10 H2 10 H1 11 -2.1% +2.8% +7.4% H1 2011 / m pax H1 2010 [ +1.4%] [ +3.7%] 12% Bad weather conditions 42 +7.4% [ +3.7%] 8% Volcano 41 +7.1% [ +3.1%]* 4% 27 +8.3% [ +4.1%]* 0% -4% 24 +0.8% [ n/a] -8% Events in M-E
Slide 7: Traffic driven by domestic and European destinations
Traffic driven by domestic and European destinations Total traffic: +7.4% International traffic*: +2.3% France Europe Connecting traffic: +6.5% 19.5% North America 42.4% +9.7% +11.2% 9.3% +6.7% Asia / Pacific French overseas 6.4% territories Middle East +8.9% 3.9% 4.2% +7.5% -6.7% Latin Americ
Slide 8: Traffic backed by a solid client portfolio
Traffic backed by a solid client portfolio Top 10 and LCCs benefit more S11 rising capacities especially on from recovery long-haul ∆ H1 2011 / New international frequencies Airlines H1 2010 Lima, Orlando (CDG) Air France +6.1% easyJet +22.6% Kuala Lumpur (Orly) Lufthansa +19.0% London (Orly) Vuelin
Slide 9: Convincing results in terms of quality of service
Convincing results in terms of quality of service Overall satisfaction has improved … thanks to highly targeted by 6.0 points since 2007… actions Deep refurbishment of boarding lounges in the oldest terminals 92% Continued implementation of enhanced 90% passenger security checkpoints, PARAFE, an
Slide 10: Continuous growth of Sales/Pax since 2006
Continuous growth of Sales/Pax since 2006 Rising by 5.0% to €14.6 compared to H1 2010 Change in sales per pax since 2006 A successful retail strategy Sales/Pax (€) Shops in restricted areas 16 Duty-free Sales/Pax growing by +10.0% vs. H1 14.6 2010 15 14.3 +5.0% Strong growth of Fashion & Accesso
Slide 11: Planned JVs development on schedule
Planned JVs development on schedule Advertising JV Press and Souvenirs JV Core Business and Fashion “Media Aéroports de Paris” “Relay@ADP” & Accessories JV “SDA” Incorporation Incorporation Extension of the partnership End of June Beginning of August with Aélia until 2019 Tobacco, Press, Merger
Slide 12: 241,550 m2 of real estate projects under development
241,550 m2 of real estate projects under development* of which 4 projects have been launched in H1 2011 Operation premises for Compass, catering service provider ADP acting as land developer Delivery expected in 2011 4,500 m2 shon of which 800 m2 dedicated to offices Storage warehouse for food
Slide 13: Financial results
Financial results Laurent GALZY Chief Financial Officer 2011 Half Year Results│ 12 Résultats semestriels 2009 │ 12
Slide 14: Results are up sharply
Results are up sharply Δ H1 11 / In €m (unless stated otherwise) H1 2011 H1 10 Passengers (in m) 42.0 +7.4% Revenue 1,343 +1.8% EBITDA 459 +6.3% Operating income from ordinary activities 269 +9.8% Operating income 313 +27.7% Net income attributable to the group 180 +30.6% 2011 Half Year Results│ 13
Slide 15: Revenue up by 1.8%
Revenue up by 1.8% Good performance of retail and impact of Masternaut’s disposal In €m 4 (1) 22 (32) 10 8 (11) 23 1 343 1 318 H1 2010 Volcano Aeronautical Aeronautical Retail & Real estate Ground Other Inter- H1 2011 revenue base effect fees other effects Services handling activities segment revenu
Slide 16: Operating expenses are under control
Operating expenses are under control Moderate increase in operating expenses: +2.1% Δ H1 11 / Impact of Masternaut’s disposal: -€15m In €m H1 2011 H1 10 ADPI’s activity slowing down: -€9m Revenue 1,343 +1.8% SDA & DFP’s growth: +€9m Capitalized production 27 +27.5% Employee benefit costs Opera
Slide 17: EBITDA up by 6.3%
EBITDA up by 6.3% Supported by strong growth of retail In €m 1 (4) (1) 21 10 459 432 H1 2010 Aviation Retail & Real estate Ground Other activities H1 2011 EBITDA Services handling EBITDA 2011 Half Year Results│ 16 Résultats semestriels 2009 │ 16
Slide 18: Operating income increasing by 27.7% on non-recurring items
Operating income increasing by 27.7% on the back of several non-recurring items In €m 15 (21) 50 3 27 313 245 H1 2010 EBITDA D&A 2E Masternaut's Dep. of trade H1 2011 operating Compensations disposal receivables operating income on M-E income contracts 2011 Half Year Results│ 17 Résultats semestriel
Slide 19: Aviation
Aviation Impact of the strong increase in passenger traffic in H1 Revenue: +4.7% EBITDA: +6.5% / Op. income from ordinary activities: +21.7% In €m In €m 692 725 Others 24 22 Airport security 212 224 23.0% tax 22.7% Anciliary fees 83 82 157 167 7.3% EBITDA Airport fees 374 397 6.3% Op. income from or
Slide 20: Retail and Services
Retail and Services Strong growth of operating income from ordinary activites: +11.1% Revenue: +6.3% EBITDA: +10.2% / Op. income from ordinary activities: +11.1% In €m In €m 479 451 Other 104 98 47.5% 49 45.8% Rentals 47 30 37.5% Industrial 35.9% services 35 79 Car parks 74 206 227 EBITDA 162 180 Re
Slide 21: Sharp revenue growth of shops in restricted area and subsidiaries
Sharp revenue growth of shops in restricted area and subsidiaries Retail: +11.1% H1 2011 Sales/Pax: +5.0% vs. H1 2010 In €m Sales/Pax (€) 217 196 24 14 30 24 27.6 13 25.1 25.3 145 25 131 102 90 20 15 13.9 14.3 14.6 101 113 10 (36) (41) 5.6 5.8 5.7 5 H1 2010 H1 2011 0 Retail fees H1 2010 2010 H1 2011
Slide 22: Real estate
Real estate Growth triggered by external revenue: +3.7% Revenue: +3.4% EBITDA: +2.0% / Op. income from ordinary activities: +2.2% In €m In €m 114 118 Internal 25 25 revenue 55.1% 54.3% 12 12 Other 37.9% 37.4% Buildings 40 40 EBITDA 63 64 44 Op. income from 43 Land 38 42 ordinary activities Margin ra
Slide 23: Ground handling and related services
Ground handling and related services A difficult environment in H1 EBITDA : loss x2 / Op. income from Revenue: +1.7% ordinary activities: : +73.8% In €m In €m 94 95 H1 2010 H1 2011 Security 27 29 (4) EBITDA (5) Op. income from (8) ordinary activities Ground 67 (9) 66 handling H1 2010 H1 2011 Ground
Slide 24: Other Activities
Other Activities Impact of Masternaut’s disposal and disruption of some operations in Middle-East Revenue: -23.7% EBITDA: -13.0% / Op. income from ordinary activities: -31.5% In €m 134 ADP 6 3 ADPM 102 In €m 7.5% 8.6% 5 2 72 Hub télécom 58 10 9 1.4% 1.2% EBITDA Op. income from ADPI 53 2 1 ordinary a
Slide 25: A sound financial situation
A sound financial situation Debt schedule* In €m Net debt = €2,242m 667 63% of debt at a fixed rate Average cost of debt: 3.5% 464 341 Gearing = 65 % vs. 66 % in 337 250 December 2010 200 166 135 A+ rating (stable outlook) 100 €400m undrawn credit lines, maturity June 2013 2012 2013 2014
Slide 26: Challenges and outlook
Challenges and outlook Pierre GRAFF Chairman and CEO 2011 Half Year Results│ 25 Résultats semestriels 2009 │ 25
Slide 27: ADP has solid assets and foster great ambitions
ADP has solid assets and foster great ambitions A unique regulatory framework and strategic positioning... ... backing ambitious plans A stable, visible and value-creative Significantly improving financial regulatory framework performance Adjusted till Group EBITDA: +40% in 2015 vs. in 2009 In
Slide 28: An investment plan dedicated to operational effectiveness
An investment plan dedicated to operational effectiveness... Refocusing of SkyTeam’s Hub on the East side of the platform at Paris- CDG thanks to Satellite 4 opening Optimization of the Hub from Optimisation of operations in terminals dedicated to the Hub 2012 onwards 2F becomes a 100 % Schengen t
Slide 29: ...dedicated to customer satisfaction improvement...
...dedicated to customer satisfaction improvment... Qualitative refurbishment of oldest terminals on the newest standards Priority given to indoor fitting and functionality of new or refurbished New terminals and terminals (focus on brightness and sound intensity, enhanced passengers’ modernizatio
Slide 30: ...and dedicated to the growth of retail revenues
...and dedicated to the growth of retail revenues Development of 10,000 m2 from now until 2015 of which 6,000 m2 dedicated to shops in international area Satellite 4: 6,000 m2 in total of which 4,600 m2 dedicated to shops in Opening of international area additional surfaces A-C junction: 2,300 m
Slide 31: Outlook
Outlook Passenger traffic assumption for 2011: increase by 4.5 % to 5.0 % Increase in revenue and EBITDA in 2011 slightly below the growth observed in 2010* given Masternaut is out of consolidation scope among others 2015 EBITDA guidance confirmed : growth of 40% compared to 2009 EBITDA * On F
Slide 32: Appendix
APPENDIX 2011 Half Year Results│ 31 Résultats semestriels 2009 │ 31
Slide 33: RAB in ERA II as at December 31st, 2010
RAB in ERA II (adjusted till) as at December 31st, 2010 2010 In €m (unless stated otherwise) pro forma Regulated operating income* 231 Regulated Asset Base 4,698 RoRAB 3.2% * EBIT – capital losses on asset disposals - employees’ share of income 2011 Half Year Results│ 32 Résultats semestriels 2009 │
Slide 34: Airport fees
Airport fees Δ H1 11 In €m H1 2011 / H1 10 Airport fees 397 +6.2% Landing 91 -1.6% Parking 55 -0.2% Passengers 252 +10.9% 2011 Half Year Results│ 33 Résultats semestriels 2009 │ 33
Slide 35: A dynamic pipeline of real estate projects
A dynamic pipeline of real estate projects Platform Segment ADP’s role Operator Projects Opening Surface m2 Projects launched Bagage sorting CDG Aeronautical Developer AF 2011 11,700 system CDG Diversification Developer AF Engine test bench 2012 5,500 CDG Diversification Developer Unibail Aéroville
Slide 36: Profit and loss
Profit and loss (in thousands of euros) 1st half 2011 1st half 2010 Revenue 1,342,645 1,318,420 Other ordinary operating income 12,883 4,748 Capitalized production 26,575 20,464 Changes in finished goods inventory 171 516 Raw materials and consumables used (99,046) (104,479) Employee benefit costs (
Slide 37: Balance sheet
Balance sheet ASSETS As at As at SHAREHOLDERS’ EQUITY AND LIABILITIES As at As at (in thousands of euros) 30.06.2011 31.12.2010 (in thousands of euros) 30.06.2011 31.12.2010 Intangible assets 64,414 91,993 Share capital 296,882 296,882 Property, plant and equipment 5,569,089 5,547,710 Share capital
Slide 38: Cash flow statement
Cash flow statement 1st half 1st half 1st half 1st half (in thousands of euros) (in thousands of euros ) 2011 2010 2011 2010 Operating income 312,927 245,083 Capital grants received in the period 4,004 2,466 Elimination of income and expense with no impact on net cash: Purchase of treasury shares (n