Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — H1 2012 Earnings Presentation
42 slides from Aeroports De Paris's earnings presentation, Aug 31, 2012
Slide 1: 2012 Half Year Results
2012 Half Year Results 31 August 2012
Slide 2: Introduction and highlights
Introduction and highlights Pierre GRAFF Chairman and CEO H1 2012 Results│ 1 Résultats semestriels 2009 │ 1
Slide 3: Stable EBITDA
Stable EBITDA Strong performance in Retail and decline in EBITDA of Aviation In €m ∆ H1 12 / H1 2012 (unless stated otherwise) H1 11 ADP passengers (in m) 42.8 +2.0% Revenue 1,267 +4.1% EBITDA 464 (0.2%) Operating income from ordinary activities 282 (0.4%) Net income attributable to the Group 147 (1
Slide 4: 2012, a key milestone in ADP's history
2012, a key milestone in ADP's history A major strategic investment: Reconfiguration of CDG's hub acquisition of 38% of TAV Airports Deep evolution of the infrastructures Fully in line with ADP's international A/C Junction strategy Satellite 4 OECD and BRIC countries The single security control ("IF
Slide 5: Business review
Business review François RUBICHON Deputy CEO H1 2012 Results│ 4 Résultats semestriels 2009 │ 4
Slide 6: Traffic up 2.0% in H1 2012
Traffic up 2.0% in H1 2012 ADP vs peers Monthly traffic change H1 12 H1 11 H2 11 H1 12 m of pax +7.4% +4.2% +2.0% / H1 11 [ +3.7%] 43 +2.0% 10% 8% 42 +0.8% 6% 27 +3.4% 4% 2% 24 +3.7% 0% -2% 22 -7.2% -4% 21 +22.1% -6% Jan-11 Jul-11 Jan-12 Jul-12 Passenger Traffic ATMs [ excl. volcano ] BAA = Heathrow
Slide 7: Dynamic trend for the Group's major airports abroad
Dynamic trend for the Group's major airports abroad Trafic ∆ H1 12 / ADP stake (1) (m pax) H1 11 Paris (CDG + Orly) 42.8 +2.0% 100% Regional Airports Mexico 5.9 +5.9% 25.5%(2) ADP Djeddah - Hajj 3.7 +16.3% 5% Amman 3.0 +22.0% 9.5% Mauricius 1.3 +1.9% 10% Istanbul Atatürk 20.6 +22.1% 38% Ankara Esenb
Slide 8: Positive mix traffic on Parisian platforms
Positive mix traffic on Parisian platforms International traffic drives growth Total traffic: +2.0% International traffic: +3.8% France Europe Connecting rate: 24.2% (+0.9pt) 18.9% North America 42.3% -1.4% +1.9% 9.3% +1.8% Asia / Pacific French overseas 6.7% territories Middle East +6.5% 4.0% 4.4%
Slide 9: 27 March 2012: opening of the A/C Junction
27 March 2012: opening of the A/C Junction A major improvement in operations A unique entry point for terminals A and C Improved fluidity thanks to – 16 security checkpoints – 13 Border Police checkpoints and 6 PARAFE gates An outstanding retail area of 2,300 sqm New lounges for airlines PARAFE = Au
Slide 10: 28 June 2012: successful opening of Satellite 4
28 June 2012: successful opening of Satellite 4 The most amazing boarding lounge in Europe Final stage of the extension A boarding lounge at the highest levels of 2E terminal in terms of quality of service With an 7.8m pax capacity, the hub is now An exceptional retail area to offer a last Parisian
Slide 11: A general improvement in the quality of service
A general improvement in the quality of service Change in satisfaction since 2007 Positive impact of the opening of new facilities A/C Junction 88% Satellite 4 86% And specific actions dedicated to customer satisfaction 84% 1st "Family Area" in Orly West New security checkpoints in terminal 2F 82% C
Slide 12: Sales/PAX continue to grow: +10.6% to 16.2€
Sales/PAX continue to grow: +10.6% to 16.2€ A general improvement of the Change in sales/PAX since 2006 performance Sales/PAX (€) Particularly strong growth in Duty Free 17 Sales/PAX in fashion & accessories: +20% 16.2 16 Sales/PAX in gastronomy: +20% 14.6 15.1 15 14.3 Highly contributive destinatio
Slide 13: 290,000 sqm of real estate projects
290,000 sqm of real estate projects Projects development on schedule Major projects on track New projects Aéroville: 110,000 sqm Sodexi: 9,000 sqm Shopping center located at CDG Mail sorting system Works started in July 2011, opening planned for Works permit obtained the end of 2013 Lease commitment
Slide 14: A decisive milestone in the international strategy
A decisive milestone in the international strategy ADP Group has acquired 38% of TAV Airports and 49% of TAV Construction Solid traffic growth: +34% in H1 2012 New contracts won Istanbul: +22% TAV Airports: start of operations in Medina 20.6 m pax Operations started 30 June 2012, for 25 years +26% o
Slide 15: Financial results
Financial results Laurent GALZY CFO H1 2012 Results│ 14 Résultats semestriels 2009 │ 14
Slide 16: EBITDA almost flat
EBITDA almost flat Excellent performance of retail, decline in aviation In €m H1 2012 H1 2011 ∆ H1 12 (unless stated otherwise) pro forma (1) / H1 11 Creation of a 5th segment: "Airport Investments" Passengers (in m) 42.8 42.0 +2.0% ADPM Revenue 1,267 1,217 +4.1% Stakes in Schiphol and TAV Airports
Slide 17: Revenue up 4.1%
Revenue up 4.1% Strong underlying growth of core activities In €m 7 1 (14) 31 (11) 21 15 +4.9% +7.6% +5.5% +16.1% -10.7%(1) +6.5% 1 267 +4.1% 1 217 H1 2011 Aeronautical Other Retail & Real estate Airport Other Inter- H1 2012 revenue fees Aeronautical Services Investments activities segment revenue p
Slide 18: EBITDA almost flat in H1 2012
EBITDA almost flat in H1 2012 Several factors contribute to an exceptional increase in operating costs In €m H1 12 ∆ H1 12 Raw materials and consumables used: +€5m / H1 11 Increase in gas, base effect (cogeneration disruption in 2011) Revenue 1,267 +4.1% Increase in energy prices Capitalized product
Slide 19: Net Result attributable to the Group down 18.1%
Net Result attributable to the Group down 18.1% Impact of non recurring items in H1 2011 In €m (1) (3) 3 (44) 180 (1) 10 Excluding 10 147 non recurring: (7) -4.0% H1 11 EBITDA D&A Associates Non Financial Income Discounti- Minorities H1 12 net result operating recurring costs tax nued net result pro
Slide 20: Aviation
Aviation Positive impact of tariffs and traffic increase offset by higher operating costs EBITDA: -14.3% / Operating Income Revenue: +4.9% from Ordinary Activities: -53.5% In €m In €m 761 725 Other 22 22 23.1% Airport security tax 224 240 18.9% Ancillary Fees 82 86 167 7.4% 143 EBITDA Op. income fro
Slide 21: Retail and Services
Retail and Services Shops in restricted areas continue to drive growth EBITDA: +9.9% / Operating Income Revenue: +7.6% from Ordinary Activities: +13.1% In €m 439 408 In €m 56.1% 108 54.9% Other 104 46.1% 43.8% Rentals 50 50 38 Industrial Services 30 Car parks 80 246 79 224 202 179 EBITDA Op. income
Slide 22: Continued development of the JVs
Continued development of the JVs All business lines show strong growth … driven by the development and Strong growth in results… enlargement of the perimeter 26,700 sqm of shops at the end of June 2012 Revenue: +48.0% Net result: +142% Core business: 14,700 sqm In €m Fashion: 6,300 sqm 336 Relay: 5,
Slide 23: Real Estate
Real Estate Growth driven by new land leases and higher rents, costs under control EBITDA: +14.6% / Operating Income Revenue: +5.5% from Ordinary Activities: +23.7% In €m 118 125 In €m Internal 25 59.1% revenue 25 54.4% 14 Other 12 43.6% 37.2% Buildings 40 41 External revenue 74 64 EBITDA 54 Op. inc
Slide 24: Airport Investments
Airport Investments Schiphol: H1 Results are up Revenue: +5.5% to €637m: increase in traffic and tariff, Sales/pax of shops up by 7.8% to €16.5 In €m H1 2011 EBITDA: +2.2% to €264m: decrase of margin in H1 2012 pro forma aviation, strong growth of retail Revenue (ADPM) 6 5 Objective to match the 201
Slide 25: Other Activities
Other Activities Stop of activity in Libya, disposal of Masternaut Revenue: -10.7% EBITDA: -91% In €m In €m 127 ADP 3 113 3 ADPI 37 7.4% 31 0.8% 1.6% Alyzia Sûreté 29 9 32 1 -5.0% 2 EBITDA Hub télécom 58 -6 Op. income from 47 ordinary activities Margin rate H1 11 H1 12 H1 11 H1 12 pro forma pro form
Slide 26: A sound financial situation
A sound financial situation Debt schedule In €m Net debt = 3.1Md€ – 83% of debt at fixed rate 667 – Maturity = 6.4 years 550 500 464 – Average cost: 3.5% 400 400 341 – Gearing = 87% vs 61% at the end of December 2011 166 135 100 Rating A+, negative outlook (S&P) (2) Undrawn credit lines: €400m, matu
Slide 27: Challenges and outlook
Challenges and outlook Pierre GRAFF Chairman and CEO H1 2012 Results│ 26 Résultats semestriels 2009 │ 26
Slide 28: ADP has solid assets and substantial growth potential in the medium and long term
ADP has solid assets and substantial growth potential in the medium and long term Sufficient runway capacities to keep pace with growth in traffic in the long term Sufficient terminal capacities Completion of the hub of CDG Refurbishment programme of the oldest facilities in place A privileged locat
Slide 29: CDG will continue to grow and to increase the quality of service
CDG will continue to grow and to increase the quality of service New infrastructures and a refurbishment programme well advanced Increase in the quality of service Increase in capacity: from 47 to 80m pax CDG VAL Project of BD junction S3 S4 Refurbishment of CDG1 Refurbishment of 2B from 2013 Reconf
Slide 30: Retail: a constant optimisation of the Business Model
Retail: a constant optimisation of the Business Model Shops and Advertising Bars and Restaurants JVs on strategic activities Operators A 50/50 JV with the best operator in the sector Competition A joint governance Only on leader franchises + Specialized multibrand stores on activities with strong A
Slide 31: Traffic outlook for 2012
Traffic outlook for 2012 Challenges Uncertain economic environment Only stable offer for the majority of airlines Limited increase in capacity in 2012: – Thai Airways (Bangkok) – XL Airways (French West Indies) – Toward Tunisia / Algeria – Transaero (Moscow from Orly) Development of the A380 at Char
Slide 32: ADP confirms its 2012 and 2015 guidance
ADP confirms its 2012 and 2015 guidance Assumption of a slight growth in traffic in 2012 and a CAGR 2010-2015 of 3.2% maintained In an uncertain economic environment, guidance of a moderate growth in revenue and EBITDA in 2012 maintained 2015 EBITDA: growth of 40% compared to 2009: – ROCE of the reg
Slide 33: Appendix
APPENDIX H1 2012 Results│ 32 Résultats semestriels 2009 │ 32
Slide 34: New presentation of the financial statements from January 2012 and pro forma 2011
New presentation of the financial statements from 1 January 2012 and pro forma 2011 Implementation of the option offered by the standard on interests in joint ventures (IAS 31) Compliance with IFRS 11 Removal of the method of proportionate consolidation Distinction between profit/loss of associates
Slide 35: Change in the P&L presentation
Change in the P&L presentation Before change After change in presentation in presentation Revenue 50% JVs (Retail and Real Estate) 100% Alyzia Sûreté (Security) 100% Alyzia Sûreté (Security) 100% Ground Handling EBITDA 50% JVs (Retail and Real Estate) 100% Alyzia Sûreté 100% Alyzia Sûreté 100% Groun
Slide 36: H1 2011 pro forma P&L
H1 2011 pro forma P&L In €m H1 2011 H1 2011 ∆ as published pro forma Revenue 1,343 1,217 (125) Ground Handling: (€54m) Retail JVs: (€71m) EBITDA 459 465 +6 Ground Handling: +€9m Retail JVs: (€3m) Associates from operating - 6 +6 Net Result Schiphol Group: +€6m activities Net result of retail JVs: +€
Slide 37: H1 2011 pro forma P&L
H1 2011 pro forma P&L In €m H1 2011 H1 2011 ∆ as published pro forma Segment Retail & Services Revenue 479 408 (71) Revenue of Retail JVs: (€113m) Rents paid by the JVs: +€41m EBITDA 227 224 (3) Retail JVs Associates from operating activities - 1 +1 Net Result of Retail JVs Operating Income from Ord
Slide 38: Regulated perimeter ERA II as at December 2011
Regulated perimeter ERA II (adjusted till) as at 31 December 2011 Non audited figures in €m (unless stated otherwise) 2011 ∆ 11 / 10 Regulated Operating Income* 265 +14.7% Regulated Asset Base 4,858 +3.4% RoRAB 3.5% +0.3pt * EBIT – capital losses on asset disposals - employees’ share of income H1 20
Slide 39: Airport fees
Airport fees ∆ H1 12 In €m H1 12 / H1 11 Airport fees 413 +3.9% Landing 92 +1.4% Parking 57 +4.0% Passenger 264 +4.7% H1 2012 Results│ 38 Résultats semestriels 2009 │ 38
Slide 40: Retail
Retail Retail: +12.9% Sales/PAX H1 2012: +10.6% to €16.2 In €m 164 Sales/PAX (€) 145 35 27 +10.2% 30.4 24 30 27.6 14 6 14 25 5 20 16.2 14.6 15 117 102 10 5.7 6.1 +6.7% 5 0 H1 11 H1 12 H1 11 H1 12 Rents Shops in restricted areas Bars & restaurants Duty paid Duty Free Total Shops in public areas Other
Slide 41: Pipeline of real estate projects at the end of June 2012
Pipeline of real estate projects at the the end of June 2012: more than 290,000 sqm delivered or under development Platform Type of project ADP's role Client Project Opening Surface (sqm) Delivered projects 53,850 CDG Diversification Developer IBIS Hotel extension 2011 8,600 ORY Diversification Deve
Slide 42: Disclaimer
Disclamer Forward-looking disclosures are included in this presentation. 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 Aéropor