Aeroports de Paris · EURONEXT:ADP
Aeroports de Paris — FY2013 Earnings Presentation
46 slides from Aeroports de Paris's earnings presentation, 2014
Slide 1: 2013 Full Year Results
~ | 7 =) @, ane Ge at ale FS aw 2013 Full Year Results AEROPORTS DE PARIS
Slide 2: Agenda
Agenda Introduction and Strategic Vision Augustin de Romanet, Chairman and CEO Financial Results Edward Arkwright, CFO Challenges and Outlook Augustin de Romanet, Chairman and CEO Q&A 2013 Full Year Results│ 1 Résultats semestriels 2009 │ 1
Slide 3: Introduction and Strategic Vision
Introduction and Strategic Vision Augustin de Romanet Chairman and CEO 2013 Full Year Results│ 2 Résultats semestriels 2009 │ 2
Slide 4: 2013, a Year Marked by the Improvement in all Group Fundamentals
2013, a Year Marked by the Improvement in all Group Fundamentals 2013 Full Year Results Financial Discipline Strong growth in revenue (+4.3%), in Control over OPEX EBITDA (+4.7%) and operating income +2.7% increase of parent co operating costs from ordinary activities (+4.0%) Control over CAPE
Slide 5: Strong Growth in Revenue and EBITDA in the Context of a 0.3% Increase in French GDP
Strong Growth in Revenue and EBITDA in the Context of a 0.3% Increase in French GDP in 2013 New record year in Paris: +1.7% to 90.3 M pax (international excl. Europe: +3.6%) - Paris-CDG: +0.7% to 62.0 M pax - Paris-Orly: +3.8% to 28.3 M pax 2013 / Strong growth of non-regulated activities In €m
Slide 6: Quality of Service: Aéroports de Paris Rewarded for its Efforts in 2013
Quality of Service: Aéroports de Paris Rewarded for its Efforts in 2013 +5.6 Points of Customer Satisfaction Since Corporate Social Responsability Performance 2007: Every Terminal has Improved and Decrease in our Environmental Print Increase in the Group non-financial rating*: 88.0% 3+ in 2012 com
Slide 7: Dense International News Flow for ADP Subsidiaries and Airport Investments in 2013
Dense International News Flow for ADP Subsidiaries and Airport Investments in 2013 Launch of the works for the new international airport of Abu Dhabi (27 Mpax) by TAV Construction Financial closing of Zagreb airport concession ADPM and TAV Airports Completion of satellite A (full A380) of Dubai airp
Slide 8: An « Adjusted Till » Model That Creates Value on Both Scopes
An « Adjusted Till » Model That Creates Value on Both Scopes Regulated scope Non regulated scope Optimisation of value drivers Continued strategy of development Improvement of regulated ROCE in 2013 (2.9% in 2012) Retail: Sales per passenger at €17.7 in 2013 2015 target: between 3.8% and 4.3% 2015
Slide 9: 2014-2015: Improving the Offering to Increase Sales per Passenger
2014-2015: Improving the Offering to Increase Sales per Passenger* Designing of a real flagship with emphasis on Developping French brands: the luxury Creation of 4 exceptional shops for Chanel, Assert the 2E pier as offering by Cartier, Dior and Hermès the moving force for rethinking the sales pe
Slide 10: 2014-2015: Launch of the Airport City « Cœur d'Orly »
2014-2015: Preparing the Future with the Launch of the Airport City « Cœur d’Orly » 1st phase of the project launched in October 2013 : Shopping mall: 41,000 sqm 160,000 sqm on almost 13.5 ha Administrative autorisation granted Partnership between ADP (50%) and Ongoing building permit Altare
Slide 11: 2014-2015: Developing the Group Approach to Export Know-How
2014-2015: Developing the Group Approach to Better Export our Know-How and Seize International Opportunities To export our know-how in engeneering Well established international network thanks Repositionning of ADPI: to the presence of TAV, – Development of a new commercial strategy ADPM and ADP
Slide 12: 2014-2015: Asserting our Strategy
2014-2015: Asserting our Strategy Our medium « Become the world leader Group in design, building and management of term ambition airports » Leading infrastructure in Ability to capture world Growing sector that creates Our assets Paris growth jobs Our Improvement of our know-how for intermediary Opt
Slide 13: Financial results
Financial results Edward ARKWRIGHT CFO 2013 Full Year Results│ 12 Résultats semestriels 2009 │ 12
Slide 14: Strong Contribution of Aviation, Retail and Real Estate Activities
Strong Contribution of Aviation, Retail and Real Estate Activities to the Increase in Revenue and EBITDA Operating income Net result In €m / % Revenue EBITDA from ordinary attributable to activities* the Group Aviation 1,645 +4.0% 362 +3.3% 83 -7.4% Retail and Services 949 +5.1% 546 +8.1% 452 +9.1%
Slide 15: Dynamic trend in traffic for ADP group
Dynamic trend in traffic for ADP group ADP vs peers Monthly change in ADP traffic M pax 2013 / 2012 Q1 Q2 Q3 Q4 January 2013: -0.8% 2013: +1.6% 2013: +2.0% 2013: +3.7% 2014: +5.6% Paris - CDG+ORY 90 +1.7% 2012: +3.7% 2012: +0.5% 2012: +0.3% 2012: -0.8% 2013: -3.0% +3.4% 8% London - Heathrow 72 Frank
Slide 16: Positive Passenger-Traffic Mix at Paris Airports
Positive Passenger-Traffic Mix at Paris Airports Growth Driven by International Traffic % ADP total traffic Total traffic: +1.7% 2013 / 2012 International traffic*: +3.6% France Europe Connecting traffic: 24.1% (stable) 18.2% North America 41.9% +0.1% +0.6% 9.7% +2.3% Asia/ Pacific French Ov
Slide 17: Sales per Passenger Growth by 5.3% to €17.7 in 2013
Sales per Passenger Growth by 5.3% to €17.7 in 2013 Constant and sustained growth in sales/pax* Strong Contribution of New Infrastructures since 2006 and BRIC countries Sales/pax (€) Duty Free sales/pax: +3.0% to €32.0 19.0 19 18,0% 17.7 + Excellent performance of Fashion and Accessories 16,0% (+15.
Slide 18: Dynamic Real Estate Pipeline in 2013: 110,000 sqm Delivered and Secured
Dynamic Real Estate Pipeline in 2013 : 110,000 sqm Delivered and Secured Guidance Constant and Sustained Growth of the … Driven by Diversified Projects Pipeline* since 2011… Projects in sqm Main delivery in 2013: Aéroville (Paris-Charles de Gaulle): shopping mall of 320,400 110,000 sqm developed b
Slide 19: A Growing Contribution of TAV Airport and TAV Construction
A Growing Contribution of TAV Airport and TAV Construction Share in TAV Airports group Net Result is 2013, a Record Year Minored by PPA 2012 2013 TAV Airports: TAV Airports On 7 months** On 12 months Traffic: +16.7% to 83.6 Mpax NRAG* @ 100% 95 132 PPA*** @ 100% -62 -108 Revenue: +6.7% to €904m
Slide 20: Control Over OPEX: EBITDA up by 4.7%
Control Over OPEX: EBITDA up by 4.7% 2013 / Clear inflexion of Group operating costs at In €m 2013 H2 2013 2012* Revenue 2,754 +4.3% – H1: +5.4% Capitalised production 66 +6.4% – H2: +1.4% Operating costs (1,757) +3.4% Impact of snowfalls: including: – Consumables used: +€12m (winter products) c
Slide 21: Net Result Attributable to the Group Down by 10.0%
Net Result Attributable to the Group Down by 10.0% Impact of the Provision for the Voluntary Departure Scheme and Income Tax TAV Airports: +€14m In €m TAV Construction: +€7m Schiphol: -€1m H1 : +€25m H2 : +€2m TAV Airports: +€17m Including voluntary departure scheme cost: +€24m - Provision: +€43m 27
Slide 22: Efficiency and Modernisation Plan
Efficiency and Modernisation Plan First visible effects on ADP SA operating costs in 2013 Continued savings plan: Evolution of ADP SA* operating costs – €46 to €51m of cumulated savings In €m planned in 2014 including €26m 1,629 achieved in 2013 +2.7% 18 1,587 Next step: implementation of the +7
Slide 23: Control Over CAPEX
Control Over CAPEX €94m of efforts made in 2013 on the CAPEX programme of ADP SA 2011-2015 ADP SA capex programme €94m of efforts made in 2013 €2.75bn €2.6bn €2.6bn 2015 ambition confirmed to get back to the initial programme of ERA 2 Initial Capex 2015 target capex programme at programme of end
Slide 24: Sound Financial Situation as at 31 December 2013
Sound Financial Situation as at 31 December 2013 Debt schedule In €m Net debt: €3.0bn 667 – 84% of debt at fixed rate** 600 550 – Average maturity: 7.8 years 500 411 400 400 – Average cost: 3.2% vs 3.4% at the end of 2012 – Gearing: 78% vs 81% at the end of 166 135 100 December 2012*** Rating A,
Slide 25: Challenges and outlook
Challenges and outlook Augustin de Romanet Chairman and CEO 2013 Full Year Results│ 24 Résultats semestriels 2009 │ 24
Slide 26: 2014 Challenges
2014 Challenges 1 Continued financial discipline and active management of HR policy 2 Roll out of our new ambition to serve passengers and airlines Providing with a high standard access service thanks to the launch of CDG 3 Express Ensure the future development thanks to the preparation of the next
Slide 27: 2014 Forecasts and Recall of 2015 Targets
2014 Forecasts and Recall of 2015 Targets of Aéroports de Paris group Traffic: assumption of 2.0% growth compared to 2013 EBITDA: increase greater than traffic growth 2014 forecasts Net result Attributable to the Group: marked rebound compared to 2013 Traffic: assumption of a growth between
Slide 28: Q&A
Paris - CDG Paris - Le Bourget 1974-2014 1914-2014 Q&A 2013 Full Year Results│ 27 Résultats semestriels 2009 │ 27
Slide 29: Appendix
APPENDIX 2013 Full Year Results│ 28 Résultats semestriels 2009 │ 28
Slide 30: 2012 pro forma
2012 pro forma Impact of the application of the amendments of IAS 19: 2012 as 2012 In €m Δ published pro forma Revenue 2,640 2,640 - Employee benefit costs: -€4m (IAS 19 revised), EBITDA 1,017 1,026 +9 +€14m (change of presentation) Operating Income from Ordinary Activities (including operating 645
Slide 31: Scope and main guidelines of 2011-2015 ERA
Scope and main guidelines of 2011-2015 ERA Aeronautical Non-aeronautical Main guidelines of the agreement signed on activities activities 23 July 2010 €2.1bn* of capex on the regulated scope Aeronautical fees Tariffs: inflation + 1.38% on average per year Car parks (passenger, landing, Traff
Slide 32: Shareholding structure as of December 2013
Shareholding structure as of 31 December 2013 1.7% French State 6.0% Schiphol Group Vinci 20.9% 50.6% Crédit Agricole Assurances / Predica 4.8% Institutionnal investors 8.0% 8.0% Individual shareholders Employees 2013 Full Year Results│ 31 Résultats semestriels 2009 │ 31
Slide 33: 2013 Group detailed P&L
2013 Group detailed P&L In €m 2012 Δ 2013 2013 (unless stated otherwise) Pro forma / 2012 ADP passengers (in m) 88.8 90.3 +1.7% Revenue 2,640 2,754 +4.3% EBITDA 1,026 1,075 +4.7% Depreciation and amortisation (410) (437) +6.8% Share in associates and joint ventures from operating 38 43 +12.5% activi
Slide 34: Revenue up by 4.3%
Revenue up by 4.3% Strong growth in aviation, retail and real estate In €m 4 12 2 15 23 47 41 2 640 +4.0% +5.1% +5.0% +13.0% +1.7% +4.1% 2 754 +4.3% 2012 Airport fees Other Retail Real estate Airport Other Inter- 2013 revenue aviation & Services Investments activities segment revenue eliminations 20
Slide 35: Aviation
Aviation P&L EBITDA: +3.3% / Operating Income Revenue: +4.0% from ordinary activities: -7.4% In €m 1,645 In €m 1,581 Other 44 43 22.1% 22.0% Revenue from airport safety 502 and security services 493 Ancillary fees 178 191 350 362 EBITDA 908 5.7% Airport fees 867 5.1% Op. Income from ordinary activit
Slide 36: Aviation: Group traffic by airport
Aviation Group traffic by airport Stake-weighted (1) Δ 2013 / ADP stake traffic 2012 (m pax) Paris (CDG + Orly) @ 100% 90.3 +1.7% Aéroports régionaux Mexique @ 25.5%(2) 3.4 +5.5% ADP Djeddah – Hajj @ 5% 0.3 -18.9% Group @ 9.5% 0.6 +4.0% Amman Maurice @ 10% 0.3 +3.5% Conakry @ 29% 0.1 -9.6% Istanbul
Slide 37: Aviation: Airport fees
Aviation Airport fees Δ 2013 / In €m 2013 2012 Airport fees 908 +4.8% Passenger 586 +5.2% Landing 196 +2.3% Parking 127 +6.9% 2013 Full Year Results│ 36 Résultats semestriels 2009 │ 36
Slide 38: Retail and Services
Retail and Services P&L EBITDA: +8.1% / Operating Income Revenue: +5.1% 949 from ordinary activities: +9.1% In €m 902 In €m 57.5% Other 233 217 56.0% 47.7% Rentals 104 105 45.9% Industrial Services 68 60 Car parks 159 165 505 546 414 452 EBITDA 386 Op. Income Retail 355 +8,7% from ordinary activitie
Slide 39: Retail and Services: Focus on commercial joint ventures
Retail and Services Focus on commercial joint ventures …essentially driven by the opening of Continued growth of revenue and EBITDA… satellite 4 and A-C junction EBITDA: +36.6% Net Revenue: +7.8% SDA (retailing JV with Lagardère): result: +26.8% In €m Revenue up by 6.5% thanks to Fashion and 781 3
Slide 40: Retail and Services: Detail of commercial rents and sales/pax
Retail and Services Detail of commercial rents and sales/pax Retail: +8.7% Sales/PAX 2013 : +5.3% to €17.7 386 In €m 355 Sales/PAX (€) 68 35 60 31.0 32.0 +3.0% 32 30 29 14 13 25 20 17.7 +5.3% 16.8 15 253 273 10 6.3 6.8 +8.2% 5 0 2012 2013 2012 2013 Rents Airside shops Bars & restaurants Duty Paid Du
Slide 41: Real estate
Real estate P&L EBITDA : +7.1% / Operating Income Revenue: +5.0% from ordinary activities: +6.5% In €m 253 265 En M€ 60.2% Internal 53 59.0% revenue 51 26 44.1% Other 27 43.5% 84 86 Buildings 149 160 External revenue 110 117 EBITDA Op. Income Land 91 100 from ordinary activities Margin rate 2012 201
Slide 42: Real Estate: Pipeline of projects as of 31/12
Real Estate Pipeline of projects as of 31/12 : 320,400 sqm to be delivered by 2015 Platform Segment ADP Role Operator Projects Opening Surface (sqm) Delivered projects 242,600 CDG Diversification Developer IBIS Hotel extension 2011 8,600 ORY Diversification Developer Compass Operation premises 2011
Slide 43: Airport investments
Airport investments P&L In €m 2012 2013 Operating Income from ordinary activities (including 29 23 associates from operating activities, incl.: Schiphol (P&L of associates from op. activities) 15 14 TAV Airports (P&L of associates from op. activities)* 13 9 ADPM 2 2 TAV Airports at 100% SCHIPHOL at
Slide 44: Airport investments: International footprint
Airport investments International footprint 13 Regional airports France Schiphol Group (8%) Liège (25.6%) Zagreb (ADP 21% and TAV Macedonia (100%) Georgia (76%) Mexico North Central (25.5%) Paris-CDG: 62,1M pax 52,6 M pax 0.6 M tons of freight 15%) Skopje & Ohrid: 1.1M pax Tbilisi & Batumi
Slide 45: Other activities
Other activities P&L EBITDA: -62.7% / Operating Income Revenue: +1.7% En M€ En M€ from Ordinary activities: -56.2% 246 250 ADP 4 5 ADPI 50 8.5% 64 66 Alyzia Sûreté 65 4.5% 21 3.1% EBITDA Hub One 112 129 1.9% Op. Income 11 8 from ordinary activities 5 Margin rate 2012 2013 2012 2013 Hub One* (+15.9%)
Slide 46: 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 are included in this presentation. These forward-looking di