Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — FY2023 Earnings Presentation
47 slides from Aeroports De Paris's earnings presentation, Feb 15, 2024
Slide 1: 2023 Full-Year Results
2023 FULL-YEAR RESULTS FEBRUARY 14th, 2024 1
Slide 2: Full-Year 2023 Strategic Highlights
FULL-YEAR 2023 STRATEGIC HIGHLIGHTS 2023 Full-year results 2
Slide 3: FY 2023: Fully focused on the Group's transformation with 2025 Pioneers roadmap
01 FY 2023: FULLY FOCUSED ON THE GROUP’S TRANSFORMATION WITH 2025 PIONEERS ROADMAP FULL-YEAR 2023 HIGHLIGHTS TRAFFIC HOSPITALITY INTERNATIONAL PERFORMANCE Groupe ADP First year of full deployment of Preparatory steps taken All 2023 financial targets 336.4 Mpax Extime concept towards GIL & GAL merger
Slide 4: Traffic in line with expectations, almost full recovery at group level
01 TRAFFIC IN LINE WITH EXPECTATIONS, WITH ALMOST FULL RECOVERY AT GROUP LEVEL FULL-YEAR 2023 HIGHLIGHTS Paris Aéroport traffic Group traffic1-2 +20.2% In MPax In MPax +15.1% 108.0 336.4 99.7 337.1 95-105% Hypothesis 87-93% Hypothesis in% of 2019 86.7 in% of 2019 276.7 92.3% 98.7% of 2019 of 2019 tr
Slide 5: Successful launch of Extime concept in Paris
01 SUCCESSFUL LAUNCH OF EXTIME CONCEPT IN PARIS FULL-YEAR 2023 HIGHLIGHTS MILESTONES SINCE DEC. 2022 : TANGIBLE RESULTS Terminal 1 Terminal 2 B/D Global rollout of Global rollout of opening redesigning Maîtres de Maison Extime Dutry Free PREMIUM LIFESTYLE and uniforms chain EXTIME SPP €30.6 +11.6% v
Slide 6: Preparing for the operational challenges of the Paris Olympics
01 PREPARING FOR THE OPERATIONAL CHALLENGES OF THE PARIS 2024 OLYMPICS FULL-YEAR 2023 HIGHLIGHTS Between >10,000 >60,000 >115,000 July 26th & VIPs LUGGAGES September 8th ATHLETES & accredited pax o/w 17,000 oversize ADAPTING OUR INFRASTRUCTURE AHEAD OF THE OLYMPIC GAMES TEMPORARY FACILITIES Athletes
Slide 7: Olympic Games acting as a booster to 2025 Pioneers transformation roadmap
01 OLYMPIC GAMES ACTING AS A BOOSTER TO 2025 PIONEERS TRANSFORMATION ROADMAP FULL-YEAR 2023 HIGHLIGHTS QUALITY OF SERVICE & CORPORATE INNOVATION INTERMODALITY OPERATIONAL RESILIENCE RESPONSIBILITY Remote check-in service Channeling athletes and New multimodal station works Improved consideration and
Slide 8: Strengthening future growth relays with our international portfolio
01 STRENGTHENING FUTURE GROWTH RELAYS WITH OUR INTERNATIONAL PORTFOLIO FULL-YEAR 2023 HIGHLIGHTS CAPACITY DEVELOPMENT FINANCIAL STRUCTURE PORTFOLIO ROTATION ALMATY NEW INTL TERMINAL to reach 14Mpax by 2024 PLANNED MERGER OF GIL & GAL GAL’s STAKE IN HYDERABAD completion expected in Q2 2024 AIRPORT IN
Slide 9: Deploying concrete actions towards decarbonization
01 DEPLOYING CONCRETE ACTIONS TOWARDS DECARBONIZATION FULL-YEAR 2023 HIGHLIGHTS ENERGY MIX DECARBONIZATION AIRSIDE DECARBONIZATION New Power Purchase Agreements Strong acceleration of electrification works under discussion, with aim to develop to meet increasing electrical needs additional solar pow
Slide 10: External evaluations evidencing effectiveness of our CSR strategy
01 EXTERNAL EVALUATIONS EVIDENCING THE EFFECTIVENESS OF OUR CSR STRATEGY AND ACTIONS FULL-YEAR 2023 HIGHLIGHTS GLOBAL CARBON SOLICITED RATING CLIMATE RISKS DISCLOSURE MANAGEMENT PROGRAM FOR AIRPORTS AA+ B 20 airports Groupe ADP of the group CDP Climate engaged [89/100] in the ACA program +4 vs. 2022
Slide 11: Solid set of results, proposing a dividend of €3.82 per share
01 SOLID SET OF RESULT, PROPOSING A DIVIDEND OF €3.82 PER SHARE1 FULL-YEAR 2023 HIGHLIGHTS In €M REVENUE 5,495 EBITDA 1,956 +17.2% +14.8% 4,688 1,704 NET DEBT 7,934 7,440 36.4% 35.6% of revenue of revenue FY 2022 FY 2023 FY 2022 FY 2023 4.4x -0.3x 4.1x EBITDA ND/EBITDA EBITDA OPERATING INCOME NET RE
Slide 12: Full-Year 2023 Financial Results
FULL-YEAR 2023 FINANCIAL RESULTS 2023 Full-year results 12
Slide 13: Paris Aéroport: solid traffic growth
02 PARIS AÉROPORT: SOLID TRAFFIC GROWTH FULL-YEAR 2023 FINANCIAL RESULTS Share of 23 Traffic recovery 23 traffic In % of 19 traffic LOAD FACTOR LOW-COST TRAFFIC 12,2% Mainland France 75.2% 84.3% 86.5% 28.0% 22.3% 4,7% In 2023 In 2019 Of 2023 traffic Of 2019 traffic French Overseas T. 99.0% CONNECTIN
Slide 14: Extime Paris sales per pax performing strongly
02 EXTIME PARIS SALES PER PAX1 PERFORMING STRONGLY FULL-YEAR 2023 FINANCIAL RESULTS €27.4 €30.6 2024-2025 trends: €23.5 TEMPORARY ADVERSE EFFECTS likely to affect short term performance : Reopening of T2A-C in Paris-CDG in 2024, with a less developed commercial offering compared to Extime Premium te
Slide 15: TAV reaching 100% of 2019 traffic level and GMR exceeding it
02 TAV REACHING 100% OF 2019 TRAFFIC LEVEL AND GMR EXCEEDING IT FULL-YEAR 2023 FINANCIAL RESULTS TAV AIRPORTS1 GMR AIRPORTS (GAL) X In MPax x% In % of 2019 traffic X In MPax x% In % of 2019 traffic Antalya 35.5 99.6% Delhi 72.2 105.4% Hyderabad 24.3 109.1% Ankara 11.9 86.7% Izmir 10.7 86.5% Medan 7.
Slide 16: Solid revenue growth, up 17.2% to €5.5 billion
02 SOLID REVENUE GROWTH, UP +17.2% TO €5.5 BILLION FULL-YEAR 2023 FINANCIAL RESULTS In €M PARISIAN ACTIVITIES 14 (3) (39) 5,495 258 18 147 177 235 4,688 Retail and services International & airport development FY 2022 Revenue Aviation Extime Duty Other retail Real estate TAV Airports AIG Other Other
Slide 17: Opex evolution in line with revenue growth, showing good control
02 OPEX EVOLUTION IN LINE WITH REVENUE GROWTH, SHOWING GOOD CONTROL FULL-YEAR 2023 FINANCIAL RESULTS TIGHT COST MANAGEMENT ALLOWING In million euros FY 2023 FY 2022 Change TO CONTAIN ADVERSE EFFECTS FROM: Revenue 5,495 4,688 +17.2% ◆ Infrastructure reopening in Paris (+€34M), Operating Expenses (3,5
Slide 18: EBITDA excl. one-off items up 18.3%
02 EBITDA EXCL. ONE-OFF ITEMS UP +18.3% FULL-YEAR 2023 FINANCIAL RESULTS SOLID UNDERLYING GROWTH IN EBITDA EX. ONE-OFF ITEMS +18.3% 1,958 1,655 BRIDGE TO BRIDGE TO 2022 EBITDA EX. ONE-OFFS 2023 EBITDA EX. ONE-OFFS 1,704 Margin Margin 1,958 1,956 2 35.3% 35.6% (49) 1,655 2022 2023 UNDERLYING MARGIN U
Slide 19: Net result up €114M (+22.2%), to €631M
02 NET RESULT UP +€114M (+22.2%), TO €631M FULL-YEAR 2023 FINANCIAL RESULTS In €M 61 (48) (10) (3) (60) (77) 631 252 516 FY 2022 Increase in EBITDA Amortisation Share of profit or Other income Financial result Income tax Result from disc. FY 2023 Net result, and impairment loss in associates and exp
Slide 20: Net result attributable to the Group excl. one-off items up 40.5%
02 NET RESULT ATTRIBUTABLE TO THE GROUP (NRAG) EXCL. ONE-OFF ITEMS UP +40.5% FULL-YEAR 2023 FINANCIAL RESULTS STRONG UNDERLYING GROWTH IN NET RESULT EXCL. ONE-OFFS ITEMS +40.5% 552 BRIDGE TO BRIDGE TO 2022 NET RESULT 2023 NET RESULT EX. ONE-OFFS 393 EX. ONE-OFFS 516 631 (124) 393 (79) 552 FY 2022 NR
Slide 21: Net debt to EBITDA ratio improved to 4.1x
02 NET DEBT TO EBITDA RATIO IMPROVED TO 4.1x EBITDA FULL-YEAR 2023 FINANCIAL RESULTS In €M 291 22 7,934 309 7,440 331 1,128 1,009 Group capex1 Ankara upfront 119 payment (1,587) Lev. Lev. 4.4x 4.1x Net debt as of 31 Cash flows from Capex & FCCBs subscription2 Dividend payment Interest expenses Other
Slide 22: Recent developments: 2024 tariff proposal and new infrastructure tax
02 RECENT DEVELOPMENTS FULL-YEAR 2023 FINANCIAL RESULTS 2024 TARIFF PROPOSAL APPROVED BY ART Avg. Tariff period NEW INFRASTRUCTURE TAX IN FRANCE tariff increase starting introduced in the initial finance law for 2024 +4.5% April 1st, 2024 Paris-CDG & Paris-Orly and +5.4% at Paris-Le Bourget 4.6% tax
Slide 23: Outlook
OUTLOOK 2023 Full-year results 23
Slide 24: 2024–2025 targets updated
03 2024 – 2025 TARGETS UPDATED OUTLOOK 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 UPDATED TARGETS to include impacts of new tax EXTIME PARIS SPP GROWTH - +3.0% to +5.0% vs. 2023 in France and to return to a selection of KPI
Slide 25: Initiation of a new long-term infrastructure plan for Paris Aéroport
03 INITIATION OF A NEW LONG-TERM INFRASTRUCTURE PLAN FOR PARIS AÉROPORT OUTLOOK IN LINE WITH Aiming for a sustainable industrial transformation, meeting demand for air transport with lower traffic growth than before Covid-19 crisis, but with a more contributive traffic mix 2025 PIONEERS VISION Assum
Slide 26: Groupe ADP's transformation is well under way with 2025 Pioneers
03 GROUPE ADP’S TRANSFORMATION IS WELL UNDER WAY WITH 2025 PIONEERS OUTLOOK DELIVERING RESULTS PREPARING THE FUTURE IN THE STARTING BLOCKS FOR THE 2024 PARIS OLYMPICS SOLID FINANCIAL PERFORMANCE ACTING ON RECORDED IN 2023 LONG TERM TRANSFORMATION Future infrastructure plans for Paris Aéroport Intern
Slide 27: Appendices
APPENDICES 2023 Full-year results 27
Slide 28: Group traffic in 2023
04 GROUP TRAFFIC1 IN 2023 APPENDICES in Mpax Group traffic (Pax) 2023/2022 change (in%) Compared to 2019 level Paris-CDG 67,421,316 +17.3% 88.5% Paris-Orly 32,294,167 +10.6% 101.4% Total Paris Aéroport 99,715,483 +15.1% 92.3% Antalya 35,538,387 +14.2% 99.6% Almaty 9,547,136 +32.0% 148.6% Ankara 11,9
Slide 29: 2023 Consolidated income statement
04 2023 CONSOLIDATED INCOME STATEMENT APPENDICES In millions of euros 2023 2022 2023 / 2022 Revenue 5 495 4 688 + 807 M€ Operating expenses (3,597) (3,071) -€526M Other expenses and incomes 58 87 -€29M EBITDA 1,956 1,704 +€252M Amortisation and impairment of tangible and intangible assets (792) (782
Slide 30: Aviation: Paris Aéroport traffic
04 AVIATION APPENDICES Paris Aéroport traffic PARIS AIRPORT TRAFFIC BY QUARTER COMPARED TO 20191 Mpax Q1 in% of 2019 Q2 in% of 2019 Q3 in% of 2019 Q4 in% of 2019 2023: 88.7% 2023: 91.1% 2023: 93.7% 2023: 95.4% 12 2022: 61.4% 2022: 80.1% 2022: 86.1% 2022: 90.2% 2021: 19.7% 2021: 21.2% 2021: 51.3% 202
Slide 31: Aviation: FY 2023 income statement
04 AVIATION APPENDICES FY 2023 – Income statement REVENUE (€M) +14.0% (14) 1,910 64 33 24 13 115 1,675 FY 2022 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products FY 2023 Revenue airport safety and security services (in millions of euros) 2023 2022 2023/2022
Slide 32: Retail and services: 2023 income statement
04 RETAIL AND SERVICES APPENDICES 2023 – Income statement REVENUE (€M) +22.5% 1,766 39 7 43 23 65 22 1,442 125 2022 Revenue Extime Duty Relay@ADP Other retail Car parks and Industrial Rental income Other income 2023 Revenue Free Paris activities access roads services (in millions of euros) 2023 2022
Slide 33: Retail and services subsidiaries
RETAIL AND SERVICES SUBSIDIARIES RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 31/12/2023 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 51% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Relay@ADP Travel Esse
Slide 34: Impact of change in consolidation method for Extime F&B Paris
IMPACT OF THE CHANGE IN CONSOLIDATION METHOD FOR EXTIME F&B PARIS The financial statements of Extime Food & Beverage Paris, which were fully consolidated until Select Service Partner acquired a stake in the company in October 2023, have since been accounted for using the equity method. Simplified vi
Slide 35: Real estate: FY 2023 income statement
04 REAL ESTATE APPENDICES FY 2023 – Income statement +5.7% REVENUE (€M) 4 (3) 314 11 296 6 FY 2022 Revenue Land Buildings Other External Internal revenue FY 2023 Revenue revenue (in millions of euros) 2023 2022 2023/2022 Revenue 314 296 +€18M +5.7% External revenue 269 249 +€20M +7.9% Revenue: +€18M
Slide 36: Real estate: projects pipeline as of 31/12/2023
04 REAL ESTATE APPENDICES Projects pipeline as of 31/12/2023 Airport Segment ADP Role Operator Project Opening Floorspace (sq.m.) CDG Diversification Developer Audi Showroom 2018 4,600 CDG Diversification Developer Holiday Inn Hotels 2018 10,000 ORY Diversification Investor Roméo Offices and warehou
Slide 37: International and airport development: FY 2023 income statement
04 INTERNATIONAL AND AIRPORT DEVELOPMENT APPENDICES FY 2023 – Income statement REVENUE (€M) +19.8% 1,630 2 0 258 1,361 14 (6) FY 2022 Revenue AIG ADP Ingénierie TAV Airports Société de Distribution Others FY 2023 Revenue Aéroportuaire Croatie (in millions of euros) 2023 2022(1) 2023/2022 Revenue 1,6
Slide 38: TAV Airports main assets & subsidiaries
04 TAV AIRPORTS MAIN ASSETS & SUBSIDIARIES APPENDICES Expiration Ownership Functional Company Activity 2019 Traffic Consolidation method date (by TAV) Currency(1) AIRPORT COMPANIES TAV Kazakhstan Airport Operator, Fuel, F&B, Lounges, Ground Handling, Cargo - 6.4 Mpax 100%(2) Full consolidation USD T
Slide 39: TAV Airports: 2024 and 2025 guidances
04 TAV AIRPORTS: 2024 AND 2025 GUIDANCES Updated / New guidance APPENDICES 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 (previously: 10-14% CAGR 2022-2025) TOTAL PASSENGERS (M) 95.5 100-110 10 – 14% CAGR (20
Slide 40: GMR Airports main assets & structure
GMR AIRPORTS MAIN ASSETS & STRUCTURE STRUCTURE Acquisition price: Market cap.: GMR Airports Infra. LTD Groupe ADP €1,4bn1 €5.6bn2 “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: FY 2023 income statement
04 OTHER ACTIVITIES APPENDICES FY 2023 – Income statement PRODUCTS (€M) +8.5% 180 12 166 2 FY 2022 Products Hub One Others FY 2023 Products (in millions of euros) 2023 2022 2023/2022 Products 180 166 +€14M +8.5% Products: up +€14M Hub One 163 161 +€2M +0.9% EBITDA: up +€11M EBITDA 30 19 +€11M +55.5%
Slide 43: Financial situation as of 31 December 2023
04 FINANCIAL SITUATION AS OF 31 DECEMBER 2023 APPENDICES DEBT REPAYMENT SCHEDULE (principal excluding interest as of 31/12/2023 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
Slide 44: 2025 Pioneers strategic roadmap indicators
04 25 2025 PIONEERS STRATEGIC ROADMAP INDICATORS 20 APPENDICES N° Key Performance Indicator Scope 1 Make more than 80% 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 10% at Paris-Orly and Par
Slide 45: Definitions
04 DEFINITIONS APPENDICES ◆ 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 operat
Slide 46: Financial calendar
04 FINANCIAL CALENDAR APPENDICES (Subject to change) 2024 FINANCIAL PUBLICATIONS UPCOMING THEMATIC CONFERENCES February traffic figures: 18 March 2024 2024 1st quarter revenue: 26 April 2024 GMR Airport thematic conference Virtual – Upon contemplated GIL & GAL 2024 General meeting of Shareholders1:
Slide 47: Disclaimer
04 APPENDICES 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)