Aeroports de Paris · EURONEXT:ADP
Aeroports de Paris — FY2015 Earnings Presentation
48 slides from Aeroports de Paris's earnings presentation, Feb 17, 2016
Slide 1: 2015 Full Year results
2015 Full Year results 17 February 2016
Slide 2: Agenda
Agenda Introduction & 2015 highlights Augustin de Romanet, Chairman and CEO 2015 financial results Edward Arkwright, Chief Financial Officer Challenges and forecasts for 2016 Augustin de Romanet, Chairman and CEO Q&A 2015 Full Year results│ 1
Slide 3: Introduction & 2015 highlights
Introduction & 2015 highlights Augustin de Romanet, Chairman and CEO 2015 Full Year results│ 2
Slide 4: Highlights of 2015
Highlights of 2015 +3.0% in Paris, despite the impact of the terrorist attacks Growth in passenger +4.1% for Group traffic traffic Paris traffic growth assumption of +2.7% met for 2011–2015 Agreement with the French government Aéroports de Paris's industrial strategy contributes to local and a
Slide 5: 2015 full year results in line with our forecasts
2015 full year results in line with our forecasts(1) Revenue 1900 EBITDA In €m 2,791 2,916 1700 1,184 1500 +4.5% 1300 1,109 1100 +6.8% 900 700 39.7% 40.6% EBITDA/ revenue (%) 500 300 2014 2015 2014 2015 Operating income from ordinary activities(2) Net result attributable to the Group 1000 900 737 78
Slide 6: Achievement of 2011-2015 targets
Achievement of 2011-2015 targets 2011-2015 main targets(1) Achievements Traffic assumption (CAGR 2011-2015) +2.7% +2.7% OPEX Parent Co. (CAGR 2012-2015) +2.0% < x < +3.0% +1.3% EBITDA (2015 vs 2009(2)) +30% < x < +35% +34% at €1,184m Retail (Sales/PAX(3)) €19 €19.7 +320,000sqm < x < Real Est
Slide 7: Traffic growth and increase in fees in line with the 2011–2015 ERA
Traffic growth and increase in fees in line with the 2011–2015 ERA Dynamic passenger traffic Strict application of the pricing cap of +2.7% provided for by 2011-2015 ERA on average per year between 2010 and 2015 Million of passengers 120 2011 2012 2013 2014 2015 CAGR 2011–2015 +2.7% CAGR 2011–2015 1
Slide 8: Customer satisfaction exceeds targets
Customer satisfaction exceeds targets(1) Continuous improvement in quality of service offered to passengers 2011–2015 ERA performance targets(1) ... Thanks especially to the optimisation exceeded... of key points for customers’ satisfaction % of satisfied or very +3.0pts Achievements in 2015 satisfi
Slide 9: Success of our financial discipline and process modernisation
Success of our financial discipline and process modernisation > €1.9bn (vs. €1.9bn expected) of CAPEX plus €0.1bn of reclassified Close monitoring of capitalised costs for the regulated scope between 2011 and 2015 the CAPEX plan Optimisation in preparation for the 2016–2020 CAPEX plan > Control ov
Slide 10: CSR strategy and performance recognised in 2015
CSR(1) strategy and performance recognised in 2015 "Excellence" level > Excellence level reached by the Group in Ethifinance’s 2014 ranking reached for notation with a score of 78/100 asked by the company > Excellence level applies to all areas of CSR for Parent company > Named to the Dow Jones Sust
Slide 11: 2015 Financial Results
2015 Financial Results Edward Arkwright, Chief Financial Officer 2015 Full Year results│ 10
Slide 12: Growth in all the activities and cost control that result in a strong increase in the Group's results
Growth in all the activities and cost control that result in a strong increase in the Group’s results Parent company: Aéroports de Paris SA(1) Subsidiaries and associates(2) Group International and airport Aviation Retail & Services Real Estate Other activities development €2,916m(3) Revenue €1,735m
Slide 13: ADP Group traffic: +4.1%
ADP Group traffic: +4.1% Resilient traffic growth despite of 2015 terrorist attacks ADP vs peers Monthly change in ADP traffic mpax 2015 / 2014 Q1 Q2 Q3 Q4 2015 : +2.0% 2015 : +1.0% 2015 : +8.2% 2015 : +0.0% Paris-CDG+ORY 95 +3.0% 2014 : +3.6% 2014 : +4.6% 2014 : -0.6% 2014 : +3.2% Monthly Londres-H
Slide 14: Traffic in Paris: +3.0%
Traffic in Paris: +3.0% Driven by positive traffic mix and strong growth in low costs airlines % ADP total traffic 2015/2014 (departures and change arrivals) France 17.0% +0.8% North America Europe 9.9% +6.8% 43.2% +3.5% French Overseas Territories Middle East Asia/ Pacific 3.9% -0.3% 4.8% +5.3% 7.0
Slide 15: 2015 sales/PAX of €19.7 exceeds target
2015 sales/PAX of €19.7 exceeds target Sustained growth in total sales/PAX (+8.4%) thanks to the performance of duty free 2015 sales/PAX (€)(1) exceeds €19 target Retail areas: 2011-2015 targets met 19% increase in retail area (58,800sqm) 19.7 32% increase in retail area in the international are
Slide 16: EBITDA up 6.8%
EBITDA up 6.8% reflecting effective control of operating expenses In €m 2015 2015/2014 Control over group operating Revenue 2,916 +4.5% expenses : +2.5% Operating expenses (1,737) +2.5% > Reduction in parent company operating expenses: -0.3% of which : − Savings on purchases and Raw materials and co
Slide 17: Continuation of productivity measures and efficiency and modernisation plan
Continuation of productivity measures begun in 2013 and success of the efficiency and modernisation plan 2013–2015 Target met for control of Parent company’s operating expenses < 3.0% > Success of the efficiency and modernisation plan for 2013–2015: €89m cumulated savings Parent company’s operating
Slide 18: Slight decrease in result of international operating associates
Slight decrease in result of international operating associates TAV Airports 2014 2015 TAV Airports (IFRIC 12 adjusted): Share of NRAG(1) @ 38% 83 80 > Increase in deferred tax and financial costs Share of PPA(2) @ 38% -43 -43 Traffic: +8.0% à 102.5 mpax Share of NRAG after @ 38% 40 37 EBITDA: +
Slide 19: Net Result Attributable to the Group up 6.9%
Net Result Attributable to the Group up 6.9% Improved operational leverage and financial result Cœur d’Orly Disposal of TAV Airports, remaining Provision positive Lower cost of debt TAV Construction 20% of Alyzia base effect Schiphol Holding Retail JVs +6.8% +2.5% - 7.7 % + 22.0 % 10 8 7 1
Slide 20: Solid financial situation as of 31 December 2015
Solid financial situation as of 31 December 2015 Debt repayment schedule (€m) 667 2015 2014 600 Net debt 550 2.7 2.8 (€bn) 500 500 500 Share of fixed-rate 85% 85% 400 400 debt(2) Average maturity 6.9 years 7.5 years Average cost 2.4% 2.9% 135 100 Gearing 65% 70% Rating A+ / stable A+ / stable (S&P)
Slide 21: Challenges and forecasts for 2016
Challenges and forecasts for 2016 Augustin de Romanet, Chairman and CEO 2015 Full Year results│ 20
Slide 22: 2016, the launch year for a new cycle
2016, the launch year for a new cycle Main projects in 2016 Optimise Attract Expand Fostering and sharing Capitalising on our resources Aiming for excellence sustainable growth Opening of the Instant Launch of the brand Paris lounge promise and New head office building Launches of major 2016- of the
Slide 23: Delivery and launching of major infrastructure projects in 2016
Delivery and launching of major infrastructure projects in 2016 Delivery of the extension of the Progress on the Paris-Orly junction eastern pier at Paris-Orly South building > 6 dual-purpose aircraft stands > 1st major deliveries in 2018 (parking stands) > Total surface area of 13,000sqm > Total su
Slide 24: Retail and Services: Offering our passengers the ultimate service and fine-dining experience
Retail and Services: Offering our passengers the ultimate service and fine-dining experience Opening of the Instant Improvement of the “The ultimate Parisian Paris lounge at the heart offering in the dining experience” of the Paris-CDG hub international terminals > Diversification of our > Redesign
Slide 25: Real estate: Delivery of emblematic projects in 2016
Real estate: Delivery of emblematic projects in 2016 Paris-CDG Paris-CDG New head office for Aéroports de Paris Cargo courrier service 17,100sqm 37,500sqm Paris-CDG Paris-Orly Equipment maintenance facility Hotels 5,700sqm 15,000sqm 2015 Full Year results│ 24
Slide 26: CDG Express
CDG Express Progress with the schedule for commissioning in 2023 May Oct. Aug. 2016 2017 2018 2023 2014 2014 2015 CDG Express Creation of Feasibility studies Traffic and Choice of Start of CDG infrastructure the operator works Express studies Études State Commissioning of ADP CDG Express SNCF Réseau
Slide 27: Conclusion: 2016 forecasts
Conclusion Aéroports de Paris group’s 2016 forecasts Passenger traffic growth +2.3% compared to 2015 assumption for 2016 +0.0% compared to 2015 2016 tariffs Application, in 2016, of the price stability provided for by the 2016- 2020 ERA Slight increase compared to 2015, 2016 EBITDA in compli
Slide 28: Q&A
Paris - CDG 1974-2014 Ajouter une photo Q&A
Slide 29: Appendices
APPENDICES 2015 Full Year results│ 28
Slide 30: Connect 2020
Connect 2020 A 2016-2020 Strategic Plan to serve our Ambition Competitiveness Attractiveness Growth OPTIMISING ATTRACTING EXPANDING > Ensure operational > Become the first choice > Be an integrator of performance for our customer solutions > Encourage the > Reinforce structural development of our >
Slide 31: Reminder of our 2020 targets
Reminder of our 2020 targets Drivers of our development stategy Traffic growth assumptions : +2.5 % CAGR2016-2020 CONVERGENCE OF REGULATED 5.4 % by 2020e ROCE(1) WITH THE WACC(2) RETAIL Sales per PAX of 23 euros in full year after 2016-2020 project deliveries REAL ESTATE External revenue (excl. rebi
Slide 32: 2014 restated P&L
2014 restated P&L 2014 Capitalised 2014 (in millions of euros) published production restated Revenue 2,791 - 2,791 Capitalized production and change in finished good 79 (79) (0) inventory Gross activity for the period 2,870 (79) 2,791 Raw materials and consumables used (102) - (102) External service
Slide 33: 2014 restated accounts
2014 restated accounts Aviation Real Estate Q1 Q1 H1 H1 9M 9M Q1 Q1 H1 H1 9M 9M 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 In €m In €m as as as as as as as as restated restated restated restated restated restated restated restated published published published pu
Slide 34: Group shareholders by 31 December 2015
Group shareholders by 31 December 2015 1.6% 0.2% 4.6% French State Schiphol Group 22.1% Vinci Crédit Agricole Assurances / Predica 50.6% Institutional investors 4.8% Individual investors 8.0% Employees 8.0% Self-owning 2015 Full Year results│ 33
Slide 35: 2015 Group detailed P&L
2015 Group detailed P&L In €m 2014 2015 2015/2014 (unless stated otherwise) restated ADP passengers (in m) 95.4 92.7 +3.0% Revenue 2,916 2,791 +4.5% EBITDA 1,184 1,109 +6.8% Depreciation and amortisation (456) (445) +2.5% Shares in associates and joint ventures from operating activities 60 73 -18.5%
Slide 36: Aviation
Aviation P&L EBITDA: +11.5% Revenue: +3.8% Operating Income from ordinary activities: +51.2% In €m 1,735 1,672 In €m Other 45 42 25.5% Revenue from airport safety 486 23.8% and security services 485 Ancillary fees 191 208 Parking 130 136 203 211 443 Landing 397 8.0% EBITDA Airport fees 5.5% OIFOA(2)
Slide 37: Aviation: airport fees
Aviation Airport fees 2015 / In €m 2015 2014 restated Airport fees 998 +5.0% Passengers 651 +5.3% Landing 211 +3.9% Parking 136 +4.8% 2015 Full Year results│ 36
Slide 38: Aviation: Group traffic by airport
Aviation Group traffic by airport Stake-weighted (1) In million of passengers Part ADP traffic 2015 / 2014 (m pax) Paris (CDG + Orly) @ 100% 95.4 + 3.0 % (2) @ 25.5% Mexico regional airports 0.7 + 15.0 % @ 16.7% Zagreb @ 21% 0,5 + 6.5 % ADP Group Jeddah-Hajj @ 5% 0.4 + 0.8 % Amman @ 9.5% 0.7 + 0.1 %
Slide 39: Retail and services
Retail and services P&L EBITDA: +5.7% Revenue: +3.8% Operating Income from ordinary activities: +3.6% In €m 917 60.2% 884 In €m 59.2% Other 28 34 141 51.1% 51.0% Rentals 143 Industrial service 133 128 revenue 183 176 Car parks 552 523 452 468 EBITDA Retail income 401 433 OIFOA(1) +8.0% Margin 2014 2
Slide 40: Retail and services: commercial joint ventures
Retail and services Focus on commercial joint ventures EBITDA(1): +26.9% SDA (retailing JV(2) with Lagardère Travel Retail): Revenue(1): Net Income(1): +50.3% +7.9% Revenue growing by 8.1%: In €m – Traffic effect : +3.0% 899 52 – Growth of Fashion and Core business 833 46 – Impact of the opening o
Slide 41: Retail and services: commercial rents and sales/PAX
Retail and services Details of commercial rents and sales/PAX(1) Retail income: +8.0% Sales/PAX 2015: +8.4% at €19.7 433 In €m 401 +8.1% Sales/PAX (€) 77 40 71 36.2 -1.7% 31 35 32.9 15 -3.3% +10.0% 31 15 30 25 19.7 20 18.2 311 +8.4% +9.6% 15 284 10 7.1 7.3 5 +2.7% 0 2014 2015 2014 2015 Commercial re
Slide 42: Real Estate
Real Estate P&L EBITDA: +3.6% Revenue: +0.4% Operating Income from ordinary activities: -3.5% In €m 264 265 In €m 62.1% 64.1% Internal revenue 52 52 44.9% Other 27 28 43.2% Buildings 84 82 External 164 170 revenue 119 115 EBITDA OIFOA(2) Lands 101 103 Margin 2014 2015 2014 2015 pro forma restated In
Slide 43: Real Estate: 329,200sqm developed
Real Estate Achieving 2015 targets with 329,200sqm developped Airport Segment ADP Role Operator Project Opening Floorspace (sqm) CDG Diversification Developer IBIS Hotel extension 2011 8,600 ORY Diversification Developer Compass Operation premises 2011 4,250 CDG Diversification Developer Divers Offi
Slide 44: Real Estate: pipeline of ongoing projects
Real Estate Pipeline of ongoing projets Airport Segment ADP Role Operator Project Opening Floorspace (sqm) CDG Diversification Developer Sogafro/SDV Offices and warehouses 2016 37,500 CDG Aeronautical Investor TCR Manustra Engine maintenance area 2016 4,700 CDG Diversification Developer Divers Wareh
Slide 45: International and airport developments
International and airport developments P&L EBITDA: -€9m Revenue: +21.2% Operating Income from ordinary activities: -16.2% In €m 96 In €m 80.1% 79 18 55.4% Aéroports de Paris Management 14 64 53 79 ADP 65 Ingénierie 0 EBITDA OIFOA(1) Margin -9 2014 2015 2014 2015 CA ADP Ingénierie (+20.8%): +€14m Dec
Slide 46: International footprint
International and airport developments International footprint 13 regional airports in North and France Schiphol Group (8%) Liege (25.6%) Zagreb airport (ADP 21% and Macedonia (100%) Georgia (76%) Central Mexico (25.5%) Paris-CDG: 65.8mpax 58.3 mpax 0.6 m tonnes of freight TAV 15%) Skopje &
Slide 47: Other Activities
Other Activities P&L EBITDA: +10.8% Revenue: +7.3% Operating Income from ordinary activities: +12.4% In €m 215 12.8% 12.4% 200 In €m ADP 4 Hub Safe (1) 77 70 5.5% 27 5.8% 25 Hub One 137 EBITDA 127 12 OIFOA(2) 11 Margin 2014 2015 2014 2015 restated restated Hub One (+8.3%): +€10m Hub One Good perfo
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 are included in this press release. These forward-looking d