Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Q3 2023 Earnings Presentation
29 slides from Aeroports De Paris's earnings presentation, Oct 25, 2023
Slide 1: 2023 First Nine Months Revenue
2023 First Nine Months Revenue OCTOBER 25th, 2023 1
Slide 2: 9M 2023: Solid revenue growth, confirming 2023 financial targets
9M 2023: SOLID REVENUE GROWTH, CONFIRMING 2023 FINANCIAL TARGETS Group SUSTAINED TRAFFIC RECOVERY IN PARIS AND ABROAD Traffic 254.7MPax HOSPITALITY MEASURES IMPLEMENTED IN PARIS 97.9% PROVING EFFICIENCY DURING SUMMER of 9M 19 Paris Traffic CONSISTENTLY STRONG RETAIL ACTIVITY 75.6MPax 91.4% NEW TAX P
Slide 3: Sustained traffic recovery in Paris and abroad
SUSTAINED TRAFFIC RECOVERY IN PARIS AND ABROAD Solid traffic growth at Paris Aéroport Group traffic(1) almost fully recovered hypothesis In MPax In MPax for FY 2023 Hypothesis in% of 2019 108.0 for FY 2023 337.1 95-105% in% of 2019 87-93% FY FY 86.7 276.8 +23.9% +18.4% 9M 82.7 9M 257.6 254.7 75.6 63
Slide 4: Paris Aéroport: traffic with China progressively recovering
PARIS AÉROPORT: TRAFFIC WITH CHINA PROGRESSIVELY RECOVERING, IN LINE WITH EXPECTATIONS Share of 9M 23 Traffic recovery 9M 23 traffic In % of 9M 19 traffic LOAD FACTOR LOW-COST TRAFFIC 12,3% Mainland France 75.7% 85.1% 86.7% 28.1% 22.6% In 9M 2023 In 9M 2019 of 9M 2023 traffic of 9M 2019 traffic 4,7%
Slide 5: Consistently strong Extime Paris sales per pax
CONSISTENTLY STRONG EXTIME PARIS SALES PER PAX1 STATE OF PROGRESS OF EXTIME 9M 2023 9M 2022 29.7 Extime rewards 9M 2019 26.1 launched on April 3rd, 2023 22.7 Extime.com marketplace launched on April 17th, 2023 FY FY €23.5 … €27.4 Extime JCDecaux Airports New brand launched by Extime Media’s sharehol
Slide 6: Focus on TAV Airports and GMR Airports
FOCUS ON TAV AIRPORTS AND GMR AIRPORTS TAV AIRPORTS1 GMR AIRPORTS X In MPax x% In % of 2019 traffic X In MPax x% In % of 2019 traffic Antalya 28.9 98.7% Delhi 53.4 107.2% Ankara 9.0 84.8% Hyderabad 17.9 110.0% Izmir 8.3 86.5% Medan 5.6 94.8% Almaty 7.0 147.1% GMR Airports2 79.5 106.8% TAV Airports 7
Slide 7: Revenue up +€737M, driven by both Paris and international
REVENUE UP +€737M, DRIVEN BY BOTH PARIS AND INTERNATIONAL In €M +21.8% PARISIAN ACTIVITIES 26 2 34 4,121 229 18 131 146 3,384 223 Retail and services International & airport development 9M 2022 Revenue Aviation Retail and Extime Duty Real estate TAV Airports AIG Other Other activities 9M 2023 Revenu
Slide 8: Outlook
OUTLOOK 2023 First Nine Months Revenue 8
Slide 9: 2023 traffic assumptions, forecasts and financial targets confirmed
2023 TRAFFIC ASSUMPTIONS, FORECASTS AND FINANCIALS TARGETS CONFIRMED Traffic assumptions TRAFFIC • Group traffic(1) Between 95% and 105% of the 2019 group traffic • Traffic at Paris Aéroport Between 87% and 93% of the 2019 Paris Aéroport traffic Group EBITDA At least equal to 2019 EBITDA (≥ €1,772M)
Slide 10: Appendices
APPENDICES 2023 First Nine Months Revenue 10
Slide 11: 2023–2025 traffic assumptions
2023 – 2025 TRAFFIC ASSUMPTIONS CONTINUED TRAFFIC RECOVERY IN PARIS FASTER TRAFFIC RECOVERY AT GROUP LEVEL Paris Aéroport traffic forecast Groupe ADP traffic1 forecast ( Mpax) MPax 108 95%-105% >100% 90%-100% 346 95%-105% 87%-93% 87 280 162 42 33 117 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021
Slide 12: 2023-2025 trajectory
2023-2025 TRAJECTORY Group EBITDA EBITDA at least that of 2019 ie. min €1,772M ADP SA operating expenses by passenger €17 - €20 / pax1 Group EBITDA margin 32% - 37% 35% - 38%1 in % of revenue Extime Paris SPP2 €29.5 1. Excluding any impact linked to the proposed tax introduced by the French governme
Slide 13: 2023-2025 capital allocation
2023-2025 CAPITAL ALLOCATION Group investments ADP SA + subsidiaries c. €1.3 bn per year on average, in current euros (excl. financial investments) ADP SA investments (excl. financial investments c. €900M per year on average, in current euros incl. regulated / non-regulated) Dividend policy payout i
Slide 14: Group traffic in 9M 2023
GROUP TRAFFIC1 IN 9M 2023 in Mpax Group traffic (MPax) 2023/2022 change (in %) Compared to 2019 level Paris-CDG 50,841,244 +20.4% 87.6% Paris-Orly 24,721,834 +14.5% 100.3% Total Paris Aéroport 75,563,078 +18.4% 91.4% Antalya 28,929,997 +16.8% 98.7% Almaty 7,045,266 +35.8% 147.4% Ankara 8,978,886 +39
Slide 15: Aviation: monthly change in Paris Aeroport traffic
AVIATION Monthly change in Paris Aeroport traffic PARIS AIRPORT TRAFFIC BY QUARTER COMPARED TO 2019 Q1 in % of 2019 Mpax Q2 in % of 2019 Q3 in % of 2019 2023: 88.7% Q4 in % of 2019 2023: 91.1% 2023: 93.7% 12 90.7% excl. strikes2 2022: 90.2% 2022: 80.1% 2022: 86.8% 2022: 61.4% 2020: 20.6% 2020: 3.5%
Slide 16: Aviation 9M 2023 – Revenue
AVIATION 9M 2023 – Revenue REVENUE (€M) +18.2% 1,447 3 52 32 20 13 103 1,224 Airport fees 9M 2022 Passenger fees Landing fees Parking fees Ancillary fees Rev. from airport Other products 9M 2023 Revenue safety and security Revenue Aviation segment revenue, up +18.2%, to 1,447 million euros, due to:
Slide 17: Retail and services 9M 2023 – Revenue
RETAIL AND SERVICES 9M 2023 – Revenue REVENUE (€M) +27.1% 1,297 15 10 38 21 63 18 1,020 112 Retail activities 9M 2022 Extime Duty Relay@ADP Other retail Car parks and Industrial Rental income Other income 9M 2023 Revenue Free Paris activities access roads services Revenue (in millions of euros) 9M 2
Slide 18: Retail and services subsidiaries
RETAIL AND SERVICES SUBSIDIARIES RETAIL SUBSIDIARIES & JVS Ownership Functional Company Activity Notes Consolidation method as of 30/09/2023 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 19: Real estate 9M 2023 – Revenue
REAL ESTATE 9M 2023 – Revenue +7.9% REVENUE (€M) 243 4 0 9 225 5 External revenue 9M 2022 Revenue Land Buildings Other External Internal revenue 9M 2023 Revenue revenue (in millions of euros) 9M 2023 9M 2022 2023/2022 Real estate segment revenue, up +7.9%, to 242 million euros, driven by: Revenue 24
Slide 20: Real estate projects pipeline
REAL ESTATE Projects pipeline 1 Airport Segment ADP Role Operator Project Opening Area (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 warehouses 2018 22,000 CDG Diversification
Slide 21: International and airport development 9M 2023 – Revenue
INTERNATIONAL AND AIRPORT DEVELOPMENT 9M 2023 – Revenue REVENUE (€M) +25.9% 1,231 6 229 978 26 8 9M 2022 Revenue AIG ADP Ingénierie TAV Airports SDA Croatie & others 9M 2023 Revenue International revenue, up +25.9%, to 1,231 million euros, driven by: (in millions of euros) 9M 2023 9M 2022 2023/2022
Slide 22: TAV Airports main assets & subsidiaries
TAV AIRPORTS MAIN ASSETS & SUBSIDIARIES 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 TAV Ege Izmir a
Slide 23: TAV Airports: 2022 results and 2023-2025 guidances
TAV AIRPORTS: 2022 RESULTS AND 2023-2025 GUIDANCES 2022 RESULTS 2023 GUIDANCE 2025 GUIDANCE (Includes New Ankara 2025+) REVENUE (€M) 1,051 1,230 – 1,290 10 -14% CAGR (2022-2025) expected TOTAL PASSENGERS (M) 78 81 - 91 10 – 14% CAGR (2022-2025) expected INTER. PASSENGERS (M) 50 52 - 59 EBITDA MARGIN
Slide 24: GMR Airports main assets & structure
GMR AIRPORTS MAIN ASSETS & STRUCTURE STRUCTURE Acquisition price: Market cap.: GMR Airports Infra. LTD Groupe ADP €1,4bn1 €4.1bn2 “GIL” 49% GMR Airports LTD 51% “GAL” 64% 63% 49% 99% 100% DIAL GHIAL PT Angkasa Pura Av. GGIAL GADL Assets under Delhi Airport Hyderabad Airp. Medan Airport Goa Airport E
Slide 25: GMR Airports - contemplated project merger between GAL & GIL
GMR AIRPORTS - CONTEMPLATED PROJECT MERGER BETWEEN GAL & GIL SEE PRESS RELEASE FROM MARCH 19TH, 2023 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 Publi
Slide 26: Other activities 9M 2023 - Income
OTHER ACTIVITIES 9M 2023 - Income INCOME (€M) +7.6% 131 122 4 5 9M 2022 Income Hub One Others 9M 2023 Income (in millions of euros) 9M 2023 9M 2022 2023/2022 Income 132 122 +€9M +7.6% Hub One 120 116 +€4M +3.5% 2023 First Nine Months Revenue 26
Slide 27: Definitions
DEFINITIONS ◆ 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 operational activity
Slide 28: Financial calendar
FINANCIAL CALENDAR APPENDICES (Subject to change) FINANCIAL PUBLICATIONS GROUPE ADP THEMATIC AND EXPERT CONFERENCES October traffic figures: 15 November 2023 GMR Airport thematic conference 2023 Full-year results: 15 February 2024 Virtual – Upon contemplated GIL & GAL 2024 Fist quarter revenue: 26 A
Slide 29: 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