Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — H1 2023 Earnings Presentation
42 slides from Aeroports De Paris's earnings presentation, Jul 27, 2023
Slide 1: 2023 Half-Year Results
2023 HALF-YEAR RESULTS JULY 27th, 2023 1
Slide 2: Half-Year 2023 Highlights
HALF-YEAR 2023 HIGHLIGHTS 2023 Half-year results 2
Slide 3: Financial Objectives Confirmed
HALF-YEAR 2023 PERFORMANCE IN LINE WITH OUR EXPECTATIONS HALF-YEAR 2023 HIGHLIGHTS REVENUE TRAFFIC DEVELOPING €2,545M AS EXPECTED, WITH INCREASED +26.9% SEASONALITY OF THE BUSINESS vs. H1 22 EBITDA €863M FINANCIAL STRONG FOCUS ON HOSPITALITY +22.9% AND OPERATIONAL RESILIENCE vs. H1 22 OBJECTIVES NET
Slide 4: Traffic Developing as Expected, With Increased Seasonality
TRAFFIC DEVELOPPING AS EXPECTED, WITH INCREASED SEASONALITY IN THE BUSINESS HALF-YEAR 2023 HIGHLIGHTS Solid traffic growth at Paris Aéroport Group traffic(1) almost fully recovered In MPax In MPax 108.0 337.1 95-105% 87-93% hypothesis 86.7 Hypothesis 276.8 for FY 2023 in% of 2019 for FY 2023 FY in%
Slide 5: Additional Initiatives to Strengthen Hospitality and Operational Resilience
ADDITIONNAL INITIATIVES DEPLOYED IN PARIS TO STRENGTHEN HOSPITALITY HALF-YEAR 2023 HIGHLIGHTS AND OPERATIONAL RESILIENCE Increase presence in the field & reinforce staff’s preparation Traffic peaks management 2023 & 2024 Events : Rugby World Cup and Olympic Games Increase number of PARAFE gates and
Slide 6: Progressive Ramp Up in Investments
PROGRESSIVE RAMP UP IN INVESTMENTS HALF-YEAR 2023 HIGHLIGHTS Main projects commissioned in the last few months and ongoing NEW CAR PARK AT PARIS-ORLY NEW LUGGAGE SORTING SYSTEM IN NEW AIRPORT FIREFIGHTER STATION PARIS-CDG’S TERMINAL 1 IN PARIS-LE BOURGET Additional 2,100 parking spots Complying to t
Slide 7: Launched a New Employee Shareholding Plan
LAUNCHED A NEW EMPLOYEE SHAREHOLDING PLAN HALF-YEAR 2023 HIGHLIGHTS Abelia: 2023 - 2024 Develop a new culture of value sharing 2-year employee shareholding plan representing c.0.3% of the company's equity (treasury shares i.e. already acquired ) Incentive employees with company performance A TWO STE
Slide 8: Half-Year 2023 Financial Results
HALF-YEAR 2023 FINANCIAL RESULTS 2023 Half-year results 8
Slide 9: Paris Aéroport: Solid Traffic Growth
PARIS AÉROPORT: SOLID TRAFFIC GROWTH HALF-YEAR 2023 FINANCIAL RESULTS Share of H1 23 Traffic recovery H1 23 traffic In % of H1 19 traffic LOAD FACTOR LOW-COST TRAFFIC 12,8% Mainland France 75.1% 84.5% 85.9% 27.5% 22.4% In H1 2023 In H1 2019 Of H1 2023 traffic Of H1 2019 traffic 4,8% French Overseas
Slide 10: Extime Paris Sales per Pax Performing Strongly
EXTIME PARIS SALES PER PAX1 PERFORMING STRONGLY HALF-YEAR 2023 FINANCIAL RESULTS H1 2023 H1 2022 29.6 STATE OF PROGRESS OF EXTIME H1 2019 25.5 Extime rewards 22.5 launched on April 3rd, 2023 Extime.com marketplace launched on April 17th, 2023 FY FY €23.5 €27.4 … 2019 2020-20212 2022 2023 Extime JCDe
Slide 11: Focus on TAV Airports and GMR Airports
FOCUS ON TAV AIRPORTS AND GMR AIRPORTS HALF-YEAR 2023 FINANCIAL RESULTS TAV AIRPORTS1 GMR AIRPORTS X In MPax x% In% of 2019 traffic X In MPax x% In% of 2019 traffic Almaty 4.2 150.0% Delhi 35.8 109.8% 95.7% Hyderabad 11.9 108.1% Antalya 12.9 N. Macedonia 1.3 115.0% Medan 3.8 97.1% Zagreb 1.7 110.4%
Slide 12: Seasonality in the Business: H2 Historically Stronger Than H1
SEASONALITY IN THE BUSINESS: H2 HISTORICALLY STRONGER THAN H1 HALF-YEAR 2023 FINANCIAL RESULTS PASSENGER TRAFFIC RETAIL 2015 to 2019 passenger traffic % by quarter 2015 to 2019 airside spending % by quarter IN PARIS AEROPORT IN TAV’S TURKISH AIRPORTS SALES IN PARIS AIRSIDE SHOPS H1 H2 H1 H2 H1 H2 47
Slide 13: Solid Growth in All P&L Indicators and Improved Net Debt to EBITDA
SOLID GROWTH IN ALL P&L INDICATORS AND IMPROVED NET DEBT TO EBITDA RATIO1 HALF-YEAR 2023 In €M FINANCIAL RESULTS REVENUE EBITDA +22.9% +26.9% 2,545 863 2,006 702 NET DEBT 8,089 FCCBs 7,440 Dividend Ankara 35.0% 33.9% of revenue of revenue 4.4x - x 4.3x1 EBITDA H1 2022 H1 2023 H1 2022 H1 2023 ND/EBIT
Slide 14: Revenue Up +€539M (+26.9%)
REVENUE UP +€539M (+26.9%), DRIVEN BY BOTH PARIS AND INTERNATIONAL HALF-YEAR 2023 FINANCIAL RESULTS In €M PARISIAN ACTIVITIES 22 1 14 2,545 148 11 90 103 178 2,006 Retail and services International & airport development H1 2022 Revenue Aviation Extime Duty Other retail Real estate TAV Airports AIG O
Slide 15: EBITDA Up +€161M (+22.9%)
EBITDA UP +€161M (+22.9%), MARGIN CONSISTENT WITH FORECASTS HALF-YEAR 2023 FINANCIAL RESULTS In €M 93 124 539 112 25 24 863 702 Margin Margin 35.0% 33.9% H1 2022 EBITDA Increase in revenue Consumables External Services Employee Taxes other than Other operating H1 2023 EBITDA benefit costs income tax
Slide 16: Net Result Up +€51M (+31.8%), to €211M
NET RESULT UP +€51M (+31.8%), TO €211M HALF-YEAR 2023 FINANCIAL RESULTS In €M 40 12 13 18 161 51 211 24 160 H1 2022 Increase in EBITDA Amortisation Share of profit or Other income Financial result Income tax Result from disc. H1 2023 Net result, and impairment loss in associates and expenses activit
Slide 17: Net Debt Controlled at 4.3x EBITDA
NET DEBT CONTROLLED AT 4.3x EBITDA1 HALF-YEAR 2023 FINANCIAL RESULTS In €M 162 56 8,089 309 331 7,440 472 353 Group capex2 119 Ankara financing -681 Lev. Lev. 4.4x 4.3x1 Net debt as of 31 Cash flows from Capex & FCCBs subscription3 Dividend payment Interest expenses Others4 Net debt as of December 2
Slide 18: Outlook
OUTLOOK 2023 Half-year results 18
Slide 19: FY 2023 Traffic Assumptions and Financial Targets Confirmed
FY 2023 TRAFFIC ASSUMPTIONS AND FINANCIAL TARGETS CONFIRMED OUTLOOK 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 20: Support for Low-Carbon Aviation and Electric Urban Air Mobility
SUPPORT FOR LOW-CARBON AVIATION AND ELECTRIC URBAN AIR MOBILITY OUTLOOK Several initiative launched during the Paris Air Show at Paris-Le Bourget ALLIANCE WITH SIX LEADERS PREPARING FOR THE LAUNCH CREATION OF IN CARBON-FREE REGIONAL OF FIRST EVTOL SERVICES “HYDROGEN AIRPORT” AVIATION Contribute to t
Slide 21: Appendices
APPENDICES 2023 Half-year results 21
Slide 22: Traffic Outlook
TRAFFIC OUTLOOK APPENDICES All figures in% refer to traffic levels compared to 2019 comparable data 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
Slide 23: 2023-2025 Trajectory
2023-2025 TRAJECTORY APPENDICES Group EBITDA EBITDA at least that of 2019 ie. min €1,772M ADP SA operating expenses per passenger €17 - €20 / pax Group EBITDA margin 32% - 37% 35% - 38% In% of revenue Extime Paris SPP1 €29.5 1. Extime Paris Sales/Pax: Sales per passenger in the airside activities, i
Slide 24: 2023-2025 Capital Allocation
2023-2025 CAPITAL ALLOCATION APPENDICES 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 poli
Slide 25: Group Traffic in H1 2023
GROUP TRAFFIC1 IN H1 2023 APPENDICES in Mpax Group traffic (Pax) 2022/2021 change (in%) Compared to 2019 level Paris-CDG 31,778,035 +27.9% 87.5% Paris-Orly 15,316,869 +21.4% 95.8% Total Paris Aéroport 47,094,904 +25.7% 90.0% Antalya 12,870,273 +26,5% 95.7% Almaty 4,186,077 +37.1% 150.0% Ankara 5,495
Slide 26: H1 2023 Consolidated Income Statement
H1 2023 CONSOLIDATED INCOME STATEMENT APPENDICES In millions of euros H1 2023 H1 2022 2023 / 2022 Revenue 2,545 2,006 +€539M Operating expenses (1,729) (1,367) -€362M Other expenses and incomes 47 64 -€17M EBITDA 863 702 +€161M Amortisation and impairment of tangible and intangible assets (396) (356
Slide 27: Aviation: Monthly Change in Paris Aeroport Traffic
AVIATION APPENDICES Monthly change in Paris Aeroport traffic PARIS AIRPORT TRAFFIC BY QUARTER COMPARED TO 2019 Mpax Q1 in% of 2019 Q2 in% of 2019 Q3 in% of 2019 Q4 in% of 2019 12 2023: 88.7% 2023: 91.1% 2022: 86.1% 2022: 90.2% 2022: 61.4% 2022: 80.1% 2021: 51.3% 2021: 61.7% 2021: 19.7% 2021: 21.2% 1
Slide 28: Aviation H1 2023 Income Statement
AVIATION APPENDICES H1 2023 – Income statement REVENUE (€M) +23.9% 919 2 40 27 9 18 82 741 H1 2022 Revenue Passengers fees Landing fees Parking fees Ancillary fees Revenue from Other products H1 2023 Revenue airport safety and security services (in millions of euros) H1 2023 H1 2022 2023/2022 Revenu
Slide 29: Retail and Services H1 2023 Income Statement
RETAIL AND SERVICES APPENDICES H1 2023 – Income statement REVENUE (€M) +30.8% 818 10 5 16 14 45 13 90 625 H1 2022 Extime Duty Free Paris Relay@ADP Other retail Car parks and Industrial Rental income Other income H1 2023 Revenue activities access roads services Revenue (in millions of euros) H1 2023
Slide 30: Retail and Services Subsidiaries
RETAIL AND SERVICES SUBSIDIARIES APPENDICES Ownership Functional Company Activity Notes Consolidation method as of 30/06/23 Currency Extime Duty Free Paris Retail JV with Lagardère Duty Free 50% Full consolidation EUR (ex. Société de Distribution Aéroportuaire) Relay@ADP Travel essentials JV with La
Slide 31: Real Estate H1 2023 Income Statement
REAL ESTATE APPENDICES H1 2023 – Income statement +7.6% REVENUE (€M) 1 2 167 7 156 5 H1 2022 Revenue Land Buildings Other External Internal revenue H1 2023 Revenue revenue (in millions of euros) H1 2023 H1 2022 2023/2022 Revenue 167 156 +€11M +7.6% External revenue 146 132 +€14M +10.6% Land 65 60 +€
Slide 32: Real Estate Projects Pipeline as of 30/06/2023
REAL ESTATE APPENDICES Projects pipeline as of 30/06/2023 Airport Segment ADP Role Operator Project Opening Floorspace (sq.m.) CDG Aeronautical Investor TCR Equipment maintenance center 2017 1,300 CDG Diversification Investor Siège social Offices 2017 17,100 CDG Diversification Investor Divers Wareh
Slide 33: International and Airport Development H1 2023 Income Statement
INTERNATIONAL AND AIRPORT DEVELOPMENT APPENDICES H1 2023 – Income statement REVENUE (€M) +31.8% 709 1 6 148 538 22 7 H1 2022 Revenue AIG ADP Ingénierie TAV Airports Société de Distribution Others H1 2023 Revenue Aéroportuaire Croatie (in millions of euros) H1 2023 H1 2022(1) 2023/2022 Revenue 709 53
Slide 34: TAV Airports Main Assets & Subsidiaries
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 TAV
Slide 35: TAV Airports: 2023-2025 Guidances
TAV AIRPORTS: 2023-2025 GUIDANCES APPENDICES 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 (%) 3
Slide 36: GMR Airports Main Assets & Structure
GMR AIRPORTS MAIN ASSETS & STRUCTURE APPENDICES STRUCTURE Acquisition price: Market cap.: GMR Airports Infra. LTD Groupe ADP €1,4bn1 €2.9bn2 “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 Go
Slide 37: Other Activities H1 2023 Income Statement
OTHER ACTIVITIES APPENDICES H1 2023 – Income statement PRODUCTS (€M) +9.1% 90 4 83 3 H1 2022 Products Hub One Others H1 2023 Products (in millions of euros) H1 2023 H1 2022 2023/2022 Products 90 83 +€8M +9.1% • Products: up +€8M Hub One 81 78 +€3M +3.8% EBITDA 17 13 +€4M +35.6% • EBITDA: up +€4M Ope
Slide 38: Financial Situation as of June 2023
FINANCIAL SITUATION AS OF 30 JUNE 2023 APPENDICES DEBT REPAYMENT SCHEDULE (principal excluding interest as of 30/06/2023 in €M) 1,363 1,513 530 1,039 ADP excl. TAV Airports and AIG 530 763 763 518 513 613 TAV Airports 385 210 260 Airport International Group 32 71 66 25 10 65 5 81 5 78 98 104 80 13 5
Slide 39: 2025 Pioneers Strategic Roadmap Indicators
2025 PIONEERS STRATEGIC ROADMAP INDICATORS 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 Paris-CDG 3
Slide 40: Definitions
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 operation
Slide 41: Financial Calendar
FINANCIAL CALENDAR APPENDICES (Subject to change) 2023 FINANCIAL PUBLICATIONS GROUPE ADP THEMATIC AND EXPERT CONFERENCES July traffic figures: 16 August 2023 Real Estate thematic conference Virtual – November 2023 2023 9-months revenue: 25 October 2023 GMR Airport thematic conference Virtual – Upon
Slide 42: Disclaimer
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) are