Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Merger or Acquisition (March 2012)
18 slides from Aeroports De Paris's merger presentation, Mar 12, 2012
Slide 1: Building a worldwide leading partnership in the Airport Industry
Building a worldwide leading partnership in the Airport Industry Aéroports de Paris Group to buy a stake in TAV Airports and TAV Construction March 12th, 2012
Slide 2: Disclaimer
Disclaimer The transactions contemplated by this document are subject to the parties obtaining the relevant opinions, approvals and authorizations, including workers councils opinion and boards and shareholders approvals. This document contains forward-looking statements based on management’s curren
Slide 3: Agenda
Agenda 1. Transaction Highlights 2. Introduction to TAV group 3. Transaction Rationale 4. Structure, Financing & Envisaged Timeline 12 March 2012 │ 2
Slide 4: Transaction Highlights
Transaction Highlights ADP group to purchase 38% of TAV Airports and 49% of TAV Construction Aéroports de Paris is one of the leading European airport groups • EUR 2,502mm revenue and EUR 972mm EBITDA in 2011 • 88mm pax in Paris (CDG and ORY) + 40mm pax under management in 9 countries • Over 9,100 p
Slide 5: Agenda
Agenda 1. Transaction Highlights 2. Introduction to TAV group 3. Transaction Rationale 4. Structure, Financing & Envisaged Timeline 12 March 2012 │ 4
Slide 6: TAV Airports and TAV Construction: full service providers from construction to operations
TAV Airports and TAV Construction: full service providers from construction to operations of the entire airport value chain Airports Duty free Food and beverage Ground handling Others Construction Turkey ATÜ (50%) BTA (67%) HAVAŞ (65%) O&M, IT and Security Established in 2003 by a Istanbul Ataturk A
Slide 7: Aéroports de Paris group overview
Aéroports de Paris group overview Revenue 2011: €2,502mm, EBITDA 2011: €972mm Aviation Retail and services Real estate Other activities 3 major airports and 10 regional airfields in Paris • All of ADPs commercial • Real estate activities • 4 subsidiaries: region activities, such as outside terminals
Slide 8: Agenda
Agenda 1. Transaction Highlights 2. Introduction to TAV group 3. Transaction Rationale 4. Structure, Financing & Envisaged Timeline 12 March 2012 │ 7
Slide 9: Strategic rationale
Strategic rationale Transaction fully in line with ADP’s international strategy The profile of TAV closely matches the 2011 – 2015 international strategy of ADP and provides significant value creation opportunities ADP’s International acquisitions need to TAV satisfy the following strategic criteria
Slide 10: Strategic rationale (Cont'd)
Strategic rationale (Cont’d) Industrial logic of an investment in TAV Airports Turkey is the fastest growing aviation market in Europe • Turkish economy is one of the fastest growing G20 countries (10% real GDP growth in 2011) Attractive market with • Passenger growth of 15% p.a. during 2002-2011 st
Slide 11: ADP – TAV Airports: a global international footprint
ADP – TAV Airports: a global international footprint 37 airports platform under management representing 180M Pax 13 Regional airports France Schiphol Group (8%) Liège (25.6%) Macedonia (100%) Georgia (76%) Mexico North Central (25.5%)¹ Paris-CDG: 61mm pax 48mm pax 0.6mm tons of freight Skopje & Ohri
Slide 12: Agenda
Agenda 1. Transaction Highlights 2. Introduction to TAV group 3. Transaction Rationale 4. Structure, Financing & Envisaged Timeline 12 March 2012 │ 11
Slide 13: Transaction Structure
Transaction Structure Equal governance structure 100% • Joint control between ADPM, Akfen & Tepe • 3 board members for Akfen & Tepe • 1 board member 8% 38% 49% 20.5% representing Sera (CEO) • 3 board members for ADP 25.5% • TAV Airports’ management to remain in place: 8% – Chairman: Hamdi Akin – CEO
Slide 14: Financial impacts, Financing and Calendar
Financial impacts, Financing and Calendar Financial impacts • Double digit equity IRR expected • The transaction is expected to be EPS accretive as of 2013 after taking into account financing costs and PPA (IFRS 3) • TAV to be consolidated by the equity method ADP has secured certainty of funds for
Slide 15: Appendices
Appendices 12 March 2012 │ 14
Slide 16: TAV Airports Holding Co structure
TAV Airports Holding Co structure TAV Airports Holding Airport Companies Service Companies Istanbul Ataturk Airport ATÜ Duty Free (100%) (50%) Ankara Esenboğa Airport BTA Catering Services (100%) (67%) Izmir Adnan Menderes Airport Havaş Ground Handling (100%) (65%) Hqvqs Europe TGS Gazipaşa Airport
Slide 17: Growth Rates of TAV Airports in 6 years
Growth Rates of TAV Airports in 6 years CAGR (2006-11) CAGR (2006-11) 18% 55% Passenger (m) EBITDA (€m) 257 53 48 212 41 42 167 30 141 23 77 29 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 CAGR (2006-11) CAGR (2006-11) 17% 19% Aveage number of Revenue (€m) Employees 881 19 838 785 17
Slide 18: Concession Overview
Concession Overview Type / TAV 2011 Pax Volume Concession Airport Expire Stake Scope (mppa) fee/pax Int'l fee/pax dom. Guarantee Fee Net Debt* Concession US$15 (O&D) Istanbul Ataturk 100% Int'l+Dom. 37.5 €3 No $140m/yr + VAT €114m (Jan. 2021) € 2.5 (Transfer) 0,6 M. Dom. , BOT Ankara Esenboga 100% I
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