Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — Investor Day (2019)
39 slides from Aeroports De Paris's investor day presentation, 2019
Slide 1: Real Estate Activities in Paris – 2019 Investor Day
REAL ESTATE ACTIVITIES IN PARIS 2019 INVESTOR DAY
Slide 2: Content
CONTENT A model 1 of property owner investor A substantial potential 2 of value creation 3 Projects until 2025 4 Appendices PAGE 2
Slide 3: A model of property owner investor
1 A model of property owner investor PAGE 3
Slide 4: An efficient valuation thanks to land ownership control
A model of property owner investor AN EFFICIENT VALUATION THANKS TO THE LAND OWNERSHIP CONTROL COMPLEMENTING THE INVESTOR EXPERTISE The control on all The land ownership control the value chain creation Master plan Land planning Planning rules Market Land owernshisp Land Real Estate confirmed in val
Slide 5: An activity which creates value for the Group
A model of property owner investor AN ACTIVITY WHICH CREATES VALUE FOR THE GROUP (1) Evolution since 2006 Margin rate 265 100% €M 265 264 263 265 252 250 90% 250 241 53 52 52 52 47 234 51 42 80% 214 51 49 209 70% 194 48 213 218 200 52 212 212 211 208 201 60% 176 51 190 185 48 50% 150 166 157 40% 143
Slide 6: A diversified business portfolio
A model of property owner investor A DIVERSIFIED BUSINESS PORTFOLIO 2018 rental incomes Breakdown of the 2018 real incomes from the real estate segment (M€) per activities 265 Others*: 10 Re-invoicing Hotels expenses Retail 5% 35 5% Internal rents 29 191 Hotels: 9.2 Retail: 9.6 Aviation offices indu
Slide 7: An attractive, competitive model creating long term value
A model of property owner investor AN ATTRACTIVE, COMPETITIVE MODEL CREATING LONG TERM VALUE 2018 average occupancy rate Long maturities 2018 of 90%(1) Current leases end date 97% 100% 85% 82% 48% 21% 15% 16% 28 Business Parcs activité / Offices Bureaux Cargo Hangars 2019-2021 2022-2024 2025-2027 20
Slide 8: A continuous land ownership valuation by the Group
A model of property owner investor A CONTINOUS LAND OWNERSHIP VALUATION BY THE GROUP Growth of more than 30% over the last 6 years +30.7% in €M 3,048 Leased buildings and subsidiairies(2) 3 000 2,825 2,642 2,624 Investment buildings 2,511(1) 2 500 2,434 2,266(1) 2,349 2,192(1) 2,238 2,111 2,007 2 00
Slide 9: A substantial potential of value creation
2 A substantial potential of value creation PAGE 9
Slide 10: 3 pillars of the real estate value creation
A substantial potential of value creation THE 3 PILLARS OF THE REAL ESTATE VALUE CREATION A capacity to catch the increasing demand 1 and the long term value Higher demand due to traffic dynamism and airport developments: new hotel programs, cargo, and surfaces of activity dedicated to support fun
Slide 11: A diversified land property ideally located
A substantial potential of value creation 1 A DIVERSIFIED LAND PROPERTY IDEALLY LOCATED A high demand due to the traffic increase that boosts the real estate development (especially the following activities: cargo, hotels, business parks) Groupe ADP Ile-de-France footprint: 6,686 ha Built properties
Slide 12: A unique potential growth
A substantial potential of value creation A UNIQUE POTENTIAL GROWTH 1 Groupe ADP Ile-de-France area: 6,686 ha Land reserves valuation per platforms (€) 4% Lands and buildings: 1,242 ha 7% 43% 46% Built properties (887 ha) Unbuilt properties (355 ha) ORY CDG LBG AAG Land reserves breakdown per platfo
Slide 13: A value supported by better connectivity in the medium term
A substantial potential of value creation 1 A VALUE SUPPORTED BY A BETTER CONNECTIVITY IN THE MEDIUM TERM An increasing attractivity thanks to Paris metropolis dynamism CDG Express Metro line 14 2024 in Paris-Orly Metro line 17 in Paris-Le Bourget Metro line 18 2027 in Paris-Orly Metro line 17 2030
Slide 14: Our real estate reserves – Paris CDG
A substantial potential of value creation 1 OUR REAL ESTATE RESERVES – PARIS CDG – 122 HA LOCATION OF REAL ESTATE RESERVES Line 17 Line 17 RER B CDG express RER B Line 17 Airport limits Land reserve limits Hotels / offices / retails Activities / Logistic Cargo / aircraft maintenance RER B, CDG expre
Slide 15: A future airport city in the heart of Paris-CDG
A substantial potential of value creation 1 A FUTURE AIRPORT CITY An airport city in the heart of Paris-CDG platform A potential property land in the Terminal 4 platform center, connected to the railway and road networks Line 17 Future railway station for passengers An ideal position for hotel and R
Slide 16: Our real estate reserves – Paris Orly
A substantial potential of value creation 1 OUR REAL ESTATE RESERVES– PARIS ORLY – 161 HA LOCATION OF REAL ESTATE RESERVES Airport limits RER C Line 14 Land reserve limits Hotels / offices / retails Activities / Logistic RER C Cargo / aircraft maintenance RER C, Grand Paris metros Line 14 Line 18 DO
Slide 17: Our real estate reserves – Paris-LBG and AAG
A substantial potential of value creation 1 OUR REAL ESTATE RESERVES– PARIS-LBG AND AAG – 53 HA LOCATION OF REAL ESTATE RESERVES LOCATION OF REAL ESTATE RESERVES LBG (20 ha) Lognes (23 ha) St-Cyr (10 ha) Line 17 Airport limits Land reserve limits Hotels / offices / retails Activities / Logistic Métr
Slide 18: An investment strategy clearly defined
A substantial potential of value creation 2 AN INVESTMENT STRATEGY CLEARLY DEFINED From a developer strategy to an investor strategy Mutiplication of rental incomes generated by Groupe ADP’s new projects as investor Developer Investor Rental incomes (in €/built-up m2) Land only Building Logistic €45
Slide 19: New projects identified for the 2025 horizon
A substantial potential of value creation 2 FOR THE 2025 HORIZON, NEW PROJECTS ALREADY IDENTIFIED By 2025, ADP could invest around €736 M for the creation of assets or assets takeovers, which would generate around €74 M/y of additionnal rental lease In € M Cargo Hotels Business parks Resulting annua
Slide 20: A potential real estate development on a longer term
A substantial potential of value creation 2 A POTENTIAL REAL ESTATE DEVELOPMENT ON A LONGER TERM After 2025, around 70% of the 2019 building potentiel still available A development potentiel reliable and readable thanks to the master plans realized for each districts Realistic property planning gu
Slide 21: Assets recovery plan and rental revaluation
A substantial potential of value creation ASSETS RECOVERY PLAN AND RENTAL REVALUATION AT THE END 3 OF LAND HISTORIC CONTRACTS By 2045, pursuit of the reintegration policy in the ADP built-up assets belonging to third parties generating a rental upside €11 M €159 M €5 M €36 M €22 M €13 M 2019 2025 20
Slide 22: Projects until 2025
3 Projects until 2025 PAGE 22
Slide 23: Segments of development
Projects until 2025 5 SEGMENTS OF DEVELOPMENT Hotels Cargo Know-how of ADP on Business parks A growth market « on airport » offers A demand fed by traffic 1 2 3 Offices Aviation industrial offer An attractivity strenghtened by The dynamism of equipments the connectivity/accessibility and engine main
Slide 24: Cargo: a sustained development thanks to a dynamic market
Projects 1 Cargo until 2025 A SUSTAINED DEVELOPMENT THANKS TO A DYNAMIC MARKET A strong real estate dynamism …result of Groupe ADP strategy Since 2010, +60,000 m² of net creation of new cargo CAPEX Rents (€M/year)* 2018 2021 2025 (€M) programs fully rented (+10% of facilities) Rents from lands at
Slide 25: Paris-CDG Cargo City in constant evolution
Projects 1 Cargo until 2025 PARIS-CDG CARGO CITY IN CONSTANT EVOLUTION Projet MIDI 2021 2020 2016 2011 Warehouses: 16,000 m² Warehouses: 30,000 m² Offices: 6,000 m² Offices: 7,500 m² Warehouses: 12,000 m² Warehouses: 17,500 m² Offices: 4,500 m² 2015 Warehouses: 12,000 m² Offices: 4,000 m² DUO Projec
Slide 26: Continuing development of FedEx and other cargo points in Paris-CDG
Projects 1 Cargo until 2025 THE CONTINUING DEVELOPMENT OF FEDEX AND OTHER CARGO POINTS IN PARIS-CDG SODEXI 7,000 m² warehouses and 600 m² offices in 2014 FedEx extension 47,000 m² in 2019 PAGE 26
Slide 27: Development of the on-airport hotel offer
Projects 2 Hotels until 2025 DEVELOPMENT OF THE ON-AIRPORT HOTEL OFFER A strong expansion of the on-airport Rents carried out by the development capacity (number of hotel rooms) of new projets 4,099 5,647 6,567 Rents (€M/year)* 2018 2021 2025 CAPEX (€M) 4,460 4,140 Rents from lands at the end of 9.2
Slide 28: Paris-CDG hotel rooms and projects by 2027
Projects 2 Hotels until 2025 PARIS – CDG – 3,181 HOTEL ROOMS AT THE END OF AND MORE THAN 1,579 IN PROJECT BY 2027 Hotel offer and projects within the Roissy pôle area South Aéroville projects Holiday Inn Express MELIA Project Ro5 Ibis (red) Pullman + Ibis Styles 305 rooms 267 room 320 rooms 772 room
Slide 29: Orly: hotel rooms and projects by 2025
Projects 2 Hotels until 2025 ZOOM ON THE HOTEL OFFER EVOLUTION BY 2025 ORLY: 710 HOTEL ROOMS AT THE END OF 2018 AND 1,139 IN PROJECT BY 2025 G P E line 14 TGV railway station Ibis Styles Orlytech 200 rooms 3* 4Q 2019 Mercure Orlytech 189 rooms 4* Projet JJ - Cœur d’Orly 2Q 2019 T7 150 rooms (700 bed
Slide 30: Business parks: an expansion boosted by traffic dynamism
Projects 3 Business parks until 2025 AN EXPANSION BOOSTED BY THE TRAFIC DYNAMISM Surface areas characterized by …reflecting new surface areas needs and high occupancy rate an attractive average yield CAPEX ADP has always been an investor in its business Rents (€M/year)* 2018 2021 2025 (€M) parks,
Slide 31: Existing and planned business parks
Projects 3 Business parks until 2025 EXISTING AND PLANNED BUSINESS PARKS Paris-CDG Paris-Orly JULIETTE 18,300 m² ROMEO VILLAGE ENTREPÔT VILLAGE CARGO 2018 22,000 m² 20,000 m² 22,000 m² ORLYPARC project 2021 – 25,000 m² Existing business parks Business parks in project PAGE 31
Slide 32: Offices: a growth dynamism thanks to the metro arrivals
Projects 4 Offices until 2025 A GROWTH DYNAMISM THANKS TO THE METRO ARRIVALS Evolution of the offer in Paris-Orly Rents and surface area boosted by the development of transport offers An ADP service-oriented offer mainly developed in Orly by 2025, thanks to Rents (€M/year)* 2018 2021 2025 CAPEX (€
Slide 33: Accelerated expansion of Cœur d'Orly
Projects 4 Offices until 2025 AN ACCELERATED EXPANSION OF CŒUR D’ORLY WITHIN THE FRAMEWORK OF THE GRAND PARIS CAMPUS GRAND ORLY COEUR D’ORLY 70,000m² - 2024 BELAIA – 23,000m² - 2020 COEUR D’ORLY CAMPUS GRAND ORLY HEGOA – 23,000m² - 2024 70,000m² - 2024 PAGE 33
Slide 34: Industrial aeronautical offer: aircraft maintenance drop offset by equipment
Projects 5 Industrial aeronautical offer until 2025 A DROP IN THE AIRCRAFT MAINTENANCE ACTIVITY COMPENSATED BY A RISE IN EQUIPMENT MAINTENANCE ACTIVITY A stagnation in hangar demand …without growth on the segment rents CAPEX Recent airplanes needing less hours of services Rents (€M/year)* 2018 202
Slide 35: Strong fundamentals, unique resources in Europe
Projects until 2025 STRONG FUNDAMENTALS, UNIQUE RESSOURCES IN EUROPE AND A RECOGNIZED KNOW-HOW FOR THE VALUE CREATION OF THE GROUP An investor policy which enables the value creation An exceptional land ownership potential A well secured A booster pipeline by a better platform accessibility Robust p
Slide 36: Appendices
4 Appendices PAGE 36
Slide 37: Significant buildable land reserves (1/2)
Appendices SIGNIFICANT BUILDABLE LAND RESERVES (1/2) Land reserves available on all platforms (CDG, Orly, LBG, as well as some civil airfields) Answering all kinds of needs (offices, hotels, shops, housing, industrial activity, cargo, logistics, maintenance, aeronautical support...) Mainly mad
Slide 38: Significant buildable land reserves (2/2)
Appendices SIGNIFICANT BUILDABLE LAND RESERVES (2/2) Breakdown of the 355 ha unbuilt properties Short term Shown on page 12 Surface area (en ha) Valuation (in €M) On going projects 10 44 221 Projects in negociation 9 26 Reserves usable immediately 221 194 Mutable areas at short term 58 37 58 Reserve
Slide 39: 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