Aeroports De Paris · EURONEXT:ADP
Aeroports De Paris — FY2011 Earnings Presentation
38 slides from Aeroports De Paris's earnings presentation, Feb 23, 2012
Slide 1: 2011 Full Year Results
2011 Full Year Results 23 February 2012
Slide 2: Disclaimer
Disclaimer Forward-looking disclosures are included in this presentation. These forward- looking disclosures are based on data, assumptions and estimates deeemed reasonable by Aéroports de Paris. They include in particular information relating to the financial situation, results and activity of Aéro
Slide 3: Introduction and highlights
Introduction and highlights Pierre GRAFF Chairman and CEO 2011 FY Results│ 2 Résultats semestriels 2009 │ 2
Slide 4: Results are up in 2011
Results are up in 2011 In €m ∆ 2011 / 2011 (unless stated otherwise) 2010 Passengers (in m) 88.1 +5.7% Revenue 2,502 +0.9% EBITDA 972 +5.5% Operating income from ordinary activities 607 +9.1% Net income attributable to the Group 348 +15.9% A record traffic in 2011: +5.7%, with 88.1 million passenger
Slide 5: Business review
Business review François RUBICHON Deputy CEO 2011 FY Results│ 4 Résultats semestriels 2009 │ 4
Slide 6: Record traffic in 2011
Record traffic in 2011 ADP vs European airports Monthly traffic change H1 10 H2 10 H1 11 H2 11 January -2.1% +2.8% +7.4% +4.2% 2012 2011 / m of pax [ +1.4%] [ +3.7%] 2010 Bad weather 12% conditions 88 +5.7% [ +3.9%] 8% Volcano 87 +3.7% [ +1.1%] 4% +3.1% [ +4.5%] 0% 56 +6.5% -4% 50 +10.0% [ +8.4%] -8
Slide 7: Traffic by destination
Traffic by destination Total traffic : +5.7% International traffic* : +2.2% France Europe Connecting traffic : +8.6% 18.9% North America 42.2% +7.2% +8.4% 9.8% +5.9% Asia / Pacific French overseas 6.4% territories Middle East +7.9% 3.9% 4.3% +7.6% -6.5% Latin America Africa 3.2% 11.2% +5.6% -2.9% %
Slide 8: A dynamic top 10
A dynamic top 10 Top 10 and LCCs benefit more from recovery Strong growth in some destinations ∆ 2011 / Contribution to Airlines Destinations Traffic 2010 growth Air France +5.3% Spain +11.8% +0.80 pt easyJet +17.6% Germany +10.8% +0.54 pt Vueling +13.7% Italy +6.4% +0.44 pt Lufthansa +13.7% USA +6.
Slide 9: Continued development in quality of service
Continued development in quality of service Change in overall satisfaction A significant investment programme €155m over 2011-2015 88% €42m in 2011 ie 27% of total investment 86% Opening of satellite 7 at CDG1: satisfaction rate of 96% in boarding lounge 84% Overall refurbishment: technical, functio
Slide 10: Sales/PAX continue to grow: +5.2% to 15.1€
Sales/PAX continue to grow: +5.2% to 15.1€ A general improvement of the performance despite an unfavorable Change in sales/PAX since 2006 traffic mix evolution Sales/PAX (€) Growth in Sales/PAX well spread across all terminals 16 15.1 15 Particularly strong growth in fashion and 14.3 gastronomy 14 S
Slide 11: The "Place de la Madeleine" in Orly Ouest
The "Place de la Madeleine" in Orly Ouest 4 flagship brands gathered around a central area First airport store for Prunier et Caviar House, Ladurée, Mariage Frères et Nespresso First results are very promising Tearoom Ladurée Mariage Frères Nespresso 2011 FY Results│ 10 Résultats semestriels 2009 │
Slide 12: Continued strategy of retail development
Continued strategy of retail development A new organisation of the JVs Launch of Media Aéroports de Paris Merger SDA and DFP Full rollout in 5 weeks Partnership extended until October 2019 for core Billboards 100% digital: 400 screens and 10 giant business and December 2020 for fashion displays A ne
Slide 13: 280,000 sqm of real estate projects
280,000 sqm of real estate projects* Projects development on schedule Major projects New projects Aéroville: 110,000 sqm Citizen M Hotel : 6,100 sqm Shopping center located at CDG A 230-room "Affordable Luxury" hotel located at Works started in July 2011, opening planned for CDG the end of 2013 Leas
Slide 14: Financial results
Financial results Laurent GALZY CFO 2011 FY Results│ 13 Résultats semestriels 2009 │ 13
Slide 15: Results are up
Results are up In €m 2011 2010 ∆ 2011 / (unless stated otherwise) pro forma 2010 Removal of the method of proportionate Passengers (in m) 88.1 83.4 +5.7% consolidation Profit/loss of associates from operating Revenue 2,502 2,480 +0.9% activities: JVs in Retail and Real Estate, stake in Schiphol Grou
Slide 16: Revenue up by 0.9%
Revenue up by 0.9% Good performance of retail and impact of the decrease in other activities In €m 9 34 (63) 14 27 (18) 21 2,502 +0.9% 2,480 2010 Revenue Volcano Airport Other effects Retail & Real Estate Other Elimin. 2011 Revenue pro forma Fees Aviation Services Activities 2011 FY Results│ 15 Résu
Slide 17: Operating expenses are under control
Operating expenses are under control Raw materials and consumables used: -€31m Impact of Masternaut disposal: -€16m ∆ 2011 / In €m 2011 Winter products: -€12m 2010 External services: +€13m Revenue 2,502 +0.9% Security and services for disable people: +€13m Capitalized production 52 +12.9% ADPI: -€8m
Slide 18: Operating income up 17%
Operating income up 17% Strong growth of EBITDA and non recurring items In €m 15 5 (21) 50 (4) 51 652 +17.0% 557 2010 Op. EBITDA D&A 2E Masternaut ADPI Associates 2011 Op. Income compensation capital gain impairment operating Income pro forma of receivables activities 2011 FY Results│ 17 Résultats s
Slide 19: Aviation
Aviation Positive impact of the strong growth in traffic EBITDA: +6.6% / Operating Income Revenue: +3.8% from Ordinary Activities: +19.5% In €m In €m 1,450 1,505 Other 46 42 Airport security tax 436 458 23.9% 23.2% Ancillary Fees 172 169 Airport Fees 337 7.2% 359 8.3% 795 835 EBITDA Op. income from
Slide 20: Retail and Services
Retail and Services Shops in restricted areas continue to drive growth EBITDA: +7.8% / Operating Income Revenue: +5.1% from Ordinary Activities: +9.4% In €m In €m 841 801 212 55.0% Other 206 53.6% 97 44.6% Rentals 97 42.2% 60 Industrial Services 65 158 Car parks 151 463 429 343 375 EBITDA Retail 282
Slide 21: Continued development of the JVs
Continued development of the JVs … driven by the development and Strong growth in results … enlargement of the perimeter Revenue: +20.9% Net result: +37% 177 shops at the end of 2011 over 23,000 sqm In €m 73 core business shops over 12,000 sqm 544 45 fashion shops over 5,200 sqm 19 23 59 Relay shops
Slide 22: Real Estate
Real Estate Growth triggered by new land leases EBITDA: +5.2% / Operating Income Revenue: +3.8% from Ordinary Activities: +6.3% In €m 233 241 In €m Internal 49 51 revenue Other 26 26 53.3% 52.6% 36.3% Buildings 80 80 35.7% 122 129 88 EBITDA 84 83 Op. income from Lands 78 ordinary activities Margin r
Slide 23: Other Activities
Other Activities Stop of activity in Libya, disposal of Masternaut, contribution of Schiphol EBITDA: -35.1% / Operating Income Revenue: -19.9% from Ordinary Activities: -26.2% In €m In €m 318 ADP 12 6 ADPM Alyzia Sûreté 56 255 5 10.5% 12 60 8.3% 8.5% 7.7% Hub télécom 145 104 33 26 EBITDA 22 20 ADPI
Slide 24: A sound financial situation
A sound financial situation Debt schedule* In €m 667 Net debt = €2.2bn 69% of debt at fixed rate 464 Average cost of debt: 3.6% 400 400 337 341 Gearing = 61% vs 66% at the end 250 of 2010 166 135 100 Rating A+ (negative outlook) Undrawn credit lines: €400m, maturity June 2013 2012 2013 2014 2015 201
Slide 25: Challenges and outlook
Challenges and outlook Pierre GRAFF Chairman and CEO 2011 FY Results│ 24 Résultats semestriels 2009 │ 24
Slide 26: A robust business model in an uncertain environment
A robust business model in an uncertain environment Confirmation of a powerful and growing hub Paris confirmed its position as the first tourist destination A solid origin/destination traffic: 75% of traffic Several airlines increase their capacity in 2012: – To Middle East: Qatar (+3 flights / week
Slide 27: 2 major projects for quality of service, operational effectiveness and future growth
2 major projects for quality of service, operational effectiveness and future growth Satellite 4: reconfiguration of the hub A/C Junction : improvement of operations Easier connections A unique entry point for terminals A and C Operational gains expected: effectiveness of Pooling of security and Bor
Slide 28: Exceptional retail areas
Exceptional retail areas An organization designed to simplify flows and highlight brands A large department store in Satellite 4: 6,000 sqm of a walkthrough shops in international areas Focus on Beauty and 4,900 sqm of retail outlets French Art of Living 1,100 sqm of bars and Strong highlight of bra
Slide 29: 4 areas to improve quality of service
4 areas to improve quality of service Continued improvements in terminal quality 2B terminal at CDG Orly Sud (South) Boarding lounges of CDG 1 Implementation of the new bars and restaurants strategy 50 new or renovated B&R between 2010 and 2013 24 already delivered, 18 in 2012 and 8 in 2013 Improved
Slide 30: Outlook
Outlook In an uncertain economic environment, assumption of a moderate growth in traffic, revenue and EBITDA in 2012 2015 EBITDA guidance confirmed: growth of 40% compared to 2009 EBITDA 2011 FY Results│ 29 Résultats semestriels 2009 │ 29
Slide 31: Appendix
APPENDIX 2011 FY Results│ 30 Résultats semestriels 2009 │ 30
Slide 32: New presentation of the financial statements from 1 January 2011
New presentation of the financial statements from 1 January 2011 Implementation of the option offered by the standard on interests in joint ventures (IAS 31) Compliance with IFRS 11 Removal of the method of proportionate consolidation Distinction between profit/loss of associates from operating and
Slide 33: Change in the P&L presentation
Change in the P&L presentation Before change After change From 2012 in presentation in presentation Revenue 50% Retail and Real Estate JVs 100% Alyzia Sûreté (Security) 100% Alyzia Sûreté (Security) 100% Alyzia Sûreté (Security) 100% Ground Handling EBITDA 50% Retail and Real Estate JVs 100% Alyzia
Slide 34: 2010 P&L
2010 P&L 2010 2010 In €m ∆ as published pro forma Revenue 2,739 2,480 (259) Ground Handling: (€117m) Retail JV: (€143m) EBITDA 927 922 (5) Ground Handling: +€5m Retail JV: (€10 m) Associates from operating - 14 +14 Retail JV Net Result: +€5m activities Schiphol Net Result: +€9m Operating Income from
Slide 35: 2010 P&L by segment
2010 P&L Segment Retail & Services 2010 2010 as ∆ In €m pro forma published Revenue 944 801 (143) Revenue of the JVs : (€223m) Fees paid by the JVs : +€79m EBITDA 440 429 (11) Associates from operating activities - 5 +5 Net result of the JVs Operating Income from Ordinary 346 343 (3) Activities Segm
Slide 36: Airport fees
Airport fees ∆ 2011 / In €m 2011 2010 Airport fees 835 +5.0% Landing 188 +0.7% Parking 112 +2.5% Passenger 535 +7.2% 2011 FY Results│ 35 Résultats semestriels 2009 │ 35
Slide 37: Retail
Retail Retail: +11.5% Sales/PAX 2011: +5.2% to €15.1 Sales/PAX (€) In €m 315 283 30 27.6 +8.9% 53 25.1 50 28 25 12 27 10 20 14.3 15.1 +5.2% 15 223 10 196 5.8 5.9 5 0 2010 2011 2010 2011 Rents Shops in restricted areas Bars & restaurants Duty paid Duty Free Total Shops in public areas Other 2011 FY R
Slide 38: Pipeline of real estate projects
Pipeline of real estate projects Segment ADP' role Operator Project Opening Surface sqm Delivered projects 42,150 ORY Diversification Developer Franprix Logistics 2011 28,000 CDG Diversification Developer IBIS Hotel extension 2011 8,600 ORY Diversification Developer Compass Operation premises 2011 4