FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017
The concession rent payables relate to TAV Airport for TAV Tunisia, TAV Macedonia, TAV Milas Bodrum and TAV Ege: ◆ TAV Tunisia: the concession fee is based on the annual revenue of Monastir and Enfidha airports on which a rate between 11% and 26% is applied; ◆ TAV Macedonia: the concession fee of TAV Macedonia is 15% of the gross annual turnover until the number of passengers using the two airports (Skopje and Ohrid) reaches to 1 million, and when the number
of passengers exceeds 1 million, this percentage shall change between 4% and 2% depending on the number of passengers; ◆ TAV Milas Bodrum and TAV Ege for the operation of international and domestic terminals of Milas Bodrum and Izmir Adnan Menderes airports (see note 8.2). The debt related to the minority put option relates to TAV Airports for the minority interests in TAV Tunisia (see note 9.4.1).
4.9 Investment in associates and joint ventures from operating activities In accordance with the principle explained in paragraph 3.1 and in the glossary, the share of profit or loss in joint ventures is presented in a separate line in the operating profit or loss. Investments in companies over which the Group exercises significant influence or joint control are described below:
◆ Airport Terminal Operations LTD (“ATOL”), 10%-owned. Interests in these entities were disclosed as non-consolidated interests until 31 December 2016 considering their non-materiality. The reclassification led to account for an income of €7 million in 2017. Retail and services Groupe ADP exercises a joint control on the following companies: Société de Distribution Aéroportuaire : entity which capital and voting rights are 50%-owned, specialized in the sale of alcohol, tobacco, perfumes-cosmetics, food, fashion and accessories and photo-video- sound systems. The company conducts direct management and commercial lease activities. Relay@ADP : joint-venture which is 50%-owned dedicated to retail of press, books, commodities and souvenirs. EPIGO: company which is 50%-owned dedicated to arranging, operating and developing fast food points of sale in the terminals. Transactions between Aéroports de Paris SA and these companies relate to: ◆ fees collected under the operational rights granted by Aéroports de Paris SA; and ◆ rents for the occupation of sales areas. Real estate The main companies consolidated under equity method in the Real estate sector are the following: Cœur d’Orly Commerces and Cœur d’Orly Bureaux: Aéroports de Paris is a 50%-co-investor of the Cœur d ’ Orly project for retail outlets and offices, along with Altarea/ Foncière des Régions . Transport Beheer and Transport CV: companies which are 40%-owned along with Schiphol Group, with the objective to own an office building. SCI Heka Le Bourget: company which is 40%-owned, holder of the construction lease and investor in the building intended to be operated by the company Chenue Le Bourget.
International and airport developments TAV Airports : Before the takeover on 7 July 2017, the company was consolidated under the equity method. Following the takeover of the company at this date (see note 2), it is henceforth fully consolidated. The companies consolidated under the equity method in TAV Airports are mainly joint-ventures: TGS a ground-handling service company which is 50%-owned, ATU a company specialized in duty free and 50%-owned, Tibah Development and Tibah Operation which are 33%-owned and 51%-owned respectively and operating the Medine airport in Saudi Arabia and BTA Denizyollari which is 33.33%-owned. NV Luchthaven Schiphol (“Schiphol Group”), which operates Amsterdam Airport Schiphol, created with Aéroports de Paris SA a long-term industrial cooperation and capital 8% cross-equity investment agreement at the end of 2008 that created a leading alliance in the global airport industry. This industrial cooperation agreement between two of Europe’s leading airport groups for an initial duration of 12 years represents a bold strategic move that has generated significant mutual benefits for both companies in all their core areas of business. Sociedad Concesionaria Nuevo Pudahel: joint-venture 45%-owned by ADP International, 40%-owned by Vinci Airports and 15%-owned by Astaldi, operating the concession of Santiago International Airport for a period of 20 years and with the objective to ensure the financing, design and construction of a new 175,000-square meter terminal. The Group reviewed its control analysis and considers that it has significant influence on the following entities, considering its participation to the board of these entities since their creation: ◆ Airport International Group (“AIG”), 9.5%-owned; ◆ Société de gestion et d’exploitation de l’aéroport de Conakry (“Sogeac”), 28.98%-owned;
4.9.1 Profit and loss of associates and joint ventures The amounts included in the income statement are broken down by sector as follows:
(in millions of euros)
International and airport developments 1
Retail and services
SHARE OF PROFIT OR LOSS IN ASSOCIATES AND JOINT VENTURES FROM OPERATING ACTIVITIES (52) 1 This amount includes the profit realised on the disposal of 38% of shares of TAV Airports (see note 6.1.1) and the share of profit and loss of TAV Airports for the first semester 2017. 78
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
Made with FlippingBook Online newsletter