PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT
SELECTED FINANCIAL INFORMATION
INFORMATION ON THE COMPANY
REAL ESTATE ASSETS AND FACILITIES
REVIEW OF THE FINANCIAL POSITION AND INCOME
EQUITY AND CASH FLOWS
Diversification real estate In its Parisian regional platforms (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), Groupe ADP has 411 hectares of land reserves earmarked for future property developments, giving it a truly dynamic real estate policy 4 . International and airport development In 2017, Groupe ADP reorganised its international activities by creating ADP International, a wholly-owned subsidiary of Aéroports de Paris; ADP International, pools together the teams of Aéroports de Paris Management and ADP Ingénierie, and is responsible for the entire international scope of the Group. This new structure allows Groupe ADP to make the most of new growth opportunities and optimise the management of its portfolio of international stakes. In 2017, Groupe ADP acquired an additional 8.12% of TAV Airports capital, taking its stake from 38%, acquired in 2012, to 46.12%, and sold its 49% stake in TAV Construction 6 . TAV Airports, whose activities are mainly located in Turkey, benefits from the dynamic Turkish Airlines and a privileged position in the Middle East. In 2017, TAV Airports passenger traffic increased by 9.8% compared with 2016 7 . Groupe ADP is a global airport group with presence in the major segments of the airport value chain in Paris and abroad. Thanks to this asset, the Group aspires to become an integrated provider of airport services by increasing the competitiveness and appeal of its Parisian base for its customers, by expanding its know-how and developing territories. Equipped with a robust economic model and strong development potential, Groupe ADP is able to take on the changes occurring in global air transport. While the number of worldwide passengers is doubling on average every 15 years, growth is gradually moving from Europe and North America to Asia and emerging countries. In addition, competition is increasing for connecting traffic between airports with the proliferation of hubs, particularly in the Gulf. Competition is also growing between low-cost airlines, which historically operated in short- and medium-haul traffic but have now entered long-haul traffic. These change are modifying the traditional models of airline companies and European airports, thus providing opportunities for the group, which intends to confirm its position as a major player in the airport value chain. Strategy The CONNECT 2020 strategic plan 7
Moreover, Paris-Charles de Gaulle has a multi-modal network, as it is at the centre of a network of motorways (A1, A3, A104 motorways) and regional, national and international rail connections. In particular, the high-speed train station located in the heart of Paris-Charles de Gaulle terminal 2 provides an excellent air/rail interconnection, and the bus stations, expanded over time as a result of coach travel liberalisation, will gradually offer an additonal transport service. Furthermore, the continuation of the project CDG Express made it possible to confirm that the direct rail linking Paris-Charles de Gaulle airport to Paris/Gare de l’Est will be opened in 2024. Finally, the location of major freight players such as Air France-KLM, La Poste and FedEx (whose contract was extended in 2017 up to 2048), including an extension of the European hub of the operator) at Paris- Charles de Gaulle airport enables interconnection and optimisation of their respective networks. Infrastructures well-suited to future global traffic growth The group has world class aeronautical infrastructures in Paris: two pairs independent runways at Paris-Charles de Gaulle airport and three runways at Paris-Orly. For these two airports, significant land reserves combined with the ability to adapt and develop existing infrastructures make it possible to handle long-term air traffic growth. A clear legislative environment Aéroports de Paris has its fully-owned land and airport facilities in Paris and is, pursuant to law and indefinitely, the operator of the Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports as well as the civil airfields located in the greater Paris region 1 . The Economic Regulation Agreement (ERA) 2016-2020 concluded with the French government for the 1 April 2016 to 31 March 2021 pricing periods provides the visibility required for aviation activities. Accordingly, under the CRE, Aéroports de Paris is authorised to raise the main airport fees as well as certain ancillary aviation fees up to a defined cap. The level of fees takes into account the compensation on capital invested 2 and enables gradual improvement of the profitability of the regulated scope until convergence with the level of capital invested in 2020 is reached. The rate increases/decreases are associated with the implementation of an investment programme (€3.0 billion for 2016-2020) and quality of service and productivity commitments. Non-regulated activities with high potential Retail activities Groupe ADP has around 58,100 sq.m space of commercial landside and airside 3 , which allows the group to offer its customers a competitive and diverse commercial offering. The plans to increase the retail space in existing terminals, create space in new facilities, and to refine the current offering, enable Groupe ADP to continue to expand its retail activities.
1 Described by Article D. 251 of the Civil Aviation laws: Chavenay-Villepreux, Chelles-Le Pin, Coulommiers-Voisins, Étampes-Mondésir, Lognes-Émerainville, Meaux-Esbly, Paris — Issy-les-Moulineaux, Persan-Beaumont, Pontoise — Cormeilles-en-Vexin, Saint-Cyr-l’École and Toussus-le-Noble. 2 Please also refer to the paragraph in Chapter 6 on “Fees”. 3 Please also refer to the paragraph in Chapter 6 on “Retail and services”. 4 Please also refer to the paragraph in Chapter 6 on “Real estate”. 5 Please also refer to the paragraph in Chapter 6 “International and airport developments”. 6 Source: Turkish ministry of transport. 7 Strategic dossier with details on the objectives set by the plan published on 12 October 2015.
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
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