ADP_REGISTRATION_DOCUMENT_2017

ORGANISATION CHART

BUSINESS OVERVIEW

PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

SELECTED FINANCIAL INFORMATION

RISK FACTORS

INFORMATION ON THE COMPANY

REAL ESTATE ASSETS AND FACILITIES

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

Leased buildings Usable commercial space at the end of 2017 totalled 986,500 sq.m.. The occupancy rate is over 90%. Leased surfaces break down as follows:

Aeronautical

Diversification

Total 987 200 277

(in thousands of sqm)

Rented places Cargo buildings

513 194 276

474

6

Maintenance hangars

1

Business and logistics premises

16

94

110 145 163

Offices

9 5

136 158

Internal rentals Other buildings

13

79

92

continue strengthening service quality to customers, with a sustainable development policy (certified environmentally-friendly buildings, sustainable area planning, etc.), upgrading holdings and securing sites. Annual satisfaction surveys carried out among our external customers reveal a satisfaction rate of 80%. Groupe ADP continues to pursue its strategy as an investor in the most profitable asset classes, particularly in the services (offices, hotels, shops), business and logistics sectors while pursuing an active policy to upgrade existing assets and acquire land adjacent to the airports to prepare for the future. After analysis of the projects, the choice of acting simply as developer remains possible if the investment operation proves to be insufficiently profitable or if a marked risk of obsolescence is identified or if the asset envisaged is too specific. 2017 was marked by the realisation of four projects as investor. It involves the acquisition of office buildings in the property complex of Dôme (18,560 sq.m.) located in the Roissypole Est area of the Paris-Charles de Gaulle airport, the continuation of the construction of a 4 star hotel under the brand Inside by Melia (267 rooms) in the Roissypole Ouest area of Paris-Charles de Gaulle airport, the January 2018 delivery of the entire Roméo business park (22,000 sq.m.) in the cargo area of Paris-Orly as well as the joint-investment project for the construction of an art conservation centre, LBG Arts, (24,800 sq.m.) located in the eastern section of the Paris-Le Bourget airport. These projects illustrate the strengthening of Groupe ADP’s position as investor in a context of land shortage, traffic growth, and with the arrival of the Grand Paris Express in the medium-term, which should improve the attractiveness of the area and land valuations. The challenge over the next few years will be to invest in undeveloped land to preserve long-term growth capacity, and in land built on airport assets to expand the offering to customers. Thus, Groupe ADP aims to contribute to the creation or densification of its Airport Cities, by promoting its land through the conversion of highly obsolete industrial territories of old airport areas, the development of service offerings and the anticipation of accelerated land consumption, by focusing on densification and external offsets in biodiversity. The new legal organisation for the real estate companies holding the assets adopted in 2016 was implemented in 2017 under an umbrella holding structure: ◆ one company specialised in services assets (offices, hotels); and ◆ one company specialised in industrial activities (business parks, courrier services, cargo, logistics warehousing). These two companies in turn hold companies that manage real estate projects and are expected to receive investment potential in the order of €98 million over the 2016-2020 ERA period.

Real estate activity positioning Groupe ADP has a leading position on the Île-de-France region’s real estate market thanks to the following assets: ◆ significant land reserves: the ability to provide large, single-use areas of land within districts that are already largely connected to the airport provides an opportunity for companies seeking to group together large office spaces, warehouses and courrier services close to Paris; ◆ quality assets: the land is fully-owned and provided to third parties under long-term leases. The assets are spread over three complementary airports; ◆ a privileged geographic location because of the proximity to Paris and the location of the assets and land at the heart of two of the three largest economic hubs in the Paris region, which are an essential driver of the national and regional economy; ◆ improved access by public transport over time: with the completion of CDG Express and the Grand Paris Express which provides for the installation on Groupe ADP land of four stations for lines 14, 17 and 18, two of which will be located at Paris-Charles de Gaulle, one at Paris- Orly and one at Paris-Le Bourget. In addition, Groupe ADP has significant real estate development opportunities: ◆ some districts offer considerable potential for diversification; ◆ a strategy to win market share has been rolled out, notably for offices, hotels, shops, logistics premises and cargo courrier services; ◆ the asset management policy adopted enhances the value of the existing land and real estate assets (remodelling, renovation or demolition, etc.). Real estate activity strategy In terms of its real estate business, Aéroports de Paris hopes to perform at the same level as a first-class integrated property operator, making use of the development potential provided by the airport and its proximity to Paris and benefiting from long-term leases, leading to secure revenues over the long term. This ambition rests on a strategy of developing Airport Cities that consists of creating districts offering companies and their employees a good quality of life (ease of access, sustainable planning, high quality landscaped areas and a diverse range of shops and services, etc.). The economic model for the real estate business is based on two markets (airport real estate and real estate diversification, offering prospects for value creation over the medium-term) and in two business lines (manager and developer). The manager business line is founded on a solid model with diversified asset classes (hotels, offices, shops, business and logistics) and lease maturities offering long-term revenue visibility. Groupe ADP intends to

06

71

AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017

Made with FlippingBook Online newsletter