REVIEW OF THE FINANCIAL POSITION AND INCOME 09 ANALYSIS OF 2017 RESULTS
Net result attributable to the group
2017 1 1,567 (615)
2016 1,195 (479)
(in millions of euros)
Amortisation & Depreciation
Share in associates and joint ventures from operating activities after adjustments related to acquisition of holdings
Operating income from ordinary activities (including operating activities of associates) Other operating expenses and incomes
Operating income (including operating activities of associates)
Associates from non-operating activities
Income before tax
+€234m +€58m +€176m
Net results from continuing activities
Net income attributable to non-controlling interests
Net income attributable to the group
1 Including the full consolidation of TAV Airports in the 2 nd half of 2017.
Over 2017, amortisation and depreciation stood at €615 million. Excluding the full consolidation of TAV Airports, amortisation and depreciation decreased by €7 million. Operating income from ordinary activities (including operating activities of associates) stood at €1,030 million notably due to: ◆ the scope effect of the full consolidation of TAV Airports for the 2 nd half of 2017; ◆ the re-evaluation of the 38%-stake in TAV Airports for €63 million; ◆ the capital gain following the sale of TAV Construction for a net amount of €12 million; ◆ the negative effect linked to provisions on international stake amounting to €46 million, accounted for during the 1 st half-year of 2017. Operating income stood at €1,052 million, due notably to the capital gain of the 80%-sale of the stake in Hub Safe, net of disposal fee, for an amount of €27 million. The net financial result stood at -€179 million and was notably impacted by provisions on international stake for €9 million accounted for during the 1 st half of 2017, in addition to the €46 million mentioned above.
As of 31 December 2017, Groupe ADP net debt stood at €3,797 million compared with €2,709 million as of 31 December 2016 due to the full consolidation of TAV Airports. Excluding the full consolidation of TAV Airports, Groupe ADP’s net debt would stand at €3,144 million. The share of profit of non-operating associates was down by €58 million, to €1 million, due to the negative impact of the non-renewal of the capital gain linked to the sale, in October 2016, of Groupe ADP’s stake in the Mexican airport operator OMA for an amount of €58 million. The income tax expense stood at €260 million in 2017, up by €58 million. This net increase in income tax is, on one hand, due to the corporate income tax for €82 million, linked to the increase in income before tax and the 2017 surcharge on income tax, partially offset by the re-evaluation of deferred taxes from 2020. On the other hand, the reimbursement of tax on dividends, amounting for €24 million, reduced the impact of the increase in corporate income tax. Taking into account all these items, the net result attributable to the group increased by €136 million, to €571 million.
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
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