Aéroports de Paris - 2019 Universal registration document
REAL ESTATE ASSETS AND FACILITIES
REVIEW OF THE FINANCIAL POSITION AND INCOME
PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT
STATUTORY AUDITORS
RISK AND MANAGEMENT
INFORMATION ON THE COMPANY
BUSINESS OVERVIEW
ORGANISATION CHART
EQUITY AND CASH FLOWS
INFORMATION CONCERNING TRENDS
Level of achievement of 2019 forecasts
Level of achievement of the forecast
2019 Forecasts Between +3.0% and
Change (in %)
2018 1
2019
Traffic growth assumption for Paris Aéroport between +3.0% and +3.5% in 2019 compared to 2018
105
108
2.50%
+3.5% not achieved
Traffic
Traffic growth assumption for TAV Airports between -38% and -42% (calculated with Istanbul Atatürk in 2018 and without Istanbul Atatürk in 2019) Forecast of consolidated EBITDA taking into account the closure of Istanbul Atatürk Airport: decrease of between –8% and –13% in 2019 compared to 2018 Forecast of restated consolidated EBITDA of the Istanbul Atatürk contribution in 2018 (pro forma) and in 2019: increase between 3% and 6% compared with 2018 Forecast of the consolidated EBITDA excluding full consolidation of TAV Airports and AIG: increase between +2% and +3% compared to 2018
Between -38% and
155.8
89 -42.90%
-42% not achieved
between -8% and -13%
Above forecast
€1,961M€ €1,836M 2
-6.30%
Consolidated EBITDA
between +3% and
€1,680M €1,772M 5.50%
+6% Achieved
between +2% and +3%
Above forecast
€1,359M €1,418M 4.40%
1 see Notes 1.4, 2.2 & 12 of the financial statements. 2 including the 2019 Q1 EBITDA of TAV Istanbul.
Approval of the 2019 airport charges by the ISA On 11 January 2019 (decision n°1810-D1), the Independent Supervisory Authority (ISA) decided not to approve the airport charges proposed by Aéroports de Paris, with the exception of fees for assistance to disabled passengers and passengers with reduced mobility. In accordance to the French civil aviation code, Aéroports de Paris submitted a new pricing proposal which has been approved by the ASI on 6 February 2019 (decision n°1810-D2). These charges are applicable for the 2019 – 2020 period, and increased by 1% for Paris-Charles de Gaulle and Paris-Orly airports and by 3.52% for Paris-Le Bourget airport. These came into force on 1 st April 2019. On 13 December 2019, Aéroports de Paris filled its approval file for the 2020-2021 pricing period, the last pricing period under the 2016-2020 Economic Regulation Agreement. The approval file has been declared complete on the same day by the Transport Regulation Authority (ART) which replaces the ISA as from now.
Gaulle Airport in 20 minutes. Aéroports de Paris will be committed to finance the project through equity contribution of €134 million and a non-renewable repayable advance of up to €150 million.
2021-2025 Economic Regulation Agreement - Availability of the public Consultation Document Aéroports de Paris has published, the 2 April 2019, the document which presents its detailed proposals for the development of Parisian platforms for the next Economic Regulation Agreement, which will cover the 2021- 2025 period. As a reminder, the Economic Regulation Agreement, concluded with the State, constitutes the predictive regulatory framework for Parisian airports. It sets for a five-year period the pricing evolution of airport charges by taking into account forecasts in costs, revenues, investments as well as expected quality service level. This document reflects Aéroports de Paris’ ambition for the development of Parisian platforms. The conviction that the investments quality it realizes for the benefit of passengers, airlines and partners bases Parisian platforms competitiveness. Consequently, the proposed investment plan represents a new step, both in terms of amounts and development horizons. It will not only cover the needs of the 2021-2025 period but also launch structuring operations in favor of the long-term development of the three Parisian platforms. For this, Aéroports de Paris proposes to carry out an investment plan on the regulated scope of €6 billion over the 2021-2025 period (as a reminder, the Economic Regulation Agreement for the 2016-2020 period retained an investment plan of €3 billion).
08
Aéroports de Paris contributes to the CDG Express project
The infrastructure manager CDG Express (“GI CDG Express”), equally owned by Aéroports de Paris, SNCF Réseau and Caisse des Dépôts et Consignations , has signed with the French State on 11 February 2019 the concession contract for works relating to the CDG Express link project. Under this contract, GI CDG Express is responsible for financing, designing, building and maintaining the CDG Express link for 50 years. It will connect the Gare de l’Est (Paris-East station) to Paris-Charles de
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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
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