Aéroports de Paris - 2019 Universal registration document
REAL ESTATE ASSETS AND FACILITIES
BUSINESS OVERVIEW
PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT
STATUTORY AUDITORS
RISK AND MANAGEMENT
INFORMATION ON THE COMPANY
ORGANISATION CHART
REVIEW OF THE FINANCIAL POSITION AND INCOME
EQUITY AND CASH FLOWS
INFORMATION CONCERNING TRENDS
EXPAND: Stimulate and share sustainable growth Groupe ADP’s third priority is to create new value via a global offering for its customers, for the development of the region and to export its know-how to other markets. To do so, Aéroports de Paris can count on its in-depth knowledge of the principal airport businesses to understand the challenges facing each one, optimise the relationships between players, operate in a network, promote partnerships that create value and conquer The challenge is to unite the extended airport community through cooperative projects required for the development and competitiveness of the Paris market place. On-time flights and cargo are symbolic of this unifying role that Groupe ADP can play for the benefit of the entire airport chain. Thanks to its collective commitment, the Group intends to increase Paris’ leadership in European cargo and improve the on-time performance of flights at Paris-Charles de Gaulle by 2020. With this aim, the CDM@CDG (CDM – Collaborative Decision Making) action plan was implemented in 2018 at Paris-Charles de Gaulle airport to guarantee the punctuality of regulated flights, i.e. flights subject to air regulation constraints. Along with the Air Navigation services, the aim is to carry out adjustments to operating procedures used by air traffic controllers during the start-up, taxiing and take-off phases for regulated aircraft. It also aims to improve Local Departure Management (GLD) in order to allow for improved predictability and more precise monitoring of regulated flights, from block-off to take-off. Operating performance is also improved by the ability to innovate towards new solutions to the challenges posed by the change in air transport and airport businesses. For this reason, in 2018 Groupe ADP invested, via ADP Invest, in Innov’ATM which has developed software to optimise air traffic around airport infrastructure, in flight and on the ground, using artificial intelligence algorithms. GROW WITH TERRITORIES Regions and airports share the same strategic challenge, which is capturing global growth for the benefit of Paris. By ensuring connectivity with the rest of the world, airports provide an essential link for city development. In the competition between major world cities, having an airport system which includes Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget is a considerable asset. Groupe ADP wants to sustainably anchor its activity and contribute to the economic and social development of the city and the regions surrounding the airports. For this purpose, CONNECT 2020’s strategy is to proactively develop routes in order to increase the long-haul network to/from Paris. The group also intends to strengthen its presence at the heart of local economies by becoming a leading player in Grand Paris. The Group is strengthening its actions in the fight against climate change, and aims to improve its energy efficiency by 7% between 2015 and 2020. It also announced its ambition to reduce CO2 emissions by 65% at the three Paris airports between 2009 and 2020. As part of this approach, from 2012 the Company has committed to the ISO 50 001 certification of its Energy Management System (SMÉ). In June 2018, AFNOR ( Agence française de normalisation ) renewed the Company’s certification obtained in 2015 for three years. Also, in 2018, the Paris-Charles de Gaulle, Paris- Orly and Paris-Le Bourget airports maintained their certification to the ISO 14001 standard as well as the Airport Carbon Accreditation (ACA) level 3 certifying management of internal and external greenhouse gas emissions. new markets, particularly abroad. BE A SOLUTIONS INTEGRATOR
CONQUER NEW MARKETS Groupe ADP is rolling out its international development strategy as part of its ambition to be a world leader in airport design and operation. The expansion of Groupe ADP abroad enables it to take advantage of some of the opportunities offered by increased global traffic. It aims to strengthen its position in regions in which it already has operations and develop in regions with high growth potential. Over time, the group plans to expand its airport portfolio by targeting new significant acquisitions abroad. The group’s 2020 objectives CONNECT 2020, Groupe ADP’s strategic plan, implements an industrial strategy to promote the overall competitiveness of the aeronautical sector and the regions, in line with the Economic Regulation Agreement 2016- 2020 signed on 31 August 2015. Groupe ADP 2016-2020 targets, as announced on 14 February 2019 have been changed and have to be understood independently from the effect of the full consolidation of TAV Airports and AIG. The group has thus set the following targets for the period 2016-2020: ◆ return on capital employed in the regulated scope: return on capital employed in the regulated scope is in line with the Group’s average weighted cost of capital, between 5.6% and 5.8% (target unchanged compared to 2018); ◆ quality of service: attainment of an overall ACI/ASQ score of 4 after delivery of the infrastructure projects in 2021 (delivery of the terminal 1 junction at Paris-CDG in 2021) (target revised compared to 2018: 2020 target deferred to 2021); ◆ retail outlets: revenue per departing passenger expected at €23 for airside shops on a full-year basis after these infrastructure projects have been delivered in 2021 (delivery of the terminal 1 junction at Paris- CDG in 2021) (target revised compared to 2018: 2020 target deferred to 2021); ◆ real estate: growth in external rent (excluding re-invoicing and indexing) from real estate activities of 10 to 15% between 2014 and 2020e (target unchanged compared to 2018); ◆ control over operating costs: limiting the increase in parent company operating costs to less than or equal to 2.2% per year on average between 2015 and 2020e (target unchanged compared to 2018); ◆ profitability: growth in consolidated EBITDA between 30 and 40% from 2014 to 2020e, thanks to the combination of the above items and excluding the full consolidation effects of TAV and AIG) (target unchanged compared to 2018). Regarding the extra-financial objectives, Groupe ADP has set the following targets for the 2020 horizon: ◆ extra-financial rating: achievement of a group rating (ADP S.A. and its 100% owned subsidiaries) of 86/100 (target unchanged compared to 2018); ◆ energy final consumption: satisfied up to 15% of the renewable energy sources (target unchanged compared to 2018); ◆ car parks (light vehicles): composed of 25% clean vehicles (target unchanged compared to 2018). It should be noted that the 2020 forecasts do not take into account the effect of the coronavirus epidemic. (See Section 11.2 “Group forecasts in 2020”). Changes made to these targets are included in Chapter 8.3 - Highlights of the 2019 year.
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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
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