Aéroports de Paris - 2019 Universal registration document
BUSINESS OVERVIEW 05
DESCRIPTION OF ACTIVITIES BY SEGMENT
Joint-ventures’ activities Groupe ADP receives income from the joint-ventures based on their turnover which is recorded under retail activities. As regards Société de Distribution Aéroportuaire and Relay@ADP, the results of these two joint ventures have been fully consolidated in the financial statements of Groupe ADP since April 2019. For EPIGO, the share of income from joint ventures is recorded as operating income from ordinary activities, between EBITDA and the
operating income from ordinary activities (ROC) in Groupe ADP’s consolidated financial statements. With respect to Média Aéroports de Paris, held 50/50 by Aéroports de Paris and JCDecaux France SAS and managed jointly, the Group is considering exercising accounting control as a result of the clause in the Média Aéroports de Paris Articles of Association which enables it to exercise a purchase option on the shares held by the partner at the end of the procedure provided for in the event of disagreement. The business activity is described in the “Breakdown of revenue” section.
2019 970.1 799.2
2018
2019/2018
(in million of euros)
Revenue of joint ventures (100%)
906.1 741.8
+7% +8% +2% +7% -5%
Société de Distribution Aéroportuaire
Relay@ADP
97.4 73.5
95.8 68.5
Epigo
Net income of joint ventures (100%) Société de Distribution Aéroportuaire
4.4
4.6 0.9
(0.2)
-100%
Relay@ADP
6.4
7.5
-15%
Epigo
(1.8)
(3.8)
+53%
Société de Distribution Aéroportuaire Presentation
◆ a chairmanship held by a company, SARL ADPLS Présidence, where the two joint managers are a representative of Lagardère Travel Retail, and a representative of Aéroports de Paris; ◆ a collective body known as the “Council”, which consists of four representatives for each partner, as well as the Chairmanship of Société de Distribution Aéroportuaire; and ◆ an Executive Management team, whose role is to manage Société de Distribution Aéroportuaire from an operating standpoint. Strategy It is the ambition of Société de Distribution Aéroportuaire to create the “ultimate” Parisian shopping experience for the product segments for which it is responsible. In order to achieve this, it operates shops under its own brands (BuY Paris Duty Free, for Beauty, Art of Living and Tobacco, and BuY Paris Collection for Fashion & Accessories), or the shops of known brands at the core of its positioning, notably in Gastronomy, Fashion & Accessories, and photo-video-sound (via the FNAC brand). At the end of 2019, Société de Distribution Aéroportuaire operated 157 stores over a total surface area of 26,700 sq.m. across all terminals at Paris-Charles de Gaulle and Paris-Orly airports. From the second quarter of 2019, following enhanced governance of retail joint ventures, Société de Distribution Aéroportuaire will be fully consolidated in the group’s financial statements;
In parallel with the leasing of retail space, Groupe ADP is also involved in the direct management of retail space though its joint venture with Société de Distribution Aéroportuaire, a French simplified joint stock company (SAS), in partnership with airport distribution specialist Lagardère Duty Free, a subsidiary of the Lagardère Travel Retail group. Société de Distribution Aéroportuaire sells alcohol, tobacco, perfume-cosmetics, gourmet food, fashion and accessories and photo-video-sound. According to the current Articles of Association, each partner holds 50% of the capital and has rights to 50% of the Company’s earnings and reserves. Since 30 April 2013, Société de Distribution Aéroportuaire shares have been freely transferable subject to the provisions concerning pre- emptive rights and the approval of the partner of the transferee of the shares. Moreover, the Articles of Association for Aéroports de Paris allow for each of the partners to exclude the other partner and force the sale of its shares in the case of violation of a clause in the Articles of Association, or the bankruptcy or reduction in the capital of the partner in question to below the legal minimum. In addition, Groupe ADP can potentially exclude Lagardère Duty Free should Lagardère Travel Retail Group lose control of Lagardère Duty Free or in the event of the termination or expiry of all contracts drawn up with Groupe ADP setting out the terms of the Company’s presence within Paris-Charles de Gaulle and Paris-Orly airports. Groupe ADP and Lagardère Duty Free have set up a joint, balanced management framework through several governance bodies:
70
AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
Made with FlippingBook Publishing Software