Aéroports de Paris - 2019 Universal registration document
BUSINESS OVERVIEW 05
DESCRIPTION OF ACTIVITIES BY SEGMENT
Real estate – Parisian platforms
2019
2018
2019/2018
(in million of euros)
Revenue
274 228
265
+3.3% +4.6%
External revenue Internal revenue
217
47
47
-2.1%
EBITDA
169 122
148 102
+14.8% +20.4%
Operating income from ordinary activities
Presentation of the activity Non-terminal real estate activity is a strategic development axis and has become a focus for growth for the group with an economic cycle that differs from that of Groupe ADP’s other activities. The strong growth potential, resulting from the Company’s substantial real estate reserves (357 hectares), a density that is nevertheless still low in certain areas, and the medium and long-term reversion potential of land occupied, is an important driver for the creation of value for Groupe ADP. Groupe ADP acts throughout the value chain to value the land: ◆ as both landowner and developer, Groupe ADP prepares the layout and servicing for land that it then makes available to investors or users, who pay rent; ◆ Groupe ADP also acts as a developer and investor, managing real estate projects to meet its own needs and those of companies seeking to establish operations within its airports; ◆ as a property owner, Groupe ADP manages its assets (commercial strategy, remodelling and renovation), its rentals (marketing, tenant relations, rents and charges, regulatory obligations and maintenance and repair management) and offers additional services to tenants (repairs, security and cleaning). There are two complementary categories of real estate assets: ◆ airport real estate includes land and buildings intended for aviation activities outside the terminals or requiring direct access to runways,
such as aircraft maintenance hangars, frontline cargo courrier services and industrial buildings (catering, etc.); ◆ diversification real estate, which includes land and buildings that do not have direct access to runways, or for which this access is not essential to the operation of the activity, such as offices, hotels, retail and business premises, logistics premises and warehouses. These real estate activities have been excluded from the regulated scope since 1 January 2011. Groupe ADP provides real estate services to customers from a range of sectors including Air France-KLM, FedEx, Unibail-Rodamco, Audi, Volkswagen, Accor, IHG, Marriot, Hilton, La Poste, Bolloré Logistics, Kuehne+Nagel, DHL, Panalpina, Groupe Auchan, Casino, Dassault, Servair and others. The top ten customers represented around 60% of external revenue in 2019. Leases are mainly long term, thus limiting rental risk. At 31 December 2019, over 47% of leases by value had a maturity date of 9 years or more. For leased land, building and long-term leases may have a term of as long as 70 years. For leased buildings, the leases are commercial or civil. The land portfolio dedicated to real estate activity Aéroports de Paris owns its entire land portfolio, which extends over 6,686 hectares, of which 4,618 hectares are reserved for aviation, 820 hectares are areas that cannot be exploited, and 1,248 hectares are dedicated to real estate activities.
The surface areas available for real estate break down as follows:
Total 1,248
Aeronautical
Diversification
(in hectares)
Areas dedicated to real estate
434
814 308 263 243
Land reserves
49
357 471 420
Land used for ADP buildings Land leased to third parties
208
177
Planned development projects are used for projects compatible with the urban planning rules in effect in the municipalities in question (SDRIF, CDT, SCOT, PLU, etc.) and must be included in the airport ground plan. Constructible land reserves make up 357 hectares and are directly available (72%) or consist of land subject to a number of constraints that limit their immediate use. These reserves are made up of land that is home to end- of-life activities and for which the land use may change in the short term (5%), land which has become expensive to development due to technical
constraints or which is currently unattractive from the commercial point of view and land under constraint of aerial or radioelectric easements that limit its use (18%). The balance, i.e. 5%, corresponds to lots on which projects are currently being built. Other constraints may encumber the use of this available land immediately or in the future: application of the biodiversity law, modification of aviation easements, changes in the Group’s master plan, etc.
72
AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
Made with FlippingBook Publishing Software