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
Operating income from ordinary activities stood at €1,094 million, down by €29 million, notably due to: ◆ the increase of amortizations at Aéroport de Pairs SA (+€36 million), TAV Airports (+€38 million) and AIG (+€17 million) and amortizations linked to the full consolidation of Société de Distribution Aéroportuaire and of Relay@ADP (+€38 million of amortizations); ◆ an unfavorable base effect of -€23 million due to the accounting of the capital gains on the revaluation of the interest already held in AIG over 2018; ◆ the impact of results from companies consolidated under the equity ◆ reevaluation at fair value of the share of the interest previously detained at the takeover date of Société de Distribution Aéroportuaire and Relay@ADP for an amount of €43 million 1 . Operating income stood at €1,081 million, down by €40 million, linked to the decrease of Operating income from ordinary activities and to the revaluation of Hub One Mobility’s goodwill in the group’s accounts. Financial result stood at -€206 million, improving by €26 million due to a lack of international provision in 2018 and due to TAV Airports financial result improvement. Net financial debt of Groupe ADP stood at €5,254 million as of 31 December 2019, vs. €4,942 million as of 31 December 2018. The net debt excluding TAV Airports and AIG stood at €4,305 million. method of TAV Airports for -€16 million. However, these effects are partly offset by: ◆ EBITDA improvement for €92 million;
On 18 June 2019, Aéroports de Paris has issued a 15-year bond for the total amount of €800 million, with a fixed rate (1.125% yearly). Income tax expense stood at €293 million over 2019. Net income from discontinued operations stood at €55 million over 2019, vs. €103 million over 2018, following the application of IFRS 5 standard “ Non-current assets held for sale and discontinued operations ” to the activities of TAV Istanbul. In 2019, net income from discontinued operations (before elimination of non-controlling interests) corresponds to: ◆ €24 million linked to TAV Istanbul activities from 1 January 2019 to 6 April 2019, date on which commercial flights of Istanbul Atatürk were transferred to the new Istanbul airport; ◆ €31 million of profit following the announcement by Turkish authorities of the compensation due to TAV Airports for the early closure of Atatürk airport, after taxes and the impact of corresponding assets disposal (see the press release from 26 December 2019). The net income stood at €637 million over 2019. Net income from non-controlling interests stood at €49 million, down by €36 million, notably due to the decrease of TAV Airports net result (-€35 million). Taking into account all these items, the net result attributable to the group is down by €22 million, at €588 million. After elimination of non- controlling interests, the decrease of the net result of discontinued activities at TAV Istanbul (-€22 million) explains entirely the decline of the net result attributable to the group.
Analysis by segment Aviation – Parisian Platforms
08
2019 1,929 1,160
2018
2019/2018
(in millions of euros)
Revenue
1,890
+2.1% +4.1% +4.5% +3.0% +4.1% +4.9% -3.3% -4.3% +1.4% -8.0% -0.2pts -1.6pts
Airport fees
1,114 695 254 165 239 499
Passenger fees Landing fees
726 262
Parking fees
172
Ancillary fees
250 482
Revenue from airport safety and security services
Other income
37
38
EBITDA
611
603 307
Operating income from ordinary activities
283
EBITDA / Revenue
31.7% 14.7%
31.9% 16.3%
Operating income from ordinary activities / Revenue
1 In accordance with the IFRS 3 standard “Business combination”, shares previously detained are reevaluated at a fair value with result at the takeover date, i.e. 11 April 2019.
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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019
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