Record year in terms of traffic with 88.8 million of passengers (+0.8%) 2012 results up thanks to the strength of the business model:
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Revenue up by 5.6% to €2,640 million
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EBITDA up by 4.6% to €1,107 million
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Operating income from ordinary activities up by 6.2% to
€645 million
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Net result attributable to the Group slightly down by 1.9%
to €341 million due to non- recurring events
Strong performance of retail and TAV Airports:
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Sales per passenger of shops in restricted areas up 11.3%
to €16.8
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Favourable impact of TAV Airports consolidation on
operating income from ordinary activities
2012, a key period in the development of Aéroports de Paris
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Reconfiguration of Paris-Charles de Gaulle hub mainly
thanks to the opening of Satellite 4 (hall M)
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Major strategic investment with the acquisition of 38% of
TAV Airports
Proposal to increase the payout ratio at 60% of the net result attributable to the Group
(against 50% in 2012): dividend of €2.07 per share in 2013
2013 forecasts: assuming that traffic remains stable, consolidated revenue and EBITDA are expected to grow slightly
Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said:
"2012 was a key period in the development of Aéroports de Paris. By opening new pieces of infrastructure we were able to reorganize the Paris-Charles de Gaulle hub; it now meets the highest standards in terms of quality of service and does not require additional capacity until 2023 or even 2024. The acquisition of 38% of TAV Airports was an illustration of the Group's determination to find long term growth drivers in rapidly expanding markets in.
As evidenced by 2012 results and the strong increase in operating income for ordinary activities, the Aéroports de Paris business model, which relies on aeronautical activities supported by an incentivizing regulatory framework, diversification activities (retail and real estate) and rapidly growing airport investments, is strong. It allows the Group to continue to grow at a time when traffic growth has slowed.
Despite an economic environment that remains uncertain and assuming that traffic remains stable, consolidated revenue and EBITDA are expected to grow slightly in 2013"
During 2012, traffic rose 0.8% compared to 2011 to 88.8 million passengers. It increased 1.1% at Paris-Charles de Gaulle (61.6 million passengers) and 0.3% at Paris-Orly (27.2 million passengers). Traffic for the first half of the year rose 2.0% but was almost stable (-0.2%) for the second half of the year compared to the same periods in 2011.
International traffic excluding Europe (39.2% of total traffic) rose 1.7% over the period. With the exception of North America, which fell slightly (-1.2%), traffic on all routes increased: Asia-Pacific +5.1%, Middle East +2.7%, Africa +2.1%, Latin America +1.9% and French Overseas Departments +1.2%. Traffic including Europe but excluding France (42.4% of total traffic) rose slightly (1.1%). Traffic including Metropolitan France (18.4% of the total) fell 1.7%.
The number of connecting passengers grew 2.2%, which increased the connecting rate to 24.1%, compared to 23.7% over 2011.
The number of aeroplane movements fell 1.8% to 721,904. At Paris-Le Bourget Airport, movements decreased by 5.1% to 55,993.
Low-cost carrier traffic (13.7% of total traffic) increased 1.9%.
Freight and postal activity is down 6.2% to 2,257,322 tonnes transported.
Appointment of Mr Augustin de Romanet as Chairman and Chief Executive Officer
Mr Augustin de Romanet was appointed by a decree of the President of France as Chairman and Chief Executive Officer of Aéroports de Paris on 29 November 2012 to replace Mr Pierre Graff.
International airport investments
In May 2012, Aéroports de Paris indirectly purchased from Akfen Holding A.Ş. (“Akfen Holding”), Tepe Đnşaat Sanayi A.Ş. (“Tepe Đnşaat”) and Sera Yapı Endüstrisi ve Ticaret A.Ş. (“Sera Yapı”) 38%
of the shares of TAV Havalimanlari Holding A.Ş. (“TAV Airports”) for €668 million and 49% of the shares of TAV Yatırım Holding A.Ş. (“TAV Investment”, owner of the non-public company TAV Construction) for €38 million.
TAV Airports, a leading Turkish airport operator, operates twelve airports in six countries, including Istanbul’s Atatürk Airport, which received 45 million passengers in 2012. In 2012, total revenue for TAV Airports was €1,099 million (€881 million in 2011), EBITDA €332 million (€257 million in 2011) and net results €124 million (€53 million in 2011).
Aéroports de Paris and TAV Airports directly or indirectly operate 37 airports and handle around 200 million passengers. This partnership constitutes one of the biggest airport alliances in the world.
Infrastructures openings
? Liaison A-C : 27 March 2012
Located on Paris-Charles de Gaulle airport, this new building allows pooling security and police
checkpoints of 2A and 2C terminals and has 2,300 sq.m. of retail space. ? Satellite 4: 28 June 2012
With a capacity of 7.8 million passengers, this new boarding lounge in terminal 2E located at Paris- Charles de Gaulle airport offers 6,000 sq.m. of retail space, 3,200 sq.m. of airline lounges and 16 wide-body aircraft contact stands and has a total surface of 120,000 sq.m.
Agreements
? Agreement respecting the East baggage handling system (Trieur-Bagage Est, or TBE)
In October 2012, an agreement was reached between Aéroports de Paris and Cegelec to bring an end to the dispute over the TBE system located at Paris-Charles de Gaulle Airport. The positive impact on Group EBITDA in 2012 is €19 million.
? Agreement respecting Alyzia Holding (ground-handling business)
In December 2012, an agreement was entered into between Aéroports de Paris and G3S to bring an
end to their differences over the terms and conditions of the Alyzia Holding transfer agreement.
Pricing
? Fee tariffs
As at 1 April 2012, fee tariffs increased by an average of 3.4% on a like-for-like basis.
? Airport security tax
On 1 April 2012, the tariff of Airport security tax remained unchanged for departing passengers at €11.5 and €1.0 per ton of freight or mail. Connecting passengers now benefit from a 10% discount and the Airport Security Tax stands at €10.35.
Funding
In March 2012, Aéroports de Paris redeemed a matured bond of €334 million of nominal value.
In June 2012, Aéroports de Paris issued a bond divided into two parts and totalling €800 million. The first one amounts to €300 million, bears interest at 2.375% and has a maturity date on 11 June 2019. The second one amounts to €500 million, bears interests at 3.125% and has a maturity date on 11 June 2024.
Subsidiaries
? Integration of fashion and accessories activities into Société de Distribution Aéroportuaire
As of January 2012, Société de Distribution Aéroportuaire, company owned at 50% by Aéroports de Paris and at 50% by Aelia, a subsidiary of Lagardère Services, integrated all the Fashion and Accessories activities operated so far by Aelia, via a subsidiary.
? Acquisition of Nomadvance
In August 2012, Hub Telecom purchased Nomadvance, the French leader in the field of mobility solutions and traceability for professionals. Nomadvance carries out traceability projects for goods and materials and also mobility projects for nomad categories of staff.
Dividend voted by the annual general meeting of shareholders
The annual general meeting of shareholders held on 3 May 2012 voted a dividend payment of €1.76 per share paid on 18 May 2012. This dividend corresponds to a payout ratio of 50% of the 2011 consolidated net result attributable to the Group, consistent with the dividend distribution objective of Aéroports de Paris.