Empresas y finanzas
Aéroports de Paris: Quarterly Financial Information1
Regulatory News:
Aéroports de Paris (Paris:ADP) (Pink
Sheets:AEOPF):
Consolidated revenues rose 12.6% to ?580.4 million
Growth far outpaced traffic growth (+2.5%) thanks, in particular
to a favourable traffic mix
Buoyant 10.4% momentum in airport services with a very good
performance by retailing, up 12.9%
Further rapid growth in other activities (subsidiaries and joint
venture), up 25.1%
Cumulative revenues at 31 March 2008:
= = = = = = = = = = =
(? thousands)
Q1
2008
Q1
2007
Change
2008-2007
- - - - - -
Total
Total
Total
- - - - - -
Airport services
457,984
414,896
+ 10.4%
- - - - - -
Aeronautical fees
175,210
159,325
+ 10.0%
- - - - - -
Ancillary fees
30,543
26,513
+ 15.2%
- - - - - -
Commercial revenue
55,893
49,516
+ 12.9%
- - - - - -
Car parks and access
36,331
35,544
+ 2.2%
- - - - - -
Industrial services
27,969
24,568
+ 13.8%
- - - - - -
Airport security tax
87,284
80,526
+ 8.4%
- - - - - -
Rental revenue
21,669
18,858
+ 14.9%
- - - - - -
Other revenue
23,085
20,046
+ 15.2%
- - - - - -
Ground handling & other services
46,955
43,361
+ 8.3%
- - - - - -
Real estate
50,234
47,649
+ 5.4%
- - - - - -
Other activities
88,069
70,390
+ 25.1%
- - - - - -
Intersegment eliminations
(62,888)
(61,092)
+ 2.9%
- - - - - -
Consolidated revenue
580,354
515,204
+ 12.6%
- - - - - -
Quarterly revenue: see table below.
Pierre Graff, Chairman and CEO of Aéroports
de Paris; commented on these figures:
"The strong revenue growth posted by Aéroports
de Paris in the first quarter of 2008, illustrates the solidity of the
Company´s business model. Airport services
enjoyed vigorous growth, driven by growth in international traffic and
by good retailing performances. Our subsidiaries, in their overseas
operations, airport retailing and telecoms, maintained their robust
growth".
Key events during the period
Traffic up 2.5% in the first quarter of 2008
Aéroports de Paris handled 19.7 million
passengers in the first quarter of 2008, in other words a 2.5% increase
from the first quarter of 2007. Traffic was impacted at the start of the
year (January and February 2008) by various strikes in the air transport
sector. Moreover, the 2007 comparison basis was noticeably high (traffic
grew 6.7% in the first quarter of 2007), in particular because of last
year´s very mild weather conditions and the
fact that spring holidays fell earlier in the year.
Traffic increased 3.7% at the Paris-Charles de Gaulle airport with
13.6 million passengers. It remained virtually flat at Paris-Orly
inching down 0.1% "†as this airport was more
directly affected by the opening of the new East TGV bullet train line
and labour unrest "†to 6.1 million passengers.
Buoyant European and international traffic was reflected by a
favourable mix effect
In the first three months of fiscal year 2008, growth was once more
driven by the strong growth in traffic with Europe, up 5.0%, and by the
vigorous growth of traffic to other international destinations (ex
Europe), up 4.7%, and this was reflected by a favourable mix effect, as
these segments make the largest contributions to profitability.
In mainland France, traffic declined 6.1%, due to the opening of the new
East TGV bullet train line in June 2007 and labour unrest in the air
transport sector in January and February 2008.
In Europe, traffic with European Union countries grew by a noteworthy
5.4%, boosted by the rapid development of low-cost companies, which grew
19.7% at Aéroports de Paris airports in the
first quarter of 2008, driven by the spectacular growth of Easy Jet and
Transavia.com France. Low-cost carriers accounted for 10.1% of Aéroports
de Paris traffic in the first quarter of 2008.
Traffic to other international destinations increased 4.7%. The biggest
contributors to growth in the first quarter of 2008 were Latin America
(+9.7%, with a sharp increase in flights to Brazil and Chile) and the
Middle East (+8.0%) with growth related to the dynamic development of
local airlines serving Dubai, Bahrain and Qatar. Other noteworthy points
included the good performance of Asia/Pacific (+4.6%) with significant
increases in traffic with China (+8.9%), India (+7.0%) and Singapore
(+14.5%) and with Africa (+4.2%) that continued to include the robust
growth in traffic with North Africa, a region in which low-cost carriers
are enjoying very strong growth. North America, a mature market, held up
well and grew 3.2%.
The number of aircraft movements increased slightly, up 0.7% to
187,419 movements, increasing 1.9% at Paris-Charles de Gaulle and
declining 1.8% at Paris-Orly. The average passenger load ratio stood at
70.6% in the first quarter of 2008, versus 71.0% in the first quarter of
2007, and average capacity increased to 110.6 passengers per flight in
the first quarter of 2008, versus 109.0 in the first quarter of 2007.
At Paris-Le Bourget, Europe´s leading
business aviation airport, traffic declined slightly by 1.5%, down to
15,326 movements.
The cargo (freight and mail) activity recorded a small 0.8% decline
with 590,800 tons shipped3. Aéroports
de Paris is the leader among European airports for cargo.
Traffic in April 2008
Traffic in April 2008 rose 0.8% to 7.4 million passengers, with in
particular a significant calendar effect due to the timing of the spring
holiday for schools in Paris, the Greater Paris Area and Bordeaux. While
in 2007, the entire school holiday period for these regions fell in the
month of April, in 2008 this holiday period overlapped April and May
(departures in April, but return flights in May).
Opening of the new boarding lounge of terminal 2E
From an operational point of view, the highlight of the quarter was the
successful opening of the new boarding lounge of Terminal 2E at the
Paris-Charles de Gaulle airport, on 30 March 2008. Accordingly, the
terminal now offers two boarding lounges delivering the best standards
(Galerie Parisienne and the new departure area) which enhance the
Paris-Charles de Gaulle hub and make a contribution to the improvement
of quality of service.
Revenues by segment 4
Acceleration in revenue growth in airport services: +10.4%
Revenues from Airport services increased by a significant 10.4%
in the first quarter of 2008, up to ?458.0 million.
Revenue growth was boosted in particular by:
higher airport fees
2.5% traffic growth that resulted in a favourable mix effect.This
mix effect consisted in an increase in the share of traffic segments
that make the largest contributions to revenues: "International ex
Europe" and "Europe ex France".
and the increase in commercial revenue growth.
Aeronautical fees (passenger fees and aircraft landing
parking, fuelling and lighting fees) were up 10.0% to ?175.2 million
reflecting the application of the 4.25% hike on average in airport
fees from 1 April 2007, 2.5% passenger traffic growth combined with a
favourable mix effect, as well as a 0.7% increase in aircraft
movements.
Ancillary fees, a category consisting of ancillary fees
(baggage handling, check-in counters, de-icing) and other services
(VIP lounges, network leasing) generated revenues of ?30.5 million
up by a satisfactory 15.2%.
De-icing services posted robust growth in comparison with a very low
level of operations in 2007 due to the mild weather conditions.
Baggage handling revenues posted a further good increase, benefiting
from the impact of the start-up of new baggage sorting systems at the
Paris-Charles de Gaulle Airport´s Terminal 2E and fee increase applied
on 1 April 2007.
Commercial revenues (shops, bars and restaurants, car rentals
and advertising) posted a 12.9% increase in revenues, up to ?55.9 million.
Shops in restricted areas recorded 14.8% revenue growth, boosted by
international passenger traffic growth and satisfactory growth in
business. These good results were bolstered by the programme launched by
Aéroports de Paris to extend retail areas
with in particular a noteworthy performance by Galerie Parisienne shops
and brisk business at the retail areas of recently renovated terminals.
Bar and restaurant revenues climbed 7.3% quarter-on-quarter.
Car park and access revenues increased slightly to ?36.3 million
up 2.2%, despite the loss of a STIF subsidy from the Ile-de-France
transport union, which was eliminated with the start-up of the
Paris-Charles de Gaulle Airport shuttle on 1 April 2007. Excluding the
STIF effect, business grew 7.9%. Hourly revenues and subscriptions
increased further.
Revenue from industrial services (such as power and water
supply) picked up 13.8% to ?28.0 million.
All activities grew in the first quarter of 2008. Sales of heating, air
conditioning and cooling services, as well as sales of power to EDF
(cogeneration at the Paris-Charles de Gaulle airport) benefited from the
indexing of prices to the increase in gas purchase prices. Quantities of
thermal energy sold rose because of a colder winter in the first quarter
of 2008 than in the first quarter of 2007 as well as the opening of
Galerie Parisienne.
Airport security tax revenue, which mainly finances security
related activities, increased 8.4%, to ?87.3 million.
Rental revenues (from leasing space in air terminals) rose
14.9% to ?21.7 million, benefiting from the
full quarter-on-quarter effect of the leasing of new retail areas in
airport terminals, in particular La Galerie Parisienne in the
Paris-Charles de Gaulle airport in the second half of 2007.
Other revenues rose 15.2% to ?23.1 million.
Their growth reflected the invoicing or re-invoicing of various
services. The main change, in quarter-on-quarter terms, consisted in
the introduction of a fee for the delivery of security badges as of 1
January 2008 following a decision taken by the government (previously
the cost of manufacturing these badges was covered by airport security
taxes).
Real estate segment (excluding terminals): 5.4% revenue growth
The Real estate segment reported 5.4% revenue growth, up to ?50.2
million, in the first quarter of 2008.
This growth was hurt by the impact of the application of the IAS 17
standard when revising the maturity of a finance lease contract for a
hangar. If this effect were to be stripped out, revenue growth at the
real estate segment would have come in at 6.2%.
The segment´s revenue growth resulted from:
5.9% growth in external revenue, reflecting mainly:
= = = = = = = = = = =
-- Higher rents, indexed to the cost of construction index
up 5.05% at 1 January 2008 (versus +7.05% in 2007)
- - - - - -
- - - - - -
-- The full quarter-on-quarter effect of marketing for the
new GB2 cargo station at the Paris-Charles de Gaulle airport, as
of 1 July 2007.
- - - - - -
- - - - - -
-- The effect of the revision of the aforesaid maturity.
- - - - - -
The more moderate 4,2 % growth in internal revenue.
Ground handling: restructuring under way
The Ground handling and related services segment reported
revenues of ?47.0 million in the first
quarter of 2008, up 8.3% from the first quarter de 2007.
Revenues from ground handling services rose 10.7%, benefiting from the
full quarter-on-quarter effect of new contracts signed in 2007, notably
with Vueling, Varig, Fly Niki and BMI Baby at the Paris-Charles de
Gaulle airport and with TUI at the Paris-Orly airport. This business
which continues to face fierce competition, is being restructured.
Other activities (subsidiaries and joint ventures) reported strong
25.1% revenue growth
Other activities posted a 25.1% increase in revenue in the first
quarter of 2008, up to ?88.1 million.
Owned in partnership with Aelia, an expert in airport retailing, Société de Distribution Aéroportuaire operates
shops specialising in alcohol, tobacco, perfume and cosmetics in all
of the Aéroports de Paris terminals as well
as the gourmet food shops in Terminal 2F and, since 1 January 2008, in
terminals 2B and 2C. Société de Distribution Aéroportuaire´s
revenue grew 17.0% and totalled ?40.9 million5
reflecting the robust increase in sales at shops located in restricted
areas, as well as the satisfactory performance of Galerie Parisienne
shops and the positive impact of the renovation of existing retail
areas.
Hub Télécom reported a 28.8% increase in revenue, up to ?24.9 million.
This strong growth mainly resulted from the full quarter-on-quarter
effect of the acquisition, on 12 July 2007, of BGI Technologie, a
Lyon-based specialist in mobile solutions for companies. Excluding
this consolidation effect, Hub Télécom´s
revenue growth was 3.1%.
ADPi, the engineering subsidiary specialising in international
design, architecture and engineering services, maintained its
remarkable growth in the first quarter of 2008, with revenue surging
38.2% to ?18.4 million. Its growth
reflected the subsidiary´s successful
commercial performance in 2007, primarily projects at the Tripoli
Benghazi and Sabah airports in Libya, launched in 2007.
ADPi won, on 3 March 2008, the contract to carry out design studies
for the new terminal of the airport of Novossibirsk, Russia´s
third-largest city.
Aéroports de Paris Management
the airport management subsidiary with stakes in other airport
companies, reported substantial 86.0% revenue growth, up to ?2.3
million. This robust growth resulted from the full-year effect of
contracts signed in 2007: a 25-year operating contract for the Queen
Alia airport in Amman, Jordan (start-up in November 2007) and a
management contract for the Hajj Terminal won in Jeddah, Saudi Arabia
(start-up in September 2007) as well as satisfactory levels of
business in Egypt and Mexico, to which part of the compensation of
management contracts is indexed.
- - -
All of the information published today, 14 May 2008, can be viewed
on our web site www.aeroportsdeparis.fr
Press release on first-quarter 2008 revenues (statement in lieu of
quarterly financial information for the first quarter of fiscal year
2008): http://www.aeroportsdeparis.fr/Adp/en-GB/Groupe/Finance/
CommunicationPresse/JanvierJuin2008/trafic_mars_2007.htm
Presentation of first-quarter 2008 revenues: http://www.aeroportsdeparis.fr/Adp/en-GB/Groupe/Finance/
Publications/Results+and+Revenues/PublicationRapport ActiviteDev.htm
Long URLs in this release may need to be copied/pasted into your
Internet browser´s address field. Remove the extra space if one exists.
Upcoming events:
Combined ordinary and extraordinary meeting of shareholders: 28 May 2008
at 3 p.m. at Cité des sciences et de l´industrie
Paris 19th arrondissement
Publication of first-half 2008 revenues: 13 August 2008
Publication of interim results: 29 August 2008
1 This press release contains "quarterly
financial information", for the first quarter of 2008 in the sense of
the term described in Book IV, article L.451-2-1, of the Monetary and
Financial Code.
2 Unless indicated otherwise, all percentages
in this press release compare first quarter of 2008 data with comparable
first quarter of 2007 data.
3 Aéroports de Paris
estimate.
4 Before inter-segment eliminations.
5 Aéroports de Paris´ share.
Aéroports de Paris builds, develops and
manages airports including Paris-Charles de Gaulle, Paris-Orly and
Paris-Le Bourget. Aéroports de Paris is
Europe´s second-largest airport services group in terms of airport
revenues and the European leader for cargo and mail. Aéroports
de Paris accommodates nearly 460 airlines, including the main companies
in the air transport industry.
With an exceptional geographic location and a major trading area, the
Group is pursuing its strategy of modernizing its terminal facilities
and upgrading quality of services, and also intends to develop its
retail and real estate business. In 2007, Aéroports
de Paris Group had revenues of ?2,292.4
million and handled 86.4 million passengers.