Regulatory News:
Aeroport de Paris (Pink Sheets:AEOPF) (Paris:ADP):
-- Revenues rise strongly to EUR 1,081.4 million
-- Revenue growth (+9%) surpasses passenger traffic growth
(+4.4%)
-- Retailing makes a strong contribution, thanks to Societe de
Distribution Aeroportuaire
-0-
*T
Revenues 30 June 30 June % change
(millions of euros) 2007 2006
----------------------------------------------------------------------
Airport services 872,3 827,4 +5,4%
Airport fees 345,4 315,3 +9,6%
Specialized services 52,7 49,4 +6,8%
Commercial revenues 107,0 101,3 +5,6%
Car parks and access fees 74,4 71,6 +3,9%
Industrial services 36,5 37,6 -3,0%
Airport taxes 174,8 167,2 +4,5%
Rental revenue 38,1 33,6 +13,1%
Other revenue 43,4 51,4 -15,5%
Ground handling & other services 93,5 82,8 +12,9%
Real estate 95,5 86,4 +10,5%
Other activities 146,6 108,5 +35,1%
Intersegment eliminations -126,5 -113,2 +11,7%
----------------------------------------------------------------------
Consolidated revenues 1 081,4 991,8 +9,0%
----------------------------------------------------------------------
*T
Pierre Graff, Chairman and CEO of Aeroports de Paris, commented on
these figures:
"The strong revenue growth in the first half of 2007, up 9%, is
further proof of our quality assets, which enables us to attract
traffic growth. This performance also confirms the pertinence of our
retail strategy, thanks notably to the extremely dynamic business of
Societe de Distribution Aeroportuaire."
Revenues rise faster than passenger traffic growth
Passenger traffic at Aeroports de Paris rose 4.4% to 41.5 million
passengers in H1 2007 compared to the year-earlier period. Passenger
traffic was up 4.9% to 28.5 million passengers at the Paris-Charles de
Gaulle airport and 3.4% to 13 million passengers at the Paris-Orly
airport. This trend confirms the group's capacity to capture traffic
growth, thanks notably to the complementary nature of its airports.
Revenues amounted to EUR 1,081.4 million in H1 2007, up a buoyant
9% compared to H1 2006, surpassing passenger traffic growth. This
performance can be attributed not only to airport services but also to
the dynamic momentum of other activities, notably Societe de
Distribution Aeroportuaire.
Airport services
Revenue from airport services increased 5.4% to EUR 872.3 million,
thanks to robust passenger traffic growth, airport fee increases and
higher retail revenues.
Lifted by passenger traffic growth (+4.4% to 41.5 million
passengers) and rate increases (+4.25% at 1 April 2007), airport fee
revenues rose 9.6% to EUR 345.4 million.
Specialized services, a category consisting of auxiliary services
(baggage handling, check-in counters, de-icing) and other services
(VIP lounges, network leasing), generated revenues of EUR 52.7
million, up 6.8%. The number of de-iced planes decreased by 69% due to
mild weather conditions. This was offset by a strong rise in baggage
handling fees, up 21.1%, mainly due to Paris-Charles de Gaulle, where
a new fee schedule was introduced at Terminal 1 and the South baggage
sorting system was started up at Terminal E.
Commercial revenues rose a total of 5.6% to EUR 107 million.
Duty-free shops reported buoyant business, with revenues up 7.5% in H1
2007 compared to the year-earlier period.
Car park revenue rose 3.9% to EUR 74.4 million. Excluding the STIF
subsidy from the Ile de France transport union, which the group no
longer receives since the CDGVal light rail line began operating on 1
April 2007, growth was a strong 6.9%.
Revenue from industrial services (such as power and water supply)
contracted 3% to EUR 36.5 million. This trend reflects the decline in
thermal units sold, due to mild weather last winter, and to energy
price fluctuations.
Airport tax revenue, which finances security-related activities,
increased 4.5% to EUR 174.8 million. This increase reflects the
combined impact of traffic growth and the French government's increase
in the airport tax to cover reinforced security measures in effect
since 6 November 2006.
Rental revenue from leasing space in air terminals rose 13.1% to
EUR 38.1 million mainly due to the indexation of prices to the cost of
construction index, up 7% since 1 January 2007. The leasing of new
surface areas in the Paris-Orly and Paris-Charles de Gaulle airports,
notably at the CDG 2E terminal, also lifted revenues.
Other revenues contracted 15.5% to EUR 43.4 million due to the
reduction in services for the air traffic control department and to
the decline in intersegment revenues.
Ground handling and related services
Ground handling and related services generated revenues of EUR
93.5 million, up 12.9% compared to H1 2006, a period hard hit by the
loss of major contracts in late 2005. Within this segment, revenues
from security services rose strongly, up 26.5%.
Real estate (excluding terminals)
Real estate revenues rose 10.5% to EUR 95.5 million, bolstered by
the 7% increase in the cost of construction index. Growth was also
driven by the leasing of new surface areas to accommodate the West
Maintenance Base for the future A380, the Fedex logistics centre and
the Paris-Charles de Gaulle hub maintenance centre.
Other activities
Other activities generated revenues of EUR 146.6 million, up
35.1%. This growth reflects the contribution of the segment's four
subsidiaries: Societe de Distribution Aeroportuaire, Hub Telecom, ADPi
and Aeroports de Paris Management.
Societe de Distribution Aeroportuaire (SDA) made the biggest
contribution. Owned in partnership with Aelia, this airport retailing
expert operates shops specialising in alcohol, tobacco, perfume and
cosmetics in all of our terminals. SDA generated revenues of EUR 74.4
million, up 56.3%,(1) buoyed by the combined impact of organic growth,
thanks to passenger traffic growth, and the expansion of its scope of
business to Paris-Charles de Gaulle Terminal 3 and the two terminals
at Paris-Orly (Orly Sud and Orly Ouest). Excluding this consolidation
effect, SDA's contribution rose 13.1% in H1 2007 compared to the
year-earlier period, fuelled by buoyant sales by duty-free shops.
Hub Telecom contributed EUR 38.7 million, up 7.1% compared to the
same period in 2006. The ongoing decline in fixed telephone services
was offset by the increase in corporate and consumer WiFi and the
development of other services.
ADPi, the engineering subsidiary specialising in international
design, architecture and engineering services, grew an impressive 80%
to EUR 27 million, thanks to new contracts, notably in Jeddah (Saudi
Arabia) and Bogota (Colombia).
Aeroports de Paris Management, the airport management subsidiary
with stakes in other airport companies, contributed revenues of EUR
4.2 million, up 23.2%, thanks to new contracts, notably in Jeddah
(Saudi Arabia) and Amman (Jordan). On 26 February 2007, Aeroports de
Paris Management sold its entire stake in Beijing Capital
International Airport Company Limited (BCIA)(2) for a net amount of
EUR 188.9 million.
AGENDA
Publication of first-half 2007 results: 31 August 2007
Publication of third-quarter 2007 revenues: 14 November 2007.
About Aeroport de Paris
Aeroports de Paris builds, develops and manages airports including
Paris-Orly, Paris-Charles de Gaulle and Paris-Le Bourget. Aeroports de
Paris is Europe's second-largest airport services group in terms of
airport revenues and the European leader for cargo and mail. Aeroports
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's strategy is to modernize its terminal facilities and
upgrade the quality of services. It also intends to develop its retail
and real estate business. In 2006, Aeroports de Paris Group had
revenues of EUR 2,076.8 million, and handled 82.5 million passengers.
www.aeroportsdeparis.fr
(1) Proportional consolidation was increased to 50% from 49% on 1
January 2007.
(2) ADPm acquired a 35% stake in BCIA at the time of its IPO on
the Hong Kong stock exchange in February 2000.