Regulatory News:
Aeroports de Paris: (Pink Sheets:AEOPF) (Paris:ADP):
Cumulative revenues at 31 December 2007:
-0-
*T
(EUR million) 31 December 2007 31 December 2006 % change
----------------------------------------------------------------------
Airport services 1,836.9 1,726.4 +6.4%
Airport fees 731.7 667.1 +9.7%
Specialized services 112.2 103.7 +8.3%
Commercial revenue 230.0 210.8 +9.1%
Car parks and access fees 150.4 143.8 +4.5%
Industrial services 69.2 68.8 +0.7%
Airport security tax 366.4 356.3 +2.8%
Rental revenue 82.7 70.4 +17.4%
Other revenue 94.3 105.5 -10.6%
Real estate 194.2 175.7 +10.5%
Ground handling & other
services 195.3 177.1 +10.3%
Other activities 326.9 226.3 +44.4%
Intersegment eliminations -260.9 -228.7 +14.1%
----------------------------------------------------------------------
Consolidated revenue 2,292.4 2,076.8 +10.4%
----------------------------------------------------------------------
*T
Quarterly revenue growth:
-0-
*T
(EUR million) Q1 Q1 Q2 Q2
2007 2006 % change 2007 2006 % change
----------------------------------------------------------------------
Airport services 414.9 396.1 +4.8% 457.4 431.3 +6.1%
Real estate 47.6 41.2 +15.6% 47.8 45.2 +5.7%
Ground handling & other
services 43.4 38.5 +12.6% 50.1 44.3 +13.2%
Other activities 70.4 52.7 +33.4% 76.2 55.8 +36.6%
Intersegment eliminations -61.1 -52.9 +15.5% -65.4 -60.3 +8.4%
----------------------------------------------------------------------
Total 515.2 475.6 +8.3% 566.2 516.2 +9.7%
----------------------------------------------------------------------
(EUR million) Q3 Q3 Q4 Q4
2007 2006 % change 2007 2006 % change
----------------------------------------------------------------------
Airport services 491.4 446.6 +10.0% 473.2 452.4 +4.6%
Real estate 48.9 44.1 +10.9% 49.9 45.2 +10.4%
Ground handling & other
services 53.2 49.8 +6.9% 48.6 44.6 +9.0%
Other activities 85.4 54.6 +56.5% 94.9 63.3 +50.0%
Intersegment eliminations -64.8 -54.0 +19.8% -69.7 -61.4 +13.4%
----------------------------------------------------------------------
Total 614.1 540.9 +13.5% 596.9 544.0 +9.7%
----------------------------------------------------------------------
*T
Pierre Graff, Chairman and CEO of Aeroports de Paris, commented on
these figures:
"For the fourth consecutive year, Aeroports de Paris is the leader
among Europe´s three largest airports in terms of traffic growth. Our
strong revenue growth validates the pertinence of our strategy, which
aims to make our airports more attractive and to develop our retail
and real estate activities. Internationally, we continue to be
commercially successful in a fiercely competitive environment,
confirming the excellent reputation and solid expertise of our
subsidiaries, ADPi and Aeroports de Paris Management."
Key events during the period
Aeroports de Paris ranks number one in traffic growth among
Europe´s three largest airports
Aeroports de Paris handled 86.4 million passengers in 2007, a
record high. Passenger traffic growth was very robust, up 4.7%
compared to the previous year. Traffic growth was particularly strong
at the Paris-Charles de Gaulle airport, up 5.4% to 59.9 million
passengers, while traffic at the Paris-Orly airport increased 3.2% to
26.4 million passengers.
During the year, passenger traffic reached a peak in March, and
the summer season was also very strong: passenger traffic rose 6.2% in
July, 8.0% in August and 5.4% in September, bolstered, for this last
month, by the Rugby World Cup games. Labour unrest in the air
transport sector had an estimated impact of 25 basis points on annual
passenger traffic growth, two thirds due to strikes in October and a
third to those in December. In terms of traffic growth, this
performance places Aeroports de Paris among the leaders of Europe´s
top five airports, and for the fourth consecutive year, it ranked
number one among Europe´s three largest airports.
Buoyant European and international traffic
In 2007, passenger traffic was once again driven by very strong
growth in European traffic, up 7%, building on the 8.3% growth
reported in 2006. This is mainly due to the boom in low-cost carriers,
which increased 27.5% at Aeroports de Paris airports in 2007, and
accounted for 11% of Parisian traffic at the end of the year. In
Europe, traffic by low-cost carriers increased 41.7% with the
countries in the Schengen area, where most of the main cities served
by LCCs are located (Nice, Milan, Barcelona, etc.).
All in all, the strongest growth in European traffic was with
Spain, up 15.2% and Italy, up 12.1%.
In France, traffic declined 1.7% due to the opening of the new
East TGV bullet train line in June 2007 and to labour unrest in the
air transport sector in October and December.
Traffic to other international destinations, including many
sources of future growth, increased 5.9%. The biggest contributors to
growth in 2007 were Africa (+7.8%), buoyed by a surge in North African
traffic, and the Middle East (+14.7%), thanks to the dynamic growth of
local airlines serving Dubai, Bahrain and Qatar. Latin America also
reported strong traffic growth, up 6.9%, thanks to the rapid
development of traffic with Brazil and the impact of September´s Rugby
World Cup games on traffic with Argentina. Traffic with the French
overseas territories rebounded 6.1% after a tough year in 2006. The
Asia-Pacific region reported milder growth of 1.6%, reflecting feeble
growth with India and Singapore, but buoyant traffic with China, up
6.2%. Traffic in the mature North American market rose a satisfactory
2.9%.
The number of aircraft movements increased slightly, up 1.9% to
776,801, with a 2% increase at Paris-Charles de Gaulle and a 1.6%
increase at Paris-Orly. These figures reflect the improvement in the
passenger load ratio (66.3% in 2007 vs 66.1% in 2006) and capacity
(117 passengers per flight in 2007 vs 114 in 2006).
The vigour of business jet traffic was confirmed, with
70,775 aircraft movements, up 9.4% in 2007. The Paris-Le Bourget
airport has been Europe´s leading business aviation airport since
1981.
The cargo and mail activity is still very robust, with cargo
shipments up 7.5% to 2.41 million tons, including a 7.8% increase to
2.3 million tons at Paris-Charles de Gaulle. Aeroports de Paris is the
leader among European airports for cargo and mail.
Revenues by segment (2)
Revenue growth of 6.4% in airport services
Revenues from airport services increased 6.4% to EUR 1,836.9
million in 2007 thanks to robust passenger traffic growth, higher
airport fees as of 1 April 2007 and strong growth in commercial
revenues.
-- Airport fee revenues (passenger fees and aircraft landing,
parking, fuelling and lighting fees) were up 9.7% to EUR 731.7
million, thanks to a 4.7% increase in passenger traffic, a
1.9% increase in aircraft movements and the application of a
4.25% rate hike as of 1 April 2007.
-- Specialized services, a category consisting of ancillary fees
(baggage handling, check-in counters, de-icing) and other
services (VIP lounges, network leasing), generated revenues of
EUR 112.2 million, up 8.3%.
Baggage handling revenues increased strongly thanks notably to the
increase in the amount of baggage handled, the fee increase on 1 April
2007, and the full-year impact of the April 2006 start-up of the
Terminal 2E South baggage sorting system at the Paris-Charles de
Gaulle airport.
In full-year 2007, de-icing services declined 7.8% due to the net
decline in volumes handled. The increase in the number of de-iced
planes since October 2007 only partially offset the sluggishness of
this activity at the beginning of the year due to a particularly mild
winter in 2006-07.
-- Commercial revenues (shops, bars & restaurants, car rentals
and advertising) increased 9.1% to EUR 230 million.
Shops in restricted areas reported buoyant revenues, up 12.5%,
thanks to strong passenger traffic growth and a net increase in
business. These strong performances illustrate the pertinence of the
Aeroports de Paris programme of expanding retail areas. The shops in
the Galerie Parisienne reported excellent performances.
The strong growth in bar and restaurant revenues was confirmed, up
13.6% for the year.
-- Car park and access revenues rose 4.5% to EUR 150.4 million
despite the loss of a subsidy from the Ile de France transport
union (STIF), previously accounted for in this segment, which
was eliminated with the start-up of the CDG Val automatic
shuttle on 1 April 2007. Excluding the STIF effect, the
healthy growth of this activity was confirmed, up 9.5%, buoyed
by the ongoing increase in hourly revenues and subscriptions.
-- Revenue from industrial services (such as power and water
supply) increased 0.7% to EUR 69.2 million. All activities
contributed to this full-year performance with the exception
of heating, air conditioning and cooling services. These
services were hit by the decline in the adjustable part of
rates applicable to thermal energy, which are indexed to gas
purchase prices, and to smaller volumes of heating sales
during the very mild winter of 2006-07.
-- Airport security tax revenue, which mainly finances
security-related activities, increased 2.8% to EUR 366.4
million.
-- Rental revenues from leasing space in air terminals rose a
buoyant 17.4% to EUR 82.7 million over the full year. This
robust performance is due to the indexation of prices to the
cost of construction index, up 7.05% since 1 January 2007, and
to the leasing of new retail areas in airport terminals,
notably La Galerie Parisienne in the Paris-Charles de Gaulle
airport in the second half of 2007.
-- Other revenues declined 10.6% to EUR 94.3 million. This is
mainly due to the reduction in services for the Civil Aviation
Authorities (DGAC) and the end of the Aerobus service in June
2006.
Real estate segment (excluding terminals) continues to develop
rapidly
The strong revenue performance of the real estate segment, up
10.5% to EUR 194.2 million in 2007, can be attributed to a combination
of several factors:
-- Higher rents, indexed to the cost of construction index, up
7.05% at 1 January 2007,
-- The full-year impact of marketing new surface areas leased in
2006 (Air France Maintenance Hub, West Maintenance Hub for the
future A380 and the Fedex logistics centre at the
Paris-Charles de Gaulle airport),
-- The start-up of marketing for the new GB2 cargo station at the
Paris-Charles de Gaulle airport as of 1 July 2007, accompanied
by the leasing of additional surface areas in the GB4 cargo
station,
-- Renegotiation and regularisation of certain rates,
-- Regularisation of rental charges combined with better
rebilling.
Ground handling: business picks up in a restructuring context
Ground handling and related services generated revenues of EUR
195.3 million in 2007, up 10.3% from the previous year. All activities
contributed to this performance (ground handling, security and other
services).
Revenues from ground-handling services rose 8.3%, benefiting from
new contracts signed in a fiercely competitive environment in 2006 and
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.
Other activities (subsidiaries and joint ventures) report very
strong revenue growth
Other activities generated full-year revenues of EUR 326.9
million, up 44.4%.
-- Owned in partnership with the airport-retailing expert Aelia,
Societe de Distribution Aeroportuaire (SDA) operates shops
specialising in alcohol, tobacco, perfume and cosmetics in all
of the Aeroports de Paris terminals as well as the gourmet
food shops in Terminal 2F. SDA´s contribution increased 63.9%
to EUR 163.6 million.(3) Its scope of business (excluding
gourmet food) was expanded to Terminal 3 at Paris-Charles de
Gaulle on 1 November 2006 and to the two terminals at
Paris-Orly (Orly Sud and Orly Ouest) on 1 January 2007,
creating a consolidation effect of 46.7%. Excluding this
consolidation effect, SDA´s contribution rose 17.2%, thanks to
buoyant sales in shops located in restricted areas.
-- Hub Telecom reported full-year revenues of EUR 84.6m, up
14.4%. Acquired on 12 July 2007, BGI Technologie, a Lyon-based
specialist in mobile solutions for companies, with expertise
in traceability, geopositioning and video monitoring, reported
revenues in line with expectations. Excluding the
consolidation effect, Hub Telecom´s revenue growth was 6.9 %.
-- ADPi, the engineering subsidiary specialising in international
design, architecture and engineering services, expanded at a
remarkable pace in 2007, with revenues up 90.5% to EUR 64
million. This performance reflects its commercial success,
notably in the Middle East and Africa, with the signing of new
contracts in Libya (Tripoli, Benghazi and Sebah airports),
Saudi Arabia (Jeddah airport, including the renovation of the
Hajj terminal and extension of the North and South terminals),
the Sultanate of Oman and Pakistan (Islamabad), as well as in
South America (Bogota, Colombia).
-- Aeroports de Paris Management, the airport management
subsidiary with stakes in other airport companies, generated
revenues of EUR 10.6 million, up 32.8%. The subsidiary
benefited from the signing of new contracts and investment in
minority stakes, notably a 25-year operating contract for the
Queen Alia airport in Amman, Jordan, and a management contract
for the Hajj Terminal of the Jeddah airport.
Upcoming events:
Full-year 2007 earnings will be released on 13 March 2008, with a
press conference at 8:30 a.m. and an analysts meeting at 10:30 a.m.,
to be broadcast live on our website: http://www.aeroportsdeparis.fr/ .
First-quarter 2008 revenues: 14 May 2008
Annual General Meeting of shareholders: 28 May 2008
(1) Unless indicated otherwise, all percentages in this press
release compare 2007 data with comparable data from 2006.
(2) Before intersegment eliminations
(3) ADP´s share
www.aeroportsdeparis.fr
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 is pursuing its strategy of modernizing its terminal
facilities and upgrading the quality of services, and also intends to
develop its retail and real estate business. In 2007, Aeroports de
Paris Group had revenues of EUR 2,292.4 million and handled 86.4
million passengers.
