Regulatory News:
Quarterly financial information at 31 March 20091
- Consolidated revenue: 4.8%
higher, at �608.5 million
- Traffic was down 8.6%, but
this was a more resilient performance than most European
peers
- A�roports de Paris
(Paris:ADP) (Pink Sheets:AEOPF) has adopted a new business
segmentation in accordance with IFRS 8
- Revenue by segment
- Aviation (+3.4%): supported
by infrastructure openings that took place in 2008
- Retail and services (+4.4%):
shops holding up well
- Real estate (+6.5%): a solid
client portfolio
- Ground handling and related
services (- 3.2%): difficult conditions in 2009
- Other businesses (+24.1%):
continued growth
Pierre Graff, Chairman and CEO of A�roports de Paris:
"In the difficult environment of 2009, A�roports de Paris has
made, as we expected, a satisfactory first quarter with revenue up
by 4.8%. This good performance is the sign of a business model that
remains strong despite the traffic decline. Our traffic remains
nevertheless amongst the most resilient in Europe. The recent
opening of new infrastructure, substantial expansion of the retail
offering, pricing effects and good commercial practice in the areas
of real estate and diversification continue to support this
trend."
Consolidated revenue for the first quarter of 2009
(� millions) �
Q1 09 �
Q1 08 �
Change Aviation
315.2 304.8 +3.4% Retail and services 218.8 209.7 +4.4% Real estate
53.5 50.2 +6.5% Ground handling and related services 45.4 47.0
-3.2% Other businesses 58.6 47.2 +24.1% Inter-segment elimination
-83.1 -78.5 +5.9%
Consolidated revenue 608.5
580.4 4.8%
Adoption of new business segmentation
- In application of IFRS 8, which
defines "operating segments" or "business segments" as those
components of the entity whose operating results are reviewed
regularly by the entity�s chief operating decision-maker.
- Came into force on January 1
2009.
- Thus activities with similar
business profiles are brought together in the same segment, and
this new presentation will make our financial information more
readily comparable with that of our European peers.
- The main effects of this new
segmentation are:
- The separation of the former
�airport services� segment into two new segments: �aviation� and
�retail and services� ;
- The new 'retail and services'
segment covers all commercial activities such as shops, bars and
restaurants, car parks and airport rental counters. Figures for the
airport retail subsidiaries (Soci�t� de Distribution A�roportuaire
and Duty Free Paris) will now be included in this segment.
- Reporting now covers five
segments, instead of four previously:
- Aviation: aeronautical fees,
ancillary fees, airport security tax, other;
- Retail and services: commercial
revenue (including revenue from airport retail subsidiaries Soci�t�
de Distribution A�roportuaire and Duty Free Paris), airport rental
facilities, car parks and access, industrial services, other;
- Real estate: unchanged
perimeter;
- Ground handling and related
services: unchanged perimeter;
- Other businesses
(diversification): Hub t�l�com, ADP Ing�nierie, A�roports de Paris
Management and A�roports de Paris SA.
Key developments over the
period
Start-up of the Duty Free Paris joint venture
- Start-up of Duty Free Paris in
early February 2009, a joint venture specializing in fashion and
accessories retailing at the Paris-based airports. Equally owned by
A�roports de Paris and The Nuance Group, one of the leaders in
airport retailing, Duty Free Paris started operating 12 shops in
Terminal 2 at Paris-Charles de Gaulle, with a total retail space of
1,000m�. It is expected that from 2012, this company will operate
around 40 shops, with a total retail space of some 5,000m�.
First quarter 2009 passenger traffic: A�roports de Paris is
one of the most resilient European airport
- Passenger traffic down 8.6% (to
18.0 million passengers): passenger numbers were down by 8.2% at
Paris-Charles de Gaulle (12.5 million passengers) and by 9.6% at
Paris-Orly (5.6 million passengers).
- International traffic excluding
Europe held up relatively well (-5.8%):
- International traffic excluding
Europe (40.9% of the total) was down for all regions (-11.2% for
the French overseas territories, -9.2% for North America, -7.5% for
Latin America, -8.4% for Asia/Pacific and -5.9% for the Middle
East) except for Africa, where it grew by 1.2% ;
- European traffic (39.4% of the
total) fell by 11.3% ;
- Domestic traffic (19.7% of the
total) fell by 8.6%, being more mature, and suffering from
competition from rail transport.
- Aircraft movements were down by
5.6%.
Revenue growth in the first
quarter of 2009Consolidated revenue held up very well
in the first quarter of 2009, rising 4.8% to �608.5 million,
despite the traffic decline.
- Facilities and service
development: the opening of new facilities in 2008 (new boarding
lounge in Terminal 2E and the Terminal 2G regional terminal) and
2009 (the completion of renovation works at CDG1) and the creation
of a fee to finance the assistance provided to passengers with
disabilities or reduced mobility;
- Price effect linked to the
increase in fee rates on April 1 2008;
- Growth of 4.4% in retail sales,
which saw an increase in sales area in new facilities and continued
growth in spend per passenger;
- Growth of real estate
(+6.5%);
- Drop in revenue in the ground
handling and related services (-3.2%);
- Continued growth from
diversified businesses (+24.1%);
- Exceptional items
(de-icing).
Revenue by
segment2
Strong growth in aviation (up 3.4% to �315.2 million)
(� millions) �
Q1 09 �
Q1 08 �
Change
Aviation 315.2 304.8 +3.4% Aeronautical
fees 171.0 175.2 -2.4% Ancillary fees 43.4 29.0 +49.5% Airport
security tax 89.7 87.3 +2.8% Other 11.1 13.3 -16.2%
- The effect of lower traffic on
aeronautical fees3 was partly offset by tariff increases
(3.8% on average from 1 April 2008) and the increase in the number
of parking stands alongside terminals (parking fee up 9.2%).
- Ancillary fees were
boosted by price increases for ancillary services4 (+4.70% on
average from April 1 2008), and by the opening of new facilities
which had a positive impact on baggage sorting capacity and
check-in counters. De-icing services generated �4.9 million in
additional revenue, as the winter of 2008/2009 was colder than that
of 2007/2008.
- Airport security tax,
which mainly finances security-related activities, was �9.5 per
departing passenger from 1 January 2009, compared to �8.75 in
2008.
- The fall in other revenue
reflects the reduction in internal services.
The retail and services businesses stood up well to the drop
in traffic: +4.4 %
(� millions) �
Q1 09 �
Q1 08 �
Change
Retail and services 218.8 209.7 +4.4%
Commercial activities 84.1 82.8 +1.6% Fees 57.5 55.9 +2.9% SDA
& DFP 41.5 40.9 +1.4% Eliminations -14.9 -14.0 +6.3% Car parks
and access 34.4 36.3 -5.0% Industrial services 26.7 27.7 -3.6%
Rental revenue 26.0 19.3 +34.6% Other 47.6 43.6 +9.2%
- Commercial activities:
- Fees from shops, bars,
restaurants, advertising, bank and foreign exchange and car rental
rose 2.9% to �57.5 million5. Within this overall figure and despite
the traffic decline, revenue from shops in restricted areas rose
2.7% (after elimination of non-recurring items) due to the
continued increase in spend per passenger, which rose 10.1% to
�12.7 (effect of new retail areas and a positive traffic mix).
- Revenue from the two joint
ventures Soci�t� de Distribution A�roportuaire6 and Duty
Free Paris rose by 1.4% to �41.5�million7.
- Car parks and access
revenue was affected by lower traffic levels.
- Revenue from industrial
services (supply of electricity and water) rose by �1.2 million
on a like-for-like basis (charges for air-conditioning services
have been transferred to rental income within this segment), due to
the increase in the cost of gas, on which the cost of these
services is indexed.
- Rental revenue covers
leasing of spaces in terminals. This was boosted by the new areas
opened in 2008 and 2009 and by price increases (+5.3% effective
January 1 2009).
- Other revenue mainly
consisted of internal services.
Continued growth in the real estate segment: +6.5%, including
8.4% in external revenue
(� millions) �
Q1 09 �
Q1 08 �
Change
Revenue 53.5 50.2 +6.5% Internal
revenue 13.1 12.9 +1.2% External revenue
8 Generated with
third parties 40.4 37.3 +8.4%
- Growth in revenue from new
contracts signed in 2008: Paris-Orly cargo station (June 2008) and
extension of the FedEx hub.
- Price increase: +6.2% on average
effective from January 1 2009.
The ground handling and related services segment saw revenue
fall by 3.2%, under the effect of lower traffic
- Successful restructuring of this
business area: the merger of this business within the Alyzia
subsidiary was completed on March 31 2009.
- Ground handling revenue was down
10.3%, with some airlines having ceased to use the Paris
stopover.
- Security revenues were up by
13.7%.
Other businesses continued to grow, albeit at a slightly
slower pace: +24.1%
(� millions) �
Q1 09 �
Q1 08 �
Change
Revenue 58.6 47.2 +24.1% ADP Ing�nierie
30.0 18.4 +62.7% Hub t�l�com 24.1 24.9 -3.1% A�roports de Paris
Management 2.4 2.3 +4.8% A�roports de Paris 2.0 1.5 +30.1%
- ADP Ing�nierie9:
continued rapid growth thanks to the ramp-up of contracts signed in
2008 and 2007 in Saudi Arabia (Jeddah) and Libya (Tripoli, Benghazi
and Sebah).
- Hub t�l�com10: parent
company revenue rose by 4.2% thanks to contracts signed in 2008. On
April 8 2009, Hub t�l�com acquired Masternaut, the European leader
in geolocalized services, which had revenue of �40 million in
2008.
- A�roports de Paris
Management11 saw modest growth in revenue in the first quarter
of 2009.
There will be a conference call today at 9.00am, CET
- Listen live:
- From France: + 33 (0) 1 72 00 09
84
- From abroad: + 44 (0) 207�107
1613
- Delayed re-broadcast of the
conference call from 12.00 noon, CET.
- From France: + 33 (0) 1 72 00 14
69, access code: 24 93 42 #
- From abroad: + 44 (0) 207�107
0686, access code: 24 93 42 #
The presentation of first quarter revenue 2009 is available on
the Group's website: www.aeroportsdeparis.fr
Forthcoming publications
- First half 2009 revenue :
Thursday August 13 2009
- First half 2009 results : Friday
August 28 2009
Website: www.aeroportsdeparis.fr
A�roports de Paris
Registered office : 291, boulevard
Raspail, 75014 Paris
A Soci�t� anonyme with a share
capital of 296,881,806 euros
552 016�628 RCS Paris
A�roports de Paris builds, develops and manages airports
including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget.
A�roports de Paris is Europe's second-largest airport group in
terms of airport revenue and the European leader for freight and
mail. A�roports de Paris accommodates nearly 460 airlines,
including the main companies in the air transport industry. With an
exceptional geographic location and a major catchment area, the
Group is pursuing its strategy of adapting and modernizing its
terminal facilities and upgrading quality of services, and also
intends to develop its retail and real estate business. In 2008,
A�roports de Paris had revenues of �2,527.0 million, and the Group
handled 87.1 million passengers.
1 This document has been drawn up under Article L.451-1-2, IV of
the French Monetary and Financial Code. Unless otherwise indicated,
all percentages in this document compare data for 2009 with the
equivalent data from 2008
2 Before inter-segment eliminations
3 Passenger, landing, parking, fueling and signage fees
4 Baggage sorters, check-in desks, de-icing
5 Before elimination of �14.9 million in fees from Soci�t� de
Distribution A�roportuaire and Duty Free Paris
6 Joint venture with Aelia, operating stores selling alcohol,
tobacco, perfumes and cosmetics and specialist food stores
7 A�roports de Paris share (50%), including �41 million for
Soci�t� de Distribution A�roportuaire
8 Generated with third parties
9 International design, architectural and engineering
services
10 Telecom services, internet and mobile solutions such as WiFi,
traceability and tracking services
11 Management and equity stakes in airports companies
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