FRANCE. Aéroports de Paris (AdP) this morning announced a +4.2% year-on-year increase in revenues to €2,633.4 million and a +4.1% improvement in EBITDA to €883.0 million for 2009.
Commercial revenues were solid, offsetting a -4.7% passenger traffic decline largely through an impressive +8.8% increase in sales per passenger to €12.40.
The airport company described the performance as “resilient despite the decline in traffic”.
OVERALL GROUP RESULTS
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Source: Aéroports de Paris |
Passenger traffic fell by the -4.7% mentioned to 83.0 million. It eased by -4.9 % at Paris Charles de Gaulle (57.9 million passengers) and by -4.2% at Paris Orly (25.1 million passengers). Traffic fell by -6.4% during the 1st half of 2009 and by an improving -3.0% during the 2nd half of 2009.
AdP noted “good resilience” of its Retail and Services activities despite the downturn in traffic, driven by an increase in sales per passenger in the restricted areas [Commercial activities consist of fees from shops, bars and restaurants, advertising, the activities of banks, foreign exchange and car rental agencies, as well as revenue from commercial subsidiaries.]
Revenue for this sector edged ahead by +0.2% to €869.7 million (see chart), while EBITDA was up by +0.7%. Retail revenue (which includes shops and food & beverage) was up by +1.1%.
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Source: Aéroports de Paris |
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Source: Aéroports de Paris |
Despite the drop in traffic, fees increased by +1.1%, due in particular to the increase in fees from shops in the restricted area (up by +3.6% to €168.9 million). This was driven by continued growth in sales per passenger – up by an impressive +8.8% to €12.40 thanks to the development of additional space and a positive trend in the traffic mix (growth in the contribution made by international routes).
Revenue from Société de Distribution Aéroportuaire (the joint venture with Aelia) and Duty Free Paris (joint venture with The Nuance Group) rose by +4.5% to €192.9 million (NOTE: AdP’s ownership interest in the alliances stands at 50%; €185.0 million of revenues came from Société de Distribution Aéroportuaire].
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Source: Aéroports de Paris |
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Source: Aéroports de Paris |
AMBITIOUS RETAIL SPACE DEVELOPMENT PLANS
AdP said it plans to continue to develop its commercial surfaces to 51,800sq m in 2012 (compared to 49,200sq m in 2009), including 3,700sq m temporally closed for refurbishment.
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Source: Aéroports de Paris |
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Source: Aéroports de Paris |
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“With revenue and EBITDA up by more than +4%, our annual results reflect the solidity of the company’s business model“ |
Pierre Graff Chairman and CEO Aéroports de Paris |
Around 4,400sq m will open over the period in international restricted areas, thanks to the opening of satellite 4 and Terminal A and C junction at Paris Charles de Gaulle.
AdP said that its car parks and access activities felt the impact of the downturn in traffic, showing a revenue decline of -5.2%.
AdP Chairman and Chief Executive Officer Pierre Graff said: “Aéroports de Paris showed good resilience to the decline in traffic in 2009. With revenue and EBITDA up by more than +4%, our annual results reflect the solidity of the company’s business model.
“Thanks to the implementation of the savings plan announced at the beginning of 2009 and the continuation of our commercial and real-estate strategy, we are able to achieve our objectives.
“The year 2010 is an important turning point for the Group. It will be marked by the preparation of the next Economic Regulation Agreement for the period 2011/2015 which is taking place as part of a dialogue process with airlines and the regulator.
“It is a major step for the future of the company and Aéroports de Paris proposes to make improved service quality and customer satisfaction a priority for this new period.
“The new regulatory framework should also provide Aéroports de Paris with strong incentives to develop traffic and improve its competitiveness and attractiveness in relation to its competitors.”
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