FRANCE. Groupe ADP today announced full-year results for 2022, including a strong rebound from commercial activities. The airports company also upgraded its target for sales per passenger through retail and hospitality concept Extime Paris to €29.50 by 2025, from an initial €27.50.
This followed a strong sales per passenger (SPP) figure of €27.40 last year, which grew +8.2% year-on-year and was +16.9% ahead of 2019 figures.
Further increases in the SPP number, ADP told investors today, will be buoyed by the roll-out of the Extime concept across Paris terminals (as reported in our recent on location story) as well as the anticipated recovery of Asian traffic over the next two years.
In 2022, Retail and Services divisional revenue (Paris airports only) climbed by +74.8% to €1,442 million. This includes rents received from airside and landside shops, bars and restaurants, banking and foreign exchange activities, and car rental companies, as well as revenue from advertising.
In 2022, revenue from retail activities alone rose +115.6% to €922 million euros. This included the contribution from Extime Duty Free Paris (formerly Société de Distribution Aéroportuaire), up +102.8% to €631 million, and Relay@ADP, up +166.1% to €95 million, due to increased traffic and new outlets opened compared to 2021. Revenue from car parks was up +65.5% at €149 million.
Group revenue surged by +68% year-on-year to €4,688 million (+62.9% excluding the integration of Almaty Airport since May 2021). The overall performance was driven by the strong traffic recovery, both in Paris and abroad, and the strong momentum of retail and services activities.
EBITDA climbed by +126.8% to €1,704 million in 2022. Net income attributable to the group climbed to €516 million, compared to a loss of +€248 million last year.
Group traffic reached 80.9% of 2019 levels, at 280.4 million; at the major Paris airports this was 86.7 million, or 80.2% of pre-pandemic figures.
For 2023, Groupe ADP issued updated guidance on performance. Paris airports should reach between 87% and 93% of the 2019 level and at group level (global) the figure should be between 95% and 105%, including TAV Airports and GMR Group.
Groupe ADP also forecast a return as early as 2023 to EBITDA at least equal to 2019 (€1,772 million) with EBITDA margin target unchanged for 2023 (32% to 37%) and expected to be between 35% and 38% in 2024-2025 (previously 35% to 40%). ✈
