Aéroports de Paris : 2012 Full Year results

Thu Feb 28, 2013 1:32am EST

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Paris, 28 February 2013

Aéroports de Paris

2012 Results: Operating Income from Ordinary Activities
up by 6.2%

Record year in terms of traffic with 88.8 million of passengers (+0.8%)

2012 results up thanks to the strength of the business model:

*Revenue up by 5.6% to EUR2,640 million
*EBITDA up by 4.6% to EUR1,107 million
*Operating income from ordinary activities up by 6.2% to EUR645 million
*Net result attributable to the Group slightly down by 1.9% to EUR341 million due to non-recurring
events

Strong performance of retail and TAV Airports:

*Sales per passenger of shops in restricted areas up 11.3% to EUR16.8
*Favourable impact of TAV Airports consolidation on operating income from ordinary activities 

2012, a key period in the development of Aéroports de Paris 

*Reconfiguration of Paris-Charles de Gaulle hub mainly thanks to the opening of Satellite 4 (hall
M)
*Major strategic investment with the acquisition of 38% of TAV Airports

Proposal to increase the payout ratio at 60% of the net result attributable to the Group (against
50% in 2012): dividend of EUR2.07 per share in 2013

2013 forecasts: assuming that traffic remains stable, consolidated revenue and EBITDA are expected
to grow slightly 

Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said:

"2012 was a key period in the development of Aéroports de Paris. By opening new pieces of
infrastructure we were able to reorganize the Paris-Charles de Gaulle hub; it now meets the
highest standards in terms of quality of service and does not require additional capacity until
2023 or even 2024. The acquisition of 38% of TAV Airports was an illustration of the Group's
determination to find long term growth drivers in rapidly expanding markets in.

As evidenced by 2012 results and the strong increase in operating income for ordinary activities,
the Aéroports de Paris business model, which relies on aeronautical activities supported by an
incentivizing regulatory framework, diversification activities (retail and real estate) and
rapidly growing airport investments, is strong. It allows the Group to continue to grow at a time
when traffic growth has slowed.

Despite an economic environment that remains uncertain and assuming that traffic remains stable,
consolidated revenue and EBITDA are expected to grow slightly in 2013"


Highlights of the period


Developments in traffic 

*Group traffic:

                                                  Traffic        2012 /          Participation[1] #_ftn1  ADP       
                                                  (M pax)         2011                                              
 ADP               Paris (CDG + Orly)              88.8           +0.8%                      100%                   
                   Mexican regional airports       12.6           +7.0%                 25.5%[2] #_ftn2             
                   Jeddah - Hajj                    8.4           +0.8%                       5%                    
                   Amman                            6.3          +14.3%                      9.5%                   
                   Mauritius                        2.7           +0.9%                       10%                   
 TAV               Istanbul Atatürk                45.0          +20.3%                       38%                   
                   Ankara Esenboga                  9.2           +8.9%                       38%                   
                   Izmir                            9.4       ns[3] #_ftn3                    38%                   
                   Other airports [4] #_ftn4       10.2          +29.8%                                             
 Group Total                                    192.5               +7.8%                                           
 Management contracts[5] #_ftn5               10.1          +15.0%                                                  
                                                                                                                    


*On Parisian airports:

During 2012, traffic rose 0.8% compared to 2011 to 88.8 million passengers. It increased 1.1% at
Paris-Charles de Gaulle (61.6 million passengers) and 0.3% at Paris-Orly (27.2 million
passengers). Traffic for the first half of the year rose 2.0% but was almost stable (-0.2%) for
the second half of the year compared to the same periods in 2011.

International traffic excluding Europe (39.2% of total traffic) rose 1.7% over the period. With
the exception of North America, which fell slightly (-1.2%), traffic on all routes increased:
Asia-Pacific +5.1%, Middle East +2.7%, Africa +2.1%, Latin America +1.9% and French Overseas
Departments +1.2%. Traffic including Europe but excluding France (42.4% of total traffic) rose
slightly (1.1%). Traffic including Metropolitan France (18.4% of the total) fell 1.7%.

The number of connecting passengers grew 2.2%, which increased the connecting rate to 24.1%,
compared to 23.7% over 2011.

The number of aeroplane movements fell 1.8% to 721,904. At Paris-Le Bourget Airport, movements
decreased by 5.1% to 55,993.

Low-cost carrier traffic (13.7% of total traffic) increased 1.9%.

Freight and postal activity is down 6.2% to 2,257,322 tonnes transported.

Appointment of Mr Augustin de Romanet as Chairman and Chief Executive Officer

Mr Augustin de Romanet was appointed by a decree of the President of France as Chairman and Chief
Executive Officer of Aéroports de Paris on 29 November 2012 to replace Mr Pierre Graff.

International airport investments

In May 2012, Aéroports de Paris indirectly purchased from Akfen Holding A.s. ("Akfen Holding"),
Tepe insaat Sanayi A.s. ("Tepe insaat") and Sera Yapi Endüstrisi ve Ticaret A.s. ("Sera Yapi") 38%
of the shares of TAV Havalimanlari Holding A.s. ("TAV Airports") for EUR668 million and 49% of the
shares of TAV Yatirim Holding A.s. ("TAV Investment", owner of the non-public company TAV
Construction) for EUR38 million.

TAV Airports, a leading Turkish airport operator, operates twelve airports in six countries,
including Istanbul's Atatürk Airport, which received 45 million passengers in 2012. In 2012, total
revenue for TAV Airports was EUR1,099 million (EUR881 million in 2011), EBITDA EUR332 million
(EUR257 million in 2011) and net results EUR124 million (EUR53 million in 2011). 

Aéroports de Paris and TAV Airports directly or indirectly operate 37 airports and handle around
200 million passengers. This partnership constitutes one of the biggest airport alliances in the
world.

Infrastructures openings

*Liaison A-C : 27 March 2012

Located on Paris-Charles de Gaulle airport, this new building allows pooling security and police
checkpoints of 2A and 2C terminals and has 2,300 sq.m. of retail space.

*Satellite 4: 28 June 2012

With a capacity of 7.8 million passengers, this new boarding lounge in terminal 2E located at
Paris-Charles de Gaulle airport offers 6,000 sq.m. of retail space, 3,200 sq.m. of airline lounges
and 16 wide-body aircraft contact stands and has a total surface of 120,000 sq.m.

Agreements

*Trieur-Bagage EstAgreement respecting the East baggage handling system (, or TBE)

In October 2012, an agreement was reached between Aéroports de Paris and Cegelec to bring an end
to the dispute over the TBE system located at Paris-Charles de Gaulle Airport. The positive impact
on Group EBITDA in 2012 is EUR19 million.

*Agreement respecting Alyzia Holding (ground-handling business)

In December 2012, an agreement was entered into between Aéroports de Paris and G3S to bring an end
to their differences over the terms and conditions of the Alyzia Holding transfer agreement. 

Pricing

*Fee tariffs

As at 1 April 2012, fee tariffs increased by an average of 3.4% on a like-for-like basis.

*Airport security tax

On 1 April 2012, the tariff of Airport security tax remained unchanged for departing passengers at
EUR11.5 and EUR1.0 per ton of freight or mail. Connecting passengers now benefit from a 10%
discount and the Airport Security Tax stands at EUR10.35.

Funding

In March 2012, Aéroports de Paris redeemed a matured bond of EUR334 million of nominal value.

In June 2012, Aéroports de Paris issued a bond divided into two parts and totalling EUR800
million. The first one amounts to EUR300 million, bears interest at 2.375% and has a maturity date
on 11 June 2019. The second one amounts to EUR500 million, bears interests at 3.125% and has a
maturity date on 11 June 2024. 

Subsidiaries

*Integration of fashion and accessories activities into Société de Distribution Aéroportuaire

As of January 2012, Société de Distribution Aéroportuaire, company owned at 50% by Aéroports de
Paris and at 50% by Aelia, a subsidiary of Lagardère Services, integrated all the Fashion and
Accessories activities operated so far by Aelia, via a subsidiary.


*Acquisition of Nomadvance

In August 2012, Hub Telecom purchased Nomadvance, the French leader in the field of mobility
solutions and traceability for professionals. Nomadvance carries out traceability projects for
goods and materials and also mobility projects for nomad categories of staff. 

Dividend voted by the annual general meeting of shareholders

The annual general meeting of shareholders held on 3 May 2012 voted a dividend payment of EUR1.76
per share paid on 18 May 2012. This dividend corresponds to a payout ratio of 50% of the 2011
consolidated net result attributable to the Group, consistent with the dividend distribution
objective of Aéroports de Paris.


New presentation of the financial statements 


Pro forma financial statements for 2011 have been prepared following the creation of the new
"Airport Investments" segment[6] #_ftn6 . This segment includes, in addition to the share of
profit from TAV Airports (only from 2012), the profit from ADPM and the share of profit from
Schiphol previously recorded in the segment "Other activities". Shares of profit from TAV Airports
and Schiphol Group are recorded in profit/loss of associates from operating activities. The impact
on the 2011 P&L is as follows:

*Impact on the P&L of the segment "Airport Investments"

 In millions of EUR                            2011        2011                                              
                                             published   pro forma                                           
 Revenue                                              -          12  +12 ADPM                                
 EBITDA                                               -           2   +2 EBITDA ADPM                         
 Associates from operating activities                 -          13  +13 Share in net Result Schiphol Group  
 Operating Income from Ordinary Activities            -          14  +14                                     


*Impact on the P&L of the segment "Other Activities"

 In millions of EUR                            2011        2011                                              
                                             published   pro forma                                           
 Revenue                                            255         244  -11 Revenue ADPM : (EUR12M)             
                                                                         Intra-group: (+1)                   
 EBITDA                                              22          20   -2 EBITDA ADPM                         
 Associates from operating activities                13           -  -13 Share in Net Result Schiphol Group  
 Operating Income from Ordinary Activities           20           5  -14                                     


2012 results: operating income from ordinary activities up by 6.2%

 In millions of EUR                                    2012   2011  2012 / 2011  
 Revenue                                               2,640  2,502        +5.6% 
 EBITDA                                                1,017    972        +4.6% 
 Operating Income from Ordinary Activities[7] #_ftn7     645    607        +6.2% 
 Operating Income                                        642    652        -1.4% 
 Net finance income (expenses)                         (118)   (98)       +19.8% 
 Net Result                                              341    348        -1.9% 


Aéroports de Paris revenue was up 5.6% to EUR2,640 million. This increase is mainly due to the
good performance of its core business and in particular: 

*the positive change in income generated by aeronautical activities (+5.1% to EUR1,581 million),
primarily driven by increases in fees on 1 April 2011 (+ 1.49%) and 1 April 2012 (+3.4%) and
growth in passenger traffic (+0.8% to 88.8 million passengers);
*the sharp rise in income from retail and services (+7.3% to EUR902 million) due to the good
performance of commercial activities (+12.6%), which benefit from an increase in revenue per
passenger of 11.3% to EUR16.80;
*and continued growth in real estate (+4.6% to EUR253 million).

The amount of intersegment eliminations amounted to EUR355 million in 2012, up 3.9%. 

During 2012, the Aéroports de Paris Group EBITDA was up 4.6% to EUR1,017 million, reflecting an
increase in operating expenses (+6.9% to EUR1,709 million) which was slightly higher than revenues
(+5.6%). Over the year, the gross margin decreased 0.4% to 38.5%.

Capitalised production, which corresponds to the capitalisation of internal engineering services
performed on investment projects, increased by 18.4% to EUR62 million and was mainly due to the
continued implementation of single security control (Inspection Filtrage Unique) at Paris-Charles
de Gaulle.

Raw materials and consumables used increased by 24.0% to EUR115 million due to a scope of business
effect following the acquisition of Nomadvance by Hub télécom and the increase in energy prices. 

Expenses related to external services increased by 5.7% to EUR672 million mainly as a result of
cost increases for security services following the strike of December 2011 (which was offset by
the tax mechanism of the airport tax), transport and cleaning services following the opening of
Satellite 4 and the fight against snowfalls as part of the Group's policy to improve the quality
of service.

Group employee benefits costs increased by 4.7% and amounted to EUR709 million. 

The amount of taxes is up 8.0% to EUR190 million due to the increase in the territorial financial
contribution and property taxes.

Other operating expenses were up 33.9% to EUR23 million, mainly due to the reduction in losses on
receivables.

Other income and expenses represent a profit of EUR24 million in 2012, up 34.2% mainly due to the
positive impact of penalties collected under the protocol for the East baggage handling system
(see "Significant events during the financial year").

Operating income from ordinary activities benefited from the EBITDA dynamic and strong growth in
the share of income from associates from operating activities (+108.8% to EUR38 million), which
were favourably impacted by the recognition of its share in the income in TAV Airports and TAV
Construction (EUR16 million). It increased by 6.2% to EUR645 million.

Operating income was down slightly (-1.4% to EUR642 million), and the sharp increase in operating
income was offset by an unfavourable base effect, since 2011 benefited from the recognition of
non-recurring items totalling EUR44 million that included the settlement compensation for the
claim from Paris-Charles de Gaulle Terminal 2E and the profit made on the sale of Masternaut
Group.

The net finance cost increased by 19.8% to EUR118 million due to the acquisition costs related to
the purchase of the shares in TAV Airports and TAV Construction and the anticipated funding of
2013 terms in a context of low interest rates.

The net debt/equity ratio stood at 80% at 31 December 2012 versus 61% at end-2011. The Group's net
debt totalled EUR3,003 million at 31 December 2012 versus EUR2,206 million at 31 December 2011.

Following the agreement concluded in December between Aéroports de Paris and G3S to end to their
disputes concerning the terms and conditions of the Alyzia Holding sale agreement, net income from
discontinued activities had a negative balance of EUR5 million in 2012 versus a negative balance
of EUR13 million in 2011. 

Income taxes decreased 7.6% to EUR178 million.

Taking into account these elements, Net income attributable to the Group amounted to EUR341
million, down 1.9%.

Aviation: increase in tariffs and traffic offset by higher operating costs

 In millions of EUR                          2012   2011  2012 / 2011  
 Revenue                                     1,581  1,505        +5.1% 
 Airport fees                                  867    835        +3.8% 
 Ancillary fees                                178    169        +4.9% 
 Airport security tax                          493    458        +7.5% 
 Other revenue                                  44     42        +5.1% 
 EBITDA                                        343    359        -4.4% 
 Operating Income from Ordinary Activities      83    125       -33.3% 


Revenue from the segment was up by 5.1 % to EUR1,581 million during 2012.

Revenue from airport fees (passenger fee, landing fee and parking fee) is up 3.8% to EUR867
million and benefited from the combined increase in fees (+1.49% at 1 April 2011 and +3.4% at 1
April 2012) and traffic (+0.8%), particularly international (+1.7%). These effects were partially
offset by the implementation, on 1 April 2011, of the incentive mechanism to bolster traffic and
the decrease in ATMs (-1.8%).

Revenue from ancillary fees increased by 4.9% to EUR178 million, mainly due to the increase in
revenue from the de-icing fee and the implementation, in the fourth quarter of 2011, of a
snow-removal-equipment rental system to specialised service providers operating at Paris-Charles
de Gaulle Airport.

The airport security tax, which mainly finances security-related activities, has been EUR11.50 per
departing passenger since 1 January 2011. The proceeds from this tax amounted to EUR493 million,
up 7.5%.

Other revenue consisted, in particular, of reinvoicing the French Air Navigation Services Division
and leases associated with the use of terminals. It amounted to EUR44 million, which represents a
drop of 5.1%.

Due to an increase in operating expenses, driven primarily by external charges that have been
increasing more rapidly (+9.3% to EUR1,294 million) than revenue (+5.1% to EUR1,581 million),
EBITDA decreased by 4.4% to EUR343 million. The gross margin rate reached 21.7 %, down by 2.2
points. 

Depreciation and amortisation increased by 11.0% to EUR260 million. The operating income from
ordinary activities was down by 33.3% to EUR83 million.

Retail and services: shops in restricted areas are still driving growth

 In millions of EUR                                       2012  2011  2012 / 2011  
 Revenue                                                    902   841        +7.3% 
 Commercial activities                                      355   315       +12.6% 
 Car parks and access roads                                 159   158        +0.8% 
 Industrial services                                         68    60       +14.4% 
 Rental revenue                                             104    97        +7.1% 
 Other revenue                                              217   212        +2.2% 
 EBITDA                                                     503   463        +8.5% 
 Profit and Loss of associates from operating activities      7     6        +9.2% 
 Operating Income from Ordinary Activities                  412   375        +9.8% 


During 2012, revenue from the marketing and service segment increased by 7.3% to EUR902 million.

Revenue from commercial activities (rents from shops, bars and restaurants, advertising, banking
and foreign exchange activities and car rentals) increased by 12.6% to EUR355 million. Within this
total amount, rents from shops in restricted areas came to EUR253 million, up 13.5%, due to the
sharp increase in revenue per passenger[8] #_ftn8  (+11.3% to EUR16.80). This performance was
mainly attributable to the very good results of duty free shops over all terminals at
Paris-Charles de Gaulle airport, whom sales per passenger sharply increased (12.2 % to 31.0EUR)
driven by the strong traffic growth of highly contributive destinations such as China (14.4 %) or
Russia (12.5 %) and the continued healthy performance of Fashion & Accessories and gastronomy
activities.

Revenue from car parks rose slightly, by 0.8% to EUR159 million.

Revenue from the provision of industrial services (electricity and water supply) increased by
14.4% to EUR68 million due to higher energy prices and a favourable base effect as 2011 had been
impacted by the temporary disruption of a turbine at the Paris-Charles de Gaulle cogeneration
plant.

Rental revenue (leasing of space within terminals) increased by 7.1% to EUR104 million and
benefitted from new airline counter rentals following the opening of Satellite 4.

Other revenue essentially consisted of internal services and increased by 2.2% to EUR217million.

By keeping operating expenses under control, EBITDA for the segment increased by 8.5% to EUR503
million. The gross margin rate was up 0.7 point to 55.7 %.

The operating income from ordinary activities increased by 9.8% to EUR412 million driven by a
moderate increase in amortisation and depreciation (+3.3% to EUR97 million) and the strong growth
in associates from operating activities (+9.2% to EUR7 million).

Real estate: positive impact of new leases, increase in rents and favourable change in provisions

 In millions of EUR                               2012  2011  2012 / 2011  
 Revenue                                            253   241        +4.6% 
 External revenue (generated with third parties)    201   190        +5.7% 
 Internal revenue                                    51    51        +0.4% 
 EBITDA                                             149   129       +15.6% 
 Operating Income from Ordinary Activities          110    88       +24.9% 


During 2012, segment revenue was up 4.6% to EUR253 million.

External revenue amounted to EUR201 million, up 5.7%, thanks to rents from new occupations and the
positive impact of indexing revenue to the cost of construction on 1 January 2012 (+5.0%).
Internal revenue was virtually stable at EUR51 million.

Thanks to effective control over operating expenses and to a favourable change in allowances and
provision, EBITDA was up significantly, by 15.6% to EUR149 million. The gross margin rate stood at
58.9%, up 5.6 points.

Amortisation and depreciation were down by 3.8% to EUR39 million. Operating income from ordinary
activities was up by 24.9% to EUR110 million.

Airport investment: TAV results better than expected

 In millions of EUR                                        2012     2011          2012 / 2011 
                                                                  pro forma                   
 Revenue                                                    14       12         +8.3%         
 EBITDA                                                      1        2        -23.2%         
 Profit and Loss of  associates from operating activities   28       13       +121.0%         
 Operating Income from Ordinary Activities                  29       14       +105.1%         


Income from airport investment (100% composed of ADPM revenue) increased by 8.3 % to EUR14
million. 

Operating income from ordinary activities was up by 105.1% as a result of the recognition of the
share of profit from TAV Airports (EUR13 million). In 2012, the adjusted EBITDA of TAV Airports
grew by 29.1% to EUR332 million and net result was multiplied by 2.3 to EUR124 million.

Other activities: ADPI activity down, consolidation of Nomadvance and TAV Construction

 In millions of EUR                                       2012     2011     2012 / 2011  
                                                                 pro forma               
 Revenue                                                    246         243        +1.1% 
 EBITDA                                                      21          20        +5.7% 
 Profit and Loss of associates from operating activities      4           0           ns 
 Operating Income from Ordinary Activities                   11           5      +105.2% 


Revenue from the other activities segment was up 1.1% to EUR246 million, with the growth of Hub
Telecom (+7.5% to EUR112 million) and Alyzia Sûreté (+9.8 % to EUR65 million) being offset by
lower ADPI activity (-13.1% to EUR65 million). Operating income from ordinary activities totalled
EUR11 million in 2012 versus EUR5 million in 2011 due to the recognition of the share of profit
from TAV Construction (+EUR4 million).

Hub Telecom saw its revenue increase by 7.5% to EUR112 million due to the acquisition of
Nomadvance and despite the sale of Masternaut Group on 15 April 2011. EBITDA totalled EUR19
million, up 5.7% and the gross margin declined slightly by 0.3 points to 17.1%. The operating
income from ordinary activities was up 43.8% to EUR6 million.

Alyzia Sûreté revenue was up 9.8% to EUR65 million as a result of the rising cost of security
services. EBITDA increased by 104.5% to EUR3 million.

ADPI saw its business shrink in 2012, mainly due to the end of important contracts. Its revenue
stood at EUR65 million, which is a decrease of 13.1%. The substantial reduction in revenue was
accompanied by a large reduction in operating expenses (-18.9%). EBITDA remained steady vis-à-vis
a profit of EUR1 million in 2011.Operating income from ordinary activities totalled -EUR1 million.
At the end of December, the backlog (2013-2015) stood at EUR65 million. 


Outlook


2013 Forecasts

Assuming that traffic remains stable in 2013 compared to 2012, consolidated revenue and EBITDA are
expected to grow slightly in 2013 compared to 2012.

2015 Outlook[9] #_ftn9 

2015 EBITDA is expected to increase by 25% to 35% compared to 2009,

The cost-savings programme in place since the beginning of 2013 should limit the growth in
operating costs of the parent company by 3.0% maximum per year on average between 2012 and 2015.


Events after 31 December 2012


Launch of third Airport tender and compensation of loss of profit for TAV Airports if opened
before the end of the Istanbul Atatürk Airport concession

The Turkish government officially launch the tender for the construction and management of the
third airport in Istanbul. This airport should have an initial capacity of 70 million passengers
per year and 150 million at the end. The project will be a BOT "build-operate-transfer" and
concession will last 25 years. Consultation documents related to this tender have been released
the 28th of January and offers have to be sent the 3 May 2013.

TAV Airports Holding and TAV Istanbul (100% owned by TAV Airports Holding), which holds the lease
on the Istanbul Atatürk Airport until 2 January 2021, were officially informed by the Turkish
Civil Aviation Authority (Devlet Hava Meydanlari iSletmesi or DHMI) that TAV Istanbul will be
compensated for its loss of profit that may be incurred between the date of opening of this new
airport and the ending date of the current lease.

January traffic figures

In January 2013, Aéroports de Paris passenger traffic decreased by 3.0% compared to January 2012,
with a total of 6.2 million passengers handled including 4.3 million at Paris-Charles de Gaulle
(-3.0%) and 1.9 million at Paris-Orly (-3.2%). Traffic was affected by heavy snowfalls over France
and Northern Europe between 18 and 20 January. Without these three days of snowfalls, passenger
volumes would have decreased by 2.3% in January. 

Pricing proposals

As at 1 April 2013, fee tariffs will increase by an average of 3.0% on a like-for-like basis.

Airport security tax

On 1 April 2013, the Airport security tax rate will remain unchanged at EUR11.50 per departing
passenger and EUR1.00 per ton of freight or mail. However, connecting passengers will enjoy a 40%
discount (versus 10% previously), with the Airport security tax standing at EUR6.90 per departing
connecting passenger.

Dividend distribution policy

At its meeting of 27 February 2013, the Board of Directors decided to propose at the next Annual
General Meeting, to be held on 16 May 2013, a dividend distribution of EUR2.07 per share for the
2012 financial year. Subject to the vote of the Annual General Meeting, the payment would occur on
30 May 2013. This dividend corresponds to a payout ratio of 60% of the 2012 net income
attributable to the Group, against a ratio of 50% previously.

Agenda

§  Thursday 28 February 2013: analyst meeting at 10:30am Paris time. Broadcast and presentation
available at http://www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/
http://www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/ 

§   Tuesday 14 May 2013: first quarter revenue

§   Thursday 16 May 2013: general meeting of shareholders 

Investor Relations 

Vincent Bouchery: + 33 1 43 35 70 58 - invest@adp.fr mailto:invest@adp.fr 

Press

Christine d'Argentré: + 33 1 43 35 70 70

Website: www.aeroportsdeparis.fr http://www.aeroportsdeparis.fr/ 

 

 

 

 

 

 

 

 

 

 

The financial information presented within this press release comes from Aéroports de Paris'
consolidated financial statements. Audit procedures have been carried out and the audit report
relating to the certification of Aéroports de Paris consolidated financial statements at 31
December 2012 is in the process of being issued.

Consolidated financial statements at 31 December 2012 and the related report are available on the
Group website (www.aéroportsdeparis.fr) in the section "Group / Finance / Publications".

Forward looking statements

This press release does not constitute an offer of, or an invitation by or on behalf of Aéroports
de Paris to subscribe or purchase financial securities within the United States or in any other
country. Forward-looking disclosures are included in this press release. These forward-looking
disclosures are based on data, assumptions and estimates deemed reasonable by Aéroports de Paris.
They include in particular information relating to the financial situation, results and activity
of Aéroports de Paris. These data, assumptions and estimates are subject to risks (such as those
described within the reference document filed with the French financial markets authority on 6
April 2012 under number D. 12-0297) and uncertainties, many of which are out of the control of
Aéroports de Paris and cannot be easily predicted. They may lead to results that are substantially
different from those forecasts or suggested within these disclosures

 www.aeroportsdeparis.fr http://www.aeroportsdeparis.fr/                                                                                                                                                                                                                                                                                                     
 
                                                                                                                                                                                                                                                                                                                                                           
 Press contact: Christine d'Argentré +33 1 43 35 70 70 - Investor Relations: Vincent Bouchery +33 1 43 35 70 58 - invest@adp.fr mailto:invest@adp.fr                                                                                                                                                                                                         
 
Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2012, Aéroports de Paris handled almost 89 million passengers and 2.3 million tons of freight and mail in Paris and 40 million passengers in airports abroad.                                                              
 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 2012, the group revenue stood at EUR2,640 million and the net income at EUR341 million.   
 
Registered office: 291, boulevard Raspail, 75014 Paris, France. A limited company (Société Anonyme) with share capital of EUR296,881,806. 552 016 628 RCS Paris                                                                                                                                                                                            


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Appendix

Consolidated Income Statement

Consolidated Statement of financial position


Consolidated Statement of Cash flows


----------------------------------------------------------------------------------------------------

[1] #_ftnref1  Direct or indirect



[2] #_ftnref2  From SETA, which holds 16.7% of GACN, which controls 13 airports in Mexico 



[3] #_ftnref3 TAV Airports operates domestic traffic since January 2012. On a like-for-like basis
traffic is up 9,8%



[4] #_ftnref4  Saudi Arabia (since July 2012), Tunisia, Georgia and Macedonia



[5] #_ftnref5  Algiers, Phnom Penh, Siem Reap and Conakry



[6] #_ftnref6 See press release for 2012 interim results at www.aeroportsdeparis.fr



[7] #_ftnref7 Operating Income from Ordinary Activities: Operating income before the impact of
certain non-current income and charges.



[8] #_ftnref8 Sales of shops in restricted area divided by the number of departing passengers



[9] #_ftnref9  For more information see press release from 20 December 2012 titled "2012 and 2015
targets" on the www.aeroportsdeparis.fr website

Aéroports de Paris : 2012 Full Year results http://hugin.info/145257/R/1681814/549917.pdf 


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Source: Aéroports de Paris via Thomson Reuters ONE


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