Aéroports de Paris: H1 2012 pro forma consolidated financial statements, following the application of standard IAS 19 revised

Wed Aug 7, 2013 11:45am EDT

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Since 1st January 2013, the Group Aéroports de Paris applies standard IAS 19 revised "Employee benefits" that eliminates the option allowing differing recognition of actuarial gains and losses of employee benefit obligations, called the "corridor approach". As a consequence, all actuarial gains and losses of employee benefit obligations are now immediately recognised in "Other Comprehensive Income".

Beyond the adoption of this amendment, the Group Aéroports de Paris chose to recognise from now on the expense relative to retirement benefit obligations by distinguishing the cost of current services (in operating income), the interest cost related to retirement commitments (in financial income), according to this standard. Until 2012 these expenses were entirely recorded in operating income.

To allow a comparison with H1 2013 consolidated financial statement, to be released on 29 August 2013, H1 2012 pro forma consolidated financial statements have been prepared in accordance with the changes described above:

Impact on the H1 2012 consolidated P&L

In millions of Euros H1 2012 as published H1 2012
pro forma
Var.  
Revenue 1,267 1,267 -
EBITDA 464  468  +4 Employee benefit costs:    -3 M€ (IAS 19 revised), +7 M€ (change of presentation)
Operating Income from Ordinary Activities 282  286  +4  
Operating Income 282  286  +4  
Net financial income/expense (56) (63) -7 Financial expenses: -7 M€ (change of presentation)
Income tax expense (80) (79) +1 IAS 19 revised impact
Net income attributable to the Group 147  145  -2  

This change impacts significantly only the segments "Aviation" and "Retail and Services" :

  • Impact on the P&L of the segment "Aviation":
In millions of Euros   H1 2012 as published H1 2012
pro forma
Var.
Revenue 761 761 -
EBITDA   143  146  +3
Operating Income from Ordinary Activities   25  28  +3
Operating Income   25  28  +3
      

  • Impact on the P&L of the segment "Retail and Services":
In millions of Euros   H1 2012 as published H1 2012
pro forma
Var.
Revenue 439 439 -
EBITDA   246  247  +1
Operating Income from Ordinary Activities   202  203  +1
Operating Income   202  203  +1

Impact on the consolidated statement of financial position as at 30.06.2012

In millions of Euros 30.06.2012 as published Adjustment 30.06.2012 restated
ASSETS    
Non-current assets   7,613       -     7,613 
Current assets 1,500       -     1,500 
TOTAL ASSETS   9,113       -     9,113 
SHAREHOLDERS' EQUITY AND LIABILITIES   
Share capital   297       -     297 
Share premium   543       -     543 
Retained earnings   2,729  26  2,755 
Other equity items   (1) - (1)
Shareholders' equity   3,568  26  3,594 
Non-current debt 3,482       -     3,482 
Provisions for employee benefit obligations (more than one year) 327  (40) 287 
Deferred tax liabilities   210  14  224 
Other non-current liabilities 64       -     64 
Non-current liabilities   4,083  (26) 4,057 
Current liabilities 1,461       -     1,461 
TOTAL EQUITY AND LIABILITIES 9,113  - 9,113 

Impact on the consolidated statement of financial position as at 31.12.2012

In millions of Euros 31.12.2012 as published Adjustment 31.12.2012 restated
ASSETS    
Non-current assets   7,829  0 7,829 
Current assets 1,554       -     1,554 
TOTAL ASSETS   9,383  0 9,383 
SHAREHOLDERS' EQUITY AND LIABILITIES     
Share capital   297       -     297 
Share premium   543       -     543 
Treasury shares (2) - (2)
Retained earnings   2,898  28 2,926
Other equity items   (4) (48) (52)
Shareholders' equity   3,733  (20) 3,712 
Non-current debt   3,483       -     3,483 
Provisions for employee benefit obligations (more than one year)   330  31  361 
Deferred tax liabilities   212  (11) 202 
Other non-current liabilities 74       -     74 
Non-current liabilities   4,099  20  4,120 
Current liabilities 1,551       -     1,551 
TOTAL EQUITY AND LIABILITIES   9,383  9,383 

 

 





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