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FY supported by exceptional items; lower 2017 traffic guidance

  • 23 Feb 17

Paris Aéroport released a mitigated set of full-year results, broadly in line with consensus. Results [Based on 2015 restated numbers] Group revenue was up 0.4% at €2,947m, 0.8% above the €2,922m consensus. EBITDA reached €1,195m, up 0.4% from €1,191m in 2015, broadly in line with the €1,192m of consensus. Net income was up €5m, to €435m, bang in line with market expectations. By division, the Aviation and Retail businesses were up slightly, at +0.5% and +0.7%, respectively while the real estate activities were down 0.8%. International and airport developments were up 1% and revenues from other activities rose 3.6%. Traffic figures were published on 13 January so there was no surprise on this side. Total traffic was up 2%, with traffic at Orly airport up +5.3% and Charles de Gaulle broadly flat at +0.3%. Sales per pax reached €18.2, down 8% yoy, although slightly above the first nine months’ figure (€17.9). The board proposed a dividend of €2.64 per share, up €0.03 yoy, in line with the 60% pay-out guidance. Guidance For 2017, the group now sees traffic growth ranging between +1.7% and +2.2% (vs +2.3% previously), higher EBITDA and a stable 60% pay-out ratio. The company confirmed its 2020 targets, including the €23 sales per pax target. Other developments The group announced the sale of its 49% interest in TAV Construction, arguing that the Turkish company was now focusing on non-airport construction works, including towers and stadia. Following this decision, the TAV construction business has been impaired by €45m and has been reclassified under “assets held for sale”. On the other hand, Paris Aéroport’s management confirmed that the sale of its 38% interest in TAV Airport was not on the agenda. Future investments could include the acquisition of a 20% stake in the Vietnamese airport operator AVC for which Paris Aéroport seems well placed given that the Vietnamese government could prefer to sell a minority stake to Paris Aéroport given the shareholding of the French government. According to our estimates, this could represent a c.€250m investment and the sale could happen as soon as 31 March 2017. Other smaller investments could be made to increase current minority stakes (Croatia, Jordan or TAV Airports), although no specific names were given.

FY 2016 and December traffic figures

  • 13 Jan 17

Paris Aéroport released its FY 2016 and December traffic figures. Full-year traffic Paris Aéroport handled a total of 97.2mpax, up 1.8% yoy. Paris-Charles de Gaulle Airport welcomed 65.9mpax (+0.3%) and Paris-Orly Airport 31.3m (+5.3%). Traffic increased by 1.5% over the first half of the year and increased by 2.1% over the second half. Excluding Europe, international traffic was up 0.4% translating growth from French overseas territories (+4.8%), the Middle East (+3.6%), LatAm (+2%) and Africa (+1.9%), partly offset by declining traffic from Asia (-6.7%), particularly from Japan and Malaysia, while North America was broadly flat at +0.1%. Traffic in France was up 1.1% while other European destinations were up 3.4%. Lastly, traffic at TAV Airports (38% owned) was up 0.5% on a like-for-like basis, to 104.4mpax and traffic at Santiago (45% owned) rose 11.3%, at 19.2mpax. December traffic In December, Paris Aéroport handled a total of 7.7mpax, up 8.8% yoy. Paris-Charles de Gaulle Airport welcomed 5.2mpax (+7.5%) and Paris-Orly Airport 2.5m (+11.5%). Excluding Europe, international traffic was up 7.7% mostly translating a strong growth from the Middle East (+14.6%), Africa (+7.1) and LatAm (+6.6%), while North America was up 4.8% and French overseas territories up 3.2%. Traffic in France was up 5.6%, while other European destinations were up 11.4%. Lastly, traffic at TAV Airports was up 2.3% and Santiago up 15.1%.