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Aéroports de Paris SA: Groupe ADP's activities continue to be affected by the Covid-19 pandemic

Wed 28th July, 2021 4:45pm
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FINANCIAL RELEASE
28 July 2021        

Aéroports de Paris SA
Groupe ADP's activities continue to be affected by the Covid-19 pandemic

Groupe ADP's 2021 half-year results(1)
* Groupe ADP traffic(2): down by -26.6%(3) over the 1(st) half of 2021
compared to the 1(st) half of 2020, at 48.8 million passengers, standing at
29.7% of the 1(st) half of 2019 group traffic level;
* Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): down by
-45.7% over the 1(st) half of 2021 compared to the 1(st) half of 2020, at
10.7 million passengers, standing at 20.5% of the 1(st) half of 2019 Paris
Aéroport traffic level;
* Consolidated revenue: down by -15.3%, at €989 million, due to the Covid-19
pandemic on the revenue from aviation and retail activities in Paris;
* Positive EBITDA(4) at +€155 million, up by +€116 million, mainly due to
punctual gains related to the return to full ownership of some buildings on
the Parisian platforms and to favorable base effects compared to the 1(st)
half of 2020;
* Operating income from ordinary activities at -€243 million, up by +€323
million, mainly due to a favorable base effect related to the recognition of
impairment on assets of €191 million in the 1(st) half of 2020(5);
* Net result attributable to the Group at -€172 million, up by +€371
million, mainly due to a favorable base effect related to the recognition of
assets impairment in the 1(st) half of 2020 and to the positive impact of the
TAV Tunisia's debt restructuring over the 1(st) half of 2021.
 (in millions of euros – unless otherwise stated)    H1 2021 ((1))  H1 2020  2021/2020           
 Revenue                                             989            1 , 168  -€179m      -15.3%  
 EBITDA                                              155            39       +€116m      N/A     
 Operating income from ordinary activities ((2))     ( 243 )        ( 566 )  +€323m      N/A     
 Net result attributable to the Group                (172)          (543)    +€371m      N/A     
 Paris Sales/PAX (€) ((3))                           23 . 3         19 . 8   -           +17.7%  
 Net financial debt ((4))                            8 , 027        6 , 657  +€,1370m    +20.6%  

(1)   The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).
(2)  Groupe ADP has accounted the results of the GMR Airports group using the
equity method at 24.99% between March and June 2020 and at 49% from July 2020
(on the stake acquisition in GMR Airports, see the press releases of 20 and 26
February, and 7 July 2020).
(3)   Sales in airside shops divided by the number of departing passengers
(Sales/PAX).
(4)   The method for calculating net financial debt was changed compared to
the 1(st) half of 2020. The applied method over the 1(st) half of 2021 is as
follows: "gross financial debt less fair value hedging assets, cash and cash
equivalents and restricted cash", while for the 1(st) half of 2020 the applied
method was as follows: "gross debt less receivables and current accounts with
equity affiliates, fair value hedging assets, cash and cash equivalents and
restricted cash". By way of comparison, net financial debt at 30 June 2020
stood at €6.576 million.

Revision of some assumptions and forecasts for 2021 compared to the 2020
publication of the annual results
* Revision of Groupe ADP traffic assumption in 2021 between 40% and 50% of the
2019 group traffic (45% to 55% previously);
* Revision of Paris Aéroport traffic assumption in 2021 between 30% and 40%
of the 2019 Paris Aéroport traffic (35% to 45% previously);
* Revision of EBITDA / Group revenue ratio forecast estimated between 15% and
20% in 2021 (18% to 23% previously);
* Revision of the annual investments amount in Paris, regulated and
non-regulated (excluding financial investment) for 2021-2022,
estimated between €500 and €550 million per year;
* Confirmation of the net financial debt ratio/EBITDA from 6x to 7x by the end
of 2022.
Augustin de Romanet, Chairman and CEO, stated:

"The 1(st) half of 2021 was marked by a resurgence of the pandemic. It
affected all aviation and retail activities from January to May, with a
recovery starting mid-May, whereas the year 2020 was only impacted from March
onwards. As a result, Groupe ADP's traffic fell by -26.6% compared to the
1(st) half of 2020, with a total of 48.8 million passengers, or 29.7% of the
1(st) half of 2019 traffic. Over the same period, Paris Aéroport traffic
was down by -45.7%, with 10.7 million passengers, or 20.5%
of the 1(st) half of 2019 traffic. Consolidated revenue was down by
-15.3% in the 1(st) half of 2021, at 989 million euros. EBITDA is positive
at 155 million euros thanks to punctual gains related to the return to full
ownership of some buildings on the Parisian platforms and to favorable
base effects compared to the 1(st) half of 2020. The net result attributable
to the group stood at -172 million euros, increasing, mainly due to the
base effect related to the impairments recorded in the 1(st) half of 2020.
Groupe ADP is pursuing its efforts aiming at stabilizing its financial
situation and maintains a satisfying cash position. Even though our traffic
technical forecasts are at the lower end of the 2021 assumptions as
published at the 2020 Full-year results presentation, the group is cautious
and revises its guidances given the uncertain evolution of the health
situation. Therefore, the range is now between 30% and 40% of the 2019
traffic for Paris Aéroport, and between 40% and 50% of the 2019 traffic for
Groupe ADP. As a consequence, the EBITDA/Group revenue ratio forecast for
2021 has been revised down from a range of 18%-23% to 15%-20%.
The guidance of a net financial debt/EBITDA ratio between 6x and 7x by
the end of 2022 is confirmed."

Update on the situation related to the Covid-19 pandemic

Since the sudden half of air transport in the spring of 2020, the recovery of
traffic in France and abroad has followed the evolution of mobility
restriction measures applicable in each country (lockdowns, quarantines,
border closures, etc.) in relation with the evolution of the pandemic and in
particular the spread of new Covid-19 variants.

Over the 1(st) half of 2021, Groupe ADP(6) passenger traffic is down by -26.6%
compared to the same period over 2020, at 48.8 million of passengers,
standing at 29.7% of the 1(st) half of 2019 group traffic.

Over the 1(st) half of 2021, Paris Aéroport passenger traffic is down by
-45.7% compared to the 1(st) half of 2020, at 10.7 million of passengers,
standing at 20.5% of the 1(st) half of 2019 Paris Aéroport traffic. Aircraft
movements at Paris Aéroport are down by -21.1% over the 1(st) half of 2021
compared to the same period over 2020. At Paris-Charles de Gaulle and
Paris-Orly, the platforms are adapting their infrastructures by closing or
opening terminals according to the evolution of commercial passenger traffic.

Regarding Groupe ADP's international platforms, most airports are open to
commercial flights. However, following the resurgence of the pandemic in
March 2021, some countries have tightened travel restrictions (see page 12
for details). In India, traffic at the GMR Airports group platforms of the
have been impacted by the resurgence of the pandemic over the spring 2021.
* Social situation in Paris
Partial activity at Aéroports de Paris SA, consequence of the decline in
activity and the closure of infrastructures, introduced on 23 March 2020, has
been extended until 30 June 2021. 87% of ADP's employees have been affected by
the partial activity over the 1(st) half of 2021 causing a decline in
operating expenses of 45 million euros.

Aéroports de Paris SA has concluded with all the representative trade unions
a collective mutually agreed termination agreement (RCC). This agreement,
approved by the regional office of enterprise, competition, consumption,
labour and employment (DIRECCTE) on 17 December 2020, sets at 1,150 the
maximum number of voluntary departures, of which 700 will not be replaced. The
first departures have occurred at the end of March 2021, and at the end of
June 2021 around 900 employees have left the company. At the end of December
2021, the maximum number of departures will be reached. They will have for
Aéroports de Paris SA a structural effect of reduced group expenses estimated
at 35 million euros in 2021 and 60 million euros on a full year basis.

Moreover, the adjustment plan for employment contracts (PACT) and standards
applicable to the employees of Aéroports de Paris was subject to a
consultation by the Social and Economic Committee on 21 May 2021 and has been
approved by the interdepartmental regional office of the economy, employment,
labour and solidarity (DRIEETS) on 23 June 2021. This plan, which does not aim
at reducing the headcount, provides for salary moderation measures starting in
September 2021, accompanied by a guarantee limiting the decrease in
compensation, preserving the main elements of compensation (base salary,
seniority, salary progression and benefits). An agreement signed with most of
the representative trade unions on July 13(th), 2021 allows to precise the
implementation modalities of this plan.

Finally, an information and consultation process with the Social and Economic
Committee with a view to reshaping the organization has furthermore been
initiated in May 2021. This project aims at adapting the organization
of Aéroports de Paris SA to the lasting decline of the activity, to the
evolution of the company as well as to the reduction of the workforce
following the application of the collective mutually agreed termination
agreement. It should allow to secure operational continuity, preserve skills,
and support the RCC while respecting employment commitments and meeting the
group's challenges by strengthening its integration, agility, efficiency and
sustainability.
* Situation abroad
Due to the decline in traffic caused by the Covid-19 pandemic and its
unfavorable economic consequences, for some of the group's international
assets, discussions had to be opened with the stakeholders involved (conceding
authorities, banks) with the aim of maintaining financial and operational
viability, in particular by requesting concession term extensions.

Furthermore, regarding TAV Airports, two-year concession extensions were
obtained on 15 February 2021 for the airports of Ankara, Antalya, Bodrum,
Gazipasa and Izmir, while the concession fees for these airports due for 2022
will be settled in 2024. As scheduled, TAV Airports has received on 16
February 2021 the payment by the Turkish State Airport Authority (DHMI)
of the remaining of the receivable related to the compensation due as a
result of the early closure of Atatürk for an amount of 196 million euros. In
addition to this, regarding Tunisia, a restructuring arrangement has been
signed between TAV Tunisia and its group of lenders in order to modify the
financing conditions of the subsidiary company. TAV Airports recorded a net
gain of 110 million euros as a result of the restructuring, with a positive
impact on the financial result. Finally, restructurings in several TAV
Airports' concessions are still underway (refinancing, capital increase…).

Regarding GMR airports, the Delhi High Court has granted Delhi Airport the
right to suspend the payment of concession fees on an interim basis until an
arbitration court rules on the matter.

Due to the deterioration of the traffic projection curve at Santiago de Chile
airport, the shareholders have engaged discussions with the Chilean
authorities in order to restore the economic balance of the project. In
parallel Santiago Airport is engaging with its lenders in order to restructure
its debt payment obligations.

Airport International Group (AIG), concessionary company of Amman airport in
Jordan, is performing active discussions with its grantor to accomplish the
economic and financial rebalance of the concession, including the negotiation
for an extension of its term. A restructuration of the debt obligations
towards the lenders is conducted in parallel.

In Madagascar, the discussions are ongoing with lenders to amend and extend
certain conditions of project company loans.

As a result, Groupe ADP may have to provide financial support to these airport
management companies in which it is a shareholder. This support is estimated,
globally, at a maximum of 80 million euros in the context of restructuring
discussions between now and the end of the current fiscal year.

The financing contracts regarding the concessions operated mainly by AIG, TAV
Esenboga, TAV Macedonia, TAV Milas Bodrum, TAV Ege, TAV Tunisia and HAVAS,
include early repayment clauses in the event of failure to comply with certain
financial ratios. In the event of a persistent non-compliance, the lenders may
impose conditions of default which may result in limited or no recourse
regarding the shareholders. As a reminder, contracts with such covenants
amount to 11.1% of the group's total debt on 30 June 2021. To date, either the
early repayment clauses in the event of failure to comply with certain
financial ratios have been respected by the airport management companies,
otherwise the lenders have agreed to refrain from exercising their rights,
with the exception of AIG. In the case of AIG, a dialogue is ongoing with the
lenders.
* Solid financial structure and strengthened liquidity
Groupe ADP had a cash position of 2.8 billion euros as of 30 June 2021, of
which 0.2 billion euros was held by TAV Airports.

Given its available cash, the group does not anticipate any liquidity
difficulties with regard to its forecasts for the next 12 months. This cash
position enables it both to meet its current needs and its financial
commitments mainly including the repayment of a bond debt for ADP SA in July
2021 for 400 million euros and to dispose of significant liquidities in the
current exceptional health and economic context.

Given the confidence of the investors in the strength of its financial model
and its long-term credit rating (A, negative outlook by the Standard and
Poor's agency since 25 March 2020), Groupe ADP ensures that, in the event of
a significant deterioration in the economic and health situation, it would be
in a position to meet its commitments and resort to additional financing.
* Trends for the group
To date, the traffic assumption for Groupe ADP in 2021 has been revised
downwards, between 40% and 50% of the 2019 group traffic(7) (compared to 45%
and 55% previously) and the traffic assumption for Paris Aéroport between 30%
and 40% of the 2019 Paris Aéroport traffic(8) (compared to 35% to 45%
previously).

Under these conditions, the EBITDA/group revenue ratio is also revised
downwards and is expected to stand between 15% and 20% in 2021 (compared to
18% to 23% previously).

The amount of structural savings in Paris is in the range of 100 to 150
million euros per year.

The annual regulated / non-regulated investments in Paris (excluding financial
investment) for the 2021-2022 period are estimated between €500 and €550
million per year (vs. €500 and €600 million previously). The investments
are estimated between €650 and €750 million per year for the 2023-2024
period.

Regarding the financial debt, Groupe ADP confirms the guidance(9) of a net
financial debt/EBITDA ratio between 6x and 7x by the end of 2022.

Moreover, the group confirms that Paris Aéroport traffic may return to the
level reached in 2019 between 2024 and 2027. In this context, the traffic
would stand at 65%-75% of the 2019 level in 2022, at 75%-85% of the 2019 level
in 2023, and at 90% of the 2019 level in 2024.

Groupe ADP's 2021 half-year results

2021 half-year consolidated accounts

 (in millions of euros)                               H1 202 1 ((1))  H1 20 20  202 1 /20 20  
 Revenue                                              989             1,168     -15.3%        
 EBITDA                                               155             39        + € 116M      
 EBITDA / Revenue                                     15 . 6%         3 . 3%    +12,3 pts     
 Operating income from ordinary activities ((2))      (243)           (566)     + € 323M      
 Operating income from ordinary activities / Revenue  -24 . 6%        -48 . 5%  +23 . 9 pts   
 Operating income                                     (235)           (611)     + € 376M      
 Financial result                                     (21)            (210)     + € 189M      
 Net income attributable to the Group                 (172)           (543)     + € 371M      

(1)   The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).
(2)   Groupe ADP has accounted the results of the GMR Airports group using
the equity method at 24.99% between March and June 2020 and at 49% from July
2020 (on the stake acquisition in GMR Airports, see the press releases of 20
and 26 February, and 7 July 2020).

Revenue

 (in millions of euros)                             H1 202 1  H1 20 20  202 1 /20 20  
 Revenue                                            989       1,168     -15 . 3%      
 Aviation                                           372       482       -22.9%        
 Retail and services                                289       371       -22.0%        
 of which Société de Distribution Aéroportuaire     84        136       -38.1%        
 of which Relay@ADP                                 8         13        -41.1%        
 Real estate                                        146       149       -2.3%         
 International and airport developments             221       225       -1.6%         
 of which TAV Airports ((1))                        154       141       + 9 . 0%      
 of which AIG                                       47        47        + 0 . 5%      
 Other activities                                   83        66        +24.9%        
 Inter-sector eliminations                          (122)     (125)     -2.9%         

(1)   The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).

Groupe ADP's consolidated revenue stood at 989 million euros over the 1(st)
half of 2021, down by -179 million euros, due to the decline in traffic
resulting from the crisis linked to the Covid-19 and more specifically to:
* the decline by -32.0% in revenue from airport and ancillary fees in Paris
Aéroport, for respectively -31.4% (-€75 million) and -34.5% (-€19
million); 
* the decline by -39.8% in revenue from retail activities in Paris Aéroport
(-€76 million).
The effects are partially offset by the growth by +9,0% in revenue from TAV
Airports (+€13 million) related to the integration of the revenue from the
management company of Almaty airport from 1(st) May 2021 onwards(10), for
+€19 million.

The amount of inter-sector eliminations stood at -€122 million over the
1(st) half of 2021, compared to -€125 million over the 1(st) half of 2020.

EBITDA

 (in millions of euros)         H1 202 1 ((1))  H1 20 20  202 1 /20 20  
 Revenue                        989             1,168     - € 179M      
 Operating expenses             (994)           (1,082)   +€89M         
 Consumables                    (135)           (137)     + € 2 M       
 External services              (328)           (354)     + € 27 M      
 Employee benefit costs         (344)           (374)     +€ 30 M       
 Taxes other than income taxes  (155)           (198)     + € 42 M      
 Other operating expenses       (32)            (19)      -€ 13 M       
 Other incomes and expenses     159             (47)      +€206M        
 EBITDA                         155             39        + €1 16M      
 EBITDA/Revenue                 15 . 6%         3 . 3%    +12 . 3pts    

(1)   The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).

Group operating expenses stood at -994 million euros over the 1(st) half of
2021, down by -89 million. The savings in operating expenses related to the
closure of infrastructure in Paris were about 50 million euros over the 1(st)
half of 2021. The savings related to the partial activity measures resulting
from the decline in activity at ADP SA were of 45 million euros, 12 million
euros at TAV Airports' level and 17 million euros for Société de
Distribution Aéroportuaire.

The distribution of the group's operating expenses was as follows:
* Consumables were slightly down by -2 million euros and stood at -135 million
euros, of which in particular:  * a decline of -25 million euros in the retail
subsidiaries (Société de Distribution Aéroportuaire and Relay@ADP)
resulting from the mechanical effect of lower costs in line with the decline
in revenue;
* an increase of +11 million euros for Hub One, related to its revenue
increase;
* and a +9 million euros for TAV Airports, of which +8 million euros related
to the integration of the management company of Almaty airport into ADP's
accounts from 1(st) May 2021, onwards.
  
* Expenses related to external services were down by -27 million euros and
stood at -328 million euros, mainly due to a -34 million euros decline in
subcontracting and other external services and charges, mainly linked to the
decline in traffic and the closure of infrastructures. This decline was partly
offset by the +7 million euros increase in upkeep and repair, notably related
to the reopening of some terminals in Paris and at TAV Airports in order to
accompany the traffic's gradual recovery.

  * Employee benefit costs were down by -30 million euros and stood at -344
million euros, mainly due to the continuation of partial activity at ADP SA
(-45 million euros) as well as other similar measures at the international
level (including -12 million euros at TAV Airports) and in the retail
subsidiaries.
In France, the group's companies resorted to partial activity over the 1(st)
half of 2021. It covers a range of between 80% and 90% of the full-time
equivalent workforce, depending on the month and entities concerned. In the
foreign subsidiaries, the support measures for the decline in activity have
been adapted in accordance with regulatory requirements as well as local
government measures.
* Taxes other than income taxes were down by -42 million euros and stood at
-155 million euros, mainly due to a decline in the property tax in line with
tax reductions related to the closed infrastructures, for 34 million euros. 
* Other operating expenses were up by +13 million euros and stood at -32
million euros, due to losses on bad debts, mainly related to the bankruptcy of
Aigle Azur in 2019.
Other income and expenses represented a net product of +159 million euros, up
by +206 million euros over the 1(st) half of 2021, due to:
* lesser impairments of receivables, at +13 million euros, due to the
favorable base effect compared to the recorded impairments of receivables for
63 million euros over the 1(st) half of 2020, as well as the reversal of some
provisions (mainly Aigle Azur receivables) over the 1(st) half of 2021;   *
the increase of other operating income at +125 million euros, following
punctual gains related to the return to full ownership of some buildings on
the Parisian platforms (€117 million).
Over the 1(st) half of 2021, the group's consolidated EBITDA stood at 155
million euros. The gross margin rate(11) associated was 15.6%,
up by +12,3 points.

Net result attributable to the Group

 ( en millions d'euros )                                         H1 202 1 ((1))  H1 20 20  202 1 /20 20  
 EBITDA                                                          155             39        + € 116M      
 Amortisation and impairment of tangible and intangible assets   (333)           (514)     +€181M        
 Share of profit or loss in associates and joint ventures ((2))  (65)            (91)      +€26M         
 Operating income from ordinary activities                       (243)           (566)     + € 323M      
 Other operating income and expenses                             8               (45)      +€53M         
 Operating income                                                (235)           (611)     + € 376M      
 Financial income                                                (21)            (210)     +€189M        
 Income before tax                                               (256)           (821)     + € 564M      
 Income tax expense                                              69              92        -€23M         
 Net income from continuing operations                           (187)           (729)     + € 542M      
 Net income                                                      (188)           (732)     + € 544M      
 Net income attributable to non-controlling interests            (16)            (189)     +€173M        
 Net income attributable to the Group                            (172)           (543)     + € 371M      

(1)   The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).
(2)   Groupe ADP has accounted the results of the GMR Airports group using
the equity method at 24.99% between March and June 2020 and at 49% from July
2020 (on the stake acquisition in GMR Airports, see the press releases of 20
and 26 February, and 7 July 2020).

Operating income from ordinary activities stood at -243 million euros, up by
+323 million euros, mainly due to:        
* the improvement of EBITDA for +116 million euros; 
* the favorable base effect due to the accounting over the 1(st) half of 2020
of impairments on intangible assets of Société de Distribution
Aéroportuaire (for -51 million euros) and on an international asset of the
group (for -132 million euros);
* the improving results from companies consolidated under the equity method,
up by +26 million euros over the 1(st) half of 2021, at -65 million
euros, of which TAV Airports for +15 million euros;
Operating income stood at -235 million euros, up by +376 million euros, mainly
due to:
* the improvement of operating income from ordinary activities for +323
million euros; 
* the favorable base effect due to the accounting of an impairment(12) on the
goodwill recorded upon the takeover of an international concession over the
1(st) half of 2020.
Financial result stood at -21 million euros, up by +189 million euros, mainly
due to the restructuration agreement on the debt of TAV Tunisia (for a net
gain of +€110 million) and to the favorable base effect due to the
impairments of international stakes for 79 million euros over the 1(st) half
of 2020. Besides, the cost of gross debt has increased by +42 million euros.

Net financial debt(13) of Groupe ADP stood at 8,027 million euros as of 30
June 2021, vs. 7,484 million euros as of 31 December 2020.

Income tax expense constituted a tax profit of 69 million euros over the 1(st)
half of 2021, down by -23 million euros compared to the 1(st) half of 2020,
related to the increase in the income before tax.

The net income stood at -188 million euros over the 1(st) half of 2021, vs.
-732 million euros over the 1(st) half of 2020.

Taking into account all these items, the net result attributable to the Group
was up by +371 million euros compared to the 1(st) half of 2020, at -172
million euros.

Analysis by segment

Aviation – Parisian Platforms

 (in millions of euros)                               H1 202 1  H1 20 20  202 1 /20 20  
 Revenue                                              372       482       -22.9%        
 Airport fees                                         163       237       -31.4%        
 Passenger fees                                       68        134       -49.1%        
 Landing fees                                         52        62        -15.9%        
 Parking fees                                         42        41        +2.7%         
 Ancillary fees                                       36        54        -34.5%        
 Revenue from airport safety and security services    158       174       -9.4%         
 Other income                                         16        17        -2.9%         
 EBITDA                                               (108)     (55 )     -€53M         
 Operating income from ordinary activities            (285)     (222)     -€63M         
 EBITDA / Revenue                                     -29.0%    -11.4%    -17.7pts      
 Operating income from ordinary activities / Revenue  -76.6%    -46.0%    -30. 6 pts    

Over the 1(st) half of 2021, aviation segment revenue, which includes only
Parisian activities, was down by -22.9% at 372 million euros. It does note
vary in the same proportion as the passenger traffic in Paris Aéroport over
the same period (-45.7%), mainly due to the rigidity of revenue from airport
safety and security.

Revenue from airport fees (passenger fees, landing fees and aircraft parking
fees) was down by -31.4% at 163 million euros, due to the effect of the
decline in passenger traffic compared to the 1(st) half of 2020. As a
reminder, the average tariff increase for 2021 is of +2.2% as of April 1(st),
2021. The integration of the computerized check-in and boarding fee (CREWS
system) to the per-passenger fee as of the 2021-2022 tariff period has no
impact on tariffs.

Revenue from ancillary fees was down by -34.5% at 36 million euros due to the
decline in passenger traffic.

Revenue from airport safety and security services was down by -9.4% at 158
million euros, due the decline in passenger traffic.

Other income, mostly consisting in re-invoicing the French Air Navigation
Services Division, leasing associated with the use of terminals and other work
services made for third parties, is down by -2.9%. It stood at 16 million
euros over the 1(st) half of 2021.

EBITDA was down by -53 million euros, at -108 million euros due to the decline
in revenue and despite the positive effect of the closure of infrastructures
and the partial activity measures.

The operating income from ordinary activities was down by -63 million euros,
at -285 million euros over the 1(st) half of 2021, due essentially to the
decline in EBITDA.

Retail and services – Parisian platforms

 (in millions of euros)                                            H1 202 1  H1 2 020  2021 / 2020  
 Revenue                                                           289       371       -22,0%       
 Retail activities                                                 115       191       -39,8%       
 Société de Distribution Aéroportuaire                             84        136       -38,1%       
 Relay@ADP                                                         8         13        -41,1%       
 Other Shops and Bars and restaurants                              9         18        -4 7.6 %     
 Advertising                                                       6         13        -54,8%       
 Other products                                                    8         11        - 28.4 %     
 Car parks and access roads                                        31        44        -29.5%       
 Industrial services revenue                                       68        57        +18.3%       
 Rental income                                                     58        59        -2.2%        
 Other income                                                      17        19        -8.1%        
 EBITDA                                                            26        42        - € 16M      
 Share in associates and joint ventures from operating activities  0         (2)       +€2M         
 Operating income from ordinary activities                         (49)      (103)     + € 54M      
 EBITDA / Revenue                                                  8 . 9%    11.5%     -2 . 4 pts   
 Operating income from ordinary activities / Revenue               -17 . 0%  -28.4%    +10 . 9pts   

Over the 1(st) half of 2021, revenue from the segment Retail and services,
which includes only Parisian activities, was down by -22.0% at 289 million
euros.

Revenue from retail activities(14) consists in 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.

Over the 1(st) half of 2021, revenue from retail activities stood at 115
million euros.

As a reminder, this figure takes into account the full consolidation of
Société de Distribution Aéroportuaire which revenue stood at 84 million
euros, down by -52 million euros, and of Relay@ADP which revenue stood at 8
million euros, down by -5 million euros.

Sales/Pax(15) of airside shops has increased to 23.3 euros over the 1(st) half
of 2021: it was thus up by +17.7% compared to the 1(st) half of 2020
despite the closure of non-essential businesses between March 20(th) and May
19(th), 2021. Over the same period, the Sales/Pax at terminal 2EK of
Paris-Charles de Gaulle airport stood at 58.0 euros, up by +31.3% compared to
the 1(st) half of 2020, reassuring Groupe ADP in the effectiveness of its
retail business model.

The revenue from car parks was down by -29.5% at 31 million euros.

Revenue from industrial services (supply of electricity and water) was up by
+18.3%, at 68 million euros.

Rental revenues (leasing of spaces within terminals) were slightly down by
-2.2%, at 58 million euros.

Other revenues (primarily constituted of internal services) were down by
-8.1%, at 17 million euros.

EBITDA of the segment was down by -16 million euros, at 26 million euros. The
decline in revenue is partially offset by the growth in EBITDA from Société
de Distribution Aéroportuaire and Relay@ADP for +6 million euros as well as a
favorable base effect of the accounting of receivables depreciations over the
1(st) half of 2020 for +7 million euros.

Operating income from ordinary activities was nevertheless up by +54 million
euros, at -49 million euros, mainly due to the favorable base effect due to
the absence of impairments over the 1(st) half of 2021 compared to the
impairment of intangible assets related to Société de Distribution
Aéroportuaire for 51 million euros over the 1(st) half of 2020.

Real estate – Parisian platforms

 (in millions of euros)                                            H1 2021  H1 2020  2021 / 2020        
 Revenue                                                           146      149      -2 . 3%            
 External revenue (1)                                              121      126      -3.9%              
 Land                                                              55       60       -7 . 6%            
 Buildings                                                         36       36       + 1 . 4%           
 Others                                                            29       30       -2 . 8%            
 Internal revenue                                                  25       24       +6.1%              
 EBITDA                                                            206      62       + € 143 M ((1))    
 Share in associates and joint ventures from operating activities  0        0        -€0M               
 Operating income from ordinary activities                         178      37       + € 141 M          
 EBITDA / Revenue                                                  141.3 %  41 . 9%  + 99.4 pts         
 Operating income from ordinary activities / Revenue               122.1 %  25 . 0%  + 97.1 pts         

((1)) The difference between H1 2021 and H1 2020 data is due to a rounding.

Over the 1(st) half of 2021, real estate revenue, which includes only Parisian
activities, was slightly down by -2.3%, at 146 million euros.

External revenue(16) was slightly down by -3.9% at 121 million euros.

EBITDA of the segment was up by +143 million euros, at 206 million euros,
mainly due to punctual gains related to the return to full ownership of some
buildings on the Parisian platforms for 117 million euros and to the favorable
base effect related to the accounting of receivables depreciations for 23
million euros over the 1(st) half of 2020.

Operating income from ordinary activities was up by +141 million euros,
at 178 million euros.

International and airport developments

 (in millions of euros)                                          H1 202 1 ((1))  H1 2020    2021/2020         
 Revenue                                                         221             225        - 1.6 %           
 ADP International                                               64              81         -21.5%            
 o f which AIG                                                   47              47         +0 . 5%           
 o f which ADP Ingénierie                                        13              25         -49 . 8%          
 TAV Airports                                                    154             141        +9.0%             
 Société de Distribution Aéroportuaire Croatie                   2               2          -17.8%            
 EBITDA                                                          20              (16)       + € 36M           
 Share of profit or loss in associates and joint ventures ((2))  (64)            (88)       +€24M             
 Operating income from ordinary activities                       (90)            (277)      + € 186M ((3))    
 EBITDA / Revenue                                                9 . 0 %         -7 . 2%    +16 . 2 pts       
 Operating income from ordinary activities / Revenue             -40 . 9 %       -123 . 2%  +82 .3 pts        

((1)   )The accounts of the management company of Almaty airport have been
integrated into TAV Airports' consolidated accounts from May 2021 onwards (on
the acquisition of the management company of Almaty airport, see the press
releases of 8 May 2020 and 29 April 2021).
((2)   )Groupe ADP has accounted the results of the GMR Airports group
using the equity method at 24.99% between March and June 2020 and at 49% from
July 2020 (on the stake acquisition in GMR Airports, see the press releases of
20 and 26 February, and 7 July 2020).
((3)   )The difference between H1 2021 and H1 2020 data is due to a
rounding.

Over the 1(st) half of 2021, revenue from International and airport
developments stood at 221 million euros, slightly down by -1.6% compared to
2020, mainly due to the decline in revenue of ADP Ingénierie by -12 million
euros, at 13 million euros. Groupe ADP has finalized an information and
consultation process of ADP Ingénierie's employee representative bodies and
has launched a draft job protection plan (PSE) related to the project of
amicable closure of the company. Moreover, the group intends to maintain an
engineering activity for international third parties, regrouped around ADP
International.

AIG's revenue remains stable at 47 million euros, despite the decline in
passenger fees for -7 million euros related to the decline in traffic recorded
in Amman (-20.9%), mainly due to the increase of non-airport activities
revenues, mainly rental income, for 7 million euros.

TAV Airports' revenue is up by +13 million euros, to 154 million euros, due to
the integration in the group's accounts of the management company of Almaty
airport in Kazakhstan(17) as of May 1(st), 2021. Excluding the integration of
Almaty, TAV Airports' revenue would be down by -5 million euros, mainly due
to the decline in revenue from TAV OS (a company specialized in airport lounge
management) for -9 million euros and from BTA (company specialized in bars and
restaurants) for -3 million euros, due to the impact of the crisis linked to
the Covid-19 crisis. These decreases are mitigated by the good performance of
HAVAS, for +5 million euros due to the increase in the number of flights
served, and TAV IT for +3 million euros, due to new contracts.

TAV Airports' EBITDA is up by +31 million euros, at +21 million euros, linked
to the increase in revenue (+13 million euros) and with the drop in operating
expenses (-14 million euros compared to the 1(st) half of 2020) linked to
optimization measures.

EBITDA of the segment International and airport developments is up by +36
million euros, at 20 million euros, despite the decrease in revenue of the
segment, mainly due to the measures taken to reduce to the operating expenses,
mainly in TAV Airports.

Operating income from ordinary activities of the segment stands at -90 million
euros, vs. an income of -277 million over the 1(st) half of 2020, due to:
* the favorable base effect due to the impairment of an intangible asset at
the international level over the 1(st) half of 2020 for 132 million euros;
* the rise of the share of profit from operating associates by +24 million
euros, at -64 million euro over the 1(st) half of 2021, mainly explained by
the better outcome realized by the companies consolidated under the equity
method at TAV Airports for +15 million euros, of which +10 million euros for
Antalya due to the traffic resumption (+69.3% over the 1(st) half of 2021
compared to the 1(st) half of 2020).
Other activities

 (in millions of euros)                               H1 2021  H1 2020  2021/2020   
 Products                                             83       66       +24 . 9%    
 Hub One                                              77       64       +20 . 4%    
 EBITDA                                               12       7        + € 5M      
 Operating income from ordinary activities            4        0        + € 4M      
 EBITDA / Revenue                                     14 . 5%  11 . 0%  +3 . 5pt s  
 Operating income from ordinary activities / Revenue  4 . 5%   -0 . 4%  +4 . 9pts   

Over the 1(st) half of 2021, other activities segment products are up by
+24.9% at 83 million euros.

Hub One sees its revenue up by +20.4%, at 77 million euros.

EBITDA of the segment stands at +12 million euros, up by +5 million euros due
mainly to the growth in EBITDA from Hub One for +3 million euros.

The operating income from ordinary activities of the segment stands at +4
million euros, up by +4 million euros.

Highlights of the period since the publication of the 2021 3-month revenue, on
28 April 2021
Change in passenger traffic over the 1(st) half of 2021
* Group traffic:
                                             Information regarding the suspension of commercial flights and infrastructures closures as of 30 June 2020                                                                                                                                                    Status as of 30 June 2020                                                                                                                          Group Trafic ( mPax )  2021/ 2020 change ((1))  Level compared to 2019 ((1))  
 Paris Aéroport (CDG+ORY)                    Paris-CDG: Terminal 3 closed since 23 mars 2020, Terminal 1 closed since 30/03/2020, Terminal 2C closed since 01/12/2020, Hall M of Terminal 2E closed since 01/02/2021, Terminal 2A closed since 23/02/2021, Terminal 2G closed since 23/03/2021. Paris- Orly Paris-CDG & Paris- Orly : Open to domestic and international commercial flights.                                                                   10.7                   -45.7%                   20.5%                         
                                             : Orly 1B closed since 26/01/2021.                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 Zagreb                                      Border closure to non-European citizens from 19/03/2020 to 11/05/2020.                                                                                                                                                                                        Open to domestic and international commercial flights, with circulation restrictions.                                                              0.3                    -38.4%                   22.0%                         
 Jeddah-Hajj                                 Complete closure since 20/03/2020.                                                                                                                                                                                                                            Terminal closed since 20/03/2020.                                                                                                                  0.0                    -100.0%                  0.0%                          
 Amman                                       Suspension of domestic commercial flights from 17/03/2020 to 06/06/2020. Suspension of international commercial flights from 17/03/2020 to 08/09/2020.                                                                                                        Open to domestic and international commercial flights.                                                                                             1.2                    -20.9%                   29.7%                         
 Maurice                                     Suspension of international commercial flights from 19/03/2020 to 01/10/2020.                                                                                                                                                                                 Traffic restrictions. Border closure except for repatriation flights since March 2021.                                                             0.1                    -93.5%                   3.2%                          
 Conakry                                     Complete closure from 22/03/2020 to 17/07/2020.                                                                                                                                                                                                               Open to international commercial flights.                                                                                                          0.2                    +61.4%                   74.5%                         
 Santiago du Chili                           Suspension of international commercial flights from 17/03/20 to 01/10/20. Border closure to non-residents since 05/04/2021.                                                                                                                                   Open to domestic and international commercial flights, with circulation restrictions.                                                              3.3                    -48.5%                   26.1%                         
 Madagascar                                  Suspension of domestic commercial flights from 20/03/2020 to 06/06/2020 and from the end of March 2021 and the beginning of June 2021. Suspension of international commercial flights from 20/03/2020 and 01/10/2020 and since 04/04/2021.                    Antanarivo : strong traffic restrictions, suspension of international commercial flights since 4 April. Nosy Be: airport closed since 29/03/2021.  0.1                    -64.2%                   14.5%                         
 New Delhi - GMR Airports                    Suspension of domestic and international commercial flights from 22/03/2020 to 25/05/2020.                                                                                                                                                                    Open to domestic and international commercial flights (limited to the countries India has signed bilateral agreements with).                       14.8                   -12.0%                   45.5%                         
 Hyderabad - GMR Airports                    Suspension of domestic and international commercial flights from 22/03/2020 to 25/05/2020.                                                                                                                                                                    Open to domestic and international commercial flights (limited to the countries India has signed bilateral agreements with).                       4.9                    -5.6%                    44.0%                         
 Cebu - GMR Airports                         Continuation of domestic and international commercial flights (albeit with travel restrictions).                                                                                                                                                              Open to domestic and international commercial flights, with circulation restrictions.                                                              0.5                    -80.9%                   7.4%                          
 Almaty – TAV Airports                       Suspension of domestic commercial flights from the end of March to the end of April 2020. Resumptions of international commercial flights since June 2020.                                                                                                    Open to domestic and international commercial flights.                                                                                             2.7                    +72.5%                   97.9%                         
 Antalya – TAV Airports                      Suspension of international commercial flights from 27/03/2020 to July 2020.                                                                                                                                                                                  Open to domestic and international commercial flights.                                                                                             4.2                    +69.3%                   31.2%                         
 Ankara Esenboga - TAV Airports              Suspension of international commercial flights from 27/03/2020 to July 2020.                                                                                                                                                                                  Open to domestic and international commercial flights.                                                                                             2.4                    -13.5%                   34.6%                         
 Izmir - TAV Airports                        Suspension of international commercial flights from 27/03/2020 to July 2020.                                                                                                                                                                                  Open to domestic and international commercial flights.                                                                                             2.5                    +2.0%                    42.9%                         
 Autres plates-formes - TAV Airports ((2) )  -                                                                                                                                                                                                                                                             Open to domestic and international commercial flights, with circulation restrictions.                                                              2.9                    -22.0%                   24.5%                         
 GROUP TOTAL ((1))                           -                                                                                                                                                                                                                                                             -                                                                                                                                                  48.8                   -26.6%                   29.7%                         

(1)   Group traffic includes the traffic of Delhi International Airport
Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan-Cebu International Airport since January 1(st), 2019. It includes the
traffic of Almaty International Airport since May 1(st), 2019, 2020 and 2021.
(2)   Turkey (Milas-Bodrum & Gazipaşa), Croatia (Zagreb), Saudi Arabia
(Medinah), Tunisia (Monastir & Enfidha), Georgia (Tbilisi & Batumi), and North
Macedonia (Skopje & Ohrid.
* Paris Aéroport traffic
Over the 1(st) half of 2021, Paris Aéroport passenger traffic is down by
-45.7%, with a total of 10.7 million passengers.

Geographical breakdown of traffic in Paris is as follow:
* International traffic (excluding Europe, including French Overseas
Territories) is down (-51.6%) due to a decline of all destinations:
Asia Pacific (-80.5%), North America (-66.2%), Latin America (-63.2%),
Middle East (-54.8%), Africa (-34.8%), and French Overseas Territories
(-25.9%);


* European traffic (excluding France) is down by -52.6%;
* Traffic within mainland France decreased by -13.2%;
* Traffic with the French Overseas Territories (included within the
international traffic) is down by –25.9%.
 Geographic split Paris Aéroport   202 1 / 20 20 Change  Share in total traffic over 202 1  
 France                            - 13.2 %              25.9 %                             
 Europe                            - 52.6 %              34.7 %                             
 Other International               - 51.6 %              39.4 %                             
 Of which                                                                                   
 Africa                            - 34.8 %              15.2 %                             
 North America                     - 66.2 %              5.9 %                              
 Latin America                     - 63.2 %              2.7 %                              
 Middle East                       - 54.8 %              4.9 %                              
 Asia-Pacific                      - 80.5 %              2.1 %                              
 French Overseas Territories       - 25.9 %              8.6 %                              
 Total Paris Aéroport              - 45.7 %              100 . 0%                           

The number of connecting passengers is down by -40.4%. The connecting rate
stands at 27.5%, up by +2.3 points compared to the 1(st) half of 2020. The
aircraft load factor is down by -18.1 points, at 58.5%. The number of air
traffic movements (122,412) is down by -21.1%.

Groupe ADP announces the completion by TAV Airports of the acquisition
of the management company of Almaty International Airport in Kazakhstan

As disclosed on May 8(th), 2020(18), a consortium led by TAV Airports (of
which Groupe ADP owns 46.38% of the capital) has signed on May 7(th), 2020 a
Share Purchase Agreement to acquire 100% of the shares of Almaty Airport and
the associated jet fuel activities, which will be delegated to a dedicated
operator, and services for an Enterprise Value of 422 million dollars.

The share transfer of Almaty Airport took place on April 29(th), 2021. Almaty
Airport is now fully owned by the consortium of which TAV Airports is an 85%
shareholder. VPE Capital, a specialist fund manager in the capital markets in
Russia and the CIS(19), holds the remaining 15% stake in the consortium,
subject to a put option. The airport is fully consolidated into
TAV Airports' accounts and Groupe ADP's accounts.

The purchase price at 100%(20) is 422 million of dollars. The current global
crisis in the airline industry has led to submit a part of this purchase price
(50 million of dollars) to a deferred payment which is conditioned to the
achievement of a certain level of traffic at pre-determined dates, and in any
case to be paid at the latest in 2030.

The airport of Almaty, Kazakhstan's economic capital, is the biggest airport
in Central Asia: it welcomed approximately 6.4 million passengers in 2019,
around half of which were from international routes. Kazakhstan, the biggest
landlocked country in the world with 2.7 million square km, is the driver of
economic growth in the region, and stands for 60% of Central Asia's GDP.

Events having occurred since 30 June 2021

Future of the HubLink alliance

Aéroports de Paris and Royal Schiphol Group will not renew the HubLink
industrial cooperation agreement between, which will expire on 30 November
2021(21). The current agreements provide a mechanism to unwind the
cross-shareholding between Aéroports de Paris and Schiphol which will come
into effect on that date. This mechanism organizes an orderly sale of the
shares over a period of 18 months, i.e. until 30 May 2023. The sale price of
the Schiphol shares will be determined on the basis of a market value. As of
30 June 2021, the value of the shares accounted for under the equity method
stands at 370 million euros.

Forecasts and guidances

Forecasts 2021-2024

                                                             2021 -2022 Forecasts a s published on 1 7 February 2021                                                                                                                                2021 -2024 Forecasts a s of 28 July 2021                                                                                                                                               
 Traf f ic                                                   2021 group traffic (()(1))assumption between 45% and 55% of the 2019 group traffic.  2021 Paris Aéroport traffic assumption between 35% and 45% of the 2019 Paris Aéroport traffic.    2021 group traffic (()(1))assumption between 40% and 50% of the 2019 group traffic.  2021 Paris Aéroport traffic assumption between 30% and 40% of the 2019 Paris Aéroport traffic.    
 EBITDA / group revenue groupe ((2))                         18% - 23% in 2021                                                                                                                                                                      15% - 20% in 2021                                                                                                                                                                      
 Paris annual i nvestments (excluding financial investment)                                                                                                                                                                                                                                                                                                                                                                                
 in 2021-2022                                                €500m - €600m per year, regulated / non-regulated                                                                                                                                      €500m - €550m per year, regulated / non-regulated                                                                                                                                      
 in 2023-2024                                                                                                                                                                                                                                       €650m - €750m per year, regulated / non-regulated                                                                                                                                      

((1)) Group traffic includes the traffic of Delhi International Airport
Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and
Mactan-Cebu International Airport since January 1(st), 2019. It includes the
traffic of Almaty International Airport since 1(st) May 2019, 2020 and 2021.
( (2)) The EBITDA / Group revenue ratio forecast for 2021 is based on the
following exchange rate assumptions: EUR/TRY = 9.69, EUR/USD = 1.20, EUR/JOD
= 0.84.

2022 Guidance

                                    2022 Guidance                
 Net financial debt / EBITDA ratio  6x to 7x by the end of 2022  

Medium term traffic assumption

                                                     Medium term traffic assumption                                                                                                                                            
 Paris Aéroport traffic  In 2022  In 2023  In 2024   Assumption of a return to the 2019 traffic level between 2024 and 2027, of which:  65% - 75% of the 2019 traffic  75% - 85% of the 2019 traffic  90% of the 2019 traffic  

The achievement of these targets is based on the assumptions presented above
and on the good run of TAV Airports' strategy.

Agenda
* An analyst conference will be held on Thursday, July 29(th), 2021 at 10:00
am (Paris local time). This conference will be webcasted live on the links
below and on the Groupe ADP website
(https://www.parisaeroport.fr/en/group/finance):
Link to the webcast in French
(https://www.globenewswire.com/Tracker?data=zgkxdXdN6vf5k8l-jccbH4DcLkpnPHroxmYmprof90wKdZ0jPJbhu8WuvwuK_SWDLNw3gzunlWBIvlJEprfb9Ed_eWo1Vv6Ov1JHR53kmWR0lxqdi60pW1UchQw1a44X4o7UXNQ1ErWgMqwc-0nYxXVORv5DmBjrdbVqTUvZ7pg=)

Link to the webcast in English
(https://www.globenewswire.com/Tracker?data=zgkxdXdN6vf5k8l-jccbH4DcLkpnPHroxmYmprof90w7GKMuUhCopHtKMpsTypbcDMx0qArgKvBdRPqbzDFY3mt7rTkmWHfYp8DuBN93hZG7_KVXyKM42EgYY0qvBK6E1DU12RuLh3ID9ru-WJnA9IYXsXrJ-A2NRoIwn6ScW4c=)

To join the conference by phone, please call:

For French speakers:

From France: 01 70 37 71 66

From other countries: +44 (0) 330 551 0200

Confirmation code: ADP FR

For English speakers:

From France: 01 70 37 71 66

From other countries: +44 (0) 330 551 0200

Confirmation code: ADP ENG

A replay of the meeting will be available on Groupe ADP's website
(https://www.parisaeroport.fr/en/group/finance)
* Next traffic figures publication:
    * Monday, 16 August 2021: July 2021 traffic figures
    * Next results publication:
    * Friday, 22 October 2021: 9-month 2021 revenue
Disclaimer

This presentation does not constitute an offer to purchase financial
securities within the United States or in any other country.

Forward-looking disclosures (including, if so, forecasts and objectives) are
included in this press release. These forward-looking disclosures are based on
data, assumptions and estimates deemed reasonable at the diffusion date of the
present document but could be unprecise and are, either way, subject to risks.
There are uncertainties about the realization of predicted events and the
achievements of forecasted results. Detailed information about these potential
risks and uncertainties that might trigger differences between considered
results and obtained results are available in the registration document filed
with the French financial markets authority on 23 March 2020 under D.20-0159,
retrievable online on the AMF website www.amf-france.org or Aéroports de
Paris website www.parisaeroports.fr.

Aéroports de Paris does not commit and shall not update forecasted
information contained in the document to reflect facts and posterior
circumstances to the presentation date.

Investor Relations: Audrey Arnoux, Head of Investor Relations +33 6 61 27 07
39 - invest@adp.fr 
Press contact: Lola Bourget, Head of Medias and Reputation Department +33 1 74
25 23 23

Groupe ADP develops and manages airports, including Paris-Charles de Gaulle,
Paris-Orly and Paris-Le Bourget. In 2020, the group handled through its brand
Paris Aéroport 33.1 million passengers and 1.8 million metric tons of freight
and mail at Paris-Charles de Gaulle and Paris-Orly, and more
than 96.3 million passengers in airports abroad. Boasting 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; the group also intends to develop its retail and real
estate businesses. In 2020, group revenue stood at €2,137 million and net
result attributable to the Group at -€1,169 million.
Registered office: 1, rue de France, 93 290 Tremblay-en-France. Aéroports de
Paris is a public limited company (Société Anonyme) with share capital of
€296,881,806. Registered in the Bobigny Trade and Company Register under no.
552 016 628.

groupeadp.fr
Appendix 1 – 2021 first half consolidated financial statements

Consolidated income statement of the 1(st) half of 2021

 (in millions of euros)                                                   Half-year 202 1  Half-year 20 20  
 Revenue                                                                  989              1,168            
 Other operating income                                                   139              14               
 Consumables                                                              (135)            (137)            
 Employee benefit costs                                                   (344)            (374)            
 Other operating expenses                                                 (514)            (571)            
 Net allowances to provisions and Impairment of receivables               20               (61)             
 EBITDA                                                                   155              39               
 EBITDA/Revenue                                                           15.6%            3.3%             
 Amortisation and impairment of tangible and intangible assets            (333)            (514)            
 Share of profit or loss in associates and joint ventures                 (65)             (91)             
 Operating income from ordinary activities                                (243)            (566)            
 Other operating income and expenses                                      8                (45)             
 Operating income                                                         (235)            (611)            
 Financial income                                                         253              48               
 Financial expenses                                                       (274)            (258)            
 Financial income                                                         (21)             (210)            
 Income before tax                                                        (256)            (821)            
 Income tax expense                                                       69               92               
 Net results from continuing activities                                   (187)            (729)            
 Net results from discontinued activities                                 (1)              (3)              
 Net income                                                               (188)            (732)            
 Net income attributable to the Group                                     (172)            (543)            
 Net income attributable to non-controlling interests                     (16)             (189)            
 Earnings per share attributable to owners of the parent company                                            
 Basic earnings per share (in €)                                          (1.74)           (5.49)           
 Diluted earnings per share (in €)                                        (1.74)           (5.49)           
 Earnings per share from continuing activities attributable to the Group                                    
 Basic earnings per share (in €)                                          (1.73)           (5.47)           
 Diluted earnings per share (in €)                                        (1.73)           (5.47)           

Consolidated balance sheet as of 30 June 2021

 (in millions of euros)                  As of 30 June 202 1  As at Dec 31, 20 20  
 Intangible assets                       3,111                2,795                
 Property, plant and equipment           8,006                8,084                
 Investment property                     553                  502                  
 Investments in associates               1,919                1,943                
 Other non-current financial assets      388                  374                  
 Deferred tax assets                     91                   46                   
 Non-current assets                      14,068               13,744               
 Inventories                             78                   70                   
 Contract assets                         7                    5                    
 Trade receivables                       666                  567                  
 Other receivables and prepaid expenses  270                  467                  
 Other current financial assets          195                  169                  
 Current tax assets                      19                   85                   
 Cash and cash equivalents               2,767                3,463                
 Current assets                          4,108                4,826                
 Total assets                            18,176               18,570               

        

 (in millions of euros)                                            As of 30 June 2021  As at Dec 31, 20 20  
 Share capital                                                     297                 297                  
 Share premium                                                     543                 543                  
 Treasury shares                                                   (2)                 (3)                  
 Retained earnings                                                 2,982               3,164                
 Other equity items                                                (297)               (349)                
 Shareholders' equity - group share                                3,523               3,652                
 Non-controlling interests                                         582                 561                  
 Shareholders' equity                                              4,105               4,213                
 Non-current debt                                                  9,346               9,370                
 Provisions for employee benefit obligations (more than one year)  631                 644                  
 Other non-current provisions                                      112                 97                   
 Deferred tax liabilities                                          81                  89                   
 Other non-current liabilities                                     925                 797                  
 Non-current liabilities                                           11,095              10,997               
 Contract liabilities                                              5                   4                    
 Trade payables                                                    570                 682                  
 Other debts and deferred income                                   870                 958                  
 Current debt                                                      1,442               1,598                
 Provisions for employee benefit obligations (less than one year)  72                  104                  
 Other current provisions                                          10                  6                    
 Current tax liabilities                                           7                   8                    
 Current liabilities                                               2,976               3,360                
 Total equity and liabilities                                      18,176              18,570               

        

Consolidated statement of cash flows of the 1(st) half-year 2021

 (in millions of euros)                                                  Half-year 202 1  Half-year 20 20  
 Operating income                                                        (235)            (611)            
 Income and expense with no impact on net cash                           263              658              
 Net financial income other than cost of debt                            (11)             (28)             
 Operating cash flow before change in working capital and tax            17               19               
 Change in working capital                                               (147)            24               
 Tax expenses                                                            70               (44)             
 Impact of discontinued activities                                       194              113              
 Cash flows from operating activities                                    134              112              
 Purchase of tangible assets, intangible assets and investment property  (215)            (344)            
 Change in debt and advances on asset acquisitions                       (120)            (80)             
 Acquisitions of subsidiaries and investments (net of cash acquired)     (299)            (690)            
 Change in other financial assets                                        18               (68)             
 Proceeds from sale of property, plant, and equipment                    2                2                
 Dividends received                                                      14               4                
 Cash flows from investing activities                                    (600)            (1,176)          
 Proceeds from long-term debt                                            214              2,531            
 Repayment of long-term debt                                             (85)             (763)            
 Repayments of lease debts and related financial charges                 (9)              (7)              
 Capital grants received in the period                                   (1)              1                
 Revenue from issue of shares or other equity instruments                (1)              -                
 Net purchase/disposal of treasury shares                                -                (3)              
 Dividends paid to non-controlling interests in the subsidiaries         -                (32)             
 Change in other financial liabilities                                   (46)             46               
 Interest paid                                                           (170)            (121)            
 Interest received                                                       33               2                
 Impact of discontinued activities                                       (175)            176              
 Cash flows from financing activities                                    (240)            1,830            
 Impact of currency fluctuations                                         (1)              (2)              
 Change in cash and cash equivalents                                     (707)            764              
 Net cash and cash equivalents at beginning of the period                3,458            1,972            
 Net cash and cash equivalents at end of the period                      2,751            2,736            
 of which Cash and cash equivalents                                      2,767            2,772            
 of which Bank overdrafts                                                (16)             (36)             



1 The accounts of the 1(st) half of 2021 have been subject to a limited review
by the auditors, the limited review report is being issued. Furthermore, the
accounts have been approved by the Board of Directors of Aéroports de Paris
on 28 July 2021.
2 Group traffic includes the traffic of Delhi International Airport Limited
(DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu
International Airport as of 1(st) January 2019. It also includes the traffic
of Almaty airport as of 1(st) May 2019, 2020 & 2021. Excluding the integration
of Almaty, the group traffic would stand at 47.8 million of passengers over
the 1(st) half of 2021.
(3) Unless otherwise stated, percentages and variations mentioned throughout
the financial release compare data from the 1(st) half of 2021 to equivalent
data for the 1(st) half of 2020.
(4) Revenues and other ordinary income reduced by operating consumables and
expenses from ordinary activities excluding depreciation and amortization of
tangible and intangible assets.
5 Assets (including goodwill), tangible assets, inventories, securities, and
loans to companies consolidated under the equity method other than
receivables.
6 Group traffic includes the traffic of Delhi International Airport Limited
(DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu
International Airport as of 1(st) January 2019. It also includes the traffic
of Almaty airport as of 1(st) May 2021. Excluding the integration of Almaty
airport, the group traffic would stand at 47.8 million of passengers over the
1(st) half of 2021, down by -18.4 million of passengers.
(7) 2019 reference traffic at 351.2 million passengers (including GMR
Airports' since January 1(st, )2019, and Almaty International Airport's
traffic since 1(st) May 2019.
(8) 2019 Paris Aéroport traffic at 108,0 million passengers.
9 See the 2020 half year results financial release published on 27 July 2020.
10 On the acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021.
11 EBITDA / Revenue.
12 For an amount of 43 million euros as of 31 December 2020.

(13) Gross debt less fair value hedging assets, cash and cash equivalents and
restricted cash.
(14) See chapter 7 of the 2020 Universal Registration Document, filled on
March 18(th), 2021.
(15) Sales in airside shops divided by the number of departing passengers
(Sales/PAX).
16 Generated with third parties (outside the group).
17 On the acquisition of the management company of Almaty airport, see the
press releases of 8 May 2020 and 29 April 2021.

18 See 8 May 2020 press release: "Groupe ADP announces the signing of an
agreement by TAV Airports for the acquisition of Almaty airport".
19 CIS: Commonwealth of Independent States.
20 See note 2 in the appendix of the group consolidated accounts as of 30 June
2021.
(21) For a description of the Exit agreement between Aéroports de Paris and
Royal Schiphol Group, see section 16.4 of the 2020 Universal Registration
Document.

 

Attachment
*     Aéroports de Paris SA - Groupe ADP's activities continue to be affected
by the Covid-19 pandemic
(https://ml-eu.globenewswire.com/Resource/Download/5a136666-3afa-4281-90a8-569e9382d7e1)
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