Over the first half of 2014 at Aéroports de Paris, the key parameter of sales per passenger began to flatten out, growing in the period by just +0.7% to €17.70 ($23.70). This follows much sharper annual growth spurts over preceding years (see right).

 

The group, which operates the main airports of Paris – Charles de Gaulle and Orly (CDG and ORY) – also saw a -1.3% dip in its revenue from retail and services to €466m ($624m). However, this was chiefly due to a -39% fall in revenue from industrial services (the supply of electricity and water) and also a decline in ‘other’ revenue (see below).

 

The core retail components stayed strong: revenue from retail (rents received from shops, bars and restaurants, advertising, banking and foreign exchange activities, and car rental companies) grew by +3.0%, to €186m ($249m) in H1, and rents from airside shops rose by +3.2% to €132m ($177m).

 

This compares with traffic growth at CDG and ORY of +4.2% to 45m passengers.

 

 

Commenting on the retail performance, ADP says: “This is mainly attributable to the very good trend of other shops (duty paid) where sales per passenger increased by +6.2 % at €6.90; the good performance of shops in Terminal 2F; and the diversification of Relay shops into snack foods.” However, sales/pax remained at duty free shops were flat at €32.40.

 

Revenue from car parks increased by +12.3% and stood at €92m, due to refining of the rate structure and rental revenue (leasing of space within terminals) decreased by -2.3%, to €52m. Other revenue (essentially consisted of internal services) decreased by -4.5%, to €111m ($149m).

 

 

STRONG OVERALL INDICATORS

Overall for ADP in H1, despite flat revenue of €1,347m ($1,804m), EBITDA rose by +8.4% and the net result attributable to the group shot up by +45.7% (see final table).

 

Augustin de Romanet, Chairman and CEO of Aéroports de Paris, comments: “The results of the first half of 2014 (increase of EBITDA by +8.4%, operating income from ordinary activities by +19.9% and net result by +45.7%) show the performance of Aéroports de Paris Group: traffic growth, control over operating expenses, growth in the share of profit of associates from operating activities in France and abroad, control over CAPEX.

 

“However, these results have been accentuated by favourable weather conditions and the mothballing of the cogeneration plant. We remain attentive as to the end of the year, even if our intrinsic performance, especially of our core business, aviation, is improving, and certain signals are encouraging (traffic dynamics, resistance of commercial activities).

 

“Based on a traffic growth now estimated at between +2.7% and +3.2% for the year 2014, our 2014 EBITDA should be higher than €1,100m. A marked rebound of the net result attributable to the group is still expected.”