Consolidated revenues rose 5.4% to E932.2m at A?roport de Paris in the first half of 2005 compared to the year earlier period. ADP said the growth was mainly due to a 5.5% increase in regulated

activities, which generated revenues of E446.2m.
Airport fees increased 8.2% to E298.5m, thanks to the combination of a 4.2% increase in passenger traffic and a 4% increase in tariffs which came in on February 1. Airport security tax revenues rose only 0.4% to E147.7m. But the positive impact of the increase in passenger traffic was offset by a decline in the tax rate to E7.95 per departing passenger on January 1 2005, from E8.20 previously.
The overall increase in ADP's revenues can also be attributed to a 5.2% increase in other revenues from the commercial activities of the group, which totalled E486m. This figure can be broken down as follows: commercial revenues (stores, advertising) rose 1.3% to E121.2m in a tough environment, due to the closing of retail areas in CDG2 terminal E (partial closure of the departure concourse) and CDG1 (renovation), and the saturation of CDG2 terminals A, C and D.
The opening of new retail areas in CDG2 terminal B, the repositioned offer in CDG2 F and traffic flow management at Orly Sud have had a positive impact on sales per passenger in these terminals.
Real estate revenues rose 3.9% to E85.3m, thanks to the leasing of new surface areas, notably in the Roissy cargo zone. Revenues from car parks and other facilities increased 19.5% to E117.3m. Car parking revenues continued to rise thanks to greater use and an optimised tariff policy. Revenues from other facilities also rose due to the increase in aircraft de-icing following harsh weather conditions last winter. Industrial services were up 5.3% to E98.5m. Revenues generated by ground handling declined 8% to E63.7m, mainly due to a more selective policy focusing on the most profitable contracts.
ADP said that ‘thanks to the combination of tight control over operating charges and steady revenue growth’ EBITDA rose 9.7% to E310m. The EBITDA margin improved by 1.4 points to 33.3%, from 31.9%.
Net interest income benefited from the reporting of dividends on foreign equity stakes in H1 2005, unlike in 2004 when they were not reported until H2. Moreover, a stronger dollar made it possible to fully write back the provision for the depreciation of equity stakes in the Beijing Airport (BCIA), or E4.5m.
The net exceptional charge narrowed to E6.9m, down from E35.7m over the same period in 2004, which was hit by provisions to cover the impact of Terminal 2E accident.
Attributable net income rose 83.1% to E89.6m, compared to E49m in H1 2004. Excluding the impact of exceptional charges for Terminal 2E accident, net income would have been E71.2m in H1 2004 and E91.4m in H1 2005, or an increase of 28.3%.
ADP was transformed into a French limited corporation (soci?t? anonyme) on July 22 2005 and Pierre Graff was named Chairman and CEO. ADP's Board of Directors of met for the first time on September 9 2005 and the corporate governance is now in place.
Commenting on the group's H1 performance, Graff said: ‘The improvement in our first half results and profitability shows that our efforts have paid off, reinforcing our ambition to become Europe's leading airport group. This strong performance encourages us to pursue our strategy of improving customer services, while boosting profitability.’
In H1 2005, passenger traffic increased by 4.2% to 37.7m passengers despite higher oil prices. National and French overseas territories traffic declined by 1%. In contrast, international traffic continued to grow, up 6.2%, reflecting a catching-up effect since 11 September 2001, with traffic to North America up 9% and to the Middle and Far East up 7.8%. International traffic growth also benefited from the dynamic momentum of the eastern European countries that recently joined the European Union (up 16%), which offset the 3% decline in traffic to the UK.