Groupe ADP returned to green in 2022 after two years of losses linked to Covid-19, generating a net profit of 516 million euros, the airport manager announced Thursday.
Thanks to the “vigorous recovery of air traffic”, both on its platforms that serve Paris and on those it manages abroad, ADP recovered its 2019 turnover last year, before the health crisis, that is, 4,700 million euros, he said in a statement.
ADP, majority owned by the French State, had lost 248 million euros in 2021 and 1,170 million in 2020, under the effect of the pandemic that had divided traffic almost by three that year.
The results for 2022 are above market expectations: the analyst consensus prepared by Factset expected a profit of 414 million euros on activity of 4.530 million euros.
29 airports around the world
“All the 2022 objectives have been achieved or exceeded,” congratulates the group’s CEO, Augustin de Romanet, quoted in the press release. Given this “solid net result”, his company decided to distribute “a dividend per share of 3.13 euros, corresponding to a distribution rate of 60%” of the profit, he added.
ADP has also revised upwards certain medium-term objectives, in particular a return “from 2023” to operating profitability (Ebitda) at least equal to or greater than that of 2019, “that is, one year in advance with respect to the previous forecasts.
The group, which manages a total of 29 airports in the world, directly or through subsidiaries, from Almaty to Santiago de Chile passing through Antalya (Turkey) and Hyderabad (India), in 2022 found 80.9% of its passengers. which was 80.2% in its two large Parisian platforms, Orly and Roissy-Charles-de-Gaulle.
For 2023, the group hinted at higher passenger traffic than in 2019 for all its airports, citing a range “between 95% and 105%” of pre-crisis levels. In Paris, it has set its targets between 87% and 93% of passenger volume in 2019.
Finally, ADP said it was more ambitious to reduce its debt, dug up during the crisis and still reaching 7.44 billion euros at the end of 2022 compared to 8 billion the previous year, without ruling out reconnection with acquisitions.
Although its current debt represents 4.4 times its gross operating surplus (Ebitda), it aims for 2025, “taking into account the objective international growth”, a ratio between 3.5 and 4.5. This figure is closely watched by investors because it reflects a company’s ability to honor its debts.
Source: BFM TV
