Groupe ADP, manager of the Paris airports of Roissy and Orly in particular, returned to the green in the first half of 2022, with a net profit of 160 million euros, against a net loss of 172 million over the same period of 2021.
The group’s turnover, very affected by the health crisis, just doubled to 2 billion euros, driven by the recovery of the Parisian platforms, according to figures published Thursday.
After two years of Covid-19, the need and desire for travel are very strong, CEO Augustin de Romanet observed to analysts.
Controlled by the French state, the group which operates a total of 29 airports in the world had lost 248 million euros in 2021 and 1.17 billion in 2020. It had planned a return to the green this year.
In total, its facilities welcomed 118 million passengers between January and June, a 134% increase over one year, but only allowing it to recover to 71.9% of the 2019 level.
Roissy-Charles-de-Gaulle and Orly airports (Paris Aroport) are on par with 71.6% of the 2019 level, thanks to a 3.5-fold increase in the number of travelers to 37.5 million. Aircraft movements there increased by 123%.
Groupe ADP now forecasts a level of traffic for the year 2022 which should reach between 74 and 84% of the 2019 level, against 70 to 80% previously forecast. The return to pre-pandemic levels is expected between 2023 and 2024.
In Paris, the range should be between 72 and 82% of the 2019 level this year, then next year between 85% and 95%, with 100% to be reached somewhere between 2024 and 2026.
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The gross operating surplus (Ebitda) was multiplied by 4.5 in the first half, to 702 million euros, or a gross margin reaching 35% of turnover.
Management has raised its objectives for this last ratio for the 2022 and 2023 financial years to 32-37% (compared to 30-35% expected previously).
Ebitda should be above its 2019 level (1.77 billion euros) in 2024, the expected positive net result in the coming years, she also indicated.
Relations with Russia and Ukraine were of little importance in Paris. They were more so for the Turkish airports of TAV Airports, controlled by the group, but other international connections enabled them to bounce back, also observed Groupe ADP.