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Groupe ADP: raises its EBITDA margin target range


(Boursier.com) — The consolidated turnover of the ADP Group amounted to 2.006 billion euros during the 1st half of 2022, up +102.7% compared to the same period in 2021, mainly due to the effect of the recovery in traffic.

During the first half of 2022, the group’s consolidated EBITDA amounted to 702 million euros, up 547 ME.

Current operating profit was 340 ME, up +583 ME. Operating profit amounted to 348 ME, up 583 ME compared to the 1st half of 2021, due to the increase in current operating profit.

Net profit was €167 million in the first half of 2022, up €355 million compared to the first half of 2021. Net profit, Group share was up €332 million compared to the first half of 2021, at €160 million. .

Cash and investments

As of June 30, 2022, Groupe ADP had cash of €1.8 billion. In the 1st half of 2022, cash fell by 532 ME, due in particular to the repayment of a bond loan in February 2022 for 400 ME, and the injection of capital by TAV Airports into the new company Antalya in which it is a shareholder alongside from Fraport for 375 ME.

In view of this available cash and its forecasts for the next 12 months, the group has liquidities which it considers satisfactory in the current exceptional health and economic context and to meet its current needs as well as its financial commitments. .

Tangible and intangible investments amounted to 270 ME in the 1st half of 2022 (215 ME in the 1st half of 2021).

Groupe ADP’s net financial debt stood at €8.309 billion as of June 30, 2022 (€8.012 billion as of December 31, 2021). As of June 30, the debt ratio stood at 6.4x EBITDA over 12 rolling months (10.7x EBITDA at the end of 2021).

Forecasts

Given the traffic recorded in the 1st half, and as announced in the press release of July 18, 2022, the group has revised its assumptions for 2022 as follows:
– Groupe ADP: traffic between 74 and 84% of the 2019 level (70 to 80% of 2019 previously)
– Paris Aéroport: traffic between 72 and 82% of the 2019 level (65 to 75% of 2019 previously).

Consequently, and in light of the results recorded in the first half of 2022, the group raises the target EBITDA margin range by 2 points for 2022 and for 2023, or now 32% to 37% of turnover. The debt ratio is now expected between 5.5 and 6.5 times EBITDA for the year 2022 (6 to 7 times EBITDA previously).

The net income group share would be “positive” over the period 2022-2025.

The distribution rate would be 60% of NIGS in 2023, and at a floor level of 1 euro per share. For 2024 and 205, the NIGS would be 60%, for a distribution floor level of 3 euros per share.

“The ADP group recorded a clear improvement in its performance in the 1st half of 2022 and returned to a positive net result, at 160 ME. The group’s turnover doubled compared to the 1st half of 2021, driven in particular by the rebound in traffic at Paris Aéroport which reached 71.6% of the level of the same period in 2019. This recovery dynamic in Paris is particularly strong and approaches that recorded in our airports located abroad.The EBITDA margin reached 35% of revenue, i.e. 702 M. This performance leads us to raise the target EBITDA margin range by 2 points, i.e. now 32% to 37% of revenue in 2022 and 2023. The debt ratio is now expected between 5.5 and 6.5 times EBITDA for the year 2022”, comments Augustin de Romanet, Chairman and CEO of Groupe ADP.



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