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Aéroports de Paris: Growth in results in 2011
Source: Aéroports de Paris
23/02/2012

Record year in terms of traffic: +5.7% with 88.1 million passengers handled
Robust annual results:
 Revenue1 up by 0.9% to €2,502 million
 EBITDA2 up by 5.5% to €972 million
 Operating Income from Ordinary Activities up by 9.1% to €607 million
 Net income attributable to the Group up by 15.9% to €348 million mainly because of
non-recurring items
 Sales per passenger in shops located in restricted area up by 5.2% to €15.1
Disposal of 80% of ground handling activities
Strengthening partnerships in commercial activities:
 Extension of the partnership within the Société de Distribution Aéroportuaire and
merger of the latter with Duty Free Paris
 Creation of the joint ventures "Relay@ADP" with Relay and "Média Aéroports de
Paris" with JCDecaux
Guidance:
 In an uncertain economic environment, assumption of a moderate growth in
passenger traffic, in revenue and EBITDA for 2012
 The 2015 EBITDA guidance is confirmed: +40% compared to 2009 EBITDA
Pierre Graff, Chairman and Chief Executive Officer of Aéroports de Paris, said:
"The year 2011 was a record year for traffic: it reaches more than 88 million passengers and nearly
2.5 million tons of freight and mail. With 42 million Euros directly invested to improve customer
satisfaction, this year was also marked by the continuation of our efforts in terms of quality of
service.
As evidenced by the 5.5% growth in EBITDA, the Group results are strong and show the relevance
of our development strategy. Revenues benefited from the growth of aeronautical revenue and the
rise in sales per passenger in restricted areas, which was up by over 5% this year and exceeded
the €15 threshold.
With a powerful hub, deeply modernised infrastructure and a resilient business model, the Group
has strong assets to further grow. In 2012, Aéroports de Paris will reach a new milestone with the
opening of two major projects at Paris-Charles de Gaulle: the junction between terminals A and C
in April and satellite 4 in July.
In an uncertain economic environment, we assume a moderate growth in traffic, revenue and
EBITDA in 2012."
Significant events during the financial year
Developments in traffic
During 2011, passenger traffic rose by 5.7% reaching 88.1 million passengers compared to
83.4 million in 2010. It rose by 4.8% at Paris-Charles de Gaulle (61.0 million passengers) and by
7.7% at Paris-Orly (27.1 million passengers). Traffic increased by 7.4% during the 1st half of 2011
and by 4.2% during the 2nd half of the year. The connecting rate increased by 0.5 point to 23.7%.
Excluding non recurring events occurred in 2010 (eruption of the Icelandic volcano and bad
weather conditions during December), traffic would have recorded an increase of 3.7% (3.9%
excluding only the volcano).
In 2011, low-cost carriers, which accounted for 13.6% of all traffic, saw their passenger numbers
increase by 11.3% compared to 2010.
The number of aircraft movements increased by 3.9% to 735,422. On average, the aircraft
occupancy rate for the year stood at 76.9%, which represents an increase of 0.9% compared to
2010.
At Paris-Le Bourget airport, traffic rose by 4.5% to 59,003 movements.
Freight and mail activity decreased by 3.8% with 2,405,622 tons being transported.
Subsidiaries
 Geopolitical events in Libya
As a result of the geopolitical events in Libya, all ADPI activity in this region has been interrupted.
Considering this situation, a partial depreciation in Libyan receivables amounting to €21 million was
recorded. In 2010, ADPI revenue in Libya was €23 million.
 Majority disposal of ground-handling activities
On 30 December 2011, Aéroports de Paris sold 80% of the share capital of companies owned by
Alyzia group - which operates ground-handling services at Paris-Charles de Gaulle, Paris-Orly and
Paris-le Bourget airports - to Groupe 3S. In 2011, the net results of those activities amounted to -
€13 million compared to -€9 million in 2010.
Security operations carried out by Alyzia Sûreté within Alyzia group remain wholly owned by
Aéroports de Paris.
 Disposal of Masternaut group
On 15 April 2011, Hub télécom, a 100% owned subsidiary of Aéroports de Paris, disposed of
Masternaut International and its subsidiaries (Masternaut Group) to Cybit of which Francisco
Partners investment fund - specialising in the technology sector - is a shareholder. The capital gain
amounted to €15 million. In 2010, Masternaut Group revenue was around €60 million.
Partnerships
With Lagardère Services
 Extension of the partnership within Société de Distribution Aéroportuaire
Aéroports de Paris and Lagardère Services announced that they extend their partnership within
Société de Distribution Aéroportuaire - which operates alcohol/tobacco/perfume/cosmetics and
gastronomy activities at Paris-Charles de Gaulle and Paris-Orly airports - until 31 October 2019.
 Creation of the joint venture: Relay@ADP
The partnership with Lagardère Services has been extended to include the operation of shops
selling press, books, drinks, sandwiches and souvenirs. As a result, the company Relay@ADP,
49% of which is held by Aéroports de Paris, 49% by Lagardère Services and 2% by Société de
Distribution Aéroportuaire was created on 4 August 2011. The lease will expire on 31 October
2019.
 Merger of Duty Free Paris and Société de Distribution Aéroportuaire
On 31 December 2011 (with retroactive effect for accounting and taxation from 1 January 2011),
Duty Free Paris and Société de Distribution Aéroportuaire merged. Prior to this merger, Aelia, a
subsidiary of Lagardère Services had purchased the shares held by The Nuance Group in Duty
Free Paris and Aéroports de Paris has sold to Société de Distribution Aéroportuaire its shares in
Duty Free Paris. All of the leases though which Société de Distribution Aéroportuaire is able to
carry out its business activities will expire on 31 December 2020.
Following this merger, the Société de Distribution Aéroportuaire now manages 118 stores across
all Paris-Charles de Gaulle and Paris-Orly terminals, 73 of which focus on core business
(alcohol/tobacco/perfume/cosmetics and food) and 45 are dedicated to fashion and accessories.
With JCDecaux
 Creation of the joint venture: Média Aéroports de Paris
The company Média Aéroports de Paris, held in equal parts by Aéroports de Paris and JCDecaux,
was created on 23 June 2011. The aim of this joint venture is to use and commercialise advertising
space, as well as to establish a televisual medium focusing on passenger/airport relations at the
Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget airports.
Terminal 2E
In the context of the civil proceedings relating to the collapse of part of the boarding area in
Terminal 2E of Paris-Charles de Gaulle Airport on 23 May 2004 and following the assessment of
the damages estimated by the legal experts, compensation settlement agreements were
implemented to extinguish the civil cases. The amount received by Aéroports de Paris was
€50 million.

1 Excluding the impact of the disposal of Masternaut group, the consolidated revenue for 2011 rose by 2.7% to
€2,489 million
2 Excluding the impact of the disposal of Masternaut group, the consolidated EBITDA rose by 6.4% to €974 million

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