Aéroports de Paris : Aéroports de Paris : 2012 Full Year results Paris, 28 February 2013 Aéroports de Paris 2012 Results: Operating Income from Ordinary Activities up by 6.2% Record year in terms of traffic with 88.8 million of passengers (+0.8%) 2012 results up thanks to the strength of the business model: oRevenue up by 5.6% to €2,640 million oEBITDA up by 4.6% to €1,107 million oOperating income from ordinary activities up by 6.2% to €645 million oNet result attributable to the Group slightly down by 1.9% to €341 million due to non-recurring events Strong performance of retail and TAV Airports: oSales per passenger of shops in restricted areas up 11.3% to €16.8 oFavourable impact of TAV Airports consolidation on operating income from ordinary activities 2012, a key period in the development of Aéroports de Paris oReconfiguration of Paris-Charles de Gaulle hub mainly thanks to the opening of Satellite 4 (hall M) oMajor strategic investment with the acquisition of 38% of TAV Airports Proposal to increase the payout ratio at 60% of the net result attributable to the Group (against 50% in 2012): dividend of €2.07 per share in 2013 2013 forecasts: assuming that traffic remains stable, consolidated revenue and EBITDA are expected to grow slightly Augustin de Romanet, Chairman and CEO of Aéroports de Paris, said: "2012 was a key period in the development of Aéroports de Paris. By opening new pieces of infrastructure we were able to reorganize the Paris-Charles de Gaulle hub; it now meets the highest standards in terms of quality of service and does not require additional capacity until 2023 or even 2024. The acquisition of 38% of TAV Airports was an illustration of the Group's determination to find long term growth drivers in rapidly expanding markets in. As evidenced by 2012 results and the strong increase in operating income for ordinary activities, the Aéroports de Paris business model, which relies on aeronautical activities supported by an incentivizing regulatory framework, diversification activities (retail and real estate) and rapidly growing airport investments, is strong. It allows the Group to continue to grow at a time when traffic growth has slowed. Despite an economic environment that remains uncertain and assuming that traffic remains stable, consolidated revenue and EBITDA are expected to grow slightly in 2013" Highlights of the period Developments in traffic oGroup traffic: Traffic 2012 / Participation^ ADP (M pax) 2011 Paris (CDG + Orly) 88.8 +0.8% 100% Mexican regional airports 12.6 +7.0% 25.5%^ ADP Jeddah - Hajj 8.4 +0.8% 5% Amman 6.3 +14.3% 9.5% Mauritius 2.7 +0.9% 10% Istanbul Atatürk 45.0 +20.3% 38% TAV Ankara Esenboga 9.2 +8.9% 38% Izmir 9.4 ns^ 38% Other airports ^ 10.2 +29.8% Group Total 192.5 +7.8% Management contracts^ 10.1 +15.0% oOn Parisian airports: During 2012, traffic rose 0.8% compared to 2011 to 88.8million passengers. It increased 1.1% at Paris-Charles de Gaulle (61.6 million passengers) and 0.3% at Paris-Orly (27.2million passengers). Traffic for the first half of the year rose 2.0% but was almost stable (-0.2%) for the second half of the year compared to the same periods in 2011. International traffic excluding Europe (39.2% of total traffic) rose 1.7% over the period. With the exception of North America, which fell slightly (-1.2%), traffic on all routes increased: Asia-Pacific +5.1%, Middle East +2.7%, Africa +2.1%, Latin America +1.9% and French Overseas Departments +1.2%. Traffic including Europe but excluding France (42.4% of total traffic) rose slightly (1.1%). Traffic including Metropolitan France (18.4% of the total) fell 1.7%. The number of connecting passengers grew 2.2%, which increased the connecting rate to 24.1%, compared to 23.7% over 2011. The number of aeroplane movements fell 1.8% to 721,904. At Paris-Le Bourget Airport, movements decreased by 5.1% to 55,993. Low-cost carrier traffic (13.7% of total traffic) increased 1.9%. Freight and postal activity is down 6.2% to 2,257,322 tonnes transported. Appointment of Mr Augustin de Romanet as Chairman and Chief Executive Officer Mr Augustin de Romanet was appointed by a decree of the President of France as Chairman and Chief Executive Officer of Aéroports de Paris on 29November 2012 to replace Mr Pierre Graff. International airport investments In May 2012, Aéroports de Paris indirectly purchased from Akfen Holding A.s. ("Akfen Holding"), Tepe insaat Sanayi A.s. ("Tepe insaat") and Sera Yapi Endüstrisi ve Ticaret A.s. ("Sera Yapi") 38% of the shares of TAV Havalimanlari Holding A.s. ("TAV Airports") for €668million and 49% of the shares of TAV Yatirim Holding A.s. ("TAV Investment", owner of the non-public company TAV Construction) for €38 million. TAV Airports, a leading Turkish airport operator, operates twelve airports in six countries, including Istanbul's Atatürk Airport, which received 45 million passengers in 2012. In 2012, total revenue for TAV Airports was €1,099 million (€881 million in 2011), EBITDA €332 million (€257 million in 2011) and net results €124 million (€53 million in 2011). Aéroports de Paris and TAV Airports directly or indirectly operate 37 airports and handle around 200 million passengers. This partnership constitutes one of the biggest airport alliances in the world. Infrastructures openings oLiaison A-C : 27 March 2012 Located on Paris-Charles de Gaulle airport, this new building allows pooling security and police checkpoints of 2A and 2C terminals and has 2,300 sq.m. of retail space. oSatellite 4: 28 June 2012 With a capacity of 7.8 million passengers, this new boarding lounge in terminal 2E located at Paris-Charles de Gaulle airport offers 6,000 sq.m. of retail space, 3,200 sq.m. of airline lounges and 16 wide-body aircraft contact stands and has a total surface of 120,000sq.m. Agreements oAgreement respecting the East baggage handling system (Trieur-Bagage Est, or TBE) In October 2012, an agreement was reached between Aéroports de Paris and Cegelec to bring an end to the dispute over the TBE system located at Paris-Charles de Gaulle Airport. The positive impact on Group EBITDA in 2012 is €19 million. oAgreement respecting Alyzia Holding (ground-handling business) In December 2012, an agreement was entered into between Aéroports de Paris and G3S to bring an end to their differences over the terms and conditions of the Alyzia Holding transfer agreement. Pricing oFee tariffs As at 1 April 2012, fee tariffs increased by an average of 3.4% on a like-for-like basis. oAirport security tax On 1 April 2012, the tariff of Airport security tax remained unchanged for departing passengers at €11.5 and €1.0 per ton of freight or mail. Connecting passengers now benefit from a 10% discount and the Airport Security Tax stands at €10.35. Funding In March 2012, Aéroports de Paris redeemed a matured bond of €334 million of nominal value. In June 2012, Aéroports de Paris issued a bond divided into two parts and totalling €800million. The first one amounts to €300 million, bears interest at 2.375% and has a maturity date on 11 June 2019. The second one amounts to €500 million, bears interests at 3.125% and has a maturity date on 11 June 2024. Subsidiaries oIntegration of fashion and accessories activities into Société de Distribution Aéroportuaire As of January 2012, Société de Distribution Aéroportuaire, company owned at 50% by Aéroports de Paris and at 50% by Aelia, a subsidiary of Lagardère Services, integrated all the Fashion and Accessories activities operated so far by Aelia, via a subsidiary. oAcquisition of Nomadvance In August 2012, Hub Telecom purchased Nomadvance, the French leader in the field of mobility solutions and traceability for professionals. Nomadvance carries out traceability projects for goods and materials and also mobility projects for nomad categories of staff. Dividend voted by the annual general meeting of shareholders The annual general meeting of shareholders held on 3 May 2012 voted a dividend payment of €1.76per share paid on 18 May 2012. This dividend corresponds to a payout ratio of 50% of the 2011 consolidated net result attributable to the Group, consistent with the dividend distribution objective of Aéroports de Paris. New presentation of the financial statements Pro forma financial statements for 2011 have been prepared following the creation of the new "Airport Investments" segment^. This segment includes, in addition to the share of profit from TAV Airports (only from 2012), the profit from ADPM and the share of profit from Schiphol previously recorded in the segment "Other activities". Shares of profit from TAV Airports and Schiphol Group are recorded in profit/loss of associates from operating activities. The impact on the 2011 P&L is as follows: oImpact on the P&L of the segment "Airport Investments" In millions of € 2011 2011 published pro forma Revenue - 12 +12 ADPM EBITDA - 2 +2 EBITDA ADPM Associates from operating - 13 +13 Share in net Result activities Schiphol Group Operating Income from Ordinary - 14 +14 Activities oImpact on the P&L of the segment "Other Activities" In millions of € 2011 2011 published pro forma Revenue 255 244 -11 Revenue ADPM : (€12M) Intra-group: (+1) EBITDA 22 20 -2 EBITDA ADPM Associates from operating 13 - -13 Share in Net Result activities Schiphol Group Operating Income from Ordinary 20 5 -14 Activities 2012 results: operating income from ordinary activities up by 6.2% In millions of € 2012 2011 2012 / 2011 Revenue 2,640 2,502 +5.6% EBITDA 1,017 972 +4.6% Operating Income from Ordinary Activities^ 645 607 +6.2% Operating Income 642 652 -1.4% Net finance income (expenses) (118) (98) +19.8% Net Result 341 348 -1.9% Aéroports de Paris revenue was up 5.6% to €2,640 million. This increase is mainly due to the good performance of its core business and in particular: othe positive change in income generated by aeronautical activities (+5.1% to €1,581 million), primarily driven by increases in fees on 1 April 2011 (+ 1.49%) and 1 April 2012 (+3.4%) and growth in passenger traffic (+0.8% to 88.8 million passengers); othe sharp rise in income from retail and services (+7.3% to €902 million) due to the good performance of commercial activities (+12.6%), which benefit from an increase in revenue per passenger of 11.3% to €16.80; oand continued growth in real estate (+4.6% to €253 million). The amount of intersegment eliminations amounted to €355 million in 2012, up 3.9%. During 2012, the Aéroports de Paris Group EBITDA was up 4.6% to €1,017 million, reflecting an increase in operating expenses (+6.9% to €1,709 million) which was slightly higher than revenues (+5.6%). Over the year, the gross margin decreased 0.4% to 38.5%. Capitalised production, which corresponds to the capitalisation of internal engineering services performed on investment projects, increased by 18.4% to €62 million and was mainly due to the continued implementation of single security control (Inspection Filtrage Unique) at Paris-Charles de Gaulle. Raw materials and consumables used increased by 24.0% to €115 million due to a scope of business effect following the acquisition of Nomadvance by Hub télécom and the increase in energy prices. Expenses related to external services increased by 5.7% to €672 million mainly as a result of cost increases for security services following the strike of December 2011 (which was offset by the tax mechanism of the airport tax), transport and cleaning services following the opening of Satellite 4 and the fight against snowfalls as part of the Group's policy to improve the quality of service. Group employee benefits costs increased by 4.7% and amounted to €709 million. The amount of taxes is up 8.0% to €190 million due to the increase in the territorial financial contribution and property taxes. Other operating expenses were up 33.9% to €23 million, mainly due to the reduction in losses on receivables. Other income and expenses represent a profit of €24 million in 2012, up 34.2% mainly due to the positive impact of penalties collected under the protocol for the East baggage handling system (see "Significant events during the financial year"). Operating income from ordinary activities benefited from the EBITDA dynamic and strong growth in the share of income from associates from operating activities (+108.8% to €38 million), which were favourably impacted by the recognition of its share in the income in TAV Airports and TAV Construction (€16 million). It increased by 6.2% to €645million. Operating income was down slightly (-1.4% to €642 million), and the sharp increase in operating income was offset by an unfavourable base effect, since 2011 benefited from the recognition of non-recurring items totalling €44 million that included the settlement compensation for the claim from Paris-Charles de Gaulle Terminal 2E and the profit made on the sale of Masternaut Group. The net finance cost increased by 19.8% to €118 million due to the acquisition costs related to the purchase of the shares in TAV Airports and TAV Construction and the anticipated funding of 2013 terms in a context of low interest rates. The net debt/equity ratio stood at 80% at 31 December 2012 versus 61% at end-2011. The Group's net debt totalled €3,003 million at 31 December 2012 versus €2,206 million at 31 December 2011. Following the agreement concluded in December between Aéroports de Paris and G3S to end to their disputes concerning the terms and conditions of the Alyzia Holding sale agreement, net income from discontinued activities had a negative balance of €5 million in 2012 versus a negative balance of €13 million in 2011. Income taxes decreased 7.6% to €178 million. Taking into account these elements, Net income attributable to the Group amounted to €341 million, down 1.9%. Aviation: increase in tariffs and traffic offset by higher operating costs In millions of € 2012 2011 2012 / 2011 Revenue 1,581 1,505 +5.1% Airport fees 867 835 +3.8% Ancillary fees 178 169 +4.9% Airport security tax 493 458 +7.5% Other revenue 44 42 +5.1% EBITDA 343 359 -4.4% Operating Income from Ordinary Activities 83 125 -33.3% Revenue from the segment was up by 5.1 % to €1,581 million during 2012. Revenue from airport fees (passenger fee, landing fee and parking fee) is up 3.8% to €867 million and benefited from the combined increase in fees (+1.49% at 1 April 2011 and +3.4% at 1 April 2012) and traffic (+0.8%), particularly international (+1.7%). These effects were partially offset by the implementation, on 1 April 2011, of the incentive mechanism to bolster traffic and the decrease in ATMs (-1.8%). Revenue from ancillary fees increased by 4.9% to €178 million, mainly due to the increase in revenue from the de-icing fee and the implementation, in the fourth quarter of 2011, of a snow-removal-equipment rental system to specialised service providers operating at Paris-Charles de Gaulle Airport. The airport security tax, which mainly finances security-related activities, has been €11.50 per departing passenger since 1 January 2011. The proceeds from this tax amounted to €493 million, up 7.5%. Other revenue consisted, in particular, of reinvoicing the French Air Navigation Services Division and leases associated with the use of terminals. It amounted to €44 million, which represents a drop of 5.1%. Due to an increase in operating expenses, driven primarily by external charges that have been increasing more rapidly (+9.3% to €1,294 million) than revenue (+5.1% to €1,581 million), EBITDA decreased by 4.4% to €343 million. The gross margin rate reached 21.7 %, down by 2.2 points. Depreciation and amortisation increased by 11.0% to €260 million. The operating income from ordinary activities was down by 33.3% to €83 million. Retail and services: shops in restricted areas are still driving growth In millions of € 2012 2011 2012 / 2011 Revenue 902 841 +7.3% Commercial activities 355 315 +12.6% Car parks and access roads 159 158 +0.8% Industrial services 68 60 +14.4% Rental revenue 104 97 +7.1% Other revenue 217 212 +2.2% EBITDA 503 463 +8.5% Profit and Loss of associates from operating activities 7 6 +9.2% Operating Income from Ordinary Activities 412 375 +9.8% During 2012, revenue from the marketing and service segment increased by 7.3% to €902 million. Revenue from commercial activities (rents from shops, bars and restaurants, advertising, banking and foreign exchange activities and car rentals) increased by 12.6% to €355million. Within this total amount, rents from shops in restricted areas came to €253million, up 13.5%, due to the sharp increase in revenue per passenger^ (+11.3% to €16.80). This performance was mainly attributable to the very good results of duty free shops over all terminals at Paris-Charles de Gaulle airport, whom sales per passenger sharply increased (12.2 % to 31.0€) driven by the strong traffic growth of highly contributive destinations such as China (14.4 %) or Russia (12.5 %) and the continued healthy performance of Fashion & Accessories and gastronomy activities. Revenue from car parks rose slightly, by 0.8% to €159 million. Revenue from the provision of industrial services (electricity and water supply) increased by 14.4% to €68 million due to higher energy prices and a favourable base effect as 2011 had been impacted by the temporary disruption of a turbine at the Paris-Charles de Gaulle cogeneration plant. Rental revenue (leasing of space within terminals) increased by 7.1% to €104 million and benefitted from new airline counter rentals following the opening of Satellite 4. Other revenue essentially consisted of internal services and increased by 2.2% to €217million. By keeping operating expenses under control, EBITDA for the segment increased by 8.5% to €503 million. The gross margin rate was up 0.7 point to 55.7 %. The operating income from ordinary activities increased by 9.8% to €412million driven by a moderate increase in amortisation and depreciation (+3.3% to €97million) and the strong growth in associates from operating activities (+9.2% to €7 million). Real estate: positive impact of new leases, increase in rents and favourable change in provisions In millions of € 2012 2011 2012 / 2011 Revenue 253 241 +4.6% External revenue (generated with third parties) 201 190 +5.7% Internal revenue 51 51 +0.4% EBITDA 149 129 +15.6% Operating Income from Ordinary Activities 110 88 +24.9% During 2012, segment revenue was up 4.6% to €253 million. External revenue amounted to €201 million, up 5.7%, thanks to rents from new occupations and the positive impact of indexing revenue to the cost of construction on 1 January 2012 (+5.0%). Internal revenue was virtually stable at €51 million. Thanks to effective control over operating expenses and to a favourable change in allowances and provision, EBITDA was up significantly, by 15.6% to €149 million. The gross margin rate stood at 58.9%, up 5.6 points. Amortisation and depreciation were down by 3.8% to €39 million. Operating income from ordinary activities was up by 24.9% to €110 million. Airport investment: TAV results better than expected In millions of € 2012 2011 2012 / 2011 pro forma Revenue 14 12 +8.3% EBITDA 1 2 -23.2% Profit and Loss of associates from operating 28 13 +121.0% activities Operating Income from Ordinary Activities 29 14 +105.1% Income from airport investment (100% composed of ADPM revenue) increased by 8.3 % to €14 million. Operating income from ordinary activities was up by 105.1% as a result of the recognition of the share of profit from TAV Airports (€13 million). In 2012, the adjusted EBITDA of TAV Airports grew by 29.1% to €332 million and net result was multiplied by 2.3 to €124 million. Other activities: ADPI activity down, consolidation of Nomadvance and TAV Construction In millions of € 2012 2011 2012 / 2011 pro forma Revenue 246 243 +1.1% EBITDA 21 20 +5.7% Profit and Loss of associates from operating 4 0 ns activities Operating Income from Ordinary Activities 11 5 +105.2% Revenue from the other activities segment was up 1.1% to €246 million, with the growth of Hub Telecom (+7.5% to €112 million) and Alyzia Sûreté (+9.8 % to €65 million) being offset by lower ADPI activity (-13.1% to €65 million). Operating income from ordinary activities totalled €11 million in 2012 versus €5 million in 2011 due to the recognition of the share of profit from TAV Construction (+€4 million). Hub Telecom saw its revenue increase by 7.5% to €112 million due to the acquisition of Nomadvance and despite the sale of Masternaut Group on 15 April 2011. EBITDA totalled €19 million, up 5.7% and the gross margin declined slightly by 0.3 points to 17.1%. The operating income from ordinary activities was up 43.8% to €6million. Alyzia Sûreté revenue was up 9.8% to €65 million as a result of the rising cost of security services. EBITDA increased by 104.5% to €3 million. ADPI saw its business shrink in 2012, mainly due to the end of important contracts. Its revenue stood at €65million, which is a decrease of 13.1%. The substantial reduction in revenue was accompanied by a large reduction in operating expenses (-18.9%). EBITDA remained steady vis-à-vis a profit of €1 million in 2011.Operating income from ordinary activities totalled -€1 million. At the end of December, the backlog (2013-2015) stood at €65 million. Outlook 2013 Forecasts Assuming that traffic remains stable in 2013 compared to 2012, consolidated revenue and EBITDA are expected to grow slightly in 2013 compared to 2012. 2015 Outlook^ 2015 EBITDA is expected to increase by 25% to 35% compared to 2009, The cost-savings programme in place since the beginning of 2013 should limit the growth in operating costs of the parent company by 3.0% maximum per year on average between 2012 and 2015. Events after 31 December 2012 Launch of third Airport tender and compensation of loss of profit for TAV Airports if opened before the end of the Istanbul Atatürk Airport concession The Turkish government officially launch the tender for the construction and management of the third airport in Istanbul. This airport should have an initial capacity of 70 million passengers per year and 150 million at the end. The project will be a BOT "build-operate-transfer" and concession will last 25 years. Consultation documents related to this tender have been released the 28^th of January and offers have to be sent the 3 May 2013. TAV Airports Holding and TAV Istanbul (100% owned by TAV Airports Holding), which holds the lease on the Istanbul Atatürk Airport until 2 January 2021, were officially informed by the Turkish Civil Aviation Authority (Devlet Hava Meydanlari iSletmesi or DHMI) that TAV Istanbul will be compensated for its loss of profit that may be incurred between the date of opening of this new airport and the ending date of the current lease. January traffic figures In January 2013, Aéroports de Paris passenger traffic decreased by 3.0% compared to January 2012, with a total of 6.2 million passengers handled including 4.3 million at Paris-Charles de Gaulle (-3.0%) and 1.9 million at Paris-Orly (-3.2%). Traffic was affected by heavy snowfalls over France and Northern Europe between 18 and 20 January. Without these three days of snowfalls, passenger volumes would have decreased by 2.3% in January. Pricing proposals As at 1 April 2013, fee tariffs will increase by an average of 3.0% on a like-for-like basis. Airport security tax On 1 April 2013, the Airport security tax rate will remain unchanged at €11.50 per departing passenger and €1.00 per ton of freight or mail. However, connecting passengers will enjoy a 40% discount (versus 10% previously), with the Airport security tax standing at €6.90 per departing connecting passenger. Dividend distribution policy At its meeting of 27February 2013, the Board of Directors decided to propose at the next Annual General Meeting, to be held on 16May 2013, a dividend distribution of €2.07 per share for the 2012 financial year. Subject to the vote of the Annual General Meeting, the payment would occur on 30May 2013. This dividend corresponds to a payout ratio of 60% of the 2012 net income attributable to the Group, against a ratio of 50% previously. Agenda § Thursday 28 February 2013: analyst meeting at 10:30am Paris time. Broadcast and presentation available at http://www.aeroportsdeparis.fr/ADP/en-GB/Group/Finance/ § Tuesday 14 May 2013: first quarter revenue § Thursday 16 May 2013: general meeting of shareholders Investor Relations Vincent Bouchery: + 33 1 43 35 70 58 - firstname.lastname@example.org Press Christine d'Argentré: + 33 1 43 35 70 70 Website: www.aeroportsdeparis.fr The financial information presented within this press release comes from Aéroports de Paris' consolidated financial statements. Audit procedures have been carried out and the audit report relating to the certification of Aéroports de Paris consolidated financial statements at 31 December 2012 is in the process of being issued. Consolidated financial statements at 31 December 2012 and the related report are available on the Group website (www.aéroportsdeparis.fr) in the section "Group / Finance / Publications". Forward looking statements This press release does not constitute an offer of, or an invitation by or on behalf of Aéroports de Paris to subscribe or purchase financial securities within the United States or in any other country. Forward-looking disclosures are included in this press release. These forward-looking disclosures are based on data, assumptions and estimates deemed reasonable by Aéroports de Paris. They include in particular information relating to the financial situation, results and activity of Aéroports de Paris. These data, assumptions and estimates are subject to risks (such as those described within the reference document filed with the French financial markets authority on 6 April 2012 under number D. 12-0297) and uncertainties, many of which are out of the control of Aéroports de Paris and cannot be easily predicted. They may lead to results that are substantially different from those forecasts or suggested within these disclosures www.aeroportsdeparis.fr Press contact: Christine d'Argentré +33 1 43 35 70 70 - Investor Relations: Vincent Bouchery +33 1 43 35 70 58 - email@example.com Aéroports de Paris builds, develops and manages airports including Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget. In 2012, Aéroports de Paris handled almost 89 million passengers and 2.3 million tons of freight and mail in Paris and 40 million passengers in airports abroad. With an exceptional geographic location and a major catchment area, the Group is pursuing its strategy of adapting and modernizing its terminal facilities and upgrading quality of services, and also intends to develop its retail and real estate business. In 2012, the group revenue stood at €2,640 million and the net income at €341 million. Registered office: 291, boulevard Raspail, 75014 Paris, France. A limited company (Société Anonyme) with share capital of €296,881,806. 552 016 628 RCS Paris . Appendix Consolidated Income Statement Consolidated Statement of financial position Consolidated Statement of Cash flows -------------------------  Direct or indirect  From SETA, which holds 16.7% of GACN, which controls 13 airports in Mexico TAV Airports operates domestic traffic since January 2012. On a like-for-like basis traffic is up 9,8%  Saudi Arabia (since July 2012), Tunisia, Georgia and Macedonia  Algiers, Phnom Penh, Siem Reap and Conakry See press release for 2012 interim results at www.aeroportsdeparis.fr Operating Income from Ordinary Activities: Operating income before the impact of certain non-current income and charges. Sales of shops in restricted area divided by the number of departing passengers  For more information see press release from 20 December 2012 titled "2012 and 2015 targets" on the www.aeroportsdeparis.fr website Aéroports de Paris : 2012 Full Year results ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Aéroports de Paris via Thomson Reuters ONE HUG#1681814
Aéroports de Paris : Aéroports de Paris : 2012 Full Year results
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