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
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
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
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.
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
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.
oAgreement respecting the East baggage handling system (Trieur-Bagage Est,
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.
As at 1 April 2012, fee tariffs increased by an average of 3.4% on a
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
In March 2012, Aéroports de Paris redeemed a matured bond of €334 million of
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
oIntegration of fashion and accessories activities into Société de
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
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
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)
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
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
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
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
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
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
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
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%
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
Revenue 14 12 +8.3%
EBITDA 1 2 -23.2%
Profit and Loss of associates from operating 28 13 +121.0%
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
In millions of € 2012 2011 2012 / 2011
Revenue 246 243 +1.1%
EBITDA 21 20 +5.7%
Profit and Loss of associates from operating 4 0 ns
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.
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 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.
As at 1 April 2013, fee tariffs will increase by an average of 3.0% on a
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.
§ Thursday 28 February 2013: analyst meeting at 10:30am Paris time. Broadcast
and presentation available at
§ Tuesday 14 May 2013: first quarter revenue
§ Thursday 16 May 2013: general meeting of shareholders
Vincent Bouchery: + 33 1 43 35 70 58 - email@example.com
Christine d'Argentré: + 33 1 43 35 70 70
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
Press contact: Christine d'Argentré +33 1 43 35 70 70 - Investor Relations:
Vincent Bouchery +33 1 43 35 70 58 - firstname.lastname@example.org
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
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
 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
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Source: Aéroports de Paris via Thomson Reuters ONE
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