Individual shareholders



Message ot the CEO



The months from January to May 2021 were marked by a resurgence of the Covid-19 pandemic, hich affected all of the Group’s activities. The recovery in activity that began in mid-May continued until the end of the year, in line with the Group’s forecasts. All financial indicators trended upwards in 2021. In addition to the positive impact of the recovery in traffic in the second half of the year, this trend is also due to the management of operating expenses, as a result of the savings measures initiated at the beginning of the crisis and the first effects of the social measures in Paris. The Group has also succeeded in increasing its quality of service and its revenue per passenger in the Paris commercial activities, whose level has exceeded that of 2019. The year 2021 was also marked by the development of international activities, with in particular the acquisition of Almaty airport, which has made a significant contribution to improving the Group’s EBITDA from 2021 and the winning of the Antalya concession for a further 25 years. Several international assets have seen extensions of concession periods and debt restructurings. Discussions are ongoing regarding the Amman and Santiago de Chile airports. The recovery in activity over the second half of the year enabled the Group to stabilise its cash position between mid-July and December 2021. For 2022, Groupe ADP traffic is expected to be between 70% and 80% of the 2019 level, and Paris Aéroport traffic between 65% and 75% of the 2019 level. The EBITDA margin should be between 30% and 35% and net income is expected to be positive for 2022. The target of reaching a net financial debt/EBITDA ratio of between 6x and 7x is maintained. Lastly, Groupe ADP has defined a strategic roadmap entitled “2025 Pioneers”, driving fresh momentum that expresses the vision of its new long-term airport model over the period 2022-2025.
Augustin de Romanet,
Chairman and Chief Executive Officer