French airport operator Groupe ADP has posted net income attributable to the group of €516m in 2022 following two years of losses triggered by the pandemic.
The group had reported losses of €1.17bn and €248m in 2020 and 2021, respectively.
Passenger numbers reached 280.4 million in 2022, which is 80.9% of pre-pandemic levels while Paris airport traffic was 86.7 million, or 80.2% of 2019 levels.
Revenue surged 69% to €4.69bn aided by traffic recovery, marking a 69% increase from €2.78bn a year ago.
Retail and Services segment revenue, including only Parisian activities, increased 74.8% to €1.44bn while that of aviation activities in Paris increased 63% to €1.67bn.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled to €1.7bn from €751m.
The operator expects its EBITDA to bounce back to at least pre-pandemic 2019 levels as early as this year, which is a year ahead of its earlier projections.
Net debt remained at €7.44bn at the end of December last year, which is 4.4 times its EBITDA, versus €8.01bn in 2021.
The firm’s 2023 outlook projects passenger volume to reach 95-105% of pre-pandemic levels.
Groupe ADP chairman and CEO Augustin de Romanet said: “Groupe ADP returns to a solid net result, at €516m, leading to propose to the General Meeting a €3.13 dividend per share, equivalent to a payout of 60% of the net result attributable to the group.
“All the 2022 targets have been met or exceeded. Based on an adjusted financial trajectory for the 2023-2025 period, Groupe ADP confirms its commitment to continue deleveraging its balance sheet, targeting a net debt to EBITDA ratio lowered again to 3.5x to 4.5x EBITDA in 2025 (the previous target was 4.5x to 5.0x EBITDA), including selective international growth projects.”
