ADP: February traffic figures, targets revised
(CercleFinance.com) - ADP (Aéroports de Paris) said that in February 2020 total traffic slipped 0.
9% y-o-y, with 19.5 million passengers at its airports. Traffic at Paris Aéroport rose by 0.3% to 7.3 million passengers; 5.1 million at Paris-Charles de Gaulle (-0.1%) and 2.2 million at Paris-Orly (+1.3%).
Note that with the start of the coronavirus crisis in February, traffic with mainland China collapsed 71.4%, while - prior to its ban on travel from Europe - US traffic rose +9.3% in February 2020, the group said.
ADP has also revised its targets and optimisation plan. Considering that its former 2020 traffic assumptions are now no longer relevant, ADP says that it will not be possible to reach its 2020 EBITDA forecasts if the trend seen over the first two weeks of March continues or if it increases, which is highly likely.
It is also too early to estimate the impact of the situation on the 2016-2020 objectives of the Connect 2020 plan. ADP will communicate revised forecasts later on and will, in any event, review the situation at on its trading update of 23 April.
In this context, the group is undertaking a major operational and financial optimisation plan, including a savings plan, aiming to reduce current expenses for 2020 by around 180 million euros, including 120 million euros in Paris.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
9% y-o-y, with 19.5 million passengers at its airports. Traffic at Paris Aéroport rose by 0.3% to 7.3 million passengers; 5.1 million at Paris-Charles de Gaulle (-0.1%) and 2.2 million at Paris-Orly (+1.3%).
Note that with the start of the coronavirus crisis in February, traffic with mainland China collapsed 71.4%, while - prior to its ban on travel from Europe - US traffic rose +9.3% in February 2020, the group said.
ADP has also revised its targets and optimisation plan. Considering that its former 2020 traffic assumptions are now no longer relevant, ADP says that it will not be possible to reach its 2020 EBITDA forecasts if the trend seen over the first two weeks of March continues or if it increases, which is highly likely.
It is also too early to estimate the impact of the situation on the 2016-2020 objectives of the Connect 2020 plan. ADP will communicate revised forecasts later on and will, in any event, review the situation at on its trading update of 23 April.
In this context, the group is undertaking a major operational and financial optimisation plan, including a savings plan, aiming to reduce current expenses for 2020 by around 180 million euros, including 120 million euros in Paris.
Copyright (c) 2020 CercleFinance.com. All rights reserved.