Thank you for joining us for the yearly revenue presentation for ADP 2021. Philippe Pascal and myself are going to give these presentations. 2021 was an outstanding year for ADP Group. We're going to tell you about the details, but if I was to summarize what I want to say, I would say that it was outstanding because of the group employees. What they have accomplished is really unique because in a year where there was a major crisis, first of all, they increased the quality of service, and it's close to four out of five in terms of rating. They also enabled some solidarity that meant that we could avoid redundancies, and also we had a very large increase of aeronautical fees.
As you could see, we also continued our expansion abroad in order to prepare a remarkable growth for the 20 coming years. If you look at the first document, you will see that 2021 was divided into two. The first half had some not very good traffic, but the business picked up again mid-May for all the activities of the group. For Paris Airport, that's on the left-hand side, and for the other airports of the group, it's on the right-hand side. What these graphs show is that this recovery took place in the second semester for all our airports and in a more dynamic way for the other airports beyond Paris Airport.
Because for the group airports, we reached 48.6% of the level in 2021 in 2019, while in Paris we are only at 30.6%. This year was outstanding for many reasons, and also from the financial viewpoint, all indicators are up. The revenue up by 29.9% at EUR 2,770 . The EBITDA up by EUR 583 million, and it can be explained because we had very strong cost-cutting measures with an organic growth of the EBITDA that represent 3/4 of this 583 million euros. The operating income is almost at break even, and the net result is negative because of the depreciations that were recorded in 2020.
Philippe Pascal will tell you about all this. Regarding the passenger satisfaction, and it's really at the heart of our concerns, all the group's airports improved their rating in the Skytrax ranking. While CDG in Paris is the 15th, Delhi is the 45th. I like to remind you that almost, even 10 years ago, Paris Orly was beyond the 100th ranking. There was also an audit of the Paris Airport. Most of the airports have five stars: Charles de Gaulle, Paris Orly, and Tbilisi, three of them.
The service quality grade has increased for the third year in a row, and we had, for the third year in a row, an award for the mobile application, Paris Aéroport, that was awarded as being the application that really showed the best creativity and the best innovation during the COVID period. On top of the client satisfaction, we had to adapt the company to this COVID general situation. First of all, by adapting and optimizing the competitiveness of our infrastructures. We have closed some terminals. We opened others in order to welcome the passengers coming from the other infrastructures. We were extremely agile, for example, to recycle all the companies that were in Terminal 1 and that had to move to the 2A, 2C, and 2E terminals.
We also opened other infrastructures, 2B, 2D, that enabled us to open a huge surface after nine years of works with junctions between the 2B and the 2D buildings, in which are 5,200 sq m of shopping mall. In the 2E, we have also a new baggage sorting system, the TBS 4, in order to improve the quality of service and the competitiveness of the air companies. Adaptation also showed in the social measures. First of all, the implementation of the collective mutually agreed termination agreement that fixed at 1,150 the number of the voluntary departures with a target of 700 replaced departures.
We have to highlight that the number of volunteers for these departures was above the number of positions that were set up at the beginning. We also adapted the employment contract. We asked our employees to do some sacrifices by giving up of some bonuses, by reducing also marginally the 13th wage amount, which led to some savings explaining the resilience of the group during this crisis period. We also reorganized all our organization and flow charts trying to retain talents. 2021 was also a year for the development of our international activities, and that came after a COVID year that really set up the basis of a new Groupe ADP.
If you look at 2019, the average duration of our concessions abroad, and I'm not taking into account Paris because we are in a full ownership, but for the concessions abroad, by including TAV, the average duration was 8.8 years. If you add up the acquisition of GMR with concessions of 60 years, the acquisition of Almaty, the extension of the concession in Antalya for 25 years until 2051, the average duration of our concessions was increased almost fourfold since. In 2022, we have an average duration of the concessions of 32 years. That was made possible because of GMR that was acquired in 2020. We also acquired Almaty, the airport of the large city in the south of Kazakhstan, the largest airport in Central Asia.
We also acquired the concession in Indonesia, in the Medan Airport, so an extension of 25 years in Antalya. We also have the extension of the concession durations for the five Turkish airports that was granted by the government in the wake of COVID, as well as an extension in Medan. Furthermore, the group proceeded to some debt restructuring and withdrew some assets in Mauritius, for example. In the Netherlands, regarding the Netherlands assets, we decided not to renew the partnership agreement with Royal Schiphol Group in November 2021, which triggered the unwinding of the cross-shareholding of the Royal Schiphol Group. The details will be communicated in a press release that will be available in a few moments, and Philippe Pascal will tell you about it also.
We did not renew the technical assistance contract in Mauritius either. We actually sold it to the Mauritius government, the participation that we had. We also closed the European business Europe of ADP Ingénierie. In terms of ESG, the group was very active. It signed a partnership with Air Liquide and Airbus to pave the way for the arrival of the liquid hydrogen aircraft. We promoted the sustainable aviation fuels, this SAF, with the experimentation of a flight between Paris and Montreal. We also won, along with several airports, a call for tender that was really essential by the European Union. It was called OLGA in order to develop the technologies of green airports.
We also took many initiatives in order to improve our social footprint with the setting up of a stakeholder committee made up of 16 external figures. We also externalized objectives in terms of decrease of the noise around Paris Airport in order to reduce noise in relation to what it was in 2018. This work on ESG responsibility was extremely active in 2021 and will have founded the strategic roadmap, which details will be communicated to you tomorrow. Now I'm going to give the floor to Philippe Pascal. Good morning, everybody, or good afternoon rather. A few more details about the financial results of 2021, starting with the first driver of our business, that is to say, traffic.
On all the group platforms, the traffic was up this year in quite a contrasted manner, with a strong increase for touristic traffic, especially in the Turkish platform, a major increase, which led to a good performance in the second semester for TAV and for the other platform of the group. Similarly, you will observe platform per platform contrasted evolutions, contrasted development, which are due to the performance of traffic in 2020 and the consequences of the differentiated waves of the COVID pandemic, but also differentiated performances related to the different restrictions in various countries. Regarding Paris traffic, here you have more details. First of all, to compare ourselves to the other European platforms. The traffic of our two Paris airports, Orly and Charles de Gaulle, was 42 million passengers.
It represents 38% of the traffic in 2019, a much better performance than Amsterdam, Frankfurt, and London. It is a performance that is slightly below the one in Madrid in [Quam]. This performance was also contrasted on Parisian platforms with the traffic back in Paris more quickly than in Charles de Gaulle, with only 34%. You can see the small table here on the right-hand side of this slide. It's the different timetables. Two are extremely resilient, the domestic time zone and abroad in Africa and overseas.
As follows, regarding the main indicators for Paris Airport, we see that the low-cost traffic in 2021, and in proportion of the overall traffic, was above the one in 2019, which means that the reestablishment of the low-cost traffic is much quicker. The international traffic is still below, but in a quite measured way with 37.1% compared to 2019 with 41.3% of the 2019 traffic. The local load factor, 69.7% below compared with 2019 because our competitors want to keep their competitiveness even though and to keep the time slot, even though the companies might not be able to keep these slots.
Very concretely and regarding our main indicators, in terms of revenue, in relation to 2020, the revenue is up by 29.9%. This increase can be explained by three main factors. First of all, the traffic has picked up again on all our platforms, ADP SA, TAV, AMAN. There were major consequences on our aeronautical fees and commercial fees. A very good result of our revenue per passenger in the retail with 21.6 EUR per passenger, even though a lot of shops were closed because of the restrictions in the airport, but also a general restriction over the different travels, especially with the international destination. The other major factor of the good revenue is the integration of the Almaty Airport.
An airport that was consolidated in the global integration in 2021, and it meant an increase of EUR 105 million in the revenue compared with 2020. The EBITDA, this is driven by the very good control of our cost. You know, there were savings on the payroll. There were savings linked to a partial activity that was only applicable in Paris during the first quarter, but also for SDA, EUR 27 million with TAV for EUR 15 million . We also have a good EBITDA. We have EUR 20 million contribution of EBITDA since May 2021 until December 2021. It's an immediately relative distribution. We have two good pieces of news.
The drop of the production taxes in France, for a positive impact of EUR 51 million, and the return to full ownership of certain buildings, which generate a product or revenue of an additional EUR 109 million. Good EBITDA, characterized by a good control of our cost. We would like to zoom on this. At the group level, we see that even though we neutralize the outstanding effects, non-organic effects linked to the concessions, for example, gains on the real estate, the full ownership of the AOTs, but also the reform of the production taxes, we still have an increase that is mainly driven by an organic growth of our business, aeronautic, real estate and commercial activity.
Regarding the operating expenses, ADP SA , well, we have an increase in terms of expenses, but it was contained to +1.9% to be compared with the 26.8% increase in traffic, which is a sign of the good efforts provided by everybody. Also major item are the staff cost slightly down because of the social measures implemented in 2021 that actually offset the reduction in business in Paris. Now, the net result, these indicators are marked by major base effect linked to the recording in 2020 of impairments of intangible assets internationally, an impact of EUR 252 million for the Société de Distribution Aéroportuaire. Also depreciation in Paris related to some of our joint ventures.
An operating income that is also characterized by an organic improvement because the equity companies have been doing well, especially Antalya, a major asset for this financial performance. The contribution shows a major dynamism and a potential value creation for the next 25 years with a result that has been increased by EUR 38 million. The net income now, we have all the base effects that were mentioned with the depreciation last year. We have a one-shot effect that we had talked about before EUR 109 million for the debt restructuring and a negative impact of the situation improvement that is linked to the increase in income tax.
Our chairman was saying that this year in 2021 was also characterized by a very good cash flow with a debt repayment schedule that is completely controlled and phased out over time, and available cash flow within ADP SA, within the group that is completely under control. We had announced that in the second semester, 2020, we were controlling our cash. This year again, in the second semester, we are controlling our cash after the reimbursement of the bond issuance for EUR 409 million at the beginning of July. Our performance is also due to controlled investments and to control expenses. S&P renewed its rating recently last December.
These were the different details I wanted to tell you about, and I'm going to give back the floor to my colleague. Thank you, Philippe. A few information about the guidance for 2022. In terms of traffic for the group, we believe that we'll recover between 70% and 80% of the traffic we had in 2019. As for every year, in Paris airports is slightly below because the other airports have a better demography and are more dynamic. In Paris, therefore, it's slightly below. It's between 65% and 75%. Regarding the EBITDA margin, it should be between 30% and 35% in 2022, with a ratio of financial debt over EBITDA that will be between six and seven at the end of 2022 in compliance with what we had announced.
We were at 15% in 2020 and slightly just above 3% in 2019. We are also announcing positive net results in 2022 in terms of investments. I'm going to get into more details. We believe that there will be EUR 1 billion per year on average between 2022 and 2025, within Paris between EUR 550 million and EUR 600 million for the regulated and the non-regulated in Paris in 2022. These various aspects led to our forecast for 2022/2025 that will be presented in detail tomorrow, but I'm just going to give you a snapshot here. The roadmap that we're going to tell you about tomorrow is a roadmap for radical transformation of the group model.
We actually, you know, concluded that the air traffic is not going to be developing if it's still carbonated. The decarbonation of the air traffic is one condition for its survival. This is why I would like to invite you to listen to us tomorrow. You will get all this information in detail. I can tell you now that regarding the forecast and the financial objective for 2020/ 2025, we'll tell you why we believe tha ADP Groupe will recover the level of 2019 between 2023 and 2024, and for ADP between 2024 and 2025.
Regarding the turnover per passenger, we'll explain why and how the renewal of our approach in terms of service and trade will lead us to a turnover per passenger for all the services in the airport, so slightly more, you know, with the advertising, the luggage and so on, would be of some EUR 25, EUR 27.5 per passenger. Regarding the expenses now, we plan to come back to a level of EUR 32 in 2020, to a level of EUR 18 in 2024 and 2025, similar to the level in 2019. As soon as 2024, we intend to recover EBITDA level that would be above the one that we had in 2019.
Regarding the EBITDA margin, it should come back to a level between 35% and 45% in 2024/ 2025. No, between 35% and 40%. Sorry, there was a mistake in my comments. The net result of the group will be positive again this year in 2022. We'll tell you about the investments for the group, EUR 1 billion per year on average between 2022 and 2025. For ADP SA, it will be more moderated than what we would have done before the COVID pandemic. You see, you know, between EUR 550 million and EUR 600 million, EUR 750 million, EUR 800 million in 2023, and you can see the figures on the table.
The financial debt will remain under control, 6x or 7x the EBITDA in 2020 to 4.5 or 5x in 2025. The dividends due for the year N minus one. In 2023, we're going to start paying 60% in terms of payout rate and a minimum of EUR 1 per share, and a minimum of EUR 3 per share in 2024.
All these financial data of course have to come along with the detailed description of our strategic roadmap, and this is why at 9:00 A.M. tomorrow morning, whether we are here physically or with the video conference, you are invited to listen to about 10 or 15 employees of the group who are going to tell you, along with myself and Philippe, explain the major transformation roadmap for ADP. It will be the first global roadmap for the whole group. Thank you very much for your attention, and now I think we can take some of your questions. Ladies and gentlemen, if you have questions or comments, you can use your phone. Star if you have questions or comments.
Let me repeat what I just said. If you have any questions or any comments, you could press the star key followed by 1 on your phone.
We don't have any questions in French. We have a question just arrived from Nicolas Mora, and you can ask a question, Mr. Mora.
Yes. Thank you, and good evening, everyone. I'll just have a look at the results, and I thought it was quite surprising to see the good performance of the retail in terms of expenses. We consider that the fourth quarter would be quite difficult, but it actually wasn't. In terms of profitability, could you say what happened, how things happened during the second half of 2021 because we see an improvement in the revenue? Do you understand the dynamic behind all this?
Well, good morning, good afternoon, Nicolas. I'll give you some info. We have a strategy that was fruitful, and it was quite a strategy with a first pillar with the optimization of our infrastructure, and the aim was to try to save money on the expenses and wanted to have to optimize the shops, and we have to have a better understanding of the flows of passengers. This is why we opened the new terminal, the B, D, because we knew that the performance would be much better thanks to this new infrastructure. We also decided to close some infrastructure we consider to be non-necessary. We wanted to focus on the flagship terminals in Paris, the 2E and the K.
We have a strategy based on offering, and of course we have very well-known brands. For example, in the Terminal 2E, pretty much all the luxury brands are in the Terminal 2E, and they have been able to have some nice performance, and because we based our actions on some clusters. Let's give the example of the reopening of America and also of Africa. In Asia, and this is one of the main pillars.
That was noticeable during the crisis. The hub was quite resilient. You know, just like I do, that it was very difficult to travel to Asia, and you know that the Asian travelers, they have to travel, and they have to come to Paris, and especially when they have to go to Africa. This is why we had a laboratory, so we could actually have PCR tests carried out in Paris before you go to Asia. Traffic was great. We managed to improve and optimized everything, and we have a high quality offer, and we have new policies thanks to this new infrastructure, but we are still trying to optimize everything we already had in these terminals.
These are some elements, but tomorrow we'll have a specific day for investors, and we'll be able to see that the recovery of our traffic will have an effect in 2022. We'll be able to stabilize in a better way this situation. We'll make a comparison with the other airports in Europe. Are there any other questions?
We...
Please go ahead.
Questions, if I may. The first one, in terms of your EBITDA guidance in 2022, are there any one-offs in there that we should consider positive or negative? Secondly, in terms of your retail spend per passenger, what are your expectations for 2022? If you could, and the last one, please, in terms of the authorization to buy back, I guess, 8% of your share count, could you elaborate a little bit how we should think about this? I mean, it would add quite a bit in terms of your financial leverage. Would that be a problem for you at all, or it doesn't really matter? I assume your financial leverage targets that you published today are excluding any possibility of a buyback. Thank you.
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Thank you very much for your first question about the EBITDA. Now we don't have any specific guidance on the EBITDA because, you know, as presented by the CEO, we have some guidance on EBITDA and the recovery of the turnover per passenger. We are supposed to have good modeling of this. For 2022, we don't expect a specific one-off. If it happens, well, it'd be fantastic. As we speak, we don't have any kind of modeling on this. About the turnover per passenger, as I said previously, we may probably reach a plateau in 2021, in 2022, so we may have some good news about this. We may probably reach a plateau before a brand-new increase, as will be described by Mr. Aubert in tomorrow.
About the announcement as made by the decision made by the board of directors to buy back some shares that ARZ has in ADP. It's just modality, a method to enforce what we have in the exit agreement, in line with the authorization given by the general assembly. These measures to help us to anticipate and to protect ourselves, so the company may preempt some our shares if the solutions as chosen by us people wouldn't be in line with the interests of the company. About the share buyback, as we speak, we don't expect this preemptive right to have to make a share buyback. Do you have any other questions?
Good afternoon. Three questions. One, in terms of the exceptional income could have affected EBITDA, how much was in the second half, if you can confirm that? Second question, can you give us an update of the unwinding of the cross-holding with Royal Schiphol Group, and what are the possible scenarios? Additional cost. It seems we have done a good job. Which line items came down, and is that sustainable in 2022? Thanks.
Could you repeat your second question? Second question related to Royal Schiphol Group.
Could you repeat your question about this Royal Schiphol Group, please?
Royal Schiphol Group, what is happening?
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To answer technically about your question on EBIT, for the first semester it was EUR 151 million. We have EUR 604 million to reach the level for the whole year. For your second questions about the both two potential scenarios in order to buy back the shares of ADP. We just need to understand this is a preemptive right. We may substitute other investors, and this is the scheme that should be chosen, and you will see tomorrow. We have a complete description of the roadmap, and we may have something happening by 2022.
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Okay. I think tomorrow we'll be spending 4 hours together, and we'll be available to answer your questions tomorrow.
I would suggest that those of you who have any questions, and you'll be able to get all to reflect on our figures and all the presentation. I will be ready to answer your questions tomorrow. Thank you for your attention, and we'll be delighted to see you again tomorrow at 9:00 A.M. at the Pavillon Dauphine or online. Thank you very much.