ADP // 2021 Universal Registration Document

R I SK AND MANAGEMENT 2 RISK FACTORS

2 . 1 R I SK FACTORS

2.1 .1 INTRODUCTION

This chapter contains a description of the significant risks specific to the Group’s activities and likely to affect the achievement of its objectives (see “Risk Factors” below). The risk management and internal control system aims to correctly identify the risks inherent to the Group’s activities and, consequently, develop appropriate responses. The risk factors, presented by categories without hierarchy between them, are ranked within the same category by order of importance as of the date of the filling of this amendment. They are numbered in order to facilitate the link between the following table and the detailed descriptions. The risks have been subject to a hierarchisation depending on their “net criticity”, meaning according to their impact and frequency, in regard of the existing mastering elements (see the key below). Some disposals implemented to monitor the activities

and risks of Groupe ADP are integrated into the risks factors. In addition, section 4.3 Management Report 2021 describes the risk management and internal control system in place within the Group. Lastly, Groupe ADP identified, in the following table, some extra financial risks figuring within the 2021 Statement of extra-financial performance of Aéroports de Paris (see Chapter 5 of this report), deemed significant for this description of the important and specific risks of Groupe ADP’s activities. Groupe ADP’s risk factors are grouped in five risk categories (risks related to the Covid-19 pandemic, risks related to external threats, risks related to the maintenance and robustness of airport capacities, risk related to the Group’s platform development projects and risks related to compliance). Each of these five categories includes several risk factors, with a total of 14 risk factors.

Extra financial risk

Net criticity

Categories Risks for the business model

Description

1 – A: In an unstable health context, the long-term deterioration in air traffic and the uncertainties surrounding its recovery to the level of 2019 are weighing the Groupe ADP’s activities and economic, financial and social balance. 1 – B: In the context of the Covid-19 pandemic, the significant reduction in Groupe ADP’s activities affects its economic, financial and social balances. 1 – C: The uncertainties regarding the legal framework of regulation and the decisional practice of the ART are likely to affect Groupe ADP’s business model. 1 – D: In regard of the persistence of the health crisis, Groupe ADP is facing a real challenge in preserving and adapting its quality of service initiatives. 1 – E: The current economic and health context poses a risk to the Groupe ADP ‘s cash position, which must remain sufficient to meet its commitments. 1 – F: Groupe ADP’s activity is supported by specific economic sectors weakened by the Covid-19 crisis. 2 – A: In a global context of increasing cyber-attacks, Groupe ADP may be exposed to malicious acts on its information systems. 2 – B: In a global geopolitical context marked by an ever-changing terrorist threat, Groupe ADP may be exposed to malicious acts on its facilities or on the assets it operates. 2 – C: Events of a geopolitical nature are likely to affect the activities of the Groupe ADP. 3 – A: Groupe ADP faces challenges in the robustness of its key networks (electricity, energy, water, computers and telecommunications). 4 – A: Insufficient awareness of environmental issues could negatively affect Groupe ADP’s activity and growth prospect, and even lead to a decline in air traffic. 5 – A: Unethical and uncompliant practices by employees or associates may jeopardize the reputation and thus the shareholder value of Groupe ADP. 5 – B: Groupe ADP is subject to particularly constraining civil aviation safety standards, which the non-compliance with may have negative consequences for its airport management activity. 3 – B: Groupe ADP must face the challenge of maintaining its assets.

+++

P

+++

P

+++

+++

++

+

Risks of external threats

+++

+++

++

Risks related to the maintenance and robustness of airport capacities Risk related to the Group’s platform development projects

+

+

+++

P

Risks related to compliance

++

P

+

Key

+

++

+++

Net criticity

Low criticity

Medium criticity

High criticity

126

AÉROPORTS DE PAR I S / UN I VERSAL REG I STRAT I ON DOCUMENT 202 1