ADP // 2021 Universal Registration Document

R I SK AND MANAGEMENT

RISK FACTORS

arising from fluctuations in the Indian Rupee (INR). Nevertheless, the group considers that exchange rate risks are not very material. See note 9 to the 2021 consolidated financial statements for more information on financial risk management, and in particular note 9.5 for more information on the use of financial instruments and hedge accounting.

Like other listed companies, Groupe ADP is facing risks related to foreign exchange and interest rates. Nevertheless, with regard to its financial position and rating in particular (A negative outlook since 25 March 2020, long term credit rating by the Standard & Poor’s agency) Groupe ADP views those risks as immaterial. They are described in the appendix of the group consolidated accounts. The Group is now exposed to exchange rate risks

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2.1 .2 RISKS FOR THE BUSINESS MODEL

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. The occurrence of a health event of unprecedented scale such as the Covid-19 pandemic had led to multiple restrictive measures and border closures implemented in most countries of the world to limit the spread of the Covid-19. Those measures have led to the brutal halt of air traffic in 2020 and a lasting degradation of its evolution compared to 2019. The air transport and tourism sectors have been particularly impacted by this trend. The Covid-19 pandemic had several implications for the group: ◆ the sharp decline in air traffic compared to 2019, leading to a significant reduction of its activities, of the activities of its airport platforms, in particular for the segments “aeronautical activities”, “shops and services” and “international and airport developments”; ◆ the adoption of its health measures to guarantee the safety of its employees, the personnel working on its platforms, the passengers and, if applicable, their accompanying parties. La persistance de la pandémie et des mesures de restrictions sanitaires associées affectent le secteur aéronautique et retardent la reprise du trafic aérien et des activités des plates-formes du groupe par rapport au niveau de 2019. Most of the prospective studies conducted by sector organizations (ACI and IATA, in particular) and consulting firms predict a slow and gradual recovery of traffic by region. This recovery, notably measured by the number of years need to reach traffic levels similar to those of 2019, depends in particular on the duration of the mobility restriction measures, the economic conditions in each region and the prospects for the development of air transport. In Paris, air traffic is expected to return to the 2019 level by the end of the period between 2024 and 2027. The modalities and timetable for a return to normal passenger traffic differ according to the geographical area. This situation and its consequences on the Group’s Paris hubs or other international hubs are different from those in Turkey on TAV Airports’ hubs or in India on GMR Airports’ hubs, demonstrating the diversifying nature of a presence in dynamic international markets. In addition, Groupe ADP ‘s global reach is an asset in working to restore air connections in a safe and secure environment. In this context, all of the Group’s platforms have adapted and are adapting their health measures to offer passengers a high level of health standards throughout the entire journey and thus

contribute to the return of confidence in air transport. As part of the Airport Health Accreditation (AHA) program designed to evaluate the health measures implemented in airports, the ACI (Airports Council International) - the leading association representing most of the world’s airports - has already awarded its certification to 28 airports belonging to Groupe ADP’s network, among which are Paris-Charles de Gaulle and Paris Orly airports. In addition, several of the group’s airports, including the Paris hubs, have obtained the maximum 5-star rating in the 2021 audit conducted by the independent organization Skytrax on health safety. InParis, in addition to the numerousmeasures already implemented and the adaptations made to its processes throughout the entire airport journey, the Group has signed a partnership with the Cerballiance laboratory network to facilitate the screening tests required for passenger departures, the installation of thermal cameras at the arrival of international flights, and an innovation project called “Safe Travel Challenge 1 ” that goes beyond standard sanitary measures. The airlines themselves have implemented departure controls. Finally, Groupe ADP actively supports the State in the deployment of health control measures at arrivals, thus making it possible to protect the national territory against the disease while not restricting air activity. The persistence of the Covid-19 pandemic is weighing on the aviation sector, the recovery of air traffic, and the group’s activities and balance, and could have serious consequences on its financial health. In response to this crisis and the lasting upheavals it is causing, the challenge for Groupe ADP is to adapt its economic and social model from one of supporting growth to one of managing a situation in which activities and investments are reduced. In order to that, Groupe ADP has: ◆ for Aéroports de Paris SA, signed a collective agreement, without forced departures, with the representative trade unions on 9 December 2020. This agreement sets the maximum number of voluntary departures at 1,150, including a target of 700 not replaced. In this context, management has undertaken to ensure that no forced departures for economic reasons will take place until 1 January 2022. The maximum number of departures planned has been reached. In addition, the company is implementing a plan to adapt employment contracts and standards applicable to ADP SA employees, in order to reform the compensation structure; ◆ conducted employment protection plans (PSE) for Société de Distribution Aéroportuaire and ADP Ingénierie.

1 Call for projects for innovative solutions in the field of sanitation. For the selected projects, relative experimentations have been implemented.

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