ADP // 2021 Universal Registration Document

R I SK AND MANAGEMENT

RISK FACTORS

Given its available cash, and with regard to its forecasts for the next 12 months, the group does not anticipate any liquidity difficulties. This cash position enables it, on the one hand, to have sufficient liquidity in the current exceptional health and economic context and on the other hand, to meet its current needs and its financial commitments, including in particular the repayment of bond debt for ADP SA and the funding 1 within the framework of the Antalya operation. Given the confidence of the investors in the strength of its financial model and with its long-term credit rating (A, negative outlook by the Standard and Poor’s agency since 25 March 2020, confirmed on 17 December 2021), Groupe ADP ensures that, in the event of a significant deterioration in the economic and health situation, it would be in a position to meet its commitments and resort to additional financing. 1 – F: Groupe ADP’s activity is supported by specific economic sectors weakened by the Covid-19 crisis. The Groupe ADP’s business is based in particular on the aviation and tourism sectors, heavily affected by the health crisis. These sectors include a large number of players (ground handlers, hotels, airport trade specialists, rental companies, airlines, etc.). Whether they are suppliers, subcontractors, customers and partners, their weakening constitutes a risk for the operational situation, the activities and the economic and financial balances of Groupe ADP. The economic difficulties or even failures encountered by some players could have a significant impact on the group’s aeronautical and commercial activities and could result in particular in: ◆ longer payment periods or even the failure to collect a large number of receivables: however, the group does not expect any deterioration in the loss rate related to the non-recovery of receivables in 2021 compared to 2020; ◆ a very slow recovery in the activities of players in these sectors to the detriment of the Groupe ADP. This context is reinforced by the fact that a significant portion of the Groupe ADP’s revenue comes from a limited number of customers. The leading customer of the Groupe ADP’s main airports in the Paris region, is the Air France-KLM group, a member of the SkyTeam alliance. Within the limits of its possibilities and taking into account its own cash position, the Groupe ADP is taking into account the difficulties encountered by its counterparties affected by the effects of the pandemic in order to adapt the payment terms applicable to them.

which these allocation rules will have to be applied. A second consultation on the draft decision itself has been announced by the ART on the 20 th of January 2022. The effects of the forthcoming decision can only be assessed once the text has been published. 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. In a context of an air traffic drop, then its lasting weakness, induced by the health crisis which has led Groupe ADP to: ◆ adopt operational and financial resources; ◆ an increased competition with other players in the airport management sector and other transport modes. In such context, the challenges for the Groupe ADP are to: ◆ protect its passengers from the risk of contamination and reassure them through the implementation of appropriate sanitary measures; ◆ preserve the quality of service efforts, accredited in particular in the latest Skytrax 2021 ranking, to maintain the attractiveness of its platforms. Perceived shortcomings in service quality, particularly in the healthcare sector, could harm the Group’s image and the attractiveness of its platforms. In this regard, the certifications awarded by the ACI (Airports Council International), as part of the Airport Health Accreditation (AHA) program, to Groupe ADP’s airports attest to their alignment with international recommendations in the sanitarian field. In order to continue to develop its hospitality approach and thus to optimize the passenger experience in its airports, the group has set up a dedicated department headed by the Customer Department. This approach is composed of three focuses: (i) giving back to passengers the management of their time (ii) making the reserved areas into territories of experience and discovery through the hospitality concept “The Boutique Terminals collection” (iii) working on the Group’s reputation in France and internationally, particularly on social networks, and through the Skytrax approach. In addition to these 3 areas, a health area has been added, transverse to the three others. 1 – E: Aéroports de Paris keeps a satisfactory treasury position to meet its commitments in the current economic and health context. Groupe ADP had a cash position of 2.4 billion euros as of 31 December 2021, of which 0.1 billion euros was held by TAV Airports. 2 – A: In a global context of increasing cyber-attacks, Groupe ADPmay be exposed tomalicious acts on its information systems. Malicious attacks are multiplying in the digital space at an almost exponential pace, all over the world. This strong trend has been reinforced in the context of the Covid-19 pandemic and with the massive implementation of remote work increasing the companies’ exposure area to cyber risk, with an substantial intensification of attacts since the fall, especially through malicious e-mail campaigns or ramsomwares. Like all

2

2.1 .3 RISKS RELATED TO EXTERNAL THREATS

companies, Groupe ADP has witnessed a significant increase in phishing attempts, which had to be countered by an almost daily adaptation of the defenses in place. Malicious acts on the group’s information systems could affect the availability of critical systems, the confidentiality and integrity of data, whether proprietary or entrusted by customers, suppliers or partners, could even weaken its security systems, and may have unfavorable consequences on the group’s operational robustness and performance, as well as on the group’s image and reputation.

1 Contribution of TAV Airports in the form of equity and shareholder loan to finance the new consortium as part of the renewal of the Antalya airport concession.

129

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