ADP // 2021 Universal Registration Document

BUS I NESS OVERV I EW FOR THE YEAR 202 1 AND FORWARD - LOOK I NG I NFORMAT I ON 5 ANALYSIS OF THE 2021 CONSOLIDATED RESULTS

At the end of the year, net financial debt was as follows:

As at 31 Dec. 2021

As at 31 Dec. 2020

(in millions of euros)

Debt

10,313

10,968

Debt related to the minority put option / acquisition of securities

177

27

Gross financial debt

10,490

10,995

Derivative financial instruments (assets)

-

7

2,379

3,463

Cash and cash equivalents 1 Restricted bank balances 2

100

41

Net financial debt

8,011 10,7x 192 %

7,484 44,5x 178 %

Net financial debt / EBITDA

Gearing

1 Including €53 million of cash dedicated to aid to local residents funding collected through the tax on airborne noise nuisances (TNSA). Moreover, in December ADP SA collected €7 million according to subsidy, for the loss of revenue, from the tax on airborne noise nuisances due to the covid-19 outbreak. 2 Restricted bank balances relate to TAV Airports. Certain subsidiaries, namely TAV Esenboğa, TAV Tunisia, TAV Macedonia, TAV Milas Bodrum, TAV Ege and TAV Holding (“the Borrowers”) opened Project Accounts designated mainly in order to reserve required amount to reimburse project debt or elements defined in the agreements with their lenders (lease payments to DHMI, operational charges, tax).

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