ADP // 2021 Universal Registration Document

F I NANC I AL I NFORMAT I ON 6 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021

the risk of default of its customers according to their activities: airports, real estate, retail and others. Depreciation rates are determined using judgment taking into account knowledge of the client’s financial situation and any other known fact of his environment. Thus, with regard to airlines, the Group takes into consideration the support or not of the States. For companies operating in the distribution sector, the Group assesses the financial strength of the companies to determine the necessary depreciations. For all receivables, the Group takes also into account the paying On the one hand, with regard to credit risk relating to the Group’s other financial assets (cash, cash equivalents, financial assets available for sale and certain derivative instruments), Aéroports de Paris SA invests its surplus cash via short term Euro money market funds. The counterpart risk linked to these investments is considered to be marginal. On the other hand, concerning credit risk linked to liquid funds, this risk is limited considering that counterparties are high credit rated banks. Finally for derivative instruments, the Group’s exposure is linked to possible default on the part of third parties involved, mainly first rank financial institutions. The maximum exposure is equal to the book value of these instruments. The Group considered this risk marginal. GUARANTEES Guarantees are accorded by the Group to the correct execution of international contracts. In particular, ADP International and TAV Airports gave commitments (share pledges, receivable pledge, pledge over bank accounts) in relation to bank loans that are intended to finance the construction and operation of certain concessions (see note 15). 9.1.2 Market risk Market risk corresponds to the risk that market price variations, such as exchange rates, interest rates and equity instrument prices, may affect the Group’s results or the value of financial instruments held. The objective of the management of market risk is to manage and control exposure to market risk within acceptable limits, while optimising the profitability/risk ratio. Analyses of sensitivity to rate risk and to exchange risk are presented in note 9.5.3. behavior of customers since the start of the crisis. INVESTMENTS AND DERIVATIVE INSTRUMENTS The Group occasionally buys its own shares on the open market to ensure the liquidity of its shares. The frequency of such purchases depends on market prices. The Board of Directors monitors the level of dividends paid to holders of ordinary shares. On this date, employees currently hold 1.80% of ordinary shares. Neither the parent company nor its subsidiaries are subject to any specific requirements under external regulations.

This note presents information on the exposure of the Group to each of the above risks, its objectives, its risk measurement and management policy and procedures, and its capital management. Quantitative information appears elsewhere within the consolidated financial statements. It is the task of the risk and Audit Committee to define and supervise the scope of the Group’s risk management. The objective of the Group’s risk management policy is to identify and analyse the risks that the Group must face, define the limits within which the risks should fall and the controls to be implemented, manage the risks and ensure compliance with the limits defined. The risk management policy and systems are regularly reviewed in order to take account of changes in market conditions and the Group’s activities. Through its training and management rules and procedures, the Group aims to develop a rigorous and constructive control environment, within which all personnel have a good understanding of their roles and obligations. The Group’s Audit Committee has responsibility for carrying out an examination, together with senior management, of the main risks faced by the Group, and examining the risk control policy in all areas. In addition, the Internal Audit Department carries out reviews of the risk management controls and procedures, the results of which are communicated to the Audit Committee. CUSTOMERS AND OTHER DEBTORS The Group policy is to place under legal supervision and to check the financial health of all its customers (either new or not). Except for the contracts signed with the State and its fully owned subsidiaries, leases agreed between the Group and its customers include warranty clauses (deposit cheque, bank guarantee, first demand bank guarantee, etc.). Customer balances are constantly monitored. Consequently, the Group considers that the credit risk is not material given the guarantees received and the monitoring system for trade receivables. The Group exposure to credit risk is principally affected by the individual characteristics of each customer. Around 17% of the Group revenue is derived from services sold to its main customer Air France. Quantitative details regarding trade receivables and anteriority or current receivables are set out in note 4.4. In accordance with IFRS 9, the Group determines a level of impairment of its trade receivables based on expected credit losses. Due to the financial crisis in the airline industry, the Group continues to reassess, on the basis of its best estimate to date, 9.2 Capital management The gearing ratio increased from 178% end 2020 to 192% in 31 December 2021. The increase of the gearing ratio is driven by the decrease in shareholders’ equity and by the increase of the net debt. The net financial debt / EBITDA ratio increased from 44.55 at 31 December 2020 to 10.80 at 31 December 2021. The decrease of the ratio is explained by the increase of Ebitda over the period. The Group did not alter its capital management policy over the course of the year.

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