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

held in the company. This put option is expected to be exercised by the end of 2022. As the fair value net of the estimated transfer costs is greater than the net book value, no impairment of these securities has been recorded at 31 December 2021.

Following the non-renewal of the technical assistance contract (TSA) between ADP International and Airport Terminal Operations LTD (ATOL) at 31 December 2021, the Group decided to exercise the put option provided in this case in the agreements binding ATOL shareholders and on the same date reclassified the shares

NOTE 13 CASH AND CASH EQUIVALENTS AND CASH FLOWS

13.1 Cash and cash equivalents

“Cash management financial assets” comprises units in UCITS, made with a short-term management objective, satisfying the IAS 7 criteria for recognition as cash.

Cash and cash equivalents comprise current accounts at banks and short-term liquid investments subject to negligible risks of fluctuations of value. Cash equivalents consist essentially of money market funds. Bank overdrafts are not included in cash and are reported under current financial liabilities.

Cash and cash equivalents break down as follows:

As at 31 Dec. 2021

As at 31 Dec. 2020

(in millions of euros)

Marketable securities

1,961

2,765

418

698

Cash 1

Cash and cash equivalents

2,379

3,463

(1)

(5)

Bank overdrafts 2

Net cash and cash equivalents 3,458 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 Included in Current liabilities under debt. 2,378

conditions are complex in the short term for mainly regulatory reasons. As of 31 December 2021, the amount of these items is less than €1 million.

As part of its cash management, Groupe ADP has mainly invested in euro-denominated UCITS. Cash and short-term cash equivalents for the Group include the bank accounts of certain subsidiaries for which repatriation

13.2 Cash flows 13.2.1 Cash flows from operating activities

2021 (20) 650 (36) 594 (88)

2020

(in millions of euros)

Operating income

(1,374)

Income and expense with no impact on net cash Net financial income other than cost of debt

1,556 (50)

Operating cash flow before change in working capital and tax

132 114

Change in working capital

Tax expenses

56

(59) 109 296

Impact of discontinued activities Cash flows from operating activities

195 757

Cash flows from discontinued operations correspond of DHMI compensation payment for 195 million to TAV Istanbul (see note 12).

354

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