ADP // 2021 Universal Registration Document

F I NANC I AL I NFORMAT I ON

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021

Measurement of the recoverable amount of intangible assets, property, plant and equipment and investments in companies accounted for under the equity method (See Notes 2.2 “Impact of Covid-19 on the Group’s financial position”, 4.9 “Equity-accounted companies”, 6.1 “Intangible assets”, 6.2 “Property, plant and equipment” and 6.4 “Impairment of intangible assets, property, plant and equipment and investment properties”)

Risk identified

Our response

At 31 December 2021, the net value of your Group’s fixed assets relating to intangible assets, property, plant and equipment and investments in companies accounted for under the equity method amounted to €12,771 million, i.e., about 70% of the total balance sheet. This fixed asset is mainly composed of: — intangible assets for an amount of €3,007 million, mainly airport operating rights under concession for an amount of €2,550 million and goodwill for an amount of €221 million; — property, plant and equipment for an amount of €8,181 million; — of investments in companies accounted for under the equity method for an amount of €1,583 million. Your Group performs impairment tests on these assets when there is an indication of impairment, and at least once a year for goodwill and intangible assets with indefinite useful lives. The criteria used by management to assess the existence of indicators of impairment might include a performance lower than expected, a decrease in traffic, a significant unfavorable change in market data or the regulatory environment, material obsolescence or deterioration not provided for in the amortisation plan, it being specified that the Covid-19 health crisis has a significant impact on air traffic, which has largely slowed down since March 2020. Since the start of this health crisis, many of your group's infrastructures have been closed, including terminals and even airports in their entirety. As of December 31, 2021 your Group has therefore performed impairment tests on some rights to operate concessions, on the goodwill recognised during the takeovers of the TAV Airports company, especially on the assets of the Parisian platforms and the value of investments in GMR Airports Ltd, TAV Antalya, Ravinala Airports and ATU. These tests led to the recognition of a reversal of impairment of 24 million euro on investments in companies accounted for by the equity method. We considered the valuation of intangible assets, property, plant and equipment and investments in companies accounted for under the equity method as a key audit matter due to (i) their significant value in the consolidated financial statements, and (ii) assumptions management needed to assess their recoverable amount based on discounted expected cash flows or dividends, in particular traffic, revenue and profitability forecasts, in a context of the Covid-19 crisis, the consequences of which make it difficult to assess the economic outlook in the short and medium term.

The work we conducted consisted mainly in: — familiarising ourselves with the internal control procedures relating to the identification of impairment loss indicators and impairment tests; — studying the cash flow or dividend forecasts as well as and key assumptions used to determine the recoverable value of assets, assessing the sensitivity of valuations to these assumptions and checking the calculations made by your group with the support of our valuation specialists. With respect to key assumptions, we paid special attention to: ◆ traffic forecasts, in particular by comparing them with available external data (e.g. IATA or Eurocontrol data), ◆ revenue and profitability forecasts, by comparing them with budget data, reviewed by the governance bodies of the companies concerned; ◆ the cost of equity or discount rates, which we have examined for consistency with the underlying market assumptions, ◆ any concession extensions, in connection with ongoing negotiations. We have also: — tested, based on sampling, the arithmetical accuracy of the valuations adopted by the group; — assessed the appropriateness of the information provided in the notes to the consolidated financial statements, in particular on the sensitivity analyses carried out by your group.

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