ADP // 2021 Universal Registration Document

F I NANC I AL I NFORMAT I ON 6 COMPANY FINANCIAL STATEMENTS AND NOTES OF AÉROPORTS DE PARIS SA AT 31 DECEMBER 2021

Depreciation See note 4.7 Financial assets. Impairment losses on “Financial assets” amounted to €297 million, of which:

As at 31 Dec. 2021

As at 31 Dec. 2020

Increase

Decrease

(in millions of euros)

ADP International GMR Group LTD ADP Immobilier

(119) (137)

- -

-

(119)

31

(106)

(5) (6) (11) (4) (2)

(22) (16)

- - - - - -

(27) (22)

Société de distribution aéroportuaire

EPIGO

- - - - -

(11) (4) (2)

ADP Invest Hologarde Relay@adp

(1)

(1)

Other

(7)

3

(4)

TOTAL

(292)

(38)

34

(297)

The impairment tests carried out are based on assumptions of a return to the 2019 traffic level as from 2023, established according to the concessions on the basis of seasonality and the weight of domestic and international flights, and based on Eurocontrol / IATA medium-term traffic forecasts for the geographies concerned. These tests revealed the possibility of an additional impairment, net of reversal, in the amount of €4 million. Sensitivity analyses of discount rates show that a change of +/- 100 basis points in the discount rate of the equity investments of Aéroports de Paris has a total impact on the above-mentioned impairment amounts of €253 million.

The Covid-19 health crisis continues to have a significant impact on air traffic, which has slowed considerably since Marsh 2020. This drop in traffic has had an impact on both aeronautical and commercial revenues. Since the beginning of this health crisis, many infrastructures have been closed, from terminals to entire airports. The fall in air traffic linked to the Covid-19 health crisis has an unfavourable impact on the value in use of Aéroports de Paris’ holdings, estimated on the basis of discounted cash flows or dividends. Conversely, the fall in discount rates, due to the betas of companies in the airport sector and lower country risk premiums over the last few months (with a comparable time horizon) has a favourable impact on the value in use of Aéroports de Paris’ equity investments, estimated on the basis of discounted cash flows or dividends.

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