ADP_REGISTRATION_DOCUMENT_2017

EQUITY AND CASH FLOWS 10 CASH FLOW

Cash flows from operating activities

2017 1,052 460 (42) 1,470

2016 696 484

(in millions of euros)

Operating income (including operating activities of associates)

Other non-cash income and expenses Net financial income other than cost of debt

(2)

Operating cash flow before change in working capital and tax

1,178 (77) (226)

Change in working capital

113

Tax expenses

(313) 1,270

Cash flows from operating activities

875

Cash flow from investing activities

2017 (879)

2016

(in millions of euros)

Purchase of property, plant, equipment and intangible assets

(792)

Acquisitions of subsidiaries

20

(20)

Proceeds from sale of subsidiaries

21

71

Dividends received

42

70 47

Other cash flows from investing activities Cash flows from investing activities

(92)

(888)

(624)

Cash flow from financing activities

2017

2016

(in millions of euros)

Proceeds from long-term debt Repayment of long-term debt

561

7

(253) (261) (161) (114)

(4)

Dividends paid to shareholders of the parent company

(258)

Other cash flows from financing activities Cash flows from financing activities

(72)

(327)

Due to the full consolidation of TAV Airports, cash was up by €254 million in 2017 compared to 2016 and thus stood at €1,910million (vs €1,656 million in 2016). Cash flow from operating activities stood at €1,270 million, up by €395 million compared to 2016, resulting from an increase in operating income from ordinary activities (including operating income from ordinary activities of associates).

Cash flow from investing activities increased strongly by €264 million compared to 2016, and stood at -€888 million, due mainly to a significant increase in tangible and intangible investments, as described in chapter 5 “Capital Expenditures”. Cash flow from financing activities stood at -€114 million (vs -€327 million in 2016) resulting mainly from the cashing of the €500 million linked to the bond emitted by Aéroports de Paris, of long-term bond redemption for €253 million of which €108 million is linked to TAV Airports, and of €261 million of dividend payment.

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017

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