ADP_REGISTRATION_DOCUMENT_2017

ORGANISATION CHART

EQUITY AND CASH FLOWS

PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

SELECTED FINANCIAL INFORMATION

RISK FACTORS

INFORMATION ON THE COMPANY

BUSINESS OVERVIEW

REAL ESTATE ASSETS AND FACILITIES

REVIEW OF THE FINANCIAL POSITION AND INCOME

10.3 INDEBTEDNESS

Net debt breaks down as follows:

2017 5,911

2016

(in millions of euros)

Financial debt

4,484

Derivative financial instruments (liabilities)

54

20

Gross financial debt

5,965

4,504

Derivative financial instruments (assets)

(27) (90)

(91) (58)

Receivables and current accounts from associates

Cash and cash equivalents Restricted bank balances 1

(1,912)

(1,657)

(189)

-

Debt related to the minority put option

50

11

Net financial debt

3,797

2,709

Net financial debt / EBITDA

2.42 70%

2.27

Net financial debt / equity (gearing) 63% 1 The current portion of bank loans includes the bank loans of TAV Tunisia. Having failed to comply with the financing agreements because of its current difficulties following the events in Tunisia in 2015, TAV Tunisia’s bank loans are presented as current liabilities in the amount of €342 million as of 31 December 2017.

On 13 December 2017, Aéroports de Paris launched a bond issue for a total amount of €500 million with the following characteristics:

The net debt/equity ratio stood is up at 70% as at 31 December 2017 compared to 63% at end of 2016 1 . Group net debt grew to €3,797 million as at 31 December 2017 compared to €2,709 million at the end of 2016 1 . See also note 9.4 to the consolidated financial statements presented in Chapter 20. On 27 January 2017, Aéroports de Paris redeemed a mature bond with nominal value of CHF200 million (€135 million), bearing interest at 2.50%.

◆ Format: Fixed rate; ◆ Redemption: in fine; ◆ Annual rate: 1.0%; ◆ Re-offer spread: 25 bp over mid swap; ◆ Re-offer yield: 1.036%; ◆ Payment date: 13 December 2017; ◆ Maturity date: 13 December 2027.

10.4 FINANCIAL RISK MANAGEMENT

See paragraph “Management of financial risk” in Chapter 4 and in the note 9.1 in the notes to the consolidated financial statements presented in Chapter 20.

10

10.5 GROUP COMMITMENTS Investment commitments The only investments covered by firm commitments by Aéroports de Paris are those described in the Economic Regulation Agreement (ERA). See Chapter 5, “Ongoing investments or investments with firm commitments”.

Off-balance sheet commitments See note 14 to the consolidated financial statements presented in Chapter 20.

Employee benefit obligation See note 5.3 to the consolidated financial statements presented in Chapter 20.

1 Pro forma (including current accounts with non-consolidated companies and debit related to the minority put option).

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017