PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT
SELECTED FINANCIAL INFORMATION
INFORMATION ON THE COMPANY
REAL ESTATE ASSETS AND FACILITIES
REVIEW OF THE FINANCIAL POSITION AND INCOME
EQUITY AND CASH FLOWS
Account closures, consolidation and management reports
An annual calendar of the group’s main periodical commitments in terms of accounting, financial and share-holder memos, was created by the Legal Affairs and Insurance Division and shared internally. In addition, an annual schedule of periodic regulated financial publications is established by the finance, management and strategy division, and published to the AMF and available on Groupe ADP’s website. Groupe ADP disseminates its regulated information via a system approved by the AMF. Its main financial communication channel is its website ( www.groupeadp.fr ), along with several social media channels (Twitter, Facebook,…) in accordance with the AMF recommendation as published in the guide on permanent information and management of protected information 1 . Executive Corporate Officers have received a charter on the use of the current financial communication procedure. The financial communication practices of TAV Airports are currently being harmonised with those of Groupe ADP. Group’s general insurance policy Groupe ADP believes that it has had reasonable insurance cover to date, the excess level of which is consistent with the rate of frequency of losses observed and the risk prevention policy. Civil liability Civil liability for airport operators is guaranteed by a policy that covers the financial consequences of any contractual and criminal civil liability that may be ascribed to Aéroports de Paris, and in certain circumstances, to its subsidiaries, its subcontractors and/or its co-contractors in the event of any physical injury, material and consequential loss caused to third parties whilst carrying out their business activities. The principal guarantee amount is €1,500 million per event and/or per year according to the guarantees. This policy also includes a $150 million guarantee to cover the consequences of the risk of war and other perils. This guarantee amount of $150 million is supplemented by a specific policy taken out by Aéroports de Paris for the sum of $1,350 million. Other “Civil Liability” insurance has been taken out by the Company, including a policy covering the liability of corporate officers, a policy covering liability in the case of accidental or gradual harm to the environment (also covering ground decontamination costs) and insurance covering the consequences of the Company’s civil liability in the carrying out of activities relating to the ground section (in particular activities linked to the operation of car parks, buildings not owned by the Company, co-generation and emergency medical services). Damage to property and construction risks Aéroports de Paris has taken out a damage policy that guarantees any real estate and movable property owned by the Company or of which it is in charge, against in particular fire, explosion, lightning, storm, electrical damage, natural disasters and acts of terrorism risks. The total value of the primary cover is fixed at €1 billion per claim. In addition to the abovementioned general policy, the Company has also taken out specific policies with a view to guaranteeing against the consequences of targeted loss that could affect certain property, such as the “Roissypôle-Le Dôme” centre or the interconnection between the TGV and RER stations on the Paris-Charles de Gaulle platform. In addition, the Company has taken out several policies with a view to protecting itself against construction risks within its largest work sites. Some of the group’s assets cannot, by their very nature, be covered by property damage insurance. This includes runways, aircraft movement areas, certain civil engineering works and works of art. This last category is covered, but for a maximum annual amount of €30 million.
The closure process of corporate accounts and consolidated financial accounts is based on a detailed calendar, which has been shared with all consolidated companies so as to ensure that deadlines are met and that the preparation of financial statements is coordinated. To support the accounts department, the finance, management and strategy branch contributes to the account closure process as part of a data consistency check. The consolidation of the group’s accounts is carried out twice a year. The Statutory Auditors carry out a limited review of the half-yearly accounts and an audit of the annual accounts. The statements for the months of May and November are reviewed within the framework of these missions. In addition, managers in operational units, in some functional units and in consolidated companies sign monthly an engagement letter to confirm the correctness of the accounting information they communicate relating to their area of responsibility. Financial information reporting and monitoring Each month, the Finance, Management & Strategy Division produces an operating report for the Executive Committee (ExCom), based mainly on the analysis reports drawn up by the entities. It brings together the group’s consolidated monthly accounts, sectorial information relevant to accounting reports established in accordance with IFRS standard 8, as well as Information on the regulation scopes. In 2017, from the date of closing in February, the rolling forecast was introduced on the profit and loss statements, 2 annual reforecasts being made for investments. This tool allows a monthly update of the exit point forecast at 31 December, according to the latest real data available. This makes the financial forecasts more reliable and optimises the Company’s financial steering. The Finance, Management & Strategy Division also manages the strategic analysis process and the strategic objective operational planning process and has ensured its monitoring. The strategic steering process is based on emphasising the strategy as a framework tool and guide for the financial year as well as on the alignment between the group’s reporting, budget and objectives. The Finance, Management & Strategy Division monitors the analytical management framework; its transcription into the management plans is carried out by the Finance Management Information Systems unit of the Information Systems Division. The latter creates analysis documents as required and along the lines and segments of analysis defined by the Company and the Finance, Management & Strategy Division and sends them to the Executive Committee and to the departments concerned. Financial communication As an issuer of regulated information, the finance, management and strategy division exerts control over the development and publication of all communications of a financial nature. Alongside the Legal Affairs and Insurance Division, the division is responsible for authorising any type of memo or press release containing “sensitive information”, that is, any information of a financial or legal nature, or with financial or legal implications, and/or information likely to influence Aéroports de Paris SA share price. A procedure concerning financial communication of Groupe ADP has been designed to guarantee the accuracy of information of a financial nature, and to ensure that the group meets all its associated requirements.
1 Guide on permanent information and management of protected information DOC-2016-08.
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
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