ADP_REGISTRATION_DOCUMENT_2017

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

◆ Duty free goods – TAV Airports has the right to manage duty free operations within the terminals which the Group entities operate. Duty free shopping is available to both arriving and departing passengers. The duty free shops are subcontracted either to Group’s joint ventures or to other companies in exchange for a commission based on sales; ◆ Catering and airport hotel services – TAV Airports has the right to manage all food and beverage operations within the terminals both for the passengers and the terminal personnel. The Group subcontracts certain food and beverage operations in exchange for a commission based on sales; ◆ Area allocation services – As a lessor, TAV Airports leases office space in the airport terminal including the offices leased to the airlines for ticket office and banks; ◆ Ground handling – TAV Airports has the right to provide all ground handling operations for domestic and international flights under the Civil Aviation Legislation License (traffic, ramp, flight operation, cargo, etc.). Other activities operated by TAV Airports under concession agreements include security services within the domestic terminals, bus and car parking services, software and system services, lounge services, airline taxi services. Impairment test Following the identification of indicator of impairment losses (see note 6.4) on the airport operation rights for Milas-Bodrum and Monastir and Enfidha International, notably due to a decrease in traffic, impairment tests were carried out as at 31 December 2017. ◆ Milas Bodrum Airport ◆ Presentation of key hypotheses of impairment test The value in use of the airport operation rights of Milas-Bodrum airport was determined based on the business plan, prepared by

TAV Milas Bodrum management, over the residual value of the concession (December 2025). The growth forecast by the business plan is driven by the growth in traffic and the growth in revenue per passenger. Discount rates applied to cash flows correspond to the cost of capital (WACC) of the entity and amount to 9.0% over the projection period. ◆ Results of impairment test Based on this test, no impairment loss was recognised. ◆ Sensitivity analysis An increase of +1% in the risk free rate would result in an impairment loss of €7 million. ◆ Monastir and Enfidha International Airport ◆ Presentation of key hypotheses of impairment test The value in use of the airport operation rights of Monastir and Enfidha International was determined based on the business plan, prepared by TAV Tunisia management, over the residual value of the concession (May 2047) and on the basis of a hypothesis of restructured in second half of 2019 which is the end of moratorium period. Discount rates applied to cash flows correspond to the cost of capital (WACC) of the entity and amount to 9.6% over the projection period. ◆ Results of impairment test Based on traffic forecasts and the business plan, the recoverable value is greater than the carrying amount and no impairment loss was recognised as at 31 December 2017. ◆ Sensitivity analysis A decrease of -5% in the traffic and an increase of +1% would result in an impairment loss of €11 million.

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017