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

LIQUIDITY RISKS

Liquidity risk corresponds to the risk that the Group may experience difficulties in honoring its debts when these become due. The Group’s liquidity risk must be assessed in relation to: ◆ its cash and potential cash credit lines unused; The Group monitors its cash on a daily basis. Every month a report summarizes, in particular, financing operations and investments, and analyses divergences with regard to the annual cash-flow budget. It also includes a detailed breakdown of investments, possibly together with their degree of risk. ◆ its existing financial commitments in terms of repayment (debt maturities, off balance sheet commitments, prepayment provisions); The maturity schedule of financial liabilities are presented below. Off Balance Sheet commitments are presented in Erreur! Source du renvoi introuvable. The Group has entered into loan agreements with mandatory prepayment clauses: ◆ For loans issues contracted through the European Investment Bank (EIB), a consultation clause that could lead to a request for early repayment is included within the contracts. These clauses concern: a lowering of the Group’s rating to below or equal to A by the specialist agency Standard & Poor’s (or any equivalent rating issued by a comparable rating agency), loss by the State of most of its share capital and its voting rights, and in the case of a substantial reduction in the cost of the project as defined within the loan contract (proportional repayment only); ◆ its ability to raise funds to finance investment projects. The Group’s euro-denominated bonds are listed on the Paris Stock Exchange. There is a provision in place with regard to bonds issued since 2008 that, in the case of a change of controlling interest in the Company and a rating below or equal to BBB- at the point of the change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a proportion of the bonds that it holds at their nominal value.

The breakdown of the residual contractual maturities of financial liabilities is as follows:

Total contractual payments

Balance sheet value

31/12/2017

31/12/2017

0 -1 year

1 -5 years Over 5 years

(in millions of euros)

Bonds

4,179 1,623

4,200

-

1,600

2,600

Bank loans

1,619

319

795

505

Security deposits received

18

18

2 4

-

16 10

Other loans and assimilated debt

22 67

22

8

Interest on loans Bank overdrafts

915

149

489

277

2

2

2

-

-

Debt (excluding derivatives)

5,911 422 1,161

6,776 422 1,159 8,357

476 422 437

2,892

3,408

Trade payables

-

-

Other debts 1

243

479

Debt at amortised cost

7,494

1,335

3,135

3,887

Outgoings

- -

90

11

46

33

Receipts

(126) (36)

(22)

(69) (23)

(35)

Hedging swaps

36

(11)

(2)

Outgoings

- -

37

9

28

- - - - - -

Receipts

(26)

(6)

(20)

Trading swaps

(11)

11

3

8

Outgoings

- -

28

28

- - -

Receipts

(30)

(30)

Exchange rate hedging

2

(2)

(2)

TOTAL 3,885 1 Other debts exclude all accounts which do not constitute, within the terms of IAS 32, contractual obligations, such as tax and social security debts. 7,521 8,330 1,325 3,120

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017