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
RISK MONITORING AND MANAGEMENT
Aéroports de Paris monitors its cash flow on a daily basis. They are subject to monthly reporting to the Comex, summarising, in particular, financing operations and investments. Cash flow forecasts are carried out on a multi-year basis. In order to monitor changes in its rating, Aéroports de Paris holds regular discussions with the Standard & Poor’s rating agency. For loan 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 Aéroports de Paris’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). Bonds plan that in the case of a change of controlling interest in the company and a decrease in rating below BB+ during the period of change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a portion of the bonds that it holds at their nominal value. Given the smoothing of debt repayments over time, the Company estimates little exposure to liquidity risk. Financial debt stood at €3,797 million at the end of 2017, vs. €2,709 million at the end of 2016. Average maturity is 6.0 years with the average cost being up slightly by 2.6% at the end of 2017 compared to 2.4% at the end of 2016.
Liquidity risk corresponds to the risk that the group may experience difficulties in honouring its debts when these become due. The payment schedule for financial liabilities is presented in note 9 to the chapter 20 of Registration document “Analysis of risks related to financial instruments”. Aéroports de Paris is rated by Standard & Poor’s. Since 21 March 2014, the long-term rating of Aéroports de Paris has been A+ outlook stable. The euro-denominated bonds are listed on NYSE Euronext Paris. In the event of a lowering of its rating or the loss of the majority of the capital and voting rights by the Government, Aéroports de Paris may be exposed to the risk of early repayment of loan issues contracted through the European Investment Bank (EIB). For bonds, a clause on the change in control exists in the contracts and its action may, under certain conditions, give bond holders the possibility to request early repayment of their bonds. As of 31 December 2017, Aéroports de Paris did not have any Euro Medium Term Note (EMTN) or commercial paper programmes.
AÉROPORTS DE PARIS REGISTRATION DOCUMENT 2017
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