ADP_REGISTRATION_DOCUMENT_2017

ORGANISATION CHART

BUSINESS OVERVIEW

PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

SELECTED FINANCIAL INFORMATION

RISK FACTORS

INFORMATION ON THE COMPANY

REAL ESTATE ASSETS AND FACILITIES

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

Joint-ventures’ activities Groupe ADP receives income from the joint-ventures based on their turnover which is recorded under retail activities. The share of income from joint ventures is recorded as operating income from ordinary activities between EBITDA and the operating income from ordinary activities (ROC) in Groupe ADP’s consolidated financial statements. With respect to Média Aéroports de Paris, held 50/50 by Aéroports de Paris and JCDecaux France SAS and managed jointly, the Group is

considering exercising accounting control as a result of the clause in the Média Aéroports de Paris Articles of Association which enables it to exercise a purchase option on the shares held by the partner at the end of the procedure provided for in the event of disagreement. The business activity is described in the Breakdown of revenue. The Group has joint operational and accounting control over the other partnerships (Société de Distribution Aéroportuaire, Relay@ADP, EPIGO).

2017 866

2016 808 689

2017/2016

(in millions of euros)

Revenue of joint ventures (100%)

+7,1% +4,8% +14,7% +29.6% +74,5% -27,3% +84,0%

Société de Distribution Aéroportuaire

721

Relay@ADP

83

73 47

EPIGO

61

Net income of joint ventures (100%) Société de Distribution Aéroportuaire

5 5 6

3 7 3

Relay@ADP

EPIGO

(6)

(7)

+€1m

own brands (BuY Paris Duty Free, for Beauty, Art of Living and Tobacco, and BuY Paris Collection for Fashion & Accessories), or the shops of known brands at the core of its positioning, notably in Gastronomy, Fashion & Accessories, and photo-video-sound (via the FNAC brand). At the end of 2017, Société de Distribution Aéroportuaire operated 149 stores over a total surface area of 23,834 sq.m. across all terminals at Paris-Charles de Gaulle and Paris-Orly airports.

Société de Distribution Aéroportuaire Presentation

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In parallel with the leasing of retail space, Groupe ADP is also involved in the direct management of retail space though its joint venture Société de Distribution Aéroportuaire, a French simplified joint stock company (SAS), with airport distribution specialist Lagardère Duty Free, a subsidiary of the Lagardère Travel Retail group. Société de Distribution Aéroportuaire sells alcohol, tobacco, perfume-cosmetics, gourmet food, fashion and accessories and photo-video-sound. According to the current Articles of Association of Société de Distribution Aéroportuaire, each partner holds 50% of the capital and has rights to 50% of the Company’s earnings and reserves. Since 30 April 2013, Société de Distribution Aéroportuaire shares have been freely transferable subject to the provisions concerning pre-emptive rights and the approval of the partner of the transferee of the shares. Moreover, the Articles of Association for Aéroports de Paris allow for each of the partners to exclude the other partner and force the sale of its shares in the case of violation of a clause in the Articles of Association, or the bankruptcy or reduction in the capital of the partner in question to below the legal minimum. In addition, Groupe ADP can potentially exclude Lagardère Duty Free should Lagardère Travel Retail Group lose control of Lagardère Duty Free or in the event of the termination or expiry of all contracts drawn up with Groupe ADP setting out the terms of the company’s presence within Paris-Charles de Gaulle and Paris-Orly airports. Groupe ADP and Lagardère Duty Free have set up a joint, balanced management framework through several governance bodies: ◆ a chairmanship held by a company, SARL ADPLS Présidence, where the two joint managers are a representative of Lagardère Travel Retail, and a representative of Aéroports de Paris; ◆ a collective body known as the “Council”, which consists of four representatives for each partner, as well as the Chairmanship of Société de Distribution Aéroportuaire; and ◆ an Executive Management team, whose role is to manage Société de Distribution Aéroportuaire from an operating standpoint. Strategy It is the ambition of Société de Distribution Aéroportuaire to create the “ultimate” Parisian shopping experience for the product segments for which it is responsible. In order to achieve this, it operates shops under its

Relay@adp Presentation

In August 2011, Groupe ADP and Lagardère Travel Retail created Relay@ ADP, a French simplified joint stock company (SAS) and joint venture dedicated to newsagent, bookshop, convenience and souvenir activities. Groupe ADP has a 49% holding in the company, as does Lagardère Travel Retail, while Société de Distribution Aéroportuaire has a 2% interest. The governance procedures for this company, and for excluding the joint partner, are comparable to those applicable to Société de Distribution Aéroportuaire. In addition, Relay@ADP shares are inalienable for nine years, i.e . until August 2019. At the end of 2017, Relay@ADP managed 66 points of sale over a total area of 7,188 sq.m. across all terminals at Paris-Charles de Gaulle and Paris-Orly. Strategy The major strategic initiatives implemented by Relay@ADP include: ◆ the opening of large stores under the Relay brand, allowing the establishment of several areas of offer differentiation based around travellers’ needs. In May 2013, Relay@ADP inaugurated this new shop concept in the West terminal of Paris-Orly; ◆ diversification of its offering, notably around souvenirs of Paris (via the Air de Paris brand, which operates both shops and displays in Relay shops). Epigo Presentation In December 2015, Groupe ADP and Select Service Partner created EPIGO, a French simplified joint stock company (SAS) and joint venture to set up, operate and develop fast food outlets. The new company began operations on 1 February 2016 and will operate over 30 points of sale for

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017