Aéroport de Paris - 2018 Registration document

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2018

RESEARCH AND DEVELOPMENT, TRADEMARKS PATENTS AND LICENCES

INFORMATION CONCERNING TRENDS

PROFIT FORECASTS

ADMINISTRATION AND EXECUTIVE MANAGEMENT BODIES

COMPENSATION AND BENEFITS OF CORPORATE OFFICERS

FUNCTIONING OF THE BOARD OF DIRECTORS AND MANAGEMENT BODIES

SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY INFORMATION

MAIN SHAREHOLDERS

OPERATIONS WITH RELATED PARTIES

As part of its cash management, Groupe ADP has mainly invested in euro-denominated UCITS.

Cash and short-term cash equivalents for the Group include the bank accounts of certain subsidiaries for which repatriation conditions are complex in the short term for mainly regulatory reasons (less than €1 million at 31 December 2018).

12.2 Cash flows 12.2.1 Cash flows from operating activities / / INCOME AND EXPENSE WITH NO IMPACT ON NET CASH

2018

2017

(in millions of euros)

Depreciation, amortisation and impairment losses (excluding current assets)

742

616

Profit/loss of associates from operating activities

(80)

(78) (89)

Net gains on disposals

(3)

Other

(15) 644

11

INCOME AND EXPENSE WITH NO IMPACT ON NET CASH

460

As a reminder, in 2017, the net gains on disposals mainly relate to the profit linked to the Fedex for €63 million.

/ / CHANGE IN WORKING CAPITAL

2018

2017

(in millions of euros)

Inventories

-

3

Trade and other receivables Trade and other payables Change in working capital

43

160

(46)

(50)

(3)

113

12.2.2 Cash flows from investing activities / / ACQUISITION OF SUBSIDIARIES AND ASSOCIATES (NET OF ACQUIRED CASH)

2018

2017

(in millions of euros)

Acquisitions of subsidiaries and investments (net of cash acquired) Proceeds from sale of subsidiaries (net of cash sold) and investments

(630)

20

1

21

In 2018, the flow related to the financial investments, the acquisitions of subsidiaries and equity interests is mainly due to: ◆ the additional acquisition of 41.5% of AIG shares (see Note 2.1) for an amount of €157 million net of cash acquired; ◆ the acquisition of 49% by TAV Airports of its subsidiary TAV Antalya (see Note 2.2) for an amount of €360 million; ◆ the acquisition of 100% of shares of Sysdream by Hub One for an amount of €6 million;

◆ the additional financial investments on Ravinala Airports and Nuevo Pudahel for the equivalent of €49 million, on TGS (stake of HAVAS) for the equivalent of €17 million and on SAS Cœur d’Orly Investissement for €14 million). In 2017, the flow related to acquisition of subsidiaries and investments was mainly due to the additional acquisition of shares in TAV Airports, the additional acquisition of BTA shares, additional acquisitions by ADP Intenational and investments in investment funds by the parent company. In 2017, the flow related to proceeds from sale of subsidiaries was mainly due to the disposal of 80% of the shares of Hub Safe and disposal of the shares in TAV Construction.

20

239

AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018