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

20.2 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

Aéroports de Paris Year ended 31 December, 2018 This is a translation into English of the Statutory Auditors’ report on the consolidated financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users. This Statutory Auditors’ report includes information required by European regulation and French law, such as information about the appointment of the Statutory Auditors or verification of the information concerning the Group presented in the management report. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. To the Annual General Meeting of Aéroports de Paris,

I. Opinion In compliance with the engagement entrusted to us by your Annual General Meeting of, we have audited the accompanying consolidated financial statements of Aéroports de Paris for the year ended 31 December, 2018. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at 31 December, 2018 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. The audit opinion expressed above is consistent with our report to the Audit and Risk Committee. We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence rules applicable to us, for the period from 1 January, 2018 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No. 537/2014 or in the French Code of Ethics (Code de déontologie) for Statutory Auditors. Basis for Opinion Audit Framework

Valuation of intangible assets arising from a service concession agreement (see Note 6.1.1 “Airport concession operating rights”) Risk identified As at 31 December, 2018, the Group held M€ 2,773 in intangibles assets relating to airport concessions operating rights (approximately 17% of total assets as at 31 December, 2018) including M€ 873 related to airport operating right of Queen Alia to Amman recognized at the time of the acquisition of Airport International Group (AIG) on 18 April, 2018. Note 6.1.1 describes the methods used to record airport concession operating rights in intangible assets, and those adopted for their amortization. As described in notes 6.1.1 and 6.4, the Group performs impairment tests on the intangible assets relating to airport concession operating rights when there are indications of impairment. The criteria adopted by the Group to determine the existence of impairment loss indicators include under performance in relation to forecasts, a decrease in traffic or a significant change in market data. Our response Note 6.1.1 indicates that impairment tests were conducted as at 31 December, 2018 following the identification of impairment loss indicators for the rights to operate Monastir and Enfidha International airports firstly and, Milas- Bodrum secondly, due in particular to lower traffic in the previous years. Based on these tests, no impairment loss was recognized for the year ended 31 December, 2018. We consider the valuation of intangible assets arising from a service concession agreement to be a key audit matter due to (i) their material value in the Group’s financial statements, (ii) the traffic assumptions and concession terms used to calculate depreciation and amortization, (iii) the management’s necessary judgments to identify impairment loss indicators, and (iv) the assumptions adopted to measure their value in use, particularly in regard to traffic forecasts and business plans, where applicable. We examined the compliance of the methodology used to calculate depreciation and amortization with the principles described in the notes to the consolidated financial statements, and recalculated the net value of the underlying assets. We also: ◆ corroborated the absence or existence of impairment loss indicators at year-end by verifying the change in actual traffic versus forecast traffic and by comparing the actual results of airport concessions with budgets; ◆ where applicable, (i) compared the assumptions used for the impairment tests with the items presented in the concession agreements and the available market data, (ii) examined the management’s sensitivity

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II.

Justification of Assessments – Key Audit Matters

In accordance with the requirements of Articles L. 823-9 and R.823-7 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements.

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018