Aéroports de Paris - 2019 Universal registration document

REAL ESTATE ASSETS AND FACILITIES

EQUITY AND CASH FLOWS

PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

RISK AND MANAGEMENT

INFORMATION ON THE COMPANY

BUSINESS OVERVIEW

ORGANISATION CHART

REVIEW OF THE FINANCIAL POSITION AND INCOME

INFORMATION CONCERNING TRENDS

Cash flow from financing activities stood at €-489 million (vs -€227 million in 2017) resulting mainly from the cashing linked to long-term bond.

Cash flow from investing activities decreased strongly by €489 million compared to 2018, and stood at -€1,147 million, due mainly to a significant increase in 2018 of financial investments and acquisition of subsidiairies and participation.

Net debt breaks down as follows:

2019 7,371

2018

(in millions of euros)

Financial debt

7,066

Derivative financial instruments (liabilities) Debt related to the minority put option

68 36

63

91

Gross financial debt

7,475

7,220

Derivative financial instruments (assets)

(15)

(21) (117)

Receivables and current accounts from associates

(138)

Cash and cash equivalents Restricted bank balances1

(1,982)

(2,056)

(86)

(84)

Net financial debt

5,254

4,942

Net financial debt / EBITDA

2.96 87%

2.94 85%

Net financial debt / equity ( gearing )

The net debt/equity ratio stood at 87% as at 31 December 2019 compared to 85% at end of 2018. See also Note 9 to the consolidated financial statements presented in Chapter 18.1. On June 2019, Aéroports de Paris launched a 15-year bond issue for a total amount of €800 million with the following characteristics: ◆ format: fixed rate;

◆ redemption: in fine; ◆ annual rate: 1.125%; ◆ re-offer spread: 63 bp over mid swap; ◆ re-offer yield: 1.231%;

◆ payment date: 18 June 2019; ◆ maturity date: 18 June 2034.

9.3

FINANCIAL RISK MANAGEMENT

09

See Chapter 3.4 and in the Note 9 in the notes to the consolidated financial statements presented in Chapter 18.1.

9.4

GROUP COMMITMENTS

Investment commitments The only investments covered by firm commitments by Aéroports de Paris are those described in the Economic Regulation Agreement (ERA) (see Section 4.2.3 "Aéroports de Paris projected investment programme within the regulated scope between 2016 and 2020" of this Universal Registration Document), as well as the payment of the second tranche of the transaction relating to the acquisition of a 49% equity stake in the company GMR Airports (see Section 10.1 "Groupe ADP performs the first step to acquire a 49% stake in GMR Airports, Indian airport operator").

Off-balance sheet commitments See Note 15 to the consolidated financial statements presented in Chapter 18.

Employee benefit obligation See Note 5 to the consolidated financial statements presented in Chapter 18.

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019