Aéroports de Paris - 2019 Universal registration document

REAL ESTATE ASSETS AND FACILITIES

RISK AND MANAGEMENT

PERSONS RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

INFORMATION ON THE COMPANY

BUSINESS OVERVIEW

ORGANISATION CHART

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

INFORMATION CONCERNING TRENDS

customers, (ii) establish a constructive dialogue with the stakeholders as through the Terminal 4 project and (iii) share the value created by developing the airport activity with the regions, to the benefit of their regional authorities, their companies and their inhabitants. In addition, the Group Foundation supports general interest projects in the regions where the Group operates in France and abroad, such as in Mauritius and Madagascar, prioritizing education. Nonetheless, an insufficient awareness, real or perceived, of territorial, environmental or social challenges of the Group’s activities may lead to delays or important additional costs as part of development projects realization, may limit the Group’s activity and prospects and may have negative impact on its image or reputation. It may as well lead to movements of defiance and demands. To date, the Group is not subject to any legal or significant administrative proceedings on territorial, environmental and social issues. second stage of the transaction involving 24.01% of GMR Airports’ share capital will be finalised in the coming months. However, it remains subject to certain conditions precedent, mainly regulatory, including obtaining the usual administrative authorisations for this type of project. However, this achievement may depend on external factors on which the Group has no influence, notably political, economic, regulatory or social events (general strikes, depressed local financial context, armed conflicts, terrorist attacks…) or related to natural disasters (earthquakes, hurricanes…) or exceptional sanitary situations. Such events, in the countries where Groupe ADP operates, may have an impact on the growth driver which is international development, on its airports or associated activities (retail and services, real estate), its financial position and prospects. 2 – B: Groupe ADP must face demand for a high quality of service and an increasing competition from the various players of the transport sector. The airports operated by Groupe ADP are, because of their respective geographical locations and the nature of the traffic handled, in competition with other airport management sector players, as well as, broadly, other means of transportation. As an example, the Paris-Orly and Paris-Charles de Gaulle airports are in competition with the main European and Middle-Eastern hubs for connecting and receiving intercontinental direct flights, the major regional airports mainly for international traffic, airports specialized in receiving low-cost airlines, and high-speed trains for journeys of less than three hours to and from Paris (see section 5.2 "Overview of the market", paragraph "Retail and services - Parisian platforms").

In other countries where the Group operates, infrastructure maintenance is continuously monitored under the concession agreements between the Group’s international entities and the concessionary authorities. 1 – G: Perceived insufficiency in the awareness of territorial, environmental and social issues may negatively impact the Groupe ADP’s activities and development projects. In a context of global air traffic growth, fight against climate change and environmental pressures on air travel, the Group’s challenge is the development of its activity in keeping with the stakeholders. However, new infrastructure development has a social and economic impact on stakeholders, particularly in the regions where it will take place. Furthermore, such projects may lead to specific pollutions (noise, emissions to air, water and soil) and waste management, resource use (water, energy), biodiversity protection and sustainable development issues. The Group monitors, particularly on its Île-de-France region platforms, to (i) reduce its environmental footprint and that of its providers and 2.1 – Risks related to the strategic development of the group 2 – A: External factors may have a negative impact on international development, a growth driver for the Group. Groupe ADP conducts a significant portion of its activities abroad through its subsidiaries and equity interests. In 2019, the International and airport developments segment accounted for 23% of the Group’s revenue (against 23.5% in 2018 1 , 18.4% of the Group’s EBITDA (against 18.1% in 2018 1 ) and 15% of the operating income from ordinary activities (against 19.9% in 2018 1 ). In 2019, Groupe ADP reaffirmed its ambition to be a world leader in airport management by 2025: with 35 to 40 airports managed worldwide and a forecast of 400 to 450 million passengers, bringing the share of the Group’s international activities to around 35 to 40% of the operating income from ordinary activities (see section 5.4 “Description of activities by segment”, paragraph “International and airport development”, of this Universal Registration Document). This ambition is based in particular on (i) the consolidation of existing investments by reinforcing the performance of the assets, and (ii) the expansion of its portfolio of airports abroad. The proposed acquisition of 49% of the Indian group GMR Airports in 2020 2 is in line with this outlook and its completion will contribute significantly to the achievement of Groupe ADP’s ambition. In this respect, since 26 February 2020, Groupe ADP holds 24.99% of GMR Airports, is a member of GMR Airports’ Board of Directors and has extensive governance rights. It is expected that the

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2 - Risks related to the competitive and general context

1 The IFRS 5 standard “Non-current assets held for sale and discontinued operations” is applying to TAV Istanbul’s activities as of the termination of activities at Istanbul Atatürk airport on 6 April 2019 (see the press release from 8 April 2019). The revenue and operating expenses of TAV Istanbul for 2018 and 2019 are therefore presented on a separate line on the income statement titled “net income from discontinued activities”. Consolidated revenue, EBITDA and operating income of the Group don’t take into account the activity of Istanbul Atatürk airport in 2018 and 2019 anymore. 2 See Chapter 5.4 - Description of activities by segment - International and airport developments - Acquisition of 49% of the Indian group GMR Airports (page 81) and Chapter 10 - Information concerning trends - Groupe ADP carries out the first stage of its acquisition of a 49% stake in GMR Airports, an Indian airport group (page 113).

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019