Aéroports de Paris - 2019 Universal registration document

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 18 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2019

6.3.2 Fair value of investment property External valuations led to the main immediate returns on investments properties presented below:

As at Dec 31, 2018 restated As at Dec 31, 2018

Rate of immediate return

As at Dec 31, 2019

(in millions of euros)

Buildings Offices Paris-Charles de Gaulle Cargo Paris-Charles de Gaulle Hangars Paris-Charles de Gaulle

392 227 92 64 72 137 132 1,116

370

382 329

4,4% -9,0% 5,4% -10,0% 5,2% -13,0% 4,0% -6,5% 9,3% -11,5% 7,0% -12,0%

212

91

91

Hotels/shops Paris-Orly and Charles de Gaulle

48 52

48

Hangars/freight Paris-Orly

140

Activity Paris-Orly and Charles de Gaulle

133 129

28

Paris-Le Bourget

129 7,25% -13,25%

TOTAL OF EXTERNAL RENTED BUILDINGS

1,035

1,147

Ground leases Offices Paris-Charles de Gaulle Cargo Paris-Charles de Gaulle Hangars Paris-Charles de Gaulle

73

69

93

6,0% -7,5% 6,0% -8,0% 8,0% -10,0% 4,0% -6,5% 13,0% -16,0% 6,0% -9,0% 5,75% -7,90%

555

519

345

59

48

115

Hotels/shops Paris-Orly and Charles de Gaulle

292

272

238

Hangars/freight Paris-Orly

98

93

44

Logistic/activity Paris-Orly and Charles de Gaulle

149 134

148 134

202 134 1,171 306

Paris-Le Bourget and AAG

TOTAL OF EXTERNAL GROUND LEASES

1,360

1,283

TOTAL OF LAND RESERVES

409

306

TOTAL OF INVESTMENT PROPERTY

2,885

2,624

2,624

In addition, the year was marked by a healthy trend in the logistics sector with a strong investor appetite for this activity justifying a drop in rates from 20 to 50 bps. Ground leases fair value amounts to €1,360 million, representing an increase in growth by 6.1%. This is partly explained by a perimeter effect for nearly €23 million valued this year by real estate experts of land leased on the Paris-Charles de Gaulle platform, which weren’t in 2018, a further rate compression on land assets in the Cargo zone and the signing of contracts for new equipment areas within the Fedex Hub combined with lower rates. LAND RESERVES The value of land reserves increased by €103 million to €409 million in 2019. The main components of their development are detailed as follows: ◆ an impact from surfaces of nearly €30 million. Although they globally remain stable, transfers of mutable reserves in the short term and under strong aeronautical constraints to immediately available reserve. Furthermore, some of them, under the effect of a better understanding of the rights to build thanks to the carrying out of capacity studies, allowed us to increase their value; ◆ new 2019 projects increase the value of reserves by around €53 million. These are a hotel complex project in the Cœur d’Orly district, the construction project for a tertiary campus in Paris Orly and the developments envisaged in the City of Bonneuil;

Investment properties fair value amounts to €2,885 million as of 31 December 2019 compared to €2,624 million as of 31 December 2018, growing by almost 10%. At constant scope and excluding new projects, the value increases by 8%. RENTED BUILDINGS AND GROUND LEASES The coverage rate of valuations conducted by external appraisers is close to 100%. These appraisals were carried out by a group of independent real estate experts from the following firms: ◆ CBRE Valuation; ◆ Cushman & Wakefield Valuation & Advisory; ◆ Crédit Foncier Expertises. Property experts use for their assessments (i) confidential data communicated by the Group (such as rental statements) and (ii) appropriate assumptions, including discount or capitalization rates, market rental values and tenants discounts. The fair value of buildings not used for Aéroports de Paris’ own needs, including their right-of-way, amounts to €1,116 million and increases by €81 million compared to 2018. This increase is mainly due to a downward trend in rates on office assets at the continuation of a compression of rates on the assets of the Cargo zone and the progress of works on the projects under construction of the SC4 and DHL freight stations. The delivery of the fully owned Innside Mélia hotel and the resumption of aircraft maintenance activity in the Orly Industrie Zone also contributed to an increase in the value at the end of 2019.

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019