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

Other currencies relate primarily to the Oman rial (OMR) and Sudanese rial (SAR). Concerning the exposure of TAV Airports to exchange risk, an appreciation/depreciation of the currencies compared to euro of 10% would have a positive/negative impact of €18 million on the profit before tax. The exchange rates used for the conversion of the financial statements of foreign subsidiaries, joint ventures and associated are as follows:

As at Dec 31, 2019

As at Dec 31, 2018

Closing rate

Average rate

Closing rate

Average rate

United Arab Emirates Dirham (AED)

0.24362 0.00120

0.24340 0.00127 1.26150 0.89401 0.15722

0.23819 0.00126 1.23213 0.87489 0.16530

0.23078 0.00132 1.19490 0.84765 0.17973

Chilean peso (CLP) Jordanian Dinar (JOD) United States Dollar (USD)

1.26215

0.89469 0.15049

Turkish Lira (TRY)

LIQUIDITY RISKS

early repayment is included within the contracts. These clauses concern: a lowering of the Group’s rating to below or equal to A by the specialist agency Standard & Poor’s (or any equivalent rating issued by a comparable rating agency), loss by the State of most of its share capital and its voting rights, and in the case of a substantial reduction in the cost of the project as defined within the loan contract (proportional repayment only): ¯ its ability to raise funds to finance investment projects. The Group’s euro-denominated bonds are listed on the Paris Stock Exchange. There is a provision in place with regard to bonds issued since 2008 that, in the case of a change of controlling interest in the Company and a rating below or equal to BBB- at the point of the change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a proportion of the bonds that it holds at their nominal value.

Liquidity risk corresponds to the risk that the Group may experience difficulties in honoring its debts when these become due. The Group’s liquidity risk must be assessed in relation to: ¯ its cash and potential cash credit lines unused. The Group monitors its cash on a daily basis. The multi-year cash flow forecast budget is recalculated monthly and a monthly forecast report is sent to the Executive Management on its existing financial commitments in terms of repayment (debt maturities, off balance sheet commitments, prepayment provisions); The maturity schedule of financial liabilities are presented below. Off Balance Sheet commitments are presented in note 14. The Group has entered into loan agreements with mandatory prepayment clauses: ¯ For loans issues contracted through the European Investment Bank (EIB), a consultation clause that could lead to a request for

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AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019