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

11.3 Tax reconciliation The reconciliation between the theoretical income tax based on the tax rate applicable in France and the effective income tax is as follows:

2019

2018 1

(in millions of euros)

Net results from continuing activities

582

592 (81) 297 808

Share of profit or loss from associates and joint ventures

(90) 293 785

Income tax expense

Income before tax and profit/loss of associates

Theoretical tax rate applicable in France

34.43%

34.43%

Theoretical tax expense

(270)

(278)

Impact on theoretical tax of: ® Different rate on foreign taxable income and payment at source ® Previously unrecognized tax loss carryforwards used in the period

14

5

1

(7)

® Tax losses incurred in the period for which no deferred tax asset was recognized

(32)

(19)

® Changes in unrecognized temporary differences

-

1

® Evolution of tax rates

6

6

® Non-deductible expenses and non-taxable revenue

(6)

(19)

® Tax credits

8

4

® Provisions for income tax

(6) (7)

-

® Investment incentives applicable in Turkey

5 5

® Adjustments for prior periods EFFECTIVE TAX EXPENSE

(1)

(293)

(297)

Effective tax rate

37.42%

44.23%

1 Restated figures as described in notes 2.2 & 12.

11.4 Deferred tax assets and liabilities broken down by category Deferred tax assets and liabilities are presented on the balance sheet as follows:

As at Dec 31, 2019

As at Dec 31, 2018

(in millions of euros)

In respect of deductible temporary differences ® Employee benefit obligation

133

126

® Amortisation of fees for the study and overseeing of works

4 11 8

9

® Provisions and accrued liabilities

19

® Derivatives

6

® Investment incentives

22

29

® Lease obligations

12

-

® Other

78

4

For taxable temporary differences ® Accelerated tax depreciation and other regulated provisions

(319)

(317)

® Finance leases

(3) (8)

(5) (8)

® Revaluation reserves

® Purchase Price Allocation

(125) (95)

(187) (24)

® Property and equipment, airport operation rights and intangible assets

® Loans and borrowings

(8)

(2)

® Other

(44)

(33)

NET DEFERRED TAX ASSETS (LIABILITIES)

(334)

(383)

248

AÉROPORTS DE PARIS ® UNIVERSAL REGISTRATION DOCUMENT 2019