Aéroport de Paris - 2018 Registration document

REVIEW OF THE FINANCIAL POSITION AND INCOME 09 ANALYSIS OF 2018 RESULTS

◆ other income and expenses stood at €110 million. Excluding the full consolidation of TAV Airports and AIG, this item amounts to €96 million, stable compared to 2017 (€96 million), under the combined effect: ◆ reversals of provision for bad debts related to international mentioned above (EBITDA neutral), ◆ the non-renewal of the 2017 Fedex capital gain (Hub Safe) for €63 million,

◆ reimbursement of studies and works carried out for the CDG express project for +€30 million (€38 million in 2018 vs. €8 million in 2017). Over 2018, consolidated EBITDA stood at €1,961 million. The consolidated gross margin 1 rate was 43.8%, up by 0.5 point. Excluding the full consolidation of TAV Airports and AIG, EBITDA stood at €1,359 million, up by 5.6%, i.e. €72 million. The gross margin rate was 43.3%, up by 0.4pt.

Net result attributable to the Group

2018 1 1,961 (804)

2017 1 1,567 (615)

2018/2017 1

(in millions of euros)

EBITDA

+25.1% +30.7%

Amortisation & Depreciation

Share in associates and joint ventures from operating activities after adjustments related to acquisition of holdings Operating income from ordinary activities (including operating activities of associates)

80

78

+2.6%

1,237

1,030

+20.1% -€25m +17.4% +15.3% +17.8% +29.0% +13.0% -€42m +6.9% -

Other operating expenses and incomes

(2)

22

Operating income (including operating activities of associates)

1,235 (206)

1,052 (179)

Financial income

Associates from non-operating activities

1

1

Income before tax

1,030 (335)

874

Income taxes

(260)

Net results from continuing activities

695 (85) 610

614

Net income attributable to non-controlling interests

(43)

Net income attributable to the Group

571

1 2018’s data take into account the full consolidation of TAV Airports’ results, since the 2 nd half of 2017, and the full consolidation of AIG’s results since April 2018.

Operating income (including operating activities of associates) stood at €1,235 million. The net financial result stood at -€206 million. Excluding the full consolidation of TAV Airports and AIG, financial result stood at -€82 million, improving by €37 million. As of 31 December 2018, Groupe ADP net debt stood at €4,942 million, vs. €3,797 million as of 31 December 2017. Excluding the full consolidation of TAV Airports and AIG, Groupe ADP’s net debt stood at €3,935 million as of 31 December 2018. Aéroports de Paris issued on 11 October 2018 a 20-year bond of a total amount of €500 million, with a fixed rate of 2.125%. The income tax expense stood at €335 million over 2018, up by €75 million, of which €43 million linked to the effect of the full integration of TAV Airports. Excluding the full consolidation of TAV Airports and AIG, the net increase in corporate income tax of €34 million is related firstly to the increase in income before tax (for €21 million on tax), and secondly to a effect rate between the two years for €13 million (effective rate at 33.67% in 2018 vs. 32.01% in 2017). Taking into account all these items, the net result attributable to the Group increased by €39 million, to €610 million.

Over 2018, operating income from ordinary activities (including operating activities of associates) stood at €1,237 million, up by €207 million, due notably to: ◆ the scope effect of the full consolidation of TAV Airports since the 2 nd half of 2017 and AIG since April 2018, for an amount of €181 million; ◆ the capital gain of the re-evaluation of the already-owned 9.5%-stake in AIG for an amount of €23 million; ◆ the increase in depreciation in Paris (+€10.5 million, i.e. +2.3%); ◆ a provision on international stake for an amount of €20 million over 2018 vs. €46 million over 2017. As a reminder, two exceptional items occurred in 2017: ◆ the recognition in 2017 of a gain on the translation reserve following the sale of TAV C (-€12m); ◆ the capital gain following the capital increase of TAV A (-€63m). Other operating expenses and incomes were down by €24 million, notably linked to the capital gain on the sale of a 80%-stake in Hub Safe, for an amount, net of selling costs, of €27 million.

1 EBITDA/Revenue.

106

AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018