Aéroport de Paris - 2018 Registration document

EQUITY AND CASH FLOWS 10 FINANCIAL RISK MANAGEMENT

Net debt breaks down as follows:

2018 7,065

2017 5,911

(in millions of euros)

Financial debt

Derivative financial instruments (liabilities)

63

54

Gross financial debt

7,128 (21) (117)

5,965

Derivative financial instruments (assets)

(27) (90)

Receivables and current accounts from associates

Cash and cash equivalents Restricted bank balances1

(2,056)

(1,912)

(84)

(189)

Debt related to the minority put option

91

50

Net financial debt

4,942

3,797

Net financial debt / EBITDA

2.52 85%

2.42 70%

Net financial debt / equity (gearing)

On 4 October 2018, Aéroports de Paris launched a 20-year bond issue for a total amount of €500 million with the following characteristics:

The net debt/equity ratio stood at 85% as at 31 December 2018 compared to 70% at end of 2017. Group net debt grew to €4,942 million as at 31 December 2018 compared to €3,797 million at the end of 2017, due to the full consolidation of TAV Airports. See also Note 9.4 to the consolidated financial statements presented in Chapter 20.

◆ format: fixed rate; ◆ redemption: in fine; ◆ annual rate: 2.125%; ◆ re-offer spread: 65 bp over mid swap; ◆ re-offer yield: 2.174%; ◆ payment date: 11 October 2018; ◆ maturity date: 11 October 2038.

10.3 FINANCIAL RISK MANAGEMENT

See paragraph “Management of financial risk” in Chapter 4 and in the Note 9.1 in the notes to the consolidated financial statements presented in Chapter 20.

10.4 GROUP COMMITMENTS

Investment commitments The only investments covered by firm commitments by Aéroports de Paris are those described in the Economic Regulation Agreement (ERA). See Chapter 5, “Ongoing investments or investments with firm commitments”.

Off-balance sheet commitments See Note 14 to the consolidated financial statements presented in Chapter 20.

Employee benefit obligation See Note 5.3 to the consolidated financial statements presented in Chapter 20.

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018