Aéroport de Paris - 2018 Registration document

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PROFIT FORECASTS

13.1 2016-2020 PERIOD GUIDANCES

120

13.3 STATUTORY AUDITORS’ REPORT ON THE PROFIT FORECASTS FOR

THE YEAR ENDED 31 DECEMBER, 2019 122

13.2 2019 GROUP FORECASTS

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13.1

2016-2020 PERIOD GUIDANCES

will continue to present a consolidated EBITDA excluding the effect of the full consolidation of TAV Airport and AIG in order to follow the 2020 EBITDA target.

Groupe ADP 2016-2020 targets, as announced on 13 October 2015 are partially modified and have to be understood independently from the effect of the full consolidation of TAV Airports and AIG. Groupe ADP

2016-2020 Guidances, as published on 15 October 2015

Guidances revised on 14 February 2019

Revision of traffic growth assumption: Increase between +2.8% and +3.2% in average per

Traffic growth assumption of 2.5% in average per year between 2016 and 2020 Of which international traffic: +3.6%

Traffic

year between 2016 and 2020, including international between +3.6% and +4.0%

2020 consolidated EBITDA between 2014 and 2020e

+30 to +40% growth

+30% to +40% growth (unchanged) Revision of ROCE of the regulated scope at a range of 5.6% and 5.8% Revision of regulated OPEX/pax objective: Decrease of between –10% and –15% between 2015 and 2020 Limit the growth in parent-company operating expenses to a level below or equal to 2.2% in average per annum between 2015 and 2020 (unchanged)

Regulated ROCE 1

5.4% assumption in 2020e

Regulated OPEX/pax (in constant euros)

-8% decrease between 2015 and 2020 Limit the growth in parent-company operating expenses to a level below or equal to 2.2% in average per annum between 2015 and 2020

Parent company operating expenses 2

Maintained pay-out of 60% of NRAG for the dividend

Maintained pay-out of 60% of NRAG for the dividend (unchanged)

Dividend

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018