Aéroport de Paris - 2018 Registration document

PROFIT FORECASTS

RESEARCH AND DEVELOPMENT, TRADEMARKS PATENTS AND LICENCES

INFORMATION CONCERNING TRENDS

ADMINISTRATION AND EXECUTIVE MANAGEMENT BODIES

COMPENSATION AND BENEFITS OF CORPORATE OFFICERS

FUNCTIONING OF THE BOARD OF DIRECTORS AND MANAGEMENT BODIES

SOCIAL, ENVIRONMENTAL AND SOCIETAL RESPONSIBILITY INFORMATION

MAIN SHAREHOLDERS

OPERATIONS WITH RELATED PARTIES

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2018

2016-2020 Guidances, as published on 15 October 2015

Guidances revised on 14 February 2019

€23 on a full-year basis after delivery of the infrastructure projects Growth in external rents (excluding reinvoicing and indexation) ranging from 10% to 15% between 2014 and 2020e

€23 on a full-year basis after delivery of the infrastructure projects (unchanged) Growth in external rents (excluding reinvoicing and indexation) ranging from 10% to 15% between 2014 and 2020e (unchanged) Adjustment of the quality of service objective: Overall ACI/ASQ rating of 4 on a full-year basis after delivery of the infrastructure projects

sales/PAX

Real estate

Quality of service

13

Overall ACI/ASQ rating of 4 in 2020e

Revision of rating assumption: 86/100

Extra-financial rating 3

Rating assumption 83/100 in 2020

1 Return on capital employed calculated as the operating profit of the regulatory scope after normative tax on companies in relation to the regulated asset base. 2 Excluding SGP. 3 Extra-financial rating perimeter: ADP and its subsidiaries at 100%.

13.2 2019 GROUP FORECASTS

Objectives presented here-above are based on data, assumptions and estimates considered as reasonable by the management of the group.

2019 Forecasts

Traffic growth assumption for Paris Aéroport between +2% and +2.5% in 2019 compared to 2018 Traffic assumption 5 for TAV Airports Group (excluding Istanbul Atatürk) in 2019: decrease of between -38% and -42%

Group traffic’s assumption

Decrease of between –8% and –13% in 2019 compared to 2018 taking into account the closure of Istanbul Atatürk Airport 3 Consolidated EBITDA restated of Istanbul Atatürk Airport contribution in 2018 (proforma) and in 2019: increase of between +1% and +5% compared to 2018 Of which consolidated EBITDA excluding full consolidation of TAV Airports and AIG: increase between +1% and +2% Reminder of TAV Airports’ EBITDA 4 guidance: drop from -38% to -42% compared to 2018

Consolidated EBITDA 1/2/3

Dividend for 2019

Maintained pay-out of 60% of NRAG 6 2019

1 TAV Airports’ EBITDA guidance, underlying Group’s EBITDA guidance, is built on the following exchange rate assumptions: EUR/TRY = 6.7, EUR/USD = 1.17. 2 Takes into account the introduction of the mechanism charging Aéroports de Paris 6% of the costs hitherto fully covered by the airport tax, in accordance with Article 179 of Law No. 2018-1317 of finance dated 28 December 2018. 3 With activity at Istanbul Atatürk airport having stopped on 6 April 2019 following the transfer of commercial flights from Istanbul Atatürk to the new Istanbul airport (see press release of 8 April 2019), the provisions of IFRS 5 on discontinued operations must be applied to TAV Istanbul from this date. Accordingly, for the 2019 interim and annual financial statements, all TAV Istanbul revenue and expenses in respect of 2019 will be presented on a separate line «Net results from discontinued activities» in the income statement. Revenue, EBITDA and consolidated Group operating income will thus no longer include activity from Istanbul Atatürk airport. 4 EBITDA as published by TAV Airports includes Ankara guaranteed passenger revenue (net of accretion income on the linked financial claim) and the share of equity pick-up. 5 TAV traffic at 100%. 6 Net result attributable to the Group.

will not be included in EBITDA, but fully in income from discontinued operations (in non-operating income). In 2018, the contribution of TAV Istanbul, the entity holding the Atatürk operating contract, is €471 million in revenue, €263 million in EBITDA, €97million inOperating income fromordinary activities (after PPA impacts).

The achievement of these forecasts are subject to the assumption of traffic growth in Paris Aéroport and the good run of TAV Airports’ strategy. The transfer of commercial flights fromAtatürk airport to the new Istanbul airport took place on 6 April 2019. Therefore, as this is a discontinued operation under the norm IFRS 5, the contribution of this airport in 2019

121

AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018