Aéroport de Paris - 2018 Registration document

FINANCIAL INFORMATION ON THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL STATEMENTS 20

The Board of Directors monitors the level of dividends paid to holders of ordinary shares. As of 31 December 2018, Employees currently hold 1.64% of ordinary shares. Neither the parent company nor its subsidiaries are subject to any specific requirements under external regulations.

The Group did not alter its capital management policy over the course of the year. The Group occasionally buys its own shares on the open market to ensure the liquidity of its shares. The frequency of such purchases depends on market prices.

9.3 Net financial income

such, it includes the realized and unrealized result on foreign exchange and interest rate derivatives carried by Groupe ADP, whether or not they are documented in hedge accounting. Net financial income also include unwinding of discount on concession rent payable.

Net financial income include interest payable on borrowings, calculated using the effective interest rate method, interest receivable on investments, interests on the employee benefit liability relating to defined benefit plans and gains and losses on foreign exchange and on hedging instruments which are recognized in the income statement. As

The analysis of net financial income is as follows respectively for 2018 and 2017:

Financial income Financial expenses Financial income 2018

(in millions of euros)

Gross interest expenses on debt Net income (expense) on derivatives

-

(180)

(180)

10 10 18 28

(22)

(12)

Cost of gross debt

(202)

(192)

Income from cash and cash equivalents

(3)

15

Cost of net debt

(205)

(177)

Income from non-consolidated investments

7

-

7 3

Net foreign exchange gains (losses)

49

(46)

Impairment and provisions

2

(9)

(7)

Other

14

(46) (101)

(32) (29)

Other financial income and expenses

72

Net financial income

100

(306)

(206)

Financial income Financial expenses Financial income 2017

(in millions of euros)

Gross interest expenses on debt Net income (expense) on derivatives

-

(126)

(126)

15 15

(15)

-

Cost of gross debt

(141)

(126)

Income from cash and cash equivalents

9

(1)

8

Cost of net debt

24

(142)

(118)

Income from non-consolidated investments

2

-

2

Net foreign exchange gains (losses)

14

(40) (17) (27) (84)

(26) (17) (20) (61) (179)

Impairment and provisions

-

Other

7

Other financial income and expenses

23 47

Net financial income

(226)

222

AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018