Aéroport de Paris - 2018 Registration document

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

LIQUIDITY RISKS

for loans issues contracted through the European Investment Bank (EIB), a consultation clause that could lead to a request for early repayment is included within the contracts. These clauses concern: a lowering of the Group’s rating to below or equal to A by the specialist agency Standard & Poor’s (or any equivalent rating issued by a comparable rating agency), loss by the State of most of its share capital and its voting rights, and in the case of a substantial reduction in the cost of the project as defined within the loan contract (proportional repayment only); ¯ its ability to raise funds to finance investment projects. The Group’s euro-denominated bonds are listed on the Paris Stock Exchange. There is a provision in place with regard to bonds issued since 2008 that, in the case of a change of controlling interest in the Company and a rating below or equal to BBB- at the point of the change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a proportion of the bonds that it holds at their nominal value.

Liquidity risk corresponds to the risk that the Group may experience difficulties in honoring its debts when these become due. The Group’s liquidity risk must be assessed in relation to: ¯ its cash and potential cash credit lines unused; The Group monitors its cash on a daily basis. Every month a report summarizes, in particular, financing operations and investments, and analyses divergences with regard to the annual cash-flow budget. It also includes a detailed breakdown of investments, possibly together with their degree of risk. ¯ its existing financial commitments in terms of repayment (debt maturities, off balance sheet commitments, prepayment provisions); The maturity schedule of financial liabilities are presented below. Off Balance Sheet commitments are presented in Note 13.3. The Group has entered into loan agreements with mandatory prepayment clauses:

The breakdown of the residual contractual maturities of financial liabilities is as follows:

Total contractual payments

Balance sheet value

As at 31 Dec., 2018 As at 31 Dec., 2018

0 -1 year

1 -5 years Over 5 years

(in millions of euros)

Bonds

4,678 2,078

4,700 2,273

300 404

1,800

2,600

Bank loans

1,126

743

Security deposits received

20 212

20 197

3 7

-

17

Other loans and assimilated debt

56

134 401

Interest on loans

98

1,103

179

523

Debt (excluding derivatives)

7,066

8,273

890 590

3,505

3,878

Trade payables

590

590

- -

- -

Contract liabilities

6

6

6

Other debts 1

1,184

1,184

450

390

344

Debt at amortised cost

8,846

10,053

1,936

3,895

4,222

Outgoings

- -

(124)

(26)

(78)

(20)

Receipts

73

13

43

17

Hedging swaps

50

(51) (18)

(13)

(35) (12)

(3)

Outgoings

- -

(6)

- - - - - -

Receipts

27

9 3

18

Trading swaps

(11)

9

6

Outgoings

- - 1

- - -

- - -

- - -

Receipts

Exchange rate hedging

TOTAL

8,886

10,011

1,926

3,866

4,219

1 Other debts exclude all accounts which do not constitute, within the terms of IAS 32, contractual obligations, such as tax and social security debts.

Financial covenants In addition to the remark related to TAV Tunisia detailed in Note 9.4.1, financing agreements linked to concessions operated by TAV Istanbul, TAV Esenboga, TAV Macedonia, TAV Milas Bodrum and TAV Ege also include early repayment clauses in case of non-compliance with financial

ratios. These contracts account for 12.92% of the total bank loans of the Group as at 31 December 2018. For these contracts, ratios were all met at 31 December 2018.

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018