Aéroport de Paris - 2018 Registration document

ORGANISATION CHART

RISK MANAGEMENT AND CONTROL

PERSONS RESPONSIBLE FOR THE REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

STATUTORY AUDITORS

SELECTED FINANCIAL INFORMATION

INFORMATION ON THE COMPANY

BUSINESS OVERVIEW

REAL ESTATE ASSETS AND FACILITIES

REVIEW OF THE FINANCIAL POSITION AND INCOME

EQUITY AND CASH FLOWS

Liquidity risk

RISK IDENTIFICATION

RISK MONITORING AND MANAGEMENT

Aéroports de Paris monitors its cash flow on a daily basis. They are subject to monthly reporting to the Comex, summarising, in particular, financing operations and investments. Cash flow forecasts are carried out on a multi-year basis. As part of monitoring its credit rating, Aéroports de Paris holds regular discussions with Standard & Poor’s rating agency. 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 Aéroports de Paris’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) and loss by the French state of most of its share capital and its voting rights, and in case of a substantial decrease of the project cost as defined in the loan contract (proportional reimbursement only). Bonds plan that in the case of a change of controlling interest in the company and a decrease in rating below BB+ during the period of change of controlling interest, each holder of a bond may request repayment or buy-back by the issuer of all or a portion of the bonds that it holds at their nominal value. Given the smoothing of debt repayments over time, the Company estimates little exposure to liquidity risk.

Liquidity risk corresponds to the risk that the Group may experience difficulties in honouring its debts when these become due. The payment schedule for financial liabilities is presented in Note 9 to the Chapter 20 of 2018 Registration document “Analysis of risks related to financial instruments”. Aéroports de Paris is rated by Standard & Poor’s. Since 21 March 2014, the long-term rating of Aéroports de Paris has been A+ outlook stable. The euro-denominated bonds are listed on NYSE Euronext Paris. Aéroports de Paris may be exposed to the risk of early repayment of bonds and loan issues contracted through the European Investment Bank (EIB). Change of control and rating reduction clauses are included in the contracts Aéroports de Paris does not have Euro Medium TermNote ( EMTN ) or commercial paper programmes.

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AÉROPORTS DE PARIS ® REGISTRATION DOCUMENT 2018