ADP_REGISTRATION_DOCUMENT_2017

REVIEW OF THE FINANCIAL POSITION AND INCOME 09 ANALYSIS OF 2017 RESULTS

Net result attributable to the group

2017 1 1,567 (615)

2016 1,195 (479)

2017/2016 1

(in millions of euros)

EBITDA

+€372m +€136m

Amortisation & Depreciation

Share in associates and joint ventures from operating activities after adjustments related to acquisition of holdings

77

(52)

+€129m

Operating income from ordinary activities (including operating activities of associates) Other operating expenses and incomes

1,030

664

+€366m

22

32

-€10m

Operating income (including operating activities of associates)

1,052 (179)

696 (115)

+€356m

Financial income

-€64m -€58m

Associates from non-operating activities

1

59

Income before tax

874

640

+€234m +€58m +€176m

Income taxes

(260)

(202)

Net results from continuing activities

614

438

Net income attributable to non-controlling interests

(44)

(3)

-€41m

Net income attributable to the group

571

435

+€136m

1 Including the full consolidation of TAV Airports in the 2 nd half of 2017.

Over 2017, amortisation and depreciation stood at €615 million. Excluding the full consolidation of TAV Airports, amortisation and depreciation decreased by €7 million. Operating income from ordinary activities (including operating activities of associates) stood at €1,030 million notably due to: ◆ the scope effect of the full consolidation of TAV Airports for the 2 nd half of 2017; ◆ the re-evaluation of the 38%-stake in TAV Airports for €63 million; ◆ the capital gain following the sale of TAV Construction for a net amount of €12 million; ◆ the negative effect linked to provisions on international stake amounting to €46 million, accounted for during the 1 st half-year of 2017. Operating income stood at €1,052 million, due notably to the capital gain of the 80%-sale of the stake in Hub Safe, net of disposal fee, for an amount of €27 million. The net financial result stood at -€179 million and was notably impacted by provisions on international stake for €9 million accounted for during the 1 st half of 2017, in addition to the €46 million mentioned above.

As of 31 December 2017, Groupe ADP net debt stood at €3,797 million compared with €2,709 million as of 31 December 2016 due to the full consolidation of TAV Airports. Excluding the full consolidation of TAV Airports, Groupe ADP’s net debt would stand at €3,144 million. The share of profit of non-operating associates was down by €58 million, to €1 million, due to the negative impact of the non-renewal of the capital gain linked to the sale, in October 2016, of Groupe ADP’s stake in the Mexican airport operator OMA for an amount of €58 million. The income tax expense stood at €260 million in 2017, up by €58 million. This net increase in income tax is, on one hand, due to the corporate income tax for €82 million, linked to the increase in income before tax and the 2017 surcharge on income tax, partially offset by the re-evaluation of deferred taxes from 2020. On the other hand, the reimbursement of tax on dividends, amounting for €24 million, reduced the impact of the increase in corporate income tax. Taking into account all these items, the net result attributable to the group increased by €136 million, to €571 million.

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AÉROPORTS DE PARIS  REGISTRATION DOCUMENT 2017