2022 Universal Registration Document

F I NANC I AL I NFORMAT I ON

Company Financial Statements and Notes of Aéroports de Paris SA at 31 December 2022

Valuation of equity securities, receivables from equity investments and current accounts (See Notes 4.6 and 6.2 “Financial fixed assets” and 6.3 “Operating receivables”)

Risk identified

Our response

As at 31 December 2022, financial fixed assets and shareholder current accounts had a gross value of €2,949 million and €789 million, respectively, and were impaired by €161 million and €337 million, respectively. Equity securities are recorded in the balance sheet at purchase cost excluding related expenses. As stated in Note 4.6 to the financial statements, at each year-end your Company examines the value of equity securities with reference to their value in use. If the value in use of these securities is lower than their carrying amount, an impairment loss is recorded in the amount of the difference. Your Company also reviews the recoverable amount of receivables from equity investments and current accounts presented on the “Other receivables” line. Impairment may be recorded for receivables from equity investments and/ or current accounts if the value in use of the securities to which these receivables are attached results in the recognition of impairment exceeding the value of the securities. The estimate of the value in use of these equity securities requires Management to exercise judgment in its choice of items to be considered. Such items may correspond, depending on the situation, to historical items (equity), forecast items (expected or discounted cash flows or dividends, from which net financial debt is deducted) or revalued items (net asset value for real estate companies). We considered the valuation of equity securities, receivables from equity investments and current accounts to be a key audit matter in view of (i) their materiality in the financial statements and (ii) the level of judgment required from Management to estimate the value in use of the securities and the recoverability of the receivables from equity investments and current accounts, in particular traffic, revenue and profitability forecasts, in a post-Covid context affected by the conflict in Ukraine, inflation and increased interest rates, which complicates the assessment of the short- and medium-term economic outlook.

Our work consisted mainly in: ◆ familiarizing ourselves with the internal control procedures relating to the determination of value in use and the calculation of impairment where applicable; ◆ evaluating the expected, discounted cash flows or dividend flows and the key assumptions used to calculate the value in use of the equity securities and the recoverability of receivables from equity investments and current accounts, assessing the sensitivity of valuations to these assumptions and verifying the calculations with the assistance of our valuation specialists. Regarding the key assumptions, we focused in particular: ◆ traffic forecasts, by comparing them in particular with available external data (e.g. IATA or Eurocontrol data), ◆ revenue and profitability forecasts, by comparing them with the budget data examined by the governance bodies of the relevant companies, ◆ the methods used to determine the discount rate and their consistency with the underlying market assumptions, ◆ the valuation, for securities in the real estate subsidiary, of the main real estate assets determined by external real estate appraisal firms; we confirmed the competence and independence of these firms and exchanged with them to assess the estimates, assumptions and methodology used. We also: ◆ tested, on a sampling basis, the arithmetic accuracy of the estimates used; ◆ examined the appropriateness of the disclosures in the Notes to the financial statements, including the sensitivity analyses performed.

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AÉROPORTS DE PAR I S / UN I VERSAL REG I STRAT I ON DOCUMENT 2022