Universal Registration Document 2022

F I NANC I AL I NFORMAT I ON

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2022

4.9 Investment in associates and joint ventures

TAV Antalya: a joint venture of TAV Airports and Fraport which operates Antalya International Airport in Turkey. The consortiumwon the tender in 2021 for the renewal of the airport concession for a period of 25 years, between 1 January 2027 and 31 December 2051. The current operating conditions of the airport remain unchanged until 31 December 2026. TGS and ATU , 50%-owned joint ventures by TAV Airports, specialising in ground handling and duty-free respectively. Sociedad Concesionaria Nuevo Pudahuel, joint-venture 45%-owned by ADP International, 40%-owned by Vinci Airports and 15%-owned by Astaldi, operating the concession of Santiago International Airport for a period of 20 years and with the objective to ensure the financing, design and construction of a new 175,000-square meter terminal.

Principal investments in companies over which the Group exercises significant influence or joint control are described below: GMR Airports Limited: Groupe ADP owns a 49% stake in GMR Airports Ltd. GMR Airports Ltd, has a portfolio of world class assets comprising six airports in three countries (India, Philippines and Greece) and a subsidiary in project management (“GADL”). The twomain concessions, Delhi and Hyderabad, have a term of 30 years renewable once which began on 3 May 2006 and 23 March 2008 respectively. Renewal is at the discretion of GMR Airports, for Hyderabad concession. Regarding Delhi concession, renewal presupposes that certain operational conditions are still met at the end of the first 30-year period, which are in particular quality of services conditions provided in the concession contract. Thus, as long as these conditions are met, renewal is going to be at the discretion of GMR Airports.

4.9.1 Share of profit or loss of associates and joint ventures The amounts included in the income statement are broken down by segment as follows:

2022

2021

(in millions of euros)

International and airport developments

13

(61)

6

Real estate

1

-

SHARE OF PROFIT OR LOSS IN ASSOCIATES AND JOINT VENTURES

14

(61)

zero. The share of cumulative unrecognized losses amounted to €298 million, including €67 million for 2022. Loans granted to these investments are impaired to the extent of their interest percentage.

In the absence of an obligation or intention to cover the losses of the investments accounted by the equity method, the Group stops recognizing the share of losses of associates and joint ventures when the investments accounted by the equity method are at

4.9.2 Impairment tests on investments in associates and joint venture

cash flows after debt servicing or dividends at cost of equity. Regarding the discount rate, data used by Groupe ADP is based on averages for the past 3 months, for the risk-free rate and the market premium. The book value used for the impairment test corresponds to the acquisition cost increased by the share of profit or loss in associates and joint ventures, as well as capitalized interest on shareholder loans when applicable.

Investments in associates are tested for impairment when the Group identifies one or more indices of impairment likely to have an impact on the future estimated cash flows from these associates. An impairment test is also performed for previously impaired investments. An impairment loss is recognized if the recoverable value of the investment falls below its carrying value. The recoverable value of investments in associates and joint ventures is estimated by discounting either Group share’s

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