Universal Registration Document 2022

F I NANC I AL I NFORMAT I ON 6 GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2022

As a consequence, the Group has carried out a broad review of the financial trajectories of its main equity accounted investments in order to provide a better evaluation with the information known to date. In view of the evolution of the situation since December 2021, only GMR Airports Ltd, Fraport-TAV Antalya 1, Fraport-TAV Antalya 2, Ravinala Airports and service company ATU have been the subject of an impairment test. IMPAIRMENT LOSSES OF INVESTMENTS IN ASSOCIATES AND JOINT VENTURES BY OPERATING SEGMENT Impairment tests of equity accounted investments are based on recovery scenarios in which the 2019 traffic levels should be reached between 2023 and 2024 in line with the assumptions made in the context of the impairment tests carried out at 31 December 2020 - depending on the characteristics of each of the investments and based on Eurocontrol / IATA medium-term traffic forecasts for the regions concerned. In addition, business plans are based on concessions contractual term. The tests performed on the investments in associates concluded that an impairment loss of €11 million euro had to be recognized. The main sensitivity of the tests is based on the discount rate. A change in the cost of equity of +100 basis points wouldn’t result in an impairment loss. Traffic-related sensitivity analyses have also been conducted for the equity accounted investments that have been tested, consisting in assessing the impact of a 100 basis points discount on the compound annual traffic growth rate for each equity accounted investment. The above-mentioned discount would result in an additional impairment loss of around €66 million.

The launch since the first half of 2021 of an unprecedented vaccination campaign on a global scale has made it possible to provide a strong response to the global Covid-19 crisis that has been raging since the beginning of 2020 and, in this way, to authorize a gradual reopening of borders between several countries, under conditions that were initially constrained but which were generally normalized during the first half of 2022. The reopening, which accelerated in 2022, led to an overall recovery in air links and more generally in air traffic; thus, air traffic in 2022 is significantly higher than in 2021 for almost all of the Group’s airports, both in terms of aircraft movements and passenger numbers. Nevertheless, the conflict between Russia and Ukraine, which has been ongoing since February 2022 and which has led some countries to close their borders to Russian nationals and to impose economic sanctions against Russia, has had a negative impact on the traffic of certain destinations historically dependent on the Russian and Ukrainian markets. Beyond this rather limited impact, the conflict between Russia and Ukraine has been the catalyst for a deterioration of the global macroeconomic environment, with first of all a strong energy crisis and more generally a surge in inflation worldwide, which has had direct or indirect repercussions on interest rates and investors’ expectations. For example, the 10-year “OAT” rate, i.e. the fixed rate at which the French government borrows over a 10 year period, rose by almost 300 basis points between 1 January and 31 December 2022. This has resulted in a general increase in discount rates since December 2021, through the increase in risk-free rates and country risk premiums, which has an adverse impact on the recoverable amount of the Group’s investments.

4.9.3 Breakdown of balance sheet amounts The amounts relating to the stakes recognized with the equity method can be analysed as follows:

As at 31 Dec. 2022

As at 31 Dec. 2021

(in millions of euros)

International and airport developments

1,854

1,551

Real estate

23

23

Other activities

2

9

TOTAL INVESTMENT IN ASSOCIATES

1,879

1,583

The main goodwill recognized and included in the above investment in associates amounts to €272 million for the International and airport developments segment.

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