Universal Registration Document 2022

F I NANC I AL I NFORMAT I ON

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2022

Impairment losses and reversals can be analyzed as follows:

2022

2021

(in millions of euros)

Impairment losses on goodwill

(7)

(1)

Impairment losses net of reversals on intangible assets (others that goodwill)

9

- -

Impairment net of reversals on tangible assets

14 16

IMPAIRMENT LOSSES NET OF REVERSALS OVER THE PERIOD

(1)

2022

2021

(in millions of euros)

International and airport developments

16

1

Retail and services

7

-

Other activities

(7)

(2) (1)

IMPAIRMENT LOSSES NET OF REVERSALS OVER THE PERIOD

16

Retail and services The impairment test related to the value of Extime Duty Free Paris did not conclude that any impairment should be recognized. International and airport developments segment In the current situation, the Group may have to negotiate with grantors and project lenders. In addition, business plans are based on concessions contractual term except in the case of an extension of the concession during the negotiation process and considered as highly probable. Impairment tests carried out are based on recovery scenarios in which the 2019 traffic levels should be reached from 2023. The assumptions depend on the characteristics of each of the concessions and are based on local Eurocontrol / IATA traffic forecasts. These impairment tests did not conclude that any impairment should be recognized. Sensitivity analysis related to discount rates show that an +100 basis points increase in discount rates used for tested concessions would result in an additional impairment loss of €8 million. Traffic-related sensitivity analyses have also been conducted for the international airport concessions that have been tested, consisting in assessing the impact of a 100 basis points discount on the compound annual traffic growth rate for each concession. The above-mentioned discount would result in an additional impairment loss of around €18 million. With regard to the TAV Airports sub-group, the goodwill recognized at the time of the acquisition of TAV Airports Holding, whose value at 31 December 2022 amounts to €125 million, has been tested using the sum-of-the-parts method. Under this method, each of the Group’s cash generating units (CGUs) is tested individually, and the sum of the goodwill recognized between the recoverable amount of each CGU and its carrying amount is compared with the value of the goodwill. As of 31 December 2022, no impairment has been recognized on the goodwill of TAV Airports Holding. Sensitivity analyses show that an increase of 100 basis points in discount rates would not result in any impairment of this goodwill, nor would the

application of a 100 basis point discount to the average annual traffic growth rate over the remaining concession period. Parisian platforms An impairment test has been performed on Paris-based airport assets and shows that the fair value remain superior to the carrying value. The test is based on a perpetual growth rate of 2.1%, in line with analysts’ assumptions as part of Groupe ADP’s valuation, and an EBITDA margin that is slightly lower than the level observed during the last pre-Covid-19 years. As a consequence, no impairment has been recognized on those assets. Consideration of climate issues As described in notes 6.4 and 4.9.2, intangible assets, property, plant and equipment, investment property and investments accounted for using the equity method are tested for impairment when the Group identifies one or more indications of impairment that may have an impact on the estimated future cash flows from these assets or investments. When an asset or investment is tested, the future cash flows are estimated on the basis of a business plan, which, in terms of time horizon, is defined over the life of the asset or investment when this is known in advance, or through a medium-term plan - between 10 and 20 years - extrapolated using the Gordon-Shapiro method when the life is presumed to be infinite or at least indefinite at the time of testing. Performing impairment test therefore involves taking into account the various real risks and major impacts that may occur in the short, medium and long term, whether specific or macroeconomic, in order to be able to integrate them in one way or another into the estimate of future flows and therefore the business plan underlying the test. Of the above risks, those relating to potential future global warming or climate change are likely to have an impact on the business plans of the assets or investments tested. In order to best assess the value of its fixed assets and investments tested, the Group has integrated climate risks in several respects into the impairment tests that have been carried out. The business plans thus directly or indirectly integrate impacts related to climate change, which are mainly materialized at this stage through traffic forecasts and investment projections.

6

389

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