Universal Registration Document 2024
FINANCIAL INFORMATION 6
GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024
Sensitivity of impairment tests to the increasing impact of climate change Impact on traffic
u the second is a conservative forecast taking into account additional regulatory constraints on departing and arriving traffic at Paris-CDG and Paris-Orly, and assuming – in addition to constraints in the base case – a ban on all domestic routes for which there is a rail alternative taking less than four and a half hours, both for origin/destination flights and for flights bringing connecting passengers to airline hubs (as an extension of the Climate and Resilience Act currently prohibiting domestic flight routes when a rail alternative taking less than two and a half hours exists, except for those used mainly by connecting passengers). In this forecast, the average annual growth in passenger traffic would be 15 basis points lower than the base case growth rate, thereby decreasing ADP SA's asset value by 9% (all other parameters remaining unchanged, in particular with regard to compliance with the current principles of economic regulation). However, this would not trigger recognition of an impairment loss.
To better illustrate the impact of climate change on traffic forecasts and therefore on the Group’s asset value, we have compared two alternative traffic forecasts for the Parisian platforms with the base case traffic forecast used in the business plan as described above: u the first is an optimistic forecast, with higher passenger demand compared to the base case, where traffic growth would not be constrained by stricter regulations and in which the environmental transition of the air transport sector would have no visible impact on demand (mainly by no additional costs being passed on to passengers). In this forecast, the average annual growth in passenger traffic would be 75 points higher than the base case growth rate, thereby increasing ADP SA's asset value by 6% (all other parameters remaining unchanged, in particular with regard to compliance with the current principles of economic regulation); NOTE 7 EQUITY AND EARNINGS PER SHARE 7.1 Equity Equity breaks down as follows:
Other comprehensive income
Equity attributable to owners
Non controlling interests
Share capital
Share premium
Treasury shares
Retained earnings
Total 5,512
(in millions of euros) As at 31 Dec. 2024
297
543
(28)
3,813
(210)
4,415
1,097
7.1.1 Share capital Aéroports de Paris SA's aggregate share capital amounts to €296,881,806 divided into 98,960,602 fully paid shares of €3 each, which were not subject to any change during 2024. The share capital is accompanied by a share premium of €542,747 thousands pertaining to the issuance of shares in 2006. 7.1.2 Treasury shares Treasury shares held by the Group are booked as a deduction from equity at their cost of acquisition. Any gains or losses connected with the purchase, sale or cancellation of treasury shares are recognised directly in equity without affecting the income statement.
In 2022, as part of the process of orderly disposal of the 8% cross-shareholdings held respectively by Aéroports de Paris and Royal Schiphol Group, 296,882 shares held by Royal Schiphol Group were purchased by ADP SA and are intended to cover any allocation of Groupe ADP performance shares and/or allocation of shares as part of an employee shareholding operation.
As part of its liquidity contract and in accordance with the authorisation given by the shareholders at the ordinary general meeting of 21 May 2024, during the period, the company repurchased 880,578 shares and sold 880,578 shares. At 31 December 2024, the number of shares in the liquidity account was nil and 97,111 shares were distributed to employees under the ABELIA free share issue (see note 2 Significant events of the 2023 consolidated financial statements). Thus, the number of treasury shares that was 305,985 as at 31 December 2023 is 208,874 as at 31 December 2024.
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UNIVERSAL REGISTRATION DOCUMENT 2024 w AÉROPORTS DE PARIS
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