Universal Registration Document 2024

6 FINANCIAL INFORMATION

GROUPE ADP CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2024

11.7 Unrecognised deferred tax assets on loss carryforwards Unrecognised tax loss carryforwards totalled €755 million, broken down by maturity as follows

As at 31 Dec. 2024

Expiring in Y+1

Expiring in Y+2

Expiring in Y+3

Expiring in Y+4

Expiring in Y+5

Undated

(in millions of euros)

TOTAL

755

69

97

9

48

404

128

As of 31 December 2024, non-activated carried forward tax losses amount to €755 million. This non-activation results from the legal period for using tax losses carried forward in the relevant jurisdictions, combined with the expected profits according to the 3-5 years forecasts.

NOTE 12 CASH AND CASH EQUIVALENTS AND CASH FLOWS 12.1 Cash and cash equivalents

Cash and cash equivalents comprise current accounts at banks and short-term liquid investments subject to negligible risks of fluctuations of value. Cash equivalents consist essentially of money market funds. Bank overdrafts are not included in cash and are reported under current financial liabilities. "Cash management financial assets" comprises units in UCITS.

“Cash management financial assets” comprises units in UCITS, made with a short-term management objective, satisfying the IAS 7 criteria for recognition as cash.

Cash and cash equivalents break down as follows:

As at 31 Dec. 2024 As at 31 Dec. 2023

(in millions of euros) Marketable securities

553

400

Cash (1)

1,405 1,958

1,943 2,343

Cash and cash equivalents

Bank overdrafts (2)

(3)

(2)

Net cash and cash equivalents

1,955

2,341

1 Including ADP SA's term deposits totalled €722 million, including €123 million in cash set aside to finance aid to local residents collected via the French tax on air traffic noise (TNSA); payable by TAV and ETEP in an amount of €195 million and €11 million, respectively. 2 Included in Current liabilities under borrowings and debt.

As part of its cash management, Groupe ADP has mainly invested in euro-denominated money market funds with a variable short-term net asset value (VNAV). Cash and cash equivalents not available to the Group in the short term,

included in cash and cash equivalents, correspond to the bank accounts of certain subsidiaries for which the conditions for repatriating funds are complex in the short term, mainly for regulatory reasons.

12.2 Cash flows 12.2.1 Cash flows from operating activities

2024

2023 1,243

(in millions of euros) Operating income

994 959

Income and expense with no cash impact Net financial expense excluding cost of debt

685

(7)

(107) 1,821 (62) (171)

Operating cash flow before change in working capital and tax

1,946 (139) (283)

Change in working capital

Tax expenses

Impact of discontinued operations Cash flows from operating activities

–

(1)

1,524

1,587

624

AÉROPORTS DE PARIS w UNIVERSAL REGISTRATION DOCUMENT 2024