ADP : Aéroports de Paris: 2014 pro forma consolidated accounts

Paris, 2 July 2015
Financial release

Aéroports de Paris

2014 pro forma consolidated accounts

Implementation of a new accounting management model

In order to simplify the readability of accounting segment performance and to optimize the allocation of internal exchanges, Aéroports de Paris implemented a new accounting management system being applied since 1 January 2015. This new accounting management model consists in:

• A presentation of the P&L by segment by nature for all revenue and costs,
• A review and a simplification of allocation for revenue and costs of transversal activities,
• A review and a simplification of the allocation of overheads by segment.

This new accounting management system does not have any impact on consolidated key financial metrics.

Application of the interpretation of the IFRIC 21 norm

The application of the interpretation of the IFRIC 21 norm makes mandatory the recognition of a liability in respect of taxes at the date of the event that generates the liability (and not according to the basis for calculating these taxes) and leads to a restatement of some taxes previously spread over the period. Taxes affected by this restatement at Group level are Property Tax (taxe foncière), the Office Tax in Ile-de-France (taxe sur les bureaux en Ile de France) and the Company's Social Solidarity Contribution (contribution sociale de solidarité des sociétés) and are accounted for in Group operating expenses. 2014 first half adjusted net income share of the Group is therefore cut by €23 million compared to the published net income share of the Group, affected by:

• An impact of - €42 million on operating expenses due to the full recognition as at 30 June 2014 of taxes outlined above;

• An impact of +€16 million on income tax;

• An impact of +€3 million on employees' profit sharing.

This restatement generates an impact on the 2014 first half EBITDA of the segments, detailed as follow:

• - €21 million on the Aviation segment,
• - €12 million on the Retail & Services segment,
• - €7 million on the Real Estate segment.

Reverse effects will be observed over the second half. This restatement has then no impact on 2014 full year accounts.

Other changes

Moreover, another change was the direct offsetting of capitalized production (formerly accounted for between revenue and expenses) decreasing referring costs.

• In 2014, capitalized production amounted to €79 million that are now broken down in less staff expenses and other costs;
• As at 30 June 2014, capitalized production amounted to €42 million that are now split between a reduction of staff expenses (€28 million) and a reduction of other costs (€14 million).

The Group has also reclassified some staff training expenses for €3 million over the 2014 first half. These staff training expenses were carried out by an external organization and were regarded as having counterparty for the Group. Formally accounted for in "Taxes other than income taxes", they are now accounted for in "External services".

Impact on 2014 consolidated accounts

In order to allow the comparison with former published statements, 2014 first half and full year pro forma financial statements have been produced following the changes announced above:

• 2014 pro forma P&L

• 2014 first half pro forma P&L

Impacts over segments are the following:

• Impact over the Aviation segment

• Impact over the Retail and Services segment

• Impact over the Real Estate segment

• Impact over the Other Activities segment

Calendar

• Next traffic figures publication

• Thursday 15 July 2015: June 2015 traffic figures

• Next results publications

• Wednesday 29 July 2015: H1 2015 results

Appendix

Detailed impacts on 2014 published segmented accounts

Detailed impacts on 2014 first half published segmented accounts