Aeroports de Paris : 2020 Universal Registration Document

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UNIVERSAL REGISTRATION DOCUMENT

AND ANNUAL FINANCIAL REPORT

2020

This document is a reproduction of the official Universal Registration Document including the 2020 Annual Financial Report,

which was prepared in ESEF format (European Single Electronic Format)and filed with the AMF. It is available on the Aéroports de Paris and the AMF websites.

2020

KEY FIGURES

NUMBER OF PASSENGERS	NUMBER OF GROUP	NUMBER OF AIRPORTS
IN PARISIAN AIRPORTS	PASSENGERS	MANAGED WORLDWIDE
33.1MPAX	96.3MPAX	27

SALES/PAXREVENUE

€ 19.1 € 2,137M

EBITDA	NET INCOME ATTRIBUTABLE
€ 168M	TO THE GROUP
- € 1,169M

Aéroports de Paris

A public limited company (Société Anonyme) with share capital of €296,881,806

Registered office: 1 rue de France - 93290 Tremblay en France

Registered in the Bobigny Trade and Company Register under no. 552 016 628

2020

UNIVERSAL

REGISTRATION DOCUMENT

INCLUDING THE ANNUAL FINANCIAL REPORT

Pursuant to Article 19 of Regulation (EU) no. 2017/1129 of the European Parliament and of the Council of 17 June 2017, the following information is included for reference in this Universal Registration Document (the "Universal Registration Document"):

• for financial year 2019: the consolidated financial statements of Aéroports de Paris for the financial year ended 31 December 2019 and the related Statutory Auditors' report contained in Chapter 18 of the Aéroports de Paris Universal Registration Document filed on with the French Financial Markets Authority (AMF) on 23 March 2020 under number D. 20-0159 and its amendment filed on 23 June 2020 under number D. 20-0159-A01 (together the "2019 Universal Registration Document") as well as the review of the financial position and results of Aéroports de Paris for the financial year ended 31 December 2019 appearing in Chapter 8 of this Universal Registration Document;
• for financial year 2018: the consolidated financial statements of Aéroports de Paris for the financial year ended 31 December 2018 and the related Statutory Auditors' report included in Chapter 20 of the Aéroports de Paris Registration Document filed with the AMF on 23 April 2019 under number D. 19-0373 (the "2018 Registration Document") as well as the review of the financial position and results of Aéroports de Paris for the financial year ended 31 December 2018 appearing in Chapter 9 of the 2018 Registration Document.

The information included in the 2018 Registration Document or in the 2019 Universal Registration Document other than those mentioned above has been, where applicable, replaced and/or updated by the information included in this Universal Registration Document.

Pursuant to the AMF's General Regulation, the 2018 Registration Document and the 2019 Universal Registration Document are available on the websites of the AMF (www.amf-france.org) and of Aéroports de Paris (www. groupeadp.fr).

In view of the entry into force on 21 July 2019 of Regulation (EU) 2017/1129 and its Delegated Regulation 2019/980, Groupe ADP is publishing this Universal Registration Document this year. It uses the nomenclature of Annexes I and II of the Commission's Delegated Regulation (EU) 2019/980 of 14 March 2019. This document meets the objective of improving clarity for shareholders and investors in terms of risk factors, overall strategy and extra-financial aspects.

This universal registration document is available on the Aéroports de Paris website (www.groupeadp.fr) and the AMF website (www.AMF-france.org).

This Universal Registration Document was filed with the AMF on 18 March 2021 in its capacity as competent authority under Regulation (EU) no. 2017/1129, without prior approval in accordance with Article 9 of the Regulation.

The Universal Registration Document may be used for the purposes of a public offering of securities or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary and any amendments made to the Universal Registration Document. The resulting whole is approved by the AMF in accordance with Regulation (EU) no. 2017/1129.

AÉROPORTS DE PARIS  UNIVERSAL REGISTRATION DOCUMENT 2020

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CONTENTS

01 PERSONS RESPONSIBLE

FOR THE UNIVERSAL REGISTRATION DOCUMENT AND ANNUAL

FINANCIAL REPORT

5

1.1 Person responsible for the 2020 Universal Registration Document and Annual

Financial Report	5
1.2 Report of the person in charge	5
02 STATUTORY AUDITORS	6

1. Statutory Auditors for the 2020 financial year 6
2. Substitute Statutory Auditors for

the financial year 2020	6
2.3 Renewal of the Statutory Auditors	6

03 RISK AND MANAGEMENT	7
3.1	Introduction	7
3.2	Risk factors	8
3.3	Risk management and internal control
	system	15

04 INFORMATION ON THE COMPANY	20
	4.1	Information	20
05	BUSINESS OVERVIEW	21
	5.1	Main activities	22
	5.2	Main markets	53
	5.3	Significant events in the development
		of the issuer's business	80
	5.4	Strategy and objectives	83
	5.5	Dependence on patents, licenses,
		industrial, commercial and financial
		contracts and new manufacturing
		processes	85
	5.6	Competitive position	85
	5.7	Investments	86
06	ORGANISATION CHART	91

6.1 Group organisational structure

at 31 December 2020

91

07 REVIEW OF THE FINANCIAL

	POSITION AND INCOME		AFR										93
	7.1	2020 Key figures			93
	7.2	Analysis of 2020 results	94
	7.3	2020 highlights	101
08	EQUITY AND CASH FLOWS		AFR						106
	8.1	Shareholder equity			107
	8.2	Cash flow	107
	8.3	Financial risk management	109
	8.4	Group commitments	109
09	REGULATORY ENVIRONMENT		AFR			110
	9.1	Legal and regulatory environment			110
10	INFORMATION CONCERNING TRENDS	114
	10.1	Recent events	114
	10.2	Outlook	115
11	PROFIT FORECASTS	116
	11.1	Feedback on 2020	117
	11.2	Forecasts and reminder of guidances	119

12 ADMINISTRATION AND EXECUTIVE

MANAGEMENT BODIES	120
12.1	Board of Directors		AFR						120
12.2	Executive Management			AFR
			124
12.3	Personal information concerning
	the members of the Board of Directors	124

13 COMPENSATION AND BENEFITS

OF CORPORATE OFFICERS	126
13.1 Compensation policy for the executive
corporate officer in 2021 referred
to in article L. 22-10-8 of the French
Commercial Code	126

13.2 Compensation policy for non-executive corporate officers referred to in

article L. 22-10-8 of the French Commercial

Code

128

13.3 Amount of compensation awarded and paid to corporate officers during financial year 2020: information referred to in article L. 22-10-9 of the French

Commercial Code.	128
13.4 Company shares held by directors
and non-voting members	132
13.5 Compensation of Executive Committee
members	132

The items included in the Annual Financial Report are identifi ed using the pictogram AFR

2	AÉROPORTS DE PARIS  UNIVERSAL REGISTRATION DOCUMENT 2020

14 FUNCTIONING OF THE BOARD

OF DIRECTORS AND MANAGEMENT

BODIES	133
14.1 Functioning of the administrative
and management bodies		AFR			133
14.2 Functioning of the committees associated
with the Board of Directors	142
14.3 Corporate governance -
Adherence to the principle of governance	145
14.4 Potential significant impacts on corporate
governance	146

15 DECLARATION OF EXTRA-FINANCIAL

PERFORMANCE

147

15.1 Corporate Social Responsibility (CSR) challenges at the heart of Aéroports

de Paris' corporate project

148

15.2 Providing the Group and its employees with the means to carry out

the transformations necessary

for its sustainability, attractiveness

	and social responsibility	155
15.3	Improving our environmental performance	167
15.4	Involving local regions in dialogue
	and construction plans	175
15.5	Operating in an exemplary manner	178
15.6	Methodological note on social, societal
	and environmental reporting	182
15.7	Cross-reference table	185

15.8 Report by one of the Statutory Auditors, designated independent third party, on the consolidated statement of non-

	financial performance	186
16 MAIN SHAREHOLDERS	188
16.1	Shareholding of the company		AFR		188
16.2	Double voting rights	190
16.3	Control of the company	190
16.4	Shareholders' agreements	190

1. OPERATIONS WITH RELATED PARTIES 192
2. FINANCIAL INFORMATION ON
   THE ASSETS, FINANCIAL POSITION AND CONSOLIDATED FINANCIAL

STATEMENTS		AFR			193
18.1	Groupe ADP Consolidated Financial
	Statements as of 31 December 2020	194
18.2	Information	276

18.3 Statutory Auditors' report on
the consolidated financial statements	277

18.4 Company Financial Statements and Notes of Aéroports de Paris SA

	at 31 December 2020	283
18.5	Statutory Auditors' report to the Annual
	General Meeting of Aéroports de Paris	320
18.6	Financial information pro forma	324
18.7	Interim financial information	324
18.8	Dividend distribution policy	324
18.9	Legal and arbitration proceedings	325

18.10 Material change in the financial or commercial position

since 31 December 2020

325

19 ADDITIONAL INFORMATION ON THE SHARE CAPITAL

AND PROVISIONS OF THE ARTICLES

OF ASSOCIATION		AFR			326
19.1	Information concerning the share capital	326
19.2	Provisions of the Articles of Association	329
20 MATERIAL CONTRACTS	332

21 DOCUMENTS AVAILABLE

	TO THE PUBLIC	333
22	INFORMATION ON AQUISITIONS	335
A1	SPECIAL REPORT
	OF THE STATUTORY AUDITORS
	ON REGULATED AGREEMENTS	336
A2	INFORMATION
	ON THE DOWNGRADING
	OF REGULATED AGREEMENTS	351
A3	ANNUAL FINANCIAL REPORT	353
A4	REPORT ON THE CORPORATE
	GOVERNANCE
	OF AÉROPORTS DE PARIS	354

AÉROPORTS DE PARIS  UNIVERSAL REGISTRATION DOCUMENT 2020

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