Document De Reference
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DOCUMENT DE REFERENCE This document is an informal English version of the Document de Référence registered with the Autorité des Marchés Financiers on April 27, 2007 under n°R.07-047. In case of any discrepancy between this document and the Document de Référence, the Document de Référence will govern. This document has not been and will not be submitted to the clearance procedures of the French Autorité des Marchés Financiers (the "AMF"). No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of Aéroports de Paris or its affiliates, advisors or representatives shall have any liability whatsoe- ver (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document is not an offer to sell or the solici- tation of an offer to purchase securities and is not part of any offer. Neither this document nor its contents may be used for any offer or sale or any such solicitation anywhere in the world. Copies of this Document de Référence are available at no charge from Aéroports de Paris, 291 boulevard Raspail, 75014 Paris, and on the Aéroports de Paris Internet sites (www.aeroportsdeparis.fr) and on the Autorité des Marchés Financiers site (www.amf-france.org). In due application of article 28 of the European Commission’s regulation EC n° 809/2004, this Document de Référence refers to information contained in: - the consolidated accounts of Aéroports de Paris for the years ended December 31, 2004 and 2005, drawn up to IFRS standards, and reports by the statutory auditors and related bodies, in the Aéroports de Paris Listing Prospectus registered by the Autorité des Marchés Financiers on April 21, 2006 as number I.06-036 (the Document de Base) on pages 191 - 310; and - examination of the financial position and income of Aéroports de Paris for the years ended December 31, 2004 and 2005 set out in the Document de Base on pages 123 - 131. TABLE OF CONTENTS 1. 1. CHAPTER 1 PERSONS RESPONSIBLE FOR THE DOCUMENT DE RÉFÉRENCE ..........................................1 1.1. Person responsible for the Document de Référence .............................................................................1 1.2. Statement of the person responsible .....................................................................................................1 2. 2. CHAPTER 2 AUDITORS........................................................................................................................................2 2.1. Statutory auditors in 2006 ......................................................................................................................2 2.2. Alternate auditors in 2006 ......................................................................................................................2 2.3. Term of office of the auditors..................................................................................................................2 3. 3. CHAPTER 3 SUMMARY FINANCIAL DATA .........................................................................................................3 4. 4. CHAPTER 4 RISKS FACTORS .............................................................................................................................6 4.1. Risks related to the business activities of Aéroports de Paris ...............................................................6 4.2. Risks relating to the ownership structure of Aéroports de Paris ..........................................................14 4.3. Risk management ................................................................................................................................14 4.3.1. Risk management policy ...............................................................................................................14 4.3.2. Policy for taking our insurance policies .........................................................................................15 4.3.3. Main insurance policies .................................................................................................................15 5. 5. CHAPTER 5 INFORMATION ON THE ISSUER ..................................................................................................17 5.1. History and development of the Company...........................................................................................17 5.1.1. Corporate name.............................................................................................................................17 5.1.2. Registry of commerce and companies ..........................................................................................17 5.1.3. Date of incorporation and term ......................................................................................................17 5.1.4. Registered office, legal form and applicable laws .........................................................................17 5.1.5. History of the Company .................................................................................................................17 5.2. Investments ..........................................................................................................................................20 5.2.1. Group’s main investments for the last three fiscal years...............................................................20 5.2.2. Group’s main on-going investments..............................................................................................20 5.2.3. Main investments planned or included in firm commitments from the management bodies relating to the regulated perimeter.................................................................................................20 6. 6. CHAPTER 6 GENERAL INFORMATION CONCERNING THE COMPANY........................................................23 6.1. General information concerning the Company.....................................................................................23 6.1.1. The Group’s business....................................................................................................................23 6.1.1.1. Airport services .......................................................................................................................23 6.1.1.2. Real estate..............................................................................................................................25 6.1.1.3. Ground handling and related services ....................................................................................25 6.1.1.4. Other activities ........................................................................................................................25 6.1.2. The Group’s strengths ...................................................................................................................26 6.1.3. Strategy .........................................................................................................................................27 6.2. Presentation of the market ...................................................................................................................30 6.2.1. Airport operations ..........................................................................................................................30 6.2.1.1. The airport operator ................................................................................................................30 6.2.1.2. Airlines and ground handling services ....................................................................................31 6.2.1.3. Cargo and mail business ........................................................................................................31 6.2.1.4. Government services and agencies .......................................................................................32 6.2.2. Air passenger traffic worldwide and in France ..............................................................................33 6.2.2.1. Growth of world air passenger traffic......................................................................................33 6.2.2.2. Growth in air passenger traffic at Aéroports de Paris airports................................................34 6.2.3. Future trends in air passenger traffic.............................................................................................41 6.2.3.1. Future trends in air passenger traffic worldwide.....................................................................41 6.2.3.2. Future trends in air passenger traffic in France......................................................................41 6.2.4. Growth in cargo traffic ...................................................................................................................42 6.2.5. Aéroports de Paris’ position in the airport market .........................................................................43 6.3. Activities of Aéroports de Paris ............................................................................................................47 6.3.1. Presentation of the Group .............................................................................................................47 6.3.2. Airport services..............................................................................................................................48 6.3.2.1. Paris - Charles de Gaulle........................................................................................................49