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COUVERTURE ANGLAISE (WORD):Mise en page 1 27/05/09 16:21 Page 1 2008 REGISTRATION DOCUMENT Office - Printed on chlorine-free paper - Printed on chlorine-free Office REGISTRATION DOCUMENT REGISTRATION 2008 Public limited company with a capital of €296,881,806 - 552 016 628 Paris Trade Register - Aéroports de Paris Special Printing Register - Aéroports Public limited company with a capital of €296,881,806 - 552 016 628 Paris Trade Aéroports de Paris 291 boulevard Raspail 75675 Paris cedex 14 This document is an informal English version of the “Document de Référence” (Registration Docu- ment) registered with the Autorité des Marchés Financiers on 30 April 2009 under no. R.09-038. 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 affi liates, advisors or representatives shall have any liability whatsoever (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 solicitation 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. This document includes the 2008 annual fi nancial report. Copies of this Registration Document are available at no charge from Aéroports de Paris, 291 boulevard Raspail, 75014 Paris, and on the web sites of Aéroports de Paris (www.aeroportsdeparis.fr) the AMF (www.amf-france.org). In due application of article 28 of the European Commission’s regulation EC no. 809/2004, this Registration Document refers to information contained in: • The consolidated fi nancial statements of Aéroports de Paris for the year ended 31 December 2006, drawn up to IFRS standards, and the report by the statutory auditors on these fi nancial statements, presented on notes 1 and 2 of the Aéroports de Paris Registration Document registered by the AMF on 27 April 2007 under number R.07-047 (the "2006 Registration Document"), • The consolidated fi nancial statements of Aéroports de Paris for the year ended 31 December 2007, drawn up to IFRS standards, and the report by the statutory auditors on these fi nancial statements, presented on notes 1 and 2 of the Aéroports de Paris Registration Document registered by the AMF on 28 April 2008 under number R0.08-038 (the "2007 Registration Document"), • Examination of the fi nancial position and income of Aéroports de Paris for the fi scal years ended 31 December 2006 and 31 December 2007, presented in chapter 9 of the 2006 Registration Document and chapter 9 of the 2007 Registration Document. • The statutory auditors’ report on related party agreements for the fi scal years ended 31 December 2006 and 31 December 2007, presented in Appendix 3 of the 2006 2008 Registration Document and Appendix 5 of the 2007 Registration Document. CONTENTS CHAPTER 1 PERSONS RESPONSIBLE 6.4. Description of activities 39 FOR THE REGISTRATION DOCUMENT 6.4.1. Airport services 39 6.4.2. Real estate 45 AND THE ANNUAL FINANCIAL STATEMENT 6.4.3. Ground handling 48 1.1. Person in charge of the Registration Document and 2008 6.4.4. Other activities 49 annual fi nancial statement 7 6.5. Legal and regulatory environment 53 1.2. Report of the manager 7 6.5.1. Chicago agreement 53 6.5.2. Community regulations 53 6.5.3. National legislation 53 6.5.4. Regulations on fees 53 CHAPTER 2 STATUTORY AUDITORS 6.5.5. Opening of aerodromes to public air traffi c 53 6.5.6. Work on aerodromes 54 2.1. Statutory auditors in 2008 9 6.5.7. Ownership of Aéroports de Paris assets 54 2.2. Alternate auditors in 2008 9 6.5.8. Airport security legislation 54 2.3. Statutory auditors proposed for appointment 6.5.9. Allocation of takeoff and landing slots 54 at the next Ordinary Shareholders’ Meeting 9 6.5.10. Specifi cations 55 6.5.11. Other regulations 55 6.6. Environmental information 56 CHAPTER 3 SUMMARY FINANCIAL DATA 11 6.6.1. Environmental commitments 56 6.6.2. Environmental indicators 58 CHAPTER 4 RISK FACTORS 4.1. Risk factors 13 CHAPTER 7 ORGANISATION CHART 59 4.1.1. Risks related to air transport 13 4.1.2. Risks related to the regulated nature of the activity 13 CHAPTER 8 REAL ESTATE PROPERTIES AND EQUIPMENT 4.1.3. Risks related to the business activities of Aéroports de Paris 14 8.1. Real estate property and facilities 61 4.1.4. Dependence factors 15 8.2. Environmental constraints 61 4.1.5. Financial risks 15 4.2. Risk Management 15 4.2.1. Risk management policy 15 4.2.2. Policy for taking out insurance policies 16 CHAPTER 9 GENERAL INFORMATION CONCERNING RESULTS AND FINANCIAL SITUATION 9.1. Key fi gures 63 CHAPTER 5 INFORMATION ON THE COMPANY 9.2. Highlights of the year 63 5.1. History and development of the Company 17 9.3. Analysis of 2008 earnings 64 5.2. Investments 18 9.3.1. Revenue 64 9.3.2. EBITDA 65 9.3.3. Breakdown by business segment 67 CHAPTER 6 BUSINESS OVERVIEW 6.1. Presentation of business activity 21 CHAPTER 10 LIQUIDITY AND CAPITAL RESOURCES 6.1.1. Overview 21 6.1.2. The Group’s strengths 21 10.1. Shareholders equity 71 6.1.3. Strategy 22 10.2. Cash fl ow 71 6.1.4. Partnership with Schiphol Group 23 10.2.1. Cash fl ows from operating activities 71 6.2. Presentation of the market 24 10.2.2. Cash fl ow from investment activities 71 6.2.1. Airport operations 24 10.2.3. Cash fl ow from fi nancing activities 72 6.2.2. Passenger traffi c 26 10.3. Net debt 72 6.2.3. Cargo traffi c 29 10.4. The Group’s fi nancial risk management policy 73 6.2.4. Competition 30 10.4.1. Credit risk 73 6.2.5. Factors of dependence 31 10.4.2. Liquidity risk 74 6.3. Description of Aéroports de Paris airports 32 10.4.3. Market risk 74 6.3.1. Paris - Charles de Gaulle 32 10.4.4. Currency risk 74 6.3.2. Paris - Orly 36 10.5. Group commitments 75 6.3.3. Paris - Le Bourget 38 6.3.4. General aviation airfi elds 39 CHAPTER 11 RESEARCH AND DEVELOPMENT, CHAPTER 19 RELATED PARTY TRANSACTIONS PATENTS AND LICENSES, INTELLECTUAL PROPERTY 19.1. Relations with the State and the administrative authorities 103 11.1. Research and development 77 19.2. Relations with related parties 103 11.2. Trademarks, patents and licenses 77 CHAPTER 20 FINANCIAL INFORMATION ON THE ASSETS, CHAPTER 12 RECENT DEVELOPMENTS AND FINANCIAL POSITION AND RESULTS OF THE ISSUER OUTLOOK 79 20.1. Historical fi nancial data 105 CHAPTER 13 PROFIT FORECASTS OR ESTIMATES 20.2. Parent fi nancial statements 105 20.3. Pro forma fi nancial data 105 13.1. Group profi t forecasts or estimates 81 20.4. Interim fi nancial data 105 13.2. Group Objectives 81 20.5. Dividend distribution policy 105 13.3. Report of statutory auditors on fi nancial forecast 82 20.6. Legal proceedings 106 20.7. Material change in the fi nancial or commercial position 107 CHAPTER 14 ADMINISTRATIVE, MANAGEMENT, SURVEILLANCE AND GENERAL MANAGEMENT BODIES CHAPTER 21 ADDITIONAL INFORMATION 14.1. Board of Directors and Deputy Chief Executive Offi cer 83 ON THE SHARE CAPITAL AND PROVISIONS OF THE 14.1.1. Organisation of general management 83 MEMORANDUM AND ARTICLES OF ASSOCIATION 14.1.2. The Board of Directors 83 14.1.3. Deputy CEO 86 21.1. Information on the share capital 109 14.2. Personal information concerning the Board Members 21.1.1. Share capital 109 and the Deputy Chief Executive Offi cer 86 21.1.2. Authorisation to buy back treasury shares 109 21.1.3. Non-capital securities 110 21.1.4. Authorisations for share capital transactions 110 21.1.5. Other securities granting access to capital 111 CHAPTER 15 COMPENSATION AND BENEFITS 21.1.6. Special controlling rights 111 OF EXECUTIVE OFFICERS 21.1.7. Options on the Company’s capital 111 15.1. Compensation of company offi cers 87 21.2. Provisions of the memorandum and articles of association 111 15.2. Compensation of non-executive Directors 88 21.2.1. Corporate object 111 15.3. Company shares owned by Directors 89 21.2.2. Management bodies 112 15.4. Compensation of Executive Committee members 89 21.2.3. Rights attached to shares 112 15.5. Pensions and other benefi ts 89 21.2.4. Modifi cation of the share capital and rights attached to the shares 112 21.2.5. General Meetings of Shareholders 112 21.2.6. Provisions of the memorandum and articles of CHAPTER 16 FUNCTIONING OF THE ADMINISTRATION association resulting in the delaying, deferring or AND MANAGEMENT BODIES preventing a change in controlling interest 113 21.2.7. Identifi cation of shareholders 113 16.1. Functioning of the Administration and management bodies 91 21.2.8. Shareholder disclosure requirements 113 16.1.1. Board of Directors 91 21.2.9.
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