Aeroports de Paris 2007 Consolidated Annual Results

Regulatory News:

Aeroports de Paris (Paris:ADP) (Pink Sheets:AEOPF):

-- Revenues increase 10.4% to EUR 2,292.4 million

-- EBITDA rises 13.5% to EUR 754.4 million

-- Group net income(1) rises 19.2% to EUR 239 million

-- Outlook: Aeroports de Paris has raised its 2010 EBITDA growth
target to 60% from the 2005 level

Pierre Graff, Chairman and CEO of Aeroports de Paris, comments:

"The Group´s performance improved strongly in 2007, buoyed by
strong passenger traffic growth, robust retail and real-estate
revenues and the rapid expansion of our subsidiaries´ business. I
would like to take this opportunity to salute the women and men of
Aeroports de Paris: it is through their mobilisation that we were able
to achieve this performance. The Group is in excellent health,
confirming the pertinence of our strategy. We are confident in 2008
and have raised our 2010 EBITDA growth target to 60% (from the 2005
level), compared to our previous guidance of 45% to 50%, announced
during our 2006 IPO."

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KEY FIGURES
(in millions of euros) 2007 2006 % change
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Revenues 2,292.4 2,076.8 +10.4%
EBITDA 754.4 664.7 +13.5%
Current operating income 442.1 390.9 +13.1%
Reported group net income 321.8 152.1 +111.5 %
Group net income before non-recurring
items 239.0 200.6 +19.2%
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Earnings per share EUR 3.25 EUR 1.64 +98.2%
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Proposed dividend per share EUR 1.63 EUR 0.94 +73.4%
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Group net income is presented both before and after non-recurring
items. In 2006, virtually all non-recurring items pertained to the
June 2006 IPO. In 2007, non-recurring items covered mainly the
proceeds from the sale of shares in Beijing Capital International
Airport Company Limited (BCIA) and reorganization provisions for the
ground handling activity.

Unless indicated otherwise, all percentages in this press release
compare 2007 data with data from 2006.

I. GROUP RESULTS

Strong growth in all of the Group´s business segments

The year 2007 was marked by strong revenue growth, up 10.4% to EUR
2,292.4 million. Revenues rose significantly more than passenger
traffic, up 4.7%, buoyed by robust retail and real-estate revenue
growth of 9.1% and 10.5%, respectively. Other activities, which
comprise Group subsidiaries and the joint venture Societe de
Distribution Aeroportuaire (SDA), are flourishing, with revenues up
44.4%.

EBITDA continued to rise strongly, up 13.5% to EUR 754.4 million
in 2007, thanks to tight control over current operating expenses
(+8.5%):

-- Personnel expenses rose a slight 0.6% to EUR 652.2 million.
The number of parent company employees declined by 1.6%
reflecting efforts to boost productivity and the ongoing
decrease in personnel in the ground handling services of
Aeroports de Paris SA. Subsidiaries increased staff by 21.1%,
mainly to keep pace with the rapid growth in business. The
total number of Group employees increased 5.2%.

-- External services increased 10.6% to 580.2 million euros.
Outsourcing, the main component, increased due to the opening
of La Galerie Parisienne on 27 June 2007 (passenger screening
and security checkpoints), tighter security measures
introduced in November 2006 and the vigorous development of
the engineering subsidiary ADPi.

-- Purchases increased 21.2% to EUR 147.3 million. This increase
can be attributed entirely to the joint venture Societe de
Distribution Aeroportuaire (SDA) due to the expansion of its
scope of activity to Paris-CDG Terminal 3 as of 1 November
2006 and to the two terminals at Paris-Orly as of 1 January
2007.

-- Taxes increased 13.2%.

The Group´s strategy of combining revenue growth and higher
margins in all its business segments has paid off, as illustrated by
the strong EBITDA growth over the past two years, up 11% in 2006 and
13.5% in 2007. In the light of these strong performances, Aeroports de
Paris has raised its 2005-2010 EBITDA growth target to 60% from its
initial guidance of between 45% and 50% announced at the time of the
June 2006 IPO.

Thanks to the combined impact of strong revenue growth and a
smaller increase in current operating expenses, the gross margin
(EBITDA/revenue) gained 0.9 points to 32.9% in 2007 from 32% in 2006.

Current operating income rose 13.1% to EUR 442.1 million.

The substantial increase in depreciation and amortization, up
14.1% to EUR 312.4 million, is due to the start-up of major new
facilities in 2007, including the Galerie Parisienne, the East baggage
sorting system (TBE) and the CDG Val automatic shuttle, the renovation
of the second quarter of Paris-CDG Terminal 1, and the full-year
impact of services opened in 2006.

Net finance income was EUR 24.2 million in 2007, compared to a net
charge of EUR 84.5 million in 2006. This net improvement reflects the
EUR 109.8 million profit on the disposal of shares in Beijing Capital
International Airport Company Limited (BCIA) held by Aeroports de
Paris Management (ADPm).

The cost of gross debt (EUR 102.7 million) was virtually flat
(-EUR 0.4 million) due to two opposing factors: the reduction in
finance charges following the repayment of three loans (two in 2006
for a total of EUR 306 million and a EUR 68 million loan in 2007) and
higher interest rates.

Cash and cash equivalents generated a gain of EUR 18.2 million, up
EUR 3.1 million.

Another strong increase in Group net income, up 19.2% before
non-recurring items

In 2007, reported Group net income increased 111.5% to EUR 321.8
million compared to the previous year. Excluding non-recurring items,
net income rose 19.2% to EUR 239 million, in line with the 2006
performance of 19.6%.

In 2006, the adjustments for non-recurring items(2) mainly
pertained to the opening of the share capital: eliminating EUR 52.8
million in IPO expenses.

In 2007, the main adjustments for non-recurring items(2) consisted
of eliminating:

-- the EUR 109.8 million profit on the disposal of BCIA shares,

-- the EUR 36.1 million reorganization charge for the ground
handling segment,

-- EUR 2.6 million in charges following the Terminal 2E accident,

-- the impact of the above points on income tax: by subtracting
EUR 11.8 million.

II. OPERATING PERFORMANCE BY SEGMENT

Buoyant passenger traffic and strong retail growth lifts airport
services

Revenues from airport services increased 6.4% to EUR 1,836.9
million in 2007, thanks to robust passenger traffic growth during the
year, higher airport fees as of 1 April 2007 and strong growth in
commercial revenues.

Altogether, 7,442 sqm in new retail areas were opened in 2007,
bringing the total retail surface area in the Paris-Charles de Gaulle
and Paris-Orly airports to 42,466 sqm, up 21.1% compared to 2006.

EBITDA increased 11.7% to EUR 726.5 million thanks to tight
control over expenses. The gross margin improved to 39.6% in 2007 from
37.7% in 2006.

Current operating income rose 8.6% to EUR 462.7 million. The
current operating margin also improved to 25.2% in 2007, from 24.7% in
2006.

New projects drive real estate segment

Real estate revenues rose a healthy 10.5% to EUR 194.2 million in
2007, thanks to a combination of factors:

-- Higher rents, indexed to the cost of construction index, up
7.05% as from 1 January 2007,

-- The full-year impact of new surface areas leased in 2006 (Air
France Maintenance Hub, West Maintenance Hub for the future
A380 and the Fedex logistics centre at the Paris-Charles de
Gaulle airport),

-- The start-up of marketing for the new GB2 cargo station at the
Paris-Charles de Gaulle airport, accompanied by the leasing of
additional surface areas in the GB4 cargo station,

-- Renegotiation and regularisation of certain rates.

Current operating expenses rose 13.2% in the real estate segment.
This figure includes the negative impact of the impairment of
receivables (-EUR 14.8 million) following the revision of the payment
schedule for a finance lease agreement for a hangar at Orly, in
compliance with IAS 17 on leases. Excluding this temporary effect,
EBITDA would have increased 24%, and the gross margin would have been
49.3%, 5.3 points higher than in 2006. Reported EBITDA rose 4.8% and
the reported gross margin was 41.7% in 2007 and 44% in 2006.

Current operating income rose 12.2% to EUR 49 million in 2007. The
current operating margin gained 0.3 points to 25.2% in 2007, from
24.9% in 2006.

Ground handling services: the situation levels off in the midst of
reorganization

Ground handling and related services generated revenues of EUR
195.3 million in 2007, up 10.3% from the previous year. All activities
contributed to this strong performance (ground handling, security and
other services). Revenues from ground-handling services rose 8.3%,
lifted by new contracts signed in a fiercely competitive environment,
notably with Vueling, Varig, Fly Niki and BMI Baby at the
Paris-Charles de Gaulle airport and with TUI at the Paris-Orly
airport.

In 2007, the EBITDA loss narrowed to EUR 9.3 million from EUR 14.3
million in 2006. The gross margin improved but remained in negative
territory at 4.8% of sales in 2007, compared to -8% in 2006.

The current operating loss narrowed by 31.7% to EUR 11.9 million,
compared to a 2006 loss of EUR 17.4 million. The current operating
margin improved to -6.1% in 2007 from -9.8% in 2006.

The reorganization plan for the ground-handling segment was
launched on 27 September 2007

Following the process of notifying and consulting the Works
Council, on 27 September 2007, the Board of Directors of Aeroports de
Paris decided to integrate all of the ground handling activities in
the airport services segment into a single subsidiary, 100%-owned by
Aeroports de Paris SA. To ensure the viability of these activities and
to reach breakeven in terms of current operating income by 2009, the
Group also plans to significantly reduce the deficit in 2008. The
reorganisation plan and related social-support measures for parent
company employees (career guidance interviews) have been set up very
rapidly. Subsidiaries of the Alyzia Group(3), excluding the Alyzia
Surete (Security) subsidiary, were broken up and merged in December
2007 into a subsidiary renamed Alyzia. The mobility of parent company
employees will be gradually implemented between January 2008 and June
2009.

Rapid expansion of subsidiaries and the Societe de Distribution
Aeroportuaire joint venture

Other activities, which comprises subsidiaries and the joint
venture Societe de Distribution Aeroportuaire (SDA), generated
revenues of EUR 326.9 million in 2007, up 44.4%.

EBITDA for this segment increased 16.8% to EUR 35.7 million in
2007, compared to EUR 30.6 million in 2006.

Current operating income rose 22.4% to EUR 21.5 million, compared
to EUR 17.5 million in 2006:

-- The contribution of Societe de Distribution Aeroportuaire
(SDA) rose 151.6% to EUR 10.4 million thanks to strong
business throughout the year, in addition to a positive
consolidation effect on revenues of 46.7%.

-- Hub Telecom(4) contributed EUR 7.6 million, up a slight 1.1%
compared to the previous year.

-- The contribution of ADPi, the engineering subsidiary, rose
181.3% to EUR 3.5 million, stimulated by numerous new
engineering, architecture and project management contracts in
Libya, Saudi Arabia, the Sultanate of Oman, Pakistan and
Colombia in 2007.

-- The contribution of Aeroports de Paris Management rose 3.6% to
EUR 0.8 million.

III. FINANCIAL HIGHLIGHTS AND OUTLOOK

Balance sheet

Group net debt narrowed slightly to EUR 1,782 million in 2007 from
EUR 1,859.7 million in 2006, due in part to a slight reduction in
gross debt, down 3.1% to EUR 2,353.5 million in 2007 (vs EUR 2,428.7
million in 2006) and in part to the stability of net cash (EUR 4.7
million increase in net cash in 2007), thanks notably to the
collection of proceeds on the disposal of the BCIA stake (EUR 189.9
million).

The net debt to equity ratio narrowed to 0.60 from 0.67 in 2006.

The net debt to EBITDA ratio also improved to 2.4 from 2.8 in
2006.

Outlook for 2008

Aeroports de Paris esteems that passenger traffic at its two main
Paris-based airports will grow in 2008 at a pace close to the 3.75%
assumption in the Economic Regulation Agreement (ERA), and that
passenger traffic growth should be in line with the ERA assumption for
the period 2008-10.

Airport fees are slated to increase by an average of 3.80% on 1
April 2008, the beginning of the third fee period set by the ERA,
which runs through 31 March 2009. The airport security tax will be
maintained at the 2007 level of EUR 8.75 per departing passenger and
EUR 1 per ton of cargo or mail.

Based on these factors, Aeroports de Paris expects that revenue
and EBITDA will growth substantially faster than passenger traffic in
2008. Consequently, the Group has raised its 2010 EBITDA growth
target, in absolute value, to 60% (from 2005 EBITDA of EUR 598.6
million), compared to its previous guidance of 45% to 50% announced as
part of the 2006 IPO.

Dividend proposal to be submitted to the Annual General Meeting

At its 12 March 2008 meeting, the Aeroports de Paris Board of
Directors decided to ask the Annual General Meeting of 28 May 2008 to
approve a dividend payment of EUR 1.63 per share for the year 2007.

Pending approval by the Annual General Meeting, the dividend
payment date would be 11 June 2008.

In compliance with applicable regulations, the dividend
qualification date would be 6 June 2008.

This dividend corresponds to 50% of Group net income for the year
2007, in line with the Group´s dividend distribution policy. This 73%
increase from the 2006 dividend, paid in 2007, reflects in part the
positive but non-recurring impact of the profit on the disposal of
BCIA shares.

Live and replay webcast of the analysts meeting

A webcast of the full-year earnings presentation will be broadcast
live at 10:30 am on 13 March 2007 and rebroadcast thereafter at the
following address:
http://www.aeroportsdeparis.fr/Adp/en-GB/Groupe/Finance/

All of the information published today, 13 March 2008, can be
viewed on our website: www.aeroportsdeparis.fr.

-- Press release (also including the announcement of the 2007
dividend proposal):
http://www.aeroportsdeparis.fr/Adp/en-GB/Groupe/Finance/
CommunicationPresse/JanvierJuin2008/

-- Analysts presentation and 2007 consolidated financial
statements and appendix:
http://www.aeroportsdeparis.fr/Adp/en-GB/Groupe/Finance/
Publications/Results+and+Revenues/

(Due to its length, these URLs may need to be copied/pasted into
your Internet browser´s address field. Remove the extra space if one
exists.)

AGENDA:

Publication of first-quarter 2008 revenues: 14 May 2008

Combined ordinary and extraordinary General Meeting of
shareholders: 28 May 2008 at 3 p.m. at the Cite des sciences et de
l´industrie

Warning concerning forward-looking statements

Forward-looking statements are included in the above press
release. They are based on data, assumptions and estimates deemed
sensible by Aeroports de Paris. They notably include information
regarding the financial condition, results of operations and business
of Aeroports de Paris. These forward-looking statements include risks
(a list of which can be found in the reference document filed on April
27, 2007 with the French financial markets authority (AMF) under the
number R. 07-047) and uncertainties, many of which cannot be
controlled by Aeroports de Paris and cannot be easily predicted. They
can lead to results substantially different from the information
included in the forward-looking statements.

www.aeroportsdeparis.fr

Aeroports de Paris builds, develops and manages airports including
Paris-Orly, Paris-Charles de Gaulle and Paris-Le Bourget. Aeroports de
Paris is Europe´s second-largest airport group in terms of airport
revenue and the European leader for cargo and mail. Aeroports de Paris
accommodates nearly 460 airlines, including the main companies in the
air transport industry.

With an exceptional geographic location and a major trading area,
the Group´s strategy is to modernize its terminal facilities and
upgrade the quality of service. It also intends to develop its retail
and real estate business. In 2007, Aeroports de Paris Group had
revenues of EUR 2,292.4 million and handled 86.4 million passengers.

(1) Before non-recurring items

(2) The amounts of non-recurring items are indicated before impact
on income tax

(3) To date, excluding Sapser

(4) including BGI Technology

APPENDIX

Results by segment

AIRPORT SERVICES

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In millions of euros 31/12/07 31/12/06 % change
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Revenues 1,836.9 1,726.4 +6.4%
EBITDA 726.5 650.4 +11.7%
Current operating income 462.7 426.2 +8.6%
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REAL ESTATE

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In millions of euros 31/12/07 31/12/06 % change
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Revenues 194.2 175.7 +10.5%
EBITDA 80.9 77.2 +4.8%
Current operating income 49.0 43.7 +12.2%
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GROUND HANDLING AND RELATED SERVICES

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In millions of euros 31/12/07 31/12/06 % change
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Revenues 195.3 177.1 +10.3%
EBITDA -9.3 -14.3 +34.7%
Current operating loss -11.9 -17.4 +31.7%
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OTHER ACTIVITIES

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In millions of euros 31/12/07 31/12/06 % change
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Revenues 326.9 226.3 +44.4%
EBITDA 35.7 30.6 +16.8%
Current operating income 21.5 17.5 +22.4%
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Consolidated income statement
In millions of euros 31/12/07 31/12/06
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Revenue 2,292.4 2,076.8
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Other ordinary operating income 19.8 28.7
Own work capitalized 41.1 43.3
Changes in finished goods inventory (0.1) (0.2)
Raw materials and consumables used (147.3) (121.6)
Employee benefits costs (652.2) (648.1)
Other ordinary operating expenses (795.9) (701.1)
Depreciation and amortization (312.4) (273.9)
Impairment of assets, net 1.3 25.3
Net allowances to provisions (4.7) (38.5)
Change in fair value - -
Operating income from ordinary activities 442.1 390.9
----------------------------------------------------------------------
Other operating income and expenses (38.7) (57.0)
Operating income 403.3 333.9
----------------------------------------------------------------------
Finance income 274.6 71.4
Finance expenses (250.4) (155.9)
Net finance income (costs) 24.2 (84.5)
----------------------------------------------------------------------
Share in earnings of associates 1.9 3.6
Income before tax 429.4 253.0
----------------------------------------------------------------------
Income tax expense (107.6) (100.8)
Net income for the period 321.8 152.1
----------------------------------------------------------------------
Net income attributable to minority interests - -
Net income attributable to equity holders of the
parent company 321.8 152.1
----------------------------------------------------------------------
Earnings per share (EPS) attributable to holders of
ordinary
shares of the parent company:
Basic EPS (in euros) 3.25 1.64
Diluted EPS (in euros) 3.25 1.64
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Consolidated balance sheet

Assets
In millions of euros 31/12/07 31/12/06
----------------------------------------------------------------------
Intangible assets 48.8 36.7
Property, plant and equipment 5,232.1 4,838.9
Property investments 274.3 284.2
Investments in associates 30.4 20.2
Other non-current financial assets 58.4 242.0
Deferred tax assets 2.0 1.4
Non-current assets 5,645.9 5,423.5
----------------------------------------------------------------------
Inventories 10.0 7.5
Trade receivables 478.2 401.1
Other accounts receivable and prepaid expenses 104.8 115.2
Other current financial assets 72.9 84.3
Current tax assets 0.2 0.7
Cash and cash equivalents 524.1 509.2
Current assets 1,190.2 1,117.8
----------------------------------------------------------------------
TOTAL ASSETS 6,836.1 6,541.4
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Stockholders´ funds and liabilities
In millions of euros 31/12/07 31/12/06
----------------------------------------------------------------------
Share capital 296.9 296.9
Share premium 542.7 542.7
Treasury shares (3.7) -
Translation reserve (1.3) (0.2)
Fair value reserve - 70.7
Retained earnings 1,795.5 1,724.5
Net income for the period 321.8 152.1
Equity 2,952.0 2,786.8
----------------------------------------------------------------------
Non-current debt 2,030.5 2,270.4
Provisions for employee benefit obligations (more
than one year) 386.0 388.4
Other non-current provisions 0.2 0.4
Deferred tax liabilities 86.3 74.0
Other non-current liabilities 32.4 33.1
Non-current liabilities 2,535.3 2,766.3
----------------------------------------------------------------------
Trade payables 507.3 411.2
Other prepayments and deferred revenue 387.8 309.1
Current debt 323.0 158.3
Provisions for employee benefit obligations (less
than one year) 25.6 29.9
Other current provisions 83.1 71.5
Current tax payables 21.8 8.3
Current liabilities 1,348.7 988.3
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TOTAL EQUITY AND LIABILITIES 6,836.1 6,541.4
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Consolidated cash flow statement

In 2006, cash flows were restated to take account of the lag
between the booking of expected insurance indemnities in connection
with the Terminal 2E accident and the effective crediting of such
amounts.

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In millions of euros 31/12/07 31/12/06
----------------------------------------------------------------------
Operating income 403.3 333.9
Adjustment for non-cash income and expenses: - -
- Depreciation and amortization, impairment and net
allowances to provisions 335.4 328.8
- Capital losses (gains) on disposals 1.6 (1.5)
- Cost of employee benefits as part of the employee
profit-sharing offer - 33.3
- Other 1.8 0.4
Time lag in receipt of insurance payments for
Terminal 2E - 41.4
Interest expense other than cost of net debt (2.2) (0.4)
-----------------
Operating cash flow before changes in working
capital and tax 740.0 735.9
Increase in inventories (2.1) (1.5)
Increase in trade and other receivables (64.1) (6.9)
Increase (decrease) in trade and other payables 113.7 (65.3)
-----------------
Change in working capital 47.6 (73.6)
Income taxes paid (87.1) (110.6)
----------------------------------------------------------------------
Cash flows from operating activities 700.4 551.8
----------------------------------------------------------------------
Acquisitions of subsidiaries (net of cash acquired) (3.4) (0.0)
Purchase of property, plant & equipment and
intangible assets (732.1) (712.5)
Acquisition of non-consolidated equity interests (1.2) (10.0)
Change in other financial assets 18.1 2.8
Proceeds from sale of property, plant & equipment 6.0 147.7
Proceeds from sale of non-consolidated investments 189.9 0.3
Dividends received 1.5 3.2
Increase in capital investment payables 78.4 13.1
----------------------------------------------------------------------
Cash flows from investing activities (442.8) (555.5)
----------------------------------------------------------------------
Capital grants received (repaid) in the period 1.1 1.5
Proceeds from issues of shares or other equity
instruments (0.0) 583.5
Purchase of treasury shares, net (3.7) -
Dividends paid to shareholders of the parent company (93.0) (63.2)
Proceeds on issuance of long-term debt 3.8 6.6
Repayment of long-term debt (78.2) (316.2)
Interest paid (160.6) (151.1)
Interest received 77.6 64.5
----------------------------------------------------------------------
Cash flows from financing activities (252.9) 125.6
----------------------------------------------------------------------
Change in cash and cash equivalents 4.7 121.8
----------------------------------------------------------------------
Net cash and cash equivalents at beginning of period 503.1 381.3
Net cash and cash equivalents at end of period 507.8 503.1
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