2023 UNIVERSAL REGISTRATION DOCUMENT

The cost of net financial debt was €894 million in 2023 (€614 million in 2022). The higher return on cash investments and the positive impact of a transaction to unwind interest rate swaps related to the London Gatwick airport acquisition debt partly offset the effect of higher interest rates on the Group’s floating rate debt as well as the impact arising from the funding of acquisitions outside France, particularly in the Concessions business.

In 2023, the average interest rate on long-term gross financial debt was 4.0%^(*), compared with 2.5% in 2022.

Other financial income and expense resulted in a net expense of €157 million compared with net income of €279 million in 2022, and mainly included:

• a net expense of €88 million relating to the discounting of provisions for the obligation to maintain the condition of concession intangible assets and retirement benefit obligations (net income of €56 million in 2022);
• a €118 million gain relating to capitalised borrowing costs on current concession investments, particularly Vía Sumapaz (formerly known as Vía 40 Express) in Colombia (€29 million in 2022);
• lease expenses amounting to €67 million (€48 million in 2022);
• a €70 million negative impact from the change in fair value of equity instruments (positive impact of €87 million in 2022), mainly regarding the mark-to-market adjustment of the stake in Groupe ADP. In 2022, this item included a gain of €131 million resulting from London Gatwick airport’s partial early redemption of its bonds.

The 2023 tax expense amounted to €1,917 million and the effective tax rate was 27.7% (€1,737 million and 28.3% in 2022). The increase reflects the Group’s higher pre-tax income.

Income attributable to non-controlling interests totalled €400 million (€157 million in 2022) mainly relating to London Gatwick airport and Mexican airport operator OMA.