Paris, 30 march 2006

Full-year 2005 results Current operating income rises 13.8%

- Strong passenger traffic growth: up 4.4% to 78.7 million passengers
- Revenues: up 5.7% to €1,914.6 million
- EBITDA: up 9.1% to €592.4 million
- Net income attributable to the group: up 24.9% to €179.9 million*

AÉROPORTS DE PARIS Board of Directors, chaired by Pierre Graff, met on 30 March 2006 to approve the financial statements for the year 2005. Pierre Graff, AÉROPORTS DE PARIS Chairman and CEO, commented on the Group’s results as follows:

“These full-year results illustrate the dynamic momentum of AÉROPORTS DE PARIS and the efforts we have made since 2004. Thanks to the group’s strengths and pertinent strategic decisions, AÉROPORTS DE PARIS confirms its position as one of Europe’s largest airport authorities. The economic regulation contract signed with the French government in February provides us with the resources to pursue our development goals for the period 2006-2010: to offer high quality, increasingly competitive services supported by an ambitious investment programme and constant efforts to improve profitability.”

Key figures

M €	2005 IFRS	2004 IFRS	% change
Revenues	1914,6	1811,7	+ 5,7 %
EBITDA	592,4	542,8	+ 9,1 %
Current operating income	331,2	290,9	+ 13,8 %
Operating income	354,7	274,8	+ 29,1 %
Net finance cost	- 82,5	-69,3	-
Attributable to the group net income	179,9	144,1	+24,9 %
Cash flow from operating activities	647,3	389,2	+ 66,3 %
Gearing**	1,13	1,26

* Net income up 2,3% to €158,1 million excluding the impact of exceptional items fo r the CDGTerminal 2 E
** Net debt/equity

Aéroports de Paris reports strong passenger traffic growth

In 2005, AEROPORTS DE PARIS handled a record number of passengers, up 4.4% to 78.7million. Altogether, 53.8 million passengers used the Paris-CDG airport and 24.9 million passengers, the Paris-Orly airport.

The number of aircraft movements was nearly stable at 736,000, up 0.2% from the previous year,with a 0.5% decline at Paris-CDG and a 1.9% increase at Paris-Orly. These figures reflect a regular increase in load factor (107 passengers/flight in 2005 vs 104 in 2004) and the seat occupancy ratio(73% in 2005 vs 70% in 2004).

International traffic strongly contributed to the dynamic momentum at both airports. The growth in international traffic was particular strong for routes to North America (+8.9%), South America(+11.1%), Africa (+9.6%) and the Middle East (+11.1%).Traffic to other European destinations increased 4.2%, with a 10.8% increase in traffic to the ten new EU member countries and a 4.3% increase in the Schengen zone. Traffic to French destinations (excluding overseas territories) was flat, with passenger traffic up 0.3% and aircraft movements down 0.8%.

Freight handling rose 6.4% from 2004 to 2.1 million tons of cargo and mail. This strong growth confirms AEROPORTS DE PARIS position as Europe’s largest airport system for cargo.

Revenue rise 5.7%

For the first time, AEROPORTS DE PARIS is reporting IFRS-compliant results.
Revenues grew faster than passenger traffic during the year. Revenues were €1,914.6m, up 5.7%from 2004.

Revenues (€m)	2005
Airport services	1600,6
Ground handling and related services	167,8
Real estate	162,1
Other activities	199,8
Intersegment eliminations	-215,8

NB: Following figures are given before intersegment eliminations


Airport services

Revenue from Airport services (75.1% of revenues from continuing operations before intra-group eliminations) increased 6.8% to €1,600.6 million, with Paris-CDG contributing €1,151.9 million (72% of the segment); Paris-Orly, €420.9 million (26.3%); and the other airports, €27.9 million (1.7%).

Buoyed by traffic growth and higher tariffs (+4% at 1 February 2005), revenues from airport fees (a category covering the four main fees – landing, passenger, aircraft parking and fuel) and lighting fees rose 7.1% to €621.5 million,.

Revenue from specialised services (a category consisting of fees for baggage handling systems, check-in counters and de-icing) and other services (VIP lounges, network leasing) rose 19.1% to €95.4 million due to extensive aircraft de-icing and higher baggage handling revenues.

Airport tax revenues, which cover the cost of security-related activities, rose 3.5% to €308.7 million. Passenger traffic growth offset the decline in the tax rate, which was reduced to €7.95 per departing passenger at 1 January 2005, from €8.20 previously.

Rental revenues from leasing space in the air terminals rose 8.7% to €61.6 million, bolstered by the opening of new areas, notably in CDG terminal 2E.

Revenues from industrial services (such as power and water supply) rose 5.6% to €60.6million, reflecting the increase in thermal energy sales, after natural gas prices drove uprates by nearly 7%.
Commercial revenues in this segment, which include rental income and fees received for consumer-related retail activities (including shops, bars, restaurants and car rental agencies), rose 1.9% to €196.9 million. At Paris-CDG, business has not fully recovered due to the congestion of terminals, although strong performances were reported by the temporary boarding area in terminal 2E. Better signalling of the transfer zone in CDG1 helped offset the negative impact of renovation work. At Paris-Orly, the introduction of shops on wheels, which lifted sales per passenger, and the increase in international traffic fuelled revenue growth.

Car park revenues rose 12.8% to €134.8 million. This increase is mainly due to the introduction of a commercial policy encouraging greater use, notably at Paris-Orly, through weekend and special long-term parking offers.

Other revenues rose 7.2% to €121 million, due primarily to an 8% increase in the payment received from Civil Aviation .


Ground handling and related services

Revenues in the ground-handling segment were flat, down -0.4% to €167.8 million, due to the combined impact of a greater number of checked passengers and a strong decline in the number of aircraft handled. Although the year 2005 was marked by a decline in activity or the loss of certain contracts, AEROPORTS DE PARIS won new contracts at Paris-CDG (SN Brussels, UkraineInternational, Blue Line) and at Paris-Orly (Tunis Air).

Real estate (excluding terminals)

Real estate revenues rose 2.4% to €162.1 million. Growth is mainly due to land leasing revenues and reflects the combination of higher rental rates and the leasing of new surfaces.

AEROPORTS DE PARIS provides investors and users with developed and serviced sites. The most significant operations completed or launched in 2005 are cited below :
- The maintenance centre for the Air France hub (13,200 m² on 3.3 ha) at Paris-CDG;
- The new Servair food catering unit (4,200 m²) at Paris-CDG;
- The new ACNA aircraft preparation and cleaning unit (6,500 m²) at Paris-CDG;
- Flight crew accommodations for the Air France “Cité des Personnels Navigants” in the Roissy office park (33,000 m² on 7 levels), inaugurated in March 2006.

Other activities

Revenues from Other activities increased 17.1% to €199.8 million, thanks to strong performances by the segment’s four subsidiaries, Hub Telecom, Société de Distribution Aéroportuaire, ADPi and ADPM.

Société de Distribution Aéroportuaire, a 49-51 joint venture between AEROPORTS DE PARIS and Aélia-Hachette Distribution Services in alcohol, tobacco, perfume and specialised food retailing,made the biggest contribution, with revenues of €80.3 million, up 8.5%. Société de Distribution Aéroportuaire has launched a dynamic commercial strategy based on the renovation of existing shops and the opening of new retail areas, which has helped offset the negative impact of the congestion of terminals, notably at CDG2. Moreover, since the end of 2005, its initial scope ofactivity at CDG2 has been expanded to include alcohol, tobacco and perfume concessions and some specialised food stores at CDG1.

Aéroports de Paris pursues efforts to boost profitability

Operating charges at AEROPORTS DE PARIS rose 4.4% to €1,403.3 million..

Purchases increased 5.6% to €106.2 million, mainly due to higher fuel prices. Outsourcing charges were flat, up 0.5% to €522.8 million.

Staff costs rose 11.3% to €611.5 million due to changes in the number of group employees and the start-up of an employee profit-sharing plan (€12.2 million). The average number of employees increased 6.7%, mainly due to a consolidation effect after two new ground handling companies of the Alyzia group were integrated into the scope of consolidation in 2005. At constant scope, the average size of the work force rose 2.9% to 9,931 employees. At the parent company, the number of employees was stable (-0.4%).

EBITDA (current operating income + amortizations + depreciations of tangible assets) rose 9.1% to€592.4 million, from €542.8 million in 2004. The IFRS-compliant EBITDA margin improved to30.9%, from 30% in 2004.

Current operating income was €331.2 million, up 13.8%, thanks mainly to the increase in EBITDA.Operating income rose 29.1% to €354.7 million, compared to €274.8 million in 2004.

Net income attributable to the group rose 24.9% to €179.9 million. Excluding the impact of exceptional items for the CDG Terminal 2E accident (insurance revenues), net income would have been €158.1 million, up 2.3% from a restated €154.5 million in 2004.

Balance sheet improvements and ongoing investments in core business.

Cash flow from operating activities rose 66.3% to €647.3 million, up from €389.2 million in 2004.

To complete the financing of its investment programme, AEROPORTS DE PARIS took out two new loans in 2005 for a total of €330 million.

The ratio net debt/shareholders' equity rose 10,4% to 1.13 from 1.26 in 2004.

Net debt narrowed slightly to €2,297.7 million, from €2,333.8 million in 2004.

Group investments rose 4.9% to €578.9 million. This increase mainly reflects AEROPORTS DE PARIS ongoing capacity development projects (Satellite 3, CDG Val automatic transportation system, etc.) and renovation work (CDG1, Hall 2 at the Orly Ouest terminal). In December 2005,the first quarter of renovation was completed in CDG1.


Regulatory agreement: Contrat de Régulation Economique (CRE)

On 6 February 2006, AEROPORTS DE PARIS and the French government signed a 5-year contract, known as the Contrat de Régulation Economique (CRE), which provides that airport fees may increase by a maximum of 3.25% above the annual inflation rate, with an increase of 5% in 2006. Rate increases are associated with an investment plan (about €2.5 billion for regulated activities over the period 2006-10) and quality targets for services to airlines and passengers. The CRE provides AEROPORTS DE PARIS with the visibility it needs to develop business over the next five years.

Simplified balance sheet

€M	31 December 2005	31 December 2004
Non-current assets	4947,9	4734,1
Cash and cash equivalents	388,3	173,4
Other current assets	732,6	611,1
Total assets	6068,8	5518,5
Equity	2030,7	1848,8
Long-term debt	2571,4	2304,5
Other non-current liabilities	466,4	455,5
Short-term debt	207,5	202,8
Other current liabilities	792,8	706,9
Total equity and liabilities	6068,8	5518,5

Simplified cash flow statement

€M	2005	2004
Free cash flow from operations before taxes	657,6	543,5
Change in working capital requirements (WCR)	18,5	-9
Cash flow from operating activities	647,3	389,3
Cash flow usedin investment activities	-526,4	-474,1
Cash flow from financing activities	96	9,6
Impact of IAS 32-39	0,4	-
Change in net cash and cash equivalents	217,3	-75,3
Net cash and cash equivalents at end of period	381,3	163,9

First-time adoption of IFRS

The main impact of the introduction of IFRS is due to the application of IAS 16 (property, plantand equipment), which resulted in the creation of new infrastructure (surfacing for roads and runways) and network components (electrical and thermal networks), as well as the extension of the useful life of some tangible assets (structural components of air terminals and parking areas).

The extension of the useful life of tangible assets had a positive impact of €423.2 million on shareholders’ equity at the beginning of 2004 and €11.9 million on 2004 income (before tax effect).The impact on shareholders’ equity at the beginning of the year can be broken down as follows :

- Reduction in cumulative amortisation (asset side): €426.8 million
- Increase in subsidies (liabilities side): -€3.4 million
- Other increase (liabilities side): -€0.2 million.

All in all, the impact of the introduction of IFRS on share capital at 31 December 2004 totalled €303.9 million.With the switch to IFRS, gearing at 31 December 2004 improved to 1.26 (IFRS), from 1.51 (FrenchGAAP).