Eiffage S.A.

Annual / Quarterly Financial Statement • Aug 30, 2022

SIX MONTHS ENDED 30 JUNE 2022

APRR GROUP - a French limited company (société anonyme) with share capital of €33,911,446.80. Dijon Trade and Companies Register no: 016 250 029

CONTENTS

FINANCIAL STATEMENTS

• 1. Condensed consolidated statement of financial position
• 1. Condensed consolidated income statement and statement of comprehensive income
• 1. Condensed consolidated statement of changes in equity
• 1. Condensed consolidated statement of cash flows

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

I) Accounting policies

• Note 1.1 Reporting entity
• Note 1.2 Statement of compliance
• Note 1.3 Accounting policies and methods applied in the condensed interim financial statements and applicable standards
• Note 1.4 Consolidation scope
• Note 1.5 Methods used in the preparation of the interim financial statements and the effect of seasonal fluctuations

II) Notes to the financial statements

• Note 2.1 Net non-current assets
• Note 2.2 Information about financial assets and liabilities
• Note 2.3 Provisions
• Note 2.4 Investments in associates
• Note 2.5 Off-balance sheet commitments
• Note 2.6 Related parties
• Note 2.7 Significant events during the six-month period
• Note 2.8 Events after the balance sheet date

STATEMENTS OF FINANCIAL POSITION

1. Condensed consolidated statement of financial position

(€ millions)	30/06/2022	31/12/2021
Non-current assets
Property, plant and equipment	174.1	181.0
Right-of-use assets	4.1	4.8
Intangible assets arising from concessions	7 045.4	6 449.7
Other intangible assets	82.2	81.0
Investments in associates	59.8	14.7
Other non-current financial assets	63.7	60.6
Deferred tax assets	20.7	0.0
Total non-current assets	7 450.0	6 828.0
Current assets
Inventories	7.2	7.6
Trade and other receivables	162.0	169.2
Current tax assets	0.0	0.0
Other current assets	243.2	243.8
Cash and cash equivalents	950.0	1 228.5
Total current assets	1 362.5	1 649.2
TOTAL ASSETS	8 812.6	8 477.2

(€ millions)	30/06/2022	31/12/2021
Capital and reserves
Share capital	33.9	33.9
Consolidated reserves	(826.2)	(1 333.2)
Profit (loss) for the period	534.6	932.8
Share of equity attributable to equity holders of the parent company	(257.6)	(366.6)
Non-controlling interests	0.4	0.3
Total equity	(257.2)	(366.2)
Non-current liabilities
Non-current borrowings	7 198.9	7 198.6
Lease liabilities	1.8	2.3
Deferred tax liabilities	0.0	0.0
Non-current provisions	312.6	319.5
Other non-current liabilities	58.7	56.0
Total non-current liabilities	7 572.0	7 576.4
Current liabilities
Trade and other payables	191.6	160.1
Borrowings	412.9	588.9
Non-current borrowings due within one year	500.5	100.0
Lease liabilities	2.4	2.7
Current tax liability	34.8	43.5
Current provisions	54.2	51.0
Other current liabilities	301.5	320.8
Total current liabilities	1 497.8	1 267.0
TOTAL EQUITY AND LIABILITIES	8 812.6	8 477.2

2. Condensed consolidated income statement and statement of comprehensive income

(€ millions)	1st half 2022	1st half 2021
Revenue of which:	1 492.6	1 235.2
- revenue from the operation of infrastructures	1 330.6	1 106.3
- revenue from direct operation of service and rest areas	17.8	6.7
- revenue from the construction of infrastructures held under concessions	144.2	122.2
Purchases and external charges	(218.3)	(185.2)
Employee benefit expenses	(110.8)	(105.9)
Taxes (other than income tax)	(133.7)	(111.4)
Depreciation and amortisation expenses	(243.2)	(228.1)
Provisions	(5.2)	(27.3)
Other operating income (expenses) from ordinary activities	1.7	6.0
Operating profit on ordinary activities	783.2	583.2
Other income (expenses) from operations	0.0	(0.0)
Operating profit	783.2	583.2
Income from cash and cash equivalents	2.0	3.3
Gross finance costs	(51.9)	(48.5)
Net finance costs	(49.9)	(45.1)
Other financial income (expenses)	(14.3)	(1.5)
Share of profit (loss) of associates	4.5	(0.4)
Income tax expense	(188.5)	(127.7)
Profit for the period from continuing operations	534.9	408.6
Profit for the period attributable to:	534.9	408.6
- Equity holders of the parent company	534.6	408.5
- Non-controlling interests	0.2	0.2
Earnings per share attributable to equity holders of the parent company
- Basic earnings per share (euros)	4.73	3.61
- Diluted earnings per share (euros)	4.73	3.61

(€ millions)	1st half 2022	1st half 2021
Profit for the period	534.9	408.6
Items that will not be reclassified subsequently to profit or loss
Actuarial gains and losses on staff benefits	3.8	0.0
Tax on items that will not be reclassified to profit or loss	(1.0)	0.0
Share of gains and losses of associates that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
Translation differences
Re-measurement of derivative hedging instruments
Tax on items that are or may be reclassified subsequently to profit or loss
Share of gains and losses of associates that are or may be reclassified subsequently to profit or loss	38.0	0.0
Total income and expense recognised directly in equity	40.8	0.0
Comprehensive income for the period	575.7	408.6
Attributable to: - Equity holders of the parent company	575.4	408.5
- Non-controlling interests	0.2	0.2

3. Condensed consolidated statement of changes in equity

Condensed statement of changes in equity for the six months ended 30 June 2022

(€ millions)	Share capital	Share premium	Reserves	Financial instruments	Other (*)	Attributable to equity holders of the parent company	Non controlling interests	Total equity
At 01/01/2022	33.9	0.3	(351.5)	(18.2)	(31.2)	(366.6)	0.3	(366.2)
Share-based payments			0.8		(7.3)	(6.5)		(6.5)
Dividends			(460.1)			(460.1)	(0.2)	(460.3)
Profit for the period			534.6			534.6	0.2	534.9
Income and expense recognised directly in equity				38.0	2.8	40.8		40.8
Total recognised income and expenses	0.0	0.0	534.6	38.0	2.8	575.4	0.0	575.7
Changes in scope and reclassifications			0.0			0.0	0.1	0.1
At 30/06/2022	33.9	0.3	(276.1)	19.8	(35.6)	(257.6)	0.4	(257.2)

(€ millions)	Share capital	Share	premium Reserves	Financial instruments	Other (*)	Attributable to equity holders of the parent company	Non controlling interests	Total equity
At 01/01/2021	33.9	0.3	(642.3)	(22.0)	(24.7)	(654.8)	0.2	(654.6)
Share-based payments			0.9		(5.8)	(4.9)		(4.9)
Dividends			(321.0)			(321.0)	(0.2)	(321.2)
Profit for the period			408.5			408.5	0.2	408.6
Income and expense recognised directly in equity				0.0	0.0	0.0		0.0
Total recognised income and expenses	0.0	0.0	408.5	0.0	0.0	408.5	(0.0)	408.6
Changes in scope and reclassifications			0.0			0.0		0.0
At 30/06/2021	33.9	0.3	(554.0)	(22.0)	(30.5)	(572.3)	0.2	(572.1)

Condensed statement of changes in equity for the six months ended 30 June 2021

(*) The comprehensive income in this column includes the actuarial gains and losses arising from the measurement of commitments in respect of retirement indemnities.

4. Condensed consolidated statement of cash flows
---------------------------------------------------

(€ millions)	1st half 2022	1st half 2021
Cash and cash equivalents at 1 January	1 228.5	1 120.4
Profit (loss) for the period	534.9	408.6
Net impact of associates	(4.5)	0.4
Depreciation and amortisation expenses and provisions	242.8	230.0
Other adjustments	2.8	(3.4)
Gains (losses) on disposals	(0.5)	(4.5)
Cash generated by operations	775.5	631.0
Net interest expense	42.6	47.1
Interest paid	(96.3)	(91.2)
Income tax expense	188.5	127.7
Income tax paid	(182.8)	(125.1)
Movement in working capital related to ordinary activities	15.3	(15.7)
Net cash from operating activities (I)	742.8	573.9
Purchases of non-current assets	(169.2)	(188.4)
Non-current financial assets	(124.4)	(2.3)
Total purchases of non-current assets	(293.6)	(190.8)
Proceeds from disposals of non-current assets	0.8	5.0
Cash and cash equivalents of entities acquired or disposed	4.6	0.0
Net cash used in investing activities (II)	(288.2)	(185.7)
Dividends paid to the shareholders	(460.3)	(321.2)
Reimbursement of rental debts	(1.5)	(1.6)
Repayment of borrowings	(771.3)	(276.0)
New borrowings	500.0	0.0
Net cash used in financing activities (III)	(733.2)	(598.8)
Net increase (decrease) in cash and cash equivalents (I+II+III)	(278.5)	(210.7)
Cash and cash equivalents at 30 June	950.0	909.8

Dividends paid in the first half amounted to €460.1 million in total, i.e. €4.07 per share.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 June 2022

I – Accounting policies

Note 1.1 – Reporting entity

APRR (Autoroutes Paris-Rhin-Rhône - the "Company") is domiciled in France. The interim consolidated financial statements for the six months ended 30 June 2022 comprise the financial statements of the Company and its subsidiaries (referred to collectively as the "Group"). The consolidated financial statements of the Group for the year ended 31 December 2021 are available upon request from the Company's registered office at 36 Rue du Docteur Schmitt, 21850 Saint-Apollinaire, France or from its website at www.aprr.com.

Note 1.2 – Statement of compliance

The condensed interim consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting".

The condensed consolidated financial statements were drawn up under the responsibility of the Board of Directors on 30 August 2022.

Note 1.3 – Accounting policies and methods applied in the condensed interim financial statements and applicable standards

The condensed interim financial statements for the six months ended 30 June 2022 have been prepared in accordance with IAS 34, "Interim Financial Reporting". They do not contain all the information required for complete annual financial statements and must be read in conjunction with the Group's financial statements for the year ended 31 December 2021. The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 31 December 2021.

The standards adopted by the European Union and effective for annual periods beginning on or after 1 January 2022 have been applied for the preparation of the present consolidated financial statements.

The application of the conclusions of the IFRS Interpretations Committee on IAS 38, "Intangible Assets" regarding configuration or customisation costs in a cloud computing arrangement (e.g. Software as a Service, or SaaS, arrangement) did not lead to the reclassification of previously capitalised costs as they represent an immaterial amount.

No new standards came into force during 2022.

Note 1.4 – Consolidation scope

Pursuant to IFRS 10, "Consolidated Financial Statements", entities controlled directly or indirectly by APRR are consolidated under the full consolidation method.

Control is established if APRR has all the following:

• power over the investee, having the right to direct the financial and operating policies that significantly affect the investee's returns;
• exposure to variable returns from its involvement with the investee; and
• the ability to use its power over the investee to affect the amount of the variable returns.

Pursuant to IAS 28, "Investments in Associates and Joint Ventures", entities over which APRR exercises significant influence or possesses a right to the net assets through joint control of the entity are consolidated under the equity method. This is the case for the companies Adelac and Axxès.

In accordance with IFRS 11 "Joint Arrangements", jointly-controlled entities in respect of which the parties have direct rights to the assets and direct obligations for the liabilities are classified as joint operations. The Group consolidates its share of the assets, liabilities, revenues and expenses of the joint operation. Joint arrangements of this type, which are not material to the APRR Group, are structured in the form of joint ventures.

APRR's consolidation comprises:

• the parent company APRR,
• its wholly-owned subsidiary AREA Participation, which is fully consolidated,
• its 99.84%-owned subsidiary AREA, which is fully consolidated and held through AREA Participation,
• its 99.90%-owned subsidiary ALIAE which is fully consolidated,
• Adelac, a 49.90%-owned associate of APRR, which is accounted for using the equity method,
• Axxès, a 40.02%-owned associate of the APRR Group (in which AREA has a 7.55% stake), which is accounted for using the equity method,
• three individually and globally insignificant partnerships over which the APRR Group exercises joint control, in connection with the operation of commercial facilities at certain service areas of the motorway networks operated. Three corresponding joint ventures have been created and the APRR Group's share of these partnerships amounts to 57%, 65% and 65% respectively.

ALIAE has been fully consolidated since 30 June 2022, the date on which APRR acquired 99.8% of the shares from Eiffage.

ALIAE is the designated concessionaire responsible for the construction and operation of the futureA79 motorway for a term of 48 years. This acquisition of control did not result in the recognition of goodwill in APRR's financial statements.

APRR has its registered office at 36 Rue du docteur Schmitt, 21850 Saint-Apollinaire, France. AREA and AREA Participation have their registered office at 250 Avenue Jean Monnet, 69671 Bron, France.

ALIAE has its registered office at La Folie, 03400 Toulon-sur-Allier, France Adelac has its registered office at La Ravoire, 74370 Épagny Metz-Tessy, France Axxès has its registered office at 15 Rue des Cuirassiers, 69003 Lyon, France.

Non-consolidated subsidiaries and investments are listed below.

List of subsidiaries and		%
shareholdings	Registered office	of equity owned	Justification for non consolidation
- Apollinaire participation 2	260 avenue Jean Monnet 69500 Bron	100.00%	Profit or loss not material at Group level
- SIRA	36 rue du docteur Schmitt 21850 Saint-Apollinaire 100.00%		Profit or loss not material at Group level
- CERA	58 Crs Becquart Castelbon 38500 Voiron	100.00%	Profit or loss not material at Group level
- DEVTEL	36 rue du docteur Schmitt 21850 Saint-Apollinaire 100.00%		Profit or loss not material at Group level
- Data New Road	76 Bd du 11 Novembre 1918 69100 Villeurbanne	100.00%	Profit or loss not material at Group level
- Kiwhi Pass Solutions	36 rue du docteur Schmitt 21850 Saint-Apollinaire 100.00%		Profit or loss not material at Group level
- Infrasim.AI	36 rue du docteur Schmitt 21850 Saint-Apollinaire	65.00%	Profit or loss not material at Group level
- PARK +	36 rue du docteur Schmitt 21850 Saint-Apollinaire	60.00%	Profit or loss not material at Group level
- DTIX infrastructure	24 rue de la redoute 21850 Saint-Apollinaire	49.99%	Profit or loss not material at Group level
- Centaure Ile de France	Autoroute A5 B 77550 Réau	49.00%	Profit or loss not material at Group level
- Centaure Grand Est	23 Rte de Saint-Philibert, 21220 Gevrey Chambertin	35.55%	Profit or loss not material at Group level
- Autoroutes Trafic	59 boulevard Exelmans 75016 Paris	24.00%	Profit or loss not material at Group level
- ALTECH	46 chemin de la bruyère 69570 Dardilly	14.50%	Profit or loss not material at Group level

Note 1.5 – Methods used in the preparation of the interim financial statements and the effect of seasonal fluctuations

The features specific to the preparation of the half-year financial statements are as follows.

Revenue corresponds to revenue generated during the first half and expenses are those that have actually been incurred. Statistically, first-half revenue is slightly lower than that in the second half. Revenue generated in the first six months from the operation of the infrastructure represented 47.9% of full-year revenue in 2019 and 48.7% in 2018 (2020 and 2021 are not representative due to traffic restrictions related to COVID-19).

Depreciation and amortisation, asset impairment and provisions have been determined in accordance with detailed calculations carried out at the balance sheet date, applying the same methods as at the year-end.

In the case of retirement benefits and profit sharing, the amount recognised for the first half of 2022 is 50% of the estimated charge for 2022 as a whole.

To the best of APRR's knowledge, the financial statements reflect the potential impacts of climaterelated matters and the commitments made by the Group in this area. Furthermore, the financial consequences of the conflict between Russia and Ukraine are limited for APRR.

II – Notes to the financial statements

Note 2.1 – Net non-current assets

Non-current assets decreased by €76 million in the first half of 2022. The breakdown is as follows:

• acquisitions net of disposals amounting to €143 million (compared with €109 million in the first half of 2021);
• and - depreciation and amortisation charges net of amounts reversed amounting to €219 million (compared with €181 million in the first half of 2021); and
• an increase of €665 million relating to the acquisition of ALIAE.

Furthermore, from 2022 to 2026, the Group is committed to undertaking work to build and widen motorways and to create new interchanges that is expected to cost €163 million in total.

Note 2.2 – Information about financial assets and liabilities

	Carrying value	Capital and interest movements	Less than 1 year	1 to 2 years	2 to 3 years	3 to 4 years	4 to 5 years	After 5 years
At 30 June 2022
Cash and cash equivalents
Marketable securities	397.7
Cash at bank and on hand	552.3
Sub-total	950.0
Financial liabilities: current and non-current
Long-term borrowings	7 200.7	7 260.5	0.0	505.8	705.8	705.9	1 006.0	4 337.1
Derivative instruments - liabilities	0.0
Interest payable in respect of non-current financial liabilities		628.3	86.2	94.6	86.8	73.4	65.2	222.2
Non-current borrowings	7 200.7	7 888.9	86.2	600.3	792.6	779.3	1 071.2	4 559.2
Long-term borrowings due within one year	502.8	507.2	507.2
Interest payable in respect of non-current borrowings due within one year		0.4	0.4
Non-current borrowings due within one year	502.8	507.6	507.6	0.0	0.0	0.0	0.0	0.0
Current borrowings and other debts	412.9	372.2	372.2
Total financial liabilities	8 116.4	8 768.6	966.0	600.3	792.6	779.3	1 071.2	4 559.2
Net debt	-7 166.5

Capital and interest movements exclude loan issuance costs, issuance premiums and other items not involving the movement of funds.

	Carrying value	Capital and interest movements	Less than 1 year	1 to 2 years	2 to 3 years	3 to 4 years	4 to 5 years	After 5 years
At 30 June 2021
Cash and cash equivalents
Marketable securities	392.8
Cash at bank and on hand	517.0
Sub-total	909.8
Financial liabilities: current and non-current
Long-term borrowings	6 812.2	6 865.3	20.4	610.9	505.9	705.8	705.8	4 316.5
Derivative instruments - liabilities	0.0
Interest payable in respect of non-current financial liabilities		642.8	83.5	85.4	85.1	77.4	64.0	247.4
Non-current borrowings	6 812.2	7 508.1	103.9	696.3	591.0	783.2	769.8	4 563.9
Long-term borrowings due within one year	273.5	277.4	277.4
Interest payable in respect of non-current borrowings due within one year		5.2	5.2
Non-current borrowings due within one year	273.5	282.7	282.7	0.0	0.0	0.0	0.0	0.0
Current borrowings and other debts	737.3	695.0	695.0
Total financial liabilities	7 823.0	8 485.7	1 081.5	696.3	591.0	783.2	769.8	4 563.9
Net debt	-6 913.2

Capital and interest movements exclude loan issuance costs, issuance premiums and other items not involving the movement of funds.

Capital and interest movements in the table above concern the debt as reported on the balance sheet at 30 June 2022 and 31 December 2021. They do not reflect any early repayments or new loans that may occur in the future.

Interest movements include, where applicable, movements relating to derivative instruments (i.e. interest rate swaps). They were not discounted to their present value.

Interest movements for variable rate loans are based on interest rates prevailing on 30 June 2022 and 31 December 2021. Movements for loans with fixed rate on an indexed nominal are based on projected annual inflation of 2.25%.

Current borrowings and other debts include in particular accrued interest payable whose movements are included in the interest above described. At 30 June 2022, the balance of €372.2 million corresponds to outstanding commercial paper issued.

A new revolving credit line of €2,000 million, with a term of five years, with two one-year extension options, was set up in February 2020.

No drawdowns or repayments were made during the first half of 2022.

No CNA (Caisse Nationale des Autoroutes) loans were repaid during the first half of 2022, nor during the first half of 2021.

No notes issued under the EMTN programme were repaid during the first half of 2022 compared with €50 million in the first half of 2021. An EIB loan of €100 million was also repaid during the first half of 2022.

A €500 million bond issue was completed during the first half of 2022.

As a result, the balance available under the EMTN programme amounted to €2.3 billion at 30 June 2022 taking into account notes issued since the programme's inception.

The outstanding amount under the commercial paper programme totalled €372.0 million at 30 June 2022, compared with €503.0 million at 31 December 2021.

(€ millions)	Carrying value 30/06/2022	Fair value 30/06/2022	Carrying value 31/12/2021	Fair value 31/12/2021
Financial assets:
Cash and cash equivalents and marketable securities	950.0	950.0	1 228.5	1 228.5
Loans	8.1	8.1	8.1	8.1
Interest rate swaps	0.0	0.0	0.0	0.0
Other financial assets	55.7	55.7	52.6	52.6
Trade and other receivables	162.0	162.0	169.2	169.2
Other current assets	243.2	243.2	243.8	243.8
Financial liabilities:
Variable rate loans	0.0	0.0	0.0	0.0
Fixed rate loans with indexed nominal	109.7	104.6	106.0	120.4
Fixed rate loans	7 568.4	7 060.3	7 171.7	7 544.4
Interest rate swaps	0.0	0.0	0.0	0.0
Other financial liabilities	438.3	438.3	614.8	614.8
Trade and other payables	191.6	191.6	160.1	160.1
Other non-current liabilities	58.7	58.7	56.0	56.0
Other current liabilities	301.5	301.5	320.8	320.8

		At 30 June 2022		At 31 December 2021
(€ millions)		Fair value hierarchy level		Fair value hierarchy level
	Level 1:	Level 2:	Level 3:	Level 1:	Level 2:	Level 3:
Financial assets measured at fair value
Cash and cash equivalents and marketable securities	950.0			909.8
Interest rate swaps		0.0			0.0
Unlisted participating interests			5.5			5.2
Total financial assets measured at fair value	950.0	-	5.5	909.8	-	5.2
Financial liabilities
Fixed-rate loans measured at fair value
Notional		0.0			0.0
Revalued		0.0			0.0
Interest rate swaps		0.0			0.0
Total financial liabilities measured at fair value	-	-	-	-	-	-

Level 1: quotation on an active market

Level 2: internal model using observable inputs

Level 3: internal model using unobservable inputs

At 30 June 2022, the Group had no derivative instruments.

The Group's currency, interest rate and liquidity risk exposures are substantially the same as detailed in the 2021 annual consolidated financial statements.

Note 2.3 – Provisions

	At 01/01/2022	Additional provisions in the period	Provisions utilised	Provisions reversed	Other movements	At 30/06/2022
Provision for retirement indemnities	29.7	1.9	(1.2)		(3.8)	26.5
Provision for long-service medals	1.0	0.0	(0.1)			0.9
Provision for maintaining infrastructure	288.8	19.9	(20.5)		(3.1)	285.1
Non-current provisions	319.5	21.8	(21.8)	0.0	(6.9)	312.6
Provision for retirement indemnities	2.6					2.6
Provision for long-service medals	0.2					0.2
Provision for maintaining infrastructure	45.9				3.1	49.0
Other provisions for liabilities and charges	2.3	0.4	(0.0)	(0.4)	0.0	2.4
Current provisions	51.0	0.4	(0.0)	(0.4)	3.1	54.2

	At 01/01/2021	Additional provisions in the period	Provisions utilised	Provisions reversed	Other movements	At 30/06/2021
Provision for retirement indemnities	52.5	1.5	(1.1)			52.9
Provision for long-service medals	1.1					1.1
Provision for maintaining infrastructure	279.6	29.9	(27.9)		1.1	282.7
Non-current provisions	333.2	31.4	(29.0)	0.0	1.1	336.7
Provision for retirement indemnities	1.8					1.8
Provision for long-service medals	0.2					0.2
Provision for maintaining infrastructure	42.9				(1.1)	41.7
Other provisions for liabilities and charges	0.7	0.1	(0.1)	(0.1)		0.7
Current provisions	45.6	0.1	(0.1)	(0.1)	(1.1)	44.4

Note 2.4 – Investments in associates

Investments in associates consist of the Group's shareholding in Adelac, the concession holder for a 19-kilometre section of the A41 motorway between Villy-le-Pelloux - Saint-Martin-Bellevue and Saint-Julien-en-Genevois, and Axxès, which markets and manages toll subscriptions for heavy goods vehicles.

Key financial data for associates are summarised in the table below:

(€ millions)	ADELAC	AXXES
Country	France	France
Percentage owned	49.90%	40.02%
Share of profit (losses) of associates recognised	0.0	4.5
Share of items of other comprehensive income of associates recognised	0.0	0.0
Group's share of the capital and reserves of associates	41.8	18.0
Share of losses of associates not recognised	3.6	0.0
Share of items of other comprehensive income of associates not recognised	(3.6)	0.0
Carrying amount of investment	41.8	18.0
Market capitalisation	-	-

In the case of Adelac, the cumulative unrecognised share of losses totalled €6.8 million at 31 December 2021.

Other items of comprehensive income are related to changes in the fair value of interest-rate hedging instruments, which are treated in a similar way as the APRR Group.

Note 2.5 – Off-balance sheet commitments at 30 June 2022

Signed work contracts not executed totalled €312 million at 30 June 2022 compared with €249 million at 30 June 2021 and €208 million at 31 December 2021.

Note 2.6 – Related parties

Financière Eiffarie recharged to APRR its share of the costs and expenses of the Financière Eiffarie employees working for APRR.

The Eiffage Group performs works-related services on behalf of the APRR Group in the context of an ordinary client-supplier relationship after a competitive bidding process.

Note 2.7 – Significant events during the six-month period

On 30 June 2022, APRR acquired 99.8% of the share capital of ALIAE from Eiffage, resulting in APRR holding 99.9% of ALIAE's share capital.

On the same date, APRR also took over all of the financing that Eiffage had previously granted to ALIAE.

Note 2.8 – Events after the balance sheet date

There were no significant events after the balance sheet date.