Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

5.6

SHARE OF NET INCOME OF ASSOCIATES

Share of net income of associate companies

Companies (in millions of euros)

Balance sheet total

Country

Sales

Income

EBITDA

2016 Groupe Cie du Mont-Blanc

France France France France

232.0

94.9 38.4 11.3 10.1

8.2 7.0 0.1 1.3

34.1 16.4

3.1 1.4

SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)

83.7 23.6 19.7

2.8 3.9

-

0.3 4.8

TOTAL

2017 Groupe Cie du Mont-Blanc

France France France France

237.3 96.0

94.4 39.1 10.9 10.6

8.0

34.8 16.8

3.0 1.4

SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)

7.1

26.3 30.1

-0.1

2.3 4.0

-

1.5

0.3 4.7

TOTAL

5.7 DISCONTINUED OPERATIONS In the 2016 fiscal year, discontinued operations in the period account for the remaining costs relating to the business of EcoBioGestion before its acquisition by Compagnie des Alpes SA on 25 June 2016. 5.8 EARNINGS (GROUP SHARE) PER SHARE AND DILUTED EARNINGS PER SHARE (GROUP SHARE) Earnings (Group share) amounted to €31,320 thousand.

2017

2016

(in thousands of euros)

Net income (Group share)

31,320

33,436

Number of shares outstanding

24,362,421

24,317,726

EARNINGS PER SHARE (GROUP SHARE)

1.29

1.38

2017

2016

(in thousands of euros)

Earnings per share (Group share) used to calculate diluted earnings per share (1)

31,320

33,436

Number of shares outstanding

24,362,421

24,317,726

Adjustment to factor in the dilutive effect of performance share plans

113,950

108,475

DILUTED EARNINGS PER SHARE (GROUP SHARE)

1.28

1.37

(1) In keeping with the AMF recommendation, no adjustment is made to earnings.

5.9 OPERATING ROCE For 2016/2017, the reconciliation between the Group ROCE and the operating ROCE was as follows:

Ski areas & Leisure

destinations Rest of the Group

Group total

Net operating income

110,702 -36,897 73,805 827,147

-17,576

93,126

Theoretical tax (at 33.33%) After tax net operating income Assets used excluding goodwill

5,858

-31,039 62,087 819,406

-11,718

-7,741

DIVISIONAL ROOC

8.9%

7.6%

5.10 COMPANIES SOLD In April 2017, Compagnie des Alpes sold the Fort Fun amusement park in Germany. The transaction values the company at €7.0 million (excluding debt). In fiscal year 2015/2016, this site generated revenue of €5.9 million, a gross operating surplus of about 1.5% of that of the Leisure destinations division, and welcomed more than 265,000 visitors.

This disposal will have an insignificant impact on the Group’s income statement, with interim losses (booked at the beginning of the season when the park has little revenue) being offset by the capital gain on disposal. The sale of Fort Fun is in line with the strategy of refocusing the Group’s portfolio, announced at the end of 2013, on sites that can radiate from a regional level to a national or even international level, in some cases, and that can achieve Very High Customer Satisfaction profitably.

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Compagnie des Alpes I 2017 Registration Document