Compagnie des Alpes - 2017 Registration Document
5 FINANCIAL INFORMATION
Consolidated financial statements
Acquisitions of property, plant, and equipment over the reporting period were as follows: z in the Ski areas segment (€96 million), this related to the completion of capital expenditure programmes prior to the 2016/2017 season and to the initial work for the coming season. This capital expenditure mainly related to the acquisition and installation of new ski lifts (€53.1 million), artificial snow-making equipment (€15.8 million) and ski run and trail work, including grooming machines (€12.6 million); z in the Leisure destinations segment (€67.4 million), this breaks down into investments to step up appeal (€28.6 million) and investments for maintenance and miscellaneous investments (€40.5 million);
z the column “Change of scope” takes into account Fort Fun asset retirements; z finally, the “Other” column includes the reclassification of non- current assets in progress as operating assets and asset retirement (primarily the disassembled ski lifts). Amortisations include recurring amortisation charges and additional impairments recorded for impairment losses (see Notes 5.3 and 6.1).
Holdings and supports 30/09/2017 30/09/2016
GEOGRAPHIC SEGMENT (in thousands of euros)
Leisure destinations
Group Development
Notes
Ski areas 660,505 578,506
FRANCE
219,093
508
5,377
885,483
830,257
o/w assets held under concession o/w which assets on lease finance
578,506 549,814
2,229
2,229
2,676
OTHERS (excl. France)
127,551
14,824
142,375
166,729
TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
660,505 346,644
15,332
5,377 1,027,858 996,986
Intangible assets
6.2 14,999
49,604
244
5,189
70,036
74,347
Property, plant and equipment
6.3 645,506 297,040
15,088
188 957,822 922,640
TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS IN THE BALANCE SHEET
660,505 346,644
15,332
5,377 1,027,858 996,986
6.4
INVESTMENTS IN ASSOCIATE COMPANIES
30/09/2017
30/09/2016
(in thousands of euros)
VALUE OF SECURITIES AT BEGINNING OF REPORTING PERIOD
70,768
68,153
Change in scope of consolidation and miscellaneous
189
-363 4,775
Net income for the period
4,699 -2,029 73,628
Dividends paid
-1,796 70,768
VALUE OF SECURITIES AT PERIOD REPORTING
Compagnie du Mont-Blanc is listed on the stock market. However, given the very low liquidity and high volatility of the stock, the share price is not representative of the recoverable amount of the Group’s shareholding. Therefore, its value for the Group is assessed on the basis of its value in use (public service arrangements for Chamonix,
which have been renewed until 2053). For information purposes, the difference between the stock market value of CMB at 30 September 2017 and the equity value of the securities was positive at €10.7 million. On the basis of the share price at 23 November 2017, this difference was positive at €14.1 million.
6.5
OTHER NON-CURRENT FINANCIAL ASSETS
30/09/2017
30/09/2016
(in thousands of euros)
AVAILABLE-FOR-SALE FINANCIAL ASSETS (NON-CONSOLIDATED SHAREHOLDINGS)
10,932 21,215
10,009 15,934
Loans and receivables associated with shareholdings
Deposits and guarantees Other financial assets
4,635
2,062
762
556
GROSS AMOUNT
26,612
18,552
Impairment
-1,615
-846
NON-CURRENT FINANCIAL ASSETS (NET) TOTAL NON-CURRENT FINANCIAL ASSETS
24,997 35,929
17,706 27,715
The increase in available-for-sale financial assets, as well as loans and receivables associated with shareholdings, correspond, notably, to the funding of real estate companies held by the Ski areas.
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Compagnie des Alpes I 2017 Registration Document
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