Compagnie des Alpes - 2017 Registration Document
5 FINANCIAL INFORMATION
Parent-company financial statements
The two bonds (for €200 million in 2010 and €100 million in 2014) are accompanied by a shareholder clause stipulating that the direct or indirect shareholding of Caisse des Dépôts in Compagnie des Alpes SA must be greater than or equal to 33.33%. If, without prior consent by the lending institution, Caisse des Dépôts were to directly or indirectly
own less than 33.33% of the share capital and voting rights of the borrower, the lender could immediately call in the loan. The bonds come with the obligation to respect a financial ratio based on the consolidated financial statements of Compagnie des Alpes Group.
The ratio that must be respected is the following:
Covenant Ratio at 30/09/2017
Consolidated net debt/Consolidated EBITDA
< 3.50
1.87
At 30 September 2017, this ratio was respected.
3.11 OPERATING LIABILITIES Operating liabilities break down as follows:
At 30/09/2017
At 30/09/2016
(in thousands of euros)
Trade payables
7,136 7,322
4,977 7,112 1,366 7,326 2,120
Liabilities towards staff and social security bodies
Tax liabilities (VAT and other taxes) Tax consolidation current accounts
370
8,479
Corporate tax liabilities
373
Other debt
-
410
TOTAL
23,680
23,311
Note 4
Notes relating to the income statement
4.1 REVENUE Revenue amounted to €27.6 million. These mainly consist of services provided by the Company on behalf of its subsidiaries (operational services and holding company services) and staff seconded to subsidiaries. The increase recorded compared with the same period one year prior comes from CADEVI’s resumption of operations.
4.2 OPERATING EXPENSES Operating expenses amounted to €38.5 million and increased by €1 million compared to the previous year, mainly due to costs incurred in connection with the Group’s refinancing for €0.8 million, as well as the CADEVI’s resumption of operations amounting to €0.6 million.
4.3
NET FINANCIAL INCOME
At 30/09/2017
At 30/09/2016
(in thousands of euros)
Dividends
32,242
32,615
Income on financial receivables
246
298
SUBTOTAL DIVIDENDS AND INCOME ON FINANCIAL RECEIVABLES
32,488
32,913
Interest expense on loans and cash pools
-11
-
Interest expense (bond)
-13,845 -13,856
-13,914 -13,914
SUBTOTAL FINANCING COSTS
Merger deficit
-
-809
Reversal of financial provisions
4,797
13,016
Impairment of non-current financial assets
-19,864 -15,067
-16,466
SUBTOTAL: PROVISIONS AND IMPAIRMENT (NET)
-4,259
Foreign exchange gains (losses)
-5
-
NET FINANCIAL INCOME
3,560
14,740
Dividends amounted to €32.2 million compared to €32.6 million in 2016. Further impairments of shareholdings were recorded for an amount of €19.9 million and reversals were recorded for €4.8 million. They were taken into account under subsidiaries and shareholdings in Note 3.2.
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Compagnie des Alpes I 2017 Registration Document
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