Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Parent-company financial statements

5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS

To the Shareholders of Compagnie des Alpes,

Opinion Under the terms of the mission entrusted to us by your General Meeting, we have performed an audit of the annual financial statements of Compagnie des Alpes for the fiscal year ended 30 September 2017, such as they are attached to this report. We certify that, as per French generally accepted accounting principles, the annual financial statements give a true and fair view of the operating performance over the past fiscal year as well as of the financial position and assets and liabilities of the company at the end of that fiscal year. The opinion expressed above is consistent with the content of our report to the audit committee. Basis for our opinion Audit guidelines We have carried out our audit in accordance with the professional standards applicable in France. We feel that the audit evidence we collected provides a sufficient and adequate basis for our opinion. The responsibilities assigned to us pursuant to these standards are presented in the section “Responsibilities of the Statutory Auditors regarding the audit of the annual financial statements” in this report. Independence We have carried out our audit in compliance with the independence rules applicable to us, during the period between 1 st October 2016 and the date of our report, and in particular we have not provided services prohibited under Article 5, paragraph 1, of Regulation (EU) No. 537/2014 or under the French Code of Ethics for Statutory Auditors. Justification of our assessments - Key points of the audit Pursuant to the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code regarding the justification of our assessments, we draw your attention to the key points of the audit regarding the risks of material misstatement which, in our professional judgement, were most significant in the audit of the annual financial statements for the fiscal year, as well as the responses we have provided with regard to these risks. These assessments were made as part of our audit of the annual financial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on specific elements of the annual financial statements. Valuation of shareholdings Risk identified Most of the Company’s assets are shareholdings that are measured in line with the method indicated in subsections 2.3 and 3.3 of the Notes to the annual financial statements. We have considered the valuation of shareholdings to be a key point of the audit given their significance in the annual financial statements and because the determination of their recoverable amount, based on multi-criteria valuation methods, requires the use of assumptions, estimates and assessments likely to have a material impact on the provisions for impairment recorded. Our response We have reviewed the impairment testing methods applied by the company. These are notably based on the medium-term plans prepared for each subsidiary, reviewed and approved by the company’s governance. We have assessed: z the quality of the process for the preparation and approval of budgets and forecasts; z the appropriateness of the main estimates used, in particular cash flow forecasts and the long-term growth rates and discount rates used. We have also analysed the consistency of forecasts and performed our own sensitivity analyses on the impairment tests. These analyses were carried out with the assistance of our valuation experts and have been shared with the company’s Executive Management team. Based on our research, we have no reason to challenge the results of the impairment tests or the figures presented in Note 3.2 of the notes to the annual financial statements. Verification of the management report and other documents provided to Shareholders We also carried out, in accordance with standards for professional practice in France, the special checks required by law. We have no comments to make regarding the accuracy and consistency with the annual financial statements of the disclosures in the management report of the Board of Directors or in the other documents provided to shareholders on the financial position of the company and the annual financial statements. With respect to the disclosures made pursuant to the provisions of Article L. 225-102-1 of the French Commercial Code on the compensation and benefits paid to corporate officers as well as the commitments made to them, we checked their consistency with the financial statements or with the data used to prepare these financial statements and, as the case may be, with the items received by the company from companies controlling the company or controlled by it. On the basis of this work, in our opinion these disclosures are accurate and fair.

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Compagnie des Alpes I 2017 Registration Document