Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Activities and results of Compagnie Des Alpes SA

5.2 Activities and results of Compagnie Des Alpes SA

5.2.1

ROLE OF COMPAGNIE DES ALPES SA WITHIN THE GROUP

The role of Compagnie des Alpes SA is to hold investments, monitor, manage, and control Group development, and manage the main senior executives. The Company places resources and services at the disposal of its subsidiaries, especially with a view to making management more efficient, and undertakes specific projects aimed at developing the business internationally and generating synergies between the segments. To this end, Compagnie des Alpes SA assumes responsibility for certain functions for the entire Group such as the preparation of consolidated financial statements, and the financial and institutional disclosure of all Group business with particular regard to its stock market listing. It also In 2016/2017, Compagnie des Alpes continued the internal re-invoicing policy it established in 2014/2015. The policy introduced three years ago to control operating costs was further stepped up. Due to the operations for refinancing and due diligence, non-recurring fees of €1.2 million were recorded in the 2016/2017 fiscal year. These factors resulted in a net operating loss of -€10.5 million (previous fiscal year: -€8.4 million). Net financial income of €3.6 million was recorded, compared to €14.7 million the previous year. Dividends received from subsidiaries 5.2.2 ACTIVITIES AND RESULTS

manages the Group’s procurement functions (assistance in managing energy suppliers, travel policy, grouped equipment purchases, etc.), as well as its insurance and financing policy. CDA SA also centralises certain sales teams within the Leisure destinations business, as well as the “Product development and quality” team. And through its matrix organisation, it offers the services needed to steer the Group (legal, financial, IT, technical, HRM, strategic and operational marketing, and the process of digitalisation). The average number of permanent employees at CDA SA increased from 109 to 122 full-time equivalents (FTEs), without affecting the total number of Group headcount. amounted to €32.2 million compared to €32.6 million in 2015/2016. The impairment of securities and provisions for affiliate risks were adjusted to the amount of recapitalisation carried out during the fiscal year and income realised by the subsidiaries in the 2016/2017 fiscal year generating a net financial expense of €15.1 million compared to €4.3 million in 2015/2016. After taking into account a net extraordinary income of €3.3 million (mainly resulting from the disposal of Grévin Deutschland) and tax income of €6.1 million at tax consolidation level, the net income amounted to €2.5 million compared with €13.4 million the previous year.

5.2.3 KEY FIGURES OF THE COMPANY

Key figures of the Company:

30/09/2017

30/09/2013 30/09/2014 30/09/2015 30/09/2016

(in millions of euros)

Net financial assets Shareholders’ equity

832.1 540.8 280.5

852.7 543.3

840.3 547.6 286.5

849.1 551.3 286.5

839.3

544

299

289.2

Net debt (1) Net income Net dividend

-5.3

2.7 8.5

12.7

13.4

2.5 DA

-

9.7

9.7

(1) Financial debt less cash and cash equivalents in the balance sheet assets. DA: Data absent

99

Compagnie des Alpes I 2017 Registration Document