Compagnie des Alpes // 2020 Universal Registration Document

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Interview	2
A major player in the European leisure industry	4
A solid group, well-equipped to face the crisis	6
Interactions with ecosystems	8
A value creation model based on shared know-how	10
Effective governance	12
The five major CSR priorities	14
Key Indicators	16
1. INTRODUCTION TO COMPAGNIE DES ALPES AND ITS ACTIVITIES	19
1.1 Activities, markets and competition	20
1.1.1 SKI AREAS (58.5% OF 2019/2020 GROUP CONSOLIDATED REVENUE IN 2018/2019)	20
1.1.2 LEISURE PARKS (37.7% OF GROUP CONSOLIDATED REVENUE IN 2019/2020)	23
1.1.3 HOLDING AND SUPPORT ACTIVITIES (AROUND 3.8% OF THE GROUP’S 2019/2020 CONSOLIDATED REVENUE)	26
1.2 Strategy and outlook	27
1.3 History	29
2. RISK FACTORS	33
2.1 Risk management procedures	34
2.2 Strategic risks	35
2.2.1 RISKS RELATED TO CHANGES IN LEISURE CONSUMPTION HABITS	35
2.2.2 RISKS RELATED TO THE CURRENT REAL ESTATE MARKET	36
2.2.3 RISKS RELATED TO THE EFFECTS OF CLIMATE CHANGE	36
2.2.4 RISKS RELATED TO THE COMPETITIVE ENVIRONMENT	36
2.2.5 RISKS RELATED TO A MAJOR EPIDEMIC-PANDEMIC	36
2.3 Operational risks	37
2.3.1 RISKS OF CYBER ATTACK	37
2.3.2 RISKS OF IT SYSTEM FAILURE	37
2.3.3 RISK OF BODILY INJURY	37
2.3.4 SECURITY RISKS	38
2.4 Human risks	38
2.4.1 RISKS OF HUMAN RESOURCE SHORTAGE	38
2.4.2 RISKS RELATING TO EMPLOYEE SAFETY	39
2.5 Regulatory and compliance risks	39
2.5.1 RISK OF NON-COMPLIANCE	39
2.5.2 RISK OF LOSS OF MAJOR PUBLIC SERVICE CONCESSION	39
2.6 Crisis management procedures	39
2.7 Insurance – risk cover	40
2.7.1 CIVIL LIABILITY INSURANCE	40
2.7.2 PROPERTY DAMAGE AND BUSINESS INTERRUPTION INSURANCE	40
2.8 Internal control procedures	40
2.8.1 INTERNAL CONTROL PROCEDURES	40
2.8.2 PROCESS FOR PREPARING ACCOUNTING AND FINANCIAL INFORMATION	42
2.8.3 OVERSIGHT	43
3. REPORT ON CORPORATE GOVERNANCE	45
3.1 Composition of administrative and management bodies	46
3.1.1 BOARD OF DIRECTORS AND COMMITTEES	46
3.1.2 EXECUTIVE MANAGEMENT	61
3.1.3 ADDITIONAL INFORMATION RELATING TO DIRECTORS AND EXECUTIVE CORPORATE OFFICERS	63
3.2 Functioning of executive and management bodies	64
3.2.1 FUNCTIONING OF THE BOARD OF DIRECTORS AND ITS COMMITTEES	64
3.2.2 PROCEDURES FOR EXERCISING AND LIMITING THE POWERS OF EXECUTIVE MANAGEMENT	67
3.3 Compensation of corporate officers	68
3.3.1 COMPENSATION POLICY FOR CORPORATE OFFICERS	68
3.3.2 COMPENSATION COMPONENTS AND BENEFITS OF ANY KIND PAID IN RESPECT OF THE TERM OF OFFICE DURING THE YEAR OR AWARDED IN RESPECT OF THE 2019/2020 FISCAL YEAR TO EACH CORPORATE OFFICER, INCLUDING THE EXECUTIVE OFFICER (ARTICLE L. 22-10-9 I AND L. 22-10-34 II OF THE FRENCH COMMERCIAL CODE)	77
3.4 Compliance with corporate governance recommendations	82
4. STATEMENT OF NON-FINANCIAL PERFORMANCE	85
4.1 The Group’s CSR organisation and challenges	86
4.1.1 ORGANISATION	86
4.1.2 RISKS AND CHALLENGES FACING THE GROUP IN TERMS OF CSR	86
4.2 Labour issues	88
4.2.1 KEY INDICATORS	88
4.2.2 OUR EMPLOYEES	88
4.2.3 OUR KEY LABOUR CHALLENGES	89
4.2.4 OTHER LABOUR CHALLENGES	93
4.2.5 CONSOLIDATED SOCIAL DATA – GROUP SCOPE	96
4.3 Environmental challenges	99
4.3.1 ORGANISATION AND APPROACH AT GROUP SITES	99
4.3.2 ENERGY FOOTPRINT OF GROUP SITES	101
4.3.3 BIODIVERSITY AND LANDSCAPES	107
4.3.4 SUSTAINABLE WATER MANAGEMENT	110
4.3.5 THE CIRCULAR ECONOMY AND WASTE	112
4.3.6 CONSOLIDATED ENVIRONMENTAL DATA	114
4.4 Societal challenges	115
4.4.1 LONG-TERM CONTRIBUTION TO THE DEVELOPMENT AND APPEAL OF THE REGIONS	115
4.4.2 POSITION OURSELVES AS A TRUSTWORTHY PLAYER IN THE EYES OF OUR STAKEHOLDERS	118
4.4.3 COMPLIANCE AND ETHICS	120
4.5 Methodology note on CSR reporting	122
4.5.1 SCOPE OF REPORTING	122
4.5.2 DATA COLLECTED	123
4.5.3 DATA COLLECTION PROCESS	123
4.5.4 LIMITATIONS OF DATA COLLECTION AND RELIABILITY	123
4.6 Report by the independent third-party body on the consolidated statementof non-financial performance appearing in the management report	124
5. FINANCIAL INFORMATION	129
5.1 Analysis of consolidated results and sectors	130
5.1.1 ANALYSIS OF GROUP RESULTS	130
5.1.2 HOLDINGS AND SUPPORTS	133
5.1.3 CASH, FINANCING AND CAPITAL	134
5.1.4 EVENTS AFTER THE REPORTING DATE	135
5.2 Activity and results of S.A. Compagnie des Alpes	135
5.2.1 ROLE OF COMPAGNIE DES ALPES WITHIN THE GROUP	135
5.2.2 ACTIVITY AND RESULTS	135
5.2.3 COMPANY KEY FIGURES	136
5.2.4 DIVIDEND POLICY	136
5.2.5 INFORMATION ON PAYMENT PERIODS	136
5.2.6 INFORMATION CONCERNING COMPENSATION AND BENEFITS OF ANY KIND RECEIVED BY EACH CORPORATE OFFICER DURING THE FISCAL YEAR	137
5.2.7 SUBSIDIARIES AND SHAREHOLDINGS	137
5.2.8 IDENTITY OF THE CONSOLIDATING COMPANY	137
5.2.9 OTHER INFORMATION	137
5.2.10 KEY EVENTS AFTER THE REPORTING DATE	137
5.3 Consolidated financial statements	138
5.3.1 FINANCIAL STATEMENTS	138
5.3.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	142
5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	182
5.4 Parent-company fi nancial statements	186
5.4.1 BALANCE SHEET, INCOME STATEMENT AND CASH FLOW STATEMENT AT 30 SEPTEMBER 2020	186
5.4.2 NOTES TO THE PARENT-COMPANY FINANCIAL STATEMENTS	188
5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS	196
5.4.4 SPECIAL REPORT OF THE STATUTORY AUDITORS ON REGULATED AGREEMENTS AND COMMITMENTS	199
6. SHARE CAPITAL AND SHAREHOLDING	203
6.1 Share capital	204
6.1.1 CHANGE IN THE AMOUNT OF THE COMPANY’S SHARE CAPITAL OVER THE LAST FIVE YEARS	204
6.1.2 TREASURY STOCK	205
6.1.3 AUTHORISATIONS TO INCREASE THE SHARE CAPITAL	206
6.1.4 POTENTIAL SHARE CAPITAL	206
6.1.5 INTERESTS OF DIRECTORS AND EMPLOYEES IN COMPAGNIE DES ALPES	207
6.2 Shareholder structure	208
6.2.1 CHANGES IN SHARE CAPITAL AND VOTING RIGHTS	208
6.2.2 LEGAL ENTITIES OR NATURAL PERSONS ABLE TO EXERCISE CONTROL	208
6.2.3 SHAREHOLDERS’ AGREEMENTS	209
6.2.4 SHARE OF THE COMPANY’S SHARE CAPITAL SUBJECT TO PLEDGES OR OTHER RESTRICTIONS	209
6.2.5 DEVELOPMENT OF THE INDIVIDUAL SHAREHOLDER BASE	209
6.2.6 EMPLOYEE SHAREHOLDING	209
6.2.7 SHAREHOLDINGS AND SECURITIES TRANSACTIONS OF CORPORATE OFFICERS AND EXECUTIVES	209
6.2.8 METHODS OF SHAREHOLDER PARTICIPATION IN THE SHAREHOLDERS’ MEETING	210
6.2.9 POTENTIALLY KEY FACTORS IN THE EVENT OF A TAKEOVER BID	210
6.3 Stock market information	210
6.3.1 CONTEXT	210
6.3.2 THE SECURITIES MARKET DURING FY 2019/2020	210
6.4 Disclosure policy	212
6.4.1 DOCUMENTS MADE AVAILABLE TO THE PUBLIC	212
6.4.2 PRESS RELEASES	212
6.4.3 SHAREHOLDERS’ ADVISORY COMMITTEE	213
6.4.4 INDIVIDUAL SHAREHOLDER CONTACT	213
6.4.5 PUBLIC MEETINGS	213
6.4.6 2020/2021 EVENTS AND FINANCIAL CALENDAR	213
7. ADDITIONAL INFORMATION	215
7.1 Information on Compagnie des Alpes	216
7.1.1 GENERAL INFORMATION	216
7.2 Persons responsible for the Universal Registration Document	217
REFERENCE TABLE OF THE UNIVERSAL REGISTRATION DOCUMENT	218
REFERENCE TABLE OF THE ANNUAL FINANCIAL REPORT	221
REFERENCE TABLE OF THE MANAGEMENT REPORT	222
REFERENCE TABLE OF THE STATEMENT OF NON-FINANCIAL PERFORMANCE	224

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