Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

5.1.2 HOLDINGS AND SUPPORTS

The Holdings and supports business includes the consulting activities carried out by CDA Management and CDA Beijing, the online distribution activities and the legacy real estate agencies of CDA (in particular Alpes Ski Résa) previously consolidated in the Ski areas business unit, as well as those of Travelfactory. Holdings and supports revenue came to €23.4 million, versus €29.5 million the previous fiscal year. This decrease is mainly due, for

Travelfactory, to the early closure of the ski areas from mid-March and to the lockdown measures. This year, Travelski continued its international development with, in particular, the acquisition of a Dutch tour operator, Snowtime. The consulting business performed well, thanks in particular to a contract in China.

5.1.2.1 Earnings Before Interest, Taxes, Depreciation and Amortisation Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) amounted to €93.8 million, down -59.1% on a comparable scope basis and -59.6% on an actual scope basis, due to the contribution of Familypark acquired on the 20 March 2019.

FY 2019/2020 Comparable scope (2)

% of revenue 2019/2020 Comparable scope

FY 2018/2019 Comparable scope (3)

% of revenue 2018/2019 Comparable scope

Change % Comparable scope (2) - (3) / (3)

FY 2019/2020 Actual scope (1)

FY 2018/2019 Actual scope (4)

Change % Actual scope (1) - (4) / (4)

(in millions of euros)

Ski areas

123.3

123.3

34.2%

165.5

37.3% -25.5% 25.5% -97.6%

165.5

-25.5% -98.8%

Leisure parks

1.2

2.4

1.0%

97.0

97.0

Holdings and supports

-30.6

-30.6

-30.3 232.3

-1.3%

-30.3 232.3

-1.3%

EBITDA

93.8

95.0

15.5%

27.2% -59.1%

-59.6%

As a percentage of revenue, it was down sharply, to 15.5%, compared to the previous year (27.2%). Restated for the impact of IFRS 16, it amounts to €80.1 million (13% of revenue). The Covid-19 pandemic had a very significant impact on the Group’s operating results. It resulted in the implementation of savings plans, the taking of holidays and the use of partial unemployment benefits for the permanent and seasonal staff of our open sites, as well as for the staff of the Holdings and supports functions.

On the other hand, the digital projects, considered fundamental for the Group and the business resumption after the crisis, were maintained and are continuing. The Group also maintained the payment in March 2020 of an activity bonus of €2.7 million (compared with €2.4 million the previous year).

5.1.2.2 Capital expenditure

FY 2019/2020 Comparable scope (2)

% of revenue 2019/2020 Comparable scope

% of revenue 2018/2019 Comparable scope

Change % Comparable scope (2) - (3) / (3)

FY 2019/2020 Actual scope (1)

FY 2018/2019 Comparable scope (3)

FY 2018/2019 Actual scope (4)

Change % Actual scope (1) - (4) / (4)

(in millions of euros)

Ski areas

80.1 86.1

80.1 84.7

22.2% 37.0%

101.6 102.8

22.9% -21.2% 27.0% -17.6%

101.6 102.8

-21.2% -16.3% 82.2%

Leisure parks

Holdings and supports

8.9

8.9

4.9

82.2%

4.9

NET CAPITAL EXPENDITURE

175.1

173.7

28.4%

209.4

24.5% -17.0%

209.4

-16.4%

Investment levels are one of the main performance measures monitored by the Group, alongside revenue and EBITDA. On a comparable scope basis, net capital expenditure decreased by -€35.7 million compared to the previous year. In view of the pandemic, the Group has put in place measures to adjust and postpone certain projects over the coming years.

In Ski areas, they amounted to €80.1 million, down €21.5 million. They mainly consist of ski lifts, and snow-making and grooming machines. In Leisure parks, they amounted to €86.1 million on an actual scope basis and €84.7 million on a comparable scope basis, down €18.1 million.

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Compagnie des Alpes I 2020 Universal registration document