Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION Activity and results of S.A.

30 September 2020 and 31 March 2021 (see Note 6.12 to the financial statements). 5.1.3.3 Financial structure ratios The ratio of net debt to rolling EBITDA was 8.1 compared to 2.33 at 30 September 2019. As a reminder, it is calculated before the application of IFRS 16. In accordance with covenant holiday, the Group is not required to comply with a ratio of less than 3.5x. The covenant holiday agreement was granted without financial compensation but provides for certain substitute commitments covering the period from 30 September 2020 to 31 March 2021. These substitute commitments mainly relate to (i) compliance with established minimum liquidity levels, (ii) the promise not to exceed a consolidated net industrial investment of €190 million over 12 months from the date of this agreement, and (iii) the promise to maintain the Group’s consolidated net debt below €850 million.

Financial debt also includes: l a State-guaranteed loan (SGL) in the amount of €200 million; l an outstanding amount of short-term marketable securities (NEU CP) of €80 million, down €54 million compared to 30 September 2019. In 2020, CDA distributed dividends of €17.1 million to its shareholders and €5 million to minority shareholders. These distributions took place in early March, prior to the start of the health crisis. 5.1.3.2 Group financial liquidity In the context of major crisis, the Group’s liquidity was ensured by the establishment of a State-guaranteed loan (SGL) of €200 million and by the confirmation of overdraft facilities for €147 million. In addition, the Group obtained an agreement from all of its banking and bond partners to suspend its debt leverage covenant (covenant holiday) for the next two dates on which it was to be tested, namely 5.1.4 EVENTS AFTER THE REPORTING DATE On 12 October, Compagnie des Alpes signed a new shareholder agreement with Banque des Territoires - Caisse des Dépôts, the department of Vienne and SEM Patrimoniale de la Vienne, which commits the partners to a major investment plan of €300 million (including €200 million carried by Compagnie des Alpes) over the next ten years.

This transforming project for Futuroscope concerns the current site as well as a new adjacent business park, which Compagnie des Alpes will manage operationally under a new 30-year lease. The aim of this project is to strengthen the appeal of Futuroscope as an exceptional short-stay destination in France and in Europe.

5.2 Activity and results of S.A. Compagnie des Alpes

5.2.1 ROLE OF COMPAGNIE DES ALPES WITHIN THE GROUP The role of Compagnie des Alpes S.A. 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.

market listing. It also 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 parks 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 129 to 130 full-time equivalents (FTEs).

To this end, Compagnie des Alpes S.A. 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

5.2.2 ACTIVITY AND RESULTS

In 2019/2020, Compagnie des Alpes continued the internal re- invoicing policy as it did in 2018/2019. These factors resulted in a net operating loss of -€12.5 million (previous fiscal year: -€10.6 million). Net financial income of €27.3 million was recorded, compared to €19.9 million the previous year. Dividends received from subsidiaries amounted to €55.4 million compared to €47 million in 2018/2019. The cost of financing increased from -€6.3 million to - €6.9 million.

Impairment of securities and receivables reached -€71.1 million in 2019/2020 and essentially concern consolidated subsidiaries. Exceptional income came to -€0.2 million, compared to -€0.1 million the previous fiscal year. After taking into account tax income of €7.7 million (vs. €5.4 million the previous year) at tax consolidation level, the net income amounted to €32.4 million compared to €14.6 million the previous year.

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Compagnie des Alpes I 2020 Universal registration document