Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

This agreement guarantees Grévin & Cie the right to use the comic strip characters and world in its theme parks, in France and abroad. An amendment signed in March 1996 set the licensing fee at 3% of sales excluding VAT of Parc Astérix, with a minimum fee of €1.7 million. IMPAIRMENT OF ASSETS Definition of cash-generating units and allocation of assets An asset’s recoverable amount is the higher of its fair value less selling costs and its value in use. The recoverable amount of property, plant and equipment and intangible assets is tested when events, market developments or internal factors indicate a risk of a permanent loss of value. It is tested at least once a year, at the reporting date, for assets with an indefinite useful life (category limited to goodwill, brands and trademarks). As goodwill and the main items of property, plant and equipment and intangible assets relate to operation of the sites, these are allocated to groups of cash-generating units, which equate to the sites on which the Group’s strategic development is focused. An impairment loss is recognised if the recoverable amount of the asset or group of assets tested is lower than its book value. Goodwill impairment losses are irreversible. Impairment losses for other items of property, plant and equipment and intangible assets may be reversed if the recoverable amount of the asset increases. Impairment of goodwill is presented in the line “Other operating income and expenses” in the income statement. Allocation of goodwill and operating assets to cash-generating units (CGUs) The Group’s CGUs comprise the sites it operates. For impairment testing purposes, goodwill is allocated at the level of the groups of CGUs, which constitute homogeneous entities generating cash flows that are largely independent of the cash flows generated by the other CGUs. The CGUs that the Group intends to continue to operate and hold have been reorganised as follows: l Ski areas portfolio: grouping together all the ski areas whose arbitration regarding operation and investments is pooled in a single decision-making body; l Leisure parks portfolio: grouping together all the Leisure parks and Musées Grévin in France and abroad, whose arbitration regarding operation and investments is pooled in a single decision-making body; l the other Group companies are grouped under the heading Holdings and supports (consulting, tour operator activities, real estate agencies and holding companies). Indeed, the size of these activities does not justify the creation of a dedicated sector, whether for the Travelfactory sub-group (tour operator) or other companies with a real estate or agency activity. 1.15

l Domaine Skiable de Valmorel (DSV) – Valmorel: The company operates a concession granted by the Communauté de Communes de la Vallée d’Aigueblanche (grouping of several municipalities), which runs to 30 September 2052. l Domaine Skiable de La Rosière (DSR) - La Rosière: The company operates a concession granted by the Commune de la Rosière, which runs to 30 September 2039. Pursuant to these agreements, and depending on the case, the operating companies either pay a concession fee or a municipal tax and departmental tax (known as the “Mountain Law tax”), or both. These fees and levies are based on sales of ski lift passes and calculated as a contract-specific percentage. Some contracts may provide for a fixed minimum fee (over all or part of the contract period); in this case, they were restated as part of the first application of IFRS 16. By way of exception within the CDA Group, the municipalities of Saint- Martin de Belleville, Val-d’Isère and Tignes retain responsibility for the ski run service, for which Sevabel, STVI and STGM pay a special fee. Moreover, under the different contracts signed by the Group, CDA subsidiaries may enter into agreements on investment budgets. Such agreements are variable and can be reviewed, mainly with regard to their term, amount and nature, depending on the contract and implementation opportunities. In light of certain lease contracts signed by the Leisure parks, these investment budget agreements may concern all of the Group’s subsidiaries. Real estate development concessions l ADS has concessions for real estate development granted by the municipality of Bourg-Saint-Maurice. l through its 99.9%-owned subsidiary, SCIVABEL, Sevabel also holds the development concession for the Reberty urban development zone (ZAC de Reberty) at Les Ménuires. l GMDS, with its 99.99%-owned subsidiary Société d’Aménagement Arve-Giffre (SAG), also owns land in Flaine in the Grand Massif. This real-estate company is managed under a tourism-development arrangement with the Syndicat Intercommunal de Flaine (grouping of several municipalities). The projected development costs are recognised pro rata to the building permits sold, upon signing of the deed of sale. Leisure park concessions l Concession for the highway interchange giving access to Parc Astérix: Parc Astérix has a private interchange from the A1 motorway giving access to the park: this concession was granted by SANEF (concessionary company of the A1 motorway) for a period of 99 years (from 1987 to 2086). The right to operate this concession is accounted for as an intangible asset of Grévin & Cie (see Note 6.2), which pays a fee to SANEF for the passage of each vehicle through the toll plaza. This fee corresponds to the highway toll that is not paid when vehicles use the Parc Astérix interchange. l Licensing agreement with Editions Albert-René (publisher of the Astérix comic books): In 1986, a licensing agreement was concluded with Editions Albert- René for the legal duration of the copyright, which is 70 years after the death of the last surviving author.

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Compagnie des Alpes I 2020 Universal registration document