Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

5.5 INCOME TAX EXPENSE Income tax expense breaks down as follows:

30/09/2020

30/09/2019

(in thousands of euros)

Current taxes Deferred taxes

-3,528 16,360 12,832

-32,644

398

TOTAL

-32,246

The reconciliation between the standard tax rate in France and the effective tax rate is outlined below (the effective tax rate is the ratio of income tax to net income of consolidated companies, including income

from discontinued operations included in the tax consolidation, but before tax and adjustments for goodwill impairment losses).

The reconciliation between income tax and the pre-tax income of consolidated companies is shown below:

30/09/2020

30/09/2019

NET INCOME BEFORE TAX

-123,246 31.00% -38,206

103,646 33.33% 34,549

Current tax rate

Theoretical tax expense

Effects of: Difference between actual tax rate and theoretical rate Non-deductible expenses/non-taxable income Tax loss carryforwards not recognised in assets Income from associate companies recognised net of tax

5,111

138 674

15,572 5,442

-836

-225 -525

-2,954

Other

675

TOTAL INCOME TAX EXPENSE

-12,832

32,246

Tax loss carryforwards for which no deferred tax was recognised, stood at €20.2 million at 30 September 2020 (of which €4.7 million relate to foreign subsidiaries), and equate to a deferred tax asset of €5.7 million.

5.6

SHARE OF NET INCOME OF ASSOCIATE COMPANIES

Companies (in millions of euros)

Share of income of associated companies

Country

Revenue

Income

EBITDA Impairment

30/09/2019 Groupe Cie du Mont-Blanc

France France France France

103.2

18.6

39.6 16.0

7.0 1.4 0.2 0.3 8.9

SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)

39.2 12.9 13.3

6.8

1.1 1.7

3.8 4.8

TOTAL

30/09/2020 Groupe Cie du Mont-Blanc

France France France France

86.8 35.6 11.9 10.8

10.0

27.6 15.3

3.8

SERMA (Avoriaz) DSV (Valmorel) DSR (La Rosière)

5.7 0.1 1.0

1.1

2.9 3.8

4.4

-4.4

0.2 0.7

TOTAL

156

Compagnie des Alpes I 2020 Universal registration document