Compagnie des Alpes // 2020 Universal Registration Document

NET CAPITAL EXPENDITURE (1) (in millions of euros)

In order to preserve its liquidity position in the context of a deterioration in activity, Compagnie des Alpes adjusted its investment plans by around €30 million, broken down according to the seasonality of the programmes by business line, as compared to the amounts initially budgeted for 2019/2020.

102 103

91

91

86

86

84

80

70

59

15/16

16/17

17/18

18/19

19/20

Ski areas

Leisure destinations

FREE CASH FLOW FROM OPERATIONS (2) (in millions of euros) 45 32 28

19/20

The decrease in revenue in 2019/2020 was only partially offset by the reduction in operating expenses and the postponement of certain investments.

16/17

17/18

18/19

- 67

NET DEBT (3) (in millions of euros)

LIQUIDITY POSITION €310 MILLION (at 30/09/2020)

In June 2020, the State-Guaranteed Loan (€200 million) and the confirmation of overdraft facilities (€147 million) contributed to the preservation of the liquidity position of Compagnie des Alpes. In September, the Group announced a temporary suspension of its financial covenant.

648 *

540

402

381

At the end of the fiscal year, the Group has €310 million in cash, lines of credit and overdraft that have not been drawn down, and no significant debt repayments falling due in the short term.

16/17

17/18

18/19

19/20

* The impact of IFRS 16 on net debt is €177 million. After taking this impact into account, net debt amounted to €825 million.

DIVIDEND The payout ratio of Compagnie des Alpes has historically been around 30% since the dividend paid for FY 2014/2015. Considering the highly specific context related to the pandemic, and in order to preserve its liquidity, the Board of Directors will recommend that the shareholders opt not to distribute a dividend in respect of financial year 2019/2020 when they meet in March 2021.

NET INCOME GROUP SHARE (in millions of euros)

62

33

31

Net income Group share was impacted by non-recurring expenses totalling €69.6 million, mainly related to the impairment of assets in Leisure parks but also in Ski areas. Restated for these non-recurring items, with no impact on cash, the net loss would have been limited to -€34.7 million.

19/20

16/17

17/18

18/19

-35

-104

Excluding non-recurring items

(1) Net industrial investment (acquisitions of property, plant and equipment and intangible assets net of changes in accounts payable for fixed assets and proceeds from the sale of fixed assets). (2) Operating cash flow - Net capital expenditure before financial expenses and taxes. (3) Gross borrowings net of available cash and cash equivalents.

17

Compagnie des Alpes I 2020 Universal registration document