Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

(Fiscal year ended 30 September 2020) To the Shareholders’ Meeting of Compagnie des Alpes, Opinion Under the terms of the mission entrusted to us by your Shareholders’ Meetings, we have performed an audit of the annual financial statements of Compagnie des Alpes for the fiscal year ended 30 September 2020, such as they are attached to this report. We certify that the consolidated financial statements are, according to the IFRS standard adopted in the European Union, regular and honest and give a true image of the result of the transactions in the past fiscal year and the financial situation and assets, at the end of the fiscal year, of the unit composed of the persons and entities included in the consolidation. The opinion expressed above is consistent with the content of our report to the Audit and Finance Committee. Basis for our opinion Audit guidelines We have carried out our audit in accordance with the professional standards applicable in France. We feel that the audit evidence we collected provides a sufficient and adequate basis for our opinion. The responsibilities incumbents upon us pursuant to these standards are specified in the part “Responsibilities of the Statutory Auditors relative to the audit of the consolidated financial statements” in the present report. Independence We have carried out our audit in compliance with the independence provided for in the French Commercial Code and the French Code of Ethics for Statutory Auditors, during the period from 1 October 2019 to the date of our report, and in particular we have not provided services prohibited under Article 5, paragraph 1, of regulation (EU) No. 537/2014. Comment Without calling into question the opinion expressed above, we would like to draw your attention to Notes 1 “Accounting principles and methods” and 8.1 “Impact of IFRS 16 on the financial statements” to the consolidated financial statements, which set out the following: impact of the first-time application, at 1 October 2019, of IFRS 16 “Leases”. Justification of our assessments – Key points of the audit The global crisis in relation to the Covid-19 pandemic creates special conditions for the preparation and auditing of the financial statements for this fiscal year. This crisis and the exceptional measures taken as part of the health emergency are having multiple consequences for companies, particularly as regards their activity and financing, as well as increased uncertainty about their future outlook. Some of these measures, such as travel restrictions and teleworking, have also had an impact on the internal organisation of companies and the way in which audits are carried out. It is in this complex and evolving context that, pursuant to the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of material misstatement which, in our professional judgement, were the most important for the audit of the consolidated financial statements for the year, as well as the responses we have provided to these risks. These assessments were made as part of the consolidated financial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on elements of these consolidated financial statements taken in isolation. Recognition of revenue Risk identified: The Group’s revenue mainly derives from tickets for entry to leisure parks and museums and sales of passes in ski resorts. The resulting income is recognised from ticketing computer systems which may vary depending on the sites. Although the Group relies on several systems for internal control (distribution of internal control guides, campaigns for the self-evaluation of sites, etc.) to ensure the accuracy and comprehensiveness of the revenue, we nevertheless considered that the recognition of ticket sales is a key point in the audit, due to the volume of individual transactions, the large number of sites concerned and the existence of different ticketing systems. Our solution: In the context of our audit, while adapting the level of checks according to the estimated level of risk for each site, particularly when new ticketing software is developed, our work includes: l a critical review of the internal-control systems for checking the effectiveness of the procedures put in place to calculate the revenue; l a critical review of the control environment for the IT systems used, with the help of our IT experts;

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Compagnie des Alpes I 2020 Universal registration document