Compagnie des Alpes // 2020 Universal Registration Document

5 FINANCIAL INFORMATION

Parent-company financial statements

2.5 POST-EMPLOYMENT BENEFITS The obligations of Compagnie des Alpes with respect to post- employment benefits are measured and recognised off-balance sheet. The calculation method complies with the Company’s collective arrangements that came into force on 1 July 2009. The obligation is calculated on the basis of current salaries (fixed salary and bonuses), including benefits to be paid when employees retire, and

taking into account seniority at retirement date. The assumption of voluntary retirement at the age of 62 was taken as the most probable. The benefits reflect a number of coefficients and assumptions (anticipated life expectancy, changes in the benefit calculation basis, inflation, etc.). The discount rate is based on the performance of the 10-year iBOXX and amounts to 0.6% per annum for the fiscal year ended 30 September 2020 (0.50% at 30 September 2019).

Note 3

Notes relating to the balance sheet

3.1

PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

The property, plant and equipment and intangible assets line items changed as follows:

At 30/09/2020

At 30/09/2019

Increases

Decreases

(in thousands of euros) Intangible assets

21,990 -15,206

5,688 -3,010 2,678

-

27,678 -18,216

Depreciation of intangible assets

NET TOTAL

6,784

-

9,462

At 30/09/2020

At 30/09/2019

Increases

Decreases

(in thousands of euros)

Property, plant and equipment Amortisation of intangible assets

3,483 -2,654

385

-17

3,851

-321

17

-2,958

NET TOTAL

829

64

-

893

Investments correspond, for the most part, to IT developments led by Compagnie des Alpes (in particular the development of CRM applications and datalakes).

3.2 FINANCIAL ASSETS The changes in non-current financial assets can be summarised as follows:

At 30/09/2020

At 30/09/2019

Increases

Decreases

(in thousands of euros)

Shareholdings

900,220

5,662

905,882

Shareholdings in non-consolidated companies Related receivables (and accrued interest not yet due)

11,937 18,045

11,937 18,331 2,638

294

-8

Dividends receivable

-

2,638

Deposits and guarantees

442 562 370

1

443 541 172

Treasury stocks

-21

Outstanding cash for the market-making agreement

-198

GROSS TOTAL

931,576 -44,938

8,595

939,944 -108,243 -11,463 820,238

Impairment of shareholdings Impairment of related receivables

-63,305

-3,625

-7,838

NET TOTAL

883,013

-62,548

-227

30 September 2020 (compared to a negative translation adjustment of €455 thousand at 30 September 2019), was fully impaired to take into account the financial situation of the subsidiary and its outlook. In the context of the health crisis that sharply reduced corporate values net of debt (based on medium-term business plans), significant impairments were recorded during the year. Impairment of securities amounted to €108.24 million at 30 September 2020 after taking into account increases of €63.3 million for the fiscal year, which can mainly be analysed as follows: l impairment of Belpark shares for an amount of €12 million; l impairment of securities of HHH for an amount of €27.5 million; l impairment of Travelfactory shares for an amount of €11.9 million. l impairment of securities of By Grévin for an amount of €3.0 million;

The increase in equity investments results from the acquisition of 10.9% of the shares of Travelfactory for €1.54 million bringing the stake to 84.18% (in accordance with commitments to purchase and sell shares) and an earn-out payment of €0.4 million for the acquisition of Familypark. Compagnie des Alpes also carried out a capital increase for some of its subsidiaries:

l CDA Production for an amount of €0.7 million; l Chaplin’s By Grévin for an amount of €3.0 million.

Further advances of CAD1.25 million (or €0.8 million at 30 September 2020) were granted by Compagnie des Alpes to its subsidiary Grévin Montréal during the year, taking the total amount of advances to CAD10.35 million. This receivable, which generated a positive translation adjustment of €55 thousand during the fiscal year ended

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Compagnie des Alpes I 2020 Universal registration document