Compagnie des Alpes // 2020 Universal Registration Document

INTERVIEW

As the health crisis continues, how are you approaching the year in 2020/2021?

Can the severity of this crisis call into question the Group’s future?

At the time of publication of this document, the public authorities have just announced that the ski lifts will remain closed during the winter holidays and, probably, until the end of the season. This would represent a shortfall over the fiscal year of around €290 million in the first case and around €400 million in the second. Regarding our leisure parks, we hope to be able to open according to the usual schedule in the spring and we expect a gradual return to a normal situation during the summer. The experience acquired by our teams since the beginning of the crisis gives us confidence in our ability to operate all of our sites in strict compliance with health standards and to continue to attract customers among whom an appetite for leisure activities, and for our parks in particular, remains strong. Under these conditions, as we demonstrated last year, we will ensure that our operating expenses are kept under control. We estimate that we will be able to offset 25 to 30% (excluding the compensation scheme) of the shortfall in our revenue. In addition, we will once again have to adjust our annual capital expenditure by postponing certain projects according to changes in the situation and the timetable for the resumption of activity.

The strategy deployed over the years has enabled us to enter into the crisis with many advantages. We have constantly enriched and modernised our offering, enhanced the quality and attractiveness of our sites and paid particular attention to customer satisfaction. We have also invested in digital technology to better understand our customers, roll out relationship marketing campaigns and strengthen our online sales. From a financial standpoint, Caisse des Dépôts is a powerful reference shareholder, a guarantee of sustainability for our investors and our creditors. At the start of the crisis, we also had a solid balance sheet. Thanks to the adjustment of our operating expenses and our investments, we ended the past year with a strong cash position. Since then, we have secured a new State-Guaranteed-Loan which will help us cover our liquidity needs. Compagnie des Alpes can therefore rely on sufficiently solid industrial, human and financial assets to quickly return to the growth trajectory that we had before the health crisis. We have no shortage of value-creating projects, such as our investment in the ambitious Futuroscope transformation plan, and we are confident that we will be able to seize new opportunities, notably arising from the crisis.

We can rely on industrial, human and financial assets strong enough to return to our growth trajectory.

Compagnie des Alpes I 2020 Universal registration document 3