Compagnie des Alpes // 2021 Universal Registration Document

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EDITORIAL	2
INTERVIEW	3
A MAJOR PLAYER IN THE EUROPEAN LEISURE SECTOR	4
SOLID FUNDAMENTALS AND FINANCIAL DISCIPLINE	6
INTERACTIONS WITH ECOSYSTEMS	8
COMMITTED PARTNER, SERVING THE REGIONS AND LOCAL	10
VALUE CREATION BASED ON SHARED KNOW-HOW	12
CHANGE IN GOVERNANCE	14
KEY INDICATORS	16
1. INTRODUCTION TO COMPAGNIE DES ALPES AND ITS ACTIVITIES	19
1.1 Activities, markets and competition	20
1.1.1 SKI AREAS (4.8% OF GROUP CONSOLIDATED REVENUE IN 2020/2021)	20
1.1.2 LEISURE PARKS (92.2% OF THE GROUP’S CONSOLIDATED REVENUE IN 2020/2021)	23
1.1.3 HOLDINGS AND SUPPORTS ACTIVITIES (AROUND 3.0% OF THE GROUP’S 2020/2021 CONSOLIDATED REVENUE)	25
1.2 Strategy and future outlook	26
1.3 History	28
2. RISK FACTORS	31
2.1 Risk management procedures	32
2.2 Strategic risks	33
2.2.1 RISKS RELATED TO CHANGES IN LEISURE CONSUMPTION PATTERNS*	33
2.2.2 RISKS RELATED TO THE REAL ESTATE MARKET SITUATION	33
2.2.3 RISKS RELATED TO THE EFFECTS OF CLIMATE CHANGE*	34
2.2.4 RISKS RELATED TO THE COMPETITIVE ENVIRONMENT	34
2.2.5 RISKS RELATED TO A MAJOR EPIDEMIC-PANDEMIC*	34
2.3 Operational risks	35
2.3.1 RISKS OF CYBER-ATTACK - CYBER RISK*	35
2.3.2 RISKS OF FAILURE OF INFORMATION SYSTEMS*	35
2.3.3 RISK OF BODILY INJURY	35
2.3.4 SECURITY RISKS	36
2.4 Human risks	36
2.4.1 RISKS OF SHORTAGE OF HUMAN RESOURCES*	36
2.4.2 PERSONNEL SECURITY RISKS	37
2.5 Regulatory and compliance risks	37
2.5.1 RISK OF NON-COMPLIANCE	37
2.5.2 RISK OF MAJOR LOSS OF PUBLIC SERVICE CONCESSION*	37
2.6 Crisis management procedures	38
2.7 Insurance - risk cover	38
2.7.1 CIVIL LIABILITY INSURANCE	38
2.7.2 PROPERTY DAMAGE AND BUSINESS INTERRUPTION INSURANCE	38
2.8 Internal control procedures	39
2.8.1 INTERNAL CONTROL PROCEDURES	39
2.8.2 PROCESS FOR PREPARING ACCOUNTING AND FINANCIAL INFORMATION	40
2.8.3 MONITORING	41
3. REPORT ON CORPORATE GOVERNANCE	43
3.1 Composition of administrative and management bodies	44
3.1.1 BOARD OF DIRECTORS AND COMMITTEES	44
3.1.2 EXECUTIVE MANAGEMENT	61
3.1.3 ADDITIONAL INFORMATION RELATING TO DIRECTORS AND EXECUTIVE CORPORATE OFFICERS	65
3.2 Functioning of executive and management bodies	65
3.2.1 FUNCTIONING OF THE BOARD OF DIRECTORS AND ITS COMMITTEES	65
3.2.2 PROCEDURES FOR EXERCISING AND LIMITING THE POWERS OF EXECUTIVE MANAGEMENT	69
3.3 Compensation of corporate offi cers	70
3.3.1 COMPENSATION POLICY FOR CORPORATE OFFICERS	70
3.3.2 COMPONENTS OF COMPENSATION PAID DURING THE YEAR OR AWARDED IN RESPECT OF FINANCIAL YEAR 2020/2021 TO EACH CORPORATE OFFICER	77
3.4 Compliance with corporate governance recommendations	88
4. STATEMENT OF NON-FINANCIAL PERFORMANCE	91
4.1 The Group’s CSR organisation and challenges	92
4.1.1 ORGANISATION	92
4.1.2 GROUP CSR RISKS AND CHALLENGES	92
4.2 Labour issues	94
4.2.1 KEY INDICATORS	94
4.2.2 OUR HEADCOUNT	94
4.2.3 OUR KEY LABOUR CHALLENGES	95
4.2.4 OTHER LABOUR CHALLENGES	99
4.2.5 CONSOLIDATED SOCIAL DATA - GROUP SCOPE	102
4.3 Environmental challenges	105
4.3.1 ORGANISATION AND APPROACH AT GROUP SITES	105
4.3.2 GROUP ENERGY AND CARBON FOOTPRINT	107
4.3.3 BIODIVERSITY AND LANDSCAPES	113
4.3.4 SUSTAINABLE WATER MANAGEMENT	117
4.3.5 CIRCULAR ECONOMY AND WASTE	119
4.3.6 CONSOLIDATED ENVIRONMENTAL DATA	121
4.4 Societal challenges	122
4.4.1 LONG-TERM CONTRIBUTION TO THE DEVELOPMENT AND APPEAL OF THE REGIONS	122
4.4.2 POSITION OURSELVES AS A TRUSTWORTHY PLAYER IN THE EYES OF OUR STAKEHOLDERS	126
4.4.3 COMPLIANCE AND ETHICS	127
4.5 Methodology note on CSR reporting	130
4.5.1 SCOPE OF REPORTING	130
4.5.2 DATA COLLECTED	131
4.5.3 DATA COLLECTION PROCESS	131
4.5.4 LIMITS OF DATA COLLECTION AND RELIABILITY	131
4.6 Application of the European Taxonomy	132
4.6.1 METHODOLOGICAL NOTE	132
4.6.2 STATEMENT	136
4.6.3 REPORTING LIMITS	136
4.7 Report by the independent third-party body on the consolidated statement of non-fi nancial performance included in the management report	137
5. FINANCIAL INFORMATION	141
5.1 Analysis of consolidated results and sectors	142
5.1.1 ANALYSIS OF GROUP RESULTS	142
5.2 Activity and results of S.A. Compagnie des Alpes	148
5.2.1 ROLE OF COMPAGNIE DES ALPES WITHIN THE GROUP	148
5.2.2 BUSINESS ACTIVITY AND RESULTS	148
5.2.3 KEY FIGURES OF THE COMPANY	148
5.2.4 DIVIDEND POLICY	148
5.2.5 INFORMATION ON PAYMENT TERMS	149
5.2.6 INFORMATION CONCERNING COMPENSATION AND BENEFITS OF ANY KIND RECEIVED BY EACH CORPORATE OFFICER DURING THE FINANCIAL YEAR	149
5.2.7 SUBSIDIARIES AND SHAREHOLDINGS	149
5.2.8 IDENTITY OF THE CONSOLIDATING COMPANY	149
5.2.9 OTHER INFORMATION	149
5.2.10 SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE	149
5.3 Consolidated fi nancial statements	150
5.3.1 FINANCIAL STATEMENTS	150
5.3.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	154
5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	192
5.4 Parent company fi nancial statements	197
5.4.1 STATEMENT OF FINANCIAL POSITION, INCOME STATEMENT AND STATEMENT OF CASH FLOWS AT 30 SEPTEMBER 2021	197
5.4.2 NOTES TO THE PARENT-COMPANY FINANCIAL STATEMENTS	199
5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS	208
5.4.4 SPECIAL REPORT OF THE STATUTORY AUDITORS ON REGULATED AGREEMENTS	211
6. SHARE CAPITAL AND SHAREHOLDING	215
6.1 Share capital	216
6.1.1 CHANGE IN THE AMOUNT OF THE COMPANY’S SHARE CAPITAL OVER THE LAST THREE YEARS	216
6.1.2 TREASURY STOCK	217
6.1.3 AUTHORISATIONS TO INCREASE THE SHARE CAPITAL	219
6.1.4 POTENTIAL SHARE CAPITAL	219
6.1.5 INTERESTS OF DIRECTORS AND EMPLOYEES IN THE SHARE CAPITAL OF COMPAGNIE DES ALPES	220
6.2 Shareholding	221
6.2.1 CHANGE IN SHAREHOLDER STRUCTURE AND VOTING RIGHTS	221
6.2.2 LEGAL ENTITIES OR NATURAL PERSONS ABLE TO EXERCISE CONTROL	221
6.2.3 SHAREHOLDERS’ AGREEMENTS	222
6.2.4 SHARE OF THE COMPANY’S SHARE CAPITAL SUBJECT TO PLEDGES OR OTHER RESTRICTIONS	222
6.2.5 DEVELOPMENT OF SHAREHOLDING BY NATURAL PERSONS	222
6.2.6 EMPLOYEE SHAREHOLDING	222
6.2.7 SHAREHOLDINGS AND SECURITIES TRANSACTIONS OF CORPORATE OFFICERS AND EXECUTIVES	222
6.2.8 METHODS OF SHAREHOLDER PARTICIPATION IN THE SHAREHOLDERS’ MEETING	223
6.2.9 FACTORS LIKELY TO HAVE AN IMPACT IN THE EVENT OF A TAKEOVER BID	224
6.3 Stock market information	224
6.3.1 CONTEXT	224
6.3.2 THE SECURITIES MARKET DURING FINANCIAL YEAR 2020/2021	224
6.4 Disclosure policy	225
6.4.1 DOCUMENTS MADE AVAILABLE TO THE PUBLIC	226
6.4.2 PRESS RELEASES	226
6.4.3 SHAREHOLDERS ’ADVISORY COMMITTEE	227
6.4.4 SHAREHOLDER CONTACT	227
6.4.5 PUBLIC MEETINGS	227
6.4.6 AGENDA FOR FINANCIAL YEAR 2021/2022 - FINANCIAL CALENDAR	227
7. ADDITIONAL	229
7.1 Information concerning Compagnie des Alpes	230
7.2 Persons responsible for the Universal registration document	231
REFERENCE TABLE	232
CROSS-REFERENCE TABLE OF THE UNIVERSAL REGISTRATION DOCUMENT	232
CROSS-REFERENCE TABLE OF THE ANNUAL FINANCIAL REPORT	235
CROSS-REFERENCE TABLE OF THE MANAGEMENT REPORT	236
CROSS-REFERENCE TABLE OF THE STATEMENT OF NON-FINANCIAL PERFORMANCE	238

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