Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

5.1 Analysis of consolidated results and sectors

5.1.1 ANALYSIS OF GROUP RESULTS Highlights of the year Covid-19 crisis The financial year ended on 30 September 2021 was marked, on the one hand, by the long periods of closure imposed by the health crisis and, on the other hand, by a dynamic recovery of the summer activity of the Leisure parks. The financial year breaks down into three distinct periods: l a 1 st half-year during which all Leisure parks and Ski areas could only open a few days in October and were still closed at the end of the period; l a 3 rd quarter during which the sites gradually reopened, staggered between early May and early June, but with health restrictions in place; l then a 4 th quarter during which activity was particularly dynamic. The Group’s business activities As a result, Compagnie des Alpes’ consolidated revenue for financial year 2020/2021 amounted to €240.6 million, compared with €615.6 million for the same period of the previous financial year, i.e. a decrease of 60.9% (-58.8% on a like-for-like basis). Revenue for the Ski areas for financial year 2020/2021 amounted to €11.4 million, compared with €360.2 million for the same period the previous year. It includes the proceeds of a land sale in the amount of €2.6 million during the 3 rd quarter. Revenue from the Leisure parks amounted to €221.7 million, which is fairly close to that of the previous financial year (€232.1 million, i.e. -4.5%), while the number of business days was reduced by 6% compared to last year and despite the closure of Walibi Belgium and Aqualibi from mid-July, following severe flooding. Revenue for Holdings and supports in the 2020/2021 financial year stood at €7.4 million, compared with €23.4 million for the previous financial year. This decrease mainly reflects the impact of the health crisis on Travelfactory’s business. Reduction of expenses As a result of the efforts made by the Group since the beginning of the financial year, Compagnie des Alpes has been able to offset the cumulative shortfall in revenue from its Ski areas and Leisure parks by reducing its operating expenses by more than 30% (excluding the compensation scheme). Annual Capex Budget As the Group had promised, net industrial investments were contained: they came to €143.3 million for financial year 2020/2021 versus €175.1 million for the previous financial year. After recognition of the proceeds from the disposal of the Deux Alpes assets for €51 million, the balance reached €92.3 million. This amount reflects a sustained support effort to revive activity in the regions in which the Group operates.

Aid schemes In response to the significant difficulties experienced by companies operating in the tourism sector, the French government has set up aid schemes from which the Group has benefited. Thus, in December 2020, upon the announcement of the closure of the ski lifts in order to combat the spread of the Covid-19 epidemic, the French government introduced the principle of an exceptional support scheme for ski lift operators whose business was particularly affected by the Covid-19 epidemic in France. The purpose of this system is to partially offset the loss of revenue or revenue incurred by these operators. On 19 March, the European Commission approved the implementation of this aid scheme aimed at partially compensating French ski lift operators for the damage caused by the Covid-19 pandemic. This partial compensation of fixed costs was then the subject of Decree No. 2021-311 published on 25 March last year. Its net impact on pre-tax cash flows at 30 September 2021 amounted to €168.3 million. In addition, partial compensation for fixed costs has been granted to all companies in the tourism sector whose activity has been negatively impacted by the health restrictions. As a result, the leisure parks and tour operators were able to benefit from this aid scheme and from the solidarity fund for a total amount of €10.6 million. All of this aid is recognised in Other operating income and expenses in the amount of €178.9 million. In addition, due to the closure of the leisure parks and ski lifts, the Group benefited from the partial unemployment scheme, as well as assistance and social security contributions for a total amount of €22 million. This aid is recognised as a reduction in personnel costs. Abroad, the Group received similar compensation for a total amount of €10.4 million. Liquidity In the context of the Covid-19 pandemic, the Group has closely monitored its main sources of liquidity, in order to anticipate any possible restrictions and ensure that its financial position was sufficient to meet, where applicable, its operating, investment and interest payment requirements. In parallel with the aid measures, the Group: l took out a second State-Guaranteed Loan, known as a “Season” loan, for €269 million in December 2020, for a period of one year; l in April 2021, extended until 2026 the State-Guaranteed Loan in the amount of €200 million, which had been made available to the Group in June 2020 for an initial term of one year. Finally, in June 2021, the Group negotiated a covenant holiday for the test dates of 30 September 2021 and 31 March 2022.

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Compagnie des Alpes I 2021 Universal registration document