Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

Capital increase In June 2021, the Group carried out a capital increase of €231 million with the aim of strengthening its shareholders’ equity, whilst supporting the financing of the business plan which includes attractiveness projects to support the dynamic activity of the sites, by accelerating the ecological transition with the roll-out of the Group’s “Triple Zero” environmental ambition ( i.e. a threefold objective by 2030: carbon neutrality, “zero non-recovered waste”, and a positive impact on biodiversity) and by supporting regional deployment. Lastly, it carried out a second capital increase by cancelling the preferential subscription right reserved for Caisse des Dépôts et Consignations for an amount of €20 million, carried out by the contribution of Société du Parc du Futuroscope shares for the same amount. Floods in Belgium On 14 July 2021, heavy rains fell in central and eastern Belgium and flooded the Walibi Belgium and Aqualibi parks, which were closed until the end of the financial year. Decontamination, drainage and cleaning work began very quickly to allow the Walibi Belgium Park to reopen on 2 October for Halloween. Costs amounting to €4.5 million were recorded in the financial statements for the financial year ended 30 September 2021. Insurance appraisals are in progress to determine the damage and operating losses and the related compensation (contingent assets and liabilities). Change in governance A Board of Directors’ meeting was held on 25 March, in the wake of the Shareholders’ Meeting and the decision was made, in keeping with its decision of 28 January, to approve the separation of the positions of Chairman and Chief Executive Officer. This decision was taken in the context of the expiry of the term of office of Dominique Marcel and the need to set up a new governance for the Group. Given the context of the crisis, the Board wanted to ensure that there was stability in the management of the Company and decided that it was in the best interest of the Company for a managerial transition to take place gradually. The Board decided to renew the term of office of Chairman and Chief Executive Officer, Dominique Marcel, until 31 May 2021 and to appoint Dominique Thillaud as Deputy Chief Executive Officer until the same date. Again to ensure continuity in the Company’s governance, Dominique Marcel was appointed Chairman of the Board of Directors as from 1 June, Dominique Thillaud was appointed Chief Executive Officer and Loïc Bonhoure was appointed Deputy Chief Executive Officer with effect from the same date, each for a term expiring at the end of the Annual Shareholders’ Meeting called to approve the financial statements closed on 30 September 2024. In this context, the departure of Dominique Marcel from his position as Chairman and Chief Executive Officer on 31 May will constitute a triggering of the severance pay as defined by the Board of Directors on 19 March 2009 and renewed in 2013 and in 2017. On 28 January 2021, the Board of Directors noted that the performance criteria governing it had been met.

As a result, the severance payment was recognised for financial year 2020/2021 for an amount of €1.16 million including social security charges but will only be paid during financial year 2021/2022. Public service agreements relating to the Les 2 Alpes ski area On 28 November 2019, the delegating municipalities notified Deux Alpes Loisirs (DAL), a subsidiary of Compagnie des Alpes, of their decision to terminate the public service delegation contracts early in order to allow for a competitive bidding process with a view to setting up a single public service delegation for the entire area, from 1 December 2020. In June 2020, after approval by the municipalities of Deux Alpes and Saint-Christophe-en-Oisans, a public service delegation contract was signed with the Société Touristique de Alpe d’Huez (SATA), as beneficiary, for the construction and operation of the Deux Alpes ski area. On 29 January 2020, Compagnie des Alpes filed an application against the early termination of the public service delegation contracts, together with a claim for compensation in the amount of €7.95 million. Furthermore, on 6 August 2020, Compagnie des Alpes filed an application for the cancellation of the contract between the delegating municipalities and the Société Touristique de Alpe d’Huez. A statement of compensation was also filed on 1 February 2021 for the purpose of obtaining compensation for the Group in the amount of €322.5 million (estimated loss related to the non-award of the contract to DAL). DAL, SATA and the municipalities have attempted to bring their negotiations to a successful conclusion through conciliation. A memorandum of understanding has been reached between SATA and DAL concerning the repossession of the assets relevant to the concession and SATA has to date paid all the sums it owed to DAL. While DAL and the municipalities had almost reached an agreement, the municipalities are now contesting the amounts that have been discussed for months. To date, they have not paid the amounts due to DAL, even though DAL transferred the operation of the station to SATA on 1 December 2020. Disagreements mainly concern: l the early termination indemnity due under the concession agreement, with the municipalities refusing to pay on the grounds that DAL would not have received revenue this year in light of the Covid-19 pandemic and therefore would not have suffered any losses, whereas the contract provided for a calculation of the indemnity on the basis of income prior to the termination and payment before the end of the contract; l the payment by the municipalities for the use of land required for the operation of the ski lifts, even though this land belongs to DAL itself. Following the failure of the conciliation procedure and a formal notice to the delegating municipalities from DAL which was unsuccessful, DAL filed an application against the municipalities of Deux Alpes and Saint-Christophe to pay it €6.4 million for the early termination of the concession agreements

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Compagnie des Alpes I 2021 Universal registration document