Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

5.1.1.1 Consolidated income statement for financial year 2020/2021

Financial year 2020/2021 Comparable scope (2)

Financial year 2019/2020 Comparable scope (3)

Financial year 2020/2021 Actual scope (1)

Change % Comparable scope (2) - (3) / (3)

Financial year 2019/2020 Actual scope (4)

Change % (1) - (4) / (4)

(in millions of euros)

Revenue

240.6

239.8

582.4

-58.8% -18.3% 98.6% -21.0%

615.6

-60.9% -24.7%

EBITDA (gross operating income)

70.6

71.9

87.9

93.8

EBITDA/Revenue

29.3%

30.0% -124.3

15.1%

15.2%

92.6%

NET OPERATING INCOME

-124.4

-102.7

-105.9

-17.5% -56.7%

Net cost of debt and miscellaneous

-28.4

-8.1 12.8

Income tax expense

20.3

58.0%

Equity method NET INCOME

9.1

0.7

1,146.3% -11.8%

-123.5

-110.4

Minority interests

1.8

6.1

-70.5%

NET INCOME (GROUP SHARE) -16.6% The change on a comparable scope basis excludes the sales for Les 2 Alpes ski resort, which was removed from the scope of consolidation on 1 December 2020. -121.7 -104.3

Operating income amounted to -€124.4 million (-€124.3 million on a comparable scope basis). Depreciation and amortisation amounted to €140 million, down by €8.4 million compared to the previous financial year, mainly due to the withdrawal of public service delegations from Les Deux Alpes. Other income and expenses include: l impairment of goodwill for the Leisure parks business unit for €55.2 million (compared to the previous year’s figure of €48.8 million); l a net income of €2.2 million relating to the exit of the Deux Alpes PSC, mainly due to the recognition of the additional termination indemnity due by the Municipalities, partially offset by changes in provisions; l a cost related to the closure of the Grévin Montréal site for an amount of €0.7 million. After taking into account the cost of net debt for -€20.3 million, other financial income and expenses for -€8.1 million, a tax benefit of +€20.3 million, and the amount of the tax credit for €9.1 million, the Group’s net income amounts to a loss of -€121.7 million compared to a loss of -€104.3 million for the same period of the previous financial year.

Overall, and for the second consecutive financial year, the Compagnie des Alpes Group’s results for financial year 2020/2021 were strongly impacted by the Covid-19 pandemic, with a significant loss of revenue. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was positive at €70.6 million and €71.9 million on a comparable scope. Over the previous financial year, EBITDA stood at +€93.8 million on an actual scope basis and +€87.9 million on a comparable scope basis, despite a shortened season in terms of ski areas and a 30% decrease in activity for Leisure parks due to distancing measures. The Group’s EBITDA takes into account, for a total amount of €211.4 million, the aid and compensation obtained, i.e. : l compensation paid to the ski lift companies for their net amount, i.e. €168.3 million; l compensation for the partial unemployment scheme and social security exemptions in France for €22 million; l and other aid and subsidies received in France and abroad for a net amount of €21.1 million. Independently of this aid obtained, the Group was able to offset the shortfall in revenue by reducing its operating expenses by more than 41%.

5.1.1.2 Revenue Revenue for financial year 2020/2021 amounted to €240.6 million, down -60.9% due to the health crisis that led the Group to close its leisure parks throughout the 2020/2021 winter season.

Financial year 2020/2021 Comparable scope (2)

Financial year 2019/2020 Comparable scope (3)

Financial year 2020/2021 Actual scope (1)

Change % Comparable scope (2) - (3) / (3)

Financial year 2019/2020 Actual scope (4)

Change % (1) - (4) / (4)

(in millions of euros)

Ski areas

11.4

10.6

327.0 232.1

-96.8%

360.2 232.1

-96.8%

Leisure parks

221.7

221.7

-4.5%

-4.5%

Holdings and supports

7.4

7.4

23.4

-68.2% -58.8%

23.4

-68.2% -60.9%

REVENUE

240.6

239.8

582.4

615.6

5.1.1.2.1 Ski areas The revenue from the Ski areas for the 4 th quarter of financial year 2020/2021 amounted to €5.3 million and was up, on a comparable scope, by +13% compared to the same period of the previous financial year, which was itself an increase compared to the 4 th quarter of

financial year 2018/19 (last reference year before the health crisis). This good performance reflects the growing appetite for the mountains and, moreover, summer activities such as, for example, the Mountain Kart or the Zipline, have been a resounding success.

144

Compagnie des Alpes I 2021 Universal registration document