Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Discount rate sensitivity

Discount rate

(-0.5 points)

Actual

(+0.5 points)

(in thousands of euros)

Present value of obligations (= commitments)

47,372

44,614

42,092

Cost of services rendered

2,712

2,491

2,295

Interest

48

273

468

Sensitivity to changes in compensation

Increase in compensation

(-0.1 points)

Actual

(+0.1 points)

(in thousands of euros)

Present value of obligations (= commitments)

44,109

44,614

45,126

Cost of services rendered

2,452

2,491

2,531

Interest

269

273

275

Current provisions Current provisions cover the risks directly related to the operation of the Group’s sites. The change in current provisions breaks down as follows:

Income

Other

30/09/2021

30/09/2020

Increases

Reversals

Provision for major repairs

6,136 10,775 16,911

1,375

-300

1

7,212

Other

17,781

-5,138 -5,438

-1

23,417 30,629

TOTAL

19,156

-

Provisions for major repairs are only for the Ski areas and are intended to cover work on lifts under leasing contracts.

Increases and reversals change the amounts of other current provisions which mainly concern ongoing litigation for €9.7 million, social and tax audits for €6.7 million, provisions for negative net position of non- consolidated companies (€2.2 million) and €4.8 million in provisions for miscellaneous risks.

6.12 BORROWINGS Breakdown of gross borrowings and net debt

30/09/2021

30/09/2020

Non-current

Current

Total Non-current

Current

Total

(in thousands of euros)

Bonds

259,634 506,552

259,634 577,700

259,530 268,725

259,530 374,237

Borrowings from credit institutions Other borrowings and similar debt

71,148

105,512

701 125

701 125

700

700

Lease finance

4

4

Accrued interest

8,628 2,065

8,628 2,065 2,467

3,091

3,091

Bank credit balances and similar

22,532

22,532 2,999

Employee profit-sharing

2,467

2,999

Miscellaneous

97

191

288

270

805

1,075

SUBTOTAL

769,576 151,993 921,569

82,032 10,225

851,608 162,218

532,228 165,791 698,019

131,940

664,168 177,043 841,212

Lease liabilities IFRS 16

11,252

TOTAL

92,257 1,013,826

143,192

Structure of debt Fixed-rate borrowing mainly corresponds to bonds subscribed by CDA and CDA Financement (€260 million), the Season SGL of €269 million, and a bank loan of €18.75 million.

The floating-rate borrowing mainly includes a €200-million SGL, a bank loan of €44 million, as well as drawings on the NEU CP programme and short-term bank credit lines.

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Compagnie des Alpes I 2021 Universal registration document