Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Exposure of net debt before hedging (c) = (b) - (a)

Interest-rate-hedging instruments (d)

Net debt exposure after hedging (e) = (c) + (d)

Financial assets (a)

Financial liabilities (b)

Fixed rate 350.0

Floating rate

Fixed rate

Floating rate

Fixed rate

Floating rate

Fixed rate

Floating rate

Fixed rate

Floating rate

30/09/2021 (in millions of euros) Less than 1 year From 1 to 2 years From 2 to 3 years From 3 to 4 years From 4 to 5 years

15.7

66.3 -334.3

66.3 66.2 50.2 50.1 55.1

28 -306.3 16 290.8

38.3 50.2 50.2 50.1 55.1

274.8 109.4

66.2 50.2 50.1 55.1

274.8 109.4

109.4

55.6 12.9 95.1

55.6 12.9 95.1

55.6 12.9 95.1

Over 5 years

0.2

0.2

0.2

TOTAL

350.0

563.5 288.1 213.6 288.1

44 257.6 244.1

Liquidity The Compagnie des Alpes Group anticipates its financing needs: when the Finance Department draws up its multi-year plans, it ensures that it always has sufficient liquidity to cover investments and current operations, and cope with any exceptional events. In the medium term, the Compagnie des Alpes Group benefits from the diversified debt described above, based on a buffer of bank and disintermediated financing (loans from a banking pool, bilateral bank loans, bond loans, revolving credit) whose maturities are spread out over time. Liquidity was strengthened in a context of uncertainty related to the Covid-19 pandemic by two SGLs, including the €200-million loan which was already extended in June 2021. In the short term, through the use of confirmed bank overdraft facilities that are not subject to covenants, and/or through a NEU CP programme (Negotiable European Commercial Paper) capped at €240 million. As of 30 September 2021, the Group’s net financial debt (excl. IFRS 16) stood at €501.7 million. As at 30 September 2021, the Group had a significant buffer of undrawn credit facilities: l €214 million in medium- and long-term loans can be drawn upon at any time; l for short-term requirements, €132.4 million is available at any time in the form of confirmed overdrafts; l in addition, cash and cash equivalents amounted to €350.6 million.

Information on the repayment clauses Banking covenants

The bonds and bank loans taken out in 2017 and 2019, the revolving loan, as well as the bank loan concluded with an Austrian bank are subject to a common covenant. It corresponds to the “Consolidated net debt/ Consolidated EBITDA” financial ratio. This covenant is reviewed twice a year, on 31 March and 30 September, and should be less than 3.5. In a context of uncertainty related to the Covid-19 pandemic, CDA obtained an agreement in May with all the banking and bond partners concerned, to put in place a covenant holiday from September 2021 to March 2022. Though there is no financial consideration, this agreement provides for certain alternative commitments covering the period from 30 September 2021 to 31 March 2022. They mainly concern compliance with established minimum liquidity levels (this must be greater than €250 million per month), the undertaking not to exceed a consolidated net capital expenditure of €190 million over 12 months from the date of this agreement, maintenance of the Group’s consolidated net debt below €750 million, and compliance as at 31 March 2022 with a maximum financial ratio of 7.00. l Caisse des Dépôts et Consignations’ direct or indirect shareholding in Compagnie des Alpes (which must be at least equal to 33.34% of the share capital and voting rights of CDA); l Compagnie des Alpes’ shareholding in CDA Financement, which must remain greater than or equal to 99.9%; l any shareholdings purchased by one or more persons, other than the Caisse des Dépôts et Consignations, which acting together would acquire at least 33.34% of the share capital and voting rights in Compagnie des Alpes. Other repayment clauses Other repayment clauses relate mainly to:

Information on interest rates The table below shows the interest rates after taking into account interest-rate hedges.

30/09/2021

30/09/2020

Amount

Rate

Amount

Rate

(in millions of euros)

Fixed-rate borrowings Floating-rate borrowings

604.8 244.1

1.51% 1.72%

576.2

2.00% 0.96%

83.9

Shareholdings and miscellaneous TOTAL EXCLUDING IFRS 16

2.8

4.1

851.6 162.2

1.54%

664.2

1.77%

Lease liabilities IFRS 16 TOTAL WITH IFRS 16

177.0

1,013.8

841.2

181

Compagnie des Alpes I 2021 Universal registration document