Compagnie des Alpes // 2021 Universal Registration Document

EDITORIAL

Dominique MARCEL, Chairman of the Board of Directors

Ladies and Gentlemen, Dear Shareholders, Like the rest of the leisure sector, in which Compagnie des Alpes is a major player on a European scale, we have just gone through an unprecedented crisis: the long periods of closure to which our sites have been forced have cost Compagnie des Alpes the equivalent of one year of revenue over the last two financial years! However, the enthusiasm for the mountains and leisure activities is very real. We were able to measure this as soon as it was possible to welcome customers to our Ski areas and Leisure parks, which justifies the Group’s desire to return to the profitable growth trajectory that it had before the end of the crisis as soon as possible. For this purpose, Compagnie des Alpes has quality assets that are both attractive and efficient, in which it has invested heavily in recent years. In addition, its teams are ready to surpass themselves to offer skiers and visitors unforgettable moments. Lastly, it has been able to be agile and disciplined to face the financial crisis: the adjustment of its operating expenses, the aid and compensation measures from which it has benefited, the support of

Compagnie des Alpes has no shortage of projects to boost the attractiveness of its sites and deploy growth drivers that create value for all its stakeholders.” “

its creditors and that of its shareholders, through the capital increase successfully completed in June 2021, have worked together to preserve its cash position during the crisis and to give it the means to continue its proactive investment policy. With a new management team in place and the support of its Board of Directors, Compagnie des Alpes is resolutely focused on the future. From new developments underway at Futuroscope to the increase in hotel capacity at Parc Astérix or the acceleration of the development of Parc Bellewaerde, from the ongoing development of our Ski areas to the diversification of mountain leisure activities, we are always on the lookout for projects aimed at boosting the attractiveness of sites and deploying growth drivers with the ambition of continuing to create value for all stakeholders. At the time of publication of this document, as we face a new wave with a new variant, it is risky to envisage a precise end

to the health crisis. Nevertheless, you can be assured that, while remaining a committed partner alongside the regions and local authorities, Compagnie des Alpes will continue to adapt to circumstances in order to demonstrate its resilience or dynamism as the situation evolves.

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