Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

3.9 BORROWINGS Maturities of the Company’s financial debt break down as follows:

At 30/09/2021

At 30/09/2020

Increases

Decreases

(in thousands of euros)

Bonds

100,000 207,870

100,000

Group borrowings

-165,874

41,996

Accrued interest not yet due on bonds

1,402

1,402

Bank overdrafts

529

-478

51

TOTAL

309,801

-

-166,352

143,449

Borrowings (in thousands of euros)

Maturity at less than 1 year

From 1 to 2 years

From 2 to 3 years 100,000

From 3 to 4 years

From 4 to

Total

5 years Over 5 years

Bonds

100,000

-

Group borrowings Interest on bonds

41,996

41,996

1,402

1,402

- -

Bank overdrafts (incl. intra-group)

51

51

TOTAL

143,449

1,453

- 100,000

-

-

41,996

The bond issue (for €100 million in 2014) is accompanied by a shareholder clause stipulating that the direct or indirect shareholding of Caisse des Dépôts in the capital of Compagnie des Alpes SA must be greater than or equal to 33.33%. If, without prior consent by the lending institution, Caisse des Dépôts were to directly or indirectly own less than 33.33% of the share capital and voting rights of the borrower, the lender could immediately call in the loan. After

the capital increase, Caisse des Dépôts holds 41.435% of the share capital of Compagnie des Alpes. The bonds come with the obligation to respect a financial ratio based on the consolidated financial statements of Compagnie des Alpes Group.

The ratio that must be respected is the following:

Covenant Ratio at 30/09/2021

Consolidated net debt/Consolidated EBITDA

N/A

8.8

The Group has obtained an agreement from all of its banking and bond partners to suspend its debt leverage covenant (covenant holiday) for the next two dates on which it was to be tested, namely 30 September 2021 and 31 March 2022. Before obtaining the lenders’ agreement to

suspend the debt leverage covenant, the ratio to be respected was less than 3.50. The Group loan of €42 million is with CDA Financement.

3.10 OPERATING LIABILITIES Operating liabilities break down as follows:

At 30/09/2021

At 30/09/2020

(in thousands of euros)

Trade payables

8,505 7,118

7,631 6,586

Liabilities towards staff and social security bodies

Tax liabilities (VAT and other taxes)

613

887

Customer credit notes

4,242

TOTAL

16,236

19,346

3.11

OTHER LIABILITIES AND ADJUSTMENT ACCOUNTS

Other liabilities break down as follows:

At 30/09/2021

At 30/09/2020

(in thousands of euros)

Tax consolidation current accounts

1,441

5,531

Corporate tax liabilities Other debt

814

546

TOTAL

2,255

6,077

205

Compagnie des Alpes I 2021 Universal registration document