Compagnie des Alpes // 2021 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

Note 4

Notes relating to the income statement

4.1 REVENUE Revenue amounted to €31.3 million. These mainly consist of services provided by the Company on behalf of its subsidiaries (operational services and holding company services) and staff seconded to subsidiaries. Revenue was €1.8 million higher than the previous financial year. A savings plan, initiated in March 2020 in the context of the pandemic, resulted in a reduction in services re-invoiced to subsidiaries over the previous financial year. The financial year 2021 therefore corresponds to a resumption of activities and returns to the level of the financial year 2019. OPERATING EXPENSES Operating expenses net of reversals of provisions and other income amounted to €49.6 million, up €6.7 million compared to the previous year. 4.2

This change is due to: l the increase in external services of €5.8 million following the capital increase and the resumption of activities (fees, IT costs and travel expenses higher than the previous financial year); l the increase in provisions for contingencies and charges of €2.7 million. On the other hand, personnel costs fell by €2.6 million, following in particular the payment of an activity bonus (PEPA) to the Group’s employees for the financial year 2019/2020, fully paid by CDA SA and not renewed for the financial year 2020/2021. They also include the severance pay due to the Chairman and Chief Executive Officer in the amount of €1.2 million. No profit-sharing was recognised at 30 September 2021 nor at 30 September 2020.

4.3 NET FINANCIAL INCOME Net financial income breaks down as follows:

At 30/09/2021

At 30/09/2020

(in thousands of euros)

Dividends

1,083

55,427

Income on financial receivables

132

65

SUBTOTAL: DIVIDENDS AND INCOME ON FINANCIAL RECEIVABLES

1,215 -3,019 -3,576 -6,595

55,492 -3,340 -3,577 -6,917

Interest expense on loans and cash pools

Interest expense (bond)

SUBTOTAL: FINANCING COSTS Reversal of financial provisions

4,455

Impairment of non-current financial assets

-64,932 -60,477

-75,843 -75,843

SUBTOTAL: PROVISIONS AND IMPAIRMENT (NET)

Write-offs Other

-5

-55

NET FINANCIAL INCOME

-65,862

-27,323

4.5 CORPORATE INCOME TAX For the financial year ended 30 September 2021, Compagnie des Alpes remained at the head of a tax consolidation group comprising all of the Group’s French entities which are more than 95% owned. The tax consolidation regime of Compagnie des Alpes is based on the general principle of financial neutrality. Each subsidiary member of the tax group states income tax as if the subsidiary were not consolidated, and the parent company declares the total income tax of the tax group. The tax group posted an overall deficit of €47.5 million. Pursuant to the amended Finance Act for 2021, a request to benefit from the additional carry back scheme was made before 30 September 2021. This carry back generated tax income of €3.4 million (in addition to the carry back recorded at 30 September 2020 for €0.3 million).

Dividends amounted to €1.1 million, compared to €55.4 million in 2020. Financial expenses on bonds and cash pool current accounts amounted to €6.6 million, compared to €6.9 million in 2020. Impairment of securities and financial receivables was recognised for an amount of €60.5 million (see Note 3.2) NET EXTRAORDINARY INCOME Net extraordinary income amounted to €0.12 million, compared to -€0.25 million in 2020 and includes the income (losses and gains) on treasury share buybacks as part of the market promotion programme. 4.4

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Compagnie des Alpes I 2021 Universal registration document