Compagnies des Alpes // 2019 Universal Registration Document

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Content	2
Editorial	4
A major player in the European leisure industry	6
A proven strategy	8
Businesses firmly rooted in their ecosystems	10
Shared know-how acting as a value-creation lever	12
Effective governance	14
The 5 major CSR issues	16
Performance indicators and objectives	18
1. INTRODUCTION TO COMPAGNIE DES ALPES AND ITS ACTIVITIES	21
1.1 Activities, markets and competition	22
1.1.1 SKI AREAS (52% OF 2018/2019 GROUP CONSOLIDATED REVENUE)	22
1.1.2 LEISURE PARKS (45% OF GROUP CONSOLIDATED REVENUE IN 2018/2019)	24
1.1.3 HOLDING AND SUPPORT ACTIVITIES (NEARLY 3.0% OF THE GROUP’S 2018/2019 CONSOLIDATED REVENUE)	27
1.2 Strategy and outlook	27
1.3 History	30
2. RISK FACTORS	33
2.1 Risk management procedures	34
2.2 Strategic risks	35
2.2.1 RISKS LINKED TO CHANGING LEISURE CONSUMPTION HABITS	35
2.2.2 RISKS LINKED TO THE REAL ESTATE MARKET	36
2.2.3 RISKS LINKED TO THE IMPACTS OF CLIMATE CHANGE	36
2.2.4 RISKS LINKED TO THE COMPETITIVE ENVIRONMENT	36
2.3 Operational risks	37
2.3.1 RISKS OF CYBER ATTACKS	37
2.3.2 RISKS OF IT SYSTEM FAILURE	37
2.3.3 RISKS OF BODILY INJURY	37
2.3.4 SECURITY RISKS	38
2.4 Human risks	38
2.4.1 RISKS OF HUMAN RESOURCE SHORTAGE	38
2.4.2 RISKS RELATING TO EMPLOYEE SAFETY	38
2.5 Regulatory and compliance risks	39
2.5.1 RISK OF NON-COMPLIANCE	39
2.5.2 RISK OF MAJOR LOSS OF A PUBLIC SERVICE CONCESSION	39
2.6 Crisis management procedures	39
2.7 Insurance – risk cover	40
2.7 .1 CIVIL LIABILITY INSURANCE	40
2.7 .2 INSURANCE POLICY COVERING DAMAGE TO PROPERTY AND RELATED BUSINESS INTERRUPTION	40
2.8 Internal control procedures	40
2.8 .1 INTERNAL CONTROL PROCEDURES	40
2.8 .2 PROCEDURES RELATIVE TO THE PRODUCTION OF ACCOUNTING AND FINANCIAL INFORMATION	42
2.8 .3 CHANGES TO INTERNAL CONTROL PROCEDURES IN 2018/2019	43
2.8 .4 OVERSIGHT	43
3. REPORT ON CORPORATE GOVERNANCE	45
3.1 Composition of administrative and management bodies	46
3.1.1 THE BOARD OF DIRECTORS AND COMMITTEES	46
3.1.2 EXECUTIVE MANAGEMENT	59
3.1.3 ADDITIONAL INFORMATION RELATING TO DIRECTORS AND EXECUTIVE CORPORATE OFFICERS	61
3.2 Functioning of executive and management bodies	62
3.2.1 FUNCTIONING OF THE BOARD OF DIRECTORS AND ITS COMMITTEES	62
3.2.2 PROCEDURES FOR THE EXERCISE AND LIMITATION OF EXECUTIVE MANAGEMENT POWERS	64
3.3 Compensation of corporate officers	65
3.3.1 COMPENSATION AND BENEFITS OF ANY KIND PAID OR AWARDED TO EXECUTIVE CORPORATE OFFICERS	65
3.3.2 COMPENSATION AND BENEFITS OF ANY KIND AWARDED TO MEMBERS OF THE BOARD OF DIRECTORS	75
3.4 Compliance with corporate governance recommendations	77
4. STATEMENT OF NON FINANCIAL PERFORMANCE	79
4.1 The Group’s CSR organisation and challenges	80
4.1.1 ORGANISATION	80
4.1.2 THE GROUP’S CSR RISKS AND CHALLENGES	80
4.2 Labour challenges	82
4.2.1 KEY INDICATORS	82
4.2.2 OUR EMPLOYEES	82
4.2.3 OUR KEY LABOUR CHALLENGES	83
4.2.4 OTHER LABOUR CHALLENGES	87
4.2.5 CONSOLIDATED LABOUR DATA – GROUP SCOPE	89
4.3 Environmental challenges	92
4.3.1 ORGANISATION AND PROCEDURES AT THE GROUP’S SITES	92
4.3.2 ENERGY FOOTPRINT OF GROUP SITES	93
4.3.3 BIODIVERSITY AND LANDSCAPE	98
4.3.4 SUSTAINABLE WATER MANAGEMENT	102
4.3.5 THE CIRCULAR ECONOMY AND WASTE	103
4.3.6 CONSOLIDATED ENVIRONMENTAL DATA	105
4.4 Societal challenges	106
4.4.1 LONG-TERM CONTRIBUTION TO THE DEVELOPMENT AND APPEAL OF THE REGIONS	106
4.4.2 POSITION OURSELVES AS A TRUSTWORTHY PLAYER IN THE EYES OF OUR STAKEHOLDERS	109
4.4.3 COMPLIANCE AND ETHICS	111
4.5 Methodology note on CSR reporting	113
4.5.1 REPORTING SCOPE	113
4.5.2 DATA COLLECTED	114
4.5.3 COLLECTION PROCESS	114
4.5.4 LIMITATIONS OF DATA COLLECTION AND RELIABILITY	114
4.6 Report by the independent third-party body on the consolidated statement of non-financial performance appearing in the management report	115
5. FINANCIAL INFORMATION	119
5.1 Analysis of consolidated results and sectors	120
5.1.1 ANALYSIS OF GROUP RESULTS	120
5.1.2 CASH, FINANCING AND CAPITAL	124
5.1.3 EVENTS AFTER THE REPORTING PERIOD	125
5.2 Activities and results of S.A. Compagnie des Alpes	125
5.2.1 ROLE OF COMPAGNIE DES ALPES WITHIN THE GROUP	125
5.2.2 ACTIVITIES AND RESULTS	125
5.2.3 KEY FIGURES OF THE COMPANY	125
5.2.4 DIVIDEND POLICY	126
5.2.5 INFORMATION ON PAYMENT PERIODS	126
5.2.6 INFORMATION ON COMPENSATION AND BENEFITS RECEIVED BY CORPORATE OFFICERS DURING THE FISCAL YEAR	127
5.2.7 SUBSIDIARIES AND SHAREHOLDINGS	127
5.2.8 IDENTITY OF THE CONSOLIDATING COMPANY	127
5.2.9 OTHER INFORMATION	127
5.2.10 KEY EVENTS AFTER THE REPORTING DATE	127
5.3 Consolidated financial statements	128
5.3.1 FINANCIAL STATEMENTS	128
5.3.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	132
5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS	166
5.4 Parent company financial statements	170
5.4.1 PARENT-COMPANY BALANCE SHEET, INCOME STATEMENT AND STATEMENT OF CASH FLOWS AT 30 SEPTEMBER 2019	170
5.4.2 NOTES TO THE PARENT-COMPANY FINANCIAL STATEMENTS	172
5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS	179
5.4.4 STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS AND COMMITMENTS	182
6. SHARE CAPITAL AND SHAREHOLDING	187
6.1 Share capital	188
6.1.1 CHANGES IN THE COMPANY’S SHARE CAPITAL OVER THE PAST FIVE YEARS	188
6.1.2 TREASURY STOCK	189
6.1.3 AUTHORISATIONS TO INCREASE THE SHARE CAPITAL	190
6.1.4 POTENTIAL SHARE CAPITAL	190
6.1.5 MANAGEMENT AND EMPLOYEE INTEREST IN THE SHARE CAPITAL OF COMPAGNIE DES ALPES	191
6.2 Shareholder structure	192
6.2.1 CHANGE IN SHAREHOLDER STRUCTURE AND VOTING RIGHTS	192
6.2.2 ENTITIES OR PERSONS WITH CONTROLLING CAPACITY	192
6.2.3 SHAREHOLDERS’ AGREEMENTS	193
6.2.4 PORTION OF COMPANY SHARE CAPITAL THAT WAS PLEDGED OR IS SUBJECT TO OTHER RESTRICTIONS	193
6.2.5 DEVELOPMENT OF THE INDIVIDUAL SHAREHOLDER BASE	193
6.2.6 EMPLOYEE SHAREHOLDERS	193
6.2.7 CORPORATE OFFICERS’ AND SENIOR MANAGERS’ SHAREHOLDINGS AND TRADING	193
6.2.8 POTENTIALLY KEY FACTORS IN THE EVENT OF A TAKEOVER BID	194
6.3 Stock-market information	194
6.3.1 CONTEXTE	194
6.3.2 PERFORMANCE OF THE COMPANY’S STOCK DURING FY 2018/2019	194
6.4 Disclosure policy	196
6.4.1 DOCUMENTS MADE AVAILABLE TO THE PUBLIC	196
6.4.2 PRESS RELEASES	196
6.4.3 SHAREHOLDERS’ ADVISORY COMMITTEE	197
6.4.4 INDIVIDUAL SHAREHOLDER CONTACT	197
6.4.5 PUBLIC MEETINGS	197
6.4.6 2019/2020 EVENTS AND FINANCIAL CALENDAR	197
7. ADDITIONAL INFORMATION	199
7.1 Information on Compagnie des Alpes	200
7.1.1 GENERAL INFORMATION	200
7.2 Persons responsible for the Universal Registration Document	201
REFERENCE TABLE OF THE UNIVERSAL REGISTRATION DOCUMENT	202

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