Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

5.1 Analysis of consolidated results and sectors

5.1.1 ANALYSIS OF GROUP RESULTS

5.1.1.1 Activity and results for the period CONSOLIDATED INCOME AT 30/09/2019 Therefore, the Group proved its solidity, the resilience of the business of the Ski areas and the major dynamism of the Leisure parks. The Very High Satisfaction strategy combined with signi fi cant attractiveness- Compagnie des Alpes Group’s revenue for the 2018/2019 fi scal year rose by 6.6% compared with the previous fi scal year on an actual scope basis, to €854.0 million. On a comparable scope*, it improved by 4.2% compared to the 2017/2018 fi scal year. Gross operating income was up 6.4%, and amounted to €232.3 million on an actual scope basis; on a comparable scope, it amounted to €227.4 million and increased by 4.2%. EBITDA margin remained almost stable at 27.2% versus 27.3% in the previous fi scal year. On an actual scope basis, it benefited from the accretive e f fect of Familypark acquired in April 2019 and a dilutive e ff ect related to the Travelfactory group (consolidated as of 1 January 2018 of the previous year).

boosting investments made for three years resulted in an increase in business and pro fi tability. The operating income was impacted by the €6 million increase in amortisation and depreciation. Net cost of debt stabilised and amounted to -€8.3 million. Other fi nancial income and expenses improved by €2 million. After taking into account an income tax expense of €32.2 million and a share of net income of associates of €8.9 million, the net income stood at €71.4 million at 30 September 2019 versus €63.2 million in the previous year. Thus, net income, Group share amounted to €62.2 million, versus €57.2 million the previous year.

FY 2018/2019 Comparable scope (2)

Change % Comparable scope (2) - (3) / (3)

FY 2018/2019 Actual scope (1)

FY 2017/2018 Actual scope (3)

FY 2017/2018 Actual scope (4)

Change % Actual scope (1) - (4) / (4)

(in millions of euros)

Revenue

854.0 232.3 27.2% 105.1 -10.3 -32.2

835.1 227.4 27.2% 102.1

801.2 218.3 27.3%

4.2% 4.2% -0.1% 5.2%

801.2 218.3 27.3% 97.0 -12.3 -29.7

6.6% 6.4% -0.2% 8.4% -15.8%

EBITDA (gross operating income)

EBITDA/Revenue

OPERATING INCOME

97.0

Net cost of debt and miscellaneous

Income tax expense

8.4%

Equity method

8.9

4.5

98.2% 20.1%

Net income, ongoing business Net income from discontinued operations

71.4

59.5

0.0

3.7

-100.0%

NET INCOME

71.4 -9.2 62.2

63.2 -6.0 57.2

13.0% 53.6%

Minority interests

NET INCOME (GROUP SHARE)

8.8%

* The change on a comparable scope excluded the Familypark (Leisure parks) and Service Building (Ski areas) businesses, as well as the Travelfactory (Holdings and supports) business carried out as of the 1 st quarter of 2018/2019, since this acquisition had only been consolidated as of the 2 nd quarter of the previous year, i.e. 1 January 2018.

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Compagnie des Alpes I 2019 Universal registration document