Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

5.1.1.2 Revenue The revenue for the 2018/2019 fi scal year rose by 6.6% compared with the previous period on an actual scope basis, to €854.0 million. On a comparable scope, it improved by 4.2%.

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)

Ski areas

443.8 380.7

443.8 363.8

429.3 339.9

3.4% 7.0%

429.3 339.9

3.4%

Leisure parks

12.0% -7.7%

Holdings and supports

29.5

27.5

32.0

-13.9%

32.0

REVENUE

854.0

835.1

801.2

4.2%

801.2

6.6%

Ski areas In the 2018/2019 fiscal year, revenue from Ski areas reached €443.8 million, up by +3.4% compared to the previous period, which, as for information, included sale of land amounting to €2.4 million. Ski lift tickets, strictly speaking, recorded a growth of +3.9%, re fl ecting a 0.6% increase in the number of skier days and a 3.3% increase in average revenue per skier-day. This season benefited from favourable conditions in terms of snowfall for almost all the massifs in France. In this context of sti ff er competition, the Group recorded further growth in the total number of skier days for the fourth consecutive year. The Group also highlights the fact that all of its areas saw an increase in revenue. Beyond the natural qualities of the sites operated by the Group, this performance once again proves the relevance of its economic model and the soundness of its strategy. The strategy is based on the constant improvement of the quality of its ski areas (development and optimisation of lifts and equipment), active participation in boosting the accommodation o ff er and the creation of beds, as well as the distribution and active marketing of mountain stays. Leisure parks In the 2018/2019 fi scal year, the revenue from Leisure parks stood at €380.7 million, up by 12% in published data. On a comparable scope, growth stood at +7%. This performance can be explained in particular by a further 4.5% increase in per visitor spending. In fact, investments in site infrastructure, improvement of product ranges, and the extension of catchment areas thanks to the hotel o ff ering allow an increase in per visitor spending in the park with a clear increase in the collection rates and an increase in the average shopping carts in food services and shops at the main sites. This strong growth is also explained by a 2.5% increase in the number of visitors on a comparable scope, thanks in particular to the record- breaking performance of the French sites, notably at Parc Astérix (+7.1%) and Walibi Rhône-Alpes (+9.1%). On the other hand, the reduction in the marketing of discount tickets in certain markets had

a negative mechanical impact on the number of visitors, o ff set by an increase in per visitor spending. Overall, taking into account the consolidation of Familypark, the BU totalled 9.6 million visits during the fi scal year (+8.8%). This increase in the number of visitors was not at the expense of the Very High Satisfaction of the visitors, which has increased almost in all aspects this summer. The new attractions inaugurated this year are contributing to the development of the capacity of the parks and their success enhances their attractiveness. Therefore, “Mystic” in Walibi Rhône-Alpes, “Untamed” in Walibi Holland or attention Menhir in Parc Astérix have directly reached satisfaction ratings of more than or equal to 9 out of 10. The operation of new “sites” has also started very well. Familypark continued to grow compared to last year, which was already a record (around 6% over the six months of consolidation). The opening of the Bellewaerde Aquapark reached a level of activity in line with the Group’s expectations. Finally, the opening of the second hotel of Parc Astérix has also been successful, contributing directly to the very good performance of the site this year. Holdings and supports Holdings and supports revenue amounted to €29.5 million compared to €32 million for the same period last year. The consolidation of Travelfactory revenue for 12 months, compared to 9 months in the previous fi scal year, only partially o ff set the decline in revenues related to the consulting business. Travelfactory recorded overall business growth over the fi scal year, with launches of the Travelski site in Belgium, the Netherlands and the UK. Consulting revenue dropped in comparison with the previous fi scal year due to the expiration of the project management contract with Jardin d’Acclimatation, following its re-opening. This drop was not o ff set by other contracts, including those with Jardin d’Acclimatation, and contracts in China, particularly in Taicang and Beidahu, and in Japan and Uzbekistan.

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Compagnie des Alpes I 2019 Universal registration document