Compagnies des Alpes // 2019 Universal Registration Document
5 FINANCIAL INFORMATION
Consolidated financial statements
5.3
EBITDA BY BUSINESS SEGMENT
EBITDA breaks down as follows:
Ski areas Total 30/09/2019 30/09/2018 30/09/2019 30/09/2018 30/09/2019 30/09/2018 30/09/2019 30/09/2018 Leisure parks Holdings and supports
(in thousands of euros)
Revenue
443,777 429,324 380,713 339,927
29,521
31,975
854,011 801,226
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION 165,523 159,271
97,020 81,967 -30,251 -22,894 232,292 218,344
Operating margin (EBITDA/revenue)
37.3% 37.1%
25.5% 24.1%
NS
NS
27.2% 27.3%
Figures for capital expenditure by segment are also shown below, together with the proportion of revenue they account for.
Ski areas Total 30/09/2019 30/09/2018 30/09/2019 30/09/2018 30/09/2019 30/09/2018 30/09/2019 30/09/2018 Leisure parks Holdings and supports
(in thousands of euros)
NET CAPITAL EXPENDITURE
101,635 90,995 102,829 91,260
4,908
3,943 209,372 186,198
Capital expenditure as a proportion of revenue
22.9% 21.2%
27.0% 26.8%
16.6% 12.3%
24.5% 23.2%
5.4
BORROWING COST, OTHER FINANCIAL INCOME AND EXPENSES
30/09/2019
30/09/2018
(in thousands of euros)
Interest expense on borrowings Other fi nancial revenue and expenses
-8,270
-8,242
0 0
0 4
Other fi nancial income and expenses Income on cash and cash equivalents
NET COST OF DEBT
-8,270 -1,229
-8,238
Losses on fi nancial transactions
-541 -512
Other fi nancial income
253
Financial provisions/reversals
-1,077 -2,053
-2,969 -4,022
OTHER FINANCIAL INCOME AND EXPENSES
5.5 INCOME TAX EXPENSE Income tax expense breaks down as follows:
30/09/2019
30/09/2018
(in thousands of euros)
Current taxes Deferred taxes
-32,644
-26,609
398
-3,136
TOTAL
-32,246
-29,744
The reconciliation between the standard tax rate in France and the e ff ective tax rate is outlined below (the e ff ective tax rate is the ratio of income tax to net income of consolidated companies, including income
from discontinued operations included in the tax consolidation, but before tax and adjustments for goodwill impairment losses).
The reconciliation between income tax and the pre-tax income of consolidated companies is shown below:
30/09/2019
30/09/2018
NET INCOME BEFORE TAX
103,646 33.33% 34,549
92,904 33.33% 30,968
Current tax rate
Theoretical tax expense
E ff ects of: Di ff erence between actual tax rate and theoretical rate Non-deductible expenses/non-taxable income Tax loss carryforwards not recognised in assets Income from associate companies recognised net of tax Income from discontinued operations recognised net of tax Adjustment of deferred taxes following changes in tax rates Activation of losses from previous years
138 674
130 760
1,627
1,018 1,622
-2,463 -2,954
-1,490 -1,231 -1,738
0 0
Other
675
-294
TOTAL INCOME TAX EXPENSE
32,246
29,744
Tax loss carryforwards for which no deferred tax was recognised, stood at €24.3 million at 30 September 2019 (of which €16 million relate to foreign subsidiaries), and equate to a deferred tax asset of €6.3 million.
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Compagnie des Alpes I 2019 Universal registration document
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