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.

143

Compagnie des Alpes I 2019 Universal registration document

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