Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Current provisions Current provisions cover the risks directly related to the operation of the Group’s sites. The change in current provisions breaks down as follows:

Income

Change in scope

30/09/2019

30/09/2018

Increases

Reversals

Other

Provision for major repairs

8,517 8,031

2,901 5,132 8,033

-3,455 -3,038 -6,493

0

0

7,963 6,736

Other

72 72

-3,461 -3,461

TOTAL

16,548

14,699

The disputes, periodically recorded, are analysed by management. The management then makes any provisions required. To the Group’s knowledge there are no governmental, legal or arbitration proceedings (including any proceedings of which the issuer is aware, any suspended proceedings, and any proceedings with which it is threatened), and no litigation or arbitration regarding the validity or execution of concession agreements or operating contracts held by the Group that might have or have had, during the past 12 months, a signi fi cant impact on the fi nancial position or pro fi tability of the Company and/or Group.

Provisions for major repairs are only for the Ski areas and are intended to cover work on lifts under leasing contracts. Other current provisions mainly relate to ongoing disputes and provisions for a net negative position of non-consolidated companies (€1.4 million). Following a merger-absorption that took place during the year, a previous provision was reversed as other movements representing €3.4 million. In the course of CDA’s day-to-day management of its activities, the Group is subject to a number of legal disputes and litigations. Compagnie des Alpes does not believe these will entail any signi fi cant cost or have any notable impact on its fi nancial position, business, pro fi ts, or property. BORROWINGS Breakdown of gross borrowings and net debt 6.12

30/09/2019

30/09/2018

Non-current

Current

Total Non-current

Current

Total

(in thousands of euros)

Bonds

259,426

259,426 245,791

194,244 104,249

194,244 130,722

Borrowings from credit institutions Other borrowings and similar debt

90,923

154,868

26,473

801

801

699

699

Lease fi nance

1,157

1,157 2,781

1,672

1,672 2,148

Accrued interest

2,781

2,148

Bank credit balances and similar

48,676

48,676

101,331

101,331

Employee pro fi t-sharing

2,893 1,183

2,893 1,285

2,943

2,943

Miscellaneous

102

173

11

184

TOTAL

356,383

206,427

562,810

303,980

129,962

433,942

Structure of debt Fixed-rate debt corresponds mostly to bonds subscribed to by CDA and CDA Financement (€260 million) and the bank loan of €25 million

activated on 18 October 2017. The variable-rate loan includes a bank loan of €80 million activated on 31 October 2017 as well as drawings on the NEU CP programme and short-term bank credit lines.

Borrowings break down by maturity as follows:

Up to 1 year 206.4 129.9

From 1 to 2 years

From 2 to 3 years

From 3 to 4 years

From 4 to 5 years

Over 5 years

Total

(in millions of euros)

30/09/2019 30/09/2018

562.8 433.9

27.7 18.3

33.8 24.1

21.5 36.1

112.2

161.2 204.3

21.2

Bond debt The €260 million bond debt of Compagnie des Alpes breaks down as follows: l a loan of €45 million issued on the Euro PP market (“Euro PP”) for a period of 8 years; l a loan of €50 million issued on the USPP market (“USPP”), under French law, for an average period of 10 years and fi nal maturity at 12 years;

l a €100 million bond issue on the Euro PP market in May 2014, with coupon at 3.504% and 10-year maturity. Furthermore, Compagnie des Alpes raised a new €65 million loan on the USPP market on 20 March 2019, with a provision of funds on 17 April 2019. This new bond has a fi nal maturity of 12 years for an average period of 10 years and a dividend-rate of 2.14%.

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Compagnie des Alpes I 2019 Universal registration document