Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

The programme is run by four Investment Agents (BNP Paribas, CACIB, CIC and Société Générale), and the Domiciliary Agent is CACEIS Corporate Trust. The outstanding amount at 30 September 2019 is €134 million. Revolving bank debt The Group has a revolving credit facility for a maximum amount of €250 million expiring on 6 May 2022. In December 2018, Compagnie des Alpes obtained the consent of the lenders to extend it by one year, which therefore brings its fi nal maturity to 6 May 2023. Furthermore, with the aim of boosting the liquidity of the NEU CP programme, a swingline sub-limit of €80 million was added to the revolving credit. Hedging instruments The Group arranged interest rate hedging instruments (borrowings- backed) for its fl oating-rate commitments. At 30 September 2019, the hedges implemented amounted to €105 million. The hedging instruments used are made up of two fi xed-rate swaps and an adjusted CAP purchase: l two swaps representing €80 million of the hedged debt, 0.35% with maturity in 2023 and 0.27% with maturity in 2022 respectively, activated with the mobilisation of the €80 million loan on 31 October 2017; l purchase of adjusted CAP of €25 million at an exercise price of 0.25% and maturing at three years with a starting date of 1 June 2018. The fair-value impact of hedging instruments is recognised under borrowings from credit institutions (-€1.1 million).

At 30 September 2019, the fair value of the four bonds was as follows: l 2014 bond: €109.9 million; l Euro PP 2017 loan: €47.2 million; l USPP 2017 loan: €54.3 million; l USPP 2019 loan: €79.5 million. Depreciable bank debt Depreciable bank debt of €105 million was fully mobilised in 2018- 2019 and breaks down as follows: l an €80 million depreciable term loan fully mobilised on 31 October 2017 and taken from the Group’s long-standing banking partners, which now include a Chinese bank. This loan has a maturity of fi ve years for 50% and six years for the remaining 50%; l a €25 million depreciable term loan fully mobilised on 18 October 2017 and granted by a new French banking partner, with a fi nal maturity at seven years. Market financing Compagnie des Alpes implemented a short-termmarketable securities issuance programme (Negotiable European Commercial Paper – NEU CP), for a maximum amount of €240 million, which was registered on 4 February 2019 with Banque de France. This programme is backed by a revolving credit facility of €250 million (expiring in May 2023), to which a swingline sub-limit of €80 million has been added.

Exposure of net debt before hedging (c) = (b) - (a)

Interest-rate-hedging instruments (d)

Exposure of net debt after hedging (e) = (c) + (d)

Financial assets (a)

Financial liabilities (b)

30/09/2019 (in millions of euros) Less than 1 year From 1 to 2 years From 2 to 3 years From 3 to 4 years From 4 to 5 years

Fixed rate

Floating rate

Fixed rate

Floating rate

Fixed rate -16.3

Floating rate

Fixed rate

Floating rate

Fixed rate 24.7 27.7 33.9 21.5 112.2 161.2

Floating rate

22.3

6.0 200.4

200.4

41 20 28 16

41 20 28 16

159.4

7.7

20.0 28.0 16.0

7.7

20.0 28.0 16.0

0.0 0.0 0.0 0.0 0.0

5.9 5.5

5.9 5.5

112.2 161.2

0.0 0.0

112.2 161.2

0.0 0.0

Over 5 years

TOTAL

22.3

298.4 264.4 276.1 264.4

105

105 381.1 159.4

Information on the repayment clauses 1. Banking covenants

2. Other repayment clauses Other repayment clauses relate mainly to:

l Caisse des Dépôts et Consignations’ direct or indirect shareholding in the Compagnie des Alpes (which must be at least equal to 33.34% of the capital and voting rights of the CDA); l Compagnie des Alpes’ shareholding in CDA Financement, which must remain greater than or equal to 99.9%. Any shareholdings purchased by one or more persons, other than the Caisse des Dépôts et Consignations, acting together would acquire at least 33.34% of the share capital and voting rights in Compagnie des Alpes.

The bonds and bank loans taken out in 2017 and 2019, as well as the revolving credit facility, are subject to a common covenant. It corresponds to the “Consolidated net debt/Consolidated EBITDA” fi nancial ratio. This covenant is reviewed twice a year, on 31 March

and 30 September, and should be less than 3.5. At 30 September 2019, this ratio was respected.

Ratio at 30/09/2019

Covenant

Consolidated net debt/Consolidated EBITDA <3.50

2.33

156

Compagnie des Alpes I 2019 Universal registration document