Compagnies des Alpes // 2019 Universal Registration Document

Performance indicators and objectives

Compagnie des Alpes achieved a record performance over the 2018/2019 fiscal year. The margin targets of its core business lines were again achieved this year. Net income reached a record high and the return on capital employed was maintained above 8% despite unprecedented investment levels.

REVENUE AND EBITDA MARGIN

52 % of Group Sales

45 % of Group Sales

GROUP (1,2)

SKI AREAS (2)

LEISURE PARKS (2,3)

+3.4%

+6.6%

+4.3% +7.0%

+5.1 %

+3.6% +4.0% +3.0%

+3.8% -2.1% +1.6%

+5.8 %

+9.3%

+3.5 %

444

+5.2%

+0.4 %

+9.9%

854

+0.1 % +2.2 %

381

+6.1%

389 381 387 401 417 429

-4.0%

326 340

678 693 696 720 762 801

37.3%

243 258 283 298

35.3% 35.0% 35.5% 36.5% 37.0% 37.1%

25.5%

22.5% 24.3% 24.3% 25.5% 26.7% 27.3% 27.2%

20.2% 21.7% 21.3% 23.7% 24.1%

15.9%

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

Sales (€ millions). Change in Sales. Change in Sales on a comparable scope.

Sales (€ millions). Change in Sales. BU EBITDA margin (% of revenue).

Sales (€ millions). Change in Sales (on a comparable scope in 2018/2019 (3) ). Change in Sales on a comparable scope.

Number of skier-days and revenue per skier-day

Number of visits and revenue per visit

2019/2020 TARGETS

+3.3%

+4.5%

+3.5% +2.2%

+3.0%

+2.4%

+4.3% +1.3%

+0.8% +1.2% +2.7%

+2.5%

+3.0% -1.1%

EBITDA MARGIN RATIO (4)

+2.5%

+7.8% +1.3%

+0.6%

+3.5%

+7.2% +0.9%

-3.3% -1.1% +1.2% +0.5% +0.8%

+7.3%

9.60

14.21

SKI AREAS *

-5.7%

8.71 8.83

13.75 13.60 13.76 13.83 13.94 14.02

BETWEEN 36 % AND 37 %

6.96 7.47 8.01 8.08

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18

2018/19

2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19

Number of visits (in millions). Change in number of visits on a comparable scope (3) ). Change in revenue per visit on a comparable scope (3) ).

Number of skier-days (in millions). Change in number of skier-days. Change in revenue per skier-day.

BETWEEN 27 % AND 28 % LEISURE PARKS **

(1) Group revenue: includes the Holdings and supports BU. (2) The 2013-2017 data for each business line have been restated to take account of the Group's reclassifications between Business Units since its 2017/2018 report and the disposal of operations in Prague and Seoul. (3) Comparable scope: excluding Familypark acquired in 2018/2019. (4) EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation; EBITDA margin = EBITDA/revenue

* Before IFRS 16. ** Excluding Futuroscope and before IFRS 16.

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Compagnie des Alpes I 2019 Universal Registration Document