Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

5.3.3 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

(Fiscal year ended 30 September 2019) To the Shareholders’ Meeting of Compagnie des Alpes Opinion Under the terms of the mission entrusted to us by your General Meeting, we have performed an audit of the annual fi nancial statements of Compagnie des Alpes for the fi scal year ended 30 September 2019, such as they are attached to this report. We certify that the consolidated fi nancial statements are, according to the IFRS standard adopted in the European Union, regular and honest and give a true image of the result of the transactions in the past fi scal year and the fi nancial situation and assets, at the end of the fi scal year, of the unit composed of the persons and entities included in the consolidation. The opinion expressed above is consistent with the content of our report to the Audit Committee. Basis for our opinion Audit guidelines We have carried out our audit in accordance with the professional standards applicable in France. We feel that the audit evidence we collected provides a su ffi cient and adequate basis for our opinion. The responsibilities incumbents upon us pursuant to these standards are speci fi ed in the part “Responsibilities of the Statutory auditors relative to the audit of the consolidated fi nancial statements” in the present report. Independence We have carried out our audit in compliance with the independence rules applicable to us, during the period between 1 October 2018 and the date of our report, and in particular we have not provided services prohibited under Article 5, paragraph 1, of Regulation (EU) No. 537/2014 or under the French Code of Ethics for Statutory Auditors. Comment Without calling into question the opinion expressed above, we would like to draw your attention to Note 1 to the consolidated fi nancial statements, “Accounting principles and policies”, which indicates that IFRS 9 “Financial instruments” and IFRS 15 “Revenue from contracts with customers” were applied for the fi rst time on 1 October 2018. Justification of our assessments – Key points of the audit Pursuant to the provisions of Articles L.823-9 and R.823-7 of the French Commercial Code regarding the justi fi cation of our assessment, we draw your attention regarding the risks of signi fi cant material misstatement which, in our professional judgement, were most signi fi cant in the audit of the consolidated fi nancial statements for the fi scal year, as well as the responses we have provided with regard to these risks.app. These assessments were made as part of the consolidated fi nancial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on elements of these consolidated fi nancial statements taken in isolation. Recognition of revenue Risk identified The Group’s revenue mainly derives from tickets for entry to leisure parks and museums and sales of passes in ski resorts. The resulting income is recognised from ticketing computer systems which may vary depending on the sites. Although the Group relies on several systems for internal control (distribution of internal control guides, campaigns for the self-evaluation of sites, etc.) to ensure the accuracy and comprehensiveness of the revenue, we nevertheless considered that the recognition of ticket sales is a key point in the audit, due to the volume of individual transactions, the large number of sites concerned and the existence of di ff erent ticketing systems. Our solution In the context of our audit, while adapting the level of checks according to the estimated level of risk for each site, particularly when new ticketing software is developed, our work includes: l a critical review of the internal-control systems for checking the e ff ectiveness of the procedures put in place to calculate the revenue; l a critical review of the control environment for the IT systems used, with the help of our IT experts; l detailed analytical reviews in order to corroborate the quanti fi ed data with seasonal and customer-attendance trends and to ensure that price changes are taken into account; l reconciliation between data from the ticketing systems, incoming payments and data recognised in the accounts.

164

Compagnie des Alpes I 2019 Universal registration document