Compagnies des Alpes // 2019 Universal Registration Document

NET INVESTMENT (1) EFFORT (as a percentage of revenue)

24.5%

23.2%

21.3% 21.0%

20.1%

19.4%

27.0%

26.8%

18.0%

22.9%

21.5%

21.2%

20.5% 20.2%

19.5%

19.6%

18.4%

17.0%

NET DEBT (5) / EBITDA RATIO The Net Debt/EBITDA ratio increased in a measured way in 2018/19, remaining at a level well below the covenants

16.2% 15.6% 16.1%

The change in the Group's net capital expenditure re fl ects its measured project deployment policy.

2014/15

2015/16 2016/17

2017/18

2012/13

2013/14

2018/19

(2) (as a % of Group revenue)

Ski Areas Leisure Destinations

2.33 X

2.14 X

2.01 X

1.87 X

1.84 X

OPERATING ROCE (3) FOR THE GROUP

Operating ROCE remained stable in 2018/2019,

2014 / 15

2015 / 16

2016 / 17

2017 / 18

2018/19

8.9 %

8.2

7.9 %

8.2 %

despite the fact that certain signi fi cant investments made during the fi scal year only generated cash fl ows for part of the year.

7.2

%

%

2014/15

2015/16

2016/17

2017/18

2018/19

DIVIDENDS (in € per share) The proposed dividend in respect of the 2018/19 fi scal year corresponds to a distribution rate of around 27.5% of Net Income (Group share).

FREE CASH FLOW FROM OPERATIONS (4) (in € millions)

Due to the increase in investments,

45.1

0.70

38.7

0.65

35.2

free cash fl ow from operations dropped

0.50

31.8

27.5

0.40

0.40

slightly in 2018/19.

2014 / 15

2015 / 16

2016 / 17

2017 / 18

2018/19

2014/15

2015/16

2016/17

2017/18

2018/19

2018/2019 dividend: proposed dividend for the fiscal year.

NET INCOME GROUP SHARE (in € millions)

The year's good operating and fi nancial performance was re fl ected in the record net income achieved in 2018/19.

62.2

57.2

2019/2022 TARGET

31.3

30.0 33.4

OPERATING ROCE (3) Increase

2014/15

2015/16

2016/17

2017/18

2018/19

recorded over the 2018-2022 period, but in a non-linear way.

(1) Net capital expenditure (acquisitions of tangible and intangible assets, net of changes in accounts payable for fixed assets and proceeds from the sale of fixed assets) / Revenue. (2) Total Group investment effort = Net capital expenditure Ski Areas + Leisure Parks + Holdings and Supports / Total Group revenue. (3) After tax net operating income Ski Areas + Leisure Parks / Consolidated net assets excluding goodwill. (4) Operating cash flow - Net capital expenditure before financial expenses and taxes. (5) Gross borrowings net of available cash and cash equivalents.

17

Compagnie des Alpes I 2019 Universal Registration Document