Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

3.8

PROVISIONS FOR CONTINGENCIES AND CHARGES

At 30/09/2019

At 30/09/2018

Increases

Decreases

(in thousands of euros)

Provisions for a ffi liate risks Provisions for contingencies

1,000 2,704

1,000 2,128

1,230

-1,806

Provisions for charges

150

150

TOTAL

3,854

1,230

-1,806

3,278

Provisions for contingencies are related to identi fi ed risks or ongoing disputes.

3.9 BORROWINGS Maturities of the Company’s fi nancial debt break down as follows:

At 30/09/2019

At 30/09/2018

Increases

Decreases

(in thousands of euros)

Bonds

100,000 172,923

100,000 160,000

Group borrowings

-12,923

Accrued interest not yet due on bonds

1,421

1,401

-1,421

1,401

Bank overdrafts

835

65,939 67,340

66,774

TOTAL

275,179

-14,344

328,175

Maturity at less than 1 year

From 1 to 2 years

From 2 to 3 years

From 3 to 4 years

From 4 to 5 years

Over 5 years

Total

Borrowings

Bonds

100,000 160,000

100,000

0

Group borrowings Interest on bonds

16,000 16,000 16,000 16,000 16,000

80,000

1,401

1,401

0 0

Bank overdrafts (incl. intra-group)

66,774

66,774

TOTAL

328,175

84,175 16,000 16,000 16,000 116,000

80,000

The bond issue (for €100 million in 2014) is accompanied by a shareholder clause stipulating that the direct or indirect shareholding of Caisse des Dépôts in the capital of Compagnie des Alpes S.A. must be greater than or equal to 33.33%. If, without prior consent by the lending institution, Caisse des Dépôts were to directly or indirectly

own less than 33.33% of the share capital and voting rights of the borrower, the lender could immediately call in the loan. The bonds come with the obligation to respect a fi nancial ratio based on the consolidated fi nancial statements of Compagnie des Alpes Group.

The ratio that must be respected is the following:

Covenant Ratio at 30/09/2019

Consolidated net debt/Consolidated EBITDA

< 3.50

2.33

At 30 September 2019, this ratio was respected.

3.10 OPERATING LIABILITIES Operating liabilities break down as follows:

At 30/09/2019

At 30/09/2018

(in thousands of euros)

Trade payables

6,498 7,390

5,956 8,384 1,069 8,054

Liabilities towards sta ff and social security bodies

Tax liabilities (VAT and other taxes) Tax consolidation current accounts

526

4,214

Corporate tax liabilities

212

Other debt

3,880

TOTAL

22,720

23,463

174

Compagnie des Alpes I 2019 Universal registration document