Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

Note 4

Notes relating to the income statement

4.1 REVENUE Revenue amounted to €31 million. These mainly consist of services provided by the Company on behalf of its subsidiaries (operational services and holding company services) and sta f f seconded to subsidiaries.

4.2 OPERATING EXPENSES Net operating expenses for reversal of provisions and other income amounted to €41.6 million and increased by €1.9 million compared to the previous year, mainly due to an increase in external services (linked to IT and digital costs) and personnel costs (payment of an exceptional business bonus for employees of the Group in the amount of €2.4 million, fully borne by the parent company - “Macron bonus”).

4.3

NET FINANCIAL INCOME

At 30/09/2019

At 30/09/2018

(in thousands of euros)

Dividends

47,001

43,767

Income on fi nancial receivables

54

75

SUB-TOTAL DIVIDENDS AND INCOME ON FINANCIAL RECEIVABLES

47,055 -2,700 -3,556 -6,256

43,842 -2,558 -4,102 -6,660

Interest expense on loans and cash pools

Interest expense (bond)

SUB-TOTAL FINANCING COSTS Reversal of fi nancial provisions

0

294

Impairment of non-current fi nancial assets

-20,800 -20,800

-4,214 -3,920 -2,000

SUB-TOTAL PROVISIONS AND IMPAIRMENT (NET)

Write-o ff s

Other

-102

-2

NET FINANCIAL INCOME

19,897

31,260

Dividends amounted to €47 million compared to €43.8 million in 2018.

4.4 NET EXTRAORDINARY INCOME The net extraordinary income stood at -€97 thousand in the absence of signi fi cant items of an exceptional nature. In 2018, it amounted to -€16.4 million and mainly included: l net capital gains from the sale of Grévin Prague and Grévin Seoul shares for €1.7 million; l losses on disposal of receivables from the same companies amounting to -€18.3 million. INCOME TAX For the fi scal year ended 30 September 2019, Compagnie des Alpes continued to act as the head company of the tax consolidation group. Consolidated subsidiaries were as follows: l Grévin & Cie; l Musée Grévin; l France Miniature; l CDA-Domaines Skiables; l Méribel Privé (formerly Compagnie Immobilière des 2 Savoie); l CDA Financement; l Méribel Alpina; l SCV Domaine Skiable (Serre Chevalier); l CDA Productions; 4.5

l Avenir Land (Walibi Rhône-Alpes); l Société d’Aménagement de la Station de La Plagne (SAP); l Arcs Domaine Skiable (ADS); l CDA Management; l INGELO; l Deux Alpes Loisirs; l SC2A SARL; l CDA DL; l Val-d’Isère Téléphériques; l Valbus; l CDA Brands; l Serre Chevalier Bail; l Val-d’Isère Immo. The tax consolidation regime of Compagnie des Alpes is based on the general principle of fi nancial neutrality. Each subsidiary member of the tax group states income tax as if the subsidiary were not consolidated, and the parent company declares the total income tax of the tax group. The tax group reported taxable earnings of €55.7 million. The tax group incurred income tax of €18.2 million. In light of the tax contributed by the tax consolidated subsidiaries (€23.6 million), the accounting income generated by the tax consolidation totaled €5.4 million.

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Compagnie des Alpes I 2019 Universal registration document