Compagnies des Alpes // 2019 Universal Registration Document

5 FINANCIAL INFORMATION

Parent company financial statements

5.4.3 STATUTORY AUDITORS’ REPORT ON THE ANNUAL FINANCIAL STATEMENTS

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, as per French generally accepted accounting principles, the annual fi nancial statements give a true and fair view of the operating performance over the past fi scal year, as well as of the fi nancial position and assets and liabilities of the company at the end of that fi scal year. 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 assigned to us pursuant to these standards are presented in the section “Responsibilities of the Statutory Auditors regarding the audit of the annual fi nancial statements” in this 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. 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 assessments, we draw your attention to the key points of the audit regarding the risks of material misstatement which, in our professional judgement, were most signi fi cant in the audit of the annual fi nancial statements for the fi scal year, as well as the responses we have provided with regard to these risks. These assessments were made as part of our audit of the annual fi nancial statements taken as a whole and the formation of our opinion expressed above. We express no opinion on speci fi c elements of the annual fi nancial statements. Valuation of shareholdings Risk identified Most of the Company’s assets are shareholdings that are measured in line with the method indicated in Notes 2.3 and 3.2 to the annual fi nancial statements. We have considered the valuation of shareholdings to be a key point of the audit given their signi fi cance in the annual fi nancial statements and because the determination of their recoverable amount, based on multi-criteria valuation methods, requires the use of assumptions, estimates and assessments likely to have a material impact on the provisions for impairment recorded. Our solution We have reviewed the impairment testing methods applied by the company. These are notably based on the medium-term plans prepared for each subsidiary, reviewed and approved by the company’s governance. We have assessed: l the quality of the process for the preparation and approval of budgets and forecasts; l the appropriateness of the main estimates used, in particular cash fl ow forecasts and the long-term growth rates and discount rates used. We have also analysed the consistency of forecasts and performed our own sensitivity analyses on the impairment tests. These analyses were carried out with the assistance of our valuation experts and have been shared with the company’s Executive Management team. Based on our research, we have no reason to challenge the results of the impairment tests or the fi gures presented in Note 3.2 to the annual fi nancial statements. Specific checks We also carried out, in accordance with standards for professional practice in France, the speci fi c checks required by the laws and regulations. Information provided in the management report and any other documents on the financial situation and the annual financial statements provided to the shareholders We have no comments to make regarding the accuracy and consistency with the annual fi nancial statements of the disclosures in the management report of the Board of Directors or in the other documents provided to shareholders on the fi nancial position of the company and the annual fi nancial statements. We attest to the faithfulness and the consistency of the annual fi nancial statements with the information on the payment times mentioned in Article D. 441-4 of the French Commercial Code.

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Compagnie des Alpes I 2019 Universal registration document