Compagnies des Alpes // 2019 Universal Registration Document

A proven strategy

A DIVERSIFIED LEADER OF THE TOURIST AND LEISURE INDUSTRY

Compagnie des Alpes has built a solid and pro fi table economic model based on the complementary of its two business lines in terms of seasonality and location, and on the synergies between its various activities. Founded in 1989, the Group has developed through external growth, initially in ski areas, and then in the fi eld of leisure parks starting in 2002. Since 2013, Compagnie des Alpes has been implementing a strategy aimed at boosting its business in its ski areas, while also operating a portfolio of leisure parks selected for their ability to meet the Group's Very High Customer Satisfaction criteria, and developing activities in France and internationally.

2013 : Pivotal year

Creation by acquisition and diversification

Financial crisis

Strategic reorientation

in € millions Sales

Acquisition of Grévin & Cie

Acquisition of Walibi/ Bellewaerde portfolio

Acquisition of Futuroscope

Parks sold

Acquisition of Familypark

800

Resorts sold

700

45 % Sales in 2018/19

600

500

400

52 % Sales in 2018/19

300

Acquisition of Les 2 Alpes

200

Acquisition of Val d'Isère

100

0

11/12

17/18

16/17

10/11

14/15

15/16

12/13

13/14

01/02

18/19

09/10

00/01

07/08

06/07

04/05

02/03

05/06

03/04

98/99

08/09

99/00

ADDRESSING INDUSTRY CHALLENGES

Beyond the ongoing strong growth in the tourist industry, the business of Compagnie des Alpes is buoyed by speci fi c socio-environmental and societal trends that the Group fully integrates into its strategy.

Climate and weather conditions: Located at high altitudes, the Group's ski areas enjoy favourable snow conditions, reinforced by snow-making programmes. Moreover, the seasonal complementary of the Group's two business lines reduces its sensitivity to weather conditions. In addition, the development of new o ff ers bolsters summer activities in the mountains and autumn/winter activities in leisure parks.

Changing consumer habits: In view of the changes in skier practices, Compagnie des Alpes is rolling out initiatives aimed at customers from abroad and from a new generation. Moreover, the growing demand for short stays constitutes a real opportunity for leisure parks, which are visited in one or several days. In addition, in order to maintain and increase the attractiveness of its sites, the Group is continuing to implement a policy aimed at the Very High Satisfaction of its customers.

Companies are increasingly expected to take action in response to CSR issues: For Compagnie des Alpes, the Company must contribute to the creation of shared value combining economy and sustainability, while addressing the global and local challenges in its areas of operation. The Group has strengthened its CSR initiatives and broadened their scope by giving priority to 5 major issues, with a focus on people, nature and the economy of the regions. (see pages 14-15 of this section).

Compagnie des Alpes I 2019 Universal Registration Document 6