Compagnie des Alpes - 2017 Registration Document
5 FINANCIAL INFORMATION
Consolidated financial statements
Leisure destinations The table below shows the positive difference between the values in use and the values tested (consolidated cost price of €493 million).
Discount rate
5.5% 477.9 603.4
6.0% 367.0 462.9
6.5% 278.4 353.9 448.2
1.5%
LT growth rate
2.0%
2.5%
770.7
586.3
Group Development The table below shows the difference between the values in use and the values tested (consolidated cost price of €3.1 million).
Discount rate
5.5%
6.0% 26.0 32.3 38.8
6.5%
1.5%
31.6
21.6
LT growth rate
2.0%
39.8
26.5
2.5%
48.7
31.5
This business segment includes parks in the startup phase in new geographic segments. While no goodwill was recognised, the sensitivity analysis nevertheless shows that the difference between the value in use and the value to be tested is smaller than in the core sites of the Group. This points to the risk inherent to these new markets combined with the recent opening of sites in which the “Grévin” brand is yet to take root. At the end of the season, the Seoul and Prague sites showed income below expectations, including from a medium-term outlook. In these circumstances, the decision was made to withdraw from the Seoul and Prague asset management by sale or closure, which lead to impairment of assets in 2016/2017 and will normalise the asset management for
the Vevey and Montreal sites. The impairment loss of €18.8 million on property, plant and equipment of the Prague and Seoul sites were, as an exception, recognised in the income statement (in the absence of impact in terms of cash) on the line “Non-current income (losses on property, plant and equipment)”. For the Group as a whole, the sensitivity analyses presented indicate that the recoverable amount for the three operating segments and the “Holdings and supports” segment is higher than the Group’s equity. These valuations are supported by additional tests (including sensitivity analyses) carried out on the basis of criteria monitored internally (investments and margins).
6.2 INTANGIBLE ASSETS Intangible assets break down as follows:
Changes in the scope of consolidation
At 30/09/2017
At 30/09/2016 Acquisitions Disposals Increases Reversals
Translation adjustments
Other changes
(in thousands of euros)
Gross amount Use rights Business intangibles
93,438 8,479 9,000 20,300
-24
19
93,433 9,287 9,000 20,300
808
Musée Grévin trademark
Walibi trademark
Highway interchange concession Parc Astérix Cinematographic films and works
6,272
6,272
13,259 41,693
515 -1,399
1,917
14,292 45,119
Other intangible assets
6,148 -801 6,663 -2,224
-4 -4
-136 -1,781
SUBTOTAL: GROSS AMOUNT Depreciation and impairment Depreciation Use rights Depreciation Business intangibles Depreciation Highway interchange concession Parc Astérix Depreciation Cinematographic films and works Depreciation Other intangible assets
192,441
-136 963 197,702
-71,861
-2,384
24
-74,221
-7,152
-136
113
-333
-7,508
-1,766
-64
-1,830
-8,638
-2,319 1,354
-9,603
-28,677
-6,598
343
1
93 334
-34,504
SUBTOTAL: DEPRECIATION AND IMPAIRMENTS
-118,094
-11,501 1,834
1
93
1 -127,666
NET AMOUNT
74,347
6,663 -2,224 -11,501 1,834
-3
-43 964
70,036
120
Compagnie des Alpes I 2017 Registration Document
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