Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Acquisitions of property, plant, and equipment over the reporting period were as follows: z in the Ski areas segment (€96 million), this related to the completion of capital expenditure programmes prior to the 2016/2017 season and to the initial work for the coming season. This capital expenditure mainly related to the acquisition and installation of new ski lifts (€53.1 million), artificial snow-making equipment (€15.8 million) and ski run and trail work, including grooming machines (€12.6 million); z in the Leisure destinations segment (€67.4 million), this breaks down into investments to step up appeal (€28.6 million) and investments for maintenance and miscellaneous investments (€40.5 million);

z the column “Change of scope” takes into account Fort Fun asset retirements; z finally, the “Other” column includes the reclassification of non- current assets in progress as operating assets and asset retirement (primarily the disassembled ski lifts). Amortisations include recurring amortisation charges and additional impairments recorded for impairment losses (see Notes 5.3 and 6.1).

Holdings and supports 30/09/2017 30/09/2016

GEOGRAPHIC SEGMENT (in thousands of euros)

Leisure destinations

Group Development

Notes

Ski areas 660,505 578,506

FRANCE

219,093

508

5,377

885,483

830,257

o/w assets held under concession o/w which assets on lease finance

578,506 549,814

2,229

2,229

2,676

OTHERS (excl. France)

127,551

14,824

142,375

166,729

TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

660,505 346,644

15,332

5,377 1,027,858 996,986

Intangible assets

6.2 14,999

49,604

244

5,189

70,036

74,347

Property, plant and equipment

6.3 645,506 297,040

15,088

188 957,822 922,640

TOTAL PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS IN THE BALANCE SHEET

660,505 346,644

15,332

5,377 1,027,858 996,986

6.4

INVESTMENTS IN ASSOCIATE COMPANIES

30/09/2017

30/09/2016

(in thousands of euros)

VALUE OF SECURITIES AT BEGINNING OF REPORTING PERIOD

70,768

68,153

Change in scope of consolidation and miscellaneous

189

-363 4,775

Net income for the period

4,699 -2,029 73,628

Dividends paid

-1,796 70,768

VALUE OF SECURITIES AT PERIOD REPORTING

Compagnie du Mont-Blanc is listed on the stock market. However, given the very low liquidity and high volatility of the stock, the share price is not representative of the recoverable amount of the Group’s shareholding. Therefore, its value for the Group is assessed on the basis of its value in use (public service arrangements for Chamonix,

which have been renewed until 2053). For information purposes, the difference between the stock market value of CMB at 30 September 2017 and the equity value of the securities was positive at €10.7 million. On the basis of the share price at 23 November 2017, this difference was positive at €14.1 million.

6.5

OTHER NON-CURRENT FINANCIAL ASSETS

30/09/2017

30/09/2016

(in thousands of euros)

AVAILABLE-FOR-SALE FINANCIAL ASSETS (NON-CONSOLIDATED SHAREHOLDINGS)

10,932 21,215

10,009 15,934

Loans and receivables associated with shareholdings

Deposits and guarantees Other financial assets

4,635

2,062

762

556

GROSS AMOUNT

26,612

18,552

Impairment

-1,615

-846

NON-CURRENT FINANCIAL ASSETS (NET) TOTAL NON-CURRENT FINANCIAL ASSETS

24,997 35,929

17,706 27,715

The increase in available-for-sale financial assets, as well as loans and receivables associated with shareholdings, correspond, notably, to the funding of real estate companies held by the Ski areas.

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Compagnie des Alpes I 2017 Registration Document