Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Current provisions Current provisions cover the risks directly related to the operation of the Group’s sites. The change in current provisions breaks down as follows:

Income

Translation adjustments

Change in scope of consolidation Other

30/09/2017

30/09/2016

Increases

Reversals

Provision for major repairs

10,654

2,601

-2,358 -1,728 -4,979 -9,065

10,897

Lawsuits and disputes

1,728

Other

10,153 22,535

2,839 5,440

-18 -18

7,995

TOTAL

18,892

Provisions for major repairs are only for the Ski areas and are intended to cover work on lifts under leasing contracts. Other current provisions relate mainly to ongoing lawsuits. Reversals of provisions relate mainly to the provision made in respect of a dispute FINANCIAL DEBT Breakdown of gross financial debt and net debt 6.11

relating to taxes claimed under a concession contract, which was reversed with annual utilisation of €3.9 million and a provision made for a tax dispute with a foreign tax authority, reversal of unutilised provisions for an amount of €1.8 million.

30/09/2017

30/09/2016

Non-current

Current

Total Non-current

Current

Total

(in thousands of euros)

Bonds

194,200 200,000 394,200

298,877

-

298,877

Borrowings from credit institutions Other borrowings and similar debt

-

2,958

2,958

33,470

3,235

36,705

34

- -

34

54

- -

54

Lease finance

2,172

2,172

2,652

2,651

Accrued interest

- -

11,429 13,314

11,429 13,314

- -

10,878 52,283

10,878 52,283

Bank credit balances and similar

Employee profit-sharing

3,150

-

3,150

3,388

-

3,388

Miscellaneous

48

11

59

170

84

254

TOTAL

199,604

227,712

427,316

338,613

66,478

405,091

Structure of debt

30/09/2017

30/09/2016

Amount

Rate

Amount

Rate

(in millions of euros)

Fixed-rate borrowings Floating-rate borrowings

411.2

96.2%

317.8

78.4% 20.7%

12.8

3.0% 0.8%

83.7

Shareholdings and miscellaneous

3.3

3.6

0.9%

TOTAL

427.3

100.0%

405.1

100.0%

Fixed-rate debt corresponds mostly to bonds subscribed to by CDA and CDA Financement (€395 million). Financial debt breaks down by maturity as follows:

From 1 to 2 years

From 2 to 3 years

From 3 to 4 years

From 4 to

Total

Up to 1 year

5 years Over 5 years

(in millions of euros)

30/09/2017 30/09/2016

427.3 405.1

227.6

2.2

0.9 2.8

0.6

0.6

195.4 100.3

66.5

205

1.5

29

127

Compagnie des Alpes I 2017 Registration Document