Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Consolidated financial statements

Any shareholdings purchased by one or more persons, other than the Caisse des Dépôts et Consignations, acting together would acquire at least 33.34% of the share capital and voting rights in Compagnie des Alpes Among the other borrowings of the Group, two borrowings are governed by the following clauses: An ownership clause stipulates that if Caisse des Dépôts et Consignations and Compagnie des Alpes would jointly hold less than 51% of the share capital of Futuroscope, the latter shall prepay a loan of €2 million taken in 2014 at the fixed rate of 1.9% for a period of five years, and the balance of this loan at 30 September 2017 amounted to €0.6 million. An ownership clause stipulates that the loan of €5 million taken by SAP in 2004, the balance whereof at 30 September 2017 amounted to €0.7 million, would become payable if the Compagnie des Alpes loses control of the company, may become payable if Caisse des Dépôts loses the blocking minority that it holds in the capital of Compagnie des Alpes.

A 15-year loan taken by SAP in 2004 for an amount of €5 million, the balance whereof at 30 September 2017 amounted to €0.7 million, includes two covenants relating to the annual financial statements of SAP: z the “Net Financial Debt/Net Position Ratio After Appropriation of Earnings” should be less than 1.25; z the “Net Borrowing/EBITDA Ratio” should be less than 4. At 30 September 2017, these ratios were respected.

2 Other repayment clauses Other repayment clauses relate mainly to:

z Caisse des Dépôts et Consignations’ direct or indirect shareholding in the Compagnie des Alpes (which must be at least equal to 33.34% of the capital and voting rights of the CDA); z Compagnie des Alpes’ shareholding in CDA Financement, which must remain greater than or equal to 99.9%.

INFORMATION ON INTEREST RATES

30/09/2017

30/09/2016

Amount

Rate

Amount

Rate

(in millions of euros)

Fixed-rate borrowings Floating-rate borrowings

411.2

4.21% 2.81%

317.8

4.58% 2.52%

12.8

83.7

Shareholdings and miscellaneous

3.3

3.6

TOTAL

427.3

4.03%

405.1

4.17%

6.12

DEFERRED TAXES

Total deferred tax assets in the balance sheet Total deferred tax liabilities in the balance sheet

10,070 -21,243 -11,173

NET DEFERRED TAX POSITION

Special depreciation allowances

Total deferred tax

Tax loss carryforwards

Temporary differences Restatements

(in thousands of euros)

NET POSITION AT 30/09/2015

9,813 3,349 -2,854 10,308

-24,301

14,446

-13,273

-13,315

Increases Decreases

-637

2,614

-255

5,072

294

-910

967

-2,503

NET POSITION AT 30/09/2016

-24,643

16,150 4,604 -1,471 19,282

-12,560

-10,746 15,246 -15,673 -11,173

Increases Decreases

6,947

-604

4,299 -8,377

-6,627 10,628

802

NET POSITION AT 30/09/2017

-24,445

-16,638

Deferred tax assets are normally recovered over a period of five to ten years.

6.13

OPERATING LIABILITIES AND OTHER DEBT

30/09/2017

30/09/2016

(in thousands of euros)

Trade and related payables Tax and payroll payables Other operating liabilities

76,818 65,421 23,076

66,527 61,737 19,205

SUBTOTAL “OPERATING LIABILITIES”

165,315

147,469

Debt on non-current assets Other miscellaneous debt

34,917

24,937

604

2,647

Adjustment accounts

21,762 57,283 222,598

20,527 48,111 195,580

SUBTOTAL “OTHER DEBT”

TOTAL

129

Compagnie des Alpes I 2017 Registration Document