Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Parent-company financial statements

The two bonds (for €200 million in 2010 and €100 million in 2014) are accompanied by a shareholder clause stipulating that the direct or indirect shareholding of Caisse des Dépôts in Compagnie des Alpes SA must be greater than or equal to 33.33%. If, without prior consent by the lending institution, Caisse des Dépôts were to directly or indirectly

own less than 33.33% of the share capital and voting rights of the borrower, the lender could immediately call in the loan. The bonds come with the obligation to respect a financial ratio based on the consolidated financial statements of Compagnie des Alpes Group.

The ratio that must be respected is the following:

Covenant Ratio at 30/09/2017

Consolidated net debt/Consolidated EBITDA

< 3.50

1.87

At 30 September 2017, this ratio was respected.

3.11 OPERATING LIABILITIES Operating liabilities break down as follows:

At 30/09/2017

At 30/09/2016

(in thousands of euros)

Trade payables

7,136 7,322

4,977 7,112 1,366 7,326 2,120

Liabilities towards staff and social security bodies

Tax liabilities (VAT and other taxes) Tax consolidation current accounts

370

8,479

Corporate tax liabilities

373

Other debt

-

410

TOTAL

23,680

23,311

Note 4

Notes relating to the income statement

4.1 REVENUE Revenue amounted to €27.6 million. These mainly consist of services provided by the Company on behalf of its subsidiaries (operational services and holding company services) and staff seconded to subsidiaries. The increase recorded compared with the same period one year prior comes from CADEVI’s resumption of operations.

4.2 OPERATING EXPENSES Operating expenses amounted to €38.5 million and increased by €1 million compared to the previous year, mainly due to costs incurred in connection with the Group’s refinancing for €0.8 million, as well as the CADEVI’s resumption of operations amounting to €0.6 million.

4.3

NET FINANCIAL INCOME

At 30/09/2017

At 30/09/2016

(in thousands of euros)

Dividends

32,242

32,615

Income on financial receivables

246

298

SUBTOTAL DIVIDENDS AND INCOME ON FINANCIAL RECEIVABLES

32,488

32,913

Interest expense on loans and cash pools

-11

-

Interest expense (bond)

-13,845 -13,856

-13,914 -13,914

SUBTOTAL FINANCING COSTS

Merger deficit

-

-809

Reversal of financial provisions

4,797

13,016

Impairment of non-current financial assets

-19,864 -15,067

-16,466

SUBTOTAL: PROVISIONS AND IMPAIRMENT (NET)

-4,259

Foreign exchange gains (losses)

-5

-

NET FINANCIAL INCOME

3,560

14,740

Dividends amounted to €32.2 million compared to €32.6 million in 2016. Further impairments of shareholdings were recorded for an amount of €19.9 million and reversals were recorded for €4.8 million. They were taken into account under subsidiaries and shareholdings in Note 3.2.

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Compagnie des Alpes I 2017 Registration Document