Compagnie des Alpes - 2017 Registration Document

Performance indicators and objectives

The 2016/2017 fiscal year recorded solid performance.The positive dynamics enjoyed by the Group since its shift in strategy in 2013. This is the fruit of the efforts made to boost visitor numbers in Ski areas and the intensification of growth investments in Leisure Destinations, while increasing the performance of these two business lines.

REVENUE AND EBITDAMARGIN SKI AREAS Ski areas account for 56% of the Group's 2016/2017 revenue

REVENUE AND EBITDA MARGIN LEISURE DESTINATIONS Leisure destinations account for 42% of the Group's 2016/2017 revenue

GROUP REVENUE AND EBITDA MARGIN BUSINESS SEGMENT Each of the Group's three divisions posted an increase in business activities and an improvement in EBITDA.

+ 5.8 %

+ 3.9 % + 4.2 %

+ 8.4 %

+ 1.4 %

+ 3.8 %

+ 9.8 % + 2.4 %

+ 3.5 %

+ 0.0 % + 2.2 % + 0.4 %

+ 6.0 %

- 1.3 %

762

320

427

-4 %

720

410

696

693

296

678

394

394

389

289

263

248

29.8 %

36.2 %

35.8 %

28.6 %

27.8 %

34.9 %

34.6 %

34.7 %

27.7 %

25.7 %

24.5 %

22.8 %

22.0 %

20.6 %

14.4 %

2012/13 2013/14 2014/15 2015/16 2016/17

2012/13 2013/14 2014/15 2015/16 2016/17

2012/13 2013/14 2014/15 2015/16 2016/17

Sales (€ millions).

Sales (€ millions) at actual scope. Change in Sales at actual scope.

Sales (€ millions) on a comparable scope. EBITDA margin (% of Sales). Change in Sales on a comparable scope

EBITDA margin (% of Sales). Change in Sales.

EBITDA margin (% of Sales).

DEFINITI N Group revenue: includes the Group development division. EBITDA, business segments: combined EBITDA for Ski areas, Leisure destinations, and Group Development.

DEFINITI N EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation of the Ski areas division.

DEFINITI N EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortisation of the Leisure Destinations Division. Comparable scope: the historical data concerning visitor numbers and revenue is restated to take account of sales of assets, the last being Fort Fun, sold in 2016/2017.

NUMBER OF SKIER-DAYS AND REVENUE PER SKIER-DAY 2 nd consecutive year of increase in skier-days and continued increase in revenue per skier-day.

NUMBER OF VISITS AND REVENUE PER VISIT Buoyant visitor flow and increase in in-park sales exceeding that of ticket sales.

OUTLOOK

EBITDA margin SKI AREAS

+ 5.0 %

+ 3.9 %

+ 3.0 %

+ 3.3 %

+ 2.0 %

+ 2.0 %

+ 2.4 %

+ 0.0 %

+ 2.2 % + 2.0 %

36 %

+ 7.0 %

OBJECTIVE 2017/2018 2018/2019

+ 8.4 %

+ 1.2 % + 0.5 %

+ 6.4 %

+ 5.4 %

- 1.1 %

- 3.3 %

- 0.9 %

- 7.0 %

13.83

14.21

13.75

13.60 13.76

8.27

7.84 7.77

7.23

6.86

EBITDA margin LEISUREDESTINATIONS 27 % OBJECTIVE * 2018/2019 * Excluding Futuroscope but including indoor parks.

2013/14 2014/15 2015/16 2016/17 2012/13

2013/14 2014/15 2015/16 2016/17 2012/13

Number of visits (in millions, on a comparable scope). Change in number of visits on a comparable scope. Change in revenue per visit on a comparable scope.

Number of skier-days (in millions). Change in number of skier-days. Change in revenue per skier-day.

8

Compagnie des Alpes I 2017 Registration Document