Compagnie des Alpes - 2017 Registration Document

PERFORMANCE INDICATORS AND OBJECTIVES

TOTAL NET INVESTMENT AND NET INVESTMENT PER BUSINESS LINE AS A PERCENTAGE OF REVENUE

GROUP NET DEBT /EBITDA RATIO With the improvement in the Group's performance in 2016/2017, the Group's net debt/EBITDA ratio continued to improve.

Investments are due to be stepped up in order to increase growth and profitability.

21.6 %

21.3 %

21.0 %

20.5 %

20.2 %

20.1 %

19.6 %

19.4 %

19.5 %

18,.4 %

18.0 %

17.0 %

16.2 %

16.1 %

15.6 %

2016/17 1.87 x

2015/16 2.01 x

2014/15 2.14 x

DEFINITI N Net debt: corresponds to the gross borrowings net of cash and cash equivalents.

2012/13

2013/14

2014/15

2015/16

2016/17

Group total, of which: Ski areas

Leisure destinations

DEFINITI N Net capital expenditure: acquisitions of tangible and intangible assets net of changes in accounts payable for fixed assets and proceeds from the sale of fixed assets.

NET INCOME GROUP SHARE, IN € MILLIONS

DIVIDEND IN € PER SHARE The 2016/2017 dividend posts an increase, while remaining compatible with the strategy of growth and sustained investment.

The increase in net income reflects the success of the strategy initiated by Compagnie des Alpes in 2013.

33.4

31.3 *

30.0

25.4

2012/13 1.9

2013/14

2014/15

2015/16

2016/17

0.50

0.40

0.40

0.35

* After the recognition of €13.1 million in non-recurring items.

2015/16 2014/15 * Dividend proposed for the 2016/2017 fiscal year. 2013/14

2016/17 *

DEFINITI N Non-recurring items: in 2016/2017, they included an asset impairment expense linked to the rationalisation of Grévin sites on the international level.

DEFINITI N 2016/2017 dividend: proposed dividend for the fiscal year.

FREE CASH FLOW FROM OPERATIONS IN € MILLIONS

The increase in free cash flow from operations reflects the steady increase in the Group's operating cash flow despite the investments made in 2016/2017.

45.1

38.7

35.2

OUTLOOK

2014/15

2015/16

2016/17

DEFINITI N Free cash flow from operations: difference between operating cash flow and net capital expenditure before financial expenses and tax.

GROUP PROFITABILITY

OBJECTIVE 2018/2022

OPERATING ROCE FOR THE GROUP The constant improvement in the return on capital employed over the past four years confirms the appropriateness of the strategy of operational excellence and investment.

Ongoing increase in Operating ROCE expected

8.9 %

7.9 %

7.2 %

2014/15

2015/16

2016/17

DEFINITI N Operating ROCE: total after-tax operating income of the two divisions – Ski areas and Leisure destinations – in relation to total consolidated net assets excluding goodwill.

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Compagnie des Alpes I 2017 Registration Document