Compagnie des Alpes - 2017 Registration Document

5 FINANCIAL INFORMATION

Analysis of consolidated results and sectors

Leisure destinations EBITDA for Leisure destinations stands at €78.3 million on a comparable scope, a significant rise of 16.5% over the previous year, after a 6.9% increase in 2015/2016 and 17.8% in 2014/2015. The EBITDA margin showed a 1.7-point improvement, and stood at 24.5% in 2016/2017. The rise in EBITDA is due to the increase in revenue and good control of fixed costs, despite additional security expenses incurred for the last 2 years. It is supported by the promising results of the first phase of the Parc Astérix’s accommodation plan. Group Development The international EBITDA of Grévin sites resulted in a loss of €4.8 million, an improvement of €3.9 million compared to the previous year. The Chaplin’s World By Grévin museum had its first 12-month

fiscal year and was stable. The Prague and Seoul sites suffered huge losses like in the previous year, despite action plans implemented to boost their visits. Moreover, the EBITDA for the consulting business was stable for the 2016/2017 fiscal year. New consulting contracts signed internationally reinforced the Group’s listing. Holdings and supports The centralisation of certain inter-divisional functions (communications, HR management, IT, ticketing, standardised management software, marketing policy, etc.) represents the vast majority of this segment’s expenses. EBITDA stood at -€23.6 million, down by €1.3 million compared to the previous year, due to non-recurring costs in terms of fees.

5.1.1.4 Capital expenditure Investment levels are one of the main performance measures monitored by the Group, alongside revenue and EBITDA. Capital expenditure (net of disposals) amounted to €160 million, compared with €153.6 million the previous year and €159.9 million on a comparable scope. It represents 21% of the Group’s revenue. Investments break down by business lines as follows:

Fiscal Year 2016/2017 Comparable scope (2)

Fiscal Year 2015/2016 Comparable scope (3)

Fiscal Year 2016/2017 Actual scope (1)

% of sales 2016/2017 Comparable scope

% of sales 2015/2016 Comparable scope

% Change Comparable scope (2)-(3)/(3)

Fiscal Year 2015/2016 Actual scope (4)

% Change Actual scope (1)-(4)/(4)

(in millions of euros)

Ski areas

86.3 69.3

86.3 69.1

20.2% 21.6%

84.1 57.8

20.5% 19.5%

2.6%

84.1 59.0

2.6% 17.5%

Leisure destinations Group Development Holdings and supports

19.9%

1.3 3.1

1.3 3.1

9.4%

7.4 3.1

81.5% -81.9%

7.4 3.1

-81.9%

0.4%

NET CAPITAL EXPENDITURE

160.0

159.9

21.0%

152.4

21.3%

5.0%

153.6

4.2%

These investments concerned: z various attractions opened in 2017, such as Pégase at Parc Astérix, The Extraordinary Journey and the Cirque du Soleil show at Futuroscope, Dawson Duel at Bellewaerde and a monorail at Walibi Rhône-Alpes; z extension of the Trois Hiboux Hotel at Parc Astérix, which increased the capacity from 100 to 150 rooms and benefits from a new seminar centre; z preparation of the attractions planned for the next season and commencement of work relating to the Cité Suspendue of Parc Astérix (the second hotel that will open in 2019). In the Holding companies and support subsidiaries segment, investments mainly represent intangible assets intended for site operations (computer software for ticketing and others).

Investments in the Ski areas segment amounted to €86.3 million, compared with €84.1 million the previous year (20.2% and 20.5% of segment revenue respectively). These mainly related to ski lifts, snow- making equipment and work to secure water resources, grooming machines and ski run and trail work (see Notes 6.2 and 6.3 to the Consolidated Financial Statements). In close collaboration with the granting authorities, the Group is focusing its efforts on investments that will generate additional revenues, increase the attractiveness of the areas operated and improve the quality of the product offered to customers, and optimise operating expenses. In the Leisure destinations segment, investments came to €69.3 million, compared with €59 million in the previous year (and on a comparable scope €69.1 million, i.e. 21.6% of the revenue, versus €57.8 million (19.5%)).

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Compagnie des Alpes I 2017 Registration Document