2017 Registration Document G

2017 Registrationg Document including the annual financial report WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec C NTENT Message from the Chairman and Chief Executive Offi cer 02 Activities 04 Development model 06 Performance indicators and objectives 08 Introduction to Compagnie Financial des Alpes and its activities 11 inff93ormation 93 1} 1.1 Activities, market and competition 12 5} 5.1 Analysis of consolidated results and sectors 94 1.2 Strategy and outlook 18 5.2 Activities and results of Compagnie 1.3 History 20 Des Alpes SA 99 } 5.3 Consolidated fi nancial statements 102 } 5.4 Parent-company fi nancial statements 137 Risk factors 23 Share capital and 2} 2.1 Financial risks 24 shareholder structure 155 } 2.2 Legal risks 25 } 2.3 Operational risks 26 6} 6.1 Share capital 156 2.4 Insurance – risk cover 27 } 6.2 Shareholder structure 160 6.3 Stock-market information 162 6.4 Disclosure policy 164 Corporate gg9overnance 29 Additional 33.1 Composition of administrative and management bodies 30 information 167 3.2 Functioning of administrative and 77.1 Information on Compagnie des Alpes 168 management bodies 44 7.2 Persons responsible for the Registration } 3.3 Remuneration of corporate offi cers 46 Document and fi nancial statements audit 169 3.4 Compliance with corporate governance recommendations 55 } 3.5 Internal control and risk management procedures 56 Reference table 171 3.6 Report of the statutory auditors, drawn Reference table to the registration document 171 up in accordance with Article L. 225-235 Reference t able of the annual financial report 175 of the French Commercial Code, on the report of the Chairman of the Board of Directors of Compagnie de Alpes SA 61 Social, societal and environmental information 63 44.1 Methodology note on CSR reporting 64 } 4.2 Group workforce information 66 } 4.3 Group environmental information 78 4.4 Societal aspects 87 4.5 Report by the independent third party on the consolidated human resources, Annual Financial Report items are clearly identifi ed environmental and social information included in the summary with the symbol } in the management report 90 WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec 2017 Registration Document including the annual fi nancial report This Registration Document was fi led with the Autorité des Marchés Financiers (AMF) on 29 January 2018, in accordance with Article 212-13 of its General Regulation. It may be used in support of a fi nancial transaction only if supplemented with an AMF-approved transaction notice. This document has been drawn up by the issuer and is binding on its signatories. Pursuant to Article 28 of European regulation 809/2004 of 29 April 2004, this Registration Document incorporates by reference the following information, to which readers are invited to refer: z The management report, consolidated fi nancial statements, separate fi nancial statements and relevant auditors’ reports shown on pages 46 to 62, 124 to 158, and 159 to 171 of the Registration Document for 2015/2016, fi led with AMF on 31 January 2017 under number D17-0071. z The management report, consolidated fi nancial statements, separate fi nancial statements and relevant auditors’ reports shown on pages 44 to 58, 118 to 152, and 153 to 165 of the Registration Document for 2014/2015, fi led with AMF on 29 January 2016 under number D16-0044. CompagniedesAlpes I 2017 Registration Document 1 WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec DOMINIQUE MARCEC L Chairman and Chief Executive Offi cer Message ChairmanChCfrom the i and Chief Executive Offi cer In the space of a few years, we have transformed Compagnie des Good performance in 2016-2017 Alpes into a diversifi ed leader of the European leisure industry. The 2016-2017 fi scal year was highly Today, with its solid rooting in its two legacy business lines, successful. All indicators are on green. With further growth in operational the Group is ready to seize any acquisition opportunity and play performance and the return on capital a pivotal role in the consolidation of the leisure sector. employed, we achieved the fi nancial targets set by the Group in 2013 two years ahead of schedule. Compagnie des Alpes is reaping the rewards of its in-depth eff orts to boost visitor numbers at its ski resorts and increase the attractiveness and performance of its leisure parks. This success is underpinned by a proactive and ambitious investment WE ACHIEVED THE TARGETS policy. But most importantly, it rests “ on the high-quality hospitality and SET IN 2013, TWO YEARS services we provide to our customers. Their satisfaction is at the heart AHEAD OF SCHEDULE ” of our strategy. 2 CompagniedesAlpes I 2017 Registration Document WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER “ WE ARE READY TO SEIZE OPPORTUNITIES ” Favourable outlook The increase in the Group's profi tability enables us to intensify our investments and maintain positive momentum. In ski areas, our main eff orts are focused on renewing and extending our public service concession agreements, securing snow conditions Creating new momentum Profi table growth in on the slopes, and further improving our leisure parks the customer experience. In leisure in our resorts destinations, we are pushing ahead Compagnie des Alpes operates some To improve the operational performance with the Parc Astérix accommodation of the world's largest and most attractive of its leisure destinations, Compagnie programme, and transforming our Walibi ski areas, in internationally-renowned high- des Alpes has refocused its business on Belgium and Rhône-Alpes parks. We also altitude resorts. Yet, boosting the growth the sites most compatible with its strategy plan to open an aquapark in Bellewaerde. in volumes remains a major strategic of ensuring Very High Satisfaction to Our objectives for the upcoming two objective in a mature market. its customers. Today, the Group has a years are to maintain the operating diversifi ed off ering, ranging from theme margin of our ski areas and continue to parks to animal parks, edutainment parks increase that of our leisure destinations and indoor sites. WE STRIVE after the consolidation of Chaplin’s World “ We want our visitors to experience unique and Grévin Montreal. Indeed, the Group TO ENHANCE sensations. Their satisfaction – which has rationalised its portfolio of indoor sites rests on the attractiveness and novelty by deciding to sell or close down the Grévin OUR CUSTOMERS' of our facilities, as well as on the quality museums in Prague and Seoul, due to EXPERIENCE of the services off ered – is the best way their disappointing performance. ” of gaining their loyalty and generating We had announced that we were ready positive word-of-mouth. We invest in new to seize targeted acquisition opportunities To this eff ect, the Group focuses its eff orts equipment and the creation of high-profi le in order to play a pivotal role in the on constantly improving its ski off ering content, sometimes with big names in the consolidation of the leisure sector. We by optimising its ski facilities (ski lifts, amusement industry. This year, six of our are thus very happy to have acquired, snow parks, signs, etc.), and by investing sites broke their admission records and Parc in 2018, a majority stake in Travelfactory, in artifi cial snow-making equipment. Astérix exceeded the 2 million visitor mark the leading online distributor of ski holidays for the very fi rst time. Enhancing and diversifying the customer in France. experience is also a strong strategic However, to increase the number of Concerning our advisory and support objective for the Group. This means visitors, we also invest in accommodation, services, the numerous contracts won off ering products and services suited in order to extend our sites' catchment in China and Russia, as well as in Europe, to the diff erent customer types and areas and prolong visits. The fi rst phase make us a privileged partner. guiding customers throughout their of our programme aimed at increasing stay. Compagnie des Alpes thus acts as the hotel capacity of Parc Astérix Furthermore, the plan to bring in new a responsible player in its ecosystem, to 450 rooms has thus fully met our shareholders in order to accelerate by launching forward-looking initiatives expectations. The revamping of our food the Group's development remains in order to constantly improve the quality services and shops has also boosted a strategic priority, in view of the and quantity of tourist accommodation, our revenues. Moreover, we are working long-term transformations expected as well as their marketing. on ways of adapting our commercial off ers. in our business sector. “ WE WANT VISITORS TO EXPERIENCE UNIQUE SENSATIONS ” CompagniedesAlpes 2017 Registration Document 3 WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec Activities Compagnie des Alpes, a major play 4 European le 8 6 5 1 7 9 CAANADA 10 PARIS 11 2 FRANCE 11 4 The Group operates world- 10 3 3 renowned ski areas and leisure 5 6 sites under a policy of operational 1 2 and service excellence. It exports its 7 expertise within the framework of 9 support and consulting contracts in 8 various regions of the world . 11 LEISURE DESTINATIONS, INCLUDING IN EUROPE 1 2 3 11 SKI AREAS IN FRANCE 4 5 6 1 2 3 4 5 7 8 9 6 7 82 9 10 11 10 11 1 minority interest 3 minority interests Leading shareholder 4 CompagniedesAlpes I 2017 Registration Document WorldReginfo - bbd6efad-e86e-476e-bb90-663b32d8ffec ACTIVITIES KEY FIGURES FOR 2016/2017 €762 M 4,700 €160 M REVENUE EMPLOYEES (FTE) NET CAPITAL EXPENDITURE NO. 1 WORLDWIDE NO. 4 IN EUROPE IN SKI AREAS FOR LEISURE DESTINATIONS Alpine ski areas that are world-renowned Leisure destinations operated Resorts at altitudes of over 1,800 m, under strong brand names and over 1 million skier-days and through powerful partnerships €427 M 13.

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