COMPAGNIE DES ALPES : FY 2013/2014 results

2013/2014 FINANCIAL YEAR

RESULTS EXCEED EXPECTATIONS: GUIDANCE REVISED UPWARD

 Rebound in profitability: EBITDA +11%

 Leisure parks guidance revised upward: 27% EBITDA margin in 2018

 Portfolio streamlined with completion of Dolfinarium disposal

 Dividend distribution: 0.35€/share

Boulogne, December 1 8 , 2014 - The Board of Directors of Compagnie des Alpes, in a meeting chaired by

Dominique Marcel, approved the group's consolidated financial statements for 2013/2014.

(in M€) 2013/2014 2012/2013

(1) (2) (1) / (2)

Divisional EBITDA/Sales 27.8% 25.7% + 220 bps

Operating income 60.7 49.3 +23.1%

Commenting on the annual results, Dominique Marcel stated: "I am delighted that the improvement in our earnings and cash flow generation ratios exceeded expectations. What makes these good performances all the more satisfactory is that the economic situation in our principal markets was unfavourable. They reflect the magnitude of the work accomplished over the course of this year to get our Leisure Park business back on track for profitable growth and in alignment with the market's highest standards. Our effort will be pursued with determination across the Group's businesses. Our ability to evolve our economic model and the growing interest that our international offerings are generating confirm our potential to play a leading role in the growing global leisure market."

Leisure park sales up by +6.3%

Consolidated sales for financial year 2013/2014 reached 693 M€, an increase of +2.2% compared with the same period the previous year, despite the difficult economic backdrop, the 3 pp rise in France's VAT, and unpredictable weather.

Ski area sales maintained a sustained level, reaching 388.6 M€ after two years of volume growth. This performance is attributable to the competitive strength of its facilities located in areas with significant drawing power, as well as to good management of pricing and work on accommodation owners/operators to transform unoccupied beds, which is beginning to bear fruit.

1 Cumulative EBITDA for Ski Areas, Leisure Parks, and International Development

2

Free cash flow before tax and debt servicing

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Leisure park sales rose by 6.3% to 298.6 M€, driven by a 6.9% increase in visitors, bringing the total number of visitors to more than 9 million and by sound management of the pricing policy. This increase is attributable primarily to management's overhaul of this business and to the effort to increase the accountability of park managers for all aspects of performance. It is also attributable to close management of each facility's commercial policies as well as the efforts made to enhance the appeal of these destinations (products, services), part of the broader goal of optimising customer satisfaction, for which the indicators have improved.

Driven by new assistance contracts in the Caucasus (Arkhyz, Elbrus, Veduchi, etc.) and by the pursuit of development of the Grévin concept abroad, International Development sales doubled compared with the prior year, reaching 5.3M€.

Divisional EBITDA: +10.7% - Substantial increase in net income

The improvement in the commercial strategy was accompanied by closely monitored management of the operation of all of the Group's destinations and its investments.

 The Group's divisional EBITDA 3 came to 192.3 M€, up +10.7% compared with the previous year. The Group's divisional EBITDA margin rose by 210bps, to 27.8%, versus 25.7% for the previous year. This improvement was particularly spectacular in the leisure parks division, where the EBITDA margin increased by 560bps, reaching 20%. In the ski areas division, the EBITDA margin improved by 10bps, to 34.7%.

Excluding the change in related party transactions, holding and support function expenses were unchanged. As a result, Group EBITDA improved by 10.6% for the year.

 Consolidated operating income came to 60.7M€, an increase of 23.1% against a backdrop of higher amortization related to the pursuit of a sustained investment level by the Group.

 Net attributable income for the year reached 25.4M€ and reflects higher interest expense related to the termination of the previous RCF, whose terms were renegotiated in the spring of 2014 under favourable conditions, and higher taxation.

 The Group's free cash flow from operations4 increased by a factor of 2.5 compared with the previous year, reaching 45M€. This increase reflects the turnaround in operating performance and the enhanced monitoring of investments at intervals of less than one year. After tax and debt servicing, free cash flow comes to 11.7M€, an increase of nearly 22M€ in one year.

Dividend distribution: 0.35€/share

In light of the Group's good performances over the period, the Board of Directors will recommend that the shareholders approve the distribution of a dividend of 0.35€ per share when they assemble on March 12,
2015 for their annual meeting, which is a pay-out ratio of 33.4%. This dividend level, which is compatible
with the Group's growth-supportive development projects, reflects the confidence of management and key shareholders in the pursuit of performance improvements.

3

Cumulative EBITDA for Ski Areas, Leisure Parks, and International Development

4 Free cash flow from operations: cash flow before interest income and taxes

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Portfolio optimisation: first arbitrages

In line with the strategy of refocusing its portfolio of leisure parks, which was announced in December of
2013, the Group is currently completing the disposal of Dolfinarium to a leisure park industry player. In addition, another disposal project located in France is in the advanced stages of completion (consultation of
personnel representatives). These transactions are expected to have a positive financial statement impact
in the first half of the year and should be 100% cash.

Musée Grévin set to open in Seoul in the second half of 2015

Compagnie des Alpes, its subsidiary Grévin Korea, and the government of the city of Seoul signed a 20- year lease on a building covering more than 4,400 square meters that will house the future Musée Grévin of Seoul, in the heart of the South Korean capital. The project is being conducted under a joint venture agreement with Mast Entertainment Ltd, a leading producer of live entertainment in South Korea.

Outlook: Leisure park margin targets raised

Barring any major unforeseen events, the Group expects a consolidation of its margins for the year following the strong growth posted in 2013/2014. Cash generation for the year will reflect an increase in investments of around 10M€, corresponding to the completion of two Grévin projects abroad and two anchor attractions at parks that will only begin to impact sales in 2016.
The Group confirms its 2018 target of EBITDA in the ski area division of at least 35% and raises its leisure park division target to 27%,5 which puts Compagnie des Alpes among the world leaders in this market, where the observed performance range is between 20 and 35% in ski areas and between 22 and
32% in leisure parks.

5 Excluding Futuroscope, whose performance should be analysed at the operating income level.

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Upcoming events:

 1Q 2014/2015 sales: Thursday, January 22, 2015, after stock market close

 1H 2014/2015 sales: Thursday, April 23, 2015, after stock market close.

www.compagniedesalpes.com

With more than 23 million visitors and sales of 693M€ (financial year ended on 30/09/14), Compagnie des Alpes is a world leader in the leisure industry. The number 1 ski area operator in the world, CDA is present in 15 of the world's most prestigious ski resorts, including Tignes, Val d'Isère, Chamonix and Méribel, as well as in Russia (Rosa Kuthor, 2014 Olympic site Sochi) and Japan.

Ranked among the world's top 10 players in the leisure industry, CDA operates 16 parks around the globe, including two of Europe's top

10 leisure parks, Futuroscope (1.6M visitors) and Astérix (1.7 M visitors), and the Walibi Parks in France, the Netherlands and Belgium, and is developing the Grévin wax museum concept worldwide (Paris, Montréal, Prague, Seoul (2015), Vevey-Switzerland (2016)). Based in Boulogne Billancourt (France), Compagnie des Alpes has 5,000 employees around the world. It has been listed on Euronext Paris since 1994.

CDA is included in the following indices: CAC All-Shares, CAC All-Tradable, CAC Mid & Small and CAC Small. ISIN: FR0000053324; Reuters: CDAF.PA; FTSE: 5755 Recreational services

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Consolidated annual results (audited) - October 1, 2013 through September 30, 2014

(in millions of euros) 30/09/2014

Actual
30/09/2013
Actual (2)

% Change

(1) / (2)

EBITDA/Sales 24.4% 22.5%

Cost of debt and other -17.4 -14.9 +16.8

Tax expense -16.6 -13.8 +20.3

Equity associates 3.5 3.7 -5.4

Income or loss from discontinued operations -0.3 -3.7 N/A Impairment of goodwill on acquired business 0.0 -20.3 N/A Net income 29.9 0.3 N/A

Minority income -4.5 1.6 N/A

Sales by division

EBITDA by division

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distributed by