CDA Compagnie des Alpes : Publication of FY 2017-2018 H1 Sales

1stHalf 2017/2018

Sustained activity across the Group

Paris, April 19, 2018-Compagnie des Alpes reports consolidated sales of€491.2 M for the 1sthalf of FY 2017/2018, an increase of 7.1% on an actual scope basis (3.2% on a comparable scope basis) compared with the 1sthalf of the previous financial year.

Consolidated sales, October 1, 2017 through March 31, 2018

(In thousands of€)

• Ski Areas

• Leisure Destinations

• Holdings & Supports

  Total

2017/2018	2017/2018 excluding Travelfactory 2016/2017 Comparable scopeChange Comparable scope	Change Actual scope Adjusted
372 091	372 091 362 125 +2.8% 93 820 87 101 +7.7% 6 729 8 885 -24.3%(2)	+2.8% +6.8% +185.0%
93 820
25 324(1)
491 235	472 640 458 111 +3.2%	+7.1%

• (1) Including Travelfactory, consolidated as of January 1, 2018

• (2) Difference is essentially linked to a change in the accounting method used for revenue recognition (Margin in 2017/2018 vs.

Volume in 2016/2017) for online distribution and real estate agencies

Sales for the 1sthalf of 2017/2018 factor in the acquisition of Travelfactory, changes in scope, certain reclassifications between divisions, and a change in accounting method.

• I-Actual scope restated: it corresponds to 2016/2017 sales as reported, from which the Prague and Seoul facilities have been removed (reclassified under discontinued businesses) and within which the following divisional reclassifications were made:

  • oSales for Grévin Montréal and Chaplin's World by Grévin, as well as those from CDA Production previously accounted for under the former BU Group Development (now included under the BU Holdings and Supports) are now included under the BU Leisure Destinations.

  • oReal estate agencies and online distribution (including Alpes Ski Résa), previously accounted for under the BU Ski Areas, have been reclassified and are now included under the BU Holdings and Supports, as are the consulting activities carried out by CDA Management and CDA Beijing, which were previously classified under the BU Group Development.

• II-Accounting scope: Comparable scope sales for 2016/2017 correspond to reported sales as restated (see point I above), from which Fort Fun (sold in April 2017) sales have been eliminated.

• III-Comparable scope change: The difference is calculated by comparing 2017/2018 sales as reported, from which Travelfactory has been eliminated (consolidated as of 01/01/18) from comparable scope 16/17 sales (see point II.)

Ski Areas: half-year sales growth of 2.8%

Ski Area sales for the first six months of FY 2017/2018 came to€372.1 M, an increase of +2.8% versus the same period one year earlier (adjusted).

After the 1stquarter, for which analysis was made more difficult by the fact that the end of year school holiday period fell partly in the 2ndquarter, sales for the 2ndquarter were up by +4.7% compared with the same period one year earlier (adjusted). Lift ticket sales, strictly speaking, rose over the first half of the year by 2.9%, driven by an increase in revenue per skier day of 1.4% and by a 1.5% in the number of skier days.

This season was characterized by high snowfall in the mountains which, at the national level, generated a distribution in activity between the different mountainous areas that favored ski resorts located at the average altitude level. In addition, often extreme weather conditions during January (wind, cold and precipitation)disrupted the operation of some of the Group's ski resorts. Nonetheless, the resilience of the Compagnie des Alpes business model, as well as the observed dynamic of its ski resorts during the end of

year school holiday and winter break period, led to an increase in sales that is in line with Group expectations for the first six months as a whole.

Leisure Destinations: 1sthalf sales up significantly for the 5thyear in a row (on a comparable scope basis)

Leisure destination sales were sustained over the course of the 1sthalf of 2017/2018, increasing by +7.7% on a comparable scope basis to reach€93.8 M.

This growth was driven by the 6.0% increase in spend per visitor (SPV). This increase illustrates actions taken by the Group to improve its "in park" offering and is a good indicator of the level of customer satisfaction.

Over the same period, attendance continued to grow (+1.7%), as did hotel sales, enough to have a visible impact, thanks in particular to the 50 additional rooms made available and new seminar capacity at the Hôtel des 3 Hiboux at Parc Astérix.

After a dynamic first quarter boosted by a very good Halloween season for all sites, the second quarter (which represents a quarter of sales for the first six months) was strong enough for the facilities that remained open to more than offset the impact of the closure for renovation of Aqualibi during the 2ndquarter in Belgium. Sales were alsogiven a boost by this year's earlyEaster weekend, which fell this year between March and April.

Holding and Supports: impact of the integration of Travelfactory

Holding and Supports now include the consulting business of CDA Management and CDA Beijing, the onlinedistribution business, and CDA's legacy real estate agencies (in particular Alpes Ski Résa), previously

consolidated under the BU Ski Areas, as well as those of Travelfactory since January 1, 2018.

In the first half of the 2017/2018 financial year, sales came to €25.3 million, compared with €8.9 million, onan actual scope basis, for the same period last year, which did not include Travelfactory. For Travelfactory, whose sales are concentrated over the winter period, the 2ndquarter represents a large portion of annual revenue.

The consulting business, which includes CDA Management and the subsidiary in China CDA Beijing, continues to develop well, mainly thanks to service agreements with the Jardin d'Acclimatation (project management assistance and management consulting), which is scheduled to reopen on June 1, 2018.

Grévin Prague and Grévin Seoul: facility sale or closure

As explained when the annual financial statements were released, the Group has decided to discontinue business at the two sites, in Seoul and in Prague, and therefore to recognize them as discontinued operations in the income statement. Since then, the Grévin Museum in Seoul has been sold tothe Group'sminority partner, on February 1, 2018, while the Grévin Museum in Prague closed on March 5, 2018.

These decisions will result in an about€6M improvement onthe Group's net attributable income as of thisfinancial year compared to last year.

Business trends for the rest of the financial year

The following outlook for 2017/2018 is given barring the occurrence of major unforeseen events.

• Ski Areas

The 3rd quarter, which last year accounted for nearly 12% of annual sales, is showing a slowdown in business compared with the 1st half of the year just ended due to the unfavorable positioning of the school holiday and the Easter weekend, plus the transportation sector strikes in France.

In light of these factors, the Group estimates that total sales growth for its BU Ski Areas will be close to 2% for financial year 2017/2018.

The Group maintains its EBITDA margin as indicated last December in its annual results release.

• Leisure Destinations

The second half of the year accounts for nearly 75% of annual sales for the Leisure Destinations BU. The Group, with an ambitious investment program, has given itself the resources needed to welcome more customers and offer an experience designed to generate the high level of visitor satisfaction that promotes return visits.

Accordingly,Parc Astérixis in the process of finalizing the second of a three phase hotel project with the opening of the La Cité Suspendue theme hotel, which offers a capacity of 150 rooms, doubling the current capacity.

After the launch of the visual immersion attraction, Dans les Yeux de Thomas Pesquet, at the start of the season,Futuroscopeinaugurated the Sébastien Loeb Xperience on March 24, 2018, a new 5D virtual reality attraction in which the visitor becomes the co-pilot of the famous auto racer.

In Belgium,Walibiis also transforming itself with a new area called Exotic World that showcases Polynesia and that includes, among other features, a new family-friendly roller coaster called Tiki-Waka. TheAqualibihas been beefed up with the addition of an extension designed specifically for the youngest visitors.

Walibi Rhône-Alpescontinues its transformation this season with the overhaul of its reception area and the creation of a new area, Festival City, which includes an intense emotion attraction for families called Hurricane, two attractions for children, a store, and a new theme-based food court.

Upcoming events:

FY 2017/2018 half year results:	Thursday, May 24, 2018, after stock market close
3Q 2017/2018 sales:	Thursday, July 19, 2018, after stock market close
FY 2017/2018 sales:	Thursday, October 18, 2018, after stock market close
www.compagniedesalpes.com

Consolidated sales, October 1, 2017 through March 31, 2018

(In thousands of euros)

First quarter:

Ski Areas

Leisure Destinations

Holding and support

Q1 Sales

Second quarter:Ski Areas

Leisure Destinations

Holding and support

Q2 Sales

1sthalf:

Ski Areas

Leisure Destinations

Holding and support

Actual scope, adjusted to reflect the various reclassifications made

FY 2017/2018

FY 2016/2017

60 996

70 091

2 095

65 130

65 747

1 607

133 182

132 484

311 095

23 728

23 229

+4.7%+7.5%+219.2%

296 995

22 073

358 053

326 346

372 091

93 820

25 324

362 125

87 820

8 885

491 235

• (1) Excluding Travelfactory, acquired on January 9, 2018

  Change

  -6.3%+6.6%+30.4%

  +0.5%

  +9.7%

  +2.8%+6.8%+185.0%

  Comparable scopeFY 2017/2018

  60 996

  70 091

  2 095

  133 182

  311 095 23 728 4 634(1)

  339 457

  372 091 93 820 6 729(1)

  FY 2016/2017

  65 130

  65 106

  1 607

  131 843

  296 995 21 995 7 278(1)

  Change

  -6.3%+7.7%+30.4%

  +1.0%

  +4.7%+7.9%-36.3%(2)

  326 268

  362 125 87 101 8 885(1)

  +4.0%

  +2,8%+7.7%-24.3%(2)

  +7.1%

  472 640

  458 111

  +3,2%

• (2) This difference is essentially linked to a change in the accounting method used for revenue recognition (margin in 2017/2018 vs. sales volume in 2016/2017) for online distribution and real estate agencies

Reconciliation table

Q1 2017/2018	Q2 2017/2018	H1 2017/2018	H1 2016/2017	FY 2016/2017
Ski Areas (former scope)	62 116	314 635	376 751	369 755	426 855
Ski Areas (new scope)	60 996	311 095	372 091	362 125	416 943
Leisure Destinations (former scope)	68 087	22 454	90 542	83 735	320 938
Leisure Destination (new scope)	70 091	23 728	93 820	87 101	329 473
Group development (former scope)	3 781	2 721	6 502	6 629	14 383
Discontinued operations	802	353	1 155	1 289	2 629
Holding and support (new scope)	2 095	23 229	25 324	8 885	12 412

Since it was founded in 1989, Compagnie des Alpes has established itself as an uncontested leader in the leisure industry. At thehelm of 11 of the world's most prestigious ski resorts (Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes, Méribel,

Serre-Chevalier, etc.) and13 renowned leisure destinations (Parc Astérix, Grévin, Walibi, Futuroscope, etc.), the company is steadily expanding in Europe (France, the Netherlands, Belgium, etc.) and, more recently, at the international level (Grévin Montréal in April 2013, Grévin Prague in May 2014, Grévin Seoul in July 2015 and engineering and management assistance contracts (Russia,

Morocco, Japan)). CDA also owns stakes in 4 ski areas, including Chamonix.

During the financial year ended September 30, 2017, CDA facilities welcomed nearly 23 million visitors and generated consolidated sales of762.3 M€.

With nearly 5,000 employees, Compagnie des Alpes works with its partners to build projects that generate unique experiences, the opposite of a standardized concept. Exceptional leisure activities for everyone.

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

Contacts:

Compagnie des Alpes:	Denis HERMESSE	[phone]	[e-mail]
Sandra PICARD	+33.1 46 84 88 53	[e-mail]
Alexis d'ARGENT	[phone]	[e-mail]
Thomas Marko & Associés:	Xavier YVON	+33.6 88 29 72 37	[e-mail]