Compagnie des Alpes

Compagnie des Alpes
2009

Summary
2 Powerful Brands and and Sites
4 Editorial by the Chairman and Chief
6 Key events
8 Key figures
10 Now for more than 20
12 Strategy – interview with the Deputy Managing
14 Ski areas
22 Leisure parks
30 Corporate Governance
34 Social Responsability
38 Stock and Shareholding
40 Social Responsability
42 Financial data

Compagnie des Alpes
28 million visitors
in 2009 in its 37 sites
As the world leader in Ski
Area operations, Compagnie
des Alpes has 15 Ski areas ,
in France and 1 in Italy. This
represents approximately
10% of the European ski
market value and almost
8% of volume, counting
18 million skier days in its
overall parameters (1) .
CDA is also one of the
European leaders in Leisure
Park operations. In this
sector the Group is fourth
position with nearly
10 million visitors across its
21 sites (amusement parks,
animal and nature parks as
well as tourist attraction
sites) distributed across
6 countries (France, Belgium,
Netherlands, England,
Germany and Switzerland).
2009 marks the Group’s strategic reorientation:
• a new organisation which promotes synergies and development of creative
industrial strategy.
• the reaffirmation of our position as a leading player in the Leisure park industry.
(1) In December 2009, in partnership, the group acquired Deux-Alpes Loisirs,
the operating company for the Ski area Deux-Alpes in Isère.
In its 20 years of existence,
the Group has become a
major player in the European
Leisure industry and one
whose performance and
expertise are well recognized.
With a range of strong
and emblematic brands
across its two business lines
(La Plagne, Méribel, Val
d’Isère, Tignes… Parc
Astérix, Grévin and Walibi…)
Compagnie des Alpes 2009.
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Leisure parks
and ski areas
Powerful Brands
and Sites
Leisure parks
With a
Europe-wide
Parc Astérix
Musée Grévin
Walibi World
Walibi Belgium
Bellewaerde Park
Dolfinarium
With a strong
regional base
France
Ile-de-France / The North
Mer de Sable
France Miniature
Bagatelle
West
Grand Aquarium
de Saint Malo
Mini Chateaux
du Val de Loire
Aquarium
du Val de Loire
Planète Sauvage
Walibi Aquitaine
Walibi Rhône Alpes
Others
Bioscope
Belgium
Aqualibi
Netherlands
Avonturenpark
Hellendoorn
Switzerland
Aquaparc du Bouveret
Germany
Fort Fun
United Kingdom
Pleasurewood Hills
2/44
Compagnie des Alpes 2009.
Ski areas
Tarentaise
Paradiski
La Plagne
Les Arcs
Peisey-Vallandry
Espace Killy
Tignes
Val d’Isère
Les 3 vallées
Les Menuires
Méribel
La Rosière (1)
Valmorel (1)
Around
Mont-Blanc
Le Grand Massif
Flaine
Samoëns, Morillon
et Sixt
Chamonix (1)
Courmayeur (1)
Avoriaz (1)
Massif
des Ecrins
Serre Chevalier
Les 2Alpes
(1) Minority stakes

Compagnie des Alpes 2009.
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Editorial
Dominique Marcel
Chairman and Chief Executive
Aiming to lead the leisure sector:
dynamic, mobile, and competitive
4/44
Compagnie des Alpes 2009.
The Compagnie des
Alpes Group is now
poised to implement
an ambitious and
value-creating
industrial strategy.
In the 2008-2009 financial year,
the Compagnie des Alpes Group
demonstrated its solidity and performance
in an economic climate depressed
by global crisis. Our sales grew, we
maintained high margins, and net income
rose by more than 10%. Above all, our
Group generated a record level of free
cash flow.
Ski areas once again proved their
resilience in the face of a challenging
economic and climatic environment.
Leisure parks saw record performances
in a context that favored local leisure
activities. The Group was able to make the
best of the situation by employing a policy
of innovative events and a highly responsive
pricing strategy.
This year, Compagnie des Alpes also
implemented an aggressive strategy of
asset arbitrage. In particular, disposals
included the Swiss resorts Téléverbier and
Saas Fee as well as SMVP (Bioscope).
These sales were carried out under
optimal conditions and significantly
reduced Group debt, by €100 million.
This strength is the result of both the
strategic choices CDA has made over the
past 20 years and the realization of the
strategic reorientation initiated a year ago.
Compagnie des Alpes also modified its
corporate governance during the course
of the year to encourage unity in the
decision-making process and corporate
responsiveness. On October 1, 2009,
we adopted a new internal structure for
a more integrated, tightly-managed
Group. Its structure will no longer
be based on business lines but its
value-creation drivers, namely, the
Group’s vast expertise and its women
and men. CDA is now poised to implement
an ambitious and value-creating
industrial strategy.

We are entering a period of new
development for the Group and its
4,337 employees.
We will increase our strategic mobility by
more actively managing our portfolio of
assets. We will swiftly implement policies
to strengthen the Group’s operational
performance. We will hone our industrial
investment policy to focus on strategic,
high-growth projects.
I firmly believe that our future growth
will stem from the development of our
expertise in our two core businesses.
We have thus decided to provide
advisory and assistance services as part
of our ski area management and leisure
park operation. In the leisure sector,
strengthening the Walibi brand—an
initiative begun over a year ago—is
already paving the way for promising
projects that will increase the Group’s
organic growth. It also shows our drive
to pursue growth through acquisition.
This growth strategy does not require
excessive use of our cash flow and will
allow us to set up operations in new,
high-potential geographic areas.
Lastly, I believe that acquisitions must
meet clear, well-defined criteria. Above
all, opportunities will be considered
based on their industrial interest and may
develop into partnerships, as was the
case for Les Deux Alpes. This will ensure
the best in terms of efficiency and capital
optimization for our expansion.
By implementing this strategy in a
determined, pragmatic, and resolute
manner, the Group will consolidate and
develop its leading position in the leisure
sector.
Compagnie des Alpes 2009.
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Key Events
The year in review:
A Group in Motion
New governance – New structure – More dynamic management of its assets –
Selective purchasing policy in line with strategy: an eventful FY 2008/2009
for a Group in motion.
6/44
March 19, 2009
Change in
governance
The Compagnie des Alpes
Shareholders' Meeting
decided to modify the
Group's form of governance
by returning to the structure
of a société anonyme with
a board of directors and
adopting new bylaws. The
new governance system is
in line with the Group's new
economic and strategic
model. It will also allow
members of the Board of
Directors to be more directly
involved in Company
operations.
Compagnie des Alpes 2009.
June 13, 2009
Parc Astérix's
20th Anniversary
With 31 attractions and three
major shows, Parc Asterix
is the second-largest leisure
park in France. In 2009, it
welcomed 1.821 million
visitors for its 20th anniversary.
June 13, 2009 marked
the launch of Gaul nights,
"Nocturnes Gauloises," which
took place every Saturday
evening in July and August.
Each ended with an unforgettable
fireworks display.
Visitors came in great
numbers for the anniversary
parade and to prolong their
day at the park.
July 27, 2009
Disposal of
Téléverbier
SwissAlp SA, a wholly owned
Swiss subsidiary of CDA,
signed a draft agreement with
the city of Bagnes selling its
entire stake in Téléverbier SA
(20.3%). The CDA Group
acquired its stake in 1999
and exceeded 20% of the
company’s capital in early
January 2000.

September 23, 2009
Compagnie
Européenne
de Loisirs sells
its stake
Compagnie Européenne de
Loisirs informed Compagnie
des Alpes that it was selling
its entire stake in the company,
approximately 11.8%
of overall share capital. The
disposal was made by sale of
the shares to approximately
forty institutional investors.
The transaction has allowed
Compagnie des Alpes to
increase its free float, which
now accounts for 35% of
share capital. This should
have a favorable effect on the
liquidity of CDA shares.
October 1, 2009
New internal
organization
for the Group
Along with Chairman and Chief
Executive Officer, Dominique
Marcel, Companie des Alpes
established a new internal
organizational structure. The
reorganization aims to take full
advantage of the Group’s
extensive expertise and
implement industrial synergies
within the Group.
October 2, 2009
Caisse des Dépôts acquires
Bioscope assets
Compagnie des Alpes and Caisse des Dépôts clarify
their respective roles in the development and operation
of the Bioscope leisure park (Alsace). Caisse des
Dépôts now holds all park assets and will finance all
future investments. The CDA Group will continue to
operate the site on the basis of an operating agreement
established between CDA subsidiary Ecobiogestion
and SMVP. This transaction will allow Compagnie des
Alpes both to focus on its role as the park's operator
and to trim its balance sheet.
October 21, 2009
CDA Group sells its stake in
Saas Fee Bergbahnen
SwissAlp SA, a wholly-owned Swiss subsidiary of
CDA, concluded a memorandum of understanding
on October 21, 2009, with a group of buyers headed
by the municipality of Saas Fee. This memorandum
of understanding covers the sale of the entire stake
SwissAlp SA (41.6%) in Saas Fee Bergbahnen (SFB),
the operating entity of the Saas Fee ski area in the
canton of Valais (Wallis), Switzerland. CDA became
a shareholder of SFB in 2001 through participation in
a capital increase and raised its stake from 35% to
41.6% in 2007.
December 8, 2009
CDA acquires Deux Alpes Loisirs
(Isère)
CDA and several partners united in a consortium to
create Deux Alpes Invest, whose capital is divided
among Compagnie des Alpes (60%), Caisse des
Dépôts (19%), Banque Populaire des Alpes (12.6%)
and Caisse d’Epargne Rhône Alpes (8.4%).
The entity acquired nearly 90% of the capital of Deux
Alpes Loisirs (DAL), a company that operates
Les Deux Alpes ski area in Isère, for €46 million.
Les Deux Alpes offers the scope and quality
necessary to meet CDA's selection criteria. The
eleventh-largest resort in France, its size — 430
hectares (1.7 sq. mi., 1,060 acres), 225 km (140 mi.)
of ski runs, 55 ski lifts — its altitude (1,300 m to
3,600 m, or 4,300 ft. to 11,800 ft.) and its facilities
boast some of the finest skiing.
Compagnie des Alpes 2009.
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Key figures
Increasing Financial
performance
In the current global financial and economic context, the Compagnie des
Alpes Group has demonstrated strong financial growth. This reinforces
the strength and resistance of its economic model and the attractiveness
of its brands.
8/44
Consolidated sales
Group sales continued to rise, reaching € 576 million (+2.6%),
compared to restated 2007/2008 sales (1) of € 561 million.
Although abundant snow was more favorable for mid- and
low-altitude sites, and the poor economy affected some of the
foreign clientele, ski-area sales were up 0.6% to € 328 million
like for like (1). Leisure park activity increased sharply over the
year. This performance resulted partly from Capex for growth,
but was due especially to the Group's ability to focus on site
appeal (events, shows, etc.), while remaining flexible in terms of
pricing policy. Leisure park sales reached € 247 million, a 6%
increase from last year. Since 2004/2005, Group consolidated
sales have grown at an annual average of 9.4%, of which 3.4%
can be attributed to organic growth and 6% to acquisitions.
576 M€
(1) Swiss ski-area activity (Saas Fee Bergbahnen and Téléverbier), that the Group abandoned in
2009, was reclassified as discontinued operations. In compliance with IFRS 5, Reported earnings
for 2008 have been adjusted for comparability with 2009 financial statements. The figures above
presenting the change over five years do not include restatements
Compagnie des Alpes 2009.
Operating income
Operating income came to € 83 million,
stable year on year, despite exceptional
provisions taken for € 3 million. These
performances were achieved largely
through a disciplined control of operating
costs. With an average operating margin
of 15.3%, the Group boasts solid operating
profit in capital-intensive business
segments.
83 M€

Net income
Lower interest rates and
aggressive debt reduction
carried out by the Group
during the financial year
allowed for a sharp reduction
in the cost of debt, which
improved by € 6.5 million
(-25.5% from the previous
year). Group net attributable
income for the 2008/2009
financial year reached
€ 40.2 million, a rise of 11%
from the previous year, which
itself rose 28% (17% like-forlike).
Over the last 5 years,
net attributable income rose
by an average of 9.6% per
year.
40,2 M€
Operating cash flow
Group operating cash flow improved
8% to € 131.1 million. Free cash flow
multiplied by 2.8 to € 57 million, a new
record that steps up this indicator’s
upward trend over the last four years.
131,1 M€
CDA Group ROCE
At 5.7% for the 2008/2009 financial year
compared with 5.3% in 2007/2008 and
5.0% in 2006/2007, ROCE has begun to
rise again over the last two financial
years. As a five-year average, ROE stood
at 8.6% and ROCE came to 5.9%.
5,7%
Compagnie des Alpes 2009.
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Now for more than 20 years…
A Group inventing its own
business through a number of
years rich in memorable events
Ski Areas. Leisure Parks. Winter. Summer… Over several densely
packed years and following the rhythm of the seasons, the Compagnie
des Alpes Group has created its own development model…
And business.
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1989
Tignes, Peisey-Vallandry,
Chamonix
Compagnie des Alpes 2009.
1990
Les Menuires
1991
La Plagne
January 26, 1989…
Snow and skiing: the budding
of a beautiful relationship
1965/1985: 20 glorious years of skiing
Local governments wanted to build ski resorts in
France to promote winter sports. Property
developers began to construct large integrated
stations managed by single operators. By the middle
of the 1980s, crisis slowed the market for mountain
real estate, and developers withdrew from the area.
Local governments then sought new partners to
operate and develop their resorts. A reliable
heavyweight in terms of financial backing,
Caisse des Dépôts stepped forward.
The group decided to invest in ski areas and carefully
chose its sites for their large size, high altitude,
sound reputation and national and international
appeal. After acquiring stakes in Les Menuires,
Les Arcs and Tignes, it founded Compagnie des
1992
Les Arcs
1994
Introduction en Bourse,
Meribel Alpina
1996
Courmayeur
Alpes on January 26, 1989. Beginning in 1992, CDA
began recording high earnings and opened its capital
to investors. The company was floated in November
1994. Its portfolio of resorts grew in size and quality
with the addition of La Plagne, Peisey-Vallandry and
Les Grands Montets (Chamonix), followed by
Méribel, Courmayeur, the Grand Massif, Serre
Chevalier, Val d’Isère and the Swiss resorts, which
have since been sold.
In 2009: Les Deux Alpes.
With dynamic energy and a discerning
approach, Compagnie des Alpes blazed its
trail and quickly made a name for itself in the
world of snow and winter sports.
1997
Grand Massif

2000
Verbier
2001
Saas Fee
Grévin & Cie :
Asterix, Grévin,
France Miniature,
Bagatelle, Grand
Aquarium de Saint-
Malot, Aquarium
Val de Loire,
Mini Chateaux,
Fort Fun,
Hellendoorn,
Dolfinarium
2003
Aquaparc
du Bouveret
June 2002…
Leisure parks:
a summertime
success
2004
Panorama Park,
Pleasurewood Hills,
Serre Chevalier
Privatisation
Riederalp
Leisure doesn't stop after the snow melts...
Bring on the summer.
Opportunities for expansion in ski areas are limited,
especially with a commitment to a selective
approach. In the 2000s, the Group sought to better
diversify its climatic and geographic risks and
explored new regions, new sources of growth,
a new business, new customers—in short, another
promising seasonal activity in the leisure sector.
In June 2002, the successful takeover of Grévin &
CIE launched Compagnie des Alpes onto the field
of leisure parks. With ten parks including Musée
Grévin, Parc Astérix and the Dolfinarium in the
Netherlands, the Group had an immediate impact
on its new business. The Group soon became
involved in regional parks and in 2006, it acquired
five parks from the StarParks Group, giving CDA
access to the premier European brand Walibi.
2005
Planète
Sauvage,
Mer De Sable
2006
Walibi : Walibi
World, Walibi
Belgium-Aqualibi,
Walibi Aquitaine,
Walibi Rhône-Alpes,
Bellewaerde Park,
Bioscope
2007
Val D’Isère
Avoriaz, Valmorel,
La Rosière
Today…
Extensive expertise
in operating high-quality
leisure sites
In 2004, Compagnie des Alpes was privatized.
Caisse des Dépôts, however, remains its largest
shareholder, with about 40% of capital. The Group
generates 95% of its sales over a ten-month period.
Today, the Companie des Alpes Group is
turning the page to a new chapter of its
history. Building on a solid business model
combining growth and profitability and
renowned professionalism in its businesses,
the Group has two main strengths to carry it
into the future.
Compagnie des Alpes 2009.
11/44
2009
Deux Alpes

Group strategy
Franck Silvent
Deputy Managing Director
Boosting our profile as a leader
in the leisure business
The Compagnie des Alpes Group is a major player in the European leisure
sector, with high capacity and strong ambition to drive development further.
The Group has two strategic objectives:
- Redefine growth
- Become a leader in the leisure sector
What is the CDA Group's positioning in its two
core businesses?
Our Group is currently the leading Ski Area operator in the
world. Being a leader means ensuring that the company's
stakeholders reap the benefits of this strength. Our
customers benefit from our service quality, diversity
and innovation. Local governments benefit from the
concession-granting authorities with which we have
established partnerships for site development, employment
and promotion of the local region. Our shareholders benefit
from a high-value investment, even in the current economic
slowdown.
Being a leader does not mean... dominating. It means
creating, innovating, staying on the cutting edge, working
together. We apply these principles in developing the
diversity of our ski areas, the cornerstone of the Group's
expansion.
In the Leisure Park sector, we have rapidly built up a solid,
sizeable offering on the European market, particularly in
France, the Netherlands and Belgium. We boast strong,
high-potential brands including Walibi, Astérix, Musée
Grévin.... Our parks run the gamut from theme parks and
nature and animal parks to tourist attractions and games
and educational parks. They enjoy national and European
reach, but we also have sites focused on the regional
markets. This diversity has given the Group its firm
grounding in a vast range of expertise, poising it for future
growth. Building on these two businesses and millions of
European customers who trust our leisure know-how,
we have become a strong European Group set to soar.
We are not stopping now…
12/44
Compagnie des Alpes 2009.
The strength of our business model
The CDA Group does not seem to be affected by
the global financial and economic crisis. How do you
explain that?
It is true. Looking at our 2008/2009 results, we have held up
extremely well. Our Leisure Parks grew sharply, and our Ski
Areas delivered strong performances.
I believe this is due to a number of factors: our teams,
our robust business model - which offers less exposure to
economic fluctuations compared to other tourism groups - and
the quality of our assets. These advantages place CDA a cut
above the rest, especially when combined with a proactive
approach to business!
A growing business sector
What challenges do you face now? How will customers'
expectations change?
I would first like to point out that the leisure sector is
growing. This growth is inevitable and is here to stay.
This opens up opportunities in our current businesses and
in others. Our strategy is focused on anticipating the
development of the sector. We will need to demonstrate our
ability to respond and adapt quickly. Customers increasingly
compare price and quality, which has become even easier
to do with the Internet. Customers are extremely demanding
about quality. They have an immense, if not endless, offer
to choose from…. We have to give them a reason to choose
us, to come to our sites, by boosting our appeal and, for
example, the quality of events at our Leisure Parks. We also
expect changes and innovation in the ski sector.

Harness in-house synergies
Franck SILVENT
Compagnie des Alpes restructured in 2009. Why?
This new structure is in line with a marked shift in the way the Group is
managed. The Group's management policy is based on our two main growth
drivers: 1) organic growth, an aggressive sales strategy, and development and
2) operating excellence and optimized investment. Two cross-business
departments were set up as part of this new structure, a Marketing,
Development and Products Department and an Industrial Department.
We also tightened operational performance management, setting up three
Operations Departments. This structure will provide us with the flexibility
and responsiveness we need to grow and apply all of the Group's synergies
to its industrial strategy.
The company buzzword: synergies. You want to develop synergies…
Which synergies?
In 2002, when we first moved into the Leisure Parks sector, we took a very
pragmatic approach. We were seeking a greater balance between winter and
summer businesses as well as growth drivers. This increased our Group's
value. In time, we realized that the expertise of our two businesses was similar:
managing visitor flows, marketing, purchasing, investment project management,
maintenance policy, distributor relations, etc. We decided to pool our
knowledge. Today, we are pursuing these efforts to develop in-house synergies
for two reasons. We will be better and more innovative at a lower cost.
The expertise gained can then be applied to other leisure businesses.
An integrated
growth strategy
What are you trying to accomplish
through your industrial strategy?
So far, we have always managed to
acquire new assets. But now we must go
beyond merely managing good assets
and apply an integrated development
strategy. We want to develop organic
growth drivers to boost value creation.
CDA, synonymous
with quality
What are the Group's main advantages
that will contribute to future growth?
I believe we have three main advantages:
The quality of our assets and their
management to keep them healthy and
attractive; our long experience and
widespread expertise that ensure quality,
innovation and responsiveness; our
ability to develop relations with active
shareholders for open, effective
governance.
How will you assess whether the CDA
Group's new strategy is a success in
the years to come?
We will look at how the Group has
maintained and increased its value on
high-quality sites, with the development
of new growth prospects on new
markets. I will consider it a success
if we rank as a leisure market leader and
if the CDA name is always synonymous
with quality.
Franck SILVENT
Deputy Managing Director
Compagnie des Alpes 2009.
13/44

Ski Areas
� Prestigious resorts
of world renown
� A global leader:
selective and demanding
� Guarantee of quality
and diversity
The stuff
of dreams...
Twelve CDA Ski Areas
rank among the top
fifteen French resorts
for both sales and
number of skier-days.
Quality for all.
Diversity for all.
14/44
Compagnie des Alpes 2009.
Reputed
expertise
CDA applies extremely
selective and demanding
investment criteria
in choosing its ski
areas: size, altitude,
reputation, national and
international clientele,
large, professional
accommodation
capacity.
Over 10 years
of steady growth
Building on 18 million
skier-days across its
entire scope of 16
resorts, Compagnie des
Alpes ranks number
one worldwide in ski
resorts, enjoying 34%
of the French market
in terms of number of
skier-days and 8%
market share in Europe.

Around
Mont Blanc
Grand Massif
Chamonix
Courmayeur
Located in the northern French Alps, Haute-Savoie
borders Switzerland and Italy. Its lakes, mountains,
prairies, valleys, forests pastures and hills offer a
patchwork of natural beauty. This is the Mont Blanc
Massif, which overlooks the rest of Europe from
4,810 meters (15,781 feet) of altitude. It covers the
limestone Prealps, the Chablais Alps, the Bornes and
Bauges ranges and Lake Geneva and Lake Annecy.
The average altitude is 1,160 m (3,806 ft.). The Aravis
mountain range is the central mountainous region.
Tarentaise
Valley
Paradiski
Espace Killy
Les 3 Vallées
A large valley glacier in the northern Alps
in the heart of the Savoie region,
Tarentaise Valley is renowned for its winter
sports resorts. They are famous worldwide
for the size of the ski areas, guarantee of
snow and wide range of infrastructures
and services. The 1992 Albertville Winter
Olympics named Tarentaise Valley the
largest ski area in the world. Altitudes
range from over 3,000 m (9,843 ft.) at the
Isère spring (Sources de l'Isère) glacier to
400 m (1,312 ft.) in the plain of the lower
Tarentaise Valley. The Grande Casse
summit (3,855 m - 12,648 ft.) in the heart
of the Vanoise Mountains is the highest
point. Nine Compagnie des Alpes resorts
are located here.
Massif
des Ecrins
Serre Chevalier
Les 2Alpes
Nineteen vast glaciers cover the Massif
des Ecrins, a large mountain range in the
French Alps located in the Hautes-Alpes
and Isère. The Barre des Ecrins (4,102 m
- 13,458 ft.) is the highest summit in the
range. Serre Chevalier and Les Deux
Alpes are two of the most beautiful ski
resorts in the Ecrins park.
Compagnie des Alpes 2009.
15/44

Tarentaise
Valley: Savoie
Paradiski
Skier's paradise -
vast and varied terrain
La Plagne,
Les Arcs,
Peisey-Vallandry
2,000 m
(6,562 ft.) vertical from
1,200 m to 3,250 m (3,937 ft. to 10,663 ft.)
425 km
(264 mi.) of trails
4.8 million
skier-days
400,000
Vanoise-Express users
2
equipped glaciers
16/44
Compagnie des Alpes 2009.
La Plagne:
World leader
With 83% of the ski area above
2,000 m (6,562 ft.), an equipped
glacier at 3,250 m (10,663 ft.),
52,000 beds and 2.6 million
skier-days, La Plagne is world
famous for being the largest ski
resort on the globe.
In 2009, the resort continued
improving access to the area in
order to be operational for all levels
as early as possible in the season
(construction of the Télébufette lift,
development of man-made snow
facilities).
This year, investments remain
focused on improving skier traffic
with the renovation of lifts (chairlifts
at Mélèzes and Bergerie), resort
base and trails, the extension of the
man-made snow network and the
introduction of free shuttles.
La Plagne also showcases a number
of events throughout the winter
inspired by international holidays
and events.
www.la-plagne.com
www.paradiski.com
Les Arcs:
Avant-garde skiing
An integral part of the Paradiski ski
area, Les Arcs offers exceptional
skiing with altitudes ranging from
1,200 m to 3,226 m (3937 ft. to
10,584 ft.) across 4 resorts (Arc
1600, Arc 1800, Arc 1950 and Arc
2000). Reputed across the world for
its architecture (32,000 beds),
Les Arcs is a pioneer in developing
new boarding sports and is at the
core European snowboarding. It is
the most avant-garde of all of our
resorts, recently implementing
facilities and services designed to
improve user comfort (new Arpette
detachable chairlifts, new big air
bag in the snowpark).
The resort marked its 40th
anniversary in 2008/2009 and
began operation of a 400,000 m3
water reservoir, the Tuffes artificial
lake at Arc 2000. It will be used to
collect melted snow, thus limiting
the use of natural water resources
to produce man-made snow.
www.lesarcs.com
www.paradiski.com

Peisey-Vallandry:
In the heart of
Paradiski
Peisey-Vallandry is undeniably the
smallest... of the big Paradiski resorts.
The Vanoise Express ski lift runs
through Peisey-Vallandry, the
geographic heart of Paradiski, linking
Les Arcs through to La Plagne.
An authentic village resort with 12,000
beds at 1,600 m (5,249 ft.) of altitude
borders a forest on the sunny side of
Les Arcs mountain range. It offers
breathtaking views of Mont Blanc,
Beaufortin and the Tarentaise Valley.
Les Arcs also offers a wide range of
local entertainment with a ski show
on the history of skiing, a sled dog
show and First Tracks, etc.
In 2010, Peisey-Vallandry opened
a new 580-meter long Boarder Cross
2300, a smooth stretch for all snowboard
lovers.
www.peisey-vallandry.com
www.paradiski.com
Espace Killy
A legendary ski area at 1,550 m (5,085 ft.)
to 3,450 m (11,319 ft.) of altitude
Val d’Isère, Tignes
Tignes:
The most athletic
resort
Rising from 2,100 m to 3,300 m (6,890
ft. to 10,827 ft.), Tignes boasts some of
the longest winter seasons in Europe
(from Halloween to mid-May) thanks to
its high altitude. Tignes is known for its
athletics, dubbed the "Most Athletic
City" by the French sports newspaper
L’Equipe. Safety is the resort's top
priority. It aims to raise skiers' awareness
of the rules and dangers of backcountry
skiing.
In March 2010, Tignes hosted the
first Winter X Games Europe, the prime
freestyle ski and snowboard competition.
www.tignes.net
300 km
(186 mi.) of trails
2.9 million
skier-days
Val d’Isère:
The international
resort
Val d’Isère is a major international resort,
with 67% of foreign clients. Perched at
high altitudes of 1,900 m (6,234 ft.)
vertical between 1,550 m and 3,450 m
(5,085 ft. to 11,319 ft.), it has a genuine
soul with its picturesque Savoyard
village and legendary ski slopes. The
greatest downhill ski champions have
tackled the mythical Face de Bellevarde
or the Solaise trail at Val d'Isère.
Its slopes have hosted some of the
most exciting sports events, including
the Olympics, Criterium of the First
Snow downhill race and the Alpine
World Ski Championship in February
2009.
ValPark, Val d’Isère's freestyle area, is
being expanded in the winter of 2010
to offer even more options to freestyle
lovers of all levels with improved
signposting and emphasis on safety
rules. The ValPark team is pursuing its
work in promoting mountain life with
campaigns to raise the awareness of
the environment, waste sorting, etc.
Compagnie des Alpes 2009.
17/44

Les 3 vallées
Two Group subsidiaries generate 35% of
the business of the largest ski area in the
world, from 1,300 m to 3,230 m (4,265 ft.
to 10,597 ft.).
Les Menuires, Méribel
222 km
(138 mi.) of trails
Les Menuires:
The best-equipped resort
Built in the mid-1960s in Saint
Martin de Belleville, Les Menuires
quickly came to symbolize the
growth of skiing in France and is
today a shining star among
European ski areas. It ranks as one
of the best-equipped resorts in the
Alps. Nearly of half the trails have
snowmaking coverage, guaranteeing
skiing through to the end of
April. Les Menuires was one of the
sites featured in the 1992 Albertville
Winter Olympics.
Méribel: At the heart of Les Trois Vallées
More than 80% of the ski area is
located above 1,800 m (5,906 ft.) of
altitude. The largest village resort
(73 ski trails across 150 km (93 mi.),
including 2 Olympic trails and
2 slalom stadiums), Méribel is in the
heart of Les Trois Vallées. With its
deep valley and forests, Méribel is
one of the most beautiful resorts in
the Alps, making it highly popular
18/44
Compagnie des Alpes 2009.
2.6 million
skier-days
Since 2007, the resort has offered
the "Snow Guarantee" if less than
80% of its ski trails are open due to
lack of snow.
At the top of the gondola lift of the
Roc des 3 Marches, luge lovers will
appreciate the new 4-km long (2.5
mi.) run created by Sevabel with
22 twists and turns and a vertical
altitude difference of 450 m (1,476
ft.). In March 2010, Les Menuires
hosted the French Alpine Ski
Championships.
www.lesmenuires.com
among international clients. More
than half of its customers come from
outside France, and one in three is
English.
In 2010, Méribel hosted the FIS
Europa Cup Alpine ski race. The
resort also offers an area dedicated
to new boarding sports: Moon Park.
www.meribel-alpina.com
www.meribel.net
Shares in
subsidiaries
and affiliates
Compagnie des Alpes has held
minority stakes of 20% in three
companies operating French
resorts in the Northern Alps since
October 1, 2007. Two of them are
also in the Tarentaise Valley.
La Rosière: A journey between
Italy and France
As a backdrop are the most
prestigious European summits
culminating at over 4,000 m
(13,123 ft.) of altitude: Mont
Blanc, Dent du Géant, Grandes
Jorasses, Grand Combin, Cervin,
Mont Rose, etc.
La Rosière spans between
1,850 m and 2,641 m (6,070 ft. to
8,665 ft.) in altitude, with 155 km
(96 mi.) of trails. It is the only
resort in Savoie that covers an
international ski area through its
connection to La Thuile in Val
d’Aosta, forming the Espace San
Bernardo.
La Rosière boasts the only heliski
area departing from a French
resort.
In 2010, it will be offering backcountry
and freestyle ski and
snowboarding lessons.
www.larosiere.net
www.skilarosiere1850.com
Valmorel: Raw nature
Valmorel is one of the newgeneration
middle altitude village
resorts (1,250 m to 2,550 m
(4,101 ft. to 8,366 ft.) and 93 km of
trails) in France. It opened in 1976,
and its design and layout meet
more recent requirements:
integrating buildings into
surrounding landscape, small
tourist units organized into villages
and tight traffic control. In 2007,
it was the first mountain resort to
obtain ISO 14001 certification on
environmental management.
Valmorel is also a backcountry
skier's paradise, with only a small
portion of the park marked out
with trails.
www.valmorel.com

Technological and commercial innovation,
trail entertainment and information:
ski areas are changing
Unlike their "eternal snows", these
mountains are changing! Through
their technological and commercial
innovation and the development of
snow-related games and new
services, CDA Group's ski areas are
working to meet the changing needs
of skiers and snow lovers.
The innovation is not just in the
facilities. It is also in the marketing
and commercial, aspects, with hands
free ski passes available in all Group
resorts. This is now a quality standard.
The Holiski offer available in six Group
resorts primarily targets local clientele
that skies between 8 and 21 days.
This exclusive online offer is an
intermediate option between the
6-day pass and the season pass with
a discount of between 5% and 25%.
Other innovative services include the
satisfied-or-money-back Snow
Guarantee (Les Menuires) as well as
20% to 50% discounts on day
passes.
Leading the way in state-of-the-art
technology, Les Arcs and Peisey-
Vallandry offer the MountainPod:
a new system for audio-guided visits
through the resort (messages are
downloaded free of charge from the
website www.mountainPod.fr). At
Serre Chevalier, the iPhone application
is used for ski trail maps with GPS,
weather reports, sneak peeks at ski
statistics (vertical altitude difference,
average speed), shopping, etc.
This winter, Espace Killy offered skiers
similar services with the trial introduction
of practical, intelligent mobile
phone applications (Val d’Isère view of
the Village and Val d’Isère view of the
trails).
Ski area entertainment, during
opening hours and sometimes
beyond, has become a decisive factor.
Individuals and groups can take
the fun-filled, culturally entertaining
outdoor path called "Neiges de
culture" (Cultural ski trails) at Serre
Chevalier. It brings the history of the
valley and mountain folklore to the ski
trails. Les Arcs (Paradiski) has
developed other types of
entertainment: water slide, biotop trail,
"Natur" trail. Privileged moments are
also offered with skiing under the
stars (free night skiing) and First
Tracks (mountain-top breakfasts and
skiing back down with the ski patrol
before the resort opens). Over the
past three years, Avoriaz has
successfully developed a new
concept, The Stash (1.3-km long
(0.81 mi.) giant, environmentallyfriendly
and theme-based snowpark).
One of three worldwide, Avoriaz
enjoys the only Stash in Europe, with
North Star in the United States and
Remarkable in New Zealand).
Serre Chevalier now offers a new
activity: taking the wheel of a
10-long-tonne grooming machine.
Vacation-goers can now learn about
the complex day-to-day life of a snow
groomer operator at the Serre
Chevalier Grooming School.
The resort also offers night-time rides
in grooming machines for a behindthe-scenes
look at the snow park.
Les Menuires, Les Deux Alpes and
La Rosière are champions of
personal services, obtaining the
national "Famille Plus Montagne"
label for their excellence in family
accommodation.
In their ongoing concern about safety
and raising awareness about
dangers in the mountains, resorts
are developing initiations/training
on how to use avalanche transceivers
(ARVA). This is a key safety device
for backcountry skiers, and they need
to understand how to use it effectively.
Méribel offers Avalach’camp, Serre
Chevalier the Arva-park, Courmayeur
the ATC (Arva Training Camp),
Les Arcs the Avalanche Parc and
Les Deux Alpes the Robocoaster,
which all enable skiers to experience
what an avalanche feels like.
This is a fun way to raise skiers’
awareness about the risks of
backcountry skiing. A whole new type
of attraction in France!
Compagnie des Alpes 2009.
19/44

Around
Mont-Blanc:
Haute-Savoie
Shares in subsidiaries
and affiliates
Flaine, Samoëns, Morillon, Sixt
265 km
(164 mi.) of trails
Flaine: Classified
historical monument
Flaine is located right in the heart of the
Grand Massif ski area across from Mont
Blanc. It has an altitude difference of
1,600 m/2,500 m (5,249 ft./8,202 ft.) and
140 km (87 mi.) of trails and is the largest
of the four Grand Massif resorts. It is
a "powder reservoir" in an impressive
natural amphitheater that receives
abundant natural snowfall which has
made its reputation.
A classified historical monument, Flaine
recently celebrated its 40th anniversary.
In 2010, the resort hosted a qualifying
event of the Freeride World Tour.
If the area is selected for the 2018
Winter Olympics, Flaine would host the
snowboarding events.
www.flaine.com
www.grand-massif.com
20/44
Compagnie des Alpes 2009.
1.3 million
skier-days
Samoëns, Morillon,
Sixt: Alpine villages
In Haute Savoie between Geneva
and Mont Blanc in the heart of the
Giffre Valley, these three resorts
offer the charm of authentic
villages with the snowfall and
diversity of the fourth-largest area
in France. These resorts feature
considerable accommodation
capacity (over 25,000 beds in all),
a high-performance ski lift
network that connects them to
the high-altitude area and easy
access from Geneva. These key
advantages afford them significant
growth potential.
Samoëns has just installed a new
generation, 6-seater detachable
chairlift offering express, nonstop
service to the area. Travel time
has been reduced by 2/3 and
capacity increased by 2.5 times.
www.grand-massif.com
Participations
Chamonix: at the foot
of Mont Blanc
Located on the highest mountain range
in Europe, Chamonix includes three
separate ski areas all run by
Compagnie du Mont-Blanc, in which
CDA holds a 35% stake. Thanks to its
unique location and facilities,
Chamonix is the only Group resort –
and one of just a few in Europe – to
split its sales evenly across summer
and winter.
In January and February 2010,
Chamonix Mont Blanc hosted the
World Junior, Men's and Women's Ski
Championships.
www.chamonix.com
Courmayeur: La Dolce Vita
In 1996, the CDA Group purchased
a 29.8% stake in Courmayeur Mont
Blanc Funivie, its first location outside
of France.
The eighth-largest resort in Italy in
terms of size, it is generally considered
to be the "Italian Chamonix". Its
20,000 beds are 60% filled by Italian
weekenders.
From March 20 to 25, 2010,
Courmayeur will host the Winter
Military World Games.
www.courmayeur-montblanc.com
Avoriaz: The pedestrian resort
Avoriaz is the CDA Group's third 20%
shareholding.
Avoriaz is one of resorts in the Portes
du Soleil ski area, the largest area in
Europe located between France and
Italy.
Built and designed by visionaries with
its altitude range of 1,800 m/2,466 m
(5,906 ft./8,091 ft.) and 650 km
(404 mi.) of trails, Avoriaz is unique.
It is entirely pedestrian with horse
taxis and timeless architecture,
attracting clients from over
20 countries around the world.
Avoriaz is currently campaigning for
Annecy to host the 2018 Winter
Olympics. Morzine-Avoriaz would
host the women's downhill events.
www.avoriaz.com

Massif
des Ecrins
Serre Chevalier:
13 villages in the
Hautes-Alpes
The Serre Chevalier
ski area (1,200 m/2,800
m (3,937 ft./9,186 ft.),
250 km (155 mi.) of trails)
lies along the edge of the
Ecrins National Park.
It overlooks the broad
valley to the south from
the Col du Lautaret in
Briançon, a city fortified
by Vauban and a
UNESCO world heritage
site. The ski area
stretches across 13 villages
in 4 municipalities:
Briançon, Chantemerle,
Villeneuve la Salle and
Mônetier les Bains.
Serre Chevalier is one of
the most recent additions
to the CDA Group’s
resorts (2004). A considerable
investment program
is underway to reposition
it as one of France’s
most beautiful ski resorts.
The resort attracts 21%
of foreign clients. In
2010, the exhibition
"Neiges de Culture"
offered skiers a fun-filled,
culturally entertaining
outdoor path, bringing
the history of the valley
and mountain folklore to
the ski trails.
www.serre-chevalier.com
Les 2Alpes:
360 o panorama
of the Alps
Enjoying a 360° panoramic
view of the French
and Italian Alps, from
Mont Blanc to Mont
Ventoux, including the
Meije and the Ecrins
mountain range, Les
Deux Alpes enjoys
an altitude range of
1,300 m/3,600 m (4,265
ft./11,811 ft.) and 227 km
(141 mi.) of trails. It offers
the entry onto the
legendary La Grave ski
area.
Les Deux Alpes also
boasts year-round skiing
at up to 3,600 meters
(11,811 ft.) of altitude,
guaranteeing natural
snow on the largest
skiable glacier in Europe.
Les Deux Alpes was
integrated into the CDA
Group in December
2009.
In the summer of 2010,
Les Deux Alpes will host
the Kumi Yama, an event
for European, US,
Canadian and Japanese
riders.
www.les2alpes.com
The development of ski areas
is a precision field that
requires solid corporate values
The Group has always placed
emphasis on providing the
best skiing comfort and
facilities that respect ski
trails.
In 2009, more than €60
million was invested in new
ski lifts, trail improvements,
man-made snow facilities
and grooming machines.
More than half of these
investments were put into
transportation equipment
(detachable chairlifts, cable
cars). The high-performance
equipment offer speed
(significant increase in hourly
capacity rates), comfort (lift
walkways, protective
windows) and safety.
At Grand Massif, a detachable
6-seater ski lift (TSD6),
called the Chariande Express,
reduces travel time by 2/3
and carries 2.5 times more
passengers (3,000
skiers/hour versus 1,300
previously). At La Plagne,
a TSD6 called La Bergerie
was installed, with a walkway
carrying a maximum capacity
of 3,600 skiers/hour. Children
and beginners will enjoy the
new Les Mélèzes ski lift with
an adjustable height walkway
base. At Les Menuires, safety
bars will be equipped with a
safety system on the main ski
lifts used by children.
As part of its QSE certification,
the Group is gradually
implementing a policy to
reduce the number of pylons
and better integrate new lifts
into the countryside. With the
Sunny Express in operation
at Les Menuires, four old lifts
were shut down. Similarly, the
Arpette TSD6 at Les Arcs
replaced two old lifts.
Trail facilities play an essential
role in the quality of a ski
area. The companies
redesign trails for easier
access to the area and
re-grass to improve the
snow's hold. They also
create new, entertaining
areas devoted to new
boarding sports or safe areas
for "easy" skiing or for
children. €500,000 was
invested in 2008/2009 to
re-grass or replant trees
across more than 160
hectares (395 acres).
Snowmaking. The purpose
is to ensure optimal skiing
conditions all winter long.
Between 25% and 30% of
the Group's trail surface area
is equipped with man-made
snow. Particular efforts have
been made on sites such as
Les Arcs and Serre Chevalier.
Nearly 95% of the water
used to make snow is collected
locally. CDA resorts have
emphasized the importance
of building hillside water
catchment systems.
Lastly, some resorts such
as Serre Chevalier take
their commitment to the
eco-system a step further
than QSE certification
requirements. They are
the champions of the
"eco-attitude," which covers
everything we can do to
keep the mountain intact!
Compagnie des Alpes 2009.
21/44

Leisure Parks
� Six premier French parks
with a Europe-wide scope
� Fifteen regional parks
� Three major brands
of European renown
and high growth potential
Fourth in the
European leisure
park sector
The leading operator
in an area that extends
from Ile-de-France to
Northern Holland,
Compagnie des Alpes
Group is also number
one in Belgium and
number two in
the Netherlands. It
welcomes a total of
nearly 10 million visitors
to its 21 sites.
22/44
Compagnie des Alpes 2009.
Expertise across
the board
With 13 amusement
parks, four tourist
attractions and leisure
sites and four animal
parks and aquariums,
the Group boasts indepth,
extensive knowledge
of the various
leisure park market
segments.
Compagnie des Alpes
has gained the expertise
necessary to
succeed in a business
in which the quality of
the sites, rides, and
equipment, visitor
security, installations,
and a diverse offering
of events are the keys
to success.
A growing
business, with
abundant
opportunities
and the potential
for future
development

France:
ten parks loyal to
their regional base
Amusement parks, tourist and leisure sites, animal
parks and aquariums—these ten parks represent
a wide array of know-how and expertise, guarantee of
quality, innovation and responsiveness. Their success
mainly relies on being highly in tune with their catchment
area while maintaining the highest standards.
Six premier
French and
European
parks
These six parks represent
a significant share of the
European market as well as
the markets in France, the
Netherlands and Belgium.
They are high-value, highpotential
brands with all the
keys to success: Strong,
iconic characters and a
well-known storyline feature
in the endless stream of
creative events and the ideal
balance of attractions and
shows for all ages.
Northern Europe:
five major parks
These parks are primarily theme parks
and are also characterized by a strong
regional base. Most are historic parks
that have managed to maintain their
appeal among the local clientele.
Compagnie des Alpes 2009.
23/44

Six premier
French and
European parks
Parc Astérix
France's second-largest theme
park, only 30 km (19 miles)
north of Paris (or, as the
Romans called it, Lutèce), Parc
Astérix combines laughter,
shared thrills and authentic
family fun to bring plenty of
smiles to parents and children
alike.
A perfect mix of rides for the
whole family, show-stopping
performances and a wide range
of entertainment, Parc Astérix
offers 32 rides and three shows
in a decor to keep the Gaulish
spirit and humor alive. In 2009,
Parc Astérix welcomed over
1.8 million visitors.
Coming off a successful 2009
that included the park’s 20th
anniversary, Parc Astérix is
offering its 2010 guests a series
of challenges that get better
and better! For those who don't
want to miss a minute of the
action, Parc Astérix offers the
Pass Défis, which allows unlimited
visits to the park for a year
as well as a number of other
advantages.
The park is also opening a new
type of restaurant: Pizza Caius.
Every Saturday starting on July
17th, Gaulish Nights, or
Nocturnes Gauloises, will allow
guests to prolong their visit and
top it off with a fireworks display.
www.parcasterix.fr
24/44
Compagnie des Alpes 2009.
Musée Grévin
As famous as the Eiffel Tower Musée
Grévin is one of France’s most unique
historic tourist sites. In its 125 years of
operation, Grévin has earned worldwide
repute as a veritable touristic institution.
Nearly 800,000 visitors from across the
globe come to hob nob with famous
historical figures, show-biz and sports
stars, and political personalities.
Repositioned in 2001 to be more a
reflection of society than simply a
museum, Musée Grévin continues to
make big news. 300 wax figures line
the halls of Musée Grévin, and the
museum regularly welcomes new
celebrities.
In 2009, Angela Merkel, Barack Obama,
Madonna, Simone Veil, Rachida Dati
and Julien Clerc made the museum
their home. Among the new arrivals for
2010 are actress Carole Bouquet,
designer Philippe Stark, Franck Dubosc
and the singer Mika.
www.grevin.com
Walibi Belgium
Walibi group's leading park, Walibi
Belgium is located only a few miles
from Brussels and offers more than
50 rides geared towards a wide
audience. This family-friendly park
includes an area especially designed
for children and another reserved for
thrill-seekers with no fewer than six of
the country's most impressive roller
coasters.
Walibi Belgium is known to offer a
particularly full schedule of events
throughout its entire operating
season. In 2009, the park paid tribute
to seven of its flagship attractions,
with original communication
campaigns and an entertainment
program specific to each ride.
In 2010, the Loup-Garou, Calamity
Mine, the Vampire (a roller coaster),
Flash Back, Radja River, the
Challenge of Tutankhamon and the
Dalton Terror will be honored during
the Big 7 - Part II.
www.walibi.be

Three premier Pan-European brands
Parc Astérix, Walibi et Musée
Grévin… The Compagnie des
Alpes Group believes in the
power of a name, and that a
brand recognized as a quality
leisure provider guarantees
excellence, ensures consistency
for the overall visitor experience
and boosts the appeal of its sites.
This is one of the Group's major
focuses in its industrial strategy
for its leisure parks.
Parc Astérix continues to write
the legend of Goscinny and
Uderzo's celebrated comic
book character. Its own sound
reputation in France combined
with the international renown of
the character affords the park a
dual advantage that has opened
doors to multiple development
projects. As such, the park
enhances its offering each year:
new premiere rides, expansion of
its calendar with successful
seasonal events (Christmas,
All Saints Day). This is all in line
with the park’s underlying ideals,
Asterix’s own values—high
spirits, shared laughter and
authentic family fun.
Parc Astérix is the second largest
amusement park brand in France.
With a name whose appeal
extends across Europe, its saga
has only just begun.
Forever associated with Paris,
Grévin’s, international reputation
has brought opportunities for
further development. The first is
the opening of Café Grévin.
Museum-goers and Parisians
alike will soon have the opportunity
to unwind in style in the
future café. It will take several
months to build set designer
Jean-François Lohou’s design for
the dividing wall to the famous
entrance to the temple of celebrities.
Café Grévin's decor is
inspired by the museum itself,
where the world of theater meets
illusion. It is set to open in
mid-October 2010.
Walibi welcomed its first visitors
in Belgium in 1975. The first
Walibi park was created by
Belgian businessman Eddy Meus,
and the name was inspired by its
three host towns: Wavre, Limal,
and Bierges.
Walibi soon became associated
with the "wallaby", the kangaroolike
creature from Australia. This
lovable little animal now stars as
the park’s mascot. Since then,
four parks in France, Belgium
and Holland have been stamped
with the Walibi logo and have
welcomed nearly 2.4 million
visitors. In France, Walibi has
become the third-largest park
brand in terms of spontaneous
brand recognition. This potential
has yet to be fully explored.
The Group hopes to continue
bolstering the brand’s reputation
and is currently working to
modernize its characters and
create a basic storyline for them.
The Walibi brand, Walibi parks,
and… Walibi itself should come
to see many new adventures in
coming months.
See you in April 2011…
Compagnie des Alpes 2009.
25/44

Walibi World
Located about 50 kilometers
(31 miles) east of Amsterdam
and less than 10 kilometers
(6 miles) from the Dolfinarium,
Walibi World is one of the
largest parks in the
Netherlands. Open since
1994, significant investments
were made in 2000 to make
it the European reference for
thrilling attractions, which
account for 19 of its 50 rides
and shows! The park is also
famous for its festivals, such
as "Halloween Fright Nights"
in autumn. In 2010, it will
focus on different rides and
shows as part of an "Amazing
Walibi World" theme. Plus,
a new hit ride is set to spook
visitors: a 3D haunted house,
"Alice in Horrorland!"
www.walibiworld.nl
26/44
Compagnie des Alpes 2009.
Bellewaerde Park
Bellewaerde opened its doors on
July 3, 1954 as an ornithological
park with a stunning variety of
magnificent birds. Today it boasts
thirty some rides and over 200
animals. Bellewaerde Park is
frequented primarily by the
French and Belgians.
Approximately 50% of the park's
visitors come from Northern
France.
Bellewaerde Park is a member of
the EAZA (European Association
of Zoos and Aquaria), an association
of about 300 zoos and
aquariums from 35 European
countries. In 2008, Bellewaerde
was named the Best Flemish Zoo.
In 2010, it is showing Turtle
Vision, the new 4D film from the
producer of Fly Me to the Moon.
A fascinating underwater odyssey,
the film immerses its audience
into the warm waters of the
tropics and the icy depths of the
Antarctic. The feature-length film
will not be in theaters until 2011.
The short film (14 minutes) will be
available starting on April 3,
exclusively at the park's 4D
cinema.
www.bellewaerdepark.be
Dolfinarium
Opened in 1965, Dolfinarium Harderwijk is
renowned for being an exceptional spot for
watching marine mammals. The park presents its
family audience with marine mammals and other
marine life in a unique environment that helps raise
awareness through entertainment.
The Dolfinarium's indisputable expertise when it
comes to communicating with the marine
mammals as well as its conscientious treatment of
the animals allows the park to share its knowledge
and respect in a way that combines play,
entertainment, and interaction. While famous for
its dolphins, the site features other mammals such
as walruses, seals and sea lions, including the
Stellar sea lion, an endangered species.
Also on site is S.O.S Dolfijn, a rehabilitation and
research center for porpoises and other small
beached cetaceans. Here, the animals are nursed
back to health and then released into the wild.
S.O.S Dolfijn has been an independent foundation
since 2005.
In 2010, the Dolfinarium is unveiling a new 360°
presentation of its dolphins that includes a
making-of, television communication and an
online competition to share the new experience.
www.dolfinarium.nl

In France:
Ten parks with a
strong regional base
A network
of amusement parks
Mer de Sable
Opening its doors in 1963, Mer de Sable may
not be overwhelming in size, but it offers
three vastly different worlds of fun. Starting at
the "Gates of the Desert," visitors can travel
back to the "Time of the Pioneers" and
explore the "World of the Jungle." The unparalleled
20-hectare (49 acre) site in the heart
of the Ermenonville forest outside of Paris
offers visitors more than 20 attractions
and three shows that spotlight horses and
spectacular stunts.
In 2007, Mer de Sable launched a major
renovation project to build a new petting zoo
and an entirely new adventure playground in
2009.
www.merdesable.fr
Bagatelle
Located on the Opal coast amidst a green
landscape abounding with trees and flowers,
Bagatelle has a warm family atmosphere. The
quintessential local leisure spot, the park is
proud to be firmly grounded in its Nord Pas
de Calais region – affectionately known as
"cht’i" territory, "cht’i" being the nickname for
the locals. In 2010, Bagatelle is making way
for a new attraction, opening its doors to
virtual reality with the 3D Ciné Dynamik.
www.parcbagatelle.com
Walibi
Rhône-Alpes
Another regional installment
of the Walibi brand, Walibi
Rhône-Alpes is a familyfriendly
park that offers
21 land-based rides, a petting
zoo, two shows and a water
park, "Pirates Island." In 2009,
Walibi Rhône-Alpes celebrated
its 30th anniversary by
each day inviting visitors that,
like the park, were born in
1979. In 2010, the park's
events will have a decidedly
athletic flare.
www.walibi-rhone-alpes.fr
Walibi Aquitaine
In the heart of southwestern
France in Roquefort near
Agen, Walibi Aquitaine has
offered fun for the entire
family since it opened its
doors in 1992. The park’s
variety of attractions is
guaranteed to please visitors
of all ages and every inclination.
Its 19 rides and three
shows are based on four
themes: "Big Thrills," "Family
Time," "Little Ones" and
"Shows."
Walibi Aquitaine is
Southwestern France's
leading theme park. In 2010,
it is introducing three new
events: the Walibi Academy,
the Sea Lion Show, and the
Musical Fountains.
www.walibi-aquitaine.fr
Compagnie des Alpes 2009.
27/44

Three premier nature and animal parks
Grand Aquarium
at Saint-Malo
With its 600 species of fish and
aquatic life, the Grand Aquarium at
Saint-Malo is an underwater adventure
through frigid and warm seas
complete with a freshwater detour.
Particularly spectacular are its
collection of eight sharks in a 360°
tank and its touch pool that allows
guests to get up close to various
types of fish. Immersed in this aquatic
world, visitors marvel at and learn
about earth's seas and oceans and
how to protect them.
Host to 20,000 school children each
year, the Grand Aquarium at Saint-
Malo has participated in a number of
marine-life environmental protection
initiatives since 2003.
www.aquarium-st-malo.com
France Miniature
Ten minutes from Versailles, the
largest miniature park in Europe lets
visitors see all of France in just a day.
Built atop a 5-hectare (12-acre) map,
France Miniature invites visitors to
embark upon a geographical and
historical journey where they discover
the jewels of France’s historical
legacy. 116 exact replicas built to
a 1:30 scale showcase the country's
most beautiful monuments. 150
characteristically French landscapes
have also been reconstructed.
To celebrate the start of the 2010
season, and during the school
holidays in February, the park will be
equipped with a synthetic ice skating
rink. Enthusiasts of all levels, from
beginners to seasoned skaters, are
invited to lace up and hit the ice.
www.franceminiature.fr
28/44
Compagnie des Alpes 2009.
Planète Sauvage
Stretching across 130 hectares
(247 acres), Planète Sauvage is
ideally located on a nature preserve
only a few kilometers from Nantes.
With its 16 parks, natural lakes, 2,000
animals and 150 different species,
the park is a little piece of Africa right
in the heart of Brittany. With more
than 250 animal births per year, it is
one of the largest and best-equipped
wild animal reserves in Europe.
Planète Sauvage expanded in 2009
by opening a dolphinarium in its
newly renovated marine habitat.
The authorizations required to have
the dolphins were revoked in
November 2009 for procedural
reasons, but a new request is
currently in the works.
www.planetesauvage.com
Aquarium
in Val de Loire
The Aquarium du Val de Loire's over
2 million liters of freshwater and
seawater offer a rather theatrical
presentation of the most iconic
species of marine life (sharks, piranhas,
caimans, beluga sturgeons, etc.)
along with nature's oddities such as
mygale spiders, fish with four eyes,
seahorses, and stonefish. Europe's
biggest aquarium, it is dedicated to
the aquatic life of one of the last
untamed rivers: the Loire. Starting at
Easter 2010, the Aquarium du Val de
Loire features a new "Silurium" that
reveals the animal in its nighttime
setting. New decor and dramatic
lighting introduce Europe's largest
aquatic predator. Be forewarned,
special guests of over 240 cm
(7.8 feet) will be in attendance.
www.aquariumduvaldeloire.com
Three Tourists and leisure parks
Mini Châteaux
in Val de Loire
In a magnificent landscaped park, 45
miniature 1:25 scale reproductions,
8000 bonsais, and thousands of
figurines come together to recreate
a miniature Loire Valley. Together they
transport visitors to a timeless land,
where from the royal château of
Chambord one can hear the five
Dames of Chenonceau sing.
Five railway networks also built to
scale, a petting zoo, and sound
effects are also featured. Two actors
stroll through the park acting out
humorous skits based on historical
fact.
www.mini-chateaux.com
Bioscope
Entertaining, educational, interactive
and spectacular, Bioscope is a park
entirely dedicated to the environment
and sustainable development.
Through games and experiments,
visitors discover what it takes to
preserve our planet, live in harmony
with the earth, and enjoy the wealth
of a preserved environment.
For its fourth year of operation,
Bioscope has made 2010 the "Year of
Sustainable Fun" and has scheduled
events around the themes of recycling,
renewable energy, and more.
www.lebioscope.com

In Northern
Europe:
five premier parks
Netherlands
Avonturenpark
Hellendoorn
Founded as far back as 1936,
Hellendoorn is not only one of
Europe's oldest parks, but also one
of its most fascinating. Stretching
across its 27 hectares (67 acres)
of green space, Hellendoorn's
attractions and events are inspired
by the enchanting worlds of
Northern European tales and
legends.
For summer 2010, Hellendoorn will
delve even further into the world of
fantasy with a new show based on
the Excalibur, the magical sword
from the legend of King Arthur and
the Knights of the Round Table in
search of the Holy Grail.
www.avonturenpark.nl
Switzerland
Aquaparc
Located on the shores of
Switzerland’s Lake Geneva against
a stunning backdrop of lake and
mountain, Aquaparc du Bouveret is
considered Europe's most beautiful
water park. With the theme
“The Caribbean at Léman (Lake
Geneva),” it offers a fun and familyfriendly
year-round swimming
space. Guests are greeted by
7 super slides, a wave pool, the
"Captain Kids Land" children's area
with its pirate ship and lazy river
and "Paradise Land," a 16-and-over
wellness area with a sauna,
hammam, spa, jacuzzi and the
Aquabar.
After an event-packed 2009,
Aquaparc will unveil the Looping,
a 15-meter (50-foot) free fall into the
water, in May 2010. The ride is truly
something—there are only three of
them like it in the world!
www.aquaparc.ch
United Kingdom
Pleasurewood Hills
Pleasurewood Hills is East Anglia's
largest theme park in terms of its size
and number of visitors. Located near
the seaside in Suffolk, it offers a
variety of rides, shows, and attractions,
and has received VAQAS
(Visitor Attraction Quality Assurance
Service) quality accreditation.
In 2010, the park will introduce a new
show that combines circus and street
dancing.
www.pleasurwoodhills.com
Germany
Fort Fun
Abenteuerland
Founded in 1967 with a summer luge
as its only attraction, the park soon
took off with a Far West theme.
Tucked in the wild mountains of
Hochsauerland, west of Frankfurt,
it offers endless family fun, including
one of the largest slides in Europe
and the Wild Eagle hang gliding ride,
which allows guests to fly over the
hills at 80 km/h (50 mph). In 2010
Fort Fun Abenteuerland is set to open
a new theme park and a new intrapark
transportation system, with a
jam-packed schedule of events.
www.fortfun.de
Belgium
Aqualibi
Right beside Walibi Belgium, with
lush vegetation and water temperatures
hovering at 29°C (84°F) all year
round, Aqualibi is one of Europe's
most beautiful water parks. It will be
closed in 2010 for complete
re-construction. Along with more
equipment and new leisure areas, the
new Aqualibi will also be "greener,"
consuming 40% less water and
energy.
www.aqualibi.be
Compagnie des Alpes 2009.
29/44

Corporate Governance
Coordinated and responsive
management, greater
integration of business
activities
The Group’s new governance aims for greater responsiveness
and consistency in Group management.
The new organizational structure promotes synergy among
business lines and encourages the rise of an ambitious,
value-creating industrial strategy.
Founded in January 1989,
Compagnie des Alpes first
operated as a société anonyme
(SA) with a board of directors and
chairman of the board, until
February 25, 2000, when it adopted
the form of an SA with supervisory
and management boards.
On March 19, 2009, the shareholders
decided to modify the
Company's corporate governance
by returning to the structure of a
société anonyme with a board of
directors. Consequently the
Company also adopted new
bylaws.
As in the previous style of
corporate governance, the
Company endeavors to maintain
and continue its application of
corporate governance principles.
It was in this framework that a
new Corporate Governance
Charter was presented to the
Shareholders' Meeting of March
19, 2009, and was adopted as
internal regulations by the first
Board of Directors. The Charter
was drawn up by adapting the
existing Charter, in which no
changes were made to rules
governing Board composition,
internal voting, or to the principal
powers necessary for prior
approval by the Board of certain
decisions. The Charter is available
online at
www.compagniedesalpes.com.
30/44
Compagnie des Alpes 2009.
The Board of Directors and Committees
Following the sale by Compagnie
Européenne de Loisirs of its stake in
Compagnie des Alpes at the end of
September 2009, the CDA Board of
Directors appointed two independent
directors to replace Compagnie
Européenne des Loisirs and Philippe
Nguyen, who turned in their resignations.
A proposal will be made at the
General Shareholders Meeting of March
18, 2010 to ratify these appointments.
The number of independent directors
has increased significantly with the
appointment of Rachel Picard and
Giorgio Frasca to the Board (now
a total of four) and specialized
committees.
Dominique MARCEL
Chairman of the Board of Directors
and of the Strategy Committee
Bernard BLAS
Vice-Chairman of the Board of
Directors, member of the Audit and
Finance Committee and of the Strategy
Committee
Caisse des Dépôts
et Consignations (CDC)
Eric FLAMARION, Permanent
representative, Chairman of the Audit
and Finance Committee
Alain QUINET
member of the Appointments and
Remuneration Committee and of the
Strategy Committee
Francis SZPINER
Director
Crédit Agricole des Savoie
Jean-Yves BARNAVON, Permanent
representative
Banque Populaire des Alpes
Pascal MARCHETTI, Permanent
representative
Caisse Nationale des Caisses d’Epargne
Olivier KLEIN, Permanent
representative
Gilles CHABERT
Independent Director, member of the
Appointments and Remuneration
Committee and of the Strategy
Committee
Jacques MAILLOT
Independent Director, Chairman of the
Appointments and Remuneration
Committee and member of the Strategy
Committee
Giorgio FRASCA
Independent Director, member of the
Audit and Finance Committee and of
the Appointments and Remuneration
Committee
Rachel PICARD
Independent Director, member of the
Strategy Committee

Serge Jean-François Dominique Roland Franck Bernard Olivier
NAIM BLAS MARCEL DIDIER SILVENT CHAPUIS GARAIALDE
The Compagnie des Alpes Executive Committee
The Board of Directors is assisted
by three Committees:
The Audit and Finance Committee has the primary mission
of assessing financial statements and examining the performance
of the internal control system, the identification
methods, and risk management. It assesses the procedures
of the statutory auditor, for which it validates the selection
process at the time of mandate renewal.
The Appointments and Remuneration Committee
formulates all guidelines and propositions concerning the
appointment of directors; the appointment, dismissal, and
remuneration of the Chairman and Chief Executive Officer
and, as appropriate, the Deputy Managing Directors; and
the general policy for granting stock options and/or
performance shares in the Group. The Appointments and
Remuneration Committee is also informed of the remuneration
policy of the Group's principal managers who are not
corporate officers, and may issue its opinion on this subject.
It is responsible, with the Chairman and Chief Executive
Officer, for drafting proposals for the implementation of
corporate governance principles, and for preparing the
assessment of Board work.
The Strategy Committee assesses strategic goals, and
creates guidelines for strategic goals and external
development, the consolidated annual budgets, the capital
expenditure programs, and the dividend policy. The
Committee also provides a control function for Company
commitments for which prior Board deliberation is required.
New structure: flexibility,
integration, performance
The new governance instituted in March
2009 was part of a larger process
towards a new organizational structure
for the Group that was implemented on
October 1, 2009.
The reorganization aims to make company
management better integrated and
more streamlined, paving the way for an
ambitious and value-creating industrial
strategy. The reorganization aims to take
full advantage of the Group’s extensive
expertise and implement industrial synergies
within the Group.
This Executive Committee, the executive
management body led by the Chairman
and Chief Executive Officer, is responsible
for implementing the strategy defined
by the Board of Directors and for guaranteeing
the operating management of the
Group.
Compagnie des Alpes 2009.
31/44

Strengthened
executive
management
Two cross-business
departments,
Three Operations
Departments
At the request of the Chairman and Chief
Executive Officer, the Board of Directors
named Franck SILVENT as Deputy
Managing Director. In addition, the
Department of Finance, Strategy, and
Development now includes the Legal
Department and the Department of
Information Services.
To meet these new strategic demands,
Group management has been divided
into business functions. Two cross-business
departments, common to both
business lines, were set up.
Associate Managing Director
Serge NAIM, leads the Department of
Marketing, Development, and Products.
Its chief missions are to increase the
appeal of our sites, improve their sales
performance and identify new opportunities
for Group development.
Associate Managing Director
Roland DIDIER, is the head of the
Industrial Department, which is in charge
of investment policy, purchasing,
industrial-risk and safety management,
quality assurance and sustainable
development. Three Operations
Departments have been created to
manage the operating performance of our
sites and guarantee the application of
Group policies.
Associate Managing Director
Jean-François BLAS and
Bernard Chapuis run the Department of
Operations for Ski Areas, and the
Department of Operations for Leisure
Parks is run by Olivier GARAIALDE.
32/44
Compagnie des Alpes 2009.
Enhanced strategy for
promoting our brands
The Group's organic growth is based on commercial
innovation, the promotion of our major brands and
the quality of our content. In order to develop sales,
we are streamlining the distribution of our products,
investing in the overhaul of our sales systems and
working towards a better balance between direct
and indirect sales in all of our companies.
One of the focuses of a leading leisure group is to
boost the reputation of its major brands. Walibi and
Grévin will undergo considerable development in
2011 and 2012. All the Walibi parks will be transformed
to meet the new brand standards. In particular,
all the merchandising will be revamped. The Café
Grévin, a spin-off of the museum, will open at the
end of 2010. This will mark the first stage of
development of our prestige brand.
The second will be the opening of a Musée Grévin
abroad. Compagnie des Alpes's choice of main
partner in the Sindibad project in Casablanca
demonstrates our ability to offer quality content for
new leisure parks.
Serge NAIM

Consolidating operating
excellence through purchasing
synergies and optimized
investments
Operating excellence is a main priority for the Group.
Our new structure will enable us to continue strengthening
our operating excellence, notably through
the adapted and optimized management of our
investment resources. The Group established a
procedure to ensure the proper use of our resources
whereby potential investments are examined,
prioritised and selected in order to maximize the
commercial appeal of sites, maintain our industrial
facilities and meet our financial targets.
We also seek to take advantage of our reputation
and its potential in terms of purchasing in the leisure
sector. A well-defined, realistic purchasing policy is
based on the proper segmentation of purchases,
classification of suppliers and pooled negotiations.
It guarantees tighter management of operating costs
and higher quality for the products and services
purchased.
Roland DIDIER
Guiding staff members to share
in operating performance
The Operations Departments oversee the operating performance
of each Leisure Park division and each Ski Area by using benchmarks
and indicators implemented in conjunction with the
Group's Management Control Department.
These indicators are reviewed on a monthly basis to closely
monitor business and measure any differences between Group
targets and actual performance.
The Operations Departments are also in charge of applying
Group strategy in the field, implementing cross-business policies
involving BtoB and BtoC sales strategies, the harmonisation of
information systems and accounting standards and investment
management and pooled purchasing. They are the backbone of
the CDA Group's structure, ensuring maximum flow of
exchanges and decisions in tight collaboration with sites.
Olivier GARAIALDE, Jean-François BLAS et Bernard Chapuis
Compagnie des Alpes 2009.
33/44

Sustainable Development
Environmental Responsibility
at the core of the Group's offering
and business lines
All Group companies share the same values the environment,
plant and animal life, natural resources and sustainable development.
34/44
Compagnie des Alpes 2009.
All fully owned CDA Group
subsidiaries Ski Areas, as well as
CMBF (Courmayeur) and CMB
(Chamonix) obtained QSE
(Quality, ISO 9001; Security,
OHSAS 18001; and Environment,
ISO 14001) certification in 2008.
Following this certification, the
companies formalized their
environmental initiatives and set
targets for reducing the impact
of Group businesses on the
environment, particularly in the
areas of energy consumption,
water and visual impact.
Energy consumption:
stable electricity use,
reductions for
natural gas
Electricity is the Group’s main source of
energy. Site operations over a full year on
all wholly owned sites increased
consumption to a total of 154 GWh in
2008/2009, meaning consumption
remained stable year-on-year. Electricity
use in Ski Areas edged down 2.8% (65%
vs. 68% in 2008) year-on-year. Because
of good snow conditions, snowmaking
equipment was used less, and the
volume of man-made snow declined by
14% despite wider snow cover (2,300
acres, or a 7% increase) and more
snowmaking machines (9.2% more for
a total of 2,627 snowmaking machines).

Energy consumption by ski lifts did not
change, and the total number of Group
ski lifts remained the same, at 436.
Though the Group expects more energyefficient
electric motors to be developed
in the future – studies are underway
among key ski-lift manufacturers –it has
implemented energy saving techniques
for lift management in the meantime.
These techniques optimize the time lifts
remain open and organize operations to
avoid all unnecessary stoppage, as the
power required to start lift motors drives
up energy consumption considerably.
Electricity consumption in Leisure Parks
(35%) rose by 7% year-on-year. This
increase is mainly explained by a cold
winter in Northern Europe. Most parks
are continuing to expand their energy
conservation policies by installing new
equipment and making thriftier use of
energy. The Harderwijk Dolfinarium in the
Netherlands supplies 25% of its own
energy through cogeneration equipment.
A study is underway to develop the use
of this technique in other Group sites.
Total consumption of natural gas in 2009
(3.5 million cubic meters) declined
significantly through optimized use of
heat exchanger networks in the
Dolfinarium in the Netherlands, which
helped the site slash gas consumption
by 20% year-on-year.
Change in electricity consumption from 2008 to 2009
Ski lifts -0,6 %
Snowmaking -13,9%
Leisure parks +7%
Compagnie des Alpes 2009.
35/44

Water: decline in consumption,
use of local sources, treatment
In the two business lines, the Group used 4.3 million
cubic meters of water in 2008/2009, a reduction of
4%. Water was mainly used for snow production
(73%), aquariums and dolphin tanks, and public
bathing areas. Thanks to excellent snow conditions in
2008/2009, snow production was kept to a minimum,
pushing down water use for snow making by 7%
(205,000 m3 less than the year before). Nearly 95%
of the water used for snow production is taken from
local sources and returned with the snow melt.
Water consumption by Leisure Parks stabilized in
2009, after declining for two years in a row.
Consumption remained steady despite increased
visitor numbers.
The Dolfinarium at Harderwijk has driven down water
consumption by more than 20% thanks to a new
high-performance filter system.
Wastewater accounted for nearly 14% of total water
consumption in 2008/2009, remaining stable compared
with 2007/2008. Around 38% of the Group's
wastewater, mainly from aquariums and animal tanks,
is treated by the companies that produce it. The
remainder is similar in composition to household
wastewater and is sent directly to the public sewage
system.
36/44
Compagnie des Alpes 2009.
Distribution and variation of water resources used in
2008-2009
Drinking water 14% (-4%)
Collecting and recovery 65% (-8%)
Drilling 13% (-5%)
Others 9% (+37%)

Flora and fauna: protection and public awareness
initiatives
Sites with protected species _ Parc
Astérix, the Saint-Malo and Val de Loire
aquariums _ respect the Convention on
International Trade in Endangered
Species of Wild Fauna and Flora (CITES).
The Grand Aquarium de Saint-Malo has
for years endeavored to raise public
awareness of the harm done by humans
to the ocean and its denizens. In partnership
with the French Ministry of
Education, its teams have developed
eight educational workshops attended by
thousands of students every year. It also
helped found an organization called Mer
Fragile (Fragile Sea), which regularly
organizes cleanup and awareness efforts.
Planète Sauvage is active in numerous
European programs for the care and
breeding of endangered species,
registering almost 250 births per year.
The Dolfinarium in the Netherlands is one
of the very few centers on Europe’s
Atlantic coast for the care of sea mammals.
It has state-of-the-art research
facilities and participates in dolphinprotection
programs in the North Sea.
The landscape:
removing pylons
and cables
Groomed slopes cover about
15% of the available surface
area for Group Ski Areas.
The Group is gradually
implementing a policy to
reduce the number of lifts
and better integrate new lifts
into the countryside. In 2009,
74 pylons and 28 km of cable
were removed from the landscape.
Compagnie des Alpes 2009.
37/44

Social Responsibility
Markedly seasonal employment
and deep involvement
in regional life
Employment at ski areas and leisure parks is seasonal, but the
Compagnie des Alpes Group is actively involved in local life.
38/44
A decentralized management
of the employment
In 2009, the Group had 4,337 employees, of whom
3,109 were in France. The workforce, 64% of which
are seasonal workers, remained stable on a like-forlike
basis. The Group's two business lines, Leisure
Parks and Ski Areas, are highly seasonal. Leisure
Park personnel increases fourfold from February to
August. Ski Areas experience the same variation
from June to February.
Given each business line's particularities, the CDA
Group has decentralized its recruitment.
In ski areas, returning seasonal workers are given
priority in the rehiring process. Nearly 90% of
employees return each season. Overall, around 45%
of seasonal employees return the following season in
French and European leisure parks.
Compagnie des Alpes 2009.
Ratio of men to women:
more female employees in
leisure parks
At the end of September 2009, women represented
42% of the Group's workforce, but the ratio of
women to men varies by business line. Leisure Parks
employ more women (46% at September 30, 2009)
than Ski Areas (23%).
Women represented 45% of all managers and 41%
of all permanent employees at Leisure Parks, compared
with 29% and 23% respectively at Ski Areas.
At the height of the season, 53% of temporary workers
were women at Leisure Parks (at August 31,
2009), with 36% at Ski Areas (at March 31, 2009).
4,337
employees in 2009,
including 3,109 in France

Expanding dialogue between all levels
of Group labor and management
During FY 2008/2009, 54
collective agreements were
signed within CDA, compared
with 34 the year before. These
agreements for the most part
concerned obligatory annual
negotiations (salaries and
salary baselines) and
company-sponsored
employee savings plans.
Average salaries in each of
the Group’s job categories are
significantly higher than the
baseline salaries stipulated in
relevant national collective
bargaining agreements.
All employees are covered by
an incentive agreement and a
profit-sharing agreement.
These agreements are
negotiated for each site.
The Group has also set up a
company savings plan (PEG
CDA) open to all of its French
employees. Management sets
the Group’s contribution to
this savings plan each year.
Additionally, subsidiaries may
also decide to make their own
contribution to the plan.
At September 30, 2009,
employee shareholdings
represented 2.3% of CDA’s
capital. Measures were also
taken during financial year
2008/2009 to meet legal
obligations regarding hiring
handicapped workers and
senior employees.
By collective agreement,
Compagnie des Alpes set up
a nationwide works committee
on June 29, 2009. This
committee is responsible for
providing information on the
Group’s business activities,
its financial situation and its
evolution, as well as forecasts
regarding employment, which
may be published annually
or several times a year. The
committee also receives the
consolidated financial statements
and the corresponding
report by the statutory auditors.
CDA’s Board of Directors,
chaired by the Group’s CEO,
includes an employee delegation
composed of seven
delegates and seven
alternates whom the unions
name from among union
delegates from the Group’s
French Leisure Parks and Ski
Areas. The role of union
working group coordinator
has also been created. These
coordinators are in charge of
negotiating and passing
Group-wide agreements with
management. Negotiations of
the first of these agreements
will begin during financial year
2009/2010.
A major contributor
of resources for local
governments
Through various levies and taxes (business taxes
of €115 million, Ski Areas concession fees of
€16 million, "Mountain law" tax of €14 million),
CDA Group companies are the leading employer
and a major contributor of resources used by
local governments for site development and
social solidarity.
In all, those contributions represent 8.8% of sales
generated in France. This figure has not changed
since last year.
A Commitment to Personnel
training
Each site draws up an individual annual training
plan for all staff categories. Training policy is
based on management-defined objectives,
individual goals and regulatory obligations.
Training covers technical issues and, increasingly,
marketing and management.
Seasonal employees receive specific training
before the season's start.
Certain Leisure Parks offer park-specific training
programs for non-permanent employees (values,
visitor well-being and security). Astérix University
at Parc Astérix, for example, offers this type of
training for its permanent and non-permanent
employees. Leisure Parks and Ski Areas also
have a sector-based agreement regarding the
individual right to on-the-job training in France
(Droit Individuel de Formation, or DIF).
Compagnie des Alpes 2009.
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Stock and Shareholding
High-potential share
performance and close
investor relations
Steady performance and the highest standards for financial
information disclosures. Compagnie des Alpes counted 4,680
shareholders at September 30, 2009.
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Share price
SBF 250 Compagnie des Alpes
During the three years prior to the financial crisis, the CDA stock price rose by an average of 7% per year.
Since the beginning of the financial crisis at the end of 2007, the stock price has declined 30%, while the
CAC 40 and SBF 250 indices have each fallen 37%.
Shareholders Club and shareholders' advisory committee
Created in September 2005, the Shareholders Club
is designed to disseminate information about the
Group to Compagnie des Alpes shareholders. Club
membership is free of charge and accessible to any
shareholder owning at least one share. It offers
several services to members (shareholder newsletter,
invitations to meetings and conferences) and, if the
shareholder owns at least 200 shares as of
September 30 of the relevant year, it provides
commercial offers on ski lift passes and entry tickets
for certain of the Group's parks.
Additional information on membership may be
downloaded from the CDA website or requested
from Company headquarters. Compagnie des Alpes
was the first French midcap to create a shareholders'
Compagnie des Alpes 2009.
advisory committee. The goal of the committee is
to enhance the quality and effectiveness of the
Company's communication with its individual shareholders.
The committee meets several times a year
and works mainly on a major campaign for attracting
new shareholders. The number of shareholders has
risen significantly over the past year, partly because
of a targeted e-mail marketing campaign to several
thousand prospects in June 2009.
Individual shareholders may call this number to
obtain published information on Group activities and
all practical information concerning their shares and
related advantages.

High involvement from
a diversified shareholder base
The division of ownership among the principal shareholders
did not change significantly during the financial year, except
for the departure of Compagnie Européenne de Loisirs in
September 2009, which increased the free float. UK
Investment Fund M&G held 11.2% at September 30, 2009.
Financial communication,
Shareholder contacts
Persons in charge of investor relations and corporate
communications
Sandra Picard-Ramé
Head of CDA Group Communication
Tel. & Fax: +33 1 46 84 88 53
email: sandra.picard@compagniedesalpes.fr
Claire Monteil-Robert
Financial communication, investor relations
Tel. & Fax: +33 1 46 84 88 79
email: claire.monteil-robert@compagniedesalpes.fr
Muriel Giffaut
Shareholder relations, management of
the Shareholders' Club
Tel. & Fax: +33 1 46 84 88 77
email: muriel.giffaut@compagniedesalpes.fr
Financial communication and
available information
Compagnie des Alpes endeavors to publish financial communication
that is complete, sincere, and transparent.
Compagnie des Alpes makes available to the public
documents and required disclosures, particularly regulatory
information, in both French and English.
These documents and information are available upon request
from Group headquarters, and they may be read and downloaded
in their complete versions from the Group website.
This financial-communication policy is often praised for its
excellence by the financial community.
Compagnie des Alpes received three awards in recent years:
• second place in the Midcaps category of the annual Fils d’Or
ranking for best investor-relations department in November
2008,
• the website www.compagniedesalpes.com took third place
in its category in the annual Boursoscan 2008 competition,
• the 2007 annual report and the institutional brochure were
chosen as among the ten best annual reports in competition
for the 2008 Best Annual Report Award.
Public Meetings
Senior managers of Compagnie des Alpes regularly take part
in meetings to present the Group in Paris, other parts of
France, and abroad. The dates of these meetings are
announced in advance in the local press and on the
Company’s website. For the ninth consecutive year,
Compagnie des Alpes took part in the Actionaria trade fair in
Paris (November 20-21, 2009).
2009/2010 calendar
January 21, 2010
First-quarter sales of FY 2009-2010
March 18, 2010
Annual Shareholders' Meeting in Paris
April 29, 2010
Second-quarter sales of FY 2009-2010
May 26, 2010
First-half results of FY 2009-2010
July 27, 2010
Third-quarter sales of FY 2009-2010
September 30, 2010
Close of FY 2009-2010
October 26, 2010
Sales of FY 2009-2010
December 15, 2010
Results of FY 2009-2010
Compagnie des Alpes 2009.
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Consolidated balance sheet, income
statement, and statement of cash
flows as of September 30, 2009
Balance sheet
Assets (in thousands of euros) 09/30/2009 09/30/2008
Goodwill 298 224 299 316
Intangible fixed assets 81 656 85 804
Property, plant, and equipment (PPE) 294 057 354 867
Concession assets 447 305 447 658
Interests in affiliate companies 57 852 70 267
Financial assets available for sale 2 135 2 119
Non-current financial assets 5 746 7 098
Deferred tax assets 4 925 8 874
Non-current assets 1 191 900 1 276 003
Inventories 16 732 15 741
Accounts receivable 47 626 53 052
Other receivables 11 229 18 925
Current taxes 1 678 4 062
Current financial assets 351 5 894
Cash and cash equivalents 31 791 17 432
Current assets 109 407 115 106
Assets of discontinued operations 48 435
Total assets 1 349 742 1 391 109
Liabilities (in thousands of euros) 09/30/2009 09/30/2008
Shareholders’ equity
Share capital 134 658 130 162
Additional paid-in capital 195 518 186 939
Reserves 225 628 210 054
Total shareholders' equity 555 804 527 155
Minority interests 36 102 37 139
Total shareholders' equity 591 906 564 294
Non-current provisions 26 521 22 234
Non-current financial liabilities 422 033 484 658
Deferred tax liabilities 27 683 28 721
Non-current liabilities 476 237 535 613
Current provisions 16 425 18 103
Current financial assets 71 991 102 013
Operating liabilities 116 859 125 527
Current taxes 3 823 7 144
Other liabilities 44 563 38 415
Current liabilities 253 661 291 202
Liabilities of discontinued operations 27 938
Total liabilities 1 349 742 1 391 109
42/44
Compagnie des Alpes 2009.

Income statement
(in thousands of euros) 09/30/2009 09/30/2008
restated
Sales 575 976 561 298
Other operating revenues 1 349 271
Inventories and work in progress 5 447 5 680
Purchases -63 048 -64 891
External services -99 556 -97 406
Taxes, duties, and similar payments -30 578 -29 447
Personnel expense and profit-sharing -191 589 -179 256
Other operating costs -31 451 -30 299
Gross operating income (EBITDA) 166 550 165 950
Amortization, depreciation, and operating provisions -82 428 -81 080
Other operating revenue and expenses -1 088 -1 514
Operating income 83 034 83 356
Gross cost of debt -17 312 -26 244
Income from cash and cash equivalents -690 108
Net cost of debt -18 002 -26 136
Other interest income and expenses -955 667
Tax charge -23 762 -22 240
Share in equity affiliates 277 2 312
Results of continuing operations 40 592 37 959
Results of discontinued operations 2 555 1 790
Net income 43 147 39 749
Accruing to company shareholders 40 155 36 169
Minority interest in income 2 992 3 580
Net Income (group share), per share (1) 2,27 ! 2,12 !
Net Income (group share), per share, diluted 2,24 ! 2,08 !
(1) Including discontinued operations (€0.14).
Compagnie des Alpes 2009.
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Financial data
Statement of cash flows
Statement of cash flows
(in thousands of euros) 09/30/2009 09/30/2008
restated
Operating cash flow 148 582 170 990
Acquisition of PPE and intangible assets -80 386 -107 568
Sales or transfers of tangible and intangible assets 6 351 6 742
Net capital expenditure -74 035 (1) -100 827
Acquisition of long-term financial assets -1 135 -176 462
Sales or transfers of long-term financial assets 3 029 434
Net change in financial long-term assets 1 888 -176 028
Investment cash flow -72 147 -276 855
Capital increase of CDA 0 54 916
Minority interest in subsidiaries' capital increase - 3 625
Change in equity 0 (2) 58 541
Dividends paid to CDA shareholders -3 951 (2) -13 075
Dividends paid to minority interests in subsidiaries -2 666 -2 145
Dividends to be paid 23 35
Variation in financial debt - -
Reimbursement of borrowings -21 592 -
New borrowings - 65 248
Gross costs of debt -17 636 -26 200
Variation in miscellaneous receivables and payables 7 606 -790
Cash flow of financing -38 216 81 614
Impact of other movements 0 -30
Impact of discontinued operations 13 039 2 168
Change in cash and cash equivalents during the financial year 51 258 -22 113
Net cash at year opening -52 193 -30 081
Net cash at year closing -936 -52 193
(1) incl.: capital expenditures (net of disposals)) -81 067 -88 886
changes in fixed asset receivables and liabilities 7 032 -11 942
-74 035 -100 828
(2) In 2009, dividends of Compagnie des Alpes (€17 million) were paid partly in shares (€13.1 million).
44/44
Compagnie des Alpes 2009.
(1)

Création et réalisation : Agence Marc Praquin
Crédits photos : Alexis Chezière, Stef Candec, Compagnie des Alpes,
Damien Gall, Manu Reyboz, Eric Guilpart, Thomas Deron

Compagnie des Alpes
Domaines skiables
et Parcs de loisirs
89, rue Escudier F-92772 Boulogne-Billancourt
Téléphone : +33 1 46 84 88 00
E-mail : communication@compagniedesalpes.fr
Compagniedesalpes.com