With an average operating margin of 13.1% over five years, the Group's profitability is high for such capital intensive business lines.

(1) For consistency of presentation with previous reference documents, reported data have not been restated. Any presentation differences with the management report can be explained by the reclassification of Swiss ski areas (Téléverbier and Saas Fee Bergbahnen) as discontinued activities in 2008 and 2009, in accordance with IFRS 5. These areas were sold in July and October 2009 respectively.