ROE = Net attributable income / (Shareholders' equity - net attributable income)

Affected in the short term due to a sharp rise in acquisitions in 2006 and 2007, CDA Group profitability(1) picked up in 2007/2008 and 2008/2009. In 2010, growth in the Group's return on equity resulted from the Group's €100 million capital increase. In 2010/2011, earnings ratios were hit by the cyclical downswing in results.

(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.