The CDA Group is centered on two leisure businesses: the operation of ski areas and of leisure parks.

Ski area activities account for 55% of sales and are concentrated in one season (from December through April) in one geographical area (the Northern Alps).

The family leisure activity (45% of sales) helps to balance the seasonal nature of our operations because most of the sales of this activity are derived between April and September and in a wider geographic zone encompassing the North and West of France as well as Germany, Belgium, Holland, Switzerland and England.

The Group's operating companies equip, maintain and operate ski areas. This means they take charge of the skier's ascent (lifts) and descent (trail maintenance, grooming, snowmaking, except at Tignes and Les Menuires where these operations are carried out by the townships) and for ticketing (ticket booths, waiting lines). Whatever form the operating companies take-long-term concession contracts in France, or direct ownership of facilities in Italy and Switzerland-it is always the operating company that is responsible for its own results. Receipts are from the sale of lift tickets giving access to lifts. Related expenses include outlays for facilities, personnel, taxes and local fees and royalties, as well as current operating expenditures (maintenance, energy, etc.).

Compagnie des Alpes has selected large-scale European resorts with international renown. These resorts often have a lodging capacity of more than 25,000 beds.

. High altitude provides the best chance for abundant, quality snow coverage. All of the Group's ski areas are situated above 3,000 meters (9,900 ft) (Saas Fee is at 3,600 m - 11,880 ft). Thanks to this high altitude, the Group's resorts are less affected by low snowfalls than lower-altitude resorts.

. The size and diversity of CDA's ski areas

CDA ski areas have invest on average 20% of sales, or 80% of cash flow. Compagnie des Alpes estimates that optimal capex would be at between 15% and 18% of sales
on average and 65% of cash flow. Staying at less than 15% can lead to the obsolescence of equipment over the medium and long term, on the other hand, going consistently above the 20% mark impedes the sustainable profitability of capital expenditures.

The Group's capital expenditures are focused on providing a more comfortable ascent and improving productivity. About 60% of the Group's capital expenditures in ski areas go towards ski lifts. This percentage has been declining in favor of expenditures to improve trail and snow quality: slope modifications and grassing, snowmaking installations and grooming currently represent around 25% of expenditures. The latter expenditures help reduce the effects of weather variations and climatic trends.