COMPAGNIE DES ALPES (EPA:CDA) - Compagnie des Alpes // FY 2015/2016 annual sales

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20/10/2016 17:50

Press Release

      Consolidated annual sales growth of 4.4% on a comparable basis

4th quarter sales growth of 6.5%: great dynamic for Leisure Destinations and
                         International Development

Paris, October 20, 2016 - Consolidated sales for financial year 2015/2016
totaled EUR720.2 million, a comparable basis increase of 4.4% compared with the
previous year.

Consolidated annual sales
                                    2014/2015  Change on a
(In EUR thousands)      2015/2016  Comparable  comparable  2014/2015   Actual
                                      basis*     basis      Actual     change

Total sales, of which:   720 179     689 949     4.4%       695 919     3.5%
* Ski Areas              409 601     394 134     3.9%       394 134     3.9%
* Leisure Destinations   301 431     289 296     4.2%       295 266     2.1%
* International
  Development              9 135       6 306    44.9%         6 306    44.9%

*Comparable scope takes into account the impacts of the changes in scope by
eliminating the 2014/15 sales generated by disposal made during financial year
2014/15.

In the 4th quarter, sales grew by a substantial 6.5%, reaching EUR148.1
million.

Ski Areas: year marked by rise in skier days, which helped to lift sales by
3.9%

Annual sales for the Ski Areas division came to EUR409.6 million, an increase
of 3.9% compared with the previous year.

After a difficult start to the season due to very low snowfall, especially
during the Christmas holidays, business was brisk during the height of the
season, with the months of January and March and the school
vacation in February very dynamic. In the 3rd quarter, business was boosted by
the earlier spring school holiday break timetable and the Belgian and British
school holidays. Sales for the 4th  quarter were up slightly compared to the
same period last year, amounting to EUR 7.4 million.

For the year as a whole, lift ticket sales, strictly speaking, rose by 3.6%.
This growth is attributable to a price effect of 2.4% and an increase in
attendance of 1.2% against a broader nationwide backdrop of flat or declining
sales.(1)

(1) Domaines Skiables de France - Press release issued in September 2016 on the
2015 / 2016 season.

The return to volume growth is a major long-term challenge for the French ski
industry as a whole and lies at the heart of the Compagnie des Alpes strategy,
which revolves around three pillars:
* A sustained, controlled and ambitious investment policy that is primarily
  structured around  offering a consistently attractive experience for resort
  customers;
* Active participation in a strategy that involves the improvement of every
  aspect of  accommodation and a reduction in the number of empty beds to
  support the offering, based in particular on the Foncière Rénovation
  Montagne renovation initiative and a minority stake in new construction
  programs. In the last three years, a total of 2,500 beds have been renovated
  and 2,000 new ones created with the help of the Group. As a result, for this
  financial year the net creation of beds by professionals has moved into
  positive territory for Compagnie des Alpes resorts.
* A profound change in commercial distribution and tools with the set up of a
  network of real estate agencies, the creation of the tour operator Alpes Ski
  Résa, and the digitalization of our resorts, using the experience acquired in
  the leisure park business.

This strategy, squarely focused on growth, allied with recognized operational
excellence, has convinced the local governments involved to reiterate their
trust in Compagnie des Alpes as an operator and to extend or renew - as the
case may be - the Group's major concessions.

Leisure Destinations: the efficiency of the strategy conducted over the past
three years is confirmed in 2015/2016

Leisure Destinations sales increased this year by 4.2%, to EUR301.4 million,
after two years of strong growth (+10.1% in 2014/2015 and +6.3% in 2013/2014).
The increase on a comparable basis over the last three years reaches 21.6%.

After a good first half, buoyed by a vibrant Halloween season and sustained
activity for Futuroscope, the 3rd quarter was adversely impacted by negative
calendar effects and a challenging external environment. During the 4th
quarter, sales once again displayed the dynamism seen at the beginning of the
year thanks to new structuring or family attractions at the vast majority of
sites and better weather. Net sales increased by 6.0% compared to the 4th
quarter of the previous year and amounted to EUR136.8 million.

For the year as a whole, all Group sites (except for Grévin Paris, still
penalized by the decline in tourism  in Paris and Ile-de-France) saw their
business grow, with very dynamic in-park sales - a key indicator of customer
satisfaction - more than offsetting a slight decline in attendance (-0.7%) that
was mainly due to lower attendance for Grévin Paris.

For the season as a whole, customer satisfaction scores increased for nearly
all sites. This increase is particularly noticeable in parks that have
benefited from new attractions. It also reflects an improved global offering
and facility hospitality.

The turnaround in the Leisure Destinations division, which has been observed
over the past three years, is the result of a strategic reorientation initiated
in 2013, whose objective was to refocus on the sites most likely to monetize
Very High Customer Satisfaction (TGS).

This strategy, which takes into account the specificities of each of the
Group's sites, will continue to be deployed in every site, including the
mountain facilities. It is the key to customer loyalty in a more fragile
external environment.

International Development: The Group actively prepares for its development in
Asia

International Development sales totaled EUR9.1 million, up by 45% over the year
as a whole. This growth is attributable to the opening in July 2015 of Grévin
Seoul and the April 2016 opening of Chaplin's World by Grévin.

The 2015/2016 financial year was successful for the consulting business (CDAM),
which has taken important steps that include opening a CDA subsidiary in China
in August and winning an assistance contract for the first year of operation of
the Thaiwoo ski resort in China, which should be renewed this year and
integrated into a 5-year management contract for the same resort (post 2022
Olympics). Other opportunities are under discussion, especially in China,
pertaining to the upcoming 2022 Olympic Games.

In addition, the Group is involved in a consortium formed with LVMH that has
just been awarded the operating concession for the Jardin d'Acclimatation for a
period of 25 years by the City of Paris. The Compagnie des Alpes now owns a 20%
stake in the operating company for the Jardin d'Acclimatation  and brings its
expertise to bear on contracts specifically pertaining to construction project
support, day-to-day management, and site commercialization.

Outlooks (on a comparable basis)

For the two historic business divisions, EBITDA should be slightly higher than
their sales growth, despite the development of dilutive activities for Ski
Areas and security costs for Leisure Destinations incurred in recent months in
light of the attacks.

Overall, the EBITDA to sales ratio should increase slightly.

Upcoming events:

* Annual results for FY 2015/2016: Tuesday, December 13, 2016, before stock
  market opens.
* 2016/2017 Q1 sales: Thursday, January 19, 2017, after stock market closes.

www.compagniedesalpes.com

                            Additional notes:

   Consolidated sales, from October 1, 2015 through September 30, 2016

(In thousands   FY 2015/2016  FY 2014/2015  Change     FY 2014/2015  Change
of euros)                                Comparable  Actual basis   actual
                                           basis                     basis
First quarter:
Ski Areas         65 400       64 659       1.1%       64 659         1.1%
Leisure
Destinations      55 632       51 973       7.0%       54 692         1.7%
International
Development        1 209        1 652     -26.8%        1 652       -26.8%
Other               0            0           NA          0            NA
Q1 sales         122 241      118 284       3.3%      121 003         1.0%
Second quarter:
Ski Areas        298 348      279 716       6.7%      279 716         6.7%
Leisure
Destinations      21 740       18 327      18.6%       18 700        16.3%
International
Development        1 373        1 406      -2.3%        1 406        -2.3%
Other.             1              237         NA          237           NA
Q2 sales         321 462      299 686       7.3%      300 059         7.1%
Third quarter:
Ski Areas         38 499       42 453      -9.3%       42 453        -9.3%
Leisure
Destinations      87 215       89 888      -3.0%       92 766        -6.0%
International
Development        2 686          717     274.5%          717       274.5%
Other                  5          -75         NA          -75           NA
Q3 sales         128 405      132 983      -3.4%      135 861        -5.5%
Fourth quarter
Ski Areas          7 354        7 306       0.7%        7 306         0.7%
Leisure
Destinations     136 844      129 108       6.0%      129 108         6.0%
International
Development        3 866        2 531      52.8%        2 531        52,8%
Other                  6           51         NA           51           NA
Q4 sales         148 070      138 996       6.5%      138 996         6.5%
Cumulative total
through 4te quarter
Ski Areas        409 601      394 134       3.9%      394 134         3.9%
Leisure
Destinations     301 431      289 296       4.2%      295 266         2.1%
International
Development        9 135        6 306      44.9%        6 306        44.9%
Other                 12          213         NA          213
Total sales      720 179      689 949       4.4%      695 919         3.5%

* Comparable scope takes into account the impacts of the changes in scope by
eliminating the 2014/15 sales generated by disposal made during financial year
2014/15.

Since it was founded in 1989, Compagnie des Alpes has established itself as an
uncontested global leader in the leisure industry, where it currently ranks
number 10 worldwide. At the helm of 11 of the world's most prestigious ski
resorts (Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes,
Méribel, Serre-Chevalier, etc.) and13 renowned leisure destinations (Parc
Astérix, Grévin, Walibi, Futuroscope, etc.), the company is steadily
expanding in Europe (France, the Netherlands, Belgium, Germany, etc.) and, more
recently, at the international level (Grévin Montréal in April 2013, Grévin
Prague in May 2014, Grévin Seoul in July 2015 and engineering and management
assistance contracts (Russia, Morocco, Japan)). CDA also owns stakes in 4 ski
areas, including Chamonix. During the financial year ended September 30, 2015,
CDA facilities welcomed more than 22 million visitors and generated
consolidated sales of 696 MEUR. With more than 5,000 employees, Compagnie des
Alpes works with its partners to build projects that generate unique
experiences, the opposite of a standardized concept. Exceptional leisure
activities for everyone.

CDA is included in the following indices: CAC All-Shares, CAC All-Tradable, CAC
                        Mid & Small et CAC Small.
   ISIN: FR0000053324; Reuters: CDAF.PA ; FTSE: 5755 Recreational services

Contacts:
Compagnie des Alpes :

Denis HERMESSE    +33 1 46 84 88 97  denis.hermesse@compagniedesalpes.fr
Sandra PICARD     +33.1 46 84 88 53  sandra.picard@compagniedesalpes.fr
Alexis d'ARGENT   +33 1 46 84 88 79  alexis.dargent@compagniedesalpes.fr

Coriolink :

Xavier YVON       +33.6 88 29 72 37  xavier.yvon@coriolink.com

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COMPAGNIE DES ALPES (EPA:CDA) - Compagnie des Alpes // FY 2015/2016 annual sales

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