COMPAGNIE DES ALPES (EPA:CDA) - Compagnie des Alpes - H1 sales FY 2016/2017

Transparency directive : regulatory news

20/04/2017 18:00

Press Release

                                FY 2016/2017 H1
                             Growth in sales: +3.7%

Paris, April 20, 2017 - Consolidated sales for the first half of the 2016/2017
financial year were up by +3.7% compared with the same period one year prior,
reaching 460.1 MEUR. This positive performance must be viewed in context, with
the Easter weekend falling in April this year, whereas it fell in March in
2016.

Group consolidated sales for the 1st half, from October 1, 2016 through March
31, 2017

(in thousands of EUR)
                           2016/2017   2015/2016   Variation

Total sales, of which:       460 119     443 703      +3.7%
* Ski Areas                  369 755     363 748      +1.7%
* Leisure Destinations        83 735      77 372      +8.2%
* International Development    6 609       2 582    +155.9%

Ski Areas: brisk business at the height of the season

Ski Area sales were up by +1.7% for the first half of the year compared with
the same period last year, reaching 369.8 MEUR.

After a difficult start to the season due to abnormally high temperatures that
caused the first snowfalls to melt and an unfavorable year-end holiday
calendar, sales were better oriented at the beginning of the second quarter,
with an increase of +9% for the February school holidays (versus, at the
national level over this period, +5% for Very Large Resorts and +8% for Large
Resorts(1)). However, during the month of March, sales suffered because Easter
weekend fell in the 3rd quarter this year, a negative effect that will be
offset in the third quarter.

Overall, lift ticket sales, strictly speaking, increased by 1.3% over the first
half year. Attendance fell by  2.6%, mainly due to the aforementioned
unfavorable calendar effect in the second quarter. Against this backdrop,
average sales per skier-day rose by +3.9%.

The natural qualities of the Group's resorts and ski areas, its investment
efforts, particularly in snow- making, as well as the professionalism and
commitment of its resort-level teams, explain the resilience of sales when
external factors become difficult.

(1) Domaines skiables de France - March 9, 2017 business conditions memo

Leisure Destinations: A satisfactory pre-season

Leisure Destination sales rose by 8.2%, over the course of the first two
quarters of the financial year compared with the same period one year earlier,
reaching 83.7 MEUR.

This performance, against a security backdrop that remains challenging, is
attributable to:
o Brisk business throughout the Halloween period at all sites
o The success of the Christmas Tree Program, in particular at Astérix
o The dynamism of Futuroscope, boosted among other things by the celebration of
  its 30th anniversary
o The favorable base effect for Grévin Paris, which saw sales fall last year
  following the terrorist attacks.

The second quarter, during which sales are typically the weakest, is not
readily comparable to the same period last year given that Easter weekend was
in April this year and in March last year, and because some parks opened in
March last year.

Nonetheless, for the first half of the current year as a whole, attendance at
leisure parks rose by 4.6% and average spend per visitor continues to grow
(+3.6%) thanks to robust In-Park sales.

New developments: sustained sales

These division sales for the period rose to 6.6 MEUR, versus 2.6 MEUR for the
same period one year prior.

This performance was driven first and foremost by the dynamism of Chaplin's
World by Grévin, which celebrated its first anniversary in April and which
will welcome around 300 000 visitors in its first 12 months of operation,
illustrating the success of this facility and the quality of its offering.

The consulting business is also on the uptick, driven in particular by the CDA
Beijing subsidiary in China (which opened in August 2016). During the six
months ended, several new contracts were signed, including:
o The renewal of the Jardin d'Acclimatation concession granted to the
  LVMH-Compagnie des Alpes consortium by the city of Paris,
o The partnership with Thaiwoo Ski Resort (China) was strengthened with an
  MoU-type agreement to pursue and expand the collaboration,
o The analysis of Turkey's ski potential and the identification of the best
  locations with the Turkish Ski Federation.

As announced on March 15, 2017, the Group also successfully completed the
refinancing of its 2017 bond (200 MEUR) and amended its RCF syndicated loan
(250 MEUR) in the course of the first six months of this financial year.

Outlook
The guidance for 2016/2017 is provided subject to major cyclical contingencies.

* Ski Areas
The 3rd and 4th quarters represent about 10% of annual sales for this division.
Given the dynamism of the spring break holidays and the reservation rate to
date, the Group expects its sales to grow by more than 3.0%. In addition, the
EBITDA margin should be slightly higher than the guideline objective.

* Leisure Destinations
The second half of the financial year accounts for nearly 75% of annual sales
for the Leisure Destinations division.

Astérix continues to expand its offering with the inauguration of a new major
attraction called "Pegasus Express," one of the most important investments
since the park was created, featuring a high-speed trip covering nearly a
kilometer. The Hotel "Trois Hiboux" has added a new restaurant and a seminar
center, and has taken delivery of 50 additional rooms, the first phase of a
strategic project that will raise the hotel capacity of the Astérix facility
to 450 rooms in 2019 and whose aim is to evolve the site towards short stays.

For its 30th anniversary, Futuroscope is offering The Extraordinary Voyage, a
unique experience that allows visitors to fly over the four corners of the
planet on a trip inspired by Jules Verne's Around the World in 80 Days.

Walibi Rhône Alpes continues the transformation it began with the "Timber"
zone last season, adding a family-friendly attraction that will plunge visitors
into the world of the Gold Rush, in addition to building a new restaurant along
the same thematic lines that will be attached to a very large open-air
playground for children. These new features will be an integral part of the new
"Explorer Adventure" zone this season, in which existing attractions will also
benefit from re-theming.

Bellewaerde Park is expanding its offer with the opening of the Dawson Duel in
May, a unique experience  in Europe that gives visitors the opportunity to take
on the Alpine Coaster rail challenge. This family-friendly innovation is in
line with the development plan for this park.

These innovations reinforce the "second year" effect of those launched last
year at the Group level, particularly in the Walibi Destinations in Holland and
Belgium.

Thus, in a highly competitive backdrop this season, the Group is supporting the
creative dynamic of its Destinations and their appeal through significant
investment efforts geared entirely towards optimizing the "Very High
Satisfaction" of its visitors.

Upcoming events:
  * 2016/2017 first half earnings: Tuesday, May 23, 2017, before stock market
    open
  * 3rd quarter 2016/2017 sales: Thursday, July 20, 2017, after stock market
    close

www.compagniedesalpes.com

Since it was founded in 1989, Compagnie des Alpes has established itself as an
uncontested leader in the leisure industry. 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, 2016, CDA facilities welcomed
nearly 22.5 million visitors and generated consolidated sales of 720.2 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

Thomas Marko & Associés:

Xavier YVON      +33.6 88 29 72 37   xavier.y@tmarkoagency.com

Consolidated first half sales, October 1, 2016 through March 31, 2017

(In thousands of euros)    Financial year   Financial year   Variation
                              2016/2017        2015/2016
First quarter:
Ski Areas                      66 200           65 400         +1.2%
Leisure Destinations           63 485           55 632        +14.1%
International Development       3 255            1 209       +169.2%
Other                             235                0          NA
Total sales                   133 175          122 241         +8.9%

Second quarter:
Ski Areas                     303 555          298 348         +1.7%
Leisure Destinations           20 250           21 740         -6.9%
International Development       3 354            1 373       +144.2%
Other                            -215                1          NA
Total sales                   326 944          321 462         +1.7%

Cumulative, first half
Ski Areas                     369 755          363 748         +1.7%
Leisure Destinations           83 730           77 372         +8.2%
International Development       6 609            2 582       +155.9%
Other                              20                1          NA
Total sales                   460 119          443 703         +3.7%

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COMPAGNIE DES ALPES (EPA:CDA) - Compagnie des Alpes - H1 sales FY 2016/2017

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