COMPAGNIE DES ALPES (EPA:CDA) - CDA - FY 2017 2018 - H1 Sales

Transparency directive : regulatory news

19/04/2018 17:46

Press release

                             1st Half 2017/2018
                     Sustained activity across the Group

Paris, April 19, 2018 - Compagnie des Alpes reports consolidated sales of
EUR491.2 M for the 1st half of FY 2017/2018, an increase of 7.1% on an actual
scope basis (3.2% on a comparable scope basis) compared with the 1st half of
the previous financial year.

Consolidated sales, October 1, 2017 through March 31, 2018

                       2017/2018   2017/2018    2016/2017   Change     Change
(In thousands of EUR)              excluding   Comparable Comparable   Actual
                                 Travelfactory    scope      scope      scope
                                                                     Adjusted

* Ski Areas             372 091      372 091      362 125    +2.8%      +2.8%
* Leisure Destinations   93 820       93 820       87 101    +7.7%      +6.8%
* Holdings & Supports    25 324(1)     6 729        8 885   -24.3%(2) +185.0%
  Total                 491 235      472 640      458 111     +3.2%     +7.1%


(1) Including Travelfactory, consolidated as of January 1, 2018
(2) Difference is essentially linked to a change in the accounting method used
for revenue recognition (Margin in 2017/2018 vs. Volume in 2016/2017) for
online distribution and real estate agencies

Sales for the 1st half of 2017/2018 factor in the acquisition of Travelfactory,
changes in scope, certain reclassifications between divisions, and a change in
accounting method.

* I - Actual scope restated: it corresponds to 2016/2017 sales as reported,
  from which the Prague and Seoul facilities have been removed (reclassified
  under discontinued businesses) and within which the following divisional
  reclassifications were made:
  o Sales for Grévin Montréal and Chaplin's World by Grévin, as well as those
    from CDA Production previously accounted for under the former BU Group
    Development (now included under the BU Holdings and Supports) are now
    included under the BU Leisure Destinations.
  o Real estate agencies and online distribution (including Alpes Ski Résa),
    previously accounted for under the BU Ski Areas, have been reclassified
    and are now included under the BU Holdings and Supports, as are the
    consulting activities carried out by CDA Management and CDA Beijing, which
    were previously classified under the BU Group Development.

* II - Accounting scope: Comparable scope sales for 2016/2017 correspond to
  reported sales as restated (see point I above), from which Fort Fun (sold in
  April 2017) sales have been eliminated.

* III - Comparable scope change: The difference is calculated by comparing
  2017/2018 sales as reported, from which Travelfactory has been eliminated
  (consolidated as of 01/01/18) from comparable scope 16/17 sales (see point
  II.)

Ski Areas: half-year sales growth of 2.8%

Ski Area sales for the first six months of FY 2017/2018 came to EUR372.1 M, an
increase of +2.8% versus the same period one year earlier (adjusted).

After the 1st quarter, for which analysis was made more difficult by the fact
that the end of year school holiday period fell partly in the 2nd quarter,
sales for the 2nd quarter were up by +4.7% compared with the same period one
year earlier (adjusted). Lift ticket sales, strictly speaking, rose over the
first half of the year by 2.9%, driven by an increase in revenue per skier day
of 1.4% and by a 1.5% in the number of skier days.

This season was characterized by high snowfall in the mountains which, at the
national level, generated a distribution in activity between the different
mountainous areas that favored ski resorts located at the average altitude
level. In addition, often extreme weather conditions during January (wind, cold
and precipitation) disrupted the operation of some of the Group's ski resorts.
Nonetheless, the resilience of the Compagnie des Alpes business model, as well
as the observed dynamic of its ski resorts during the end of year school
holiday and winter break period, led to an increase in sales that is in line
with Group expectations for the first six months as a whole.

Leisure Destinations: 1st half sales up significantly for the 5th year in a row
(on a comparable scope basis)

Leisure destination sales were sustained over the course of the 1st half of
2017/2018, increasing by +7.7% on a comparable scope basis to reach EUR93.8M.

This growth was driven by the 6.0% increase in spend per visitor (SPV). This
increase illustrates actions taken by the Group to improve its "in park"
offering and is a good indicator of the level of customer satisfaction. Over
the same period, attendance continued to grow (+1.7%), as did hotel sales,
enough to have a visible impact, thanks in particular to the 50 additional
rooms made available and new seminar capacity at the Hôtel des 3 Hiboux at
Parc Astérix.

After a dynamic first quarter boosted by a very good Halloween season for all
sites, the second quarter (which represents a quarter of sales for the first
six months) was strong enough for the facilities that remained open to more
than offset the impact of the closure for renovation of Aqualibi during the 2nd
quarter in Belgium. Sales were also given a boost by this year's early Easter
weekend, which fell this year between March and April.

Holding and Supports: impact of the integration of Travelfactory

Holding and Supports now include the consulting business of CDA Management and
CDA Beijing, the online distribution business, and CDA's legacy real estate
agencies (in particular Alpes Ski Résa), previously consolidated under the BU
Ski Areas, as well as those of Travelfactory since January 1, 2018.

In the first half of the 2017/2018 financial year, sales came to EUR25.3
million, compared with EUR8.9 million, on an actual scope basis, for the same
period last year, which did not include Travelfactory. For Travelfactory, whose
sales are concentrated over the winter period, the 2nd quarter represents a
large portion of annual revenue.

The consulting business, which includes CDA Management and the subsidiary in
China CDA Beijing, continues to develop well, mainly thanks to service
agreements with the Jardin d'Acclimatation (project management assistance and
management consulting), which is scheduled to reopen on June 1, 2018.

Grévin Prague and Grévin Seoul: facility sale or closure

As explained when the annual financial statements were released, the Group has
decided to discontinue business at the two sites, in Seoul and in Prague, and
therefore to recognize them as discontinued operations in the income statement.
Since then, the Grévin Museum in Seoul has been sold to the Group's minority
partner, on February 1, 2018, while the Grévin Museum in Prague closed on
March 5, 2018.

These decisions will result in an about EUR6M improvement on the Group's net
attributable income as of this financial year compared to last year.

Business trends for the rest of the financial year

The following outlook for 2017/2018 is given barring the occurrence of major
unforeseen events.

* Ski Areas

The 3rd quarter, which last year accounted for nearly 12% of annual sales, is
showing a slowdown in business compared with the 1st half of the year just
ended due to the unfavorable positioning of the school holiday and the Easter
weekend, plus the transportation sector strikes in France.
In light of these factors, the Group estimates that total sales growth for its
BU Ski Areas will be close to 2% for financial year 2017/2018.

The Group maintains its EBITDA margin as indicated last December in its annual
results release.

* Leisure Destinations

The second half of the year accounts for nearly 75% of annual sales for the
Leisure Destinations BU. The Group, with an ambitious investment program, has
given itself the resources needed to welcome more customers and offer an
experience designed to generate the high level of visitor satisfaction that
promotes return visits.

Accordingly, Parc Astérix is in the process of finalizing the second of a
three phase hotel project with the opening of the La Cité Suspendue theme
hotel, which offers a capacity of 150 rooms, doubling the current capacity.

After the launch of the visual immersion attraction, Dans les Yeux de Thomas
Pesquet, at the start of the season, Futuroscope inaugurated the Sébastien
Loeb Xperience on March 24, 2018, a new 5D virtual reality attraction in which
the visitor becomes the co-pilot of the famous auto racer.

In Belgium, Walibi is also transforming itself with a new area called Exotic
World that showcases Polynesia and that includes, among other features, a new
family-friendly roller coaster called Tiki-Waka. The Aqualibi has been beefed
up with the addition of an extension designed specifically for the youngest
visitors.

Walibi Rhône-Alpes continues its transformation this season with the overhaul
of its reception area and the creation of a new area, Festival City, which
includes an intense  emotion  attraction  for  families  called Hurricane, two
attractions for children, a store, and a new theme-based food court.

Upcoming events:

FY 2017/2018 half year results:    Thursday, May 24, 2018,
                                   after stock market close
3Q 2017/2018 sales:                Thursday, July 19, 2018,
                                   after stock market close
FY 2017/2018 sales:                Thursday, October 18, 2018,
                                   after stock market close

www.compagniedesalpes.com

        Consolidated sales, October 1, 2017 through March 31, 2018

             Actual scope, adjusted to reflect the     Comparable scope
                 various reclassifications made

(In thousands        FY        FY      Change        FY         FY     Change
of euros)         2017/2018  2016/2017            2017/2018  2016/2017

First quarter:

Ski Areas          60 996     65 130    -6.3%       60 996      65 130  -6.3%
Leisure
Destinations       70 091     65 747    +6.6%       70 091      65 106  +7.7%
Holding and
support             2 095      1 607   +30.4%        2 095       1 607 +30.4%
Q1 Sales          133 182    132 484    +0.5%      133 182     131 843  +1.0%

Second quarter:

Ski Areas         311 095    296 995    +4.7%      311 095     296 995  +4.7%
Leisure
Destinations       23 728     22 073    +7.5%       23 728      21 995  +7.9%
Holding and
support            23 229      7 278  +219.2%        4 634       7 278 -36.3%
                                                       (1)        (1)     (2)

Q2 Sales          358 053    326 346    +9.7%      339 457    326 268   +4.0%
1st half:

Ski Areas         372 091    362 125    +2.8%      372 091    362 125   +2,8%
Leisure
Destinations       93 820     87 820    +6.8%       93 820     87 101   +7.7%
Holding and
support            25 324      8 885  +185.0%        6 729      8 885  -24.3%
                                                       (1)        (1)     (2)
H1 Sales          491 235    458 830    +7.1%      472 640    458 111   +3,2%

(1) Excluding Travelfactory, acquired on January 9, 2018
(2) This difference is essentially linked to a change in the accounting method
    used for revenue recognition (margin in 2017/2018 vs. sales volume in
    2016/2017) for online distribution and real estate agencies

                     Q1           Q2         H1           H1         FY
                 2017/2018    2017/2018   2017/2018   2016/2017  2016/2017
Ski Areas
(former scope)    62 116       314 635     376 751     369 755    426 855
Ski Areas
(new scope)       60 996       311 095     372 091     362 125    416 943

Leisure
Destinations
(former scope)    68 087        22 454      90 542      83 735    320 938
Leisure
Destination
(new scope)       70 091        23 728      93 820      87 101    329 473

Group
development        3 781         2 721       6 502       6 629     14 383
(former scope)
Discontinued         802           353       1 155       1 289      2 629
operations
Holding and
support            2 095        23 229      25 324       8 885     12 412
(new scope)

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, 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, 2017, CDA facilities welcomed
nearly 23 million visitors and generated consolidated sales of 762.3 MEUR.
With nearly 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 and 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

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COMPAGNIE DES ALPES (EPA:CDA) - CDA - FY 2017 2018 - H1 Sales

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