COMPAGNIE DES ALPES (EPA:CDA) - CDA - Q3 2017/2018 sales

Transparency directive : regulatory news

19/07/2018 17:46

Press Release

                        First nine months of FY 2017/2018:
           Sustained pace of growth across the Group's business lines

Paris, July 19, 2018 - Through the first 9 months of FY 2017/2018, consolidated
sales for Compagnie des Alpes reached EUR648.9M, up by 6.1% on a restated
basis* and by 3.0% on a comparable scope basis.**

Group consolidated sales, October 1, 2017 through June 30, 2018

(In EUR        9 months    9 months    Change       Change
thousands)     2017/2018   2016/2017    (vs.      Comparable
                           Restated*  Restated)     basis**

> Ski Areas     422 494     410 831      +2.8%       +2.8%
> Leisure
  Destinations  198 649     189 697      +4.7%       +5.1%
> Holdings and
  Supports       27 784(1)   11 020    +152.1%      -27.4%(2)

Total           648 927     611 548      +6.1%       +3.0%

(1) Including Travelfactory, consolidated as of January 1, 2018
(2) Difference mainly linked to a change in the accounting method used for
sales revenue recognition (margin in 2017/2018 vs. sales volume in 2016/2017)
for online retail business and real estate agencies

* and **: Sales for the first 9 months of FY 2017/2018 take into account the
acquisition of Travelfactory, changes in scope, certain reclassifications
between divisions, and a change in accounting method:

> I - Restated data are data from 2016/2017 disclosures from which data
concerning Grévin Prague and Seoul (reclassified as discontinued businesses)
have been eliminated and in which reclassifications between divisions or
business units have been made:

o The business at the Grévin Montréal and Chaplin's World by Grévin sites,
  as well as that of CDA Production, formerly accounted for in the Group
  Development BU (reclassified under the BU Holdings and Support) were
  reclassified under the Leisure Destination BU

o Historic real estate agency and online distribution (in particular Alpes Ski
  Résa) business, previously accounted for under the Ski Area BU, have been
  reclassified under the BU Holdings and Support, as is the consulting business
  carried by CDA Management and CDA Beijing, which were previously accounted
  for under the BU Group Development.

> II - Comparable scope refers to reported data that have been restated (see
point I above), from which all business relating to Fort Fun (sold in April
2017) has been eliminated.

> III - Change on a comparable scope: The change is calculated by comparing
reported data from 2017/2018, from which Travelfactory (consolidated as of
01/01/18) has been eliminated, to 2016/2017 data on a comparable scope basis
(see point II).

Ski Areas: a positive season despite occasionally challenging weather
conditions

Ski Area sales for the 3rd quarter of FY 2017/2018 showed growth of 3.5%
compared with the same period of the prior financial year, reaching EUR50.4M.
This total includes the sale of a property in the 3rd quarter located in the
Arcs ski resort, for EUR2.4M. If the impact of this sale were eliminated, sales
would have been down slightly (-1.5%). As indicated previously, sales were
penalized by the late positioning of the Easter school holiday and public
transportation strikes, whereas in the 3rd quarter of the prior FY the more
favorable school holiday calendar led to sales growth in excess of 30%.

For the first 9 months of the financial year (i.e., more than 98% of the
season), sales rose by 2.8% and, for ski lift ticket sales alone, the increase
was +2.0%. The increase in the latter was driven by growth, for the third year
in a row, in the number of visitors to the Group's ski areas, as well as by an
increase in the number of skier days (+0.7%) and in the average price per skier
day (+1.3%). These performances were achieved despite weather conditions that
were occasionally extreme (storms, cold temperatures, violent winds, high
precipitation, rain), acting as a drag on resort operations that led to
numerous days of full or partial closure of ski runs and lifts.

Leisure Destinations: season off to a good start, driven in particular by
investments of attractiveness

Leisure Destination sales for the 3rd quarter of FY 2017/2018 were up by +2.9%
(on a comparable scope basis) and reached EUR104.8M despite a high basis of
comparison, as sales rose by +16.2% (on a comparable scope basis) in the 3rd
quarter of the prior financial year.

In total, for the first 9 months of FY 2017/2018, the Leisure Destination
division saw sales increase by +5.1% on a comparable scope basis, driven by
both an increase in visitors (+2.1%) and dynamic spend per visitor (+3.0%).
The division benefited in particular from initiatives undertaken by the Group
to develop business during the Halloween and Christmas periods, to reinforce
and monetize its in-park offer and continue to improve the satisfaction of its
customers. The Leisure Destination division also got a boost from investments
made by the Group, aimed at both improving the appeal and the capacity of its
parks via the addition of new equipment and increasing its capacity to
accommodate overnight visitors to Parc Astérix. Over the period, this park saw
double-digit growth in sales, as did the Walibi Belgium and Walibi Rhône-Alpes
parks.

As for the 4th quarter - which accounts for 40% of the Leisure Destination
division's annual sales, given the lesser extendibility of the capacity of the
various facilities during the summer months and the desire to maintain its Very
High Satisfaction score with visitors at a high level, the Group expects this
business to show less growth than that observed since the beginning of the
financial year (barring any major unforeseen economic or weather events).

Holdings and Supports: Integration of Travelfactory and success of the Jardin
d'Acclimatation

For the first 9 months of FY 2017/2018, sales for Holdings and Support, which
groups the distribution and consulting businesses, totaled EUR27.8M, versus
EUR11.0M for the same period one year prior, thanks in particular to the
integration of Travelfactory since January 1, 2018.

Distribution sales for the period reached EUR24.8M and correspond to the margin
or the commission on the packages sold. Most of these sales occur during the
winter season.

The consulting business continues to develop in China, in Russia, and in Japan,
with two new contracts signed in the course of the 3rd quarter. In addition,
the success of the Jardin d'Acclimatation since it reopened on June 1, 2018
illustrates the quality of the work accomplished by the teams of Compagnie des
Alpes, in collaboration with the LVMH Group, on the transformation of this
facility.

Upcoming events:

> Annual sales for 2017/2018:    Thursday, October 18, 2018,
                                 after stock market closes

> Annual results for 2017/2018 : Tuesday, December 11, 2018,
                                 before stock market opens

www.compagniedesalpes.com

Consolidated sales for the Group from October 1, 2017 through June 30, 2018

                                 Actual scope,
                             adjusted for various         Comparable scope
                            reclassifications made

(In thousands of euros)     FY        FY     Change    FY         FY    Change
                        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%
Holdings and supports      2 095     1 607  +30.4%    2 095     1 607    +30.4%
Total sales Q1           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%
Holdings and supports     23 229      7 27 +219.2%    4 634(1)  7 278(1) -36.3%
                                                                           (2)
Total sales Q2           358 053   326 346   +9.7%  339 457   326 268     +4.0%

Third quarter:

Ski Areas                 50 403    48 706   +3.5%   50 403    48 706     +3.5%
Leisure Destinations     104 830   101 876   +2.9%  104 830   101 876     +2.9%
Holdings and supports      2 460     2 135  +15.2%    1 271(1)  2 135(1) -40.4%
                                                                           (2)
Total sales Q3           157 693   152 718   +3.3%  156 504    152 718    +2.5%

Cumulative through 3rd quarter:

Ski Areas                422 494   410 831   +2.8%  422 494    410 831    +2.8%
Leisure Destinations     198 649   189 697   +4.7%  198 649    188 978    +5.1%
Holdings and supports     27 784    11 020 +152.1%    8 000(1)  11 020   -27.4%
                                                                 (1)       (2)
Consolidated sales
through
9 months                 648 927   611 548   +6.1%  629 143    610 829    +3.0%

                             Sales reconciliation table

                             Sales reconciliation table

                     Q1 2017/2018     Q2 2017/2018     Q3 2017/2018   9 months
                                                                      2017/2018
Ski Areas
(former scope)          62 116           314 635          50 767       427 518
Ski Areas (new scope)   60 996           311 095          50 403       422 494

Leisure Destinations
(former scope)          68 087            22 454         103 137       193 678
Leisure Destination
(new scope)             70 091            23 728         104 829       198 648

Group development
(former scope)           3 781             2 462           2 572         8 815
Discontinued operations    802               353               0         1 155
Holding and support
(new scope)              2 095            23 229           2 460        27 784

Q1 2016/2017     Q2 2016/2017    Q3 2016/2017    9 months   FY 2016/2017

   66 200          303 555          50 325        420 080     426 855
   65 130          296 995          48 706        410 831     416 943

   63 485           20 250          99 652        183 387     320 938
   65 106           21 995         101 877        188 978     329 473

    3 255            3 354           3 299          9 908      14 383
      691              598             560          1 849       2 629
    1 607            7 278           2 135         11 020      12 412

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.) and 13 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 2013, Chaplin's World by Grévin in
April 2016 and engineering and management assistance contracts (Russia,
Georgia, Kazakhstan, Turkey, Morocco, Japan)). CDA also owns stakes in 4 ski
areas, including Chamonix.

During the financial year ended September 30, 2017, CDA facilities welcomed
around 23 million visitors and generated consolidated sales of 762.2 MEUR. With
around 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

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23/04/2024 17:50

COMPAGNIE DES ALPES (EPA:CDA) - CDA - Q3 2017/2018 sales

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