COMPAGNIE DES ALPES (EPA:CDA) - CDA - HY results for 2018 2019
Transparency directive : regulatory news
21/05/2019 17:50
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Press release1ST HALF 2018/2019
A SOLID LEVEL OF ACTIVITY THIS HALF
AND ENCOURAGING PERFORMANCES FOR THE REST OF THE YEAR
Paris, May 21, 2019 - The Board of Directors of Compagnie des Alpes, in a
meeting chaired by Dominique Marcel, approved the Group's consolidated
financial statements for the first half of the Group's financial year
2018/2019.
(in millions of EUR) 1st half 1st half Change Change
2018/2019 2017/2018 versus Comparable
Restated (2) scope
Group Sales 498.2 482.5 +3.2% +2.8%
Ski Areas 384.7 368.9 +4.3% +4.3%
Leisure Destinations 93.1 93.3 +0.2% -0.2%
Holdings & Supports 20.4(1) 20.3 -0.3% -9.5%(3)(4)
Group EBITDA 165.4 166.6 -0.7% +1.1%
EBITDA/Sales 33.2% 34.5% -130 bps
Ski Area EBITDA 194.7 184.5 +5.5% +5.5%
Leisure Destination EBITDA -15.7 -11.9 -32.0% -32.0%
Holdings & Supports EBITDA -13.6 -6.0 -125.6% -77.0%
Operating Income 105.7 108.6 -2.6%
Net Attributable Income,
Group Share 64.6 67.1 -3.6%
Free cash flow from
operations (1) 61.2 74.6 -17.9%
(1),(2),(3) and (4): Data for the 1st half of 2018/2019 take the acquisition of
Travelfactory into account, as well as changes in methods for revenue
recognition (including IFRS 15) that are explained in detail at the end of the
press release published on April 18, 2019.
Commenting on the results for the first half, Group Chairman and CEO Dominique
Marcel said: "It is a good first half, with growth in sales driven by yet
another increase in ski area business. Our financial performances are in line
with our expectations and remain at satisfactory levels, reinforcing the
Group's ability to achieve the targets it has set for the entire financial
year.
During the first half of the year, the Group showed that it could be agile and
take advantage of good market conditions to diversify and optimize its sources
of financing. In addition, the Group acquired Familypark, Austria's first
leisure park, a facility whose fundamental characteristics are perfectly in
line with its strategy. In addition to the significant investments we are
making to continue to improve the attractiveness and performance of all our
facilities, our ability to make targeted acquisitions that strengthen our
portfolio is an additional lever for creating value."
{1} See glossary
Consolidated sales for the Group rose to EUR498.2 million for the period, an
increase of 3.2% (+2.8% on a comparable scope basis) compared with the same
period in the previous financial year.
Ski Area sales increased by 4.3% over the course of the 1st half, reaching
EUR384.7 million. With normalized weather conditions, lift ticket sales alone
(the main component of Ski Area sales) increased by 4.1%, driven by an increase
in spending per skier-day of 3.2% and a 0.9% increase in the number of
skier-days. Sales were also boosted by a favourable calendar (featuring an
additional Sunday of operation) that will be corrected for in the 3rd quarter.
Leisure Destination sales for the 1st half, although high at EUR93.1 million,
fell slightly (-0.2%) for the period, mainly due to the fact that Easter
weekend fell later this year than last, which meant that most of the parks
opened at the beginning of the 3rd quarter rather than at the end of the 2nd
quarter. Correcting for this impact, sales would have been up by about 0.5%
over the first half of this year. Over the period, spending per visitor
remained dynamic (+2.1%), driven by the commercial strategy in effect onsite
and offsetting the slight decline in attendance.
Sales for Holdings & Supports totalled EUR20.4 million, versus EUR20.3 million
over the same six-month period last year, which did not include the
contribution of Travelfactory in the first quarter. The consulting business
posted a drop-in sales due to the scheduled completion of the assistance
contract for the renovation of the Jardin d'Acclimatation. However, this
decline was offset by the consolidation over the full six months of
Travelfactory, whose business volume is growing.
EBITDA for the Group was EUR165.4 million for the 1st half of 2018/2019, versus
EUR166.6 million for the same period last year (-0.7%). EBITDA was penalized in
particular by the consolidation for the full six-month period of Travelfactory,
whose structurally negative EBITDA for the 1st quarter was not included in last
year's financial statements. On a comparable scope basis, Group EBITDA
increased by 1.1% over the period.
EBITDA for Ski Areas rose more rapidly than sales despite the expected increase
in the cost of energy and insurance. It totalled EUR194.7 million, a dynamic
5.5% increase compared with the prior year, and represents 50.6% of sales,
versus 50.0% for the 1st half of 2017/2018.
The Group reiterates that EBITDA for Leisure Destinations is structurally
negative for the 1st half due to the highly seasonal nature of this business,
as the second half of the year accounts for around 75% of annual sales. EBITDA
for the period is -EUR15.7 million, versus -EUR11.9 million over the same
period last year. This slight deterioration is attributable in particular to
the later opening of the majority of the Group's facilities this year, as well
as to the increase in the structural costs associated with business
development, in particular for the new hotel at Parc Astérix, for which
expenses began to be posted before the start of the season.
As anticipated, EBITDA for Holdings & Supports for the period deteriorated over
the 1st half of the current financial year, amounting to -EUR13.6 million,
compared to -EUR6.0 million for the same period last year. This decrease is
primarily due to the consolidation of Travelfactory for the full six months
ended: the first quarter, which was structurally negative in terms of EBITDA,
was not consolidated last year. The full impact for the period under review is
EUR3.0 million. Subsequently, the Compagnie des Alpes Group took over - for its
facilities that are eligible - the payment of a "Macron" bonus for a total
amount of EUR 2.4 million. Lastly, the Group continues to invest in resources
related to major marketing and digital projects.
Operating Income (OI) for the period amounted to EUR105.7 million, a decline of
-2.6% compared with the 1st half of 2017/2018, due in particular to higher
expenses and higher depreciation allowance following implementation of the
Group's ambitious investment strategy.
Net cost of debt for the Group decreased by 13.0%, to EUR3.9 million. This
decrease is attributable to the fact that, in 2017-2018, the cost of the debt
still included the outstanding debt on the EUR200 million bond that was fully
redeemed on October 18, 2017. It is also attributable to the Negotiable
European Commercial Paper (NEU) program that was rolled out to allow the Group
to self-finance in the short term at negative rates.
Net attributable income, Group share, totalled EUR64.6 million, a decrease of
EUR2.4 million (-3.6%) compared with March 31, 2018.
As expected, Net Industrial Investments{2} increased, reaching EUR108.3 million
for the 1st half, up by 15.6%. For Ski Areas, net industrial investments rose
by nearly 28%, not only the annual budget, confirmed for a total amount of
around EUR100 million, which represents an increase of about 10% compared to
the previous year, but also the timetable for completion, which this year puts
more than two-thirds of the annual budget in the first half, compared with less
than 60% last year. As a result, the investments planned for the second half
will be much lower than in the second half of last year.
For Leisure Destinations, net industrial investments are virtually unchanged
versus the first half of 2017/2018, at EUR38.8 million. However, they will
accelerate in the second half of the year, as the envelope of around EUR 100
million is also confirmed.
Free Cash Flow From Operations{3} for the six months ended totalled EUR61.2
million, versus EUR74.6 million for the same period one year prior, primarily
due to the increase in net industrial investments.
The Group's Net Debt as of March 31, 2019, totalled EUR380.5 million, versus
EUR269.6 million for the six months ended March 31, 2018, and EUR402.3 million
at the end of September 2018.
In March 2019, the Group offered a USPP of EUR65 million, with an average
maturity of 10 years, intended primarily to finance the acquisition of full
ownership, announced on March 20th, of Familypark, Austria's top leisure
destination, valued at EUR72.5 million. Familypark is fully consolidated since
April 1, 2019.
In early February, the Group also implemented an NEU CP issue program for a
maximum amount of EUR240 million. This program is secured by a revolving credit
line totalling EUR250 million due May 2023, to which has been added a swing
line of EUR80 million. Through March 31, 2019, drawdown of the line varied
between 0 and EUR135 million, subscribed at rates between -0.02% and -0.12%.
Accordingly, the Net Debt / EBITDA ratio year-over-year is 1.74 as of March 31,
2019, versus 1.24 as of March 31, 2018.
{2} See glossary
{3} See glossary
OUTLOOK FOR 2018/2019
The outlook for 2018/2019 is subject to change in light of major economic
uncertainties.
* Ski Areas
In light of the positioning of Easter weekend in mid-April and brisk sales over
the spring holidays, combined with targeted actions taken by the Group, growth
is expected in Ski Area sales for the year as a whole of around 3% with, for
the fourth consecutive season, a slight increase in skier-days. As a reminder,
the Group sold a property for EUR2.4 million in the third quarter of the
previous financial year.
In addition, the target of achieving an EBITDA/Sales margin of between 36% and
37% for the year is reiterated.
* Leisure Destinations
The second half of the year represents about 75% of annual sales for this
division. The Group has deployed an offensive strategy, with investments in
capacity and/or attractiveness at all of its facilities aimed at boosting
attendance, encouraging return visits, and further developing visitor
satisfaction.
Confident in the wisdom of this strategy, the Group reaffirms its target of
growing the EBITDA/Sales ratio and achieving a rate of between 27 and 28%
(excluding Futuroscope).
Upcoming events:
* 3Q 2018/2019 sales: Thursday, July 18, 2019, after stock market closes
* FY 2018/2019 sales: Thursday, October 17, 2019, after stock market closes
* FY 2018/2019 results: Tuesday, December 10, 2019, before stock market opens
www.compagniedesalpes.com
Additional Information
1 - Consolidated Results for the 1st half of 2018-2019 through March 31, 2019
(in EURM) 1st half 1st half Change Change
2018/2019 2017/2018 (%) (%)
Actual scope, Comparable
Actual scope restared scope
(1) (2) (1)-(2)/(2)
Sales 498,2 482,5 3,2% 2,8%
EBITDA 165,4 166,6 -0,7% 1,1%
EBITDA/Sales 33,2% 34,5% -3,8%
Operating Income 105,7 108,6 -2,6%
Net cost of debt and
miscellaneous -5,7 -6,3 -8,8%
Tax expense -36,4 -34,0 7,2%
Equity method 5,8 4,6 27,2%
Net income or loss from
going concerns 69,5 73,0 -4,8%
Net income or loss from
discontinued operations 0,0 -0,5 -100,0%
Net Income 69,5 72,4 -4,1%
Minority interests -4,8 -5,4 -9,7%
Net Attributable Income,
Group Share 64,6 67,1 -3,6%
2 - Sales by Division for the 1st half of 2018-2019 through March 31, 2019
(in EURM) 1st half 1st half Change Change
2018/2019 2017/2018 (%) (%)
Actual scope, Comparable
Actual scope restared scope
(1) (2) (1)-(2)/(2)
Ski Areas 384,7 368,9 4,3% 4,3%
Leisure Destinations 93,1 93,3 -0,2% -0,2%
Holdings & Supports 20,4 20,3 0,3% -9,5%
Sales 498,2 482,5 3,2% 2,8%
3 - EBITDA by Division for the 1st half of 2018-2019 through March 31, 2019
(in EURM) 1st half 1st half Change Change
2018/2019 2017/2018 (%) (%)
Actual scope, Comparable
Actual scope restared scope
(1) (2) (3)
Ski Areas 194,7 184,5 5,5% 5,5%
Leisure Destinations -15,7 -11,9 -32,0% -32,0%
Holdings & Supports -13,6 -6,0 -125,6% -77,0%
EBITDA 165,4 166,6 -0,7% 1,1%
Glossary
Free Cash Flow: Difference between self-financing capacity and net industrial
investments (changes in working capital requirements are not taken into
account).
Self-Financing Capacity = net income
* Plus depreciation, amortization and provisions, capital losses on disposals,
dividends paid by companies accounted for under the equity method, and any
other charges without cash impact,
* Less reversals of provisions, capital gains on disposals, the share of income
in companies accounted for by the equity method, and any other non-cash
income.
Net Industrial Investments: Acquisitions of tangible and intangible assets net
of changes in accounts payable for fixed assets and proceeds from the sale of
fixed assets.
Free Cash Flow From Operations: Free cash flow before interest expense and
taxes.
ROOC: Used to measure the profitability of capital invested in the Group's core
businesses (Ski Areas and Leisure Destinations). It corresponds to the ratio,
for each division and aggregated for both divisions, of after tax operating
income to consolidated net assets excluding goodwill)
* After tax operating income is calculated after the deduction of a theoretical
tax expense based on the normative tax rate of 33.33%
* Net assets used excluding goodwill include:
o The net values of long-term assets after the exclusion of goodwill
o Working capital requirement
o Deferred tax assets net of deferred tax liabilities
o Current provisions
For financial year 2017/2018, the reconciliation of ROOC is as follows:
Domaines Reste du Total
skiables et groupe Groupe
Destinations
de loisirs
Résultat opérationnel 108 880 - 11 881 97 000
Impôt théorique
(à 33,33%) - 36 290 3 960 - 32 330
Résultat opérationnel
après impôt
72 590 - 7 921 64 670
Actifs utilisés hors
goodwills 888 228 - 17 802 870 426
ROCE opérationnel
métiers 8,2% 7,4%
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.) and 12 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, Familypark in Austria in April 2019 and engineering and
management assistance contracts (China, Russia, Georgia, Kazakhstan, Turkey,
Morocco, Japan)). CDA also owns stakes in 4 ski areas, including Chamonix.
During the financial year ended September 30, 2018, CDA facilities welcomed
nearly 23 million visitors and generated consolidated sales of 801.2 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
Corpus:
Xavier YVON +33.6 88 29 72 37 xavier.yvon@corp-us.fr
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