COMPAGNIE DES ALPES (EPA:CDA) - CDA - Annual sales for 2018 2019

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17/10/2019 17:46

Press Release

                       ANNUAL SALES FOR 2018/2019: +6.6%

   GOOD SEASON FOR SKI AREAS AND VERY DYNAMIC SALES IN LEISURE DESTINATIONS

Paris, October 17, 2019 - Compagnie des Alpes posted consolidated sales for the
2018/2019 financial year of EUR854.0 M, an increase of 6.6% on a reported basis
and of 4.2% on a comparable scope basis, versus the prior financial year.

Group consolidated sales, October 1, 2018 through September 30, 2019

                                                                    Change
                                                                    Change
                                                                  Comparable
(in thousands of EUR)           2018/2019   2017/2018    Change    basis(1)

Ski Areas                        443 777     429 324      +3.4%     +3.4%
Leisure Destinations             380 713     339 927     +12.0%     +7.0%(1)
Holdings and Supports             29 521      31 975      -7.7%    -13.9%(1)
Total                            854 011     801 226      +6.6%     +4.2%

(1) : The change on a comparable scope basis excludes the sales of Familypark
(Leisure Destinations), consolidated as of April1, 2019, as well as those of
Travelfactory (Holdings & Support) for the first quarter of 2018/2019, as this
acquisition was not consolidated until the 2nd quarter of the prior year, i.e.
January 1, 2018.

In addition, the various restatements related to changes in revenue recognition
methods (including IFRS 15) have no impact on total sales for 2017/2018 as
reported at the end of last year and no impact on the distribution of sales
between the 4 quarters. These restatements are provided in detail at the end of
this press release.

SKI AREAS: GOOD SEASON FOR ALL THE GROUP'S SKI RESORTS; 4TH CONSECUTIVE SEASON
OF GROWTH IN SKIER DAYS

Sales for Ski Areas over the 4th quarter of the financial year (less than 2% of
this business unit's annual sales) came to EUR7.1 million, an increase of 3.6%
versus the same period of FY2017/2018. The bulk of the sales were provided by
the Tignes and Deux Alpes resorts.

For the year as a whole, sales reached EUR443.8 million, an increase of 3.4%
compared with the previous financial year, which, as a reminder, included a
property sale totaling EUR2.4 million. Lift ticket sales alone increased by
3.9%, driven by growth in the number of skier days (+0.6%) and by an increase
in average spend per skier day of +3.3%.

This season rolled out under favorable snowfall conditions virtually across the
board in France. Despite facing greater competition, the Group once again saw
an increase in the total number of skier days, for the fourth year in a row.
The Group also notes that sales grew for all of its ski resorts during the
period.

In addition to the natural qualities of the resorts operated by the Group,
these performances once again demonstrate the relevance of its business model
and the soundness of its strategy, based on continuous improvement in the
quality of its Ski Areas, (development and optimization of lifts and
equipment), active participation in boosting accommodation options and the
creation of beds, and on the distribution and marketing of mountain holidays.

LEISURE DESTINATIONS: VERY GOOD SEASON THANKS TO ROBUST ORGANIC GROWTH IN THE
4TH QUARTER AND THE ACQUISITION OF FAMILYPARK

Leisure Destination sales increased in the 4th quarter by +19.6% on a reported
basis, reaching EUR170.2 million. Excluding the impact of the acquisition of
Familypark, sales grew by a substantial +12.1%. This performance is the result
of a series of actions undertaken by the Group:
  * An investment strategy that seeks continuous improvement in the appeal of
    its parks and offers new capacity;
  * An extension of catchment areas thanks to the expanded hotel offering;
  * Expanded operating hours, which increases customer satisfaction and helps
    grow sales;
  * An improvement in infrastructures and the in-park offering (in particular,
    restaurants and shopping);
  * A digital strategy that is beginning to bear fruit;
  * Increased media presence to strengthen promotional communications.

As a result, Compagnie des Alpes had a record quarter for this business unit.

For the financial year as a whole, sales for Leisure Destinations totaled
EUR380.7 million, a +12.0% increase on a reported basis.

On a like-for-like basis, growth reached +7.0%. This performance can be
explained in particular by a further increase in spending per visitor (+4.5%).
In fact, investments in site infrastructure and improvements in the product
range led to an increase in spending per in-park visitor, with a sharp increase
in capture rates and an increase in average spending in restaurants and shops
at the main sites.

This strong growth can also be explained by an increase in attendance of +2.5%
on a like-for-like basis thanks in particular to the very good performance of
the French sites, setting new records, notably at Parc Astérix (+7.1%) and
Walibi Rhône-Alpes (+ 9.1%). On the other hand, the voluntary reduction in the
sale of discounted tickets in some markets had an automatically negative impact
on the number of visitors, offset by an increase in spending per visitor. In
total, and taking into account the integration of Familypark, the BU totaled
9.6 million visits during the year (+8.8%).

This increase in attendance did not adversely impact the very high level of
satisfaction of visitors, which progressed last summer virtually across the
board. The new attractions inaugurated this year are contributing to the
development of park capacity and their success makes them more appealing. For
example, Mystic at Walibi Rhône-Alpes, Untamed at Walibi Holland, and
Attention Menhir at Parc Astérix all achieved satisfaction ratings greater
than or equal to 9 out of 10.

Operation of the new sites has also started off very well. Familypark continued
to grow compared to last year, which was already a record year (around 6% over
the 6 months of integration). From the time it opened, the Bellewaerde Aquapark
has achieved a level of activity that is in line with the Group's expectations.
Lastly, the second Astérix hotel has also opened successfully and is
contributing directly to the site's very good performance this year.

HOLDINGS & SUPPORT

Holdings & Support sales amounted to EUR29.5 million, compared to EUR32.0
million for the same period last year. Consolidation of Travelfactory sales for
the full 12-month period, compared to 9 months the prior year, only partially
offset lower revenue from the consulting business.

Travelfactory's activity is progressing throughout the year, marked by the
launch of the Travelski site in Belgium, the Netherlands and the United
Kingdom

The consulting business saw its revenue fall compared to the previous year due
to the planned end of the project management assistance contract with the
Jardin d'Acclimatation, after the site reopened. This decline was not offset by
other contracts, including those with the Jardin d'Acclimatation, as well as in
China, including Taicang and Beidahu, Japan, and Uzbekistan.

OUTLOOK

  * Ski Areas

Given the good performance of the business and the efforts made by the Group to
control expenses, the Group expects an EBITDA margin for Ski Areas of around
37% for the 2018/2019 financial year.

  * Leisure Destinations

For the 2018/2019 financial year, the Group expects the Leisure Destinations
EBITDA margin (excluding Futuroscope) to be at the top of the range of 27% to
28% guidance that was communicated to the market, thanks to strong growth in
business for this BU and the positive contribution of FamilyPark, despite the
dilutive impact of the Bellewaerde Aquapark, which only opened in early July,
and the cost of launching the second hotel at Parc Astérix.

Upcoming events:

Annual results, FY 2018/2019:
Tuesday, December 10, 2019, before stock market opens

Q1 Sales, 2019/2020:
Thursday, January 23, 2020, after stock market closes

Q2 Sales, 2019/2020:
Thursday, April 23, 2020, after stock market closes

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.) and12 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 Autria 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

                       ADDITIONAL INFORMATION

Consolidated sales, October 1, 2018 through September 30, 2019

                              Actual scope                Comparable scope

                                   FY
(In thousands of       FY       2017/2018              FY        FY
euros)              2018/2019  Restated(2) Change  2018/2019  2017/2018  Change

First quarter:
Ski Areas             54 608      46 831   +16.6%   54 608     46 831    +16.6%
Leisure Destinations  69 309      69 319    +0.0%   69 309     69 319     +0.0%
Holdings & Support     2 902(1)    2 095   +38.5%      910(4)   2 095    -56.6%
                                                                         (4)(5)
Q1 Sales             126 819     118 245    +7.3%  124 827    118 245     +5.6%
Second quarter:
Ski Areas            330 052     322 021    +2.5%  330 052    322 021     +2.5%
Leisure Destinations  23 821      23 978    -0.7%   23 821     23 978     -0.7%
Holdings & Support    17 499      18 246    -4.1%   17 499     18 246     -4.1%
Q2 Sales             371 372     364 246    +2.0%  371 372    364 246     +2.0%
Third quarter:
Ski Areas             52 042      53 642    -3.0%   52 042     53 642     -3.0%
Leisure Destinations 117 404(3)  104 330   +12.5%  111 074    104 330     +6.5%
                                                                           (6)
Holdings & Support     2 240       1 684   +33.0%    2 240      1 684    +33.0%
Q3 Sales             171 686     159 656    +7.5%  165 356    159 656     +3.6%
Fourth quarter:
Ski Areas              7 075       6 830    +3.6%    7 075      6 830     +3.6%
Leisure Destinations 170 179(3)  142 300   +19.6%  159 588    142 300    +12.1%
                                                                           (6)
Holdings et supports   6 880       9 950   -30.8%    6 880      9 950    -30.8%
Q4 Sales             184 134     159 080   +15.7%  173 543    159 080     +9.1%
Annual total:
Ski Areas            443 777     429 324    +3.4%  443 777    429 324     +3.4%
Leisure Destinations 380 713(3)  339 927   +12.0%  363 792    339 927     +7.0%
                                                                           (6)
Holdings & Support    29 521(1)   31 975    -7.7%   27 529     31 975    -13.9%
                                                                         (4)(5)
Sales 12 months      854 011     801 226    +6.6%  835 098    801 226     +4.2%

(1)Including Travelfactory, consolidated as of January 1,2018.
(2)Sales for 1st quarter 2017/2018 were adjusted to take into account the
   application of IFRS 15 and the redistribution over 4 quarters of a
   Futuroscope revenue adjustment that was made last year in the 4th quarter
   retrospectively for the entire financial year.
(3)Including Family park,consolidated as of April1,2019.
(4)The change on a comparable scope basis is calculated by comparing sales for
   1st  quarter  2018/2019, from which Travel factory has been removed, with
   restated sales for 1st quarter 2017/2018.
(5)A change in revenue recognition for the Groups existing online sales and
   real estate businesses was made effective as of January 1, 2018. Sales for
   1st quarter 2017/2018 were not restated, however (margin accounting for
   1st quarter 2018/2019 vs. sales volume for 1st quarter 2017/2018).
(6)The change on a comparable basis is calculated excluding Family park from
   sales for the 3rdand 4thquarters of2018/2019

Quarterly sales for Ski Areas 2017/2018 restated to reflect the application of
IFRS 15

The application of IFRS 15 changes only Ski Area sales. This standard, applied
effective October 1, 2018, has an impact on the accounting for season package
sales recognition that results in a different allocation of these revenues over
the year. The application of IFRS 15 only applies to quarterly revenue
distribution and therefore has no impact on annual revenue.

To enable a meaningful comparison of quarterly revenues for 2018/2019 year with
quarterly revenues for 2017/2018, the latter have been restated by applying
IFRS 15.

                             Q1         Q2         Q3         Q4        TOTAL
(In thousands of euros)   2017/2018  2017/2018  2017/2018  2017/2018 2017/2018

Reported Ski Area Sales      60 996    311 095     50 403      6 830    429 324
Ski Area Sales restated
to reflect the impact
of IFRS 15                   46 831    322 021     53 642      6 830    429 324
Difference                 - 14 165   + 10 926    + 3 239          0          0

Quarterly sales for Leisure Destinations 2017/2018, restated to reflect the
change in revenue recognition for Futuroscope that was applied in the 4th
quarter of 2017/2018

At the end of financial year 2017/2018, the Group made reclassification entries
that consisted of neutralizing Futuroscope revenue related to transfer costing
of certain expenses (energy, sales commissions, and back margin) and
neutralizing the corresponding expenses. This reclassification, neutral with
respect to EBITDA, was done in 4th quarter 2017/2018 retrospectively for the
entire 2017/2018 financial year. This method of accounting is now applied by
the Group.

Accordingly, to facilitate comparison between quarterly sales for 2018/2019 and
quarterly sales for 2017/2018, the latter have been restated by redistributing
the impact of the reclassification that took place in 4th quarter 2017/2018
over all 4 quarters of the 2017/2018 financial year. This restatement is
neutral with respect to total sales for the 2017/2018 financial year.

                             Q1         Q2         Q3         Q4        TOTAL
(In thousands of euros)   2017/2018  2017/2018  2017/2018  2017/2018  2017/2018

Reported Leisure
Destination Sales            70 091     23 728    104 830    141 278    339 927

Leisure Destination
sales Restated to
reflect the change in
accounting method
pertaining to
Futuroscope                  69 319     23 978    104 330    142 300    339 927

Difference                    - 772        250      - 500      1 022          0

Quarterly sales for TravelFactory in the Holdings and Support BU, 2017/2018

The company TravelFactory, which had been a client, was acquired by CDA on
January 1, 2018.
Starting on January 1, 2018, CDA applied an IFRS compliant method of accounting
for the sales of TravelFactory, based on whether it was an agent or a principal
(margin or sales volume accounting). This method was refined and adjusted for
the 2nd quarter of 2018, in particular with respect to sales concluded with
other companies in the CdA group. This will have no impact on sales for the
year.

                             Q1         Q2         Q3         Q4        TOTAL
(In thousands of euros)   2017/2018  2017/2018  2017/2018  2017/2018  2017/2018

Reported Holdings &
Support Sales                 2 095     23 229      2 460      4 191     31 975

Holdings & Support sales,
after adjusting sales
for TO                        2 095     18 246      1 684      9 950     31 975

Difference                        0     -4 983       -776     +5 759          0

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