COMPAGNIE DES ALPES (EPA:CDA) - CDA - Q1 2020 2021 Sales

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21/01/2021 17:50

Press Relaese

                          1ST QUARTER FY 2020/2021
              BUSINESS VIRTUALLY HALTED FOR MOST OF THE PERIOD

FRENCH GOVERNMENT ANNOUNCES THE CLOSURE OF SKI LIFTS, MOST LIKELY UNTIL THE END
                              OF THE SKI SEASON

Paris, January 21, 2021 - The first quarter of FY 2020/2021 was subject to
conditions that were once again marked by the consequences of the Covid-19
health crisis. The ski resorts, and the leisure parks that would normally have
been open during this period, were only able to operate for a few days in
October, with virtually all sites remaining closed since then.

Consolidated sales for Compagnie des Alpes during the first quarter thus
totaled EUR26.9 million, compared with EUR143.6 million over the same period
last year, a decrease of 81.3% (-80.9% on a comparable scope basis).

Consolidated sales, October 1, 2020, through December 31, 2020

                                                                 Change
Unaudited data          1st quarter   1st quarter              Comparable
(In thousands of EUR)    2020/2021     2019/2020     Change     scope (1)

Ski Areas                  1 816         60 050      -97.0%     -97.6%
Leisure Parks             24 670         80 459      -69.3%     -69.3%
Holdings & Support           423          3 050      -86.1%     -86.1%
Total                     26 909        143 559      -81.3%     -80.9%

(1) The change on a comparable scope basis excludes sales from the 2 Alpes ski
area, which was removed from the Group's operating scope as of December 1,
2020.

SKI AREAS

Ski Area sales for the first quarter reached EUR1.8 million versus EUR60.1
million over the same period last year.

The bulk of this quarter's sales are attributable to the Tignes and 2 Alpes ski
areas, which were open during the All-Saints' school holiday period before
being forced to close on October 29th on government orders, when France's
second nationwide lockdown was announced.

Because of the health crisis, the ski resorts were not able to begin their
seasonal activity on the usual dates and the lifts remained closed, in
compliance with government orders, when the first quarter came to an end.

LEISURE PARKS

The Leisure Park division was also heavily impacted by the consequences of the
health crisis. Sales for the first quarter of this financial year totaled
EUR24.7 million, versus EUR80.5 million over the same period in FY 2019/2020.

The Halloween period park offering was adjusted to ensure strict compliance
with health and safety guidelines. They included reduced operating hours, which
in turn reduced the number of visitors. Customer interest remained strong,
nonetheless, as confirmed by the high level of pre-sales. However, most of the
leisure parks saw their operations interrupted during the period by a series of
government closure orders: in Belgium (October 24, 2020), in the Netherlands
(October 26, 2020), in France (October 29, 2020), and in Austria (November 2,
2020).

As for the Christmas period, which brought in sales of more than EUR21 million
last year (notably due to the corporate activity and the opening of Parc
Astérix to the public during the school holidays), the authorization to open
was not forthcoming and, as a result, sales were reduced to zero for the sites
in question (namely, Futuroscope, Parc Astérix, Grévin Paris).

HOLDINGS & SUPPORT

Over the course of the 1st quarter of FY 2020/2021, sales for Holdings &
Support came to EUR0.4 million, compared with EUR3.1 million for the same
period the previous year. The consulting business was unchanged, with the
decline mostly related to the impact of the health crisis on Travelfactory
sales.

OUTLOOK

Public policymakers have just decided that ski lifts will remain closed
throughout the winter school holiday period and probably until the end of the
ski season.

The direct impact of not opening the ski resorts before the end of the winter
holiday represents lost sales since the start of the financial year of around
EUR290 million, rising to around EUR400 million if the closure is extended to
the end of the winter season, respectively nearly 73% and nearly 99% of the
sales posted in financial year 2018/2019 (excluding the 2 Alpes ski area), the
last year for which there was no Covid-19 impact on sales.

As for the leisure parks, the Group confirms that on the date of publication of
this press release, lost sales since the beginning of the season amount to more
than EUR50 million compared to FY2018/2019. Conversely, the Group still has no
visibility with respect to the date on which its sites that normally operate at
this time of the year will be allowed to reopen (Futuroscope, Musée Grévin,
Chaplin's World, Aqualibi, and the aqua park at Bellewaerde). The Group
continues to hope that its other sites will be able to open this spring on the
usual date and that the situation will gradually return to normal over the
summer.

In light of this situation, the sales for TravelFactory, which are closely tied
to ski holiday bookings, will be severely impacted by the closure of the ski
resorts.

While all these factors and uncertainties weigh adversely on the Group's
visibility with respect to its sales for FY2020/2021, the Group is nonetheless
able to confirm its capacity to offset, by reducing its operating expenses,
about 25 to 30% (excluding indemnities) of the lost sales revenue(1) for its
two main businesses (Ski Areas and Leisure Parks).

The Group has reinforced its cash position by implementing a new
government-backed loan on December 23, 2020 for EUR269 million. In total, on
December 31, 2020, its liquidity position was EUR514 million, which corresponds
to its cash position plus its unused lines of credit and overdrafts. Moreover,
the Group has no significant debt repayment obligations in the short term.
Considering these items, the Group is therefore confident in its ability to
cover its liquidity needs until the end of 2021, even under worst case
scenarios.

In the environment created by the Covid-19 crisis, the Group continues to face
a certain number of uncertainties whose impact over the short and medium term
on the Group's results is difficult to assess. These uncertainties concern the
evolution in the preventative health and safety measures deemed necessary by
the Group or decided on by the governments of the countries in which it
conducts business. They also concern uncertainties related to consumer
behavior.

Upcoming events and releases in 2020/2021:

* Annual Shareholders' Meeting:  Thursday, March 25, morning
* 2nd quarter sales:             Thursday, April 22, after stock market closes
* 1st half results:              Wednesday, May 26, after stock market closes
* 3rd quarter sales:             Thursday, July 22, after stock market closes

www.compagniedesalpes.com

(1) The lost sales are calculated with respect to financial year 2018/2019, the
most recent reference year with no Covid-19 impact.

                         ADDITIONAL INFORMATION

Consolidated sales, October 1, 2020, through December 31, 2020

                                          Actual scope
(In thousands of EUR)
     Q1 2020/2021    Q1 2019/2020       Change

Ski Areas                        1 816           60 050         -97.0%
Leisure Parks                   24 670           80 459         -69.3%
Holdings & Support                 423            3 050         -86.1%
TOTAL                           26 909          143 559         -81.3%

(1) - The change on a comparable scope basis excludes sales from the 2 Alpes
ski area, which was removed from the Group's scope on December 1, 2020.

             Comparable scope (1)
Q1 2020/2021     Q1 2019/2020           Change

1 293              54 868              -97.6%
24 670              80 459              -69.3%
   423               3 050              -86.1%
26 386             138 377              -80.9%

(1) - The change on a comparable scope basis excludes sales from the 2 Alpes
ski area, which was removed from the Group's scope on December 1, 2020.

Since it was founded in 1989, Compagnie des Alpes (CDA) has established itself
as an uncontested leader in the leisure industry. Today, the Group operates 10
prestigious ski resorts and 13 renowned leisure parks, using an integrated
approach that combines operational excellence and quality to achieve the Very
High Satisfaction of its customers but also the local communities in which it
is present. Compagnie des Alpes also exports its expertise, offering consulting
and assistance services to projects in diverse regions around the world.
Compagnie des Alpes has, in addition, leveraged its expertise to adapt to
changing patterns of consumption: an active force in the renovation of mountain
lodging, it has also developed a network of real estate agencies, is developing
its own thematic hotels adjacent to its parks with nationwide appeal and, since
2018, is the number 1 tour operator specializing in the online sale of ski
holiday packages in France. Over the course of the financial year ended
September 30, 2020, the Group welcomed more than 16.5 million guests and
generated sales of EUR615.6 M.
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.
> Ski Areas operated by CDA: La Plagne, Les Arcs, Peisey-Vallandry, Tignes,
   Val d'Isère, Les Menuires, Méribel, Serre Chevalier, Flaine, Samoëns ?
   Morillon
> Leisure Parks operated by CDA: In France: Parc Astérix, Futuroscope,
   Walibi Rhône-Alpes, Grévin Paris, France Miniature; in Belgium: Walibi
   Belgium, Aqualibi, Bellewaerde, Bellewaerde Aquapark; in the Netherlands:
   Walibi Holland; in Switzerland: Chaplin's World; in Austria: Familypark; in
   Canada: Grévin Montréal.

CDA is included in 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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