COMPAGNIE DES ALPES (EPA:CDA) - CDA - 1st half sales for FY 2020/2021

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22/04/2021 17:50

Press release

                       1ST HALF SALES FOR FY 2020/2021

             SITES MOSTLY REMAINED CLOSED THE ENTIRE FIRST HALF

                PARTIAL COMPENSATION FOR SKI AREA FIXED COSTS

Paris, April 22, 2021 - The first half of financial year 2020/2021 was
atypical, since the vast majority of the Group's sites remained closed, in
compliance with government orders, for most of the period, due to the Covid-19
public health crisis. Just two ski resorts were briefly open in October, while
for the most part the leisure parks were forced to close after only a few days
of operation at the start of the Halloween season. Since then, Grévin
Montréal and Chaplin's World are the only two sites that have been able to
reopen.

As a result, consolidated sales for Compagnie des Alpes totaled EUR31.5 million
in the first half of 2020/2021, versus EUR470.5 million over the same period
one year earlier, a decrease of 93.3% (-93.0% on a comparable scope basis).

Group's consolidated sales, October 1, 2020 through March 31, 2021

Unaudited data
                     1st half    1st half   Change   Change
(In EUR thousands)   2020/2021   2019/2020         Comparable
                                                    basis (1)
Ski Areas              2 471      350 183   -99.3%   -99.4%
Leisure Parks         27 591      103 167   -73.3%   -73.3%
Holdings & Support     1 465       17 152   -91.5%   -91.5%
Total                 31 527      470 502   -93.3%   -93.0%

(1) The change on a comparable scope basis excludes sales for 2 Alpes ski
resort, which is no longer part of the Group since December 1, 2020.

SKI AREAS

Ski Area sales for the first six months of FY 2020/2021 totaled EUR2.5 million,
compared with EUR350.2 million for the same period one year earlier. The bulk
of sales are attributable to the ski resorts that were open during the
Toussaint school holiday last fall, before they were closed on October 29,
2020. They have not reopened since, in compliance with government orders.

LEISURE PARKS

Leisure Park sales also suffered substantially due to the public health crisis.
Sales for the first half of FY 2020/2021 totaled EUR27.6 million, versus
EUR103.2 million over the same period last year.

In fact, most of the sites were able to open at the beginning of the Halloween
season. While the level of attendance was good, the opening hours for some
parks were reduced (Parc Astérix and Walibi Rhône- Alpes), and others were
not able to offer the usual product (parks in Belgium, the Netherlands, and
Austria). However, all sites were forced to shut down before the end of this
important operating period - end of October / early November, as ordered by
government authorities in countries where the Group operates. They were then
unable to reopen during the Christmas period, and nearly all remained closed as
the first half of this financial year ended. Only Grévin Montréal and
Chaplin's World have been authorized to reopen (on February 26th and March
12th, respectively).

HOLDINGS & SUPPORT

Sales for Holdings & Support for the first half of 2020/2021 came to EUR1.5
million, compared with EUR17.2 million over the same period one year prior.
This decrease is primarily due to the impact of the public health crisis on
Travelfactory.

OUTLOOK

Sales

As indicated previously, the direct impact on Ski Areas of not opening the ski
resorts before the end of the winter season represents lost revenue of around
EUR400 million, which is close to 99% of the sales generated by this business
unit in financial year 2018/2019 (excluding the 2 Alpes resort), which is the
last reference year prior to the impact of the public health crisis.

The resorts that have traditionally opened for summer skiing could reopen on
the scheduled dates. At the same time, the Group reiterates that the 2 Alpes
ski resort is no longer operated by the Group since December 1, 2020, and that
lift sales for summer skiing represent around EUR4 million.

As for Leisure Park sales, as indicated previously, lost revenue due to the
closure of various parks in response to the public health crisis totaled EUR65
million for the six months ended compared to the same period in financial year
2018/2019, and EUR75 million compared to the first half of 2019/2020.

To date, the Group does not have visibility on the reopening dates for its
sites, except for Grévin Montréal and Chaplin's World, which reopened a few
weeks ago, and the Belgian parks, which could reopen on May 8, 2021 if certain
public health criteria are met. The fact that the parks were unable to reopen
in April has already led to an additional EUR40 million in lost revenue
compared with sales for financial year 2018/2019, the last reference year prior
to the impact of Covid-19.
The other sites could reopen gradually starting in the second half of May.
Provided that the health protocols that will be rolled out enable the sites to
operate under conditions that are comparable to those prevailing last summer,
the Group is confident in its ability to leverage - to the same extent as
during that period - the intrinsic appeal of its sites and public appetite for
resuming leisure activities that were interrupted.

Cost cutting

Considering the efforts deployed by the Group since the beginning of this year,
Compagnie des Alpes confirms that it can offset - by reducing its operating
costs - a portion of the cumulative lost revenue for both Ski Areas and Leisure
Parks totaling at least 30% (not including the compensation program), versus
the range of 25% to 30% indicated initially.

Compensation

The European Commission agreed, on March 19, 2021, to the implementation of a
system of assistance aimed at partially indemnifying French ski lift operators
for losses incurred due to the Covid-19 pandemic. This partial compensation for
fixed costs has been transposed into law (Decree no. 2021-311 published on
March 25, 2021). Its net impact on pre-tax cash flows is expected to be around
EUR165 million, versus the estimate of around EUR150 to 160 million announced
by the Group on March 25, 2021.

This amount is expected to be paid in two installments (April and May). In
compliance with IFRS, accounting recognition of this compensation, which is a
public subsidy, must mirror the recognition of the annual fixed costs they are
intended to offset. Accordingly, about 51% of the amount of this subsidy should
be recognized in the first half of this financial year, while the balance will
be recognized in the second half of the year.

Annual Capex budget

As announced on March 25, 2021, the Group has refined its annual investment
budget to around EUR140 million. This amount reflects an effort of sustained
support designed to relaunch business in areas where the Group operates.

In the environment created by the Covid-19 crisis, the Group continues to face
several 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 in 2020/2021:

Due to the change in its governance, in particular as of June 1, 2021,
Compagnie des Alpes has decided to delay the publication of its half-year
results, initially planned for Wednesday, May 26, 2021, until Monday, May 31,
2021.

* Half-year results:  Monday, May 31, 2021, after stock market close
* 3rd quarter sales:  Thursday, July 22, 2021, after stock market close
* Annual sales:       Thursday, October 21, 2021, after stock market close
* Annual results:     Tuesday, Dec. 7, 2021, before stock market open

www.compagniedesalpes.com

ADDITIONAL INFORMATION

Consolidated sales, October 1, 2020 through March 31, 2021

                                         Actual scope

(In thousands of euros)   FY 2020/2021   FY 2019/2020     Change

First quarter:
Ski Areas                     1 816         60 050       -97.0%
Leisure Parks                24 670         80 459       -69.3%
Holdings & Support              423          3 050       -86.1%

Q1 Sales                     26 909        143 559       -81.3%

Second quarter:
Ski Areas                       655        290 133       -99.8%
Leisure Parks                 2 921         22 707       -87.1%
Holdings & Support            1 042         14 102       -92.6%

Q2 Sales                      4 618        326 943       -98.6%

1st half:
Ski Areas                     2 471        350 183       -99.3%

Leisure Parks                27 591        103 167       -73.3%
Holdings & Support            1 465         17 152       -91.5%

H1 Sales                     31 527        470 502       -93.3%

           Comparable scope
FY 2020/2021 FY 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%

   655       265 434       -99.8%
2 921        22 707       -87.1%
1 042        14 102       -92.6%
4 618       302 243       -98.5%

1 948       320 302       -99.4%
27 591       103 167       -73.3%
1 465        17 152       -91.5%
31 004       440 620       -93.0%

(1) - The change on a comparable basis excludes sales from the 2 Alpes ski
resort, which was removed from the Group's scope of consolidation 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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14/03/2024 20:17

COMPAGNIE DES ALPES (EPA:CDA) - CDA - 1st half sales for FY 2020/2021

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