1sthalf 2018/2019 sales

Business is up thanks to a good winter season for Ski Area Division

Press Release

Paris, April 18, 2019- Compagnie des Alpes posted consolidated sales of €498.2 M for the 1sthalf of financial year 2018/2019, an increase of +3.2% on a restated basis (+2.8% on a comparable scope basis) compared with the 1sthalf of the previous financial year.

Consolidated Sales, October 1, 2018 through March 31,2019

1sthalf

1sthalf

Change

Change

(In thousands of €)

2017/2018

Comparable

2018/2019

vs. Restatement(2)

Restated(2)

scope(3)

Ski Areas

384 660

368 852

+4.3%

+4.3%

Leisure Destinations

93 131

93 298

-0.2%

-0.2%

Holdings and Supports

20 401(1)

20 341

+0.3%

-9.5%(3)(4)

Total

498 192

482 491

+3.2%

+2.8%

(1), (2), (3), and (4): Sales for the 1sthalf of 2018/2019 factor in the acquisition of TravelFactory, the application of IFRS 15, and changes in the revenue recognition method used, all of which are described in detail at the end of this press release.

Ski Areas: another rise in sales

Ski Area sales rose by +4.3% in the course of the first half of the current financial year compared with the same period last year, reaching €384.7 M.

After a particularly dynamic 1stquarter, sales reached €330.1 M for the 2ndquarter, increasing by +2.5%.

To date, the ski season has benefited from relatively favorable conditions in terms of snowfall and sunlight. The year's snowfall began sufficiently early and fell in good quantities, which allowed the Group to open its various resorts at the start of the season. The Christmas school holidays, as well as the winter break period, were positive and balanced. The decent level of snow nationwide contributed to a greater distribution of skiers at various resorts, which allowed the resorts at lower to mid altitudes to attract more skiers and thus see business gains that surpassed those of the bigger resorts.

For the entire 1sthalf, lift ticket sales alone rose by 4.1%, boosted by a +0.9% increase in the number of skier days as well as a +3.2% increase in revenues per skier day. The first half was also boosted by the positive calendar impact - featuring an additional Sunday opening - which will be corrected in the 3rdquarter.

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Leisure Destinations: acquisition of the first Austrian leisure park

Press Release

Sales for the Leisure Destination division totaled €93.1 M, a very slight decline of -0.2% compared with the 1sthalf of 2017/2018, essentially due to the Easter holiday falling later this year.

After 1stquarter consolidation of business at a high level, sales for the 2ndquarter, which accounts for a small proportion of annual business, came to €23.8 M, versus €24.0 M for the same period the previous financial year (-0.7%).

During this period, the closure for renovation related work at the Grévin Paris site during the month of January was offset by the reopening of Aqualibi (which had been closed for renovation during the 2ndquarter of 2018). The level of business was nonetheless affected by the fact that the Easter weekend was later this year. In 2018, it fell between late March and early April, which led to the early opening of the majority of sites before the end of the 2ndquarter. This year, these sites did not open until early April. Adjusted for this calendar effect, sales growth would have been positive (around 0.5%) for the first half of this financial year.

For the 1sthalf of the year, the solid increase in spend per visitor (+2.1%) offset the slight decline in park attendance rates.

Acquisition of Familypark, the first leisure park in Austria

On March 20, 2019, Compagnie des Alpes announced the acquisition of 100% of the shares of Familypark, the first leisure park in Austria, consolidated as of April 1, 2019. The enterprise value of the acquisition was €72.5 M. In financial year 2018, this site generated revenues of €19.1 M and EBITDA of €6.8 M, and welcomed 716,000 visitors. It is a quality asset with high satisfaction ratings, located in a large catchment area without direct competition. In addition, the park shows genuine potential for development.

Holdings and Supports: successful integration of TravelFactory

In the course of the 1sthalf, sales for Holdings and Supports amount to €20.4 M, versus €20.31M for the same period one year earlier.

The volume of business developed by TravelFactory increased over the first half of the year, and the group has continued to expand its activities internationally. After the successful launch of its Travelski site in Belgium in the first quarter, the Group is preparing to enter the UK and Dutch markets.

The consulting and assistance business experienced a slowdown in sales due to the completion of the project management assistance contract related to the renovation project at the Jardin d'Acclimatation, which ran until the site reopened in June 2018. The Compagnie des Alpes nonetheless continues to collaborate on this site with the LVMH group via a management assistance contract and a marketing contract. During the 2ndquarter, other revenue from the consulting and assistance business mainly concerned contracts signed during the first quarter, particularly in China.

1TravelFactory sales figures reported in 2017/2018 have been restated as indicated in the additional information section at the end of this document. This restatement has no impact on EBITDA or Group earnings.

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Press Release

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Sales trends for the rest of the year

The outlook for 2018/2019 provided below is given barring the occurrence of any major adverse events.

Ski Areas

The third quarter represents, on average, around 12% of annual sales (while the fourth quarter accounts for 1 to 2%). Given the construction of the spring school holidays and sales posted since April 1, the Group expects growth for the full year to reach between 2 and 3% for this division.

The target EBITDA to sales ratio of between 36 and 37% for FY 2018/2019 is maintained.

Leisure Destinations

For Leisure Destinations, the bulk of the season lies ahead, as the second half of the year represents nearly 75% of annual sales. The Group has set an annual target of an EBITDA to sales margin of 27 to 28% (excluding Futuroscope). An ambitious investment plan has been approved to support this growth, increase the capacity of the facilities, and offer visitors an experience that contributes to improving their satisfaction. The main investments are indicated below:

-Parc Astérix, which features an expanded hotel capacity that has been increased by 50% (300 rooms versus 200 for the 2018 season) with the Cité Suspendue, a communications push on the occasion of its 30thanniversary and, since April 6, among others, the new attraction Attention menhir!, a 4D film that combines dynamic seating and special effects projected in a 300-seat movie theater.

-Futuroscope, which on April 13, 2019, inaugurated a new area for kids calledFuturopolis. With its 21 games and attractions spread over 3 hectares, this mini-city caters to the needs of children in a fun and educational way that addresses their future career aspirations.

-Walibi Rhône Alpes, which continues its overhaul and this season celebrates its 40thanniversary, continues to refine the theme of the Festival City area with a new food court and two new attractions, including Mystic, a new roller coaster that is 575 meters long and features a vertical drop of 31 meters, and Les P'tits Chaudrons, a more family-friendly attraction.

-Walibi Belgium, which this season continues the transformation it began last year, is opening two new areas: Karma World, which focuses on Indian culture, with a new indoor attraction calledPopcorn Revenge, which is interactive, and Fun World, with a family-friendly roller coaster.

-Also in Belgium, Bellewaerde plans to inaugurate an indoor aquatic park covering 3,000 m² that will have a second gate and operate on a standalone basis while also benefiting from strong synergies with the existing park.

-On July 1, 2019, Walibi Holland will inaugurate a new hybrid coaster (wood and metal) known asUntamed.It is part of a more global renovation of the Sherwood Forest theme area.

Upcoming events:

2018/2019 half-year results:

Tuesday, May 21, 2019, after stock market closes

3rdquarter 2018/2019 sales:

Thursday, July 18, 2019, after stock market closes

FY 2018/2019 sales:

Thursday, October 17, 2019, after stock market closes

www.compagniedesalpes.com

Press Release

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Press Release

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Additional information

Consolidated sales, October 1, 2018 through March 31, 2019

Actual scope

Comparable scope

(In thousands of

FY

FY

FY

FY

2017/2018

Change

Change

euros)

2018/2019

2018/2019

2017/2018

Restated(2)

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 & Supports

2 902(1)

2 095

+38.5%

910(3)

2 095

-56.6%(3)(4)

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 & Supports

17 499

18 246

-4.1%

17 499

18 246

-4.1%

Q2 Sales

371 372

364 246

+2.0%

371 372

364 246

+1.9%

1sthalf:

Ski Areas

384 660

368 852

+4.3%

384 660

368 852

+4.3%

Leisure Destinations

93 131

93 298

-0.2%

93 131

93 298

-0.2%

Holdings & Supports

20 401

20 341

+0.3%

18 409(3)

20 341

-9.5%(3)(4)

H1 Sales

498 192

482 491

+3.2%

496 199

482 491

+2.8%

(1)Including TravelFactory, consolidated as of January 1, 2018

(2)Sales for 1st half 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)The change on a comparable scope basis is calculated by comparing sales for 1st quarter 2018/2019, from which Travelfactory has been removed, with restated sales for 1st quarter 2017/2018.

(4)A change in revenue recognition for the Group's 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 1stquarter 2018/2019 vs. sales volume for 1stquarter 2017/2018).

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Compagnie des Alpes SA published this content on 18 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 April 2019 21:12:09 UTC