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Compagnie des Alpes — Earnings Release 2013
Oct 25, 2013
1097_iss_2013-10-25_5c2560e1-42a2-456f-b842-47a9ecf04f29.pdf
Earnings Release
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Annual consolidated sales for FY 2012–2013 stable at €678 million
Steady sales growth in Ski areas
A difficult season for Leisure parks
October 24, 2013 – Annual consolidated sales for FY 2012−2013 amounted to €678 million, largely unchanged from the previous year.
| (in € thousands) | FY 2012−2013 (1) |
FY 2011−2012 |
% change |
|---|---|---|---|
| First quarter: Ski areas Leisure parks Other activities |
63,512 40,892 535 |
61,547 47,205 526 |
3.19% -13.37% 1.71% |
| Total sales | 104,939 | 109,278 | -3.97% |
| Second quarter: Ski areas Leisure parks Other activities |
283,706 18,249 365 |
266,410 17,869 553 |
6.49% 2.13% -34.00% |
| Total sales | 302,320 | 284,832 | 6.14% |
| Third quarter: Ski areas Leisure parks Other activities Total sales |
35,485 81,791 1,220 118,496 |
43,450 87,582 505 131,537 |
-18.33% -6.61% 141.58% -9.91% |
| Fourth quarter: Ski areas Leisure parks Other activities |
10,984 141,210 84 |
8,014 143,498 520 |
37.06% -1.59% -83.85% |
| Total sales | 152,278 | 152,032 | 0.16% |
| Annual total: Ski areas Leisure parks Other activities |
393,687 282,142 2,204 |
379,421 296,154 2,104 |
3.76% -4.73% 4.75% |
| Total sales | 678,033 | 677,679 | 0.05% |
Group consolidated figures, from October 1, 2012, to September 30, 2013
(1) Because EBG has been reclassified as a discontinued operation, FY 2012–13 does not include revenue from Bioscope, whose sales amounted to €3.3 million in 2011–12.
Ski areas: a satisfactory season in an intensely competitive environment, and the second consecutive year of growth in the number of skier-days
FY 2012–2013 sales came to just under €394 million, up nearly 3.8% from the previous year. Ski-lift business rose by 4%, while real-estate sales declined slightly to €3.8 million (compared with €4.1 million in 2012).
The number of skier-days was up 0.7% year on year. Average revenue per skier-day rose 3.3% annually, stimulated by well-timed price adjustments.
The 2012–2013 season for Ski areas was especially satisfactory considering that abundant snowfall at all resorts has benefit to all ski areas operators and considering that this year's unfavorable school holiday schedule has hurt business across the entire sector.
Ski-lift activity in the fourth quarter (2% of annual activity), concentrated mainly in the Tignes and Deux Alpes glaciers, grew by more than 4%. The bulk of completed real-estate sales were consolidated in this year's financial statements.
Leisure parks: a disappointing 2012–2013 season underlining uneven performances
Annual sales for 2012–2013 declined by 4.7% to €282 million. Average spending per visitor rose once again, by 2.8%. Visitor numbers, however, fell by 7.5% year on year.
Excluding the Group structure of consolidated operations (Grévin Montréal, Bioscope, and close of the Dolfinarium for renovation), sales decreased by 3.4%.
An analysis of the Group's Leisure park business reveals vastly different variations in sales. The best performance came at high season and in spite of an unfavorable basis for comparison. Nevertheless, this performance was not enough to offset the decline in business seen in the first nine months, a period marked by exceptionally poor weather conditions.
In a challenging economic environment where consumers are more demanding in their leisure spending, regional leisure parks fared better than others by combining product differentiation with expert sales and marketing. Bellewaerde Park (+3.7%), for example, introduced a new rollercoaster, Huracan, suitable for the entire family. The 50th anniversary of the opening of Mer de Sable (+15%) provided an exceptional marketing opportunity. Walibi Belgium, meanwhile, enjoyed sales growth of 14% in August after the opening of a major new ride, Psyké Underground.
Strategic goals: speeding the transformation of the Leisure park segment
Compagnie des Alpes is determined to pursue its strategic goals, with priority given to achieving profitable growth in Leisure parks.
In the short term, the Group aims to step up investment to improve the image of Leisure parks it considers priority. Product marketing and yield management will be boosted as needed, in line with current consumer trends. The ultimate goal, of course, is "highly satisfied" customers.
In the medium term, the Group seeks to reposition its Leisure parks and restructure its portfolio.
In Ski areas, a selective investment strategy continues to be applied, in addition to partnerships that should bring long-term growth for the industry.
Last April's creation of Foncière Rénovation Montagne, in addition to property companies supported by local partners, has born its fruits. More than 200 apartments have been acquired and another 180 apartments are targeted for 2014. The first tranche of 500 apartments should be completed soon.
In line with its strategic goals, CDA is positioned to market and sell winter-sport holiday packages. On October 15 the Group launched Alpes-Ski-Résa (www.alpes-ski-resa.com), a new website that sells mountain holidays exclusively for CDA resorts. Other projects are under way.
In addition, the Group has expressed its continued desire to identify new international growth opportunities. CDA's target for rapid development of Grévin is on schedule, as is the continued growth in project management and the management of Ski areas and Leisure parks outside France (Sindibad in Morocco, ski resorts in Russia).
In the words of Dominique Marcel, "In a context of increasingly selective consumer spending, the Group has proven its ability to think ahead, make necessary changes, and break new ground. We aim to move faster, with more wide-reaching actions that will transform our Leisure parks division and ensure that it generates profitable growth over the medium term. CDA is very pleased with this year's season for Ski areas. We intend to continue our unwavering pursuit of growth in this business, by making our products more appealing and by working harder to promote our destinations."
Upcoming events:
- FY 2012–2013 results: Thursday, December 19, 2013, before market.
- Q1 2013–2014 sales: Thursday, January 23, 2014, after market.
www.compagniedesalpes.com
Compagnie des Alpes is a major player in the field of leisure production in Europe. The company operates 26 leisure sites, with 11 leading Ski areas in the Alps (including Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes, Méribel, and Chamonix) and 15 Leisure parks (including Parc Astérix, Grévin, Walibi, and Futuroscope) in Europe: France, the Netherlands, Belgium, and Germany. CDA also holds stakes in four ski areas and seven leisure parks in France, Switzerland, Belgium, and the U.K. Consolidated sales reached €678 million, with over 23 million visitors, for the financial year ending September 30, 2012. Net attributable income came to €2million.
CDA is in the 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 | Sandra Picard | +33.1.46.84.88.53 | [email protected] |
|---|---|---|---|
| Claire Monteil-Robert | +33.1.46.84.88.79 | [email protected] | |
| Les Ateliers Corporate | Xavier Yvon | +33.1 84 16 02 08 | [email protected] |