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Compagnie des Alpes
Earnings Release • Oct 21, 2021
1097_iss_2021-10-21_d207dc70-56dd-4a3f-bfac-ac25a30979ec.pdf
Earnings Release
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FY 2020/2021 SALES
CONFIRMATION OF A ROBUST RECOVERY IN LEISURE PARK ACTIVITY IN THE 4 TH QUARTER
ANNUAL SALES IMPACTED BY SITE CLOSURES RELATED TO THE HEALTH CRISIS
Paris, October 21, 2021 – Financial year 2020/2021, which ended on September 30, 2021, was marked by long periods of closure due to the health crisis, and by a dynamic recovery in activity for Leisure Parks over the summer season. Accordingly, the year can be divided into three distinct periods:
- The 1 st half, during which all Leisure Park and Ski Area sites were unable to open except for a few days in October and were still closed at the end of the period;
- The 3 rd quarter, during which sites were gradually reopened, in staggered fashion, between the beginning of May and the beginning of June, but under restrictive health conditions;
- Then the 4 th quarter, during which activity was particularly dynamic. For Leisure Parks, sales for the 4 th quarter rose substantially compared with last year and, adjusted for the impact of the closure of two sites in Belgium (following severe flooding), even showed growth compared with the 4 th quarter of 2018/2019 (+5.6% adjusted for the aforementioned closures).
4 th quarter: Group consolidated sales from July 1, 2021, through September 30, 2021
Consolidated sales for Compagnie des Alpes for the 4 th quarter of FY2020/2021 totaled €171.8 million, versus €132.2 million for 4 th quarter 2019/2020, an increase of 30% thanks to the very good performance of Leisure Parks during this period.
| Unaudited data (In € thousands) |
Q4 2020/2021 |
Q4 2019/2020 |
Change | Change on a comparable scope basis(1) |
|
|---|---|---|---|---|---|
| •Ski Areas | 5 322 | 7 762 | -31.4% | +13.0% | |
| • Leisure Parks | 161 178 | 118 859 | +35.6% | +35.6% | |
| •Holdings & Support | 5 303 | 5 576 | -4.9% | -4.9% | |
| Total | 171 803 | 132 197 | +30.0% | +33.0% |
(1) The change on a comparable scope basis excludes sales from the 2 Alpes ski resort, which is no longer consolidated by the Group since December 1, 2020.
FY2020/2021 – Group consolidated sales from October 1, 2020, through September 30, 2021
The Group's consolidated sales for financial year 2020/2021 came to €240.6 million versus €615.6 million for financial year 2019/2020 which, as a reminder, was not impacted by the health crisis until mid-March of 2020.
| Unaudited data (In € thousands) |
2020/2021 | 2019/2020 | Change | Change on a comparable scope basis(1) |
|---|---|---|---|---|
| •Ski Areas | 11 433 | 360 225 | -96.8% | -96.7% |
| • Leisure Parks | 221 723 | 232 064 | -4.5% | -4.5% |
| •Holdings & Support | 7 417 | 23 357 | -68.2% | -68.2% |
| Total | 240 573 | 615 645 | -60.9% | -58.8% |
(1) The change on a comparable scope basis excludes sales from the 2 Alpes ski resort, which is no longer consolidated by the Group since December 1, 2020.
SKI AREAS: RETURN TO GROWTH IN THE 4 TH QUARTER
Ski Area sales for the 4 th quarter of financial year 2020/2021 totaled €5.3 million, growing on a comparable scope basis by +13% compared with the same period of the previous financial year, which itself showed growth versus the 4 th quarter of financial year 2018/2019 (the last reference year prior to the health crisis). This good performance reflects the growing appetite for the mountains in general, and summer activities such as Mountain Kart and the Tyrolienne met with notable success.
For the year as a whole, Ski Area sales came to €11.4 million, versus €360.2 million for the previous financial year. It includes the proceeds from a real estate sale for €2.6 million that occurred in the course of the 3 rd quarter. The number of Skier Days was 0.3 million (compared with more than 11 million for the previous financial year).
LEISURE PARKS: EXCLUDING THE 2 BELGIAN SITES CLOSED DUE TO RECENT FLOODING, ACTIVITY IMPROVED COMPARED WITH THE 4 TH QUARTER OF 2018/2019
After the partial recovery of the 3 rd quarter, activity for the 4 th quarter was particularly dynamic. Leisure Park sales reached €161.2 million in the 4 th quarter, an increase of +35.6% versus the same period the previous year, despite the impact of the closure of both Walibi Belgium and Aqualibi due to flooding as of July 15, 2021 (+47% excluding the impact of the closure of the two Belgian sites1 ).
Sales for the 4 th quarter of 2020/2021 thus rivaled those for the 4 th quarter of 2018/2019 (where sales reached a quarterly record of €170.2 million and were the last reference year prior to the health crisis), and even grew by 5.6% adjusted for the impact of the closure of the two Belgian sites due to flooding.
This good performance is primarily attributable to a substantial increase in visitor attendance for all sites compared with last year (+27.6% or +43.8% adjusted for the impact of the closure of the two sites in
1 The comparison, adjusted for the closure of the 2 sites in Belgium is pro rata temporis up to 07/15.
Belgium), although the level reached in the 4 th quarter of 2018/2019 was not reached (-18.7% or -6.5% adjusted for the impact of the closure of the two sites in Belgium).
This performance is also due to robust spend per visitor (+6.1% versus the 4 th quarter of 2019/2020). For example, the three hotels in Parc Astérix recorded an occupancy rate of 99% in August 2021.
Although the offering was once again adapted to the health crisis, visitor satisfaction ratings improved in certain key areas such as the quality/price ratio and staff hospitality.
For example, in operation until the park was flooded, the new mega-coaster at Walibi Belgium, Kondaa, the highest and most rapid in all of Benelux, won a European Star Award in 2021 and a Parksmania Award, and got a satisfaction score of 9.5/10. The two major attractions inaugurated last year but only really open to the public this year, Objectif Mars at Futuroscope and Wakala at Bellewaerde, maintained their high satisfaction score of 9.2/10.
For financial year 2020/2021 as a whole, Leisure Park sales totaled €221.7 million, a level that is fairly close to that of the previous year (€232.1 million, -4.5%), while the number of days in operation decreased by 6% compared with last year and despite the closure of Walibi Belgium and Aqualibi starting in mid-July.
This performance is attributable to dynamic spend per visitor (+5.7% for the year) and a decline in attendance that was limited to -10.2% (4.8 million visitors versus 5.4 million in 2019/2020).
CLOSURE OF GRÉVIN MONTRÉAL
On September 16, 2021, the Group announced its decision to cease operation of its Grévin Montréal site, which suffered from a decline in attendance during the health crisis that further jeopardized its prospects of attaining economic equilibrium.
HOLDINGS & SUPPORT
Holdings & Support sales for financial year 2020/2021 came to €7.4 million, versus €23.4 million for financial year 2019/2020. The decrease primarily reflects the impact of the health crisis on Travelfactory business.
LIQUIDITY POSITION
In light of the various measures taken throughout the financial year to reinforce its liquidity position, including the successful capital increase with preferential subscription rights for €231 million that was completed in June, and the good performance recorded in the 4 th quarter, the Group has the latitude it needs to pursue the implementation of its growth and attractivity strategy designed to restore its sales and profitability to the levels they had attained before the crisis.
OUTLOOK
For Ski Areas, public authorities have indicated that, subject to how the health crisis evolves, ski stations are de facto under common law jurisdiction (vaccine passport for long distance travel, commercial accommodations, restaurants, etc.); ski lift operators could thus open normally, according to the schedule set out. This was the case for the Tignes glacier, which reopened last weekend with the protocol in force (masks mandated for ski lifts).
Compagnie des Alpes, since the start of the pandemic, has maintained a significant investment effort and has continued to play a leading role in initiatives designed to benefit its sites and the Alpes ecosystem. This was the principle guiding of the announcement last September that the rail service between London Saint-Pancras and Moûtiers/Bourg-Saint-Maurice would resume (Travelski Express), operated by Travelski (a wholly-owned subsidiary of the Group).
For Leisure Parks, the Halloween season activities will be held at all Group sites. The initial indicators (presales, reservations), as well as the sales trends observed over the first two weeks of operation for sites that have already opened, are in line with the dynamic observed during the 4 th quarter.
Disclaimer:
In the environment of crisis created by Covid-19, the Group faces many uncertainties which makes assessing the various impacts on Group results over the short to medium term extremely complicated. These impacts will depend on multiple factors, in particular the evolution of the pandemic, the preventive measures enacted by the governments of countries in which the Group operates, and the impact that this crisis will have short term on consumer behavior.
Upcoming events in 2020/2021:
- 1
- 2
• Annual Results 2020/2021: Tuesday, December 7, before stock market open st quarter 2021/2022 sales: Thursday, January 20, after stock market close • Annual Shareholders' Meeting: Thursday, March 10, afternoon nd quarter 2021/2022 sales: Thursday, April 21, after stock market close
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 12 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 €615.6 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 – Sixt Fer-à-Cheval
- ➢ 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
CDA is included in the CAC All-Shares, CAC All-Tradable, CAC Mid & Small and CAC Small. ISIN: FR0000053324; Reuters: CDAF.PA; FTSE: 5755 Recreational services
Compagnie des Alpes:
| Alexia CADIOU – Group CFO: Sandra PICARD – Head of Communications, Brand & CSR: +33 1 46 84 88 53 Alexis d'ARGENT – Head of Investor Relations: |
+33 1 46 84 88 97 +33 1 46 84 88 79 |
[email protected] [email protected] [email protected] |
|---|---|---|
| Corpus: Xavier YVON – Media Relations: | +33 6 88 29 72 37 | [email protected] |
ADDITIONAL INFORMATION
Consolidated sales, October 1, 2020, through September 30, 2021
| Actual scope | Comparable scope (1) | |||||
|---|---|---|---|---|---|---|
| (In thousands of euros) |
FY 2020/2021 |
FY 2019/2020 |
Change | FY 2020/2021 |
FY 2019/2020 |
Change |
| First quarter: | ||||||
| Ski Areas | 1 816 | 60 050 | -97.0% | 1 293 | 54 868 | -97.6% |
| Leisure Parks | 24 670 | 80 459 | -69.3% | 24 670 | 80 459 | -69.3% |
| Holdings & Support | 423 | 3 050 | -86.1% | 423 | 3 050 | -86.1% |
| Q1 Sales | 26 909 | 143 559 | -81.3% | 26 386 | 138 377 | -80.9% |
| Second quarter: | ||||||
| Ski Areas | 655 | 290 133 | -99.8% | 655 | 265 434 | -99.8% |
| Leisure Parks | 2 921 | 22 707 | -87.1% | 2 921 | 22 707 | -87.1% |
| Holdings & Support | 1 042 | 14 102 | -92.6% | 1 042 | 14 102 | -92.6% |
| Q2 Sales | 4 618 | 326 943 | -98.6% | 4 618 | 302 243 | -98.5% |
| Third quarter: | ||||||
| Ski Areas | 3 640 | 2 280 | 59.6% | 3 457 | 2 013 | 71.7% |
| Leisure Parks | 32 954 | 10 038 | 228.3% | 32 954 | 10 038 | 228.3% |
| Holdings & Support | 649 | 629 | 3.2% | 649 | 629 | 3.2% |
| Q3 Sales | 37 243 | 12 947 | 187.7% | 37 060 | 12 680 | 192.3% |
| Fourth quarter: | ||||||
| Ski Areas | 5 322 | 7 762 | -31.4% | 5 269 | 4 662 | +13.0% |
| Leisure Parks | 161 178 | 118 859 | +35.6% | 161 178 | 118 859 | +35.6% |
| Holdings & Support | 5 303 | 5 576 | -4.9% | 5 303 | 5 576 | -4.9% |
| Q4 Sales | 171 803 | 132 197 | +30.0% | 171 750 | 129 097 | +33.0% |
| Annual total: | ||||||
| Ski Areas | 11 433 | 360 225 | -96.8% | 10 674 | 326 977 | -96.7% |
| Leisure Parks | 221 723 | 232 064 | -4.5% | 221 723 | 232 064 | -4.5% |
| Holdings & Support | 7 417 | 23 357 | -68.2% | 7 417 | 23 357 | -68.2% |
| Sales 12 months |
240 573 | 615 645 | -60.9% | 239 814 | 582 397 | -58.8% |
(1): The change on a comparable scope basis excludes the sales from the 2 Alpes ski resort, which is no longer consolidated by the Group since December 1, 2020.