Compagnie des Alpes SA · EURONEXT:CDA
Compagnie des Alpes SA — H1 FY2018/2019 Earnings Presentation
26 slides from Compagnie des Alpes SA's earnings presentation, May 21, 2019
Slide 1: 1st Half Results for FY 2018/2019
1 S T H A L F R E S U LT S F O R F Y 2 0 1 8 / 2 0 1 9 M AY 2 1 , 2 0 1 9
Slide 2: Contents
CONTENTS 1. FIRST HALF PERFORMANCE INDICATORS AND OVERVIEW 2. FIRST HALF OPERATING HIGHLIGHTS 3. FIRST HALF RESULTS SKI AREAS LEISURE DESTINATIONS HOLDINGS & SUPPORTS 4. OUTLOOK 5. ADDITIONAL INFORMATION
Slide 3: 1. First Half Performance Indicators and Overview
1. FIRST HALF PERFORMANCE I N D I C AT O R S A N D OVERVIEW
Slide 4: 1st Half Performance Indicators
1 S T H A L F P E R F O R M A N C E I N D I C AT O R S Comparison with 1st half of FY 2017/2018 Sales Group EBITDA Operating Income €498.2 M, +3.2% €165.4 M -0.7% €105.7 M vs. H1 2017/2018 restated (1) vs. H1 2017/2018 restated (1) -2.6% i.e., +2.8% on a comparable i.e., +1.1% on a comparable basis
Slide 5: 1st Half Overview
1 ST H A L F O V E R V I E W Ski Areas ▶ Another increase in sales for all resorts across the board ▶ As expected, a high level of investment Leisure Destinations ▶ Numerous operational investments (hotel and attractions) for the summer season ▶ Acquisition of Familypark, Austria’s first leisure par
Slide 6: 2. First Half Operating Highlights
2 . F I R S T H A L F O P E R AT I N G HIGHLIGHTS
Slide 7: Ski Areas: Boost volume growth
SKI AREAS Boost volume growth: the key challenges for revamping the customer base and actions across the value chain Create a preference for our resorts ▶ Develop attractiveness through sustained investment strategy ▶ Open Resort: A data-driven approach that combines marketing and technology with al
Slide 8: Ski Areas: An update on investments
SKI AREAS An update on investments Investment breakdown by type A few illustrations ▶ Enhancement of the customer experience and Tignes promoting the summer season (Tignes) - The world’s highest cable car terrace Miscellan eous* Ski lifts - 1st stage in a bigger project aimed at and Stations capital
Slide 9: Leisure Destinations
L E I S U R E D E S T I N AT I O N S Pursuit of the work being done to enhance customer satisfaction (VHS) via an ambitious and focused investment strategy adapted to each park type… Fully overhaul the parks located in high-potential catchment areas ▶ Walibi Belgium: two new spaces: Karma World and
Slide 10: Leisure Destinations: new experiences adjacent to the parks
L E I S U R E D E S T I N AT I O N S ….and offer a global experience that increases the duration of the visit and expands the catchment areas Create new experiences adjacent to the parks that are also a destination ▶ Parc Astérix: reinforcement of lodging capacity (3-year ▶ Bellewaerde: creation of
Slide 11: LD: Acquisition of Familypark
L D : A C Q U I S I T I O N O F FA M I LY PA R K An acquisition that is perfectly aligned with the Group’s strategic intention for its parks 1st leisure park in Austria (716k visitors in 2018) Acquisition relutive on EBITDA for LDs and offers an interesting outlook ▶ 14.5 hectares, 66 attractions th
Slide 12: International Development
I N T E R N AT I O N A L D E V E L O P M E N T Pursuit of our ambition of extending our positions in Europe and in other geographies Active prospecting of targets, consistent with our current portfolio of sites Industrial partnerships and consulting/assistance missions to deepen our understanding of
Slide 13: 3. First Half Results
3 . F I R S T H A L F R E S U LT S
Slide 14: Ski Areas: Operating performances & Investments
SKI AREAS Operating performances & Investments Lift ticket sales up by 4,1% Highly seasonal business: close to 90% of annual sales on average but 70% of costs ▶ 1 additional Sunday vs n-1 (positive calendar effect) ▶ Revenue per skier-day: +3.2% 1st half 18/19 17/18 Var (in €M) Restated* ▶ Number of
Slide 15: Leisure Destinations: Operating performances & Investments
L E I S U R E D E S T I N AT I O N S Operating performances & Investments Sales virtually unchanged Highly seasonal: 25% of annual sales on average but 40% of costs ▶ Consolidation of Halloween sales at a high level ▶ SPV (+2,1%) offsets stagnant gate 17/18 Var 1st half (in €M) 18/19 ▶ Closure of Gr
Slide 16: Holdings & Supports: Operating performances & Investments
HOLDINGS & SUPPORTS Operating performances & Investments Following reclassifications, this BU includes TravelFactory, the online Sales virtually unchanged, with distribution business, and the legacy real estate agencies of CDA, as well as the consulting business of CDA Management and CDA Beijing. co
Slide 17: Group P&L
GROUP P&L 1st half (in 17/18 Var SA sales up thanks to a good winter season 18/19 Var €M) 18/19 restated restated Ex-TF c.b. * * EBITDA impacted by the consolidation of TF in Q1, Sales 498.2 482.5 +3.2% 496.2 +2.8% higher expenses for LD, and the Macron bonus EBITDA 165.4 166.6 -0.7% 168.5 +1.1% ▶ O
Slide 18: The Group's Financial Structure
THE GROUP’S FINANCIAL STRUCTURE 1st half (in €M) 18/19 17/18 Change restated restated Self-financing capacity 129.2 129.8 -0.5% Increase in investments, as announced Net industrial ▶ Annual budget of around €200 M for -108.3 -93.7 +15.6% investments investments in SA + LD confirmed (+10%) Self-finan
Slide 19: Financing Operations
F I N A N C I N G O P E R AT I O N S Optimisation and reinforcement of the Group’s financing structure after the acquisition of Familypark New USPP bond, €65M (March 2019) ▶ Final maturity of 12 years, average duration of 10 years ▶ Coupon of 2.14% (in line with the average cost of debt for 2017/201
Slide 20: 4. Outlook
4. OUTLOOK
Slide 21: Outlook for FY2018/2019
OUTLOOK FOR FY2018/2019 Barring any major unforeseen events Ski Areas ▶ The annual increase in sales is expected to reach about 3% ▶ Moving toward a 4th consecutive year of increase in number of skier-days ▶ Annual EBITDA/Sales ratio target of between 36 and 37% is confirmed Leisure Destinations ▶ T
Slide 22: 5. Additional Information
~5. ADDITIONAL INFORMATION
Slide 23: Impact of IFRS 15 on Ski Areas
1 – I M PA C T O F I F R S 1 5 O N S K I A R E A S Quarterly Ski Area sales for FY 2017/2018 restated by applying IFRS 15 The application of IFRS 15 only changes the sales for Ski Areas. This standard, applied starting on October 1, 2018, has an impact on the accounting treatment of season pass sale
Slide 24: Futuroscope – Accounting Change
2 – FUTUROSCOPE – ACCOUNTING CHANGE Quarterly Leisure Destination sales for 2017/2018 restated by applying the change in accounting for Futuroscope revenues made in 4th quarter 2017/2018 At the end of 2017/2018, the Group carried out reclassifications that consisted of neutralising the sales of Futu
Slide 25: TravelFactory Impact
3 – T R AV E L FA C T O R Y I M PA C T Quarterly sales for Travelfactory booked under Holdings & Supports BU in 2017/2018 Travelfactory, a client company, was acquired by the CDA on January 1, 2018. As of January 1, 2018, the CDA applied a revenue recognition method for TravelFactory compliant with
Slide 26: Toutes nos expériences au service de la vôtre
TOUTES NOS EXPERIENCES AU SERVICE DE LA VOTRE CompagniedesAlpes 30 ans
Compagnie des Alpes — H1 FY2018/2019 Earnings Presentation on 6ix