COMPAGNIE DES ALPES (EPA:CDA) - CDA - Q3 sales 2020 2021
Transparency directive : regulatory news
22/07/2021 17:50
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Pres Release
SALES FOR FIRST 9 MONTHS OF 2020/2021 FY
GOOD ACTIVITY LEVEL SINCE GRADUAL REOPENING OF SITES OVER THE COURSE OF THE
3RD QUARTER
AFTER A STRONG START TO JULY, ROLLOUT OF THE VACCINE PASSPORT IN FRANCE AND THE
CLOSURE OF 2 SITES IN BELGIUM DUE TO FLASH FLOODING CREATES UNCERTAINTY FOR THE
4TH QUARTER
LIQUIDITY POSITION REINFORCED AS OF JUNE 30, 2021
Paris, July 22, 2021 - Given the health situation, the sales level reported
since the gradual reopening of all sites over the course of the 3rd quarter of
2020/2021 was satisfactory, confirming as expected the ability of Compagnie des
Alpes to fully exploit its business recovery as soon as its sites were able to
reopen.
Compared with the 3rd quarter of 2018/2019, the last pre-crisis financial year
for reference, sales for the 3rd quarter of 2020/2021 were lower because ski
areas and the main leisure parks remained closed until they were allowed to
reopen in staggered fashion between early May and early June, under health
guidelines that remain restrictive: sales for the 3rd quarter of 2020/2021
totaled EUR37.2 million, compared with EUR171.7 million for the same period in
2018/2019.
Over the first 9 months of the year, which were marked by a winter season that
was virtually devoid of sales at ski resorts and the closure of most leisure
parks from the end of October until early May / early June, sales totaled
EUR68.8 million, versus EUR 669.9 million for the first 9 months of
2018/2019.
3rd quarter: Consolidated sales for the Group from April 1, 2021, through June
30, 2021
The reopening of the leisure parks occurred in staggered fashion last year
between the end of May and the beginning of June, whereas this year they
reopened gradually between early May and early June. Sales for the 3rd quarter
of 2020/2021 came to EUR37.2 million, versus EUR12.9 million for the same
period last year.
Unaudited data
Change on
Q3 Q3 a comparable
(In thousands of EUR) 2020/2021 2019/2020 Change basis(1)
Ski Areas 3 640 2 280 +59.6% +71.7%
Leisure Parks 32 954 10 038 +228.3% +228.3%%
Holdings & Support 649 629 +3.2% +3.2%
Total 37 243 12 947 +187.7% +192.3%
(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.
First 9 months - Consolidated sales for the Group from October 1, 2020, through
June 30, 2021
Compagnie des Alpes reports consolidated sales for the first 9 months of
financial year 2020/2021 of EUR68.8 million, compared with EUR483.4 million for
the same period of the previous year, which was not affected by the health
crisis prior to the middle of March.
Unaudited data
Change on
9 months 9 months a comparable
(In thousands of EUR) 2020/2021 2019/2020 Change basis(1)
Ski Areas 6 111 352 463 -98.3% -98.3%
Leisure Parks 60 545 113 205 -46.5% -46.5%
Holdings & Support 2 114 17 781 -88.1% -88.1%
Total 68 770 483 449 -85.8% -85.0%
(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.
SKI AREAS
The 3rd quarter of this year was quite similar to the same period last year,
with ski resorts remaining closed by government order throughout the months of
April and May before being allowed to gradually reopen over June - a month in
which ski-related activity is marginal.
Ski Area sales for the 3rd quarter of 2020/2021 thus amounted to EUR3.6
million, a total that includes the proceeds of a property sale (in the Grand
Massif area) for EUR2.6 million. It is to be compared with sales of EUR2.3
million for the 3rd quarter of 2019/2020, which was positively impacted by
reversals of provisions following the closure of ski areas on March 15, 2020.
For the first 9 months of financial year 2020/2021, Ski Area sales came to
EUR6.1 million, versus EUR352.5 million for the same period one year prior, due
to the closure of ski resorts for almost the entire period this year.
LEISURE PARKS
During the 3rd quarter of 2020/2021, Leisure Park sales amounted to EUR33.0
million, compared with EUR10.0 million for the same period last year.
This performance reflects:
* An increase in the number of operating days this quarter compared to the 3rd
quarter of the previous year. In Belgium, for example, the four sites were
closed for the entirety of the 3rd quarter of 2020, whereas in 2021, both
Walibi Belgium and Bellewaerde opened on May 8th, while Aqualibi and the
Bellewaerde Aquapark opened on June 9th. In France, Parc Astérix, Futuroscope,
and Walibi Rhône-Alpes opened on about the same dates this year as in 2020.
France Miniature and Grévin Paris opened on around May 20, 2021, whereas in
2020 they were closed until about June 20th.
* More dynamic sales than last year for all sites. Since the parks reopened,
sales have been gradually increasing each week, exceeding sales for the 3rd
quarter of 2020. At Parc Astérix, for example, sales nearly doubled over the
3rd quarter this year compared to last year, for an equivalent number of
operating days.
Sales for the first 9 months of the financial year came to EUR60.5 million,
versus EUR113.2 million for the same period the previous year.
HOLDINGS & SUPPORT
Sales for Holdings & Support for the 3rd quarter totaled EUR0.6 million, which
is primarily attributable to the summer business of Travelfactory.
For the first 9 months of the year, the total is EUR2.1 million, compared with
EUR17.8 million for the same period last year. The decline mainly reflects the
impact of the health crisis on the business of Travelfactory.
LIQUIDITY POSITION REINFORCED AS OF JUNE 30, 2021
Over the course of the 3rd quarter of 2020/2021, Compagnie des Alpes continued
to secure its cashflow needs thanks to the extension of its first
government-backed PGE loan (EUR200 million), as well as the receipt of the
partial offset of the fixed costs of ski lift companies (EUR165 million) and
the successful capital increase with preferential subscription rights
maintained (EUR231 million).
In addition, the Group obtained the agreement of its banking partners and
bondholders for the suspension of its debt leverage covenant(1) of 3.5x for the
next two dates on which is scheduled for testing, i.e., September 30, 2021; and
March 31, 2022.
As of June 30, 2021, aggregating the cash on hand (EUR442 million), confirmed
and unused overdraft lines (EUR136 million), and the available revolving credit
line (EUR250 million less the existing Neu CP issues of EUR51 million), the
Group's liquidity position is EUR777 million.
OUTLOOK FOR THE 4TH QUARTER
The 4th quarter is typically one of low sales for Ski Areas. The various
resorts were able to open for the summer season in accordance with the official
calendar (between June 5th and July 3rd) and the Group expects sales for the
ski lifts for this 4th quarter of around EUR4 million.(2)
For the Leisure Parks, the level of activity continues to accelerate over the
course of the first weeks of July, approaching the level seen in financial year
2018/2019.
More recently, the decision by the French government to make access to sites
contingent upon the presentation of a vaccine passport as of July 21, 2021,
could penalize the recovery that has occurred up to now, even though this
measure will not be applied to employees until August 31st and until September
30th for children between the ages of 12 and 17.
(1) Net financial debt / EBITDA ex impact of IFRS 16
(2)As a reminder, the 2 Alpes ski resort is no longer consolidated by the Group
since December 1, 2020.
In addition, the Walibi Belgium and Aqualibi sites, impacted by severe
flooding, were obliged to close their doors on July 15th. Due to the related
damage, which is significant, it is not possible at present to determine a
reopening date. In a normal season, these two sites represent approximately 12%
of Leisure Park sales for the 4th quarter.
Considering these factors, the Group is not able to give more precise sales
guidance for the 4th quarter of this year.
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 and releases in 2020/2021:
* Shareholders' Meeting:
Thursday, September 16, afternoon
* Annual Sales:
Thursday, October 21, after stock market close
* Annual Results:
Tuesday, December 7, before stock market open
www.compagniedesalpes.com
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 11
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 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:
François-Xavier HOLDERITH - Group CFO:
+33 1 46 84 88 97
francois-xavier.holderith@compagniedesalpes.fr
Sandra PICARD - Communication Director, Brand and CSR
+33 1 46 84 88 53
sandra.picard@compagniedesalpes.fr
Alexis d'ARGENT - Head of Investor Relations
+33 1 46 84 88 79
alexis.dargent@compagniedesalpes.fr
ADDITIONAL INFORMATION
Consolidated sales, October 1, 2020, through June 30, 2021
Current 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%
Third quarter:
Ski Areas 3 640 2 280 59.6%
Leisure Parks 32 954 10 038 228.3%
Holdings & Support 649 629 3.2%
Q3 Sales 37 243 12 947 187.7%
Cumulative through Q3:
Ski Areas 6 111 352 463 -98.3%
Leisure Parks 60 545 113 205 -46.5%
Holdings & Support 2 114 17 781 -88.1%
Sales
9 months 68 770 483 449 -85.8%
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%
3 457 2 013 71.7%
32 954 10 038 228.3%
649 629 3.2%
37 060 12 680 192.3%
5 405 322 315 -98.3%
60 545 113 205 -46.5%
2 114 17 781 -88.1%
68 064 453 301 -85.0%
(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.