COMPAGNIE DES ALPES (EPA:CDA) - CDA - Consolidated sales for FY 2017 2018
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18/10/2018 17:50
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Press Release
Consolidated sales for FY 2017/2018 up +6.0%
Good dynamic of all activities and integration of Travelfactory
Paris, October 18, 2018 - Compagnie des Alpes announced consolidated sales for
financial year 2017/2018 of EUR801.2 M, an increase of 6.0% on an adjusted
basis* and 3.1% on a comparable scope basis. **
Group consolidated sales, October 1, 2017 through September 30, 2018
Change
2016/2017 Change Comparable
(In thousands of EUR) 2017/2018 Restated* (vs. Restated) basis**
- Ski Areas 429 324 416 943 +3.0% +3.0%
- Leisure Destinations 339 927 326 591 +4.1% +4.3%
- Holdings and Supports 31 975(1) 12 412 +157.6% -25.6%(2)
Total 801 226 755 946 +6.0% +3.1%
* and **: Sales for financial year 2017/2018 reflect the acquisition of
Travelfactory, changes in scope, certain reclassifications between divisions,
and a change in accounting method. These items are explained in greater detail
at the end of this press release.
(1) Including Travelfactory, consolidated as of January 1, 2018.
(2) The difference is primarily due to a difference in the accounting method
used for revenue recognition (margin in 2017/2018 vs. business volume in
2016/2017) for the online distribution and real estate agency businesses.
Ski Areas: Skier days up for the 3rd straight year
Ski Area sales for the 4th quarter rose a significant +11.7%, to EUR6.8 M,
primarily due to a positive base effect, as the 4th quarter of the prior year
was penalized by fewer days of operation.
For financial year 2017/2018 as a whole, Ski Area sales rose by 3.0%, to
EUR429.3 M, including the proceeds from a property sale that was completed in
the course of the 3rd quarter totaling EUR2.4 M.
Lift ticket sales (which for this financial year represent 98% of business
following the reclassification of real estate business under Holdings &
Supports) increased by 2.1% to EUR420.9 M.
This performance was achieved in spite of occasionally extreme weather
conditions that disrupted resort operation and led to many days of total or
partial closure of slopes and lifts, particularly in the month of January. It
attests to the resilience of this business in an adverse environment.
Growth in sales was primarily driven by the increase in revenue per Skier/Day
which, after rising significantly during the previous financial year, has
consolidated and rose by +1.3% this year. Growth was also boosted by another
increase, for the 3rd year in a row, in the number of Skier Days at the Group's
resorts, which this year reached +0.8%.
Increasing the number of guests who visit these resorts is one of the major
pillars of the strategy deployed by Compagnie des Alpes. To achieve this goal,
the Group has rolled out initiatives pertaining to overnight accommodations,
sales, distribution, and digitalization. The acquisition this year of
Travelfactory, the leading online distributor of ski vacations in France, is in
perfect alignment with this strategy. It will enable the Group to complete its
retail offering of ski trips and mountain lodging as well as gain access to
younger and more international customers while also expanding both its
expertise and its digital footprint.
Leisure Destinations: Sales rise for the 5th year in a row, a +39% increase
since 2013
Leisure Destination sales, which account for more than 40% of annual revenue,
rose by 3.2% in the course of the 4th quarter of financial year 2017/2018,
reaching EUR141.3 M, in line with the Group's expectations.
For the 2017/2018 financial year as a whole, Leisure Destination sales rose by
4.3% on a comparable scope basis, reaching EUR339.9 M. The increase was
primarily driven by the steady growth in spend per guest (+3.0%), sustained by
a continuous rise in "In Park" spending, whose volume has increased by nearly
44% over the last five years. This increase is mainly attributable to growth in
restaurant-related activities and, more globally, to an improved mix that
better serves guest expectations.
Sales related to accommodation also rose, thanks to the partial opening of a
new hotel on the grounds of Parc Astérix, which will be fully completed by the
end of this year.
Lastly, the performance of Leisure Destinations is also the result of more
guests: up by +1.3%, the total number reached a new record (on a comparable
basis) of 8.8 million guests.
This increase in sales, for the 5th year in a row, brings aggregate growth in
sales for this business unit over the last five years to more than 39%. It is
the fruit of the customer satisfaction strategy (Very High Satisfaction) that
was implemented by the Group and gradually rolled out across all facilities.
This season, the facilities that have made the most progress are those whose
multi-year transformation efforts and investment plans are the most advanced:
investments designed to boost appeal, the addition of new areas, increased
hotel capacity. At these facilities in particular, attendance records were once
again broken. Parc Astérix surpassed the symbolic mark of 2 million guests by
the end of August and recorded 2.17 million by the end of the season. For the
first time since it joined the Group, Walibi Belgium has exceeded the one
million mark for attendance. Walibi Rhône-Alpes saw its attendance increase by
nearly 30% in four years. For Futuroscope, there was a slight decline in sales
this season, mainly due to the unfavorable base effect created by the fact that
the facility celebrated its 30th anniversary last year.
The increase in attendance has not acted as a drag on overall customer
satisfaction: once again this year guest ratings are up for most facilities.
And the scores for new attractions opened in the last three years range from
8.0 to 9.5 out of 10, a sign that they immediately found their audience.
Holdings & Supports: the acquisition of Travelfactory is the year's highlight
The Holdings & Supports division now groups the consulting business carried by
CDA Management and CDA Beijing, the historic online distribution and real
estate businesses of CDA (previously accounted for under the Ski Areas BU), as
well as the business of Travelfactory, a company that was acquired on January
1, 2018, and whose integration into the Group is going according to plan.
Sales for this division amounted to EUR31.9 M, compared with EUR12.4 M, actual
scope, for the previous year, which did not include Travelfactory.
The 2017/2018 financial year was also satisfactory for the consulting business,
thanks in particular to the service contract for the Jardin d'Acclimatation in
Paris (assistance with project management, operation, and marketing), which has
been a clear success since the facility reopened for the season on June 1st.
Contracts have also been signed or renewed in China, notably for technical
assistance projects for the Thaiwoo resort. The year was also marked by the
continuation of consulting assignments in Turkey and Georgia, for the ski area
division, and in Moscow, for leisure destinations.
Outlook
- Ski Areas
The Group reiterates that the reclassification this year of historic real
estate and online distribution businesses under the Holdings and Supports BU
has led to an increase in the EBITDA/Sales margin of around 0.8 point for Ski
Areas. Factoring this in, the EBITDA/Sales margin for financial year 2017/2018
should be around 37%, as previously indicated.
- Leisure Destinations
In light of dynamic sales and successful operating cost containment efforts,
the EBITDA/Sales margin for Leisure Destinations for financial year 2017/2018
is expected to continue its progression and the objective of 27% in 2018/2019
(excluding Futuroscope) is confirmed.
Upcoming events:
- FY 2017/2018 annual results: Tuesday, December 11, 2018, before market
opens
- Q1 2018/2019 sales: Thursday, January 17, 2019, after market closes
- Annual Shareholders' Meeting: Thursday, March 7, 2019, afternoon
www.compagniedesalpes.com
Since it was founded in 1989, Compagnie des Alpes has established itself as an
uncontested leader in the leisure industry. At the helm of 11 of the world's
most prestigious ski resorts (Tignes, Val d'Isère, Les Arcs, La Plagne, Les
Menuires, Les 2Alpes, Méribel, Serre-Chevalier, etc.) and11 renowned leisure
destinations (Parc Astérix, Grévin, Walibi, Futuroscope, etc.), the company
is steadily expanding in Europe (France, the Netherlands, Belgium, etc.) and,
more recently, at the international level (Grévin Montréal in 2013,
Chaplin's World by Grévin Prague in April 2016, and engineering and
management assistance contracts (China, Russia, Georgia, Kazakhstan, Turkey,
Morocco, Japan)). CDA also owns stakes in 4 ski areas, including Chamonix.
During the financial year ended September 30, 2018, CDA facilities welcomed
nearly 23 million visitors and generated consolidated sales of 801.2 MEUR.
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.
CDA is included in the following 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 :
Denis HERMESSE +33 1 46 84 88 97
denis.hermesse@compagniedesalpes.fr
Sandra PICARD +33.1 46 84 88 53
sandra.picard@compagniedesalpes.fr
Alexis d'ARGENT +33 1 46 84 88 79
alexis.dargent@compagniedesalpes.fr
Corpus :
Xavier YVON +33.6 88 29 72 37
xavier.yvon@corp-us.fr
Consolidated sales for the Group, October 1, 2017 through September 30, 2018
Actual scope, adjusted for
the various reclassifications Comparable scope
(In thousands FY FY FY FY
of euros) 2017/2018 2016/2017 Change 2017/2018 2016/2017 Change
First quarter:
Ski Areas 60 996 65 130 -6,3% 60 996 65 130 -6.3%
Leisure
Destinations 70 091 65 747 +6.6% 70 091 65 106 +7.7%
Holdings &
Support 2 095 1 607 +30.4% 2 095 1 607 +30,4%
Total sales Q1 133 182 132 484 +0.5% 133 182 131 843 +1.0%
Second quarter:
Ski Areas 311 095 296 995 +4.7% 311 095 296 995 +4.7%
Leisure
Destinations 23 728 22 073 +7.5% 23 728 21 995 +7.9%
Holdings &
Support 23 229 7 278 +219.2% 4 634(1) 7 278(1) -36.3%(2)
Total sales Q2 358 053 326 346 +9.7% 339 457 326 268 +4.0%
Third quarter:
Ski Areas 50 403 48 706 +3.5% 50 403 48 706 +3.5%
Leisure
Destinations 104 830 101 876 +2.9% 104 830 101 876 +2.9%
Holdings &
Support 2 460 2 135 +15.2% 1 271(1) 2 135(1) -40.4%(2)
Total sales Q3 157 693 152 718 +3.3% 156 504 152 718 +2.5%
Fourth quarter:
Ski Areas 6 830 6 112 +11.7% 6 830 6112 +11.7%
Leisure
Destinations 141 278 136 894 +3.2% 141 278 136 894 +3.2%
Holdings &
Support 4 191 1 392 +201.1% 1 231(1) 1 392(1) -11.6%(2)
Total sales Q4 152 299 144 398 +5.2% 149 339 144 398 +3.4%
Cumulative annual sales:
Ski Areas 429 324 416 943 +3.0% 429 324 416 943 +3.0%
Leisure
Destinations 339 927 326 591 +4.1% 339 927 325 872 +4.3%
Holdings &
Support 31 975 12 412 +157.6% 9 231(1) 12 412(1) -25.6%(2)
Total annual
sales 801 226 755 946 +6.0% 778 482 755 227 +3.1%
(1) Excluding Travelfactory, consolidated as of January 1, 2018
(2) The difference is primarily due to a difference in the accounting method
used for revenue recognition (margin in 2017/2018 vs. sales volume in
2016/2017) for online distribution and real estate agencies.
Restatements and comparable scope
Sales for financial year 2017/2018 factor in the acquisition of Travelfactory,
changes in scope, certain reclassifications between divisions, and a change in
accounting method:
> I - restated sales correspond to 2016/2017 sales as reported, from which the
Prague and Seoul facilities have been removed (reclassified under
discontinued businesses) and within which the following divisional
reclassifications were made:
o Sales for Grévin Montréal and Chaplin's World by Grévin, as well as
those from CDA Production previously accounted for under the former BU Group
Development (now included under the BU Holdings and Supports) are now
included under the BU Leisure Destinations.
o Real estate agencies and online distribution (including Alpes Ski Résa),
previously accounted for under the BU Ski Areas, have been reclassified and
are now included under the BU Holdings and Supports, as are the consulting
activities carried out by CDA Management and CDA Beijing, which were
previously classified under the BU Group Development.
o Futuroscope sales for financial year 2016/2017 were adjusted to align its
accounting method with that used in 2017/2018. The restatement entailed
neutralizing sales related to the transfer costing of certain expenses
(energy, sales commissions, and back margins) and neutralizing the
corresponding expenditures. Thus this reclassification has no impact on
EBITDA and offers greater comparability of margins.
> II - Comparable scope corresponds to restated sales (see point I. above),
from which Fort Fun (sold in April 2017) sales have been eliminated.
> III - Comparable scope change: The difference is calculated by comparing
2017/2018 sales as reported, from which Travelfactory has been eliminated
(consolidated as of 01/01/18) from comparable scope 16/17 sales (see point
II.).
Sales reconciliation table
Q1 Q2 Q3 Q4 FY
2017/2018 2017/2018 2017/2018 2017/2018 2017/2018
Ski Areas
(former scope) 62 116 314 635 50 767 7 627 435 145
Ski Areas (new scope) 60 996 311 095 50 403 6 830 429 324
Leisure Destinations
(former scope) 68 087 22 454 103 137 138 911 332 589
Leisure Destinations
(new scope) 70 091 23 728 104 829 141 279 339 927
Group development
(former scope) 3 781 2 462 2 572 2 790 11 605
Discontinued operations 802 353 0 0 1 155
Holding and support
(new scope) 2 095 23 229 2 460 4 191 31 975
Q1 Q2 Q3 Q4 FY
2016/2017 2016/2017 2016/2017 2016/2017 2016/2017
66 200 303 555 50 325 6 775 426 855
65 130 296 995 48 706 6 112 416 943
62 844 20 172 99 652 137 550 320 218
65 106 21 995 101 877 136 893 325 871
3 255 3 354 3 299 4 437 14 345
691 598 560 780 2 629
1 607 7 278 2 135 1 392 12 412