Post on 15-Dec-2015
SFAF meeting – June 30, 2005 1 SFAF meeting – June 30, 2005 1
COMPAGNIE DES ALPES
Interim financial statementsOctober 1, 2004 - March 31, 2005
SFAF meeting – June 30, 2005 2 SFAF meeting – June 30, 2005 2
1 – Activity for the first half
2 – Analysis of the winter season and start of the summer season
3 – Leisure sites: new growth
4 – Group prospects
SFAF meeting – June 30, 2005 3 SFAF meeting – June 30, 2005 3
Key events and figures for the first half (1)
New members of the Management Board:• Franck Silvent: Director of Finance, Strategy and Development • Serge Naim: Director, Leisure Sites Division; Managing Director,
Grévin & Cie
First half figures upGrowth in sales and income on the real scope of consolidation:
• Sales: +1.8%• EBITDA: +3.9%• EBIT: +3.8%• Net attributable income: +14.6%
1 – Activity for the first half
SFAF meeting – June 30, 2005 4 SFAF meeting – June 30, 2005 4
Key events and figures for the first half (2)
Changes in the consolidation scope and the calendar:• Ski areas:
Consolidation of Serre Chevalier 1350 in December SEM Serre Chevalier Ski Développement now an equity affiliate Change in the consolidation scope: Courmayeur (CMBF) and
Chamonix (CMBF) now equity affiliates
• Leisure sites: Pleasurewood Hills acquired in July 2004 (closed in winter)
• Group calendar: Christmas and New Year’s Day on Saturdays Easter Monday on March 28, 2005 (in April in 2004) The Dolfinarium in the Netherlands now seasonal (closed for
renovation H1 2005 and reopened in April)
1 – Activity for the first half
SFAF meeting – June 30, 2005 5 SFAF meeting – June 30, 2005 5
First half sales and income
In €mFigures
3/31/2004Figures
3/31/2005Change
2004/2005
Sales 213.5 217.6 +1.9%
EBITDA (Gross operating income)EBITDA/Sales
74.134.7%
77.035.4%
+3.9%
EBIT (Operating income)EBIT/Sales
50.523.7%
52.524.1%
+3.8%
Net attributable income (NAI)NAI/Sales
19.49.1%
22.210.2%
+14.4%
Real scope of consolidation
Significant growth in Net Attributable Income Improved margins
1 – Activity for the first half
SFAF meeting – June 30, 2005 6 SFAF meeting – June 30, 2005 6
First half sales and income
In €m2004
restated*Real scope of consoli-
dation2005
Change(%)
o/w effect of Serre Chevalier
1350**
Sales 186.2 203.0 +5.3% +7.0
Gross Operating Income (EBITDA)
EBITDA/Sales
90.0
48.3%
101.7
50.1%
+13.0% +3.3
47.1%
Operating Income (EBIT)
EBIT/Sales
76.2
40.9%
84.8
41.8%
+11.3% +3.1
44.3%
* Restated for CMB – CMBF** 4 months
Ski areas
1 – Activity for the first half
Improved EBITDA and EBIT on a like-for-like scope of consolidation Serre Chevalier: a positive contribution
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First half sales and income
* 0/w €2 m cost of reorganization of Grévin
In €m2004 Like-for-like
2005Real scope
of consolidatio
n2005
o/w Pleasurewoo
dHills
Sales 14.0 14.1 14.4 0.3
Gross Operating Income (EBITDA)
-20.7 -22.3* -23.6 -1.3
Operating Income (EBIT)
-29.4 -29.8* -31.3 -1.5
Leisure sites
Change due to losses on non-recurrent items
1 – Activity for the first half
SFAF meeting – June 30, 2005 8 SFAF meeting – June 30, 2005 8
Shift to IFRS
Net attributable income – first half French accounting standards €22.2 m
Depreciation of fixed assets (PPE) by components and elimination of provisions for major repairs +1.0
Elimination of goodwill amortization +2.3
Stock options recognized as expenses - 0.5
Net attributable income – first half €25.0 mIFRS
Positive impact: + €2.8 m
Simulation of the principal effects on the half-year income statement
1 – Activity for the first half
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1 – Activity for the first half
2 – Analysis of the winter season and start of the summer season
3 – Leisure sites: new growth
4 – Group prospects
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Ski areas at the close of the 2005 season
Change Situation
2004/2005 March 31
Ski area receipts* €238 m = +3.3%
(-€300,000)
Number of skier days* €10.1 m (-3.6%) -0.1% (- 385,000 days)
Receipts per skier day* €23.3 m (+3.6%) +3.4% (+ €0.80/day)
* Total consolidation scope (Tignes, Les Arcs, La Plagne, Peisey, Les Menuires, Méribel, Grand Massif, SC 1350)
2 – Analysis of the winter season and start of the summer season
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An atypical ski season
In skier daysChange in volume of
visitors2005/2004
Percentage change
2005/2004
Percentage of total volume of
visitors
Pre-season plus Christmas/New Year’s
-300,000 -14% 20%
January +70,000 +3.3% 20%
February vacations -75,000 -2.4% 30%
March +300,000 +15.6% 20%
April -390,000 -30.0% 10%
Total season -385,000 -3.6% 100%
Beginning of the season suffered substantially from the school vacation schedule and late snowfall in the Northern Alps February affected by extreme cold March: A 10-year record April: Penalized by school vacations running through May 8
2 – Analysis of the winter season and start of the summer season
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Ski areas at season’s end 2005Performance uneven among Group resorts
Number of skier days:France
• Peisey Vallandry -0.2% • Serre Chevalier 1350 -13.8%• Grand Massif -0.5% • Les Menuires -3.8%
• La Plagne -3.7%
Abroad (equity affiliates)• Saas Fee -4.6% • Courmayeur -13.0%
• Verbier -7.0%
Daily receipts:• Les Ménuires +5.3% • Les Arcs +1.8%• Méribel +4.0% • Peisey +2.3%
Yield (France): 62.8% (61.3% in 2004)
2 – Analysis of the winter season and start of the summer season
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Leisure sitesThe season began slowly
Economic factors hold back leisure spending• Low consumer morale in France• Consumption down in Northern Europe (Germany, the
Netherlands)• French holiday schedule unfavorable for the early season: three
holidays fell on weekends
Volume of visits uneven as of June 26, 2005• Dolfinarium Harderwijk: -26% (impact of seasonal opening)• Parc Astérix: -6%• Saint Malo Aquarium: +3%• Musée Grévin: +5%• Total: -5.5%
Average receipts per visitor slightly down:€22.10 vs. €22.30 in 2004
2 – Analysis of the winter season and start of the summer season
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1 – Activity for the first half
2 – Analysis of the winter season and start of the summer season
3 – Leisure sites: new growth
4 – Group prospects
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Major leisure site groups in Europe
The industry is undergoing consolidation, led by investment funds (Advent, Palamon, Blackstone)
CDA/Grévin, a listed company, is conducting a well-considered diversification based on a consistently profitable business: ski areas
3 – Leisure sites: new growth
SFAF meeting – June 30, 2005 16 SFAF meeting – June 30, 2005 16
Performance of leisure sites groups in Europe
Sales(in €m)
Ratio EBITDA/Sales
Tussaud 270 36%
Legoland 180 20%
CDA/Grévin 115 23%
Aspro 110 37%
Parques Reunidos 83 26%
Star Parks 80 28%
Merlin 55 31%
Based on 2002 data
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CDA/Grévin: strategies
3 – Leisure sites: new growth
Expand sales
Example: Dolfinarium (€9 m in CAPEX)
Invest in growth
Example: Musée Grévin
Redefine the business model
Example: Sites in Germany
Maintain attractiveness
Example: Saint Malo
Profitability
Pote
nti
al
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The new organization of CDA/Grévin
Create coherent business units • Parc Astérix: ~ 2 million visitors• Rest of France: ~ 2 million visitors• Northern Europe: ~ 2 million visitors
Creation of new horizontal synergies for the sites • Entrance fees• Sponsors• Purchasing
Strengthened integration between CDA and Grévin: • Strategy• Development• Financing
3 – Leisure sites: new growth
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Example: Strategy for Parc Astérix
Potential for new visitors• The Astérix trademark• Site location• Visitors from abroad
Promote second visits• Brand recognition• The cycle of repeat visits
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1 – Activity for the first half
2 – Analysis of the winter season and start of the summer season
3 – Leisure sites: new growth
4 –Group prospects
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Group prospects
Results as of 9/30/2005 will depend on a successful summer season at the leisure sites
One new site: Planète Sauvage
CAPEX down to €85 m, vs. €100 m announced
Real estate development makes a positive contribution
4 –Group prospects
FY 2004/2005
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Group prospects
Ski areas The French winter vacation schedule will be more favorable
Goals:• Consolidate SEM Serre Chevalier Ski Développement
(Sales €18 m, EBITDA/Sales ratio 15%)• Consolidate Saas Fee Bergbahnen (Sales €15 m, EBITDA/Sales ratio
40%)
Progressive return to CAPEX at 20% of sales (excluding Serre Chevalier)
Leisure sites Bioscope (Sales: €4 m) opens of June 1, 2006
A new marketing thrust for Parc Astérix
4 – Group prospects
FY 2005/2006
SFAF meeting – June 30, 2005 23 SFAF meeting – June 30, 2005 23
Group prospects
Action taken at CDA/Grévin level:
Debt restructuring: • Setup of a single €260 m syndicated loan• Spread guaranteed for five years
A single approach to insurance
Protection against energy price fluctuations• Cost per KWh down by 11%• Rates locked in until 2007
Cross-marketing efforts
FY 2005/2006
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Conclusions
Ski areas Half-year figures satisfactory
The ski areas held up well despite a poor month of April
Real estate activities are producing recurrent profits
Acquisition targets have been identified
Leisure sites The strategy for winter/summer balance is being maintained
The new organization of CDA/Grévin serves this strategy
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Appendices
First-half figures:- By business line- Comparison, real scope of
consolidation
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First-half figures Appendix 1 By business line
In € mTotal
First half Ski areasLeisure sites Other
Sales
EBITDA EBITDA/Sales
EBIT EBIT/Sales
217.6
77.035.4%
52.524.1%
203.0
101.750.1%
84.841.8%
14.4
-23.6NS
-31.3NS
0.2
-1.1
-1.0
For the first half: Ski areas: 93% of sales, profitable Leisure sites: 7% of sales, loss-making
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Consolidated income statement Appendix 2Comparison H1-2005/H1-2004
In € m 3/31/2004 3/31/2005Change
In € m As %
SalesEBITDA (Gross operating income)EBIT (Operating income)
213.5 74.1 50.5
217.6 77.0 52.5
+4.1+2.9+2.0
+1.9%+3.9%+3.8%
Net financial incomeIncome taxEquity earnings and goodwill amort.Net income (100%)Minority interestNet attributable income
- 5.2-14.2- 3.227.9- 8.519.4
-5.1-17.4-1.528.5-6.322.2
+0.1-3.2+1.7+0.6+2.2+2.8
+1.5%+22.3%+45.4%+2.2%
+26.3%+14.6%
Taxes up €3.2 m Equity earnings up €1.8 m (Chamonix, Courmayeur, Serre Chevalier Ski Développement)
Minority interest down €2.2 m (Chamonix, Courmayeur)
Real scope of consolidation