Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — H1 FY2019-2020 Earnings Presentation
28 slides from Compagnie Des Alpes Sa's earnings presentation, May 26, 2020
Slide 1: 1st Half Results for FY 2019-2020
1 ST HALF RESULTS FOR FY 2019-2020 M AY 2 6 , 2 0 2 0
Slide 2: Sommaire
SOMMAIRE 1. OPERATING HIGHLIGHTS AND KEY FIGURES 2. FIRST HALF OPERATIONS 3. FIRST HALF RESULTS SKI AREAS LEISURE PARKS HOLDINGS & SUPPORT 4. CURRENT SITUATION AND OUTLOOK
Slide 3: 1. Highlights and Key Figures
1. HIGHLIGHTS AND KEY FIGURES
Slide 4: Situation related to the Covid-19 pandemic
S I T U AT I O N R E L AT E D T O T H E C O V I D - 1 9 PA N D E M I C Current situation Lockdown measures in place since mid-March 2020 - Premature end to the season for all ski resorts - Immediate closure of the 6 leisure parks that were open and postponed opening for those scheduled to open in Ap
Slide 5: 1st Half Highlights
1 ST H AL F H I G H L I G H T S Business trends were good until the early closure of sites Sales growth sustained for both divisions until March 14, 2020 - Ski Areas: sales up +2.5% ✓ Primarily driven by a strong performance the second week of the Christmas holidays - Leisure Parks: sales up +15.9%,
Slide 6: 1st Half Key Performance Indicators
1 S T H A L F 2 0 1 9 - 2 0 2 0 K E Y P E R F O R M A N C E I N D I C AT O R S Performance affected by the health crisis Impact of applying IFRS 16, essentially at the EBITDA level ➢ Sales ➢ Group EBITDA ➢ Operating Income €470.5M €148.2M €74.5M -5.6% -10.4% -29.6% -6.2% c.s.1 -14.3% excl. IFRS16 -3
Slide 7: 2. 1st Half Operating Highlights
2 . 1 S T H A L F O P E R AT I N G H I G H L I G H T S
Slide 8: Ski Areas
SK I AR E A S Main operating achievements of the first half Major equipment upgrade to improve fluidity - Improved fluidity for skiers ✓ Tignes: liaison between Tignes-les-Brévières and Tignes 1800 ✓ Serre Chevalier: sectors of Eychauda and Cibouit ✓ 2 Alpes: 8-person detachable chairlifts, Crêtes a
Slide 9: Leisure Parks
L E I S U R E PA R K S Main operating achievements of the first half Successful creation of events for pre- and post-seasonal periods - Halloween: new record sales after a period of consolidation last year Health crisis - Christmas at Parc Astérix: successful first opening of the site to the general
Slide 10: 3. 1st Half Results
C’EST NOEL Au PARC! 21 DEC. - 05 JAN’ 5, KY) FS tee Oo >=*E 3. 187 HALF RESULTS
Slide 11: Ski Areas
SK I AR E A S Operating performances & Investments Highly seasonal: traditionally close to 90% of annual sales on average but 70% of costs Sales cut off by 2.5 weeks => early closure due to Covid-19 - Lift sales: -9.2% ✓ SD: -11.4% ✓ Average revenue / SD: +2.2% 1st half 19/20 18/19 Change (in €M) af
Slide 12: Leisure Parks
L E I S U R E PA R K S Operating performances & Investments Highly seasonal: traditionally 25% of annual sales on Dynamic sales in the first half before the first impacts of Covid-19 average but 40% of costs - Successful Halloween and Christmas - Increase in hotel capacity at Parc Astérix - Contribu
Slide 13: Holdings & Support
HOLDINGS & SUPPORT Operating performances & Investments Significant drop in sales This BU includes Travelfactory, online distribution, and the real estate agencies historically owned by CDA, as well as the - Impact of Covid-19 on Travelfactory and real estate agencies consulting business done by CDA
Slide 14: P&L Statement
P & L S TAT E M E N T 1st half 19/20 18/19 Change Changec. (in €M) after Not s.* IFRS 16 restated for IFRS 16 Sales and EBITDA impacted by Covid-19 Sales 470.5 498.2 -5.6% -6.2% - Sales down by 5.6% - EBITDA excluding IFRS 16: €141.8M (-14.3%) EBITDA 148.2 165.4 -10.4% -9.% EBITDA/Sales 31.5% 33.2%
Slide 15: Financial Structure
FIN AN CIA L ST RUCT UR E Self-Financing Capacity down 1st half 19/20 18/19 Change (in €M) after Not - Represents 24.9% of sales (versus 25.9% last year) IFRS 16 restated - Despite a positive impact of €5.4M related to IFRS 16 for IFRS 16 Self-Funding Capacity 117.3 129.2 -9.2% Investments down in a
Slide 16: Close-up on Debt and Liquidity
C L O SE - U P O N D EB T AN D L I Q U I D I T Y As of March 31, 2020 Net financial debt is €465.3M (excluding IFRS 16) Nearly €300M in available cash on March 31, 2020 The Group remains confident in its ability to cover its liquidity needs through the end of the calendar No significant due dates be
Slide 17: 4. Update and Outlook
4 . U P D AT E A N D O U T L O O K
Slide 18: Gradual Resumption of Business
GRAD U A L RESUM PT ION OF BUSINES S Depending on the country and the particular situation of each site or resort NETHERLANDS CANADA Walibi Holland May 25, 2020 Aquapark Bellewaerde Case-by-case calendar and process for pending reopening Grévin Montréal Bellewaerde pending End June 2020 - Estimated
Slide 19: Leisure Parks: Ready to Reopen
L E I S U R E PA R K S : R E A D Y T O R E O P E N Adapting the offering in a health crisis Ensure the safety of guests and employees Flow management: the very essence of park management (at the - Outside the Covid-19 context, the top concern for a park heart of our expertise) - Gate control: rollou
Slide 20: Outlook for 2019-2020
OUTLOOK FOR 2019-2020 The year is strongly marked by the health crisis and ongoing lack of visibility Ski Areas - Annual decline in sales of an estimated 20% (€85-90M) - Cost adjustment plan: confirmation of offset to sales lost of around 40% - Annual EBITDA margin expected to be slightly above 30%,
Slide 21: Conclusion
CONCLUSION The current crisis, marked by the closure of all sites for several weeks, is unprecedented - Sales will be deeply impacted in financial year 2019-2020 The Group was extremely proactive in adjusting to this totally unprecedented situation - Top priority: safety of employees and partners -
Slide 22: Additional Information
ADDITIONAL INFORMATION
Slide 23: Delegated Management of Deux Alpes
D E L E G AT E D M A N A G E M E N T O F D E U X A L P E S Termination process underway End of 2019, notification by Deux Alpes and Saint-Christophe Consequences for Compagnie des Alpes -en-Oisans municipal boards of their decision: - To terminate the 3 operating contracts for the Deux Alpes ski are
Slide 24: Ski Areas: Structuring Investments
SK I AR E A S STRUCTURING INVESTMENTS Pursuit of the in-depth restructuring of two resorts Serre Chevalier: modernization of Monêtier’s high altitude Tignes: Brévières section remodel section - Modernization and improvement in the fluidity of the - Improvements in speed and comfort liaison between T
Slide 25: Leisure Parks: Principal Investments Completed
L E I S U R E PA R K S P R I N C I PA L I N V E S T M E N T S C O M P L E T E D Enhancement of the offering Pursuit of the hotel strategy for Parc Astérix First roller coaster for Futuroscope New attraction at Bellewaerde - Les Quais de Lutèce, the park’s 3rd hotel, a 4* - Objectif Mars: immersive e
Slide 26: Impacts of IFRS 16
I M PA C T S O F I F R S 1 6 P&L statement – principal line items impacted Net Debt 1st half 19/20 19/20 1st half 19/20 18/19 Change (in €M) BEFORE AFTER (in €M) after Not IFRS 16 restates IFRS 16 IFRS 16 for IFRS 16 Sales 470.5 470.5 Net Financial Debt and 577.9 380.5 EBITDA 141.8 148.2 Lease Liabi
Slide 27: Consequences of the Covid-19 Pandemic
C O N S E Q U E N C E S O F T H E C O V I D - 1 9 PA N D E M I C Impacts on Group business - The Covid-19 pandemic and the lockdown measures taken by the governments of the countries in which we operate, led to a total business shutdown involving the Group’s core businesses on March 14, 2020. - The
Slide 28: Toutes nos expériences au service de la vôtre
TOUTES NOS EXPERIENCES AU SERVICE DE LA VOTRE abr Compagnie desAlpes 30 ans
Compagnie des Alpes — H1 FY2019-2020 Earnings Presentation on 6ix