Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — H1 2021/22 Earnings Presentation
30 slides from Compagnie Des Alpes Sa's earnings presentation, May 24, 2022
Slide 1: 2021/2022 First Half Results
2021/2022 FIRST HALF RESULTS M AY 2 4 , 2 0 2 2
Slide 2: Contents
CONTENTS 1. FIRST HALF OPERATING HIGHLIGHT AND KEY FIGURES 2. 2021/2022 FIRST HALF RESULTS 3. ATTRACTIVITY FOR ALL SEASONS BASED ON INITIATIVES AND NEW ATTRACTIONS PLANNED UPSTREAM 4. 2021/2022 OUTLOOK 5. ADDITIONAL INFORMATION 2
Slide 3: 1 – Operating Highlights and Key Figures
1 – OPERATING HIGHLIGHTS AND KEY FIGURES
Slide 4: 2021/2022 First Half Highlights
2021/2022 FIRST HALF HIGHLIGHTS RECORD SALES FOR LEISURE PARK DIVISION SUSTAINED SALES FOR SKI AREA DIVISION ✓ The intensification of a thematic approach ensured ✓ Quality of sites, infrastructures, and teams made it the success of Halloween for all parks possible to capture the strong appetite of s
Slide 5: 2021/2022 First Half Key Figures
2 0 2 1 / 2 0 2 2 F I R S T H AL F K E Y F I G U R E S Net attributable income, Group Sales: €541 million EBITDA(1): €230 million share: €113 million In €M 498 In €M In €M 230 32 One-off items 29 165 13 113 65 541 201 466 152 32 -123 -17 1 -16 31 -1 H1 2018/19 H1 2020/21 H1 2021/22 H1 2018/19 H1 202
Slide 6: 2021/2022 First Half Key Figures: Capex, FCF, Net Debt
2 0 2 1 / 2 0 2 2 F I R S T H AL F K E Y F I G U R E S Net financing debt(2): Net CAPEX: €65 million FCF(1): €250 million €256 million In €M 108 In €M In €M 6 102 8 250 173 65 59 134 807 164 -51 -121 380 256 March 31, March 31, March 31, H1 2018/19 H1 2020/21 H1 2021/22 H1 2018/19 H1 2020/21 H1 2021
Slide 7: 2 – 2021/2022 First Half Results
2 – 2021/2022 FIRST HALF RESULTS
Slide 8: Ski Areas: Operating Performances and Investments
S K I AR E AS : O P E R AT I N G P E R F O R M AN C E S AN D I N V E S T M E N T S Significant seasonality: traditionally, nearly 90% of annual Sales on average, but 70% of costs Sales dynamic, surpassing 2018/19 - SD: gap vs. 2018/19 steadily narrowed over the period - Revenue per SD: up by about +
Slide 9: Leisure Parks: Operating Performances and Investments
LEISURE PARKS: OPERATING PERFORMANCES AND INVESTMENTS Significant seasonality: typically 25% of annual sales on average but 40% of costs Sales very dynamic, surpassing 2019, thanks to the Halloween and Christmas periods - Record attendance of 2.5 million visitors - SPV: +19% vs H1 2018/19: H1 Change
Slide 10: Holdings & Support: Operating Performances and Investments
HOLDINGS & SUPPORT: OPERATING PERFORMANCES AND INVESTMENTS This BU is composed of holdings and support companies, the tour operator business, and the sales of the real estate agencies and lodgings, consolidated for the first time as of October 1, 2021. Consolidation scope effect - Consolidation of r
Slide 11: P&L Statement (1/2)
P&L STATEMENT (1/2) H1 Change H1 H1 2018/19* in €M 21/22 vs 2021/22 2020/21* (hors IFRS 16) 18/19 Sales 541.2 31.0 465.7 +16.2% EBITDA up sharply - Dynamic sales and cost control Opex (including partial -339.9 -138.7 -313.7 +8.4% - Insurance indemnities of €19.8 million unemployment) - Financial aid
Slide 12: EBITDA Up Sharply
E B I T D A U P S H AR P LY A robust sales recovery, a good performance, and one-off positive impacts Change in EBITDA: H1 2018/19 (ex-Les 2 Alpes) through H1 2021/22 In €M +33 +29 +7 ✓ Increase in cost-cutting +75 ✓ COVID financial aid for 2020/21 (+€9.3 million) 230 ✓ Insurance payouts for Walibi
Slide 13: P&L Statement (2/2)
P&L STATEMENT (2/2) H1 H1 H1 in €M 2018/19 2021/22 2020/21 (ex-IFRS 16) Net cost of debt Operating income 164.8 -137.7 105.7 - Improvement versus H1 2020/21, see €4.3 million impact related to the extension of the 1st PGE loan Net cost of debt -8.0 -12.2 -3.9 - Higher than H1 2018/19, due to the cos
Slide 14: Statement of Changes in Cash Flow
STATEMENT OF CHANGES IN CASH FLOW H1 H1 H1 Change in WCR in €M 2018/19 - In line with that of H1 2018/19 2021/22 2020/21 (ex- IFRS 16) Net industrial investments EBITDA 230.4 -17.2 165.4 - Net capex down versus H1 2018/19 (-€36.6 million) Change in WCR +85.3 -95.5 +81.6 - As a reminder, in H1 2020/2
Slide 15: Net Debt
NET DEBT March 31, Sept. 30, March 31, March 31, in €M 2019 Net debt 2022 2021 2021 (ex-IFRS 16) - Ex-IFRS 16 => reference for calculating the banking Net debt* 419.8 663.9 979.9 n/a covenant - After IFRS 16, net debt includes lease liabilities for Net debt ex-IFRS16 256.3 501.7 807.0 378.9 €163.5 m
Slide 16: 3 – Attractivity for All Seasons Based on Initiatives and New Attractions
3 – ATTRACTIVITY FOR ALL SEASONS BASED ON INITIATIVES AND NEW ATTRACTIONS PLANNED UPSTREAM
Slide 17: Ski Areas: Spring – Summer Season
SKI AREAS: SPRING – SUMMER SEASON April-May: the winter season ended on a dynamic similar to that observed in Q2 Ski lifts: the backbone of summer activity – summer skiing, pedestrian access, access to other activities - Network of schools and outdoor activities - Savoir-faire and experience in the
Slide 18: Leisure Parks: Spring – Summer Season (1/2)
L E I S U R E PA R K S : S P R I N G – S U M M E R S E A S O N New attractions and animations will help sustain park attractivity (1/2) April-May: the spring season is off to a good start Restaurant: Space Loop ✓ Good Easter Vacation Tonnerre 2 Zeus ✓ Success of Carnawaaal at Walibi Rhône- Alpes Hot
Slide 19: Leisure Parks: Spring – Summer Season (2/2)
L E I S U R E PA R K S : S P R I N G – S U M M E R S E A S O N New attractions and animations will help sustain park attractivity (2/2) New thematic area Exotic Island New attraction Koh Lanta New water attraction Biberburg The Kid is 100 19 COMPAGNIE DES ALPES – 2021/2022 half year results – May 24
Slide 20: Digital: Driver of Growth and Satisfaction
DIGITAL: DRIVER OF GROWTH AND SATISFACTION CRM for customer acquisition and knowledge Percentage of sales generated by digital The development of our expertise and solutions around customer channels data marketing resulted in: Leisure 50% 50% ✓ A base of 3 million customers 45% 42% Parks 41% ✓ Targe
Slide 21: CSR – Accelerating the Push for Net Zero Carbon Emissions for Ski Areas
CSR – ACCELERATING THE PUSH FOR NET ZERO CARBON EMISSIONS FOR SKI AREAS REMINDER: GROUP TARGET IS NET ZERO CARBON EMISSIONS BY 2030 (scope 1 and 2) Ski lifts: 100% of the electricity used is already from renewable sources -72% Snow grooming (80% of current emissions for SA) ✓ Elimination of fossil f
Slide 22: 4 – 2021/2022 Outlook
4 – 2021/2022 OUTLOOK
Slide 23: Outlook for 2021/22 Revised Upward
O U T L O O K F O R 2 0 2 1 / 2 2 R E V I S E D U P WAR D Previous guidance for 2021/22 New guidance for 2021/22 Return to pre-crisis sales level was expected in Sales growth vs. 2018/19 starting this year SALES 2022/23 EBITDA growth vs. 2018/19 starting this year (higher Return to pre-crisis EBITDA
Slide 24: 5 – Additional Information
5 – ADDITIONAL INFORMATION
Slide 25: Successful Winter Season for Ski Areas
S U C C E S S F U L W I N T E R S E AS O N F O R S K I AR E AS Compagnie des Alpes successfully captured pent-up demand after the 2020/21 lost season Completed investments further strengthened the appeal of Initiatives undertaken helped boost attendance and CDA sites and enhanced the experience refr
Slide 26: Successful Fall-Winter Season for Leisure Parks
SUCCESSFUL FALL-WINTER SEASON FOR LEISURE PARKS Fruit of the strategy for developing business between seasons Halloween, an event that is now a must Successful Christmas at Parc Astérix ✓ In 10 years, Halloween sales have tripled ✓ Event created for the general public (in addition to the pre- existi
Slide 27: Debt Schedule
DEBT SCHEDULE Group debt maturity profile as of March 31, 2022 In €M RCF/NEU CP disponible (239 M€) As of 03/31/2022, the Group has confirmed available credit Découverts confirmés disponibles (126 M€) lines totaling €365 million, composed of €239 million RCF/NEU Découverts confirmés CP and €126 mill
Slide 28: IFRS 16 Impacts
IFRS 16 IMPACTS P&L statement – main line items impacted H1 2021/22 H1 2021/22 in €M AFTER BEFORE IFRS 16 IFRS 16 Sales 541 541 EBITDA 230 223 EBITDA SA 215 212 EBITDA LP 24 20 EBITDA H&S -9 -10 Depreciation and amortization -67 -61 Operating income 165 163 Net cost of debt and other financing -10 -
Slide 29: 2021/2022 Agenda
2021/2022 AGENDA 3rd quarter sales: Thursday, July 21, 2022, after stock market close 4th quarter sales: Thursday, October 20, 2022, after stock market close Annual results: Tuesday, December 6, 2022, before stock market open 29 COMPAGNIE DES ALPES – 2021/2022 half year results – May 24, 2022
Slide 30: Important Information
I M P O R TA N T I N F O R M AT I O N This document contains forward-looking statements concerning the prospects and growth strategies of Compagnie des Alpes and its subsidiaries (the “Group”). These statements include indicators pertaining to the Group's intentions, strategies, growth outlook and o
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