Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — H1 2023/24 Earnings Presentation
27 slides from Compagnie Des Alpes Sa's earnings presentation, May 23, 2024
Slide 1: 2023/2024 First Half Results
2023/2024 FIRST HALF RESULTS May 23, 2024
Slide 2: Contents
CONTENTS 1. Highlights and key figures 2. 1st half review of operations 3. 2023/24 1st half results 4. Context and outlook CDA - Half-year results 2023/24 – May 23, 2024
Slide 3: 1 – Highlights and Key Figures
1 – HIGHLIGHTS AND KEY FIGURES CDA - Half-year results 2023/24 - May 23, 2024
Slide 4: 2023/24 First Half Highlights
2023/24 FIRST HALF HIGHLIGHTS Record first-half sales thanks to very robust business for the Ski Areas & Outdoor Activities division Significant growth in EBITDA (+18.8%), operating income (+24.0%), and free cash flow (21.6%) Gearing ratio of 1.2x (excluding IFRS 16) maintained close to last year's
Slide 5: 2023/24 First Half Key Figures
2023/24 FIRST HALF KEY FIGURES Net Attributable Income, Group Sales: €761 M EBITDA: €276 M Share: €128 M +12.2% +18.7% +18.8% 761 128 679 108 276 233 H1 2022/23 H1 2023/24 H1 2022/23 H1 2023/24 H1 2022/23 H1 2023/24 5 CDA - Half-year results 2023/24 – May 23, 2024
Slide 6: 2023/24 First Half Key Figures
2023/24 FIRST HALF KEY FIGURES Net CAPEX: €121 M FCF from operations (1): €254 M Gearing (2): 1.2x +21.6% +19.5% 254 121 208 102 1,1x 1,2x H1 2022/23 H1 2023/24 H1 2022/23 H1 2023/24 March 31 2023 March 31 2024 (2) Net debt / EBITDA excluding IFRS 16 (rolling 12 months) (3) Gearing calculated for Gr
Slide 7: 2 – Review of Operations
2 – REVIEW OF OPERATIONS CDA - Half-year results 2023/24 - May 23, 2024
Slide 8: Ski Areas & Outdoor Activities: operating performances
Ski Areas & Outdoor Activities: operating performances Very dynamic business thanks to concerted efforts to promote the resorts, by the Group and the entire ecosystem Ski lift sales: +14.3% - Number of skier-days: +8.6% - Revenue per skier-day: +5.7% Favorable operating conditions - Very good snow c
Slide 9: Ski Areas & Outdoor Activities: financial data and investments
Ski Areas & Outdoor Activities: financial data and investments High seasonality: historically H1 accounts for nearly 90% of annual sales and 70% of expenses H1 H1 in €M Change 2023/24 2022/23 Sales up by more than 14% Sales 496.9 434.8 +14.3% Good control over operating expenses Operating expenses a
Slide 10: Distribution & Hospitality: operating performances
Distribution & Hospitality: operating performances Business up by nearly 3%, including the expected decline at Travelfactory MMV: 2nd hotel operator in the Mountain Collection Immobilier: Travelfactory: N. 1 for mountain French Alps 1st real estate agency network in vacations in France - Double-digi
Slide 11: Distribution & Hospitality: financial data and investments
Distribution & Hospitality: financial data and investments High seasonality: H1 accounts for the bulk of sales and a smaller proportion of expenses H1 H1 Sales up by more than 2.9%, with contrasting trends by business in €M Change 2023/24 2022/23 segment Sales 96.5 93.8 +2.9% Operating expenses down
Slide 12: Leisure Parks: operating performances
Leisure Parks: operating performances Satisfactory start to the season thanks to an attractive offering and extended hours Sales: +11.9% - Number of visitors: +5.1% - Spending per visitor: +6.1% (admission + inpark) Extended opening periods Sustained hotel business - Two additional parks open to the
Slide 13: Leisure Parks: financial data and investments
Leisure Parks: financial data and investments High seasonality: Historically, H1 accounts for close to 25% of annual sales and 40% of expenses Sales up by more than 12% H1 H1 in €M Change 2023/24 2022/23 Operating expenses up slightly more than sales: Sales 167.7 149.9 +11.9% - Gradual rollout of th
Slide 14: 3 - 2023/24 First Half Results
3 - 2023/24 FIRST HALF RESULTS CDA - Half-year results 2023/24 - May 23, 2024
Slide 15: P&L Statement (1/2): Operating income up by 24%
P&L STATEMENT (1/2): Operating income up by 24% H1 H1 in €M Change Record half-year sales, up by 12.2% 2023/24 2022/23 Control over operating expenses, up by 8.7% Sales 761.1 678.5 +12.2% - Increase in expenses due mainly to longer opening periods in the Operating expenses -484.7 -445.8 +8.7% parks
Slide 16: P&L Statement (2/2): Net attributable income up by 18.7%
P&L STATEMENT (2/2): Net attributable income, Group share up by 18.7% H1 H1 in €M Change 2023/24 2022/23 Increase of €3.1 million in the cost of net debt Operating income 188.0 151.6 +24.0% - Increase of €7.0 million in interest expense, mainly due to rising interest rates and the average debt balan
Slide 17: Statement of changes in cash flow: FCFO up 21.6%
Statement of changes in cash flow: FCFO up 21.6% H1 H1 in €M 2023/24 2022/23 Improvement in WCR correlated with higher activity in the Ski Areas and management EBITDA 276.5 232.7 optimization actions Change in WCR +110.7 +93.1 Net capital expenditure up by nearly €20 million, in line with full-year
Slide 18: Controlled debt leverage
Controlled debt leverage Net financial debt (1): €382 M Gearing (3): 1.2x 722 (2) 659 (2) 340 IFRS 16 310 liabilities 1,2x 1,1x Net debt excl. 349 382 IFRS 16 March 31, 2023 March 31, 2024 Marc 31, 2023 (4) March 31, 2024 (3) Net financial debt excluding IFRS 16 liabilities / Latest 12 months' EBITD
Slide 19: Debt maturity schedule
DEBT MATURITY SCHEDULE Maturity profile of Group debt at at March 31, 2024 In €M New financing - In accordance with its commitments, in December 2023 the Group drew down the RCF/NEU CP disponible Term Loan signed in December 2022 for €200 NEU CP million Term Loan Découverts PPR Liquidity at March 31
Slide 20: 4 – Context and Outlook
4 – CONTEXT AND OUTLOOK CDA – Half-year results 2023/24 - May 23, 2024
Slide 21: Focus on electricity
Focus on electricity Monthly electricity costs In the medium term, the Group has de-risked until the end of 2027 Previous pricing conditions New pricing conditions ✓ Secure purchasing for all sites in France: ✓ In 2025, excluding MMV (excluding ARENH capping), ✓ In 2026 and 2027: 100% of volumes sec
Slide 22: 10 Commitments and 5 renunciations
10 Commitments and 5 renunciations Follow-up on environmental commitments this half-year Commitment N. 1 Commitment N. 3 Achieving Net Zero Carbon (scope 1 and 2) by 2030 Participating in water resource management ✓ Continued action to achieve Net Zero Carbon (scope 1 and 2) by 2030 ✓ 1 Water Observ
Slide 23: 10 Commitments and 5 renunciations
10 Commitments and 5 renunciations Follow-up on employer commitments this half-year Renunciations already decided Commitment N. 10 Involving staff through an employee shareholding scheme ✓ Plan to award 30 free shares to all employees, permanent and seasonal, 1 No net extension of ski areas, except
Slide 24: Leisure Parks, 2024 season boosted by investments to enhance attractiveness
Leisure Parks, 2024 season boosted by investments to enhance attractiveness ✓ 35th anniversary celebrations 1st summer season ✓ Launch of the first musical after renovation Complete redesign of an area comedy ✓ Top water park in in the center of the site ✓ Refurbishment of the Europe in terms of ✓ 1
Slide 25: 2023/2024 EBITDA target raised from minimum €325 M to around €350 M
2023/2024 EBITDA target raised from “minimum €325 M” to “around €350 M” Annual EBITDA target raised Around + 15% (1) min. + 7% (1) around €350 M min. €325 M €308 M €304 M €4 M EBO 2022/23 publié Eléments non EBO 2022/23 hors Objectif EBO Objectif EBO récurrents non récurrents 2023/24(e) annoncé 2023
Slide 26: Outlook
OUTLOOK ✓ For the next two years, a budget of NET INDUSTRIAL around €270 million per year (on a INVESTMENTS comparable basis) ✓ Unchanged payout policy, at around DIVIDEND 50% of net attributable income, Group share, excluding non-recurring items ✓ Free cash flow target for FREE CASH FLOW 2023/24 up
Slide 27: #PureXperiences #Compagnonduterritoire #WeAreCDA
#PureXperiences #Compagnonduterritoire #WeAreCDA
Compagnie des Alpes — H1 2023/24 Earnings Presentation on 6ix