Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — FY2019/2020 Earnings Presentation
30 slides from Compagnie Des Alpes Sa's earnings presentation, Dec 8, 2020
Slide 1: 2019-2020 Annual Results
2019-2020 ANNUAL RESULTS DECEMBER 8, 2020
Slide 2: Outline
OUTLINE 1. FINANCIAL YEAR 2019-2020: ANALYSIS AND KEY INDICATORS 2. OPERATING AND FINANCIAL PERFORMANCE SKI AREAS LEISURE PARKS HOLDINGS & SUPPORT 3. OUTLOOK
Slide 3: Financial Year 2019-2020: Analysis and Key Indicators
1. FINANCIAL YEAR 2019-2020: ANALYSIS AND KEY INDICATORS
Slide 4: Analysis: A Year Marked by the Crisis
ANALYSIS: A YEAR MARKED BY THE CRISIS October 1, 2019 Mid-March 2020 June 2020 Sustained sales growth in line with trends observed in Ski Areas and Leisure Parks closed Leisure Park sales more dynamic previous years than expected Cost-cutting plans implemented Decline in visitors limited by commerci
Slide 5: Profitable Growth Trend Interrupted by the Health Crisis
PROFITABLE GROWTH TREND INTERRUPTED BY THE HEALTH CRISIS In millions of euros ➢ Sales ➢ Group EBITDA ➢ Net income, Group share 801 854 762 57 62 616 232 203 218 31 -35 94 -70 80 -104 16/17 17/18 18/19 19/20 16/17 17/18 18/19 19/20 16/17 17/18 18/19 19/20 NIGS ex-one offs IFRS 16 impact Ex-IFRS 16 On
Slide 6: Protecting Liquidity
PROTECTING LIQUIDITY In millions of euros ➢ Liquidity position* : €310M as of 09/30/2020 ➢ Capex ➢ Free cash flow from operations ➢ Net debt 209 825 186 175 45 160 32 27 540 381 402 648 -67 16/17 17/18 18/19 19/20 16/17 17/18 18/19 19/20 16/17 17/18 18/19 19/20 IIFRS 16 impact Before IFRS 16 Liquidi
Slide 7: Tailored Crisis Management
TAILORED CRISIS MANAGEMENT Pragmatism and agility ✓ Stakeholder safety Robust fundamentals: ✓ Adjustment plan ✓ Government ✓ VHS of customers Confinement and for opex/capex backed loan ✓ Appeal of our March 14, 2020 business shutdowns ✓ Protocols for ✓ Lines of credit products reopening ✓ Covenants
Slide 8: Impact of the Crisis Attenuated by Strategic Actions
IMPACT OF THE CRISIS ATTENUATED BY THE STRATEGIC ACTIONS CONDUCTED OVER THE LAST SEVERAL YEARS 2019/2020 €+1BN in investments since 2014 2019/2020 Group sales were trending upward at the time of site Occupancy rate of the 3 hotels in Parc closures Astérix > 90% in August 2020 with a (SA: +2.5%; LP:
Slide 9: Operating and Financial Performance
2 . O P E R AT I N G A N D F I N A N C I A L PERFORMANCE
Slide 10: Ski Areas
SKI AREAS Operating performances & Investments Ski Area quarterly sales in €M, change vs. n-1 300 -12% Covid-19 impact Premature closure of all ski resorts in mid-March, 200 followed by reopening for the summer season 100 +10% -96% +10% 0 T1 T2 T3 T4 Lift sales: -19.2% in €M 19/20 18/19 Change - Ski
Slide 11: Leisure Parks
LEISURE PARKS Operating performances & investments Leisure Park quarterly sales in €M, change vs. n-1 -30% Covid-19 impact The 6 sites that were open closed in mid-March. All 100 +16% sites then reopened gradually, between the end of May and early July. 50 -5% -91% 0 in €M 19/20 18/19 Change Change
Slide 12: Holdings & Support
HOLDINGS & SUPPORT Operating performances & Investments This BU includes Travelfactory, online distribution Travelfactory: decline in sales due to the closure of ski resorts in mid-March and businesses, and CDA’s real estate agencies, plus the the lockdown measures consulting business carried by CDA
Slide 13: P&L Account (1/2)
P&L ACCOUNT (1/2) Group quarterly sales in €M, change vs. n-1 in €M 19/20 18/19 Change Change -12% after not c.s.* IFRS 16 restated 300 for IFRS 16 200 +13% -28% Sales 615.6 854.0 -27.9% -28.3% 100 -92% 0 Opex -521.8 -621;7 -16;1% T1 T2 T3 T4 EBITDA 93.8 232.3 -59.6% -59.1% EBITDA: €80.1M ex-IFRS 16
Slide 14: P&L Account (2/2)
P&L ACCOUNT (2/2) in €M 19/20 18/19 Change Cost of net debt increases by €4.3M, including: after Not % / €M IFRS 16 restated - Interest expense on lease liabilities for €2.6M (IFRS 16 impact) for IFRS 16 Other interest expense up by €3.5M, including: Operating income -105.9 105.1 -211.0 M€ - Depreci
Slide 15: Asset Impairment
ASSET IMPAIRMENT 2019-2020 net attributable income, group share - In millions of euros Asset impairments - Automatic impact of adverse change in market risk premiums Net attributable - Caution required by health crisis -35 income, group - Leisure Parks more impacted because of peak season share, ex-
Slide 16: Financial Structure
FINANCIAL STRUCTURE in €M 19/20 18/19 Change Self-financing capacity: sharply impacted by the crisis after Not % / €M - SFC 2019/20: 17.6% of Sales versus 23.0% in 2018/19 IFRS 16 restated for IFRS 16 Net investments are down Self-financing capacity 108.6 196.3 -44.7% - Adjustment measures and the p
Slide 17: No Major Short-Term Debt Repayments on the Horizon
NO MAJOR SHORT-TERM DEBT REPAYMENTS ON THE HORIZON Closer look at debt and liquidity Available cash position: €310.5M 2 Alpes DSP agreement The Group is confident in its ability Net financial debt is €648M (Cash + available credit lines and - Around €50 M in to cover its liquidity needs through ex-I
Slide 18: Outlook
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Slide 19: Ski Areas Are Ready to Reopen
SKI AREAS ARE READY TO REOPEN The industry is ready to go Ski resorts are adapting Health guidance for dealing with COVID: national consistency Hospitality organization - All industry players mobilized, DSF and representatives of elected - Employees trained in health risk awareness and barrier gestu
Slide 20: Outlook for 2020/2021: Public Health Crisis Impact Continues
OUTLOOK FOR 2020/2021: THE IMPACT OF THE PUBLIC HEALTH CRISIS CONTINUES Ski Areas Ability to control operating expenses Lack of visibility - The season is expected to start on the evolution - It is expected that the revenue loss in sometime in January (no firm date at of the pandemic 2020/2021 will
Slide 21: Additional Notes
ADDITIONAL NOTES
Slide 22: Tailored Management of the Crisis in 2019/2020
TAILORED MANAGEMENT OF THE CRISIS IN 2019/2020 Pragmatism, adaptation and capacity for action in a complex situation On-site measures Consistent and Agility and (Leisure Parks) collaborative synergies Organizational Priority given to Ongoing adaptations in protecting employees response to changing D
Slide 23: Ski Areas: Structuring Investments
SKI AREAS: STRUCTURING INVESTMENTS Pursuit of investments over 2020 Pursuit of the value chain strategy Grand Massif: fluidify customer experience Lodging => beds - Delivery of Vercland gondola. 1st tests before commissioning this winter above - 6,400 beds created (45%) or renovated (55%) inside res
Slide 24: Leisure Parks: Principal Investments in 2020
LEISURE PARKS: PRINCIPAL INVESTMENTS IN 2020 Enhancement of the offering Pursuit of the hotel strategy for Parc Astérix - Les Quais de Lutèce, the 3rd hotel in the park, a 4* with 150 rooms and a 300-seat restaurant, it opened in the spring. The park’s total capacity is now 450 rooms. - In August, t
Slide 25: Futuroscope: Ambitious Transformation Plan Over the Next 10 Years
FUTUROSCOPE: AMBITIOUS TRANSFORMATION PLAN OVER THE NEXT 10 YEARS The ambition is to solidify Futuroscope as THE exceptional short-term stay destination in France and in Europe Project in 2 phases: - Inside the current park: ✓Reinforcement of capacity and appeal: 3 major attractions in addition to O
Slide 26: Holdings & Support
HOLDINGS & SUPPORT Key operating achievements in 2019/2020 Support activities: distribution and digital ✓ Digital: - Intensified rollout of the digital strategy and dedicated resources for both divisions ✓ Travelfactory - Pursuit of international development with the acquisition by Travelski of a Du
Slide 27: Impacts of IFRS 16
IMPACTS OF IFRS 16 P&L Account – principal items impacted Net debt FY (in €M) 19/20 19/20 FY (in €M) 19/20 18/19 after not BEFORE AFTER IFRS 16 restated IFRS 16 IFRS 16 for IFRS 16 Sales 615.6 615.6 Net financial debt and 824.7 NA EBITDA 80.1 93.8 lease liabilities Net debt ex-IFRS 16 647.7 540.5 o/
Slide 28: Consequences of the Covid-19 Pandemic
CONSEQUENCES OF THE COVID-19 PANDEMIC Impacts on Group activities - The Covid-19 pandemic and the lockdown measures enacted by the governments in countries where we operate led to a total business shutdown of the Group’s core businesses on March 14, 2020. - The winter ski season was definitely ended
Slide 29: 2021 Agenda
2021 AGENDA 1st quarter sales: Thursday, January 21, 2021, after stock market closes Shareholders’ meeting: Thursday, March 25, 2021, morning 2nd quarter sales: Thursday, April 22, 2021, after stock market closes 1st half results: Wednesday, May 26, 2021, after stock market closes 3rd quarter sales:
Slide 30: TOUTES NOS EXPERIENCES AU SERVICE DE LA VOTRE
TOUTES NOS EXPERIENCES AU SERVICE DE LA VOTRE
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