Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — FY2021/22 Earnings Presentation
43 slides from Compagnie Des Alpes Sa's earnings presentation, Dec 6, 2022
Slide 1: 2021/2022 Annual Results
2021/2022 ANNUAL RESULTS DECEMBER 6, 2022
Slide 2: 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
Slide 3: Outline
O UTLINE 1. ANNUAL OPERATING HIGHLIGHTS AND KEY FIGURES 2. BUSINESS HIGHLIGHTS AND REVIEW 3. 2021/2022 ANNUAL RESULTS 4. A WORD ABOUT ENERGY EXPOSURE 5. NEW BU: DISTRIBUTION & HOSPITALITY 6. THE PATH TO NET CARBON NEUTRALITY 7. DIVIDEND 8. OUTLOOK 3 9. ADDITIONAL INFORMATION COMPAGNIE DES ALPES – 20
Slide 4: 1. Operating Highlights and Key Figures
1. OPERATING HIGHLIGHTS AND KEY FIGURES
Slide 5: Highlights of Financial Year 2021/22
H I G H L I G H T S O F F I N AN C I AL Y E AR 2 0 2 1 / 2 0 2 2 Satisfactory attendance level at our ski areas ✓ Start of the season (until mid-January) affected by the absence of the British clientele (Covid) ✓ Compared with 2018/19, the number of skier-days has continued to improve and is now onl
Slide 6: International Industry Awards for Each of the 3 Business Units
I N T E R N AT I O N AL I N D U S T RY AWAR D S F O R E AC H O F T H E 3 B U S I N E S S U N I T S O F C O M PAG N I E D E S AL P E S Ski Areas Leisure Parks Distribution & Hospitality Compagnie des Alpes voted best ski Chasseurs de Tornades voted best Yoonly & Friends voted best area operator in th
Slide 7: Performances in 2021/22 Far Outshine 2018/19
P E R F O R M AN C E S I N 2 0 2 1 / 2 2 FAR O U T S H I N E 2 0 1 8 / 1 9 Net Attributable Income, Group Sales: €959 M EBITDA (1): €313 M Share: €114 M In €M 959 In €M Non-recurring 313 854 6 items Non-recurring 43 items 40 232 9 In €M 953 114 814 270 Non-recurring 241 223 31 items 71 1 Recurring 6
Slide 8: Performances in 2021/22 Far Outshine 2018/19: CAPEX, FCF, Net Debt
P E R F O R M AN C E S I N 2 0 2 1 / 2 2 FAR O U T S H I N E 2 0 1 8 / 1 9 Net CAPEX: €177 M FCF(1): €182 M Net financial debt: €336 M (2) In €M In €M In €M 209 664 11 162 541 92 205 198 540 177 182 502 143 336 -10 -15 -51 30 sept. 2019 30 sept. 2021 30 sept. 2022 2018/19 2020/21 2021/22 2018/19 202
Slide 9: Review of Our Strategic Priorities
R E V I E W O F O U R S T R AT E G I C P R I O R I T I E S Dynamize site • Offer unique and immersive experiences for all seasons sales and • Develop hosting capacity and fluidity of the customer attractiveness experience • Use digital technology to reinforce distribution Communities Clients Deploy
Slide 10: 2. Business Review
2. BUSINESS REVIEW
Slide 11: Ski Areas: Investments to Continue Enriching Our Offering
S K I AR E AS : I N V E S T M E N T S TO C O N T I N U E E N R I C H I N G O U R O F F E R I N G AN D I M P R O V I N G C U S TO M E R E X P E R I E N C E 69 M€ Compagnie des Alpes successfully captured pent-up ski demand after 2020/21 blank season invested in our ski areas in 2021/22 Examples of in
Slide 12: Ski Areas: Operational Performance
S K I AR E AS : O P E R AT I O N AL P E R F O R M AN C E Number of Skier-Days (excl. 2 Alpes) Revenue per Skier-Day In millions of units (excluding Les 2 Alpes) Cumulative trend (base 100 in 2015) 12,8 127,5 12,4 12,5 12,7 12,3 12,3 108,3 111,9 106,0 100,0 102,4 2014/15 2015/16 2016/17 2017/18 2018/
Slide 13: Ski Areas: Operational and Investment Data
S K I AR E AS : O P E R AT I O N AL AN D I N V E S T M E N T D ATA This BU includes 1 full year of sales for Evolution 2, acquired at the end of 2020/21 Sales growth of 12.8% compared with 2018/19* Change - +10.9% excluding Évolution 2 impact in €M 2021/22 2020/21* 2018/19* vs. (ex-IFRS 16) 2018/19*
Slide 14: Leisure Parks: Investments Applauded by the Industry and Our Guests
LEISURE PARKS: INVESTMENTS AP P L AU D E D B Y T H E I N D U S T RY AN D O U R GUESTS 88 M€ invested in our parks in 2021/22 Very High Visitor Satisfaction: a strategy Chasseur de Tornades: voted best attraction in the world: Tonnerre 2 Zeus: European award for that pays off the most prestigious awa
Slide 15: Leisure Parks: Operational Performance
LEISURE PARKS: OPERATIONAL P E R F O R M AN C E Acceleration of event Dynamic sales strategy Increased in-park sales Increased density in the hotel management ✓ Optimization of sales tunnels: ✓ Food services: opening or offering ✓ Halloween has seen growing 40% of sales via park websites improvement
Slide 16: Leisure Parks: Operational Performance (Visitors and Expenditure)
LEISURE PARKS: OPERATIONAL P E R F O R M AN C E Number of Visitors Expenditure per Visitor In millions of units Cumulative trend (base 100 in 2015) 133,3 * 10,0 113,7 9,6 108,8 104,3 105,7 8,7 8,8 100,0 8,0 8,1 2014/15 2015/16 2016/17 2017/18 2018/19 2021/22 2014/15 2015/16 2016/17 2017/18 2018/19 2
Slide 17: Leisure Parks: Operational and Investment Data
LEISURE PARKS: OPERATIONAL AND INVESTMENT DATA 23.1% growth in sales compared with 2018/19 - Recognition of €5.8 M in non-recurring sales (unused and expired tickets Change related to the health crisis) In €M 2021/22 2020/21 2018/19 vs. (ex-IFRS 16) Opex under control 2018/19 - Stable opex as a perc
Slide 18: Holdings & Support: Operational Data and Investments
HOLDINGS & SUPPORT: OPERATIONAL DATA AND INVESTMENTS This BU comprises the holding and support companies, the Tour Operator business, and the accommodation and real estate agency businesses consolidated for the first Scope of consolidation effect time as of October 1, 2021 - Integration of real esta
Slide 19: 3. 2021/22 Annual Results
3. 2021/22 ANNUAL RESULTS
Slide 20: P&L (1/2)
P & L (1/2) Change In €M 2021/22 2020/21* 2018/19* vs. (ex-IFRS 16) 2018/19* Sales 958.5 239.8 814.0 +17.8% EBITDA grows substantially - Dynamic activity and cost control despite rising energy costs Opex (incl. partial unemployment) -682.7 -357.3 -590.9 +15.7% - Payroll stable as a % of sales, inclu
Slide 21: EBITDA Up Sharply
E B I T D A U P S H AR P LY Strong recovery in activity and performance, plus positive non-recurring effects Change in EBITDA from 2018/19 (ex-Les 2 Alpes) to 2021/22 In €M % EBITDA margin 32.6% ✓ Recognition of €5.8 million in non-recurring sales -107 28.3% +139 26.7% +43 related to the health cris
Slide 22: P&L (2/2)
P & L (2/2) Reported data in €M 2021/22 2020/21 2018/19 Net cost of debt (ex-IFRS 16) - Improvement compared with 2020/21 (see impact of €4.3 M related to the Operating Income 169.5 -124.4 105.1 extension of 1st government-backed loan and decrease in average outstanding debt) Net cost of debt -16.3
Slide 23: Changes in Cash Flow
CHANGES IN CASH FLOW Reported data in €M 2021/22 2020/21 2018/19 Decrease of €67.5 M in WCR (ex-IFRS 16) - Due to a reconstitution of the negative WCR (supplier and payroll debts) EBITDA 312.6 70.6 232.3 - 10 million in late payments of COVID financial aid for fixed costs in French parks Change in W
Slide 24: Further Decrease in Net Debt and Gearing at a Low Point
FURTHER DECREASE IN NET DEBT AND GEARING AT A LOW POINT Reported data Sept. 30, Sept. 30, Sept. 30, in €M Net debt 2022 2021 2019 (ex-IFRS 16) - Ex-IFRS 16 => reference for the calculation of the Net debt* 540.6 663.9 n/a banking covenant - After IFRS 16, net debt including rental commitments of Net
Slide 25: Group Debt
GROUP DEBT Gross debt maturity schedule In €M RCF available Liquidity position as of 09/30/2022: - RCF line, undrawn, of €300 M Overdraft drawn - Net cash available of €299.6 M - Authorized overdraft of €149.7 M TL B 300 PGE Saison governement- backed loan PGE governement-backed loan 225,0 Reminder:
Slide 26: 4. A Word About Energy Exposure
4. A WORD ABOUT ENERGY EXPOSURE
Slide 27: Exposure to the Electricity Market in 2022
EXPOSURE TO THE ELECTRICITY MARKET IN 2022 GROUP’S ENERGY CONSUMPTION MIX ELECTRICITY CONSUMPTION IN FRANCE BY BUSINESS 41 GWh 36% Electricity share Ski Areas Non-electricity 64% Leisure Parks share 99 GWH 2021/2022 financial year Consumption in France (including Futuroscope) 2021/2022 ELECTRICITY M
Slide 28: Outlook for Electricity Cost Evolution in 2023 and Thereafter
OUTLOOK FOR ELECTRICITY COST EVOLUTION IN 2023 AND THEREAFTER ENERGY SAVINGS OBJECTIVES ✓ Objective for 2023: reduce consumption at Group sites by 8-10% ✓ Additional measures: - Reduce off-production energy consumption by limiting non-productive energy use - Produce artificial snow before the end of
Slide 29: 5. The New BU Distribution & Hosting
5. THE NEW BU DISTRIBUTION & HOSTING
Slide 30: With MMV, CDA Becomes a Key Player in Mountain Accommodations
W I T H M M V, C D A B E C O M E S A K E Y P L AY E R I N M O U N TAI N AC C O M M O D AT I O N S BU Distribution & Hosting: A good 3-business fit + an asset portfolio Rental management Property assets 12 real estate agencies (CDA) 9 hotel residences (100% owned) 23 Mountain Collection chalets and 4
Slide 31: New Profile for Compagnie des Alpes: Changes in Reporting & Integration of MMV
N E W P R O F I L E F O R C O M PAG N I E D E S AL P E S C H AN G E S I N R E P O R T I N G & I N T E G R AT I O N O F M M V 1 2021/22 financial statements 2 2021/22 financial statements, ex-non-recurring items SA LP H&S Group SA LP H&S Group Sales 455.5 468.5 34.6 958.5 Sales 455.5 462.7 34.6 952.8
Slide 32: 6. The Path to Net Carbon Neutrality
6. THE PATH TO NET CARBON NEUTRALITY
Slide 33: On the Path to Net Carbon Neutrality
O N T H E PAT H T O N E T C A R B O N N E U T R A L I T Y Objective: massive and rapid reduction in our greenhouse gas emissions (scope 1 and 2) in the short term Net Carbon Neutrality: for every CDA site by 2030 at the latest (scope 1 and 2) ✓Action plan identified and deployed site by site ✓Interm
Slide 34: Group Greenhouse Gas Emissions Path
Group Path* with carbon stores factored in (scope 1 et 2) Holdings et support IDF Group greenhouse gas emissions Destinations de Loisirs France Reference (figures smoothed - scope 1 and 2) Destinations de Loisirs (Hors France) Past data and projections 200 k teq of CO2 avoided through scenario (redu
Slide 35: The Path at Site Level
The Path at site level • Ski Areas: as a function of skier days, emissions • Leisure Parks: as a function of visitors and night decrease rapidly by a factor of X4 between now openings, emissions decrease rapidly by a factor of and 2026 X3 between now and 2026 1,40 1,60 1,40 1,17 1,40 1,20 kg eq CO2/
Slide 36: 7. Dividend
1k : @ 7. DIVIDEND =
Slide 37: Dividend
DIVIDEND Amounts distributed in €M Dividend in € / share 41,8 0,83 0,70 0,65 0,50 17,1 0,40 0,40 15,9 12,2 9,7 9,7 2014/15 2015/16 2016/17 2017/18 2018/19 2021/22 2014/15 2015/16 2016/17 2017/18 2018/19 2021/22 Amounts distributed Distribution proposed Dividends paid Dividend proposed Proposed pay-o
Slide 38: 8. Outlook
‘) 8. OUTLOOK
Slide 39: Outlook (1/3)
OUTLOOK (1/3) SALES SKI AREAS ✓ Good level of bookings for the Christmas holidays ✓ British clients expected to return, after absence last year until mid-January ✓ Previous guidance: Return to ✓ Positive change in package deal prices, partly to offset higher energy costs pre-crisis level (2018/19) e
Slide 40: Outlook (2/3)
OUTLOOK (2/3) NET INDUSTRIAL EBITDA FREE CASH FLOW INVESTMENTS ✓ Previous guidance: Return to 2021/22 to 2024/25 pre-crisis level (2018/19) 2022/23 and beyond expected in 2022/23 ✓ Initial guidance: €210 million on average per year, of which €160 million in 2021/22 (ex-Grand Astérix phases 2 & 3) ✓
Slide 41: Outlook (3/3)
OUTLOOK (3/3) CO2 EMISSIONS GEARING (1) DIVIDEND (scope 1 and 2) 2022/23 2022/23 2022/23 Objective of reducing CO2 Expected financial leverage New distribution policy of emissions (scope 1 and 2) by 25% of between 2.5x and 3.0x around 50% of NAIGS vs. 2018/19 (reference year) ✓ In light of the MMV ✓
Slide 42: 9. Additional Information
9. ADDITIONAL INFORMATION
Slide 43: 2022/2023 Releases and Events
2022/2023 RELEASES AND EVENTS 1st quarter sales: Tuesday, January 24, after stock market close Annual Shareholders’ Meeting: Thursday, March 9, morning 2nd quarter sales: Tuesday, April 25, after stock market close 1st half results Tuesday, May 23, after stock market close (webcast) 3rd quarter sale
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