Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — H1 2022/23 Earnings Presentation
34 slides from Compagnie Des Alpes Sa's earnings presentation, May 23, 2023
Slide 1: 2022/2023 First Half Results
2022/2023 FIRST HALF RESULTS M AY 2 3 , 2 0 2 3
Slide 2: Disclaimer
DISCLAIMER This document contains forward-looking statements regarding the prospects and growth strategies of Compagnie des Alpes and its subsidiaries (the "Group"). These statements include indications of the Group's intentions, strategies, growth prospects, and trends in its operating results, fin
Slide 3: Outline
OUTLINE 1. Highlights and key figures 2. Operational business review 3. 2022/23 1st half results 4. Strategic challenges 5. Mission Statement 6. 2022/23 outlook 7. Additional information 3 COMPAGNIE DES ALPES - Half-year results 2022/23 - 23 May 2023
Slide 4: 1 – Operating Highlights and Key Figures
1 – OPERATING HIGHLIGHTS AND KEY FIGURES
Slide 5: 2022/23 First Half Highlights
2022/23 F I R S T H AL F H I G H L I G H T S Very strong sales with growth of 25.4% on a reported basis (14.4% on a comparable basis) Confirmation of the Group's ability to absorb the rise in energy costs over the first half of the year Secured refinancing, with CSR KPIs from 2023 onwards Adoption o
Slide 6: 2022/23 First Half Key Figures
2 0 2 2 / 2 3 F I R S T H AL F K E Y F I G U R E S Net attributable income, Group Sales: €679 million EBITDA: €233 million share: €108 million 679 +25.4% 60 MMV 230 233 +144% Non-recurring 27 MMV à p.c. 29 items 619 541 201 206 113 108 H1 2021/22 H1 2022/23 H1 2021/22 H1 2022/23 H1 2021/22 H1 2022/2
Slide 7: Change in EBITDA
C H AN G E I N E B I T D A in € million % EBITDA margin +14.4% 42.6% -52 34.3% +78 37.2% 32.9% +2 -29 -23 +27 +16.4% x2 230 233 201 204 EBITDA H1 Non-recurring EBITDA H1 excl. Increase in sales Increase in op exp Increase in EBITDA H1 excl. EBITDA MMV Non-recurring EBITDA H1 2021/22 items H1 2021/22
Slide 8: 2022/23 First Half Key Figures
2 0 2 2 / 2 3 F I R S T H AL F K E Y F I G U R E S Free cash flow from Net CAPEX: €102 million operations(1): €208 million Net financial debt(2): €349 million 659 IFRS 16 lease liability 310 420 100 Impact of IFRS 16 + = 151 MMV lease 164 liability 51 consolidation 250 208 Net debt Net 349 102 debt
Slide 9: 2 – Operational Business Review
2 – OPERATIONAL BUSINESS REVIEW
Slide 10: Ski Areas and Outdoor Activities: Operating Performances
S K I AR E AS AN D O U T D O O R AC T I V I T I E S : O P E R AT I N G P E R F O R M AN C E S Good half-year thanks to high-altitude positioning Revenue per Skier-day: +5.9%. Ski lift sales: +10.1%. Number of Skier-days: +4.1 Partial impact of rising electricity Sales agility costs on package prices
Slide 11: Ski Areas and Outdoor Activities: Operating Data and Investments
S K I AR E AS AN D O U T D O O R AC T I V I T I E S : O P E R AT I N G D ATA AN D I N V E S T M E N T S Highly seasonal: H1 historically accounts for almost 90% of annual sales and 70% of costs H1 H1 in €M Change Sales up by more than 10%. 2022/23 2021/22 Sales 434.8 392.6 +10.7% Operating expenses
Slide 12: Distribution & Hospitality: Operating Performances
DISTRIBUTION & HOSPITALITY: OPERATING PERFORMANCES Good momentum across all business lines Sales: x3.4 on a reported basis, up 24% on a comparable basis Integration of MMV, 2nd largest operator in the French Alps with 20 residences and club villages MMV: Hosting sales net of commissions Tour Operato
Slide 13: Distribution & Hospitality: Operational Data and Investments
DISTRIBUTION & HOSPITALITY: OPERATIONAL DATA AND INVESTMENTS High seasonality: H1 accounts for most of the business and a smaller proportion of expenses Change Sales multiplied by 3.4 thanks to the acquisition of MMV in €M H1 H1 Change on a ✓ Up 24% on a comparable basis (excl. MMV) 2022/23 2021/22
Slide 14: Leisure Parks: Operational Performances
LEISURE PARKS: OPERATIONAL PERFORMANCES Significant increase in business thanks to record visitor numbers Increasing success during the Halloween period ✓ More than 1.5 million visitors during the period this year ✓ +215 K visitors vs 2022 Success during the Christmas season ✓ Renewed success in ope
Slide 15: Leisure Parks: Operational Data and Investments
LEISURE PARKS: OPERATIONAL DATA AND INVESTMENTS High seasonality: Historically, H1 represents nearly 25% of annual sales and 40% of expenses H1 H1 Sales up nearly 24% in €M Change 2022/23 2021/22 Increase in operating expenses due to business growth and inflation Visits 149.9 121.0 +23.9% - Expenses
Slide 16: 3. 2022/23 First Half Results
3. 2022/23 FIRST HALF RESULTS
Slide 17: P&L Statement (1/2)
P&L STATEMENT (1/2) Change H1 H1 on a in €M Change 2022/23 2021/22 comp. basis Reported sales up more than 25% - Integration of MMV contributed 11 percentage points to growth Sales 678.5 541.2 +25.4% +14.4% On a comparable basis, operating expenses up 22% excluding non- Opex -445.8 -310.8 +43.4% +33
Slide 18: P&L Statement (2/2)
P&L STATEMENT (2/2) H1 H1 in €M 2022/23 2021/22 Slight increase in the net cost of debt - Net cost of debt, excluding IFRS 16, up slightly (€7.4,million in H1 Operating income 151.6 164.8 2022/23 vs. €6.1 million in H1 2021/22) Net cost of debt -11.7 -8.0 - Cost of IFRS 16 debt up (€4.3 million in H
Slide 19: Statement of Changes in Cash Flow
STATEMENT OF CHANGES IN CASH FLOW Traditionally very positive change in WCR as of March 31st H1 H1 - Decrease of €93.1 million, which includes a deferral of billing for the first quarter of calendar 2023 in €M 2022/23 2021/22 by the energy supplier (positive impact of around €30 million). EBITDA 232
Slide 20: Net Debt
NET DEBT March 31, Sept. 30, March 31, in €M Net debt 2023 2022 2022 - Net debt excluding IFRS 16 up €13.5 million compared with 30 (1) Net debt 659.2 540.6 419.8 September 2022 - After IFRS 16, net debt including lease liabilities of €310.1 million, up Net debt excl. IFRS 16 349.1 335.7 256.3 €105.
Slide 21: Debt Maturity Schedule
D E B T M AT U R I T Y S C H E D U L E Maturity profile of Group debt at March 31, 2023 in €M New financing RCF/NEU CP disponible - Refinancing of RCF for €300 million, 5-year maturity (300 M€) Term Loan disponible (200 M€) and two one-year extension options, and CSR KPIs - Term Loan of €200 million
Slide 22: 4 – Strategic Challenges
4 —- STRATEGIC CHALLENGES
Slide 23: Investments That Enhance Asset Value
I N V E S T M E N T S T H AT E N H AN C E AS S E T VAL U E Examples of investments that enhance the Investments => Net Zero Carbon target attractiveness of our areas ✓ Energy efficiency = 7.3% reduction (without compromising customer service or shortening the ✓ Tignes: TSD6 (detachable 6-seater chai
Slide 24: Distribution & Hospitality
DISTRIBUTION & HOSPITALITY Accommodation is the 1st item of expenditure and a determining factor in the choice of a mountain destination, winter and summer alike. The BU's 3 priorities A clear commitment to growth Synergies being deployed following the acquisition of MMV ✓ Maximize the range of ✓ Tr
Slide 25: CDA Is Investing in All Its Parks
CDA IS INVESTING IN ALL ITS PARKS Main investments for the 2022/23 financial year New Toutatis zone Continuation of the 10- New zone for young kids Brazilian carnival period at Unveiling of new statues Easter treasure hunt Close-up on next slide year transformation plan 2nd Christmas for the Easter
Slide 26: Parc Astérix: The Toutatis Festival
PA R C A S T É R I X : T H E T O U TAT I S F E S T I VA L Opening of a new zone in 2023 A complete offering for the whole family ✓ 1 major attraction: Toutatis Grand Astérix project ✓ 1 attraction for the family ✓ Number of rooms in ✓ 1 playground existing hotels to be ✓ 1 restaurant increased start
Slide 27: Futuroscope: Transformation Plan over 10 Years
F U T U R O S C O P E : T R A N S F O R M AT I O N P L A N O V E R 1 0 Y E A R S Strengthen its position as a short-stay destination for French and European visitors 1 major attraction every 2 years on average A strategy that bears fruit: 1 attraction upgrade every year (2021- €300 million investmen
Slide 28: Group Energy Doctrine
GROUP ENERGY DOCTRINE Following the European energy crisis of 2022, a task force has been set up to serve the Group's various sites Responds to a two-fold problem: ✓ Hedging against future cost volatility ✓ Supporting the development of self-consumption projects and CSR performance Establishment of
Slide 29: 5 – Mission Statement
5 – MISSION STATEMENT
Slide 30: Mission Statement of Compagnie des Alpes
M I S S I O N S TAT E M E N T O F C O M PA G N I E D E S A L P E S Approved by the Annual Shareholders’ Meeting (March 2023) and included in the preamble to the Group's bylaws Strong core convictions Four pillars The fruit of a process of listening and dialogue ✓ The amount of leisure time we Creati
Slide 31: 6 – 2022/2023 Outlook
6 – 2022/2023 OUTLOOK
Slide 32: Outlook
OUTLOOK ✓ On a comparable basis EBITDA ✓ Expected between 2.5x et 3.0x FINANCIAL GEARING EBITDA 2022/23 expected to be close Net debt excl. IFRS 16/EBITDA (taking into account the to 2021/22, excluding non- excl. IFRS 16 acquisition of MMV) recurring itemss ✓ Despite the significant impact of rising
Slide 33: 5 – Additional Information
5 – ADDITIONAL INFORMATION
Slide 34: 2022/2023 Agenda
2022/2023 AGENDA 3rd quarter sales: Tuesday, July 25, 2023, after stock market close 4th quarter sales: Tuesday, October 24, 2023, after stock market close Annual results: Tuesday, December 5, 2023, before stock market open 34 COMPAGNIE DES ALPES - Half-year results 2022/23 - 23 May 2023
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