Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — FY2023/24 Earnings Presentation
43 slides from Compagnie Des Alpes Sa's earnings presentation, Dec 3, 2024
Slide 1: Annual Results 2023/24
ANNUAL RESULTS 2023/24 December 3, 2024
Slide 2: Contents
1 Highlights and key figures 2 Business review 3 2023/24 annual results Contents 4 Contextual information / strategy 5 Carbon footprint and commitment tracking 6 Conclusion / outlook 7 Additional information 2 CDA - 2023/24 Annual Results - December 3, 2024
Slide 3: Highlights and Key Figures
HIGHLIGHTS AND KEY FIGURES CDA - 2023/24 - Annual Results - December 3, 2024
Slide 4: Operational excellence recognized at the highest European and international levels
Operational excellence recognized at the highest European and international levels Global recognition Numerous awards in Europe and in France, including: World's Best Ski Resorts Group For the 3rd consecutive year Best new European Best European attraction for water park for Mahuka Aquascope Best wa
Slide 5: Highlights of financial year
Strong earnings growth ▪ Record year for the Group’s 3 divisions ▪ Financial and non-financial targets achieved or exceeded Forward-looking developments in leisure parks ▪ Successful opening of Aquascope Highlights of ▪ Acquisition of Urban Group financial year A solid position in the Ski areas 2023
Slide 6: Financial and non-financial targets achieved
Financial and non-financial targets achieved Indicator Indications given for 2023/24 Achieved Approx. €350 M EBITDA (indication revised upward end of May) €351 M NET INDUSTRIAL INVESTMENTS Approx. €270 M €260 M (comparable basis) excl. Urban Group FREE CASH FLOW FROM OPERATIONS UP vs. 2022/23 €80 M
Slide 7: Key figures 2023/24
Key figures 2023/24 Sales EBITDA Net income Group share €1 239 M In €M €351 M In €M €92 M In €M +10.1% 1 239 Urban 1 125 13 +14.0% +8,9% 351 +2.3% 308 3 Urban 90 92 Excl. Non- Urban 1 226 recurring(1) 4 +14,6% 1 125 Non- recurring(2) 3 348 303 Excl. non- 92 recurring and 87 excl. Urban 2022/23 2023/
Slide 8: Evolution of EBITDA
Evolution of EBITDA % EBITDA margin rate In €M +10.6% 28.3% 28.3% +3 27.3% +12 26.9% +32 -4 -17.2% 347 351 308 303 2022/23 EBITDA 2022/23 non 2022/23 EBITDA EBITDA growth, Drop in energy 2023/24 EBITDA Urban EBITDA 2023/24 EBITDA recuring items excluding non- excluding Urban, costs, excluding exclud
Slide 9: Key figures 2023/24: Net CAPEX, FCF, Gearing
Key figures 2023/24 Net CAPEX FCF from operations(1) Gearing(2) €262 M In €M 3.3x at €80 M In €M 2.4x +11.1% 2.4x +227% Impact 0,4x Urban acquisition 262 235 Excl. Urban 80 2,0x 2,0x acquisition 24 2022/23 2023/24 2022/23 2023/24 30 sept. 2023 30 sept. 2024 (3) (1) Cash flow from operations - net ca
Slide 10: Business Review
BUSINESS REVIEW CDA - 2023/24 - Annual Results - December 3, 2024
Slide 11: Ski Areas and Outdoor Activities: operational performance
Ski Areas and Outdoor Activities: operational performance Ski lift sales: +13.3% ▪ +8.1% of skier days (13.8 M of SD) Enhanced attractiveness and fluidity ▪ +5.2% revenue / skier day Serre Chevalier: new Pontillas gondola lift (winter/summer) ▪ Consistent with the creation of beds ▪ Replacement of 2
Slide 12: DSP Backlog – Ski Lifts – September 30, 2024
DSP BACKLOG – SKI LIFTS – SEPTEMBER 30, 2024 The backlog is the cumulative sales relating to ski lifts, estimated by the Group, that concern the residual duration of public service delegation contracts in force in the ski areas. It includes estimates for indexation, inflation and possible volume/pri
Slide 13: Ski Areas and Outdoor Activities: financial data and investments
Ski Areas and Outdoor Activities: financial data and investments In €M 2023/24 2022/23 Change ▪ Significant sales growth (+13%) ▪ Disciplined management of operating expenses Sales 552.8 489.2 +13.0% - Excluding energy, expenses rose slightly less rapidly than sales Operating expenses and -359.2 -33
Slide 14: Distribution & Hospitality: operational performance
Distribution & Hospitality: operational performance Sales up 5.5% No. 1 manager of “warm beds” in the French Alps, with 29,000 beds under management MMV: 2nd largest operator in the Alps Mountain Collection Immobilier: (21 club residences and vacation No. 1 network of real estate villages) agencies
Slide 15: Distribution & Hospitality: financial data and investments
Distribution & Hospitality: financial data and investments In €M ▪ Sales up 5.5%, with contrasting trends by activity 2023/24 2022/23 Change - Double-digit growth in hosting and real estate agency business Sales 116.4 110.3 +5.5% - Tour operator business penalized by discontinuation of rail service
Slide 16: Leisure Parks: operational performance
Leisure Parks: operational performance Sales: +5.9% (+8.4% incl. Urban Group) ▪ +5.2%: spending per visitor (tickets + in-park) Accelerate organic growth Integration of Urban ▪ +0.4% visitors (10.6 M visitors) Expanded hours of operation Group since June 13, 2024 Solid annual performance despite ▪ 2
Slide 17: Leisure Parks: financial data and investments
Leisure Parks: financial data and investments In €M Change ▪ Sales up nearly 6% on a comparable basis on a 2023/24 2022/23 Change - Despite numerous adverse weather events comp. basis - Up 8.4% including Urban Group as of mid-June Sales 570.1 525.9 +8.4% +5.9% ▪ Disciplined management of operating e
Slide 18: Annual Results 2023/24
2023/24 ANNUAL RESULTS CDA - 2023/24 - Annual Results - December 3, 2024
Slide 19: P & L (1/2)
P & L (1/2) En M€ ▪ Reported sales up 10.1% - Urban integration contributes 1.2 points to growth Change 2023/24 2022/23 Change comp. ▪ On a comparable basis, operating expenses up 7.5% basis - Increase of 6.9% excluding non-recurring income of €4.5 M in 2022/23 - Excluding non-recurring items and en
Slide 20: P & L (2/2)
P & L (2/2) In €M ▪ Net cost of debt up €10.6 million 2023/24 2022/23 Change - Cost of gross debt excluding IFRS 16 up €8.5 million due to higher interest rates and new financing - IFRS 16 debt costs up €4.6 million due to the full-year effect of the Operating income 158.2 139.6 +13.3% Ecolodgee hot
Slide 21: Change in net debt
Change in net debt ▪ €33.5 M reduction in WCR over the year In €M - Sales of not yet used packages and admission tickets - Customer deposits (hotels, corporate events in the parks before 2023/24 2022/23 Christmas) EBITDA 350.7 307.7 ▪ Net industrial investments slightly below Group guidance Variatio
Slide 22: Increase in net debt partly due to Urban acquisition, gearing under control
Increase in net debt partly due to Urban acquisition, gearing under control Net financial debt(1) Gearing(3) €754 M En M€ 2.4x 2,4x 1 263 (2) Impact of 0,4x Urban acquisition IFRS 16 900 (2) debt 509 59 Excl. + = 65 Impact of Urban Urban 6 closing debt Total impact of 2,0x 2,0x acquisition 338 €215
Slide 23: Group debt
Group debt Maturity profile of Group debt at September 30, 2024 In €M RCF/NEU CP disponible NEU CP Term Loan (200M€ et 40M€) Découverts Liquidity position at 09/30/2024 PPR PGE US PP 2019 EURO PP 2017 US PP 2017 EURO PP 2024 - 205 million in medium- and long- Divers term financing is available at an
Slide 24: Contextual Information / Strategy
CONTEXTUAL INFORMATION / STRATEGY CDA - 2023/24 - Annual Results - December 3, 2024
Slide 25: Capital allocation policy: efficient and balanced
Capital allocation policy: efficient and balanced, the compass for our strategic choices CREATING VALUE RETURN TO SHAREHOLDERS INVESTMENTS ACQUISITIONS DIVIDENDS Investments in value-creating projects that Acquisitions in the Group's core businesses or represent medium- and long-term growth drivers
Slide 26: Creating value and future growth drivers
Creating value and future growth drivers INVESTISSEMENTS Different types of investments, adapted to respond to the specific needs of each of the Group’s businesses Maintenance & Modernization Development ~95% of SA ~35% of LP ~60% of LP investments investments investments ▪ Necessary and contractual
Slide 27: Ski Areas: renewal and capacity expansion
Ski Areas: INVESTMENTS renewal and capacity expansion Investments that go beyond our contractual obligations to make our ski areas even more attractive Maintenance & Modernization Maintenance & Modernization ▪ Renovation of the Transarc gondola lift TC Transarc project – Les Arcs TC Roche de Moi pro
Slide 28: Leisure Parks: expanding capacity and renewing attractiveness
Leisure Parks: INVESTMENTS expanding capacity and renewing attractiveness Investment in projects designed to exploit the full potential of leisure parks Maintenance & Modernization Development Bellewaerde 35th anniversary of Parc Astérix New Mundo Amazonia zone ‒ one-of-a-kind water attraction (full
Slide 29: Distribution & Hospitality investments
Distribution & Hospitality INVESTMENTS Investments in projects that enable the Group to fully exploit the potential of the leisure parks Development New Serre-Chevalier residence - Opening in December 2025 - 1,020 beds - Cost of project: €49M Maintenance & Modernization Renovation and expansion of t
Slide 30: A proven track record of value-creating external growth initiatives
A proven track record of value-creating external growth ACQUISITIONS initiatives Familypark Urban Group ▪ Number 1 leisure park in Austria, a new country for CDA ▪ Acquired in March 2019 Acquisition in 2024 ▪ SALES: +60% since the acquisition ▪ Acquisition EV: €72.5 M MMV ▪ 2nd biggest hotel operato
Slide 31: Urban Group acquisition: a logical fit
Urban Group acquisition: ACQUISITIONS a logical fit An extension of the sports and recreation leisure offering, in an urban setting, with a number of positives Activity consistent • Make the practice of sport accessible to everyone with our raison d’être • Vector of social and economic development,
Slide 32: Focus on electricity
Focus on electricity Cost of electricity has declined for the Group by around 20% vs 2022/23 • Q1 of 2023/24: new contract (2024 calendar year) starting 01/01/24 (Q1 invoiced on the basis of earlier contract) Quarterly electricity costs (€M) • Ongoing energy-saving efforts 35 • Ski Areas: 27% reduct
Slide 33: Carbon footprint and commitment tracking
Carbon footprint and commitment tracking CDA - 2023/24 Annual Results – December 3, 2024
Slide 34: CO2 and Carbon Neutrality indicators
CO2 and Carbon Neutrality indicators (in tons of CO2 emitted – scope 1 and 2) Var vs 28% reduction in CO2 emissions in 2023/24 2023/24 2022/23 Var 2018/19 (1) (2) 2018/19 (scope 1 and 2) vs 2022/23 (3) - A total decrease of -4 977 tons CO2 emissions(1) Compared with 2018/19, a 57% reduction in Ski A
Slide 35: Reducing our carbon footprint
Reducing our carbon footprint Scope 1 & 2 emissions in Teq-CO2 ex D&H Target path Scope 1 & 2 emissions in Teq-CO2 including D&H (and thus MMV) for actuals as of 2022/23 Reference year 2018/19 : 29,571 teq-CO2 % changes vs. reference year 2018/19 35 000 Covid 30 000 Covid 35 000 25 000 4 points ahea
Slide 36: Overview of commitment tracking
Overview of commitment tracking Rolling out the 10 promises made to make our Raison d’être a reality Pillars Promises Achievements 1. Achieve Carbon Neutrality (scopes 1&2) by 2030 ▪ As of 09/30/2024, 57% reduction in emissions (scope 1 & 2) vs reference year 2018/19 2. Take action to reduce scope 3
Slide 37: Conclusion / Outlook
CONCLUSION / OUTLOOK CDA - Résultats annuels 2023/24 - 3 décembre 2024
Slide 38: Proposed dividend
PROPOSED DIVIDEND Dividend in € / share Dividend paid Amounts paid out in €M Payout amounts Dividend proposed Distribution proposed 1,00 0,91 50,6 0,83 46,0 0,70 41,8 0,65 0,50 0,40 15,9 17,1 12,2 9,7 2015/16 2016/17 2017/18 2018/19 2021/22 2022/23 2023/24 2015/16 2016/17 2017/18 2018/19 2021/22 202
Slide 39: Outlook
2024/25 4-5 year horizon EBITDA growth target of around 10%(1) EBITDA ≥ €500 M Capex guidance = €276 M Gearing(2) between 2 and 3x (including (including Urban) acquisitions) Outlook Dividend distribution policy of around 50% of Net Income GS (ex- non- recurrent items) is maintained Ongoing pursuit o
Slide 40: Additional Information
ADDITIONAL INFORMATION CDA - Résultats annuels 2023/24 - 3 décembre 2024
Slide 41: A lasting commitment to the mountains, generating value
A lasting commitment to the mountains, generating value In 2023/24, the Group is managing 20 public service delegations with an average remaining duration of over 10 years 20 14public 10 4 expire after service expire after expire after January delegations January 2030 January 2034 2044 2024 2030 203
Slide 42: Ski Areas: Growth driven by price and mix effects
SKI AREAS Growth driven by price and mix effects NUMBER OF SKIER DAYS(1) CAPEX In €M (base 100 in EBITDA (base 100 in 2014/15) (base 100 in 2014/15) +8.1% SALES 2014/15) AAGR 113 +1,0% +1.8% 102 92 +13.0% 84 86 91 81 -3.5% +28.1% 73 AAGR 69 +4.1% AAGR 15 16 17 18 19 22 23 24 +7.2% AAGR +5.7%(3) +3.5
Slide 43: Leisure Parks: Capex spending generative of profitable growth
LEISURE PARKS Capex spending generative of profitable growth NUMBER OF VISITORS CAPEX In €M (base 100 in 2014/15) (base 100 in EBITDA (base 100 in 2014/15) +5.2% +0.4% SALES 2014/15) AAGR +6.0% 127 +4,6% 119 +16.1%(5) -0.8%(2) 103 +5.9%(2) 91 86 88 +13.4%(1) +36.5%(4) 70 AAGR 59 58 15 16 17 18 19 22
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