Compagnie Des Alpes Sa · EURONEXT:CDA
Compagnie Des Alpes Sa — FY2022/23 Earnings Presentation
48 slides from Compagnie Des Alpes Sa's earnings presentation, Dec 5, 2023
Slide 1: 2022/2023 Annual Results
2022/2023 ANNUAL RESULTS DECEMBER 5, 2023
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
OUTLINE 1. ANNUAL OPERATING HIGHLIGHTS AND KEY FIGURES 2. REVIEW OF OPERATIONS 3. 2022/2023 ANNUAL RESULTS 4. PURSUING OUR STRATEGY 5. DIVIDEND AND OUTLOOK 6. ADDITIONAL INFORMATION 3 COMPAGNIE DES ALPES – 2022/2023 Annual Results – December 5, 2023
Slide 4: 1. Highlights and Key Figures
1. HIGHLIGHTS AND KEY FIGURES
Slide 5: Highlights of the Financial Year
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 2 / 2 3 Adoption of the Group’s Raison d’Ȇtre and the 10 CSR commitments and 5 renunciations Significant improvement in CSR performances ✓ 34% reduction in CO2 emissions versus 2021/22 ✓ Recognition of CSR policy coherence: MSCI rating of AA (vers
Slide 6: Financial and Non-Financial Performances Surpass Group Guidance
F I N AN C I AL AN D N O N - F I N AN C I AL P E R F O R M AN C E S U R PAS S E S G R O U P G U I D AN C E Indicator Guidance for 2022/23 Achieved EBITDA Almost €270 million, i.e., 2021/22 level Excluding MMV and non- €279 M (guidance increased at the of October) recurring items NET INDUSTRIAL €250
Slide 7: 2022/23 Key Figures: Sales and EBITDA
2022/23 KEY FIGURES Net attributable income, Group Sales: €1 126 million EBITDA: €308 million share: €90 million 1 126 in €M in €M in €M +17.4% 71 MMV 959 +10.0% 313 308 Non-recurring (1) 6 Excl. MMV Non-recurring (2) 43 25 MMV 4 Non-recurring (2) 114 90 1 055 Non-recurring (3) 31 3 Non-recurring (3
Slide 8: Evolution of EBITDA
EVOLUTION OF EBITDA in €M % EBITDA margin rate +10.7% 32.6% -62 27.3% +102 28.3% 26.4% +4 -43 +9.5% -32 +25 X1.9 313 308 270 279 2021/22 EBITDA 2021/22 non 2021/22 EBITDA Sales increase, ex. Increase in op. Increase energy 2022/23 EBITDA, MMV EBITDA 2022/23 non 2022/23 EBITDA recurring ex. non recur
Slide 9: 2022/23 Key Figures: Net CAPEX and Gearing
2022/23 KEY FIGURES Net CAPEX: €235 million Gearing (1): 2.0x in €M 235 177 2,0x 1,1x 2021/22 2022/23 30 sept. 2022 30 sept. 2023 (1) Net financial debt excluding IFRS 16 liabilities / EBITDA excluding IFRS 16 9 COMPAGNIE DES ALPES – 2022/2023 Annual Results – December 5, 2023
Slide 10: 2. Review of Operations
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Slide 11: Ski Areas and Outdoor Activities: Operational Performance
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 O N AL P E R F O R M AN C E Robust business, thanks in particular to our high-altitude positioning Number of Skier days: +1.8% Sales for ski-lifts: +7.8% Income per Skier day: +5.9% Positive performance in terms of skier-days in Comm
Slide 12: Ski Areas and Outdoor Activities: Financial 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 : F I N AN C I AL D ATA AN D I N V E S T M E N T S Change on a comp. basis, in €M 2022/23 2021/22 Change excl. non- recurring Sales up more than 7% items Operating expenses impacted by rising energy costs Sales 489.2 456.2 +7.2% +7.1% - Energy cost
Slide 13: Distribution & Hospitality: Operational Performance
DISTRIBUTION & HOSPITALITY: OPERATIONAL PERFORMANCE Robust growth, driven in particular by the integration of MMV MMV: Lodging sales net of commissions +9% Real Estate agencies: Sales +24% Tour Operator: Sales +17% ✓ MMV = 2/3 of sales for the BU ✓ Commercial agility ✓ Travelfactory Group = Travelsk
Slide 14: Distribution & Hospitality: Financial Data and Investments
DISTRIBUTION & HOSPITALITY: FINANCIAL DATA AND INVESTMENTS Change on a in €M 2022/23 2021/22 Change Sales multiplied x 3.4 thanks to the acquisition of MMV comp. basis - Growth of 18.1% on a comparable basis Sales 110.3 32.9 n/a +18.1% On a comparable basis, increase in operating expenses linked mai
Slide 15: Leisure Parks: Operational Performance
LEISURE PARKS: OPERATIONAL PERFORMANCE Significant increase in sales thanks to record visitor numbers in H1 and higher spending per visitor in H2: => Number of Visitors: +5.2% Recognition from visitors and industry professionals => Spending per Visitor: nearly +7% ✓ Satisfaction scores: up on all ma
Slide 16: Leisure Parks: Financial Data and Investments
LEISURE PARKS: FINANCIAL DATA AND INVESTMENTS Cg. on a comp. basis excl. Sales up 12% in €M 2022/23 2021/22 Change non- recurring - Growth of 13.4% excluding non-recurring items (cf. sales of €5.8 M in 2021/22 items linked to the backlog of "no show" tickets from the Covid period) Sales 525.9 469.4
Slide 17: 3. 2022/23 Annual Results
3. 2022/23 ANNUAL RESULTS
Slide 18: P&L (1/2)
P & L (1/2) Change Change on a Published sales up 17.4% 2022/23 2021/22 on a comp. basis in €M Change comp. ex non- reported reported - Integration of MMV contributes 7.4 pts to growth basis recurring On a comparable basis, operating expenses up 13.5% excluding non- Sales 1 125.5 958.5 +17.4% +9.9%
Slide 19: P&L (2/2)
P & L (2/2) Change on Increase in net cost of debt a comp. - Gross borrowing costs excluding IFRS 16 up €9.8 M, mainly due to higher interest basis excl. in €M 2022/23 2021/22 rates non- recurring - IFRS 16 debt costs up €4.7 M due to the integration of MMV, the full-year effect of items the Cosmos
Slide 20: Changes in Cash Flow
CHANGES IN CASH FLOW in €M 2022/23 2021/22 Slight increase in WCR in FY 2022/23 Net capital expenditure up as expected, but below Group guidance EBITDA 307.7 312.6 - 33% increase over 2021/22 to €235 million vs. full-year guidance of around €250 million Change in WCR -13.5 +67.5 - Variance vs. budge
Slide 21: Rise in Debt Linked in Part to MMV, Gearing Under Control
RISE IN DEBT LINKED IN PART TO MMV, GEARING UNDER CONTROL Net financing debt (1): €563 M Gearing (3): 2.0x 900 (2) IFRS 16 liabilities 338 2,0x 102 541 (2) + = 168 Impact of MMV 66 closing Total impact of the 1,1x IFRS 16 264 MMV acquisition liabilities 205 96 Impact of financing Net the acquisition
Slide 22: 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 as of September 30, 2023 In €M RCF/NEU CP available (300 M€) New financing Term Loan available (200 M€) - RCF refinanced for €300 M, 5-year maturity and two options Available unconfirmed overdraft for one-year extensions, with CSR
Slide 23: 4. Pursuit of the Strategy
4. PURSUIT OF THE STRATEGY
Slide 24: A Raison d'Être Built on 3 Convictions and 4 Pillars
A R A I S O N D ’ Ê T R E B U I LT O N 3 C O N V I C T I O N S A N D 4 P I L L A R S O F I M P L E M E N TAT I O N 1. The amount of leisure time we allow ourselves is essential 3 convictions 2. The emphasis is on immersion in reality 3. We all have a part to play in preserving the environment “At Co
Slide 25: The Strategic Priorities
T H E S T R AT E G I C P R I O R I T I E S Dynamize site activity • Offer unique and immersive experiences and attractivity • Offer expanded business hours and enhance the fluidity of the client experience • Use digital resources to boost distribution and marketing • Capitalize on the shared experti
Slide 26: 10 Commitments and 5 Renunciations
10 COMMITMENTS AND 5 RENUNCIATIONS 1 Achieve Net Zero Carbon (scope 1 6 Support projects that are innovative 1 No extension of ski areas, with the and 2) in 2030 and that foster access to leisure exception of limited and targeted pursuits (Fondation CDA) adaptations 2 Take action to decrease scope 3
Slide 27: Ski Areas: Growth Driven by Price Effects and Mix
S K I AR E AS : G R O W T H D R I V E N B Y P R I C E E F F E C T S AN D M I X NUMBER OF SKIER DAYS (base 100 in 2014/15) AAGR +1.0% +1.8% SALES EBITDA CAPEX (€M) -3,5% (base 100 in 2014/15) (base 100 in 2014/15) 15 16 17 18 19 22 23 +7.2% +5.7%(2) 102 AAGR AAGR 91 92 ✓ Record in 2018/19 of 12.8 M S
Slide 28: Ski Areas – Structuring Capex for Enhanced Client Experience
SKI AREAS – STRUCTURING CAPEX FOR ENHANCED CLIENT EXPERIENCE SERRE CHEVALIER: Pontillas gondola lift supporting the creation/renovation of overnight lodging at La Salle-les-Alpes (Project Delivery in 23-24 involving MMV residence & renovation of Club Med). Less energy consumption Creation of a high-
Slide 29: Leisure Parks: Capex Generating Profitable Growth
L E I S U R E PAR K S C AP E X G E N E R AT I N G P R O F I TAB L E G R O W T H NUMBER OF VISITORS (base 100 in 2014/15) +5.2% +6.0% AAGR +4.6% CAPEX (€M) SALES EBITDA (base 100 in 2014/15) (base 100 in 2014/15) 119 +16.1%(4) 103 15 16 17 18 19 22 23 91 86 88 +36.5%(3) +13.4%(1) 70 ✓ New record of 1
Slide 30: Leisure Parks – Ambitious Developments Promoting Growth
LEISURE PARKS – AMBITIOUS DEVELOPMENTS PROMOTING GROWTH Investing in projects that can increase substantially the capacity and drawing power of parks • A historically winning strategy with attendance up by +11.5% since 2018-19, and Sales up by +38% for this BU. AQUALIBI BELGIUM – Number 1 AQUATIC Pa
Slide 31: 4.1 – Energy Exposure
ALiBi 4.1 - ENERGY EXPOSURE
Slide 32: Lower Energy Bill
LOWER ENERGY BILL On a comparable scope basis, the increase in electricity costs for 2022/23 limited to x2.3 versus initial estimate of x2.6 ✓ 2023 sobriety objectives met, with consumption down by -5% for Ski Areas + Leisure Parks – including -8% for Ski Areas despite more visitors (+1.8%) and an i
Slide 33: 4.2 – Net Zero Carbon Emissions Objective
4.2 – NET ZERO CARBON EMISSIONS OBJECTIVE
Slide 34: Indicators: CO2
I N D I C ATO R S : C O 2 Net Zero Emissions – Carbon Neutrality Var. vs (in tons of CO2 emitted – scope 1 and 2) 2022/23 2021/22 Var. 2018/19 2018/19 34% reduction in CO2 emissions in 2022/23 (scope 1 and 2) vs. 2021/22 CO2 emissions (1) - which is -9 479 tons Ski Areas & Outdoor Activities 4 012 1
Slide 35: Reducing Our Carbon Footprint
REDUCING OUR CARBON FOOTPRINT Scope 1 & 2 emissions in TEQ CO2 including D&H Scope 1 & 2 in TEQ CO2 ex D&H (and MMV) for actual as of 2022/23 Target evolution Change (%) vs. reference year 2018/19 Reference year 2018/19 : 29 571 TEQ CO2 35 000 35 000 Actual 14 points ahead of the 30 000 target in 20
Slide 36: Financing Local Carbon Sinks, Close to Our Emitting Sites
FINANCING LOCAL CARBON SINKS, CLOSE TO OUR EMITTING SITES Reminder: the Group uses 100% local financing for sequestration whenever the reduction effort represents more than 80% of the target towards Zero Carbon - Co-benefits are expected in terms of adapting the forest to climate change and biodiver
Slide 37: 5. Dividend and Outlook
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Slide 38: Recommended Dividend
RECOMMENDED DIVIDEND Dividend in € / share Payouts in €M 0,91 46,0 0,83 41,8 0,70 0,65 0,50 0,40 0,40 15,9 17,1 12,2 9,7 9,7 2014/15 2015/16 2016/17 2017/18 2018/19 2021/22 2022/23 2014/15 2015/16 2016/17 2017/18 2018/19 2021/22 2022/23 Dividends paid Dividend Payout amounts Distribution recommended
Slide 39: Outlook
OUTLOOK ✓ Target EBITDA growth for 2023/24 is GEARING ✓ Maintaining target for gearing EBITDA a minimum of 7% vs EBITDA 2022/23 Net debt ex-IFRS 16/EBITDA ex- at a maximum of 2.5x ex- ex-non-recurring items IFRS 16 acquisition ✓ For the next two financial years, a ✓ Distribution policy unchanged, NE
Slide 40: 6 – Additional Information
6 – ADDITIONAL INFORMATION
Slide 41: 3 Divisions Serving the Raison d'Être
3 DIVISIONS SERVING THE RAISON D’ÊTRE Ski Areas & Outdoor Activities Distribution & Hospitality Leisure Parks • Operation of ski areas in 10 high-altitude • Distribution & hospitality in the Alps • 12 leisure parks in Europe, of which 5 in resorts in the Alps France • 3 businesses: lodging via MMV;
Slide 42: Distribution & Hospitality
DISTRIBUTION & HOSPITALITY In winter and summer, lodging is a decisive factor in the selection of a mountain destination The division’s priorities Successful integration of MMV Development areas ✓ Expand the lodging offer ✓ Performance in line with the acquisition ✓ MMV: new developments (like Serre
Slide 43: Walibi Rhône-Alpes: Transformation Since 2016
W A L I B I R H Ô N E - A L P E S : T R A N S F O R M AT I O N S I N C E 2 0 1 6 Where things stand since the park’s renovation began in 2016 Attendance: +55% General satisfaction: €41 M in investments from 7.6/10 in 2015 to + SPV: +40% 8.6/10 in 2023 25% more days open to the public EBITDA margin:
Slide 44: 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 offer for the whole family ✓ 1 major attraction: Toutatis Grand Astérix project ✓ 1 family attraction ✓ 1 playground ✓ Expansion on the ✓ 1 restaurant number of rooms in ✓ 1 candy kiosk hotels starting
Slide 45: Futuroscope: 10-Year Transformation Plan
F U T U R O S C O P E : 1 0 - Y E A R T R A N S F O R M AT I O N P L A N Strengthen the positioning as a short stay destination for French and European visitors 1 major attraction every 2 years on average A strategy that is bearing fruit: 1 attraction refresh every year (from 2021 to €300 M in inves
Slide 46: Our Ski Resorts – A Set of Actions Consistent with Our Promises
OUR SKI RESORTS – A SET OF ACTIONS CONSISTENT WITH OUR PROMISES ELIMINATION OF LAUNCH OF ELECTRIC- EMISSIONS TRAVELSKI POWERED CAUSED BY EXPRESS SHUTTLES AT SNOW TIGNE AND VAL GROOMING D’ISERE ELECTRIC RETROFIT OF ALL-TERRAIN VEHICLES RENEWABLE ENERGY VOLUNTARY PROGRAM AT SERRE RESTORATION OF RECYCL
Slide 47: Our Parks – A Set of Actions Consistent with Our Promises
OUR PARKS – A SET OF ACTIONS CONSISTENT WITH OUR PROMISES ECO-DESIGN OF USE OF GEOTHERMAL HEAT/COOLING PUMPS HEATING SYSTEM TERRACES AT ENERGY AT AT FUTUROSCOPE REBOOT FOR FUTUROSCOPE BELLEWAERDE PARK AQUALIBI HIGH ENVIRONMENTAL ISO 5001 QUALITY RATING FOR CERTIFICATION FOR SOLAR PANELS OVER THE STA
Slide 48: 2023/2024 Agenda
2023/2024 AGENDA 1st quarter sales Tuesday, January 23, after market Annual Shareholders’ Meeting Thursday, March 14, afternoon 2nd quarter sales Tuesday, April 23, after market 1st half results Thursday, May 23, after market (webcast) 3rd quarter sales Tuesday, July 23, after market 4th quarter sal
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