Compagnie des Alpes SA · EURONEXT:CDA
Compagnie des Alpes SA — H1 FY2007/2008 Earnings Presentation
23 slides from Compagnie des Alpes SA's earnings presentation, May 28, 2008
Slide 1: FY 2007/2008 First-half results
FY 2007/2008 First-half results (OCTOBER 1, 2007 / MARCH 31, 2008) PAGE1
Slide 2: Agenda
Half-year results Assessment of the winter season Leisure parks in 2008 Outlook and strategy PAGE2
Slide 3: Significant events of the half-year
Significant events of the half-year Ski areas (89% of activity) Sales: +27.7% on a real basis; +10.9% like-for-like An excellent half-year for the ski areas of all CDA resorts Land-sales transactions declined: 0.7 million vs. 5.8 million last year A major acquisition STVI (Val d’Isère), as well as 2
Slide 4: Significant events of the half-year
Significant events of the half-year Assessment of the winter season Leisure parks in 2008 Outlook and strategy PAGE4
Slide 5: Half-year results
Half-year results % # & ! % # & ! $ # !" # !" # • Strong first-half performance by Val d’Isère (fully consolidated): sales 32.1 million, EBITDA 17.3 million, EBIT 14.3 million • Improved operating margins like-for-like as a result of excellent business and cost control • Marginal impact of land-sale
Slide 6: Half-year results
Half-year results % # & ! % # & ! • No change in scope of consolidation • Sales insignificant (10% of annual sales) • Commercial success of openings during Toussaint and Christmas holidays • Decline in EBITDA and EBIT: • additional expenses for openings during new periods (including publicity costs)
Slide 7: Half-year results
Half-year results % # & ! % # & ! % # & ! • No exceptional restructuring costs this year (moving and employment preservation plan in first-half 2006/2007) • Cost control of corporate headquarters PAGE7
Slide 8: Half-year results
Half-year results % # & ! % # & ! % # & ! # !" # !" # # " ##" ' (" & * + &, - & " . ) / & &&# 0 + & 0 ("- ) • Increase of margins like-for-like: EBITDA +3.1 pts; EBIT +3.8 pts • Increase of net borrowing costs: - Cost of financing acquisitions (incl. recognition of call option for 40% of STVI) • Equ
Slide 9: Half-year results: Free cash flow doubled
Half-year results Free cash flow doubled 6 6 6 6 1 2 # & ( !"' 3 / &44 %# ( !"' / &! ( 5 &- & / ( 2 & / ! ( . 0& / * After interest and taxes • Growth of cash flow in line with operating performance: 26.2% of sales (cash flow 2007: 21.3% of sales) • Increased Capex spending: - Implementation of new
Slide 10: Half-year results
Significant events of the half-year Half-year results Leisure parks in 2008 Outlook and strategy PAGE10
Slide 11: Assessment of the winter season
Assessment of the winter season Good weather conditions: 6.2 m of total snowfall vs. 5.7 m (five-year average) at La Plagne (2,100 m) Snowfall consistent over six-month period (November to April) Normal temperatures, good weather Favorable calendar for holidays and public holidays, except for Easter
Slide 12: Sales performance indicators for the winter season
Assessment of the winter season !" # Sales performance indicators for the winter season "- - & 8 !" # : $ / + - 0 # " ! !& & ( & - " - 2 #" 5 . " ( ( + 2 ( , " ! # " #& 2#( 2" (, "' (" . &" - # & #. , - " 8 9 . , : 7 ( " #. 5 &" # + - 0 # 5 # .+# &" " ! !& . , " ! - + & . , !& & ( & &( & % 5 # &" &
Slide 13: Continued improvement of customer service
Assessment of the winter season Continued improvement of customer service Choice of investments: slope maintenance, snowmaking, fewer lifts but extended hours Customer satisfaction surveys: improved scores on customer satisfaction, 7.8 in 2008 vs. 7.5 in 2007 (60,000 surveys carried out at 17 resort
Slide 14: Vanoise Express cable car closure
Assessment of winter season * $ +( , Problems detected on main cables at end-November Decision to cease operations made on December 20, 2007 Technical and financial examination under way Effects: impact on average daily revenues of the three companies selling Paradiski: Change / n-1 Five-year averag
Slide 15: Assessment of the winter season
Significant events of the half-year Half-year results Assessment of the winter season Le "--. Outlook and strategy PAGE15
Slide 16: Extending the season of leisure parks
Leisure parks in 2008 * A long-term strategic decision: extending the season of parks whose features meet criteria for high-quality family entertainment Choice of parks: criteria of size, location and brand recognition. In 2007-2008: Parc Astérix, Bellewaerde, Ecomusée. In 2009: Walibi Belgium and D
Slide 17: Strategy for growth of advance sales
Leisure parks in 2008 Strategy for growth of advance sales (45% of annual visitor numbers) designed to stabilize sales and lower dependence on unpredictable weather conditions. As of May 18, advance sales had increased 13% compared with 2007. Organization of sales teams by country/region: Belgium, t
Slide 18: Parc Astérix: Caesar's Challenge; Grévin events
Leisure parks in 2008 # Parc Astérix: Caesar’s Challenge aims high A thoroughly innovative ride Where the spectator plays an active role Use of sophisticated special effects Creative use of numerous entertainers Grévin: special events and proposed expansion Three new figures since the beginning of t
Slide 19: Leisure parks in 2008
Significant events of the half-year Half-year results Assessment of the winter season Leisure parks in 2008 / PAGE19
Slide 20: Outlook and strategy
Outlook and strategy Projects under way Outlook for annual results 2007-2008 PAGE20
Slide 21: Projects under way
Outlook and strategy * 0 Holiski card (formerly frequent-skier card) Conclusive technical tests (back and front office) on the two pilot resorts Use expanded to all French companies controlled by CDA Partnership project for the Bioscope/Ecomusée site: 300 to 500 houses, which will attract new custom
Slide 22: Outlook for annual results 2007-2008
Outlook and strategy / "--1 "--. Ski areas: Sales growth of ski lifts will be higher than the five-year average: 3.3% Land-sales transactions for the financial year will be down from the previous exercise ( 12 million in sales, 8 million in operating profit) Ski area operating margins for the financ
Slide 23: First-half results FY 2007-2008
FY 2007-2008 First-half results (OCTOBER 1, 2007 / MARCH 31, 2008) PAGE23
Compagnie des Alpes — H1 FY2007/2008 Earnings Presentation on 6ix