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First half results are rising for Compagnie des Alpes

Leisure parks revenues are up 10%

Update : 27/05/12 - 12h27 Published by François Mayné the 26 May 2012, Corporate.

French operator Compagnie des Alpes announced results in progression for the First Half of FY 2011/2012. Good performances of ski areas and leisure parks allowed the Group to achieve an increase in margins and operating income with consolidated sales of €394.1 million (about $49M) up 8.3% - or 4.9% on a comparable basis - and a net income of €37.9 million (about $47.5M) million, up by 2.7% like-for-like over the prior year.

Although the activity of leisure parks is not very significant during the first half (it represents 15% of annual activity while the summer season is 55%), the turnover is up 37.6% to €65.1 million (about $81.5M) due particulary to the integration of Futuroscope (only Q2 had been integrated in FY 2010/2011). On a comparable basis, this increase jumped by nearly 10%. The first half got off to a good start, thanks to the renewed success of special events created to celebrate specific holidays, such as Halloween, All Saints’ Day (Toussaint) and Christmas Trees at Parc Astérix.

The operating income for the leisure parks activity is a loss of €52.6 million (about $65.8M). Even if it is structurally in deficit over this period of the fiscal year, this result improved somewhat, despite the increase in amortization due to Group investments.

Compagnie des Alpes’ financial structure continued to improve and all banking covenants were met. Operating cash flow came to €92.4 million, a 5.5% increase, representing more than 23% of sales. Group debt amounts to €288 million vs. €357 million at September 30, 2011 (and €297 million at March 31, 2011).

Outlook

The beginning of Q3 for the leisure parks suffers from exceptionally poor weather. At May 21, 2012, receipts since October 1, 2011 have decreased by 2%, with visitor numbers in decline by the same percentage. The Group stated “With the tourism and leisure market under pressure from the generally sluggish economic climate, Compagnie des Alpes has solid strengths as a leisure provider in close proximity. In this environment, the Group is continuing its strategy of maintaining its prices while optimizing yields on ticket sales (through a policy of pre-sales and targeted promotions) in shoulder seasons and group customers. In addition, fair valuation of products for individual clientele during the peak season is being highlighted to reap the benefits of the summer season.”

Moreover, Compagnie des Alpes is counting on the recognized and proven attractiveness of its sites and the investments made over the past two years. At Parc Astérix for example, first visitors feedbacks are very positive about the new Egyptian themed area and the Inverted Coaster OzIris which gets the best satisfaction rate of all the park’s rides. On the web, Parc Astérix notes a nearly 80% increase of unique visitors on its website and a 20% increase of fans on its Facebook page. The indoor water park Aqualibi (Belgium) is also showing significant growth while Futuroscope's bookings to date are in line with forecasts and show a slight increase over last year.

Finally, the wax museum Grévin Paris is continuing with its positive performance, helped by increases in both prices and visitor numbers. While the opening of a second Grévin in Montreal is announced for early 2013, Compagnies des Alpes confirms that the implementation of a third museum in Prague Czech Republic was formalized with the signing of an in principle agreement to occupy an entire building of 3,330 m² (nearly 470,000 square feet) on the tourist area of Celetna Street. The opening of this site is planned for 2014 and the amount invested will be €10 million (about $12.5M). Other locations for Grévin are also being considered by the Group.

Futuroscope - Parc Astérix - Walibi - Grévin - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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