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Compagnie des Alpes' leisure park activity is down
The French operator Compagnie des Alpes (CDA), which owns a dozen leisure parks and attractions in Europe and North America - including Parc Asterix, Futuroscope, Walibi parks and Grévin wax museums, has published its first half results for FY 2012-2013 in line with levels reported last year. The net attributable income amounted to € 38.2 million, slightly up 0.8% compared to the same period of the previous fiscal.
CDA's consolidated sales increased by 3.5% to €407.9 million. Growth was driven by the activities of ski areas – the main business of the group which represents 80% of the total activity in the first half – up 5.9% to € 347.2 million.
Regarding leisure parks, activity turnover showed a decline of -8.1% to € 59.8 million versus € 65.1 million in the first half of FY 2011-2012. Stressing that this period of the year counts for only 20% of the annual activity of the leisure parks' business, CDA explains that the sales went down due to the combination of factors deemed outstanding such as the closing of the Dolfinarium Harderwijk the Netherlands for renovation and number of opening days lower than the previous year due to a calendar effect. Note that this decline was concentrated mainly in the first quarter (-12%) despite good performance from Walibi Holland and Parc Asterix during the Halloween season.
As a result, operating income for the activity of leisure parks is showing a loss of € 60 million. This half-year result is nevertheless not relevant in view of the expected annual result since most of the activity is concentrated in the second half of FY (loss was € 52.6 million in previous first half).
In the second half of FY 2012-2013, CDA should benefit from the positive effects of its attractions' offer optimization, despite a difficult economic environment. The start of the third quarter, signaling the opening of the 2013 season, was stable compared to business during the same period last year, in spite of highly unfavorable weather.
The group stated it had made investments amounting to €36 million in the first half, ie an increase of 12 million compared to the previous fiscal year. This amount includes the renovation of Dolfinarium Hardewijk's dome (€4 million), which reopened on April 27 with a new dolphin show. Also in the Netherlands, part of the bungalow park (80 units) of Walibi Holland has also been renovated (€ 4 million) for the creation of a new concept of accommodation Walibi Village. The aim is to lengthen the visit duration to both Walibi Holland and Dolfinarium which are located just twenty kilometers from each other.
CDA has also invested €7 million into the opening of Grévin Montreal in Canada - the first step in its international expansion – and €6 million to transform the old Shuttle Loop coaster of Walibi Belgium (opening this summer).
In parallel, CDA plans to take advantage of the effects of structuring investments around the Walibi brand (new attractions, shows and events) and the new Egyptian themed area of Parc Asterix (France) to increase sales during the second half-year. Not to mention the launch of Lady Ô night show at Futuroscope (France) and Huracan family coaster at Bellewaerde Park (Belgium).
Commenting on the results, Chairman and CEO Dominique Marcel stated: "Our first-half results are a source of satisfaction. They reached the same level as last year, which stood out as a very strong season in Ski areas. In an uncertain economic climate, the Group is working to provide full satisfaction for customers, meeting their expectations by introducing an attractive product line in Leisure parks over the coming six months."
As regards the future outlook, Compagnie des Alpes has confirmed the opening of a third Musée Grévin attraction in Prague in 2014 while two other projects are identified and under negotiation for 2015. The goal is to triple the business line of Grévin brand within 5 years. Other prospection activities are well underway for both of the group's businesses in promising geographical areas
Read more: the half-year financial report of Compagnie des Alpes is downloadable online (PDF format).
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NewsParcs will do a full coverage of the IAAPA Attractions Expo 2013 in Orlando to have a look at the latest trends and developments of the global theme park industry.
