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SFAF meeting – June 30, 2005 1 COMPAGNIE DES ALPES Interim financial statements October 1, 2004 - March 31, 2005.

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Presentation on theme: "SFAF meeting – June 30, 2005 1 COMPAGNIE DES ALPES Interim financial statements October 1, 2004 - March 31, 2005."— Presentation transcript:

1 SFAF meeting – June 30, 2005 1 COMPAGNIE DES ALPES Interim financial statements October 1, 2004 - March 31, 2005

2 SFAF meeting – June 30, 2005 2 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth 4 – Group prospects

3 SFAF meeting – June 30, 2005 3 Key events and figures for the first half (1)  New members of the Management Board: Franck Silvent: Director of Finance, Strategy and Development Serge Naim: Director, Leisure Sites Division; Managing Director, Grévin & Cie  First half figures up Growth in sales and income on the real scope of consolidation: Sales: +1.8% EBITDA:+3.9% EBIT:+3.8% Net attributable income:+14.6% 1 – Activity for the first half

4 SFAF meeting – June 30, 2005 4 Key events and figures for the first half (2)  Changes in the consolidation scope and the calendar: Ski areas:  Consolidation of Serre Chevalier 1350 in December  SEM Serre Chevalier Ski Développement now an equity affiliate  Change in the consolidation scope: Courmayeur (CMBF) and Chamonix (CMBF) now equity affiliates Leisure sites:  Pleasurewood Hills acquired in July 2004 (closed in winter) Group calendar:  Christmas and New Year’s Day on Saturdays  Easter Monday on March 28, 2005 (in April in 2004)  The Dolfinarium in the Netherlands now seasonal (closed for renovation H1 2005 and reopened in April) 1 – Activity for the first half

5 SFAF meeting – June 30, 2005 5 First half sales and income In €m Figures 3/31/2004 Figures 3/31/2005 Change 2004/2005 Sales 213.5217.6 +1.9% EBITDA (Gross operating income) EBITDA/Sales 74.1 34.7% 77.0 35.4% +3.9% EBIT (Operating income) EBIT/Sales 50.5 23.7% 52.5 24.1% +3.8% Net attributable income (NAI) NAI/Sales 19.4 9.1% 22.2 10.2% +14.4% Real scope of consolidation  Significant growth in Net Attributable Income  Improved margins 1 – Activity for the first half

6 SFAF meeting – June 30, 2005 6 First half sales and income In €m 2004 restated* Real scope of consoli- dation 2005 Change (%) o/w effect of Serre Chevalier 1350** Sales 186.2203.0+5.3%+7.0 Gross Operating Income (EBITDA) EBITDA/Sales 90.0 48.3% 101.7 50.1% +13.0%+3.3 47.1% Operating Income (EBIT) EBIT/Sales 76.2 40.9% 84.8 41.8% +11.3%+3.1 44.3% * Restated for CMB – CMBF ** 4 months Ski areas 1 – Activity for the first half  Improved EBITDA and EBIT on a like-for-like scope of consolidation  Serre Chevalier: a positive contribution

7 SFAF meeting – June 30, 2005 7 First half sales and income * 0/w €2 m cost of reorganization of Grévin In €m 2004Like-for-like 2005 Real scope of consolidation 2005 o/w Pleasurewood Hills Sales 14.014.114.40.3 Gross Operating Income (EBITDA) -20.7-22.3*-23.6-1.3 Operating Income (EBIT) -29.4-29.8*-31.3-1.5 Leisure sites Change due to losses on non-recurrent items 1 – Activity for the first half

8 SFAF meeting – June 30, 2005 8 Shift to IFRS  Net attributable income – first half French accounting standards €22.2 m  Depreciation of fixed assets (PPE) by components and elimination of provisions for major repairs +1.0  Elimination of goodwill amortization +2.3  Stock options recognized as expenses - 0.5  Net attributable income – first half€25.0 m IFRS Positive impact: + €2.8 m Simulation of the principal effects on the half-year income statement 1 – Activity for the first half

9 SFAF meeting – June 30, 2005 9 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth 4 – Group prospects

10 SFAF meeting – June 30, 2005 10 Ski areas at the close of the 2005 season Change Situation 2004/2005March 31  Ski area receipts* €238 m = +3.3% (-€300,000)  Number of skier days* €10.1 m (-3.6%) -0.1% (- 385,000 days)  Receipts per skier day* €23.3 m (+3.6%) +3.4% (+ €0.80/day) * Total consolidation scope (Tignes, Les Arcs, La Plagne, Peisey, Les Menuires, Méribel, Grand Massif, SC 1350) 2 – Analysis of the winter season and start of the summer season

11 SFAF meeting – June 30, 2005 11 An atypical ski season In skier days Change in volume of visitors 2005/2004 Percentage change 2005/2004 Percentage of total volume of visitors Pre-season plus Christmas/New Year’s -300,000-14%20% January +70,000+3.3%20% February vacations -75,000-2.4%30% March +300,000+15.6%20% April -390,000-30.0%10% Total season -385,000-3.6%100%  Beginning of the season suffered substantially from the school vacation schedule and late snowfall in the Northern Alps  February affected by extreme cold  March: A 10-year record  April: Penalized by school vacations running through May 8 2 – Analysis of the winter season and start of the summer season

12 SFAF meeting – June 30, 2005 12 Ski areas at season’s end 2005 Performance uneven among Group resorts  Number of skier days: France Peisey Vallandry-0.2% Serre Chevalier 1350 -13.8% Grand Massif-0.5% Les Menuires-3.8% La Plagne-3.7% Abroad (equity affiliates) Saas Fee-4.6% Courmayeur-13.0% Verbier-7.0%  Daily receipts: Les Ménuires+5.3% Les Arcs+1.8% Méribel+4.0% Peisey+2.3%  Yield (France): 62.8% (61.3% in 2004) 2 – Analysis of the winter season and start of the summer season

13 SFAF meeting – June 30, 2005 13 Leisure sites The season began slowly  Economic factors hold back leisure spending Low consumer morale in France Consumption down in Northern Europe (Germany, the Netherlands) French holiday schedule unfavorable for the early season: three holidays fell on weekends  Volume of visits uneven as of June 26, 2005 Dolfinarium Harderwijk: -26% (impact of seasonal opening) Parc Astérix: -6% Saint Malo Aquarium: +3% Musée Grévin: +5% Total: -5.5%  Average receipts per visitor slightly down: €22.10 vs. €22.30 in 2004 2 – Analysis of the winter season and start of the summer season

14 SFAF meeting – June 30, 2005 14 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth 4 – Group prospects

15 SFAF meeting – June 30, 2005 15 Major leisure site groups in Europe  The industry is undergoing consolidation, led by investment funds (Advent, Palamon, Blackstone)  CDA/Grévin, a listed company, is conducting a well- considered diversification based on a consistently profitable business: ski areas 3 – Leisure sites: new growth

16 SFAF meeting – June 30, 2005 16 Performance of leisure sites groups in Europe Sales (in €m) Ratio EBITDA/Sales Tussaud27036% Legoland18020% CDA/Grévin11523% Aspro11037% Parques Reunidos8326% Star Parks8028% Merlin5531% Based on 2002 data

17 SFAF meeting – June 30, 2005 17 CDA/Grévin: strategies 3 – Leisure sites: new growth Expand sales Example: Dolfinarium (€9 m in CAPEX) Invest in growth Example: Musée Grévin Redefine the business model Example: Sites in Germany Maintain attractiveness Example: Saint Malo Profitability Potential

18 SFAF meeting – June 30, 2005 18 The new organization of CDA/Grévin  Create coherent business units Parc Astérix:~ 2 million visitors Rest of France:~ 2 million visitors Northern Europe:~ 2 million visitors  Creation of new horizontal synergies for the sites Entrance fees Sponsors Purchasing  Strengthened integration between CDA and Grévin: Strategy Development Financing 3 – Leisure sites: new growth

19 SFAF meeting – June 30, 2005 19 Example: Strategy for Parc Astérix  Potential for new visitors The Astérix trademark Site location Visitors from abroad  Promote second visits Brand recognition The cycle of repeat visits

20 SFAF meeting – June 30, 2005 20 1 – Activity for the first half 2 – Analysis of the winter season and start of the summer season 3 – Leisure sites: new growth 4 –Group prospects

21 SFAF meeting – June 30, 2005 21 Group prospects  Results as of 9/30/2005 will depend on a successful summer season at the leisure sites  One new site: Planète Sauvage  CAPEX down to €85 m, vs. €100 m announced  Real estate development makes a positive contribution 4 –Group prospects FY 2004/2005

22 SFAF meeting – June 30, 2005 22 Group prospects Ski areas  The French winter vacation schedule will be more favorable  Goals: Consolidate SEM Serre Chevalier Ski Développement (Sales €18 m, EBITDA/Sales ratio 15%) Consolidate Saas Fee Bergbahnen (Sales €15 m, EBITDA/Sales ratio 40%)  Progressive return to CAPEX at 20% of sales (excluding Serre Chevalier) Leisure sites  Bioscope (Sales: €4 m) opens of June 1, 2006  A new marketing thrust for Parc Astérix 4 – Group prospects FY 2005/2006

23 SFAF meeting – June 30, 2005 23 Group prospects Action taken at CDA/Grévin level:  Debt restructuring: Setup of a single €260 m syndicated loan Spread guaranteed for five years  A single approach to insurance  Protection against energy price fluctuations Cost per KWh down by 11% Rates locked in until 2007  Cross-marketing efforts FY 2005/2006

24 SFAF meeting – June 30, 2005 24 Conclusions Ski areas  Half-year figures satisfactory  The ski areas held up well despite a poor month of April  Real estate activities are producing recurrent profits  Acquisition targets have been identified Leisure sites  The strategy for winter/summer balance is being maintained  The new organization of CDA/Grévin serves this strategy

25 SFAF meeting – June 30, 2005 25 Appendices First-half figures: - By business line - Comparison, real scope of consolidation

26 SFAF meeting – June 30, 2005 26 First-half figures Appendix 1 By business line In € m Total First halfSki areas Leisure sitesOther Sales EBITDA EBITDA/Sales EBIT EBIT/Sales 217.6 77.0 35.4% 52.5 24.1% 203.0 101.7 50.1% 84.8 41.8% 14.4 -23.6 NS -31.3 NS 0.2 -1.1 For the first half:  Ski areas: 93% of sales, profitable  Leisure sites: 7% of sales, loss-making

27 SFAF meeting – June 30, 2005 27 Consolidated income statement Appendix 2 Comparison H1-2005/H1-2004 In € m3/31/20043/31/2005 Change In € mAs % Sales EBITDA (Gross operating income) EBIT (Operating income) 213.5 74.1 50.5 217.6 77.0 52.5 +4.1 +2.9 +2.0 +1.9 % +3.9 % +3.8 % Net financial income Income tax Equity earnings and goodwill amort. Net income (100%) Minority interest Net attributable income - 5.2 -14.2 - 3.2 27.9 - 8.5 19.4 -5.1 -17.4 -1.5 28.5 -6.3 22.2 +0.1 -3.2 +1.7 +0.6 +2.2 +2.8 +1.5 % +22.3 % +45.4 % +2.2 % +26.3 % +14.6 %  Taxes up €3.2 m  Equity earningsup €1.8 m (Chamonix, Courmayeur, Serre Chevalier Ski Développement)  Minority interestdown €2.2 m (Chamonix, Courmayeur) Real scope of consolidation


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