(News Bulletin 247) – The operator of ski areas, which also manages theme parks (Asterix, Futuroscope, Grévin museum, etc.) benefited from an increase in attendance in the first half of 2022-2023 (closed at the end of March). Compagnie des Alpes confirms its objectives for its entire financial year despite rising energy costs.
The rise in electricity prices has set in across the paths of Compagnie des Alpes. But the operator of the ski areas of Tignes or Val d’Isère as well as the Astérix or Walibi parks managed to negotiate this inflationary shock thanks to strong attendance at its ski resorts and leisure parks over the period. covering the months of October 2022 to March 2023.
After suffering the full brunt of the health crisis during its 2020-2021 financial year, Compagnie des Alpes is continuing its recovery initiated in 2021-2022. Over the six months from October 2022 to March 2023, consolidated revenue amounted to 678.5 million euros, up 25.4% (in published data) compared to 541.2 million euros made in the first half of 2021-2022. Revenues are of course incomparably higher than those of the first half of 2020-2021 (fallen to 31 million with the closure of most sites).
In detail, the turnover of ski areas and outdoor activities (La Plagne, Les Arcs, Val d’Isère Méribel, etc.) increased by 10.7% over one year to 434.8 million euros. . Over the half-year as a whole, the number of skier-days increased by 4.1% while the average income per skier-day rose by 5.9%. The group explains that it has partially passed on the increase in electricity costs – which rose from 14 million euros for the previous year to 34 million euros – on the prices of the packages sold over the semester.
As for leisure parks, the increase reached +23.9% to 149.9 million euros with the acceleration of “events”, that is to say the implementation of animations and extended opening hours for the Halloween and Christmas periods, which supported the increase in attendance (+22%) as well as an increase in expenditure per visitor (+1.8%).
“Benefiting in particular from the high altitude of our areas, the growth in the number of our ski days has proven to be higher than the national average, while a large majority of our parks have set new attendance records”, explains Dominique Thillaud, Managing Director of Compagnie des Alpes.
As for the activity of the Distribution & Hospitality division, the latter was multiplied by more than 3 over one year to amount to 93.8 million euros against 27.6 million euros for the same period of the year. ‘Previous exercice. This turnover includes for the first time in the financial year MMV – the second operator of villages and residence clubs in the French Alps – of which Compagnie des Alpes finalized the acquisition of 85% of the capital in the fall of 2022.
Confirmation of objectives for 2022-2023
EBITDA, Compagnie des Alpes’ preferred indicator for measuring its profitability, amounted to €232.7 million compared to €230.4 million for the same period of 2021-2022, in increase of 1% over one year. The company explains that it had to deal with energy costs that more than doubled compared to the first half of 2021-2022.
As for the net income group share, it fell by 4.5%, to 107.6 million euros over one year. The operator of leisure parks and ski areas explains that it was penalized by a high basis of comparison. Last year, Compagnie des Alpes’ accounts included insurance premiums linked to the floods that affected the group’s leisure parks in Belgium Walibi Belgium and Aqualibi in July 2021.
On a like-for-like basis and excluding exceptional items, net income was up 5% at €112.7 million compared to €107.8 million in the first half of the 2021-2022 financial year.
For the whole of the 2022-2023 financial year, Compagnie des Alpes still intends to achieve “increasing turnover on a like-for-like basis” and “a gross operating surplus (OMDA), excluding the integration of MMV and non-recurring items, close to that of 2021-2022”.
Compagnie des Alpes also indicates that it is maintaining this “positive outlook” despite a sharp rise in the cost of electricity and a “relative slowdown” in activity in ski areas over the first three weeks of April. The group shows its confidence on the basis of indications for leisure parks which remain “very encouraging” for the second half of the year. In a previous note, Oddo BHF anticipated “good looks in leisure parks”.
Quoted by AFP, the management of Compagnie des Alpes also indicates that it is “looking for opportunities and acquisitions”, during a digital conference. But the time, the leader has “nothing to announce” but specifies however that the Compagnie des Alpes is indeed “in active search” of targets.
On the Paris Stock Exchange, Compagnie des Alpes stock rose 1.1% around 11:30 a.m. in a Parisian market down sharply by 1.60%.
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