CDA - Q1 2023 2024 sales

1^ST QUARTER OF FY 2023/24:

•      CUMULATIVELY, FROM OCTOBER 1, 2023, TO THE END OF THE SCHOOL VACATION PERIOD IN JANUARY, BUSINESS IS EXPECTED TO INCREASE BY AROUND:

o +9% FOR SKI AREAS AND OUTDOOR ACTIVITIES o +8% FOR LEISURE PARKS

•      BUSINESS REACHED AN ALL-TIME HIGH DURING THE CHRISTMAS SCHOOL VACATION PERIOD IN BOTH THE MOUNTAINS AND THE PARKS  

•      SALES REACHED APPROXIMATELY €200 M FOR 1^ST QUARTER OF 2023/2024

•      COMPARISON THROUGH DECEMBER 31^ST COMPARED WITH 2022/2023 NOT PERTINENT DUE TO TIMING OF FRENCH CHRISTMAS SCHOOL HOLIDAYS

Paris, January 23, 2024 – Compagnie des Alpes reports consolidated sales for the 1^st quarter of financial year 2023/24 (period from October 1 to December 31, 2023) of €200.3 million. This is virtually the same level as for the 1^st quarter of the previous year (-1.0%), even though the French Christmas school vacation period began on December 23 this year, compared with December 17 last year. As a result, 1^st quarter sales for this financial year, 2023/2024, through December 31^st, include six fewer vacation days than financial year 2022/2023.

Accordingly, sales through the December 31st cut-off date do not fully reflect the robust momentum of the Group's activity across its three business segments: 

-  In Ski Areas and Outdoor Activities, activity measured from October 1, 2023, to January 12, 2024¹, is estimated to be around 9% up on the same dates last year. 

-  MMV's accommodation occupancy rate reached 97% over the Christmas vacation period.

-  In Leisure Parks, activity measured from October 1, 2023, to January 7, 2024, is estimated to be up by around 8% on the same period last year.

Group consolidated sales from October 1, 2023, through December 31, 2023

Unaudited data

(In € millions)

• Ski Areas and Outdoor Activities

• Distribution & Hospitality

• Leisure Parks

Total

(a) Because of their minor impact, the entities acquired during the previous year (Chalet Time real estate agency and Arc Aventures) no comparable basis change was calculated for them.

¹   Data for Ski Areas & Outdoor Activities are tracked weekly, from Saturday through Friday. To include sales from the last week of the school holidays (the weekend of January 6-7, 2024), it is necessary to take the entire week into account, i.e., through the following Friday, in this case January 12, 2024.

²   MMV : Occupancy rate during the two-week school vacations

SKI AREAS AND OUTDOOR ACTIVITIES: VERY STRONG START TO THE SEASON

Sales for the Ski Areas & Outdoor Activities division in the first quarter of financial year 2023/2024 came to €66.7 million, virtually unchanged compared with the same period last year, despite the fact that the French Christmas school holiday period began later than it did last year (from December 23 to January 7 this year, versus from December 17 to January 2 last year).

To neutralize the calendar effect, the analysis of Ski Areas business concerns the period from October 1 through January 12^th, and shows estimated growth of around 7%, with an increase in both the number of skier-days and average revenue per skier-day.

This excellent start to the season is primarily due to the following:

•       The quality of the Compagnie des Alpes ski areas and their high-altitude positioning, guaranteeing quality skiing while other areas may have suffered from less snowfall, 

•       Favorable weather conditions, particularly in terms of cold and snow, in the run-up to the season, which enabled some resorts to open early and boosted booking momentum,

•       The fact that Christmas and New Year's Day fell on a Monday this year, which encouraged shortstay bookings, unlike last season.

DISTRIBUTION & HOSPITALITY: LODGING PERFORMANCE IS STRONG

Sales for the Distribution & Hospitality division through December 31, 2023, were also impacted by the positioning of French school holidays. First-quarter 2023/24 sales totaled €13.9 million, down 14.2% yearover-year.

However, over the Christmas holidays, MMV recorded very good occupancy rates of around 97%. Real estate agency business was also buoyant, benefiting from an overhaul of pricing structures. Travelfactory's business was down due to the drastic reduction in its rail offering this season (notably the end of the direct rail link between London and Bourg Saint-Maurice) and a strategic refocus on the highest-contributing segments in terms of margin.

LEISURE PARKS: CHRISTMAS SITE OPENINGS KEEP THEIR PROMISE

Leisure Park sales totaled €119.7 million in Q1 2023/24, on a par with the previous year's Q1 figure, despite the shift in the French Christmas school vacation period. As a result, sales recorded in the first quarter do not reflect the buoyant business seen during the Christmas school vacation period. 

In fact, from October 1, 2023, through Sunday, January 7, 2024 (the end of Christmas school vacation), Leisure Park business was up by around 8%, reflecting an increase in both visitor numbers and spending per visitor. 

The Halloween period saw particularly adverse weather conditions, with a series of storms across Europe from October 28^th to November 4^th. Despite the adverse weather, sales during the Halloween period remained virtually unchanged compared with the previous year, which saw optimal conditions and set a new attendance record. This performance illustrates the consistent success of the Halloween concept and confirms the efficacy of the sales strategy developed for this period at all sites, notably through pre-sales and mandatory reservations.

The Christmas period, with a growing number of parks open to the large public, is another illustration of the success of the Group's strategy to extend the opening periods of its sites. After a successful initial test at Parc Astérix, opening to the general public during the Christmas school vacations, this initiative has been extended to two other parks in 2022 (Walibi Rhône-Alpes and Walibi Holland), and then to two further sites in 2023 (Walibi Belgium and Bellewaerde).

This season, attendance during the Christmas holiday period, which was up by around 44%, was particularly dynamic. About half of this increase is attributable to sites that were already open for business last year (including an increase of around 30% for Parc Astérix), while the rest reflects attendance at two additional parks that were open this year.

The division's sales were also affected by the closure of the Aqualibi water park until December 21, 2023, for expansion and renovation work, including the installation of new attractions. The park has performed extremely well since it reopened.

HIGHLIGHT OF THE QUARTER

Development of photovoltaic shading structures

On December 21^st, Compagnie des Alpes announced that it had chosen Greenyellow to develop photovoltaic shading structures for its theme parks.

The development of shading systems will be extended to the parking lots of Compagnie des Alpes leisure parks: Walibi Belgium as of 2023, Futuroscope and Walibi Rhône-Alpes in 2025, and Parc Astérix in 2026. Long term, nearly 30 GWh could be generated by photovoltaic installations at these parks, representing around 15% of Compagnie des Alpes' total electricity consumption.

OUTLOOK FOR THE YEAR AHEAD

This outlook is subject to major economic contingencies.

•         Ski Areas and Outdoor Activities

Given the buoyant business levels recorded since the start of the financial year and through January 12, 2024, the favorable snow conditions in the Group's ski areas, and the robust booking levels, particularly for the February school holidays, the Group is confident for the upcoming peak season.

•         Distribution & Hospitality

The Group is also confident that the Distribution & Hospitality division will continue to enjoy a good season. As of now, booking levels for accommodations, through real estate agencies and/or for MMV residences, are higher compared with the same period last year.

•         Leisure Parks

This season, the appeal of our sites will be bolstered by major events such as the 35th anniversary of Parc Astérix, the reopening on December 22, 2023, of Aqualibi, after a complete transformation, and structurally significant new additions at Bellewaerde, Walibi Rhône-Alpes, and Futuroscope.

This press release contains forward-looking statements regarding the outlook and growth strategies of Compagnie des Alpes and its subsidiaries (the "Group"). These statements include indications regarding the Group's intentions, strategies, growth prospects, and trends concerning its operational results, financial situation, and cash position. While these indications are based on data, assumptions, and estimates that the Group considers reasonable, they are subject to numerous risk factors and uncertainties, and as a result, actual results may differ from those anticipated or implied by these statements due to various factors, including those described in documents filed with the Autorité des marchés financiers (AMF) available on the Compagnie des Alpes website (). The forward-looking information in this press release reflects the Group's expectations as of the date of this document. Unless required by law, the Group expressly declines any obligation to update these forward-looking statements in light of new information or future developments.

Upcoming releases in 2023/2024: 

•         Annual Shareholders Meeting:                                                Thursday, March 14, 2024, afternoon

•         2023/2024 2^nd quarter sales:                                                  Tuesday, April 23, 2024, after stock market

•         2023/2024 1^st half sales:                                                            Thursday, May 23, 2024, after stock market

www.compagniedesalpes.com