Presentation of results 2007/2008  December 17, 2008
Contents <ul><li>Compagnie des Alpes  at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007/2008 </li></ul><u...
CDA, the European leader in leisure production <ul><li>Two business lines </li></ul><ul><li>Ski areas (N°1 World):  60% of...
2007/2008: CDA activity boasts strong growth  <ul><li>A record ski season </li></ul><ul><ul><li>Favorable conditions: snow...
2007/2008: Financial performances significantly up <ul><li>EBITDA and EBIT growth of over 20% </li></ul><ul><li>Improved o...
Contents <ul><li>Compagnie des Alpes  at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007/2008 </li></ul><u...
Ski area results <ul><li>Effects of scope: controlling stake in Val d’Isère and FY consolidation of Saas Fee </li></ul><ul...
Leisure park results  <ul><li>EBITDA stable </li></ul><ul><ul><li>Costs of Christmas product launch at Astérix and impact ...
Corporate results  <ul><li>Structural costs stable </li></ul><ul><ul><li>Organization stable </li></ul></ul><ul><ul><li>Lo...
Group results <ul><li>Robust growth of operating income like-for-like </li></ul><ul><li>Cost of debt higher on a real basi...
Cash flow <ul><li>Operating cash flow climbs: +18.3% to €128 million </li></ul><ul><li>Stable net capital expenditures at ...
Debt and profitability <ul><li>Net debt improving  </li></ul><ul><ul><li>Reduction of debt like-for-like </li></ul></ul><u...
Shareholder return <ul><li>2007/2008: exceptional payout ratio of 2006/2007 maintained </li></ul><ul><li>Significantly hig...
Contents <ul><li>Compagnie des Alpes  at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><u...
Ski areas: an excellent 2008 season <ul><li>Sales from ski lifts: +8.7% like-for-like </li></ul><ul><ul><li>All sites impr...
Ski areas: A solid model <ul><li>Loyal customers (incl. 40% foreign visitors) </li></ul><ul><li>Initiatives characterized ...
Outlook for 2009 Ski areas <ul><li>« Holiski: an innovation that creates value both for the customer and for the Group» </...
Outlook for 2009 Ski areas <ul><li>+4,400 new commercial beds: +2.6% vs.1,300 in 2007 (+0.7%)  </li></ul><ul><li>Occupancy...
Leisure parks: steady growth <ul><li>From 2005 to 2008, the activity growth of CDA leisure parks outpaced the market avera...
Leisure parks Lively business in 2008 <ul><li>2008: a year of active marketing </li></ul><ul><ul><li>+400,000 prepaid tick...
Leisure parks 2008, a year of capital spending and major project launches <ul><li>The revival of Parc Astérix: </li></ul><...
Outlook 2009 Leisure parks <ul><li>Heightened success of the All Saint’s Day 2008 period </li></ul><ul><li>At December 14,...
Contents <ul><li>Compagnie des Alpes  at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><u...
History of Compagnie des Alpes 20 years of growth <ul><li>1989  Innovative project launch: Caisse des Dépôts creates a str...
Ski areas Uncontested leadership  <ul><li>CDA Group: n°1 in Europe and Worldwide in the operation of ski areas </li></ul><...
Ski areas: Adapting the economic model as needed <ul><li>Tested economic performances: </li></ul><ul><ul><li>Unflagging or...
Leisure parks: Strategic capital, rich in potential <ul><li>In the last five years, the CDA Group has become n°4 in the se...
Leisure parks  Industrial priority: maximize the medium-term value of brands and of sites showing the most potential <ul><...
Conclusion :  a mobile and recognized enterprise,  fully focused on creating value over the medium-term <ul><li>Reaffirmed...
Contents <ul><li>Compagnie des Alpes  at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><u...
Sales <ul><li>16 years   of uninterrupted growth </li></ul><ul><li>+22%  per year, with  17%  from acquisitions </li></ul>...
Net attributable income <ul><li>16 years   of steady growth: +15% per year </li></ul>Ski Ski + Parks Real 41.1 Like-for-like
Presentation of results 2007/2008 December 17, 2008
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Earnings Report 2007/2008

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Earnings Report 2007/2008

  1. 1. Presentation of results 2007/2008 December 17, 2008
  2. 2. Contents <ul><li>Compagnie des Alpes at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007/2008 </li></ul><ul><li>Review of 2008 and outlook for 2009 </li></ul><ul><li>Strategic trends </li></ul>
  3. 3. CDA, the European leader in leisure production <ul><li>Two business lines </li></ul><ul><li>Ski areas (N°1 World): 60% of sales </li></ul><ul><ul><li>Operates 17 ski areas, with a controlling interest in 11 </li></ul></ul><ul><ul><li>13.7 million skier days in those 11 ski areas (17.3 million for all 17 ski areas) </li></ul></ul><ul><ul><li>3 countries: France, Switzerland, Italy </li></ul></ul><ul><li>Leisure parks (N°4 Europe): 40% of sales </li></ul><ul><ul><li>21 parks </li></ul></ul><ul><ul><li>9.5 million visitors </li></ul></ul><ul><ul><li>Leader in 3 countries: France, the Netherlands, Belgium </li></ul></ul><ul><li>A balanced model with growth prospects </li></ul><ul><li>Diversification of risks </li></ul><ul><ul><li>Wide geographic distribution of sites and customers </li></ul></ul><ul><ul><li>Softening of weather uncertainties </li></ul></ul><ul><ul><li>Business spread over the entire year </li></ul></ul><ul><li>Added growth factors </li></ul><ul><ul><li>Annual sales growth over last 5 years: +10% for ski areas, +15 % for leisure parks </li></ul></ul><ul><ul><li>CDA Group has the capacity to be a major player in the consolidation of its two business lines </li></ul></ul>
  4. 4. 2007/2008: CDA activity boasts strong growth <ul><li>A record ski season </li></ul><ul><ul><li>Favorable conditions: snow, staggered European school holidays </li></ul></ul><ul><ul><li>Consolidation of a new, prestigious, and economically high-performance ski area: Val d’Isère </li></ul></ul><ul><ul><li>Record visitor numbers: 13.7 million skier days (+6.8% like-for-like) </li></ul></ul><ul><ul><li>Brisk climb in sales (+23.7% on a real basis, and +7.8% like-for-like) </li></ul></ul><ul><li>Leisure parks continue to grow in a competitive market and difficult economic environment </li></ul><ul><ul><li>Visitor numbers up thanks to a dynamic marketing policy  9.5 million visitors (+2.5% like-for-like) </li></ul></ul><ul><ul><li>Downside of this aggressive marketing policy: limited growth of spending per visitor of +1.3% </li></ul></ul><ul><ul><li>Sales growth of +3.5% on a real basis and +4.7% like-for-like </li></ul></ul>
  5. 5. 2007/2008: Financial performances significantly up <ul><li>EBITDA and EBIT growth of over 20% </li></ul><ul><li>Improved operating margins, which are approaching their target level (EBITDA/sales ~30%) </li></ul><ul><li>Very solid increase in Net Attributable Income: €36.2 million (+28.8%, and +17.1% like-for-like) </li></ul><ul><li>Continued Group progress in terms of free cash flow and debt optimization </li></ul><ul><li>Improving trend in profitability ratios </li></ul>
  6. 6. Contents <ul><li>Compagnie des Alpes at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007/2008 </li></ul><ul><li>Review of 2008 and outlook for 2009 </li></ul><ul><li>Strategic trends </li></ul>
  7. 7. Ski area results <ul><li>Effects of scope: controlling stake in Val d’Isère and FY consolidation of Saas Fee </li></ul><ul><li>Strong like-for-like sales growth of ski lifts (+ 8.7%); record visitor numbers (+6.8%) and daily revenues up 1.9% </li></ul><ul><li>Building rights sales down slightly (€-2 million) but a major contributor (EBITDA = €7.7 million vs. €8.3 million in 2007) </li></ul><ul><li>High operating margins: healthy activity + control of operating costs  record profitability in ski business line </li></ul>Change (1)/(3) 2006-2007 like-for-like (3) Change (1)/(2) 2006/2007 Real (2) 2007/2008 Real (1) In € millions +21.4% 62.5 19.6% +38.2% 54.9 19.7% 75.9 22.1% EBIT EBIT/sales +13.8% 112.9 35.3% + 32.3% 97.1 34.9% 128.5 37.3% EBITDA EBITDA/sales + 7.8% 319.4 + 23.7% 278.2 344.3 Sales
  8. 8. Leisure park results <ul><li>EBITDA stable </li></ul><ul><ul><li>Costs of Christmas product launch at Astérix and impact of initiatives aiming to enlarge distribution circuits (with gains coming over several FYs) </li></ul></ul><ul><ul><li>Exceptional charges for the disposal of PanoramaPark and a provision for legal dispute </li></ul></ul><ul><ul><li>Excluding exceptional items, EBITDA growth and consistent EBITDA/sales margins in an intensely competitive environment </li></ul></ul><ul><li>Drop in operating income </li></ul><ul><ul><li>Higher depreciation due to capital spending policy </li></ul></ul><ul><ul><li>Exceptional charges of €2 million: provision for Pleasurewood goodwill loss and exceptional depreciation of certain operating assets </li></ul></ul><ul><ul><li> The decline in EBIT can be attributed for the most part to nonrecurring items </li></ul></ul>Change (1)/(3) 2006-2007 like-for-like (3) Change (1)/(2) 2006/2007 Real (2) 2007/2008 Real (1) In € millions -25.6% 18.0 8.1% -24.7% 17.8 7.8% 13.4 5.7% EBIT EBIT/sales -0.4% 48.3 21.6% -1.2% 48.6 21.5% 48.1 20.5% EBITDA EBITDA/sales +4.7% 223.2 +3.5% 225.7 233.6 Sales
  9. 9. Corporate results <ul><li>Structural costs stable </li></ul><ul><ul><li>Organization stable </li></ul></ul><ul><ul><li>Lower volume of certain discretionary charges </li></ul></ul>2005/2006 2006/2007 2007/2008 In € millions -8.4 -4.2 -4.2 EBIT -7.8 -3.6 -3.5 EBITDA 0.1 1.8 1.4 Sales
  10. 10. Group results <ul><li>Robust growth of operating income like-for-like </li></ul><ul><li>Cost of debt higher on a real basis (Sofival operation) but lower like-for-like (reduction and optimization of debt) </li></ul><ul><li>Affiliates: entry into consolidation of SERMA, DSV, and DSR </li></ul><ul><li>Net attributable income: +17.1% like-for-like </li></ul>+11.5% 76.3 14.0% +24.3% 68.5 13.6% 85.1 14.7% EBIT (Op. income) EBIT/sales 3.6 +52.2% 2.3 3.5 Affiliates -9.2% -29.2 +14.2% -23.2 -26.5 Net cost of debt +37.4% -16.3 +42.7% -15.7 -22.4 Tax +17.1% 30.9 +28.8% 28.1 36.2 Net attributable income Change like-for-like 2006-2007 like-for-like Change real 2006/2007 Real 2007/2008 Real In € millions +9.8% 157.7 29.0% +21.8% 142.1 28.1% 173.1 29.9% EBITDA (Exc. Gross Op.) EBITDA/sales +6.4% 544.3 +14.6% 505.7 579.3 Sales
  11. 11. Cash flow <ul><li>Operating cash flow climbs: +18.3% to €128 million </li></ul><ul><li>Stable net capital expenditures at €91 million </li></ul><ul><li>Sharp increase in free cash flow (before change in debt and receivables on assets) </li></ul><ul><li>Free cash flow has grown significantly over the last four years </li></ul>
  12. 12. Debt and profitability <ul><li>Net debt improving </li></ul><ul><ul><li>Reduction of debt like-for-like </li></ul></ul><ul><ul><li>Continued actions to optimize WCR (€33 million added to debt reduction in two years) </li></ul></ul><ul><ul><li>Lowered net debt / EBITDA ratio and stable gearing despite the Sofical acquisition costs </li></ul></ul><ul><ul><li>Stable average interest rate at 4.38% </li></ul></ul><ul><li>Group financing requirements secured </li></ul><ul><ul><li>Over 70% of medium-term and long-term debt matures in 2011 </li></ul></ul><ul><ul><li>71% of debt is not exposed to interest rate risk </li></ul></ul><ul><li>Profitability ratios for shareholders’ equity and capital employed are improving despite acquisitions </li></ul>98.2% 99.8% Net debt / shareholders’ equity 6.7% 7.4% ROE 4.9% 5.3% ROCE (incl. goodwill) 3.36 3.25 Net debt / EBITDA 2007 2008 In € millions 478.3 563.3 Net debt 487.3 564.3 Shareholders’ equity
  13. 13. Shareholder return <ul><li>2007/2008: exceptional payout ratio of 2006/2007 maintained </li></ul><ul><li>Significantly higher return </li></ul><ul><li>Optional share-based payment proposed at the AGM </li></ul>* Proposed at the AGM on March 19, 2009 +30.3% € 13.1 million € 17.1 million Total dividend -23.6% € 36.0 € 27.5 Share price at 9/30 +54% 2.4% 3.6% Gross return on share price at 9/30 46.6% 47.2% Payout ratio Change 2007 2008 +17.7% € 0.85 € 1.0* Dividend per share +17.1% € 1.81 € 2.12 Net earnings per share
  14. 14. Contents <ul><li>Compagnie des Alpes at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><ul><li>Review of 2008 and outlook for 2009 </li></ul><ul><li>Strategic trends </li></ul>
  15. 15. Ski areas: an excellent 2008 season <ul><li>Sales from ski lifts: +8.7% like-for-like </li></ul><ul><ul><li>All sites improved </li></ul></ul><ul><ul><li>Grand Massif: +16.1% </li></ul></ul><ul><ul><li>Serre Chevalier: +13.4% </li></ul></ul><ul><ul><li>3 Vallées (Méribel, Menuires): +12.1% </li></ul></ul><ul><ul><li>Paradiski: +7.3% </li></ul></ul><ul><li>Return of volume growth: +6.8% (+866,000 skier days) like-for-like </li></ul><ul><ul><li>Rise in number of passes sold (activity): +5.2% </li></ul></ul><ul><ul><li>Rise in average length of passes sold: +2.6% (3.67 days) </li></ul></ul><ul><li>Rise in daily revenues/skier day: +1.9% to €24.9 </li></ul><ul><ul><li>Effect of the closing of the Vanoise Express: revenues per skier day down at Paradiski resorts: -1.6% </li></ul></ul><ul><ul><li>Continued recovery at Grand Massif (+4.2%) and Serre Chevalier (+7.6%) </li></ul></ul>
  16. 16. Ski areas: A solid model <ul><li>Loyal customers (incl. 40% foreign visitors) </li></ul><ul><li>Initiatives characterized by spending controls in 2008 </li></ul><ul><ul><li>Centralization of principal purchases (energy, equipment, replacement parts, fuel) </li></ul></ul><ul><ul><li>Optimization of processes: all companies are QSE certified </li></ul></ul><ul><ul><li>Implementation of synergies (best practices) </li></ul></ul><ul><li>Adapting the economic model to the maturity of the market </li></ul><ul><ul><li>Continued trend of lower capital spending: the level of capital spending as a function of value as perceived by customers, anticipated growth of accomodations capacity, and visitor numbers at resorts </li></ul></ul><ul><ul><li>New partnership to reduce maintenance and construction costs: 1 st project at Val d’Isère in 2008 yielded savings of 20% on a six-seater chairlift </li></ul></ul>Three years 2006/2008 Three years 2003/2005 74% 94% CAPEX / cash flow 19% 24% CAPEX / sales
  17. 17. Outlook for 2009 Ski areas <ul><li>« Holiski: an innovation that creates value both for the customer and for the Group» </li></ul><ul><li>Successfully tested at two sites in 2007-2008 </li></ul><ul><li>Target: the 25% of skiers who spend more than eight days annually in major ski resorts </li></ul><ul><li>Objectives: develop loyalty among the targeted customers, increase their ski consumption, and offer them additional services </li></ul><ul><li>Principles </li></ul><ul><ul><li>Multi-resort passes </li></ul></ul><ul><ul><li>Hands-free: no payment at registers </li></ul></ul><ul><ul><li>Ski à la carte </li></ul></ul><ul><ul><li>No prepaid cards: debit at end of month </li></ul></ul><ul><ul><li>Prices lower than day passes (-15% to -25% depending on dates) </li></ul></ul><ul><ul><li>Modern approach to marketing: internet </li></ul></ul><ul><li>Launch for the 2009 season at six resorts </li></ul><ul><li>Possible developments in 2009-2010 </li></ul>
  18. 18. Outlook for 2009 Ski areas <ul><li>+4,400 new commercial beds: +2.6% vs.1,300 in 2007 (+0.7%) </li></ul><ul><li>Occupancy rates of commercial beds in CDA resorts </li></ul><ul><ul><li>At 12/01/2008 = 51.2% 12/01/2007 = 53.2% </li></ul></ul><ul><ul><li>Number of visits: -1.9% (total French network -3.4%) </li></ul></ul><ul><ul><li>Source: COMETE, 66% of seasonal reservations </li></ul></ul><ul><ul><li>The season will be impacted by the fact that Easter weekend comes in April this year (i.e. in H2 of the CDA fiscal year) vs. March in 2008 </li></ul></ul><ul><li>Abundant snowfall since the end of November: the best possible conditions </li></ul><ul><li>Reopening of the Vanoise Express (positive effect on revenues / skier day) </li></ul><ul><li>Alpine world ski championships at Val d’Isère (February 3-15, 2009) </li></ul>
  19. 19. Leisure parks: steady growth <ul><li>From 2005 to 2008, the activity growth of CDA leisure parks outpaced the market average </li></ul>Source: PWC Global Entertainment Outlook 2007-2011 + 4.8 % + 3.5 % (real) + 4.7 % (like-for-like) Sales growth of CDA leisure park activity Value growth of European leisure park market +1.9% +2.7% +1.4% Germany 2008(e) 2007 2006 +3.5% +3.6% +3.2% Netherlands +2.2% +2.2% +2.2% France
  20. 20. Leisure parks Lively business in 2008 <ul><li>2008: a year of active marketing </li></ul><ul><ul><li>+400,000 prepaid tickets (+12% vs. 2007), 45,000 multi-park passes sold </li></ul></ul><ul><ul><li>A radical price policy in Belgium (Aqualibi) </li></ul></ul><ul><ul><li>At the height of the season: crisis of purchasing power and commercial attacks by competitors  business volume was supported by a dynamic promotional policy </li></ul></ul><ul><li>New distribution channels gaining momentum </li></ul><ul><ul><li>Partnerships with La Poste </li></ul></ul><ul><ul><li>Special operations: flash sales, gift boxes </li></ul></ul><ul><li>Ancillary revenues softened the effects of the promotional policy on visitor spending: for example, Food and Beverage revenues +9% </li></ul>Growth in visitor numbers (+2.5%) and sales (+4.7%), both thanks to a taste for innovative marketing
  21. 21. Leisure parks 2008, a year of capital spending and major project launches <ul><li>The revival of Parc Astérix: </li></ul><ul><ul><li>Renovated dolphinarium (€1.7 million) </li></ul></ul><ul><ul><li>Successful launch of the Défi de César (€12 million) </li></ul></ul><ul><ul><li>Encouraging results from the inaugural Christmas season (+100,000 visitors) </li></ul></ul><ul><li>The consistent performance of « off season » products: </li></ul><ul><ul><li>Extension of the opening periods paid off: Parc Astérix +11% visitors (+36 days), Mer de Sable +13% visitors (+18 days) </li></ul></ul><ul><ul><li>The example of Halloween in Belgium and the Netherlands </li></ul></ul><ul><li>The expansion of Bioscope: </li></ul><ul><ul><li>Two important new additions (Mission Océan and the Labyrinthe Végétal) </li></ul></ul><ul><ul><li>Strengthened partnership with the Ecomusée d’Alsace (shared sales platform) </li></ul></ul><ul><ul><li>Bioscope/Ecomusée: eco-village partnership with Pierre & Vacances </li></ul></ul>
  22. 22. Outlook 2009 Leisure parks <ul><li>Heightened success of the All Saint’s Day 2008 period </li></ul><ul><li>At December 14, 2008 </li></ul><ul><ul><li>Visitor numbers: ~1.1 million visitors (+14%) </li></ul></ul><ul><ul><li>Sales: ~€27 million including tax (+19%) </li></ul></ul><ul><ul><li>Parc Astérix: ~210,000 visitors (+40%) </li></ul></ul><ul><li>New additions </li></ul><ul><ul><li>At Parc Astérix : </li></ul></ul><ul><ul><ul><li>Le Capitole: events area </li></ul></ul></ul><ul><ul><ul><li>Over 150,000 visitors expected for the second Christmas, with a successful product offering: Défi de César, Dolphinarium, magic show, more rides </li></ul></ul></ul><ul><ul><ul><li>20th anniversary as the 2009 season’s theme </li></ul></ul></ul><ul><li>March 1, 2009: grand opening at Planète Sauvage of France’s third dolphinarium </li></ul><ul><li>Café Grévin: work begins in October 2009 </li></ul>
  23. 23. Contents <ul><li>Compagnie des Alpes at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><ul><li>Review of 2008 and outlook for 2009 </li></ul><ul><li>Strategic trends </li></ul>
  24. 24. History of Compagnie des Alpes 20 years of growth <ul><li>1989 Innovative project launch: Caisse des Dépôts creates a structure for operators in the ski area sector. Swift pace of acquisitions. </li></ul><ul><li>1994 World leader in ski areas. IPO on Paris’ Second Marché (November 18). Continued acquisitions in ski activities. </li></ul><ul><li>2002 Diversification into leisure parks to boost growth and reduce risk related to a single-line business and to seasonality. </li></ul><ul><li>2004 Privatization of majority of CDA capital </li></ul><ul><li>2006 Consolidation of the leisure park branch with the acquisition of Walibi parks. </li></ul><ul><li>2007 New stage of external growth: four new ski areas, including Val d’Isère and Avoriaz. </li></ul>Steady and profitable growth: 75% from acquisitions, and 45% financed by equity
  25. 25. Ski areas Uncontested leadership <ul><li>CDA Group: n°1 in Europe and Worldwide in the operation of ski areas </li></ul><ul><li>Positioned in high-altitude resorts, the only strategy able to withstand unpredictable weather </li></ul><ul><li>A solid and stable business line: public service delegations and long-term concessions </li></ul><ul><li>Recognized operating know-how </li></ul><ul><li>A strong base of loyal customers </li></ul><ul><li>A leader position with high-quality assets and a business line with significant barriers to entry </li></ul><ul><ul><li> Recurrent revenues and cash flow </li></ul></ul>
  26. 26. Ski areas: Adapting the economic model as needed <ul><li>Tested economic performances: </li></ul><ul><ul><li>Unflagging organic growth for over 10 years </li></ul></ul><ul><ul><li>High operating margins </li></ul></ul><ul><ul><li>Capacity to integrate new sites </li></ul></ul><ul><li>Stakes: </li></ul><ul><ul><li>Adapt to changes in consumer behavior and to maturing markets </li></ul></ul><ul><ul><li>Change the economic model to ensure its capacity to create value </li></ul></ul><ul><li>Means: </li></ul><ul><ul><li>Maximize sales and operating strategies by profiting from the network effect </li></ul></ul><ul><ul><li>Stimulate dialogue among stakeholders by placing the customer at the center of attention </li></ul></ul><ul><li>Develop a new approach to capital spending </li></ul>
  27. 27. Leisure parks: Strategic capital, rich in potential <ul><li>In the last five years, the CDA Group has become n°4 in the sector in Europe and has acquired strong strategic positions in three countries. </li></ul><ul><ul><li>10% of the French market in volume </li></ul></ul><ul><ul><li>Leader in Belgium </li></ul></ul><ul><ul><li>N°2 in the Netherlands </li></ul></ul><ul><li>Strong brands (Astérix, Grévin, Walibi), whose pan-European reputations will provide future growth </li></ul><ul><li>Thorough knowledge of different segments: theme parks, tourist sites, animal parks, and aquariums, all of which provide numerous opportunities for future development </li></ul><ul><li>Recognized operating expertise </li></ul>
  28. 28. Leisure parks Industrial priority: maximize the medium-term value of brands and of sites showing the most potential <ul><li>Priority given to internal growth through commercial innovation and product quality </li></ul><ul><li>Focus capital spending on the continuous improvement of leading leisure parks and on development of the most promising projects </li></ul><ul><li>Brand strategies </li></ul><ul><li>Exploit all potential for increased margins (costs, organization, ancillary revenues, etc.) </li></ul>
  29. 29. Conclusion : a mobile and recognized enterprise, fully focused on creating value over the medium-term <ul><li>Reaffirmed ambition: to become THE reference in European leisure production </li></ul><ul><li>An industrial strategy based on the optimization and adaptation of the economic model </li></ul><ul><ul><li>Selectivity in capital spending and the choice of development projects </li></ul></ul><ul><ul><li>Aggressive search for synergies across and within the Group’s business lines </li></ul></ul><ul><ul><li>Stimulating customer innovation and of sales approach </li></ul></ul><ul><ul><li>Organization more integrated for greater reactivity </li></ul></ul><ul><li>Increased strategic mobility: </li></ul><ul><ul><li>Dynamic management of asset portfolio (inflows/outflows) </li></ul></ul><ul><ul><li>Alliances and industrial partnerships </li></ul></ul><ul><li>An economic imperative: reducing debt </li></ul><ul><ul><li>Immediate measures </li></ul></ul><ul><ul><li>Maximizing free cash flow </li></ul></ul><ul><ul><li>Disposal of peripheral assets </li></ul></ul>
  30. 30. Contents <ul><li>Compagnie des Alpes at December 15, 2008 </li></ul><ul><li>Results of fiscal year 2007-2008 </li></ul><ul><li>Review of 2008 and outlook for 2009 </li></ul><ul><li>Strategic trends </li></ul><ul><li>Appendices </li></ul>
  31. 31. Sales <ul><li>16 years of uninterrupted growth </li></ul><ul><li>+22% per year, with 17% from acquisitions </li></ul>Ski Ski + Parks
  32. 32. Net attributable income <ul><li>16 years of steady growth: +15% per year </li></ul>Ski Ski + Parks Real 41.1 Like-for-like
  33. 33. Presentation of results 2007/2008 December 17, 2008

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