Compagnie des Alpes : H1 2018-19 results penalised by holdings & support – Confirmation of more normative capex as of FY 2019-20
>H1 gross operating profit of € 165.4m, down 0.7% y-o-y (+1.1% at constant scope) - For the first half (closing end-March), Compagnie des Alpes has reported results shy of our forecasts. They were penalised by the holdings & support business unit - on sales growth of +3.2% y-o-y to € 498.2m (already reported), gross operating profit showed a slight contraction of 0.7% to € 165.4m (vs € 175.4m est.; +1.1% at constant scope), giving a gross operating margin of 33.2% (-1...Compagnie des Alpes SA is a France-based holding company active in the tourism and leisure industry in two distinct areas: the operation and maintenance of ski resorts and the operation of family leisure parks and attractions. It equips, maintains and operates ski resorts in the Alps region in France, Italy and Switzerland. Its activities include lift handling, trail maintenance, grooming and snowmaking, and operation of ticket booths. Compagnie des Alpes SA is active in the leisure park industry through its subsidiary, Grevin & Cie SA, which manages leisure sites in France, the Netherlands, Germany, Belgium, Switzerland and the United Kingdom. It offers three types of activities: theme parks, nature and animal parks, and tourist attractions. It operates in France, Switzerland, Germany, Belgium, Russia and Luxembourg. In April 2014, it sold 30% stake in Groupe Looping to HIG Capital France, and announced the agreement with MacEarth and the aquisition of 2.5% stake in the company.
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