Compagnie des Alpes : Reassuring on cash but fog lingers over the ski season
>FY 2019-2020 results dented by asset impairments - CDA published yesterday morning its FY 2019-2020 results (detailed overleaf) with no surprises in terms of gross operating profit (€ 80m vs € 76m before IFRS 16). However, EBIT (-€ 107m vs -€ 58m) and attributable net profit (-€ 103m vs € 65m N-1) were well below our expectations. This was due to the recognition of almost € 70m of one-offs during the year, of which € 65m tied to several asset and goodwill impairments...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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