Met during the Oddo BHF Forum, Loïc Bonhoure, Deputy CEO of Compagnie des Alpes, was relatively optimistic despite the short-term uncertainties linked to the pandemic. During the Christmas holidays, attendance was down only 10 to 15% compared to 2019. Thanks to a massive capital increase of 231 million euros last June (one new share issued at 9.4 euros for a former), the company ” has found the means to invest “. The envelope is 210 million euros per year, on average over four years, starting with 160 million for the 2020-2021 fiscal year which will end at the end of September, then increasing in power as the activity regains its capacity. normal rhythm. Last year, the capex were limited to 90 million net, after deduction of the 51 million recovered due to the loss of the concession of the Deux Alpes resort, for the benefit of the operator of Alpe d’Huez. For the ten managed ski areas (Tignes, Val d’Isère, La Plagne, Méribel, etc.), investments mainly concern ski lifts but, for seven out of ten concessions, Compagnie des Alpes is also responsible for the slopes, with the facilities artificial snow and tamping. The first electric snow groomer will enter service this year. Within ten years, they will all be electric or hydrogen.
Thanks to the issue of shares, but also to the aid obtained and the savings achieved, the net debt at the end of last September (502 million euros, excluding IFRS 16) was lower than that of the end of September 2019 (540 million). Loïc Bonhoure believes that ” the limit of 3.5 times the gross operating surplus should be able to be respected again in September 2022 “. Until then, the creditor banks have agreed to suspend this covenant. The shareholders did their duty, in particular the Caisse des Dépôts (41.4% of the capital) and the three shareholder banks. The Blas family (Sofival) reinvested the proceeds from the sale of preferential subscription rights and thus limited its dilution from 8.6% to 5.7% of the capital. And a new shareholder has appeared, Marc Cooke (Alychlo company) for 2%.
The manager also explained to us that “ skiing is a mature activity, given the limited number of beds and the lack of construction of new resorts “. During the last normal years (fiscal years 2014-2015 to 2018-2019), its turnover increased by 3.5% per year, with a volume effect of 0.8% and a price effect of 2.8% . Hence the importance of the activity of leisure parks such as Parc Astérix and Futuroscope, where this growth was 7.7%, including a price effect of 3.3%. The participation in the capital of Futuroscope, already increased from 40% to 60% by purchase of shares in the department, rose to 80% after the contribution of the Caisse des Dépôts, which obtained 1.2 million shares in exchange. For Futuroscope, 200 million euros of investments are programmed over ten years, to develop new attractions. In addition, partners will invest 100 million (hotel, water park). For Parc Astérix, the extension of two hotels is planned (+115 rooms out of 450). The objective is to extend the opening period of the parks through an event policy, on the occasion of Halloween and Christmas. Likewise, ski resorts are seeking to develop summer attendance. The turnover is split 50/50 between these two complementary activity poles (once the Deux Alpes resort has been withdrawn).