(Boursier.com) — The Group’s consolidated turnover Company of the Alps for the 1st half of 2021/2022 stands at €541.2 million, up 16.2% compared to the 1st half of 2018/2019 (restated for the exit from Les 2 Alpes), a benchmark year because the last full year before the health crisis.
The Group’s gross operating surplus (OMDA) amounts to 230.4 ME in the 1st half of 2021/2022, up 51.6% compared to the OMDA of 152 ME recorded in the 1st half of the 2018 financial year /2019 retired from 2 Alpes.
After taking into account Depreciation, which increased by nearly €10 million compared to the first half of 2018/2019, mainly due to IFRS 16 (€6 million), the Group’s operating income stood at €164.8 million. , up 55.9% compared to the same period of the 2018/2019 financial year.
Compared to the first half of 2018/2019, the cost of net debt increased due to the costs of guaranteeing the extended PGEs and IFRS 16 financial expenses (€1.9 million).
After taking into account a tax charge of -42.8 ME and the result of the equity method for +10.2 ME, the net profit, Group share, for the 1st half of the 2021/2022 financial year amounted to 112.7 ME, compared to 64.6 ME for the 1st half of the 2018/2019 financial year, i.e. an increase of 74.4%.
The operating free-cash-flow is thus up sharply and amounts to 249.8 ME against 134.5 ME for the 1st half of 2018/2019. It should nevertheless decrease during the 2nd half due to the seasonality of the evolution of the BFR and the realization of the investments.
After taking into account the debt for rental commitments of €163.5 million (in application of IFRS 16), the Group’s net debt amounts to €419.8 million, compared to €663.9 million at September 30, 2021 and €979.9 million as of March 31, 2021.
Thus, the Net debt / OMDA leverage ratio (excluding IFRS 16) calculated over 12 rolling months, reached 0.8x as of March 31, 2022. As a reminder, this ratio was 8.8x as of September 30, 2021, while over 12 rolling months the EBITDA at March 31, 2021 was negative.
Outlook for the end of the 2021/2022 financial year enhanced
“The spring-summer season is looking good for our Leisure parks and for our Ski areas. The Group nevertheless remains vigilant in the face of the macroeconomic context that has become more uncertain in recent weeks (impact of inflation, slowdown in growth , increase in charges)” comments the group.
While a return to pre-crisis revenue and OMDA levels was expected in 2022/2023, the dynamic level of activity combined with the Group’s efforts to contain costs and accelerate the implementation of initiatives aimed at stimulating demand, allow us to envisage, as of this financial year, a turnover and an EBITDA higher than those of the reference financial year 2018/2019.
OPR on Musée Grévin SA
Compagnie des Alpes has initiated a public buyout offer followed by a squeeze-out procedure on the shares of Musée Grévin SA. This offer took place from March 18 to 31 inclusive and, at the end of this period, Compagnie des Alpes held 98.04% of the capital and at least 98.49% of the voting rights.
Consequently and in accordance with the intention of Compagnie des Alpes expressed when filing the Offer, and as indicated in the AMF notice published on April 1, 2022, the squeeze-out of Musée Grévin shares took place on April 12, 2022 and concerns all Musée Grévin SA shares targeted by the Offer and which had not been tendered. Since that date, Compagnie des Alpes has held 100% of the shares of Musée Grévin SA.
Next meetings 2021/2022:
– Third-quarter 2021/2022 revenue: Thursday July 21, 2022, after market close
– 4th quarter 2021/2022 revenue: Thursday, October 20, 2022, after market close
– 2021/2022 annual results: Tuesday, December 6, 2022, before market.