sfaf meeting

SFAF meeting – June 30, 2005 1 SFAF meeting – June 30, 2005 1

COMPAGNIE DES ALPES

Interim financial statementsOctober 1, 2004 - March 31, 2005


1 – Activity for the first half

2 – Analysis of the winter season and start of the summer season

3 – Leisure sites: new growth

4 – Group prospects


Key events and figures for the first half (1)

New members of the Management Board:• Franck Silvent: Director of Finance, Strategy and Development • Serge Naim: Director, Leisure Sites Division; Managing Director,

Grévin & Cie

First half figures upGrowth in sales and income on the real scope of consolidation:

• Sales: +1.8%• EBITDA: +3.9%• EBIT: +3.8%• Net attributable income: +14.6%



Key events and figures for the first half (2)

Changes in the consolidation scope and the calendar:• Ski areas:

Consolidation of Serre Chevalier 1350 in December SEM Serre Chevalier Ski Développement now an equity affiliate Change in the consolidation scope: Courmayeur (CMBF) and

Chamonix (CMBF) now equity affiliates

• Leisure sites: Pleasurewood Hills acquired in July 2004 (closed in winter)

• Group calendar: Christmas and New Year’s Day on Saturdays Easter Monday on March 28, 2005 (in April in 2004) The Dolfinarium in the Netherlands now seasonal (closed for

renovation H1 2005 and reopened in April)



First half sales and income

In €mFigures

3/31/2004Figures

3/31/2005Change

2004/2005

Sales 213.5 217.6 +1.9%

EBITDA (Gross operating income)EBITDA/Sales

74.134.7%

77.035.4%

+3.9%

EBIT (Operating income)EBIT/Sales

50.523.7%

52.524.1%

+3.8%

Net attributable income (NAI)NAI/Sales

19.49.1%

22.210.2%

+14.4%

Real scope of consolidation

Significant growth in Net Attributable Income Improved margins




In €m2004

restated*Real scope of consoli-

dation2005

Change(%)

o/w effect of Serre Chevalier

1350**

Sales 186.2 203.0 +5.3% +7.0

Gross Operating Income (EBITDA)

EBITDA/Sales

90.0

48.3%

101.7

50.1%

+13.0% +3.3

47.1%

Operating Income (EBIT)

EBIT/Sales

76.2

40.9%

84.8

41.8%

+11.3% +3.1

44.3%

* Restated for CMB – CMBF** 4 months

Ski areas


Improved EBITDA and EBIT on a like-for-like scope of consolidation Serre Chevalier: a positive contribution



* 0/w €2 m cost of reorganization of Grévin

In €m2004 Like-for-like

2005Real scope

of consolidatio

n2005

o/w Pleasurewoo

dHills

Sales 14.0 14.1 14.4 0.3

Gross Operating Income (EBITDA)

-20.7 -22.3* -23.6 -1.3

Operating Income (EBIT)

-29.4 -29.8* -31.3 -1.5

Leisure sites

Change due to losses on non-recurrent items



Shift to IFRS

Net attributable income – first half French accounting standards €22.2 m

Depreciation of fixed assets (PPE) by components and elimination of provisions for major repairs +1.0

Elimination of goodwill amortization +2.3

Stock options recognized as expenses - 0.5

Net attributable income – first half €25.0 mIFRS

Positive impact: + €2.8 m

Simulation of the principal effects on the half-year income statement



Ski areas at the close of the 2005 season

Change Situation

2004/2005 March 31

Ski area receipts* €238 m = +3.3%

(-€300,000)

Number of skier days* €10.1 m (-3.6%) -0.1% (- 385,000 days)

Receipts per skier day* €23.3 m (+3.6%) +3.4% (+ €0.80/day)

* Total consolidation scope (Tignes, Les Arcs, La Plagne, Peisey, Les Menuires, Méribel, Grand Massif, SC 1350)



An atypical ski season

In skier daysChange in volume of

visitors2005/2004

Percentage change

2005/2004

Percentage of total volume of

visitors

Pre-season plus Christmas/New Year’s

-300,000 -14% 20%

January +70,000 +3.3% 20%

February vacations -75,000 -2.4% 30%

March +300,000 +15.6% 20%

April -390,000 -30.0% 10%

Total season -385,000 -3.6% 100%

Beginning of the season suffered substantially from the school vacation schedule and late snowfall in the Northern Alps February affected by extreme cold March: A 10-year record April: Penalized by school vacations running through May 8



Ski areas at season’s end 2005Performance uneven among Group resorts

Number of skier days:France

• Peisey Vallandry -0.2% • Serre Chevalier 1350 -13.8%• Grand Massif -0.5% • Les Menuires -3.8%

• La Plagne -3.7%

Abroad (equity affiliates)• Saas Fee -4.6% • Courmayeur -13.0%

• Verbier -7.0%

Daily receipts:• Les Ménuires +5.3% • Les Arcs +1.8%• Méribel +4.0% • Peisey +2.3%

Yield (France): 62.8% (61.3% in 2004)



Leisure sitesThe season began slowly

Economic factors hold back leisure spending• Low consumer morale in France• Consumption down in Northern Europe (Germany, the

Netherlands)• French holiday schedule unfavorable for the early season: three

holidays fell on weekends

Volume of visits uneven as of June 26, 2005• Dolfinarium Harderwijk: -26% (impact of seasonal opening)• Parc Astérix: -6%• Saint Malo Aquarium: +3%• Musée Grévin: +5%• Total: -5.5%

Average receipts per visitor slightly down:€22.10 vs. €22.30 in 2004



Major leisure site groups in Europe

The industry is undergoing consolidation, led by investment funds (Advent, Palamon, Blackstone)

CDA/Grévin, a listed company, is conducting a well-considered diversification based on a consistently profitable business: ski areas



Performance of leisure sites groups in Europe

Sales(in €m)

Ratio EBITDA/Sales

Tussaud 270 36%

Legoland 180 20%

CDA/Grévin 115 23%

Aspro 110 37%

Parques Reunidos 83 26%

Star Parks 80 28%

Merlin 55 31%

Based on 2002 data


CDA/Grévin: strategies


Expand sales

Example: Dolfinarium (€9 m in CAPEX)

Invest in growth

Example: Musée Grévin

Redefine the business model

Example: Sites in Germany

Maintain attractiveness

Example: Saint Malo

Profitability

Pote

nti

al


The new organization of CDA/Grévin

Create coherent business units • Parc Astérix: ~ 2 million visitors• Rest of France: ~ 2 million visitors• Northern Europe: ~ 2 million visitors

Creation of new horizontal synergies for the sites • Entrance fees• Sponsors• Purchasing

Strengthened integration between CDA and Grévin: • Strategy• Development• Financing



Example: Strategy for Parc Astérix

Potential for new visitors• The Astérix trademark• Site location• Visitors from abroad

Promote second visits• Brand recognition• The cycle of repeat visits





4 –Group prospects


Group prospects

Results as of 9/30/2005 will depend on a successful summer season at the leisure sites

One new site: Planète Sauvage

CAPEX down to €85 m, vs. €100 m announced

Real estate development makes a positive contribution

4 –Group prospects

FY 2004/2005


Group prospects

Ski areas The French winter vacation schedule will be more favorable

Goals:• Consolidate SEM Serre Chevalier Ski Développement

(Sales €18 m, EBITDA/Sales ratio 15%)• Consolidate Saas Fee Bergbahnen (Sales €15 m, EBITDA/Sales ratio

40%)

Progressive return to CAPEX at 20% of sales (excluding Serre Chevalier)

Leisure sites Bioscope (Sales: €4 m) opens of June 1, 2006

A new marketing thrust for Parc Astérix


FY 2005/2006


Group prospects

Action taken at CDA/Grévin level:

Debt restructuring: • Setup of a single €260 m syndicated loan• Spread guaranteed for five years

A single approach to insurance

Protection against energy price fluctuations• Cost per KWh down by 11%• Rates locked in until 2007

Cross-marketing efforts

FY 2005/2006


Conclusions

Ski areas Half-year figures satisfactory

The ski areas held up well despite a poor month of April

Real estate activities are producing recurrent profits

Acquisition targets have been identified

Leisure sites The strategy for winter/summer balance is being maintained

The new organization of CDA/Grévin serves this strategy


Appendices

First-half figures:- By business line- Comparison, real scope of

consolidation


First-half figures Appendix 1 By business line

In € mTotal

First half Ski areasLeisure sites Other

Sales

EBITDA EBITDA/Sales

EBIT EBIT/Sales

217.6

77.035.4%

52.524.1%

203.0

101.750.1%

84.841.8%

14.4

-23.6NS

-31.3NS

0.2

-1.1

-1.0

For the first half: Ski areas: 93% of sales, profitable Leisure sites: 7% of sales, loss-making


Consolidated income statement Appendix 2Comparison H1-2005/H1-2004

In € m 3/31/2004 3/31/2005Change

In € m As %

SalesEBITDA (Gross operating income)EBIT (Operating income)

213.5 74.1 50.5

217.6 77.0 52.5

+4.1+2.9+2.0

+1.9%+3.9%+3.8%

Net financial incomeIncome taxEquity earnings and goodwill amort.Net income (100%)Minority interestNet attributable income

- 5.2-14.2- 3.227.9- 8.519.4

-5.1-17.4-1.528.5-6.322.2

+0.1-3.2+1.7+0.6+2.2+2.8

+1.5%+22.3%+45.4%+2.2%

+26.3%+14.6%

Taxes up €3.2 m Equity earnings up €1.8 m (Chamonix, Courmayeur, Serre Chevalier Ski Développement)

Minority interest down €2.2 m (Chamonix, Courmayeur)

Real scope of consolidation

sfaf meeting – june 30, 2005 1 compagnie des alpes interim financial statements october 1, 2004 -...

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half sales

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income ebitsales

consolidation scope

ifrs net attributable

half improved ebitda

pleasurewood hills sales