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Compagnie des Alpes – poor weather and economic depression lead to a fall in sales for 2010

Opinion

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CDA operates 21 leisure parks (including Parc Astérix, Grévin, and Walibi) in six European countries: France, Switzerland, the Netherlands, Belgium, Germany, and the U.K. attracting 23 million visitors in 2009.  Performances of various parks varied according to the business segment. Tourist sites, such as the Musée Grévin, the aquariums, and the dolphinariums, showed growth compared to 2009, with Musée Grévin having the strongest performance (sales up 9%).

The Group has been undergoing ambitious refinancing involving renegotiation of debt, increases in equity and a bond issue.  Franck Silvent, Deputy Managing Director, when asked in September whether there would be more investment to accelerate growth said, “Perhaps not more across the board, but better and, above all, at the right time. The Group’s commitment to organic growth calls for an investment policy that is more selective yet extremely ambitious, focused on specific projects that fit the proven economic model and show potential for robust and measurable value creation: developing the Walibi brand, taking Grévin abroad, and establishing facilities and attractions with high added commercial value in leisure parks and ski areas. CDA also intends to consider any acquisition opportunities that might appear in its two operating segments, in a market known for reasonable asset prices.”

CDA looks set to continue to pursue this investment policy in 2011, particularly through the relaunch of the Walibi brand in five leisure parks and finalized agreements that will allow it to consolidate FuturoscopeSindibad by Walibi in Casablanca is set to open in 2013 under a 20 year licencing agreement.  This project epitomises the Group’s strategy for future developments – deriving enhanced value from intangible assets whilst optimising its capital structure. 

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