Brief: Compagnie Des Alpes H1 Operating Income Drops To 74.5 Million Euros

Compagnie des Alpes SA

26/05/2020 18:24

May 26 (Reuters) - Compagnie des Alpes SA  CDAF.PA :
    * H1 2019/2020 IMPACTED BY CLOSURE IN MID-MARCH OF ALL SITES
DUE
TO COVID-19
    * H1 OPERATING FREE CASH FLOW EUR 58.6 MILLION VERSUS EUR
61.2
MILLION YEAR AGO
    * H1 OPERATING INCOME EUR 74.5 MILLION VERSUS EUR 105.7
MILLION
YEAR AGO
    * H1 NET ATTRIBUTABLE INCOME GROUP SHARE EUR 47.7 MILLION
VERSUS
EUR 64.6 MILLION YEAR AGO
    * GROUP HOPES TO BE ABLE TO OPEN ITS SKI RESORTS IN JUNE
    * GROUP NOW EXPECTS THE SKI AREA EBITDA MARGIN ON SALES OF
SLIGHTLY MORE THAN 30%, EXCLUDING IFRS 16
    * IN SKI AREAS, GROUP PLANS TO POSTPONE CERTAIN INVESTMENT
PROJECTS, WHILE RESPECTING ITS OBLIGATIONS AND TAKING THE NEEDS
OF ITS STAKEHOLDERS INTO ACCOUNT, REDUCING THE ANNUAL BUDGET TO
NEARLY €80M
    * CONFIRMS IT IS ANTICIPATING, FOR THE 2019/2020 FY, A
DECREASE IN
ANNUAL SALES FOR THIS DIVISION OF APPROXIMATELY 20% (€85 TO 90M)
    * REMAINS CONFIDENT IN ITS ABILITY TO OVER ITS LIQUIDITY
NEEDS
UNTIL THE END OF THE CIVIL YEAR, INCLUDING UNDER A WORST-CASE
SCENARIO
    * AT END OF H1 GROUP HAS €300M IN CASH RESOURCES, CREDIT
LINES,
AND UNUSED OVERDRAFT FACILITIES, AND HAS NO SIGNIFICANT DEBT
REPAYMENT OBLIGATIONS BETWEEN NOW AND END OF FY
    * IN TOTAL, THE GROUP INVESTMENT BUDGET WAS SET FOR AROUND
€175M

Source text : https://bit.ly/2X5olcx
Further company coverage:  CDAF.PA 

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