INTERIM FIGURES UP (AcT)

First half from October 1, 2004, to March 31, 2005

(*) The restated 2003/2004 scope of consolidation eliminates the sales and intermediate income figures for CMB ( Chamonix ), proportionally consolidated in 2003/2004 and CMBF (Courmayeur), fully consolidated in 2003/2004; both of these companies were treated as equity affiliates in 2004/2005. The change in the form of consolidation of these two companies impacts intermediate figures but has no effect on net attributable income.

Figures by business line

The first half of Compagnie des Alpes' fiscal year combines the positive results of the winter season in the ski areas with normally negative results at the leisure sites, since most sites are closed during this period.

SALES

First half sales figures, of which over 90% are for the ski areas, grew by 8.6% over the figures for the restated scope of consolidation for 2003/2004. Excluding the acquisition of Serre-Chevalier, the increase would have been 5%.

After a first quarter somewhat penalized by late snowfalls and an unfavorable schedule of school vacations, activity at the ski areas picked up substantially in the second quarter. March, in particular, benefited from a high level of skiers from abroad and from an earlier Easter weekend, which had fallen in April in 2004. While the volume of visitors as of March 31 was at the same level as the previous year, sales figures improved thanks to an increase in daily receipts.

In addition to the fact that most of the sites of the leisure sites were still closed on March 31, this business line also absorbed the effects of the closing of the Dolfinarium of Harderwijk (the Netherlands), which reopened in mid-April. The year-round sites (Musée Grévin, the aquariums, Aquaparc) all operated at a good level.

HALF-YEAR FIGURES

On a real scope of consolidation, both EBITDA and EBIT progressed at about 4% for the Group. Relative to restated 2004 figures, the 12.2% increase in gross operating income is largely due to the fact that operating expenses were well contained, particularly at leisure sites: the Dolfinarium closed for the winter and Parc Astérix opened somewhat later. Also helping to boost EBITDA was the absence of exceptional expenses, compared with the costs of launching Paradiski and the shift to IFRS standards in the first half of 2004. Net attributable income reached €22.2 m, up €2.8 m (14.6%) over 2004. Acquisitions accounted for €1.8 m of this increase.

PROSPECTS

Because of the schedule of the French spring school vacations, the closing weeks of the winter season at the ski areas (the period between April 1 and May 8) were less profitable than in 2004, as was expected. On a like-for-like basis, final sales figures for the winter sports season should be at the same level as 2003/2004. The increase in operating expenses should be limited to about 3%. The effects of these trends on operating margin for the ski areas will be partly offset by the positive returns on real-estate development at les Arcs and La Plagne.

The beginning of the season for leisure sites suffered somewhat from the poor timing of two of the traditional May holidays, both of which fell on weekends. Nonetheless, reservations and pre-sales at Parc Astérix are up to expectations and visits to Musée Grévin and the Saint Malo Aquarium are trending upwards. Fiscal year 2004/2005 will also benefit from the acquisition of the Planète Sauvage animal park on April 20, 2005 . Visitor figures for leisure sites abroad are less consistent.

The Group pursued several programs aimed at improving income in several areas beginning in FY 2005/2006, including:

• Restructuring debt by means of a syndicated loan for €260 m, which nails down the spread for the next five years, for an expected annual reduction in financial expenses of €500,000 to €700,000;
• Centralizing insurance contracts at Group level, which will provide expected savings on this item of at least one million euros each year;
• Locking in the advantages of Group energy purchasing contracts through 2007, for a reduction in cost per Kwh of 11%).

Next press release: Third quarter figures on August 5, 2005

Compagnie des Alpes is a major player in the field of leisure production in Europe . CDA operates 28 leisure sites including 14 leading ski areas located in the Alps . These include Tignes, Les Arcs, La Plagne, Méribel, and others. The company also operates 14 family leisure sites, including Parc Astérix and Grévin, in six countries in Europe : France , Italy , Switzerland , Holland , Germany , and the United Kingdom . In all, CDA counts 20 million visitors annually. During the last fiscal year, closed on September 30, 2004 , the Group attained €372.2 m in sales and net attributable income of €29 m.

For further information: www.compagniedesalpes.com

Euroclear: 5332; ISIN: FR0000053324; Reuters: CDAF.PA; Bloomberg: CDA FP; FTSE: 538 Leisure facilities

Source : Actusnews