Compagnie Des Alpes Wherever Emotion Creates Value
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COMPAGNIE DES ALPES WHEREVER EMOTION CREATES VALUE ANNUAL REPORt 2015 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 For more than 25 years, COMPAGNIE DES ALPES, A LEADING PLAYER IN THE EUROPEAN LEISURE INDUSTRY, HAS OPERATED THE BIGGEST SKI RESORTS IN THE FRENCH ALPS AND Europe’s most DISTINCTIVE LEISURE PARKS. IT IS NOW EXPORTING ITS unique know-how in design AND CONTRACTING SUPPORT SERVICES FOR MOUNTAIN RESORTS, LEISURE PARKS AND INDOOR LEISURE PROJECTS, CREATING EXCEPTIONAL LEISURE ACTIVITIES FOR EVERYONE WITH A STRONG LOCAL AND REGIONAL IDENTITY, AND THE AIM OF CREATING VALUE FOR ALL. 3 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 INTERVIEW The “Xpress” 30 _ The quality of the customer experience attraction at Walibi Holland, is a key success factor a roller coaster that does 0 “Summer morning in 2Alpes” to 90 km/hr by Arnaud Guerrand (DAL). REPORTAGE in 3 seconds. Sunrise on the glacier, summer 2015. Photo from 32 _ The Very High Satisfaction of our customers 1st internal photo contest. is at the heart of the Group’s strategy 36 _ Take actions to strengthen the attractiveness ONTENTS of regions 38 _ Corporate social responsibility and respect C for the environment are intrinsically linked to value creation at our Group Leveraging Very 2High Satisfaction to drive value creation Emotion is at the heart of Registration our business and our history 3Document and 1 A nnual Financial INTERVIEW 10 _ A clear and determined ambition on the biggest Report international markets 43 _Introduction to the Group, its activities, FOCUS market and competition 14 _Established expertise in three specialized markets 59 _Corporate governance 16 _A stated ambition: becoming an international operator, 93 _Non-financial reporting beyond Europe 117 _Financial information 18 _A dynamic group, delivering improved results 167 _Other information and performance 20 _ Compagnie des Alpes expansion is based on strong brands and unique sites 22 _Group history 24 _2014/2015 highlights Photo of the Hall of Columns, Grévin Paris. 4 5 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 1 EMOTION IS AT THE HEART OF OUR BUSINESS AND OUR HISTORY Tucked away at Arc 1800 is Mille 8, a new place for novel experiences that opens onto the Paradiski ski area. Photo of “La Luge”. 6 7 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 “Sharing an experience” COMPAGNIE DES ALPES | ANNUAL REPORt 2015 by Clémence Malandain (Les Menuires). Two generations of technicians share their know-how and skills. Photo from 1st internal photo contest. COMPAGNIE DES ALPES IS A PROVIDER OF EXCEPTIONAL LEISURE EXPERIENCES. IT EMPLOys almost 5,000 WOMEN AND MEN WHO ARE PASSIONATE ABOUT THEIR JOBS AND ENJOY SEEING THEIR CUSTOMERS HAVE A GREAT TIME. SINCE IT STARTED OUT IN THE FRENCH ALPS, THE GROUP HAS MAINTAINED ITS ETHOS OF SHARING EXCEPTIONAL MOMENTS. WITH EXPERTISE GAINED IN THE MOUNTAINS, WHICH IT FIRST EXTENDED TO LEISURE PARKS AND THEN INDOOR LEISURE, IT AIMS TO GIVE MORE PLEASURE, MORE INTENSITY AND MORE VARIETY, WHILE PRIORITIZING SAFETY, FOR THE VERY HIGH SATISFACTION OF ITS CUSTOMERS. 8 9 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 W IE A clear RV and determined How is Compagnie des Alpes working to develop the appeal ambition on of ski resorts? On the ski market, which is a mature market in Europe, INTE we aim to boost growth by attracting a French and international the biggest customer base. To do this, our task as a leader is to maintain a high level of operational excellence by developing comfortable, rapid and safe facilities and ski areas that meet the expectations of skiers in terms of sustainable development and the ability international to enjoy all snow sports (fewer pylons and ski lifts make for a smoother experience offering all the same skiing options). Skiers who develop their skills in our ski areas, which are markets among the most beautiful in the world, want – beyond the skiing aspect – to have an overall experience in the resort that corresponds to “Very High Satisfaction” (VHS), from their arrival to their departure. We are working to help customers INTERVIEW WITH DOMINIQUE MARCEL get around the resorts as easily as possible, for example, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, through digital tools and our distributor Alpes Ski Résa, which COMPAGNIE DES ALPES enables us to offer complete packages tailored to the needs of our customers. As customer expectations have evolved, and customers are looking for increasing customization and leisure experiences that meet their aspirations and desires, it is also essential to offer other activities in addition to skiing. A project such as the dedicated high-altitude leisure area Mille8, at Les Arcs, looks set to inspire other resorts. We are also working in partnership with the ecosystem to develop the accommodation capacity of our ski areas, for example, through Foncière Rénovation Montagne or our network of real estate agencies, in order to put together the most attractive offer we can build. All these initiatives in ski areas will require an increase in investment in 2015/2016, before returning to he tourism market is currently undergoing a normal level. profound change. The proliferation of choice and the possibilities offered by digital has led to radical change Tin customer expectations. How is Compagnie des Alpes addressing this major change? If we are to attract and gain the loyalty of increasingly discerning customers in an intensely competitive environment, we will have to offer them products that fulfill their “TOURISM IS CURRENTLY expectations, customized services and an exceptional all-round experience. Customers are willing to spend significant amounts UNDERGOING MAJOR CHANGE, on their leisure activities as long as they can be sure they will have a great time and enjoy a memorable experience at WITH THE RISE OF DIGITAL AND our leisure destinations and ski areas. Tourism is currently THE EXPLOSION OF TOURIST undergoing major change, with the rise of digital and explosion of tourist numbers worldwide. From 20 million tourists in 1950, NUMBERS WORLDWIDE. there are now 1 billion – and this figure is expected to double by 2030. To meet the major challenges of the leisure market, FRom 20 million touRISTS IN and to attract new customers, Compagnie des Alpes, the world’s leading operator of ski areas and the fourth biggest 1950, tHERE ARE NOW 1 billion European player in leisure parks, aims to provide the highest – and tHIS FIGURE IS EXPECTED levels of customer satisfaction, by drawing on its know-how and its portfolio of outstanding sites. to double by 2030.” 10 11 WorldReginfo - 995d9f7e-7163-48f4-863c-973914d0b942 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 COMPAGNIE DES ALPES | ANNUAL REPORt 2015 W IE RV Is the concept of “Very High Satisfaction” (VHS) still the watchword for leisure destinations? “TO ACCELERATE ITS Our excellent financial results – we recorded a 10.1% rise GROWTH, ESPECIALLY in sales from our leisure destinations, after growth of 6% the previous year – validate our strategy, which is to refocus, 2 INTERNATIONALLY, by selling 11 leisure parks since 2011, including 4 this year, and to make huge investments in parks that can profitably billion I BELIEVE THAT THE GROUP INTE leverage VHS. Our portfolio of 13 parks, mainly organized Number of worldwide SHOULD ENTER INTO around four main brands – Parc Astérix, Grévin, Futuroscope tourists expected and Walibi – is now homogeneous and consistent. We will in 2030 PARTNERSHIPS, WHICH continue to work on improving customer satisfaction at all levels in our parks, and in this respect we are also stepping up MAY INVOLVE MAKING our investment policy to develop high-quality attractions. EQUITY INVESTMENTS, In addition, we have decided to equip our national parks with IN ORDER TO ACHIEVE accommodation capacity. After Walibi Holland and its Walibi 3 Village, we are going to make Parc Astérix a real resort that X CRITICAL MASS AND can welcome more than 2 million visitors, to which we have decided to allocate an investment of €55 million to quadruple ACCESS THE BIGGEST its accommodation capacity, expand its catchment area, and MARKETS MORE QUICKLY.” increase the typical visitor stay to 1.5 days. In total, 450 rooms will be built by 2019. What are Compagnie des Alpes’ international ambitions? The number of skier days in China has International growth is a key objective. In our two business tripled since 2009, and with the Beijing segments, our advisory activities and service provision have Winter Olympics set to take place in 2022, the Chinese authorities are likely enabled us to gain a reputation and credibility in recent years to support the large-scale development based on concrete successes: the Rosa Khutor resort, of skiing in the country. which hosted the Sochi Winter Olympics, the Sindibad Park, which opened in August in Casablanca, etc. Our operational know-how is recognized worldwide and highly appreciated on a local basis, which gives us a competitive advantage. But the We have to start our operations in these fast-growing regions to boost our revenue, which is below our expectations. time has now come for the Group to go further in its international by building partnerships on large projects or acquiring sites This is why I wanted us to focus our efforts on these sites, expansion and to start operating in emerging markets. directly. We have to work hard to attract new international and on Chaplin’s World by Grévin, which will open in customer bases, both by establishing operations in these Switzerland in 2016, with priority being given to attracting dynamic markets and by bringing them to our sites in France.