July 10, France (SnowHunter)--The first half of Compagnie des Alpes' fiscal year (October to March) combines the positive figures of the ski operations with the normally negative figures for the group's growing clutch of leisure parks, since most of the major sites are closed during this accounting period.

However, first-half sales up to end December 2005, over 90% of which are from ski operations, increased by 8.5% over the corresponding period of the previous financial year. Excluding the consolidation of Serre Chevalier Ski Développement, like-for-like increase was 1.2%.

Ski operations sales were up 7.2% overall, but on a like-for-like basis sales slipped by 0.5%. The later dates of the Easter weekend and foreign school vacations - which were in March in 2005 but in April in 2006 - served as a brake on business up to March 31. On the other hand, figures for the last part of the winter season, running through May 8th, were clearly more satisfactory. In all, ski operations receipts (VAT included) for the winter season 2005-2006 should exceed those of the previous winter season by 4.7%.

Operating expenses for the ski operations on a like-for-like basis again increased by only 2.5%, thanks mainly to operations initiated during the year, such as a renegotiation of insurance policies and lower energy costs.

Income for the first half of fiscal year 2005/2006 amounted to €28.2 m, up 6.8% over the previous fiscal year. Compagnie des Alpes added five more summer theme parks to its holdings in late May, growings its non-winter business in a bid to spread income throughout the year. CDA now operates 35 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 21 leisure parks, including Parc Astérix, the Bioscope and Musée Grévin, in seven countries in Europe: France, Italy, Switzerland, Holland, Germany, Belgium and the United Kingdom.

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