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CDA, a model for growth founded on quality assets generating recurrent revenue

  • World leader in ski areas (57% of sales)

    • Long-term concessions for high-quality assets with strong barriers to entry

    • Low volatility in sales and very stable operating profit over the last decade

  • Fourth-biggest European player in leisure parks (43% of sales)

    • Growth factor for sales: 12.4% p.a. since 2002 vs. 5.4% for ski areas

    • Defensive play in an economic downturn: local, loyal customers

  • Two activities with similar industrial characteristics and synergy potential

  • Good risk diversification

  • CDA obtains 95% of its sales over a ten-month period in Europe

  • Alleviation of climate risk

  • Diversification of customer base

Compagnie des Alpes at December 15, 2009 - Slide 3

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