COMPAGNIE DES ALPES : FY 2013-2014 Q1 sales

Q1 2013/2014 sales: up 11.6% to €117.7 million A satisfactory start to the season

Boulogne, January 23, 2014 - Compagnie des Alpes consolidated sales came to €117.7 million for the

first quarter of FY 2013-2014, up 11.6% compared to the same period last year.

Group consolidated sales from October 1, 2013 to December 31, 2013

(in € thousands)	FY 2013/2014	FY 2012/2013	Change
Q1: Ski areas Leisure parks International development Other	69,552 47,443 609 120	63,497 41,427 290 265	9.5% 14.5% 110.0% ns
Total sales	117,724	105,479	11.6%

The Group's International development business (engineering services and organic growth abroad) is now presented as a specific item in the sales breakdown table. This activity includes revenue generated by engineering contracts abroad, as well as income from new Grévin locations until they reach cruising speed.

The first quarter is the most subdued period for CDA Group in terms of business activity. Structurally, it accounts for approximately 15% of annual sales, generated essentially in Ski areas (60%).

Ski areas: an early season in line with expectations Ski area sales came to €69.5 million, a nearly 9.5% increase compared to the previous year. No real

estate transactions were recorded in Q1 (compared to €0.4 million over the same period last year).
At December 31, 2013, sales growth for the current financial year enjoyed a favorable calendar effect (one additional school vacation day over the period). Excluding the cut-off effect at December 31, business grew 2.6%. This increase was mainly due to the impact of favorable pricing, approximately 4%, which benefited mountain regions in general. Skier-days declined by 1.5% compared to last year, which saw particularly high figures. Volumes nonetheless remain substantial in spite of less abundant snowfall and fewer days of operation at the start of the season.

Leisure parks: growth in visitor numbers Leisure park sales stood at €47.4 million, up 14.5%.

This positive performance is essentially due to improved visitor numbers in parks open during the Halloween/All Saints' Day school vacation, demonstrating considerable enthusiasm for Halloween events (visitor numbers up 30%), as well as in the fall inter-season period, particularly during Christmastime

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festivities. An increase in the number of business days also contributed to this rise in visitor numbers (+2 days for Parc Astérix and +8 days for the Dolfinarium, which was closed for renovation last year).
This solid performance reflects the initial results of the Group's new sales policy in Leisure parks, which sets out a proactive approach in adapting to the market environment.

International development: impact of the opening of Grévin Montréal International development sales include revenue generated by Grévin Montréal, which opened in April

2013 and accounts for just over half of total sales for this activity. The remainder consists of revenue from advisory and project consultancy contracts.

2013/2014 outlook In Ski areas, present booking trends for upcoming periods are down slightly compared to last year, mainly due to current snow conditions. Nonetheless, this situation cannot be seen as an indication of performance over the rest of the season, and the Group remains confident as to the outlook for this business. In Leisure parks, business will not see a significant rebound before next April, as the first quarter of the calendar year is by nature an insignificant period. Initial results of the new marketing initiatives are encouraging and visitors are enthusiastic about Futuroscope's new "Lapins Crétins" attraction. Implementation of the strategy to bring park visitors Very High Satisfaction will begin this year, but effects will be gradual. Considering the persistently challenging economic context, the Group remains cautious with regard to the financial year as a whole, but confident in the power of its new strategy. For International development, the growing momentum of Grévin Montréal, the opening of Grévin Prague in April and the initial income from the contract for engineering project consultancy with the Arkhyz ski resort in the northern Caucasus will likely be the prime features of the financial year.

Upcoming Events:

Shareholders' General Meeting: Thursday, March 13, 2014. Q2 2013/2014 sales: Thursday, April 24, 2014, after market.
www.compagniedesalpes.com

Since its creation in 1989, Compagnie des Alpes has stood out as an undisputed leader in the leisure industry. Operator of 11 world-renowned Ski areas (Tignes, Val d'Isère, Les Arcs, La Plagne, Les Menuires, Les 2Alpes, Méribel and Serre-Chevalier) and

15 acclaimed Leisure parks (Parc Astérix, Grévin, Walibi, Futuroscope, etc.), the company boasts fast and steady growth in Europe: France, Netherlands, Belgium, and Germany. CDA also holds stakes in four Ski areas and seven Leisure parks in France, Switzerland, Belgium, and the U.K.

Consolidated sales amounted to €678 million, with nearly 23 million visitors, for the financial year ending September 30, 2013.

Group share of net income came to €21 million (excluding non-recurring items).

With more than 5,000 employees, Compagnie des Alpes works with its partners to create projects that provide unique experiences, far removed from standardized models. Leisure for all.

CDA is in the indices CAC All-Shares, CAC All-Tradable, CAC Mid & Small, and CAC Small. ISIN: FR0000053324; Reuters: CDAF.PA; FTSE: 5755 Recreational Services.

Contacts:
Compagnie des Alpes	Sandra Picard Claire Monteil-Robert	+33.1.46.84.88.53 +33.1.46.84.88.79	[e-mail] [e-mail]
Les Ateliers Corporate	Xavier Yvon	+33.1.84.16.02.08	[e-mail]

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