2012 Annual Results. 7 December 2012

Transcription

1 2012 Annual Results 7 December

2 Club Med confirms the strength of its positioning New growth of all the business indicators Upmarket customers : + 7% + 57,000 customers Customer satisfaction 55.8 % 65.1 % 68.3% 867,000 customers points points % of 4 and 5 customers Winter 12 Summer 12 (compared to the last 3 years average) Total number of customers : + 1.9% Business volume : + 3.7% 1,268 vs 1,245 thousands of customers 1,515 million vs 1,461 million 2

3 despite a context which has deteriorated in Europe A weakened tourist sector Club Med gains market shares Change in tourism model Disintermediation Bipolarisation Development of the OTA France Winter 2012 Summer 2012 BV Club Med +7,3% flat BV Market (1) -1,7% -3,2% (1) Source: Winter 12: CETO data at the end of April / Summer 12 : CETO data at the end of October Geopolitical Context Arab Spring European mature markets Evolution amongst Club Med customers (in thousands of customers) Rise in costs Inflation in Europe : +2.5% Kerosene : +12.9% in Suisse Switzerland Royaume Uni United Kingdom Belgique Belgium Club Med made the good strategic choices: be a specialist, be upscale and be international 3

4 Stable indicators of performance A preserved profitability which shows the strength of the business model 9,0% 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 8.9% 8.7% 8.0% m 126 m 126 m Ebitda Ebitda margin Ebitda margin m 61 m 62 m Operating Income Villages m 33 m 35 m 2 m m Net income before tax and non-recurring items m (14) Net result 4

5 A Club Med ready to face a difficult economic situation in Europe Solid financial structure 2/3 of the capacity in 4&5T 60% of direct sales Free cash-flow: + 34% vs 2010 m m m FCF without disposals and exit costs Disposals and exit costs Gearing: -15 pts vs ,2% ,2% 22,6% opening: Valmorel, village 4 T with 5 T Space and Apartment Chalets 3 disposals: Meribel Aspen Park, Lindeman Island, Bora Bora 5 closings of non strategic 3T villages : Smir, Coral Beach, Djerba Méridiana, Nabeul and Beldi 55% 4 and 5 T capacity in % 62% 66%* % of direct distribution in % of business volume villages 58.5% 18.0% 59.5% 18.7% 60.6% % of Internet distribution in % of business volume villages % Net Debt Gearing in m *: 66% on average in 2012, 68% as of 10/31/2012 5

6 Modifiez le style du titre 2012 financial review 6

7 Financial Highlights (in m) reported Change 12 vs 11 Business Volume Villages (1) 1,380 1,375 1,461 1, % Consolidated revenue Group - published (2) 1,360 1,353 1,423 1, % Villages - at constant exchange rate 1,406 1,359 1,416 1, % EBITDA Villages (3) As a % of revenue 7.4% 8.0% 8.9% 8.7% Operating Income - Villages % Operating Income - Management of Assets (29) (14) (24) (26) Other Operating Income and Expense (27) (15) (11) (14) Operating income (20) Net Income/(loss) before tax and non-recurring items (1) % Net income/loss (53) (14) 2 2 Investments (4) (51) (5) (44) (5) (50) (50) (6) Disposals Free Cash Flow (33) Net debt (239) (197) (165) (118) (1) Total sales regardless the operating structure (reported) (2) Includes 16 million, 17 million, 14 million and 12 million in property development revenue for, respectively, 2009,2010, 2011 and 2012 (3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization (4) Withdrawn Investments (See Cash-flow statement) (5) Net of grant and insurance settlements (6) Withdrawn investments ( 50 million) and realized investments ( 59.8 million) 7

8 Business performance Villages Change 12 vs 11 Customers (in '000s) 1,228 1,219 1,245 1, % O/w 4/5 Tridents customers 54.5% 55.8% 65.1% 68.3% +3.3pts Hotel days sold (in '000s) 7,977 7,817 7,952 7, % Capacity in hotel days (in '000s) 11,522 11,682 11,709 11, % O/w 4/5 Tridents capacity 54.0% 54.8% 62.3% 65.9% +3.6pts Occupancy rate 69.2% 66.9% 67.9% 68.7% +0.8pt Revenue/Hotel Days % RevPAB (1) per Hotel Days % % Direct Revenues (2) 57.8% 58.9% 59.8% 60.6% +0.8pt (1) Revenue Per Available Bed : Total like-for-like Villages revenue, net of tax and transportation costs, per available bed (2) Direct individual sales (Internet, Club Med Voyages, Call center, Franchises) / individual sales worldwide 8

9 Business performance : customers Slight increase of customers number of +1.9% versus 2011, including +7% for the customers in 4 and 5 T (+ 57,000) in line with moving upscale 80% 70% 60% 50% 40% 30% 20% 10% 0% 65% 68% 54% 56% 66% 51% 62% 48% 45% 54% 55% 53% 43% 47% 46% 34% 45% 31% 38% 34% 1% 1% 1% 1% 1% % 60% 50% 40% 30% 20% 10% 0% 2/3T capacity 4/5T capacity % 2/3 T customers % 4/5 T customers % tours customers Fuelled by the fast developing countries (1) growth (1) Fast developing countries : Russia, Turkey, South Africa, Ukraine, Middle East, Mexico, Brazil, Argentina, Venezuela, Chile, China, Singapore, South Korea, India, Malaysia, Hong-Kong, Thailand, Taiwan 9

10 Consolidated Group revenue: m 1,459 New rise of the consolidated revenues: +3% (reported) + 5% + 3% 1,423 M 1,459 M 2011 Group Revenue ,353 M Change + 7 Volume Effect + 8 Price Mix Effect + 23 Villas & Chalets (2) Revenues at constant exchange rate and perimeter Group Revenue (in m) Change at constant exchange rate 12 vs 11 Europe-Africa without France % France % Europe - Africa 983 1,018 1, % Americas % Asia ,6% (1) Villages 1,359 1,416 1, % Property development % Group 1,376 1,430 1, % (1) Excluding Lindeman Island, Asia is up +2.8 % 10

11 Operating margins: stability of the margins compared to 2011 (in m) reported EBITDAR Villages (1) % of revenues 18.9% 19.8% 19.2% 19.4% EBITDA Villages (2) % of revenues 7.4% 8.0% 8.9% 8.7% Operating Income Villages % of revenues 2.7% 3.1% 4.4% 4.3% (1) EBITDAR Villages: Operating Income Villages before depreciation, amortization, rents and change in provisions (2) EBITDA Villages: Operating Income Villages before depreciation and amortization and change in provisions 11

12 Operating Income Villages 2011 Op.income - Villages reported 61 (in m) at constant exchange rate Translation adjustments 5 Revenue 1,359 1,416 1, Op.income - Villages at constant exchange rate Other revenue Volume effect 4 Total revenue 1,368 1,421 1,451 Change in price mix 9 Margin on variable costs Change in margin on variable costs 13 % revenue 63,6% (1) 62.4% 61.9% Fixed sales & marketing costs (181) (191) (191) Fixed sales & marketing costs - Fixed operating costs (416) (425) (435) Fixed operating costs (10) Real estate costs (193) (177) (186) Real estate costs (9) Overhead costs (23) (24) (22) Overhead costs 2 Operating Income - Villages Op. income - Villages 62 (1) Adjusted for insurance settlements 66 12

13 Operating Income Villages by region (in m) reported Europe-Africa Americas (11) (3) Asia Operating Income Villages % of revenue 2.7% 3.1% 4.4% 4.3% 13

14 Net Income / (loss) before tax and non-recurring items (in m) reported Net Income/(loss) before tax and non-recurring items (1) Income/(loss) from discontinued activities (10) Capital gains on sale of assets Impairment / Write-off / Exit of Villages / Others (19) (8) (20) (32) Restructuring costs (21) (7) (8) (10) Net Income/(loss) before tax (51) (6) Tax (2) (8) (9) (13) Net income / (loss) (53) (14)

15 Statement of Income (in m) reported Group Revenue (1) 1,360 1,353 1,423 1,459 Operating Income - Villages Operating Income - Management of Assets (29) (14) (24) (26) Other Operating Income & Expense (27) (15) (11) (14) Operating income/(loss) (20) Finance cost, net (23) (22) (16) (8) Share of profit of associates Income tax/benefit (2) (8) (9) (13.4) Income/(loss) from discontinued operations (10) Net result (53) (14) 2 2 (1) Includes 16 million, 17 million, 14 million and 12 million in property development revenue for, respectively 2009, 2010, 2011 and

16 Financial Cost - Net (in m) reported OCEANE 2010 & 2015 / ORANE (11) (11) (6) (7) Other Interest expenses (11) (10) (10) (6) Interest expenses (22) (21) (16) (13) Titles disposals & provisions Exchange gains / losses net (1) (2) (3) 1 Finance cost - net (23) (22) (16) (8) Average net debt (323) (265) (215) (168) Calculated cost of debt 6.7% 8.1% 7.6% 7.7% Cash cost of debt excl. IFRS impact 5.5% 6.5% 7.1% 6.7% 16

17 Balance Sheet Non-current assets Equity and liabilities PPE Equity incl. minority interests Intangible assets Provisions Non current financial assets Deferred tax liabilities-net Total non-currents assets 1,047 1,060 1, Working capital Government grants (40) (37) (33) (30) Net debt Total 1,007 1, Total 1,007 1, Gearing 48.6% 38.2% 32.2% 22.6% Working capital / villages revenue 14.8% 17.2% 15.5% 16.6% Capital employed*/ villages revenue 60% 59% 54% 49% * Capital employed = fixed assets nets of grants settlements - working capital 17

18 Financial ratios Liquidity /155 (1) Net debt (239) (197) (165) (118) Net Debt / EBITDA (as defined below) (2) EBITDAR (3) (as defined below) / (Interest + rents) EBITDAR (3) / Adjusted financial fees (4) 15x 18x 19x 25x Gearing 48.6% 38.2% 32.2% 22.6% (1) 291 million at 31 October 2010 falling to 155 million on redemption of the OCEANE bonds on 1 November 2010 Reminder Covenants as of 31/10/ < 3,0 > 1,40 - < 100% (2) = EBITDA villages restated for credit cards costs (3) = EBITDAR villages restated for credit cards costs. (4) Interest expenses adjusted from IFRS impacts on convertible bonds (OCEANE) 18

19 Cash Flow Statement (in m) reported Net Income / (Loss) (53) (14) 2 2 Amortization Others 4 (5) (2) (11) Cash Flow Change in working capital & provisions (30) Net cash from operating activities (10) Capital expenditure (51) (1) (44) (1) (50) (50) Disposals Free Cash Flow (33) Translation impacts on cash and others (5) 1 (6) (8) Change in net debt Opening net debt (295) (239) (197) (165) Closing net debt (239) (197) (165) (118) Free Cash Flow without disposals and exit costs (1) Net of grant and insurance settlements, 19

20 Winter

21 Capacity by level of comfort and by zone (in '000 of hotel days) H 11 H 12 H13 H13 vs H12 2 et 3 31% 27% 24% - 3pts 4 et 5 69% 73% 76% + 3pts Europe-Africa 2,875 2,909 2, % Americas 1,475 1,539 1, % Asia % TOTAL 5,321 5,389 5, % 21

22 Winter 2013 bookings to date (at constant exchange rate) Cumulative as of 1st december last weeks Capacity Winter 2013 Europe-Africa - 0.8% - 5.1% - 5.4% Americas + 7.2% + 8.1% + 1.1% Asia + 5.0% + 7.2% - 6.3% Asia excl. Lindeman Island % % Total Club Med + 1.1% - 0.6% - 3.7% 22

23 Conclusion : 2012 results confirm the strategic choices made in 2004 New improvement of business performance in 2012 Preserved profitability in a difficult economic environment New increase of Net Income before tax and non-recurring items Improved financial structure A Club Med which has solid assets to capture growth in fast developing countries despite a difficult economic situation in 2013 in Europe 23

24 Modify the style of the title Update on the strategy

25 Agenda Reach a new step in Club Med internationalization to capture the growth of all-inclusive and upscale holidays Capture the growth of all-inclusive and upscale holidays in the fast developing markets Continue to gain market shares in the mature markets, of which France Reinforce Club Med s difference Optimize the business model Belek 25

26 Capture the growth of all-inclusive and upscale holidays in the fast developing markets Having 1/3 of our customers coming from the fast developing markets (1) at the end of 2015 The GDP of the 25 countries called «fast developing countries» should grow from +4.5%in 2012 and + 5.5% in 2013 (2). (1) Fast developing markets: Russia, Turkey, South Africa, Ukraine, the Middle East, Mexico, Brazil, Argentina, Venezuela, Chile, China, Singapore, South Korea, India, Malaysia, Hong-Kong, Thailand, Taiwan (2) According to a study published by Ernst&Young, some of the countries are : Brazil, Russia, India, China, South Africa, Argentina, Mexico, Thailand, ViêtNam and Indonesia 26

27 Capture the growth of all-inclusive and upscale holidays in the fast developing markets Make China our 2 nd market with 200,000 customers and 5 villages at the end of 2015, developing a new brand by Club Med 1st tourist destination in 2020 (1) The expected growth of the sector of tourism in China is of 9% a year for the next years (2) Club Med customers evolution in Greater China (3) (in thousands of customers) 45 CAGR : + 24% 59 China A new brand by Club Med Objectives: Benefit from the potential of the Chinese domestic market of all-inclusive and upscale holidays Target Chinese customers with high incomes (top 3-6% of the population) Address: - The segment of the short stays within reach of big cities (Beijing, Shanghai ) - The MICE activity during the week Reinforcement of the controlled distribution: 27 shop-in-shops in in 2015 Guilin: new village 4 Tridents located close to the Li river, a UNESCO world heritage site. Characteristics of the resort-hotels: Management contracts Upscale Natural environment Optimum capacity Adapted to the needs of urban customers (1) According to a study of the Worldwide Organization of Tourism (2) According to World Travel & Tourism Council (3) China, Taiwan and Hong-Kong 27

28 Capture the growth of all-inclusive and upscale holidays in the fast developing markets Guilin Guilin Guilin 28

29 Capture the growth of all-inclusive and upscale holidays in the fast developing markets Brazil: A potential market of 2.2 million customers Leisure and tourism travel expenditures (billion ) +12% +10% Russia: Accelerate on a growing market One of the tourism market whose growth is one of the fastest in the world: +10.5% a year since A strong potential: 1.5 million customers, with a high level of holidays expenditures that is still growing Source: WTO Source: WTTC_Data_Country Brazil 2012 Club Med customers evolution in Brazil (in thousands of customers) Club Med customers evolution in Russia (in thousands of customers) CAGR : +7% CAGR : +6% Growth amongst Brazilian customers staying in villages outside Brazil (ski/the Caribbean) 3 villages in 2012: Itaparica, Rio das Pedras and Trancoso Objective 2015: increase village capacity by 20% New destinations adapted to the Russian customers: Sinai Bay in Egypt, Belek in Turkey, Pragelato Vialattea in Italy. Reinforcement of our distribution 29

30 Capture the growth of all-inclusive and upscale holidays in the fast developing markets Pragelato Vialattea Sinai Bay Belek 30

31 Continue to gain market shares in the mature markets of which France Gain of market shares France (indiv) W12 (1) BV S12 (1) BV W13C (2) Customers Club Med + 7.3% flat -3,1% Market - 1.7% -3.2% -10.3% UK (indiv) W12 S12 W13C Club Med BV +5% -4% +6% Market (3) -7% -2% +1% CAGR : +7% (1) CETO data at the end of April and October (2) CETO data as of 31/10/2012 and Club Med data as of 01/12/2012 (3) GfK data at the end of April and October in Germany (indiv+groups) W12 S12 W13C Club Med BV +19% +31% +12% Market (4) +9% +7% +13% (4) GfK data at the end of April and October W12 Market data on individuals only Belgium (indiv) W12 S12 W13C Club Med BV +2% +2.5% -3.5% Market (5) -7% -3.5% -7.1% (5) ABTO data final for W12 and S12 and data the end of october for H13 Our assets Club Med customers evolution in the United States and Canada (in thousands of customers) Strategy of value New worldwide brand campaign Personalization of our client relationship deployment of the new CRM tool Innovation Families Offer : new price policy for the children in Europe Promotion of new destinations Niche products: tours, new cruises on Club Med 2 Distribution premium Controlled Distribution: franchises and shop-in-shops Indirect Distribution: new partnership with Nouvelles Frontières in France 31

32 Reinforce Club Med s difference Launching a worldwide brand campaign Objectives: Create or recreate the Club Med brand legend by incarnating its unique spirit: informal, smart and convivial Recruit new customers and increase consumer loyalty Reinforce the awareness of the brand in the world One communication platform: Unique, capitalizing on the historical platform of happiness Global, adapted to the level of maturity of the markets Online and Offline (Internet, social networks, prints, agencies, shop-in-shops, villages ) Club Med experience is so unique and intense, that I can live emotions and sensations such as in my dreams. 32

33 Reinforce Club Med s difference An innovative distribution strategy Extend our visibility and offer an experience of Club Med Spirit in our retail outlets Remodeling the website Objective 2015: 200 shop-in-shops & franchises: x4 compared to Pages of the villages Process of booking E-Merchandising FBS NMEA Canada Brazil Greater China ESAP FBS = France, Benelux, Switzerland/NMEA = New Markets Europe-Africa/ Greater China = China + Taiwan + Hong-Kong/ESAP = South East Asia and Pacific 33

34 Optimize the business model Increase the number of upscale villages and of the proportion of permanent villages with an optimum capacity 66% 31% 34% 2/3 T 4/5 T 75% 25% 2/3 T 4/5 T 26% Improvement of the business model Revpab 4&5 T: 106 (vs 77 for 2&3 T and 99 on average) Village result/hd 4&5 T: 47 (vs 21 for 2&3T and 38 on average) Average daily rate 4&5 T: 150 (vs 115 for 2&3 T and 139 on average) Rate of repurchase FBS 4&5 T: 49% (vs 40% for 2&3T) 69% 74% Accelerate the asset-light strategy Improve the profitability of capital employed Year round and bi seasonal Seasonal Year round and bi seasonal Seasonal 39% 12% 36% 19% 53% 47% 63% 37% 49% 45% <700 beds >700 beds <700 beds >700 beds

35 Conclusion A new step in the internationalization of Club Med and the reinforcement of its difference 35

36 Appendices Business performance Revenues by region Revenues by business Number of customers by outbound countries Capacity and occupancy rate by region Statistics over 3 years by level of comfort Earnings Analysis of Operating Income Villages by region Analysis of EBITDAR/EBITDA/ Operating Income Villages by region Capital expenditure and investments / disoposals Detail by category Update on owned villages PPE by category Villages Operating Structure by zone Shareholders structure as at October 31 st, 2012 Stock evolution 36

37 Revenues by region (in m) reported % revenue 2010 % revenue 2011 % revenue 2012 France 45% 45% 45% Europe-Africa without France 27% 27% 27% Américas 13% 13% 14% Asia 14% 14% 13% Property development 1% 1% 1% 2012 Group Revenues = m 1, % vs

38 Revenues by business (in m) at constant exchange rate Change 12 vs 11 BV Stays/Tours/Services 1,025 1,072 1, % BV Transport % As a % of revenue 22.3% 23.2% 23.9% +0.7pt BV Others (1) % BV Operations % VAT (47) (47) (54) +13.9% Business Volume Villages 1,411 1,485 1, % Managed (52) (69) (68) -0.5% Revenue - Villages 1,359 1,416 1, % (1) BV Others = Insurance and cancellations costs, commercial gestures, loyalty programs and coupons 38

39 Number of customers by outbound countries (in 000's customers) France Belgium United Kingdom Switzerland Italy Germany Israel South Africa Netherlands Russia Others EUROPE-AFRICA % 67% 65% 63% USA-Canada Brazil Mexico Argentina Others AMERICAS % 16% 18% 19% China Japan Singapor Australia South Corea Malaysia Taïwan Hong Kong Others ASIA % 17% 18% 18% TOTAL Club Med 1,228 1,219 1,245 1,268 39

40 Capacity and occupancy rate by region Change 12 vs 11 Europe - Africa Capacity 7,224 7,110 7, % Occupancy rate 71.1% 70.2% 70.1% - 0.1pt Americas Capacity 2,693 2,800 2, % Occupancy rate 60.6% 66.4% 67.8% +1.4pt Asia Capacity 1,765 1,799 1, % Occupancy rate 59.5% 61.4% 64.8% +3.4pts Total Capacity 11,682 11,709 11, % O/w 4&5 T capacity 6,401 7,291 7, % % total 54.8% 62.3% 65.9% +3.6pts Total occupancy rate 66.9% 67.9% 68.7% +0.8pt Occupancy rate : calculate by bed and on the total of opening days 40

41 Statistics over 3 years GM (in '000s) Capacity (K HD) Occupancy rate RevPAB (in /HD) & 3 T ,281 4,418 3, % 66.7% 67.9% & 5 T ,401 7,291 7, % 68.7% 69.2% Tours Total 1,219 1,245 1,268 11,682 11,709 11, % 67.9% 68.7%

42 Analysis of Operating Income Villages Europe-Africa 2011 Op.income - Villages reported 27 (in m) at constant exchange rate Translation adjustments (0) Revenue 983 1,017 1, Op.income - Villages at constant exchange rate 27 Other revenue (incl.iz Revenue) Volume effect (6) Total revenue Change in price mix 12 Margin on var. costs Margin on variable costs 6 % of revenue 57.1% 55.6% 54.6% Fixed selling costs (122) (127) (126) Fixed sales & marketing costs 1 Fixed operating costs (265) (268) (277) Fixed operating costs (9) Property costs (147) (134) (141) Real estate costs (7) Overheads (16) (17) (16) Overhead costs 1 Operating income - Villages Op. income - Villages 19 42

43 Analysis of Operating Income Villages Americas 2011 Op.income - Villages reported 4 (in m) at constant exchange rate Translation adjustments 1 Revenue Op.income - Villages at constant exchange rate 5 Other revenue (incl.iz Revenue) Volume effect 9 Total revenue Change in price mix (1) Margin on var. costs Margin on variable costs 8 % of revenue 66.1% 65.4% 65.1% Fixed selling costs (29) (32) (31) Fixed sales & marketing costs 1 Fixed operating costs (105) (113) (119) Fixed operating costs (6) Property costs (23) (22) (22) Real estate costs 0 Overheads (3) (3) (3) Overhead costs 0 Operating income - Villages (1) Op. income - Villages 8 43

44 Analysis of Operating Income Villages Asia 2011 Op.income - Villages reported 29 (in m) at constant exchange rate Translation adjustments 5 Revenue Op.income - Villages at constant exchange rate 34 Other revenue (incl.iz Revenue) Volume effect 1 Total revenus Change in price mix (2) Margin on variable costs Margin on variable costs (1) % revenue 59.3% 60.0% 60.7% Fixed sales & marketing costs (30) (32) (34) Fixed sales & marketing costs (2) Fixed operating costs (45) (45) (40) Fixed operating costs 5 Real estate costs (23) (21) (22) Real estate costs (1) Overhead costs (3) (3) (3) Overhead costs 0 Operating Income - Villages Op. income - Villages 35 44

45 Analysis of EBITDAR/EBITDA/ Operating Income Villages by region EBITDAR - Villages EBITDA - Villages Operating Income - Villages (in m) reported Europe - Africa Américas (3) Asia Total Villages % of revenue 19.8% 19.2% 19.4% 8.0% 8.9% 8.7% 3.1% 4.4% 4.3% 45

46 Capital expenditure and investments / disoposals detail by category (in m) Property, plan and equipment (40,4) (50,9) Intangible assets (5,2) (6,7) Financial assets (2,2) (2,2) Subtotal realized investments (47,8) (59,8) Change in accounts payables on assets (2,0) 9,8 Subtotal withdrawn investments (49,8) (50,0) Disposals 18,7 42,2 Total capital expenditure net of diposals (31,1) (7,8) 46

47 Update on owned villages PPE by category (in m) reported Villages VNC VNC VNC 31/10/10 (1) 31/10/11 (1) 31/10/12 (1) I PPE to be sold (non-strategic assets) II PPE given as collateral III PPE that could be refinanced in the short term VI Others assets PPE Total owned Villages property, plant and equipment (1) nets of grant settlements 47

48 Villages Operating Structure Europe-Africa VILLAGES, CRUISE SHIP OPERATED IN 2012 Villages N Beds Capacity Operating Structure Aime La Plagne Leased Alpe D'Huez La Sarenne Leased Avoriaz Leased Cargese Owned Chamonix Leased La Palmyre Leased La Plagne Leased Les Arcs Extreme Leased Les Deux Alpes Leased Méribel Antares + Chalet Leased Méribel Aspen Leased Opio Leased Peisey Leased Pompadour Leased Sant Ambroggio Leased Serre Chevalier Leased Tignes Val Claret Leased Val D'Isere Leased Valmorel Leased Val Thorens Leased Vittel Ermitage Leased Vittel Parc Leased FRANCE Cervinia Leased Kamarina Leased Napitia Leased Otranto Leased ITALY Djerba La Douce Leased Djerba La Fidele Leased Hammamet Leased TUNISIA VILLAGES, CRUISE SHIP OPERATED IN 2012 Villages N Beds Capacity Operating Structure Agadir Leased Marrakech Medina Leased Marrakech Palmeraye / Riad Leased Yasmina Leased MOROCCO Beldi Leased Bodrum Managed Kemer Owned Palmiye Managed TURKEY Gregolimano Owned GREECE El Gouna Managed Sinai Bay Managed EGYPT Cap Skirring Owned SENEGAL Coral Beach Managed ISRAEL St Moritz Roi Soleil Owned Villars-Sur -Ollon Leased Wengen Leased SWITZERLAND Da Balaia Leased PORTUGAL Pointe Aux Canonniers Owned Albion Leased MAURICIUS Villages Europe-Afrique Club Med Owned Cruise ship Villages and Cruise Ship Europe-Africa

49 Villages Operating Structure Americas and Asia VILLAGES, CRUISE SHIP OPERATED IN 2012 Villages N Beds Capacity Operating Structure Itaparica Owned Rio Das Pedras Owned Trancoso Owned BRAZIL Boucaniers Owned Caravelle Owned FRENCH WEST INDIES Cancun Owned Ixtapa Owned MEXICO Punta Cana Owned DOMINICAN REPUBLIC Sandpiper Owned USA Turquoise Leased TURKS and CAICOS Colombus Isle Owned BAHAMAS VILLAGES AMERICAS VILLAGES, CRUISE SHIP OPERATED IN 2012 Villages N Beds Capacity Operating Structure Kabira Leased Sahoro Leased JAPZN Bali Owned Ria Bintan Managed INDONESIA Cherating Owned MALAYSIA Phuket Owned THAILAND Lindeman Island Owned AUSTRALIA Kani Leased MALDIVES Yabuli Managed CHINA VILLAGES ASIA Villas Albion Leased Chalets Valmorel Leased Villas Number of villages in 2012 % of the capacity (in HD) Total Group Villages N Beds Capacity Owned 21 39% Leased 43 49% VILLAGES, CRUISE SHIP OPERATED IN ,324 11,602,506 Managed 7 12% Total % 49

50 Shareholders structure at October 31 st, 2012 Employees 0,1% Treasury shares 0,7% Public and other 12,1% Fosun Property Holdings Limited 9,96% CMVT International (CDG Maroc) 7,1% Foreign institutions 20,8% Rolaco 5,6% AXA Private Equity Capital 9,4% French institutions 8,8% GLG Partners LP 1,2% Air France 2,0% Franklin Finance 5,8% Benetton 2,2% Fidelity (FMR LLC) 8,3% Caisse des dépôts et consignations 6,0% 50

51 Stock evolution since November ,00 20,00 15,00 10,00 5,00 0,00 nov.-10 déc.-10 janv.-11 févr.-11 mars-11 avr.-11 mai-11 juin-11 juil.-11 août-11 sept.-11 oct.-11 nov.-11 déc.-11 janv.-12 févr.-12 mars-12 avr.-12 mai-12 juin-12 juil.-12 août-12 sept.-12 oct.-12 nov.-12 déc.-12 CLUB MED Pierre et vacances Thomas cook KUONI ACCOR Cie des alpes NH Hoteles TUI TRAVEL Estx Travel & leisure CAC 40 SBF