Half-year 2014 results. May 16 th, 2014

Transcription

1 Half-year 2014 results May 16 th, 2014

2 Winter Pragelato-Vialattea, Italia

3 Differences between the final figures and estimated data* *Published on April 28 th, 2014 (in m) S1 12 S1 13 S1 14 estimated data S1 14 Change S1 14 vs estimated data Business Volume Villages (1) Consolidated revenue Group - published (2) Villages - at constant exchange rate EBITDA Villages (3) As a % of revenue 10,9% 10,7% 11,1% 11,2% Operating Income - Villages Operating Income - Management of Assets (14) (9) (13) (13) 0 Other Operating Income and Expense (7) (10) (8) (8) 0 Operating Income Net Income before tax and non-recurring items Net Income Investments (24) (36) (33) (34) (1) Disposals Free Cash Flow Net debt (123) (112) (97) (4) (87) 10 (1) Total sales regardless the operating structure (like-for-like) (2) Includes 9 million, 2 million et 3 million in property development revenue for, respectively, half-year 2012, 2013 and 2014 (3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization (4) Includes the conversion of 1,235,041 OCEANEs versus 1,097,719 OCEANEs as of April 25th, 2014 (in m) Reported S1 12 S1 13 S1 14 estimated data S1 14 Change S1 14 vs estimated data Europe-Africa 9 3 (3) (2) 1 Americas Asia Operating Income - Villages As of % of revenue 6.8% 6.5% 6.7% 6.9% 3

4 Financial Highlights 4 (in m) S1 12 S1 13 S1 14 Change S1 14 vs S1 13 Business Volume Villages (1) ,4% Consolidated revenue Group - published (2) ,4% Villages - at constant exchange rate ,9% EBITDA Villages (3) As a % of revenue 10,9% 10,7% 11,2% Operating Income - Villages ,1% Operating Income - Management of Assets (14) (9) (13) Other Operating Income and Expense (7) (10) (8) Operating Income Net Income before tax and non-recurring items ,6% Net Income ,5% Investments (24) (36) (34) Disposals Free Cash Flow Net debt (123) (112) (87) (1) Total sales regardless the operating structure (like-for-like) (2) Includes 9 million, 2 million et 3 million in property development revenue for, respectively, half-year 2012, 2013 and 2014 (3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization (4) Includes the conversion of 1,235,041 OCEANEs as of April 30th, 2014 (4)

5 Business performance Villages S1 12 S1 13 S1 14 Change S1 14 vs S1 13 Customers (in '000s) % O/w 4/5 Tridents customers 74.4% 77.3% 77.6% +0.3 pts Hotel days sold (in '000s) 3,789 3,630 3, % Capacity in hotel days (in '000s) 5,389 5,140 5, % O/w 4/5 Tridents capacity 73.7% 76.5% 77.6% +1.1 pts Occupancy rate 71.1% 71.3% 71.1% -0.2 pts Revenue (1) /Hotel Days % RevPAB (2) per Hotel Days % % Direct Revenues (3) 58.3% 57.8% 58.9% +1.1 pts (1) Like-for-like (2) Revenue Per Available Bed : total like-for-like business volume, net of tax and transportation costs, per available bed (3) Direct individual sales (internet, Club Med Voyages, Call center, Franchises and shop-in-shop) 5

6 Consolidated Group revenue: 760m (in m) At constant exchange rate S1 12 S1 13 S1 14 Change S1 14 vs S1 13 Europe-Africa without France % France % Europe - Africa % Americas % Asia % Villages % Property development & other property revenue Group % S Group revenue (published) 763 Change (25) Volume Effect 13 Price Mix Effect 9 Villas & Chalets 0 Group Revenue 760 S

7 Operating margins (in m) Reported S1 12 S1 13 S1 14 EBITDAR Villages (1) % of revenues 21.1% 21.0% 21.3% EBITDA Villages (2) % of revenues 10.9% 10.7% 11.2% Operating Income Villages % of revenues 6.8% 6.5% 6.9% (1) EBITDAR Villages : Operating Income Villages before depreciation, amortization, rents and change in provisions (2) EBITDA Villages : Operating Income Villages before depreciation, amortization and change in provisions 7

8 Operating Income Villages (in m) S At constant exchange rate S1 12 S1 13 S1 14 S Operating Income - Villages Reported 49 Revenue Translation adjustments (2) Other revenue S Operating Income - Villages at constant exchange rate Total revenue Volume effect 11 Margin on variable costs Change in price mix 3 % revenue 63.4% 63.5% 63.6% Change in margin on variable costs 14.3 Fixed sales & marketing costs (94) (97) (99) Fixed sales & marketing costs (2) Fixed operating costs (225) (223) (229) Fixed operating costs (6) Real estate costs (89) (90) (89) Real estate costs 0.4 Overhead costs (12) (10) (12) Overhead costs (2) Operating Income - Villages S Operating Income - Villages S

9 Operating Income Villages by region (in m) Reported S1 12 S1 13 S1 14 Europe-Africa 9 3 (2) Americas Asia Operating Income Villages % of revenue 6.8% 6.5% 6.9% 9

10 Net Income before tax and non-recurring items (in m) Reported S1 12 S1 13 S1 14 Net Income before tax and non-recurring items Capital gains on sale of assets Impairment / Write-off / Exit of Villages / Others (23) (2) (9) Restructuring costs 0 0 (3) Litigation and Others (6) (7) (3) Others 0 0 (1) Net Income before tax Tax (10) (8) (8) Net Income

11 Statement of Income (in m) Reported S1 12 S1 13 S1 14 Group revenue Operating Income - Villages Operating Income - Management of Assets (14) (9) (13) Other Operating Income & Expense (7) (10) (8) Operating Income Finance cost - net (6) (5) (8) Share of profit of associates Income tax/benefit (10) (8) (8) Net result

12 Balance sheet Non-current assets Restated (1) Equity and liabilities Restated (1) PPE Equity incl. Minority interests Intangible assets Provisions Non-current financial assets Deferred tax liabilities - net Total non-current assets Working capital Government grants (28) (27) (25) Net debt Total Total (1) Change in accounting policy relating to the amendment of IAS 19 (provision for pensions + 3m / equity (3)m) Gearing 20,9% 26,9% 18,0% Working capital / Villages revenue 16,0% 16,1% 16,1% Average capital employed (2) / Villages revenue 50% 50% 48% (1) Change in accounting policy relating to the amendment of IAS 19 (provision for pensions + 3m / equity (3)m) (2) Average capital employed = (fixed assets net of grants settlements - working capital) at opening and closing / 2 12

13 Cash Flow statement (in m) Reported S1 12 S1 13 S1 14 Net Income Amortization Others 1 (2) 2 Cash Flow Change in working capital & provisions (2) (1) 10 Net cash from operating activities Capital expenditure (24) (36) (34) Disposals Free Cash Flow Translation impacts on cash and others (5) (5) 14 Change in net debt Opening net debt (165) (118) (127) Closing net debt (123) (112) (87) Free Cash Flow before disposals and exit costs (1) Includes the conversion of 1,235,041 OCEANEs as of April 30th, 2014 (1) 13

14 Summer 2014 Rio das Pedras, Brazil 14

15 Summer 2014 bookings Bookings in total business volume at constant exchange rate by outbound country Cumulative as of April 26, 2014 Cumulative as of May 10, last weeks Europe-Africa - 4.7% - 4.6% % Americas % % - 2.9% Asia + 5.3% - 1.3% % Total Club Med - 2.3% - 3.0% % Summer capacity - 3.8% -4.6% 15

16 16 THANK YOU

17 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 Financial result Financial ratios 17

18 Revenues by region As a % of revenue Reported S S S France 26% 27% 27% Europe-Africa without France 43% 42% 42% Americas 17% 18% 18% Asia 12% 13% 13% Property development 1% 0% 0% 18

19 Revenues by business (in m) At constant exchange rate S1 12 S1 13 S1 14 Change S1 14 vs S1 13 BV Stays/Tours/Services % BV Transport % As a % of revenue 21.8% 21.4% 21.1% - 0.3pt BV Others (1) % BV Operations % VAT (27) (27) (32) % Business Volume Villages % Managed (24) (22) (18.5) % Revenue - Villages % (1) BV others = BV insurance and BV cancellation costs, loyalty programs and coupons 19

20 Number of customers by outbound countries (in '000s customers) S1 12 S1 13 S France As a % 38% 35% 34% Belgium United-Kingdom Switzerland Israel Germany South Africa Russia Italy Netherlands Others EUROPE-AFRICA USA - Canada Brazil Mexico Argentina Others AMERICAS China Japan Singapore Malaysia Australia South Korea Taïwan Hong Kong Others ASIA TOTAL Club Med

21 Capacity and occupancy rate by region S1 12 S1 13 S1 14 Change S1 14 vs S1 13 Europe-Africa Capacity 2,909 2,703 2, % Occupancy rate 73.2% 73.1% 71.9% -1.2 pts Americas Capacity 1,539 1,550 1, % Occupancy rate 73.7% 71.9% 75.5% pt Asia Capacity , % Occupancy rate 59.9% 64.7% 62.3% pt Total Capacity 5,389 5,140 5, % O/w 4&5 T capacity 3,972 3,934 4, % % total 73.7% 76.5% 77.6% +1.1 pts Total occupancy rate 71.1% 71.3% 71.1% -0.2 pts Occupancy rate : calculate by bed and on the total of opening days 21

22 Statistics over 3 years by level of comfort GM (in '000s) Capacity (K HD) Occupancy rate RevPAB (in /HD) S1 12 S1 13 S1 14 S1 12 S1 13 S1 14 S1 12 S1 13 S1 14 S1 12 S1 13 S & 3 T ,418 1,206 1, % 71.7% 73.6% & 5 T ,972 3,934 4, % 71.1% 70.4% Tours Total ,389 5,140 5, % 71.3% 71.1%

23 Analysis of Operating Income Villages Europe-Africa (in m) S At constant exchange rate S1 12 S1 13 S1 14 S1 13 Operating Income - Villages Reported Revenue Translation adjustments (1) Other revenue (incl. IZ revenue) S1 13 Operating Income - Villages at constant exchange rate Total revenue Volume effect 3 Margin on variable costs Change in price mix (5) % revenue 54.6% 54.2% 53.1% Margin on variable costs (2) Fixed sales & marketing costs (65) (64) (64) Fixed sales & marketing costs 0 Fixed operating costs (148) (147) (149) Fixed operating costs (2) Real estate costs (69) (70) (69) Real estate costs 1 Overhead costs (9) (7) (8) Overhead costs (1) Operating Income - Villages 9 2 (2) S1 14 Operating Income - Villages (2) 3 2 S

24 Analysis of Operating Income Villages Americas (in m) S At constant exchange rate S1 12 S1 13 S1 14 S1 13 Operating Income - Villages Reported Revenue Translation adjustments (1) Other revenue (incl. IZ revenue) S1 13 Operating Income - Villages at constant exchange rate Total revenue Volume effect 5 Margin on variable costs Change in price mix 4 % revenue 65.7% 65.1% 65.4% Margin on variable costs 9 Fixed sales & marketing costs (15) (16) (17) Fixed sales & marketing costs (1) Fixed operating costs (57) (57.4) (60) Fixed operating costs (2.5) Real estate costs (10) (10) (11) Real estate costs (0.4) Overhead costs (2) (2) (2) Overhead costs (0) Operating Income - Villages S1 14 Operating Income - Villages S

25 Analysis of Operating Income Villages Asia (in m) S At constant exchange rate S1 12 S1 13 S1 14 S1 13 Operating Income - Villages Reported Revenue Translation adjustments (0) S1 13 Operating Income - Villages Other revenue (incl. IZ revenue) at constant exchange rate Total revenue Volume effect 4 Margin on variable costs Change in price mix 3 % revenue 62.9% 63.5% 65.0% Margin on variable costs 7 Fixed sales & marketing costs (14) (17) (17) Fixed sales & marketing costs (0.5) Fixed operating costs (20) (19) (20.5) Fixed operating costs (1) Real estate costs (9) (10) (10) Real estate costs (0) Overhead costs (1) (1) (2) Overhead costs (0.3) Operating Income - Villages S1 14 Operating Income - Villages S

26 Financial cost - net (in m) Reported S1 12 S1 13 S1 14 OCEANE 2010 & 2015 / ORANE (3) (3) (3) Other Interest expenses (4) (2) (2) Interest expenses (7) (5) (5) Titles disposals & provisions Exchange gains / losses net 1 0 (3) Finance cost - net (6) (5) (8) Average net debt (182) (161) (148) Calculated cost of debt 7.9% 6.7% 6.6% Cash cost of debt excl. IFRS impact 5.8% 4.4% 3.7% 26

27 Financial ratios (in m) Reported Reminder Covenants as of 04/30/2014 Liquidity Net debt (118) (112) (127) (87) - Net debt / EBITDA Villages (as defined below) (1) < 2,5 EBITDAR Villages (2) (as defined below) / (Interest + rents (3) ) > 1,4 EBITDAR Villages (2) / Adjusted financial fees (4) 25x 28x 30x 33x - Gearing 23% 21% 27% 18% < 100% (1) = EBITDA Villages restated for credit cards costs (2) = EBITDAR Villages restated for credit cards costs (3) = Village rents used to calculate the EBITDAR Village (4) Interest expenses adjusted from IFRS impacts on convertible bonds (OCEANE) 27