presentation clubmed

7/29/2019 Presentation Clubmed

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Belek - Turquie

Half-year 2013 results

May, 27th 2013


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Winter 2013financial review

2


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Winter 2013 vs Winter 2012

Paris Easter Holidays impact estimate in 2013

Significant impacts arising from the school calendar

3

Winter 12 Winter 13 D

Operating

Income

Villages

impact

Like-for-like Business Volume 793 783

(5)16

Business Volume without calendar effects 793 794 +0.2%

Var W13 vs W12

Business Volume in m

at constant exchange rate

(7.0)All Saints Day holidays impact estimateEaster holidays impact estimate

2012 2013 D

Operating

Income

Villages

impact

Paris Easter holidays Winter 12 16.2

Paris Easter holidays Winter 13 8.7

Var 13 vs 12

Business Volume in m

at constant exchange rate

(7.5) (4.6)


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Financial Highlights

4

(in m) reported H1 11 H1 12 H1 13Change

13 vs 12

Business Volume Villages (1) 763 798 783 - 1.9%

Consolidated revenue

Group - published(2) 754 783 763 - 2.5%

Villages - at constant exchange rate 741 768 761 - 1.0%

EBITDA Villages(3) 80 85 81

As a % of revenue 10.7% 10.9% 10.7%

Operating Income - Villages 46.6 52.8 49.4 - 6.4%

Operating Income - Management of Assets (14) (14) (9)

Other Operating Income and Expense (7) (7) (10)

Operating income 26 32 30

Net Income/(loss) before tax and non-recurring items 28 39 35 - 11.6%

Net income/loss 10 17 18 + 7.1%

Investments (30) (24) (36)(4)

Disposals 17 23 0

Free Cash Flow 30 47 11

Net debt (169) (123) (112)

(3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization

(4) Withdrawn Investments (36) M and realized investments (24) M

(1) Total sales regardless the operating structure (reported)

(2) Includes 7 million, 9 million, and 2 million in property development revenue for respectively 2011, 2012 and 2013


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Business performance Villages

5

H1 11 H1 12 H1 13Change

13 vs 12

Customers (in '000s) 599 623 598 - 4.1%

O/w 4/5 Tridents customers 71.9% 74.4% 77.3% +2,9 pts

Hotel days sold (in '000s) 3,677 3,789 3,630 - 4.2%

Capacity in hotel days (in '000s) 5,321 5,389 5,140 - 4.6%

O/w 4/5 Tridents capacity 69.4% 73.7%76.5%

+ 2.8pts

Occupancy rate 69.9% 71.1% 71.3% + 0.2pts

Revenue(1)/Hotel Days 153.9 155.6 161.2 + 3.6%

RevPAB (2) per Hotel Days 111.9 113.6 117.9 + 3.8%

% Direct Revenues(3) 57.7% 58.3% 57.8% - 0.5 pts

(2) Revenue Per Available Bed : Total like-for-like Villages revenue, net of tax and transportation costs, per available bed

(3) Direct individual sales (Internet, Club Med Voyages, Call center, Franchises ) / individual sales worldwide

(1) At constant FX rate


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Consolidated Group revenue: m 763

6

748 M 777 M 763 M

S1 2011 S1 2012 S1 2013

Slight decline in consolated sales: -1,8%(at constant exchange rate)

H1 2012

Group Revenue 783

Change (6)

Volume effect (34)

Price mix effect 26

Villas & Chalets (6)

Group Revenue 763

H1 2013(in m)at constant exchange rate

H1 2011 H1 2012 H1 2013Change

H1 13 vs H1 12

Europe-Africa without Franc 196 205 205 +0%

France 323 337 319 -5.5%

Europe-Africa 520 543 524 -3.4%

Americas 124 130 137 +5.6%

Asia 96 96 100 +3.9%

Villages 741 768 761 -1.0%

Property development 7 9 2

Group 748 777 763 -1.8%


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Operating margins

7

(in m) reported H1 11 H1 12 H1 13Change

H1 13 vs H1 12

EBITDAR Villages (1) 156.4 163.2 159.6 - 2.2%

% of revenues 20.9% 21.1% 21.0% - 0.1 pts

EBITDA Villages(2) 80.0 84.6 81.4 - 3.8%

% of revenues 10.7% 10.9% 10.7% - 0.2 pts

Operating Income Villages 46.6 52.8 49.4 - 6.4%

% of revenues 6.2% 6.8% 6.5% - 0.3 pts(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 provis ions


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Operating income Villages

8

H1 12 H1 11

(in m) at constant exchange rate H1 11 H1 12 H1 13 H1 12 & H1 13 Op.income - Villages reported 53 47

Revenue 741 769 761 Translation adjustments 0 2

Other revenue 1 1 2H1 12 & H1 13 Op.income - Villages at constant

exchange rate53 49

Total revenue 742 770 763 Volume effect (18) (7)

Margin on variable costs 472 486 482 Change in price mix 14 17

% revenue 63.8% 63.3% 63.4% Change in margin on variable costs (4) 10

Fixed sales & marketing costs (99) (97) (100) Fixed sales & marketing costs (3) (1)

Fixed operating costs (222) (232) (231) Fixed operating costs 1 (9)

Real estate costs (90) (92) (92) Real estate costs (0) (2)

Overhead costs (12) (12) (10) Overhead costs 2 2

Operating Income - Villages 49 53 49 H1 13 Op. income - Villages 49 49H1 13 H1 13


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Operating income Villages by region

9

(in m) reported H1 11 H1 12 H1 13

Europe-Africa 7.5 9 3

Americas 23 25 26

Asia 16.5 19 20

Operating Income Villages 47 53 49

% of revenue 6.2% 6.8% 6.5%


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Net Income / (loss) before tax and non-recurring items

10


Net Income/(loss) before tax and non-recurring items 28 39 35

Capital gains on sale of assets 6.5 16 0

Impairment / Write-off / Exit of Villages / Others (16) (23) (2)

Restructuring costs (4.5) (5.5) (7)

Net Income/(loss) before tax 14 27 26

Tax (4) (10) (8)

Net income / (loss) 10 17 18


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Statement of Income

11


Group Revenue (1) 754 783 763

Operating Income - Villages 47 53 49

Operating Income - Management of Assets (14) (14) (9)

Other Operating Income & Expense (7) (7) (10)

Operating income / (loss) 26 32 30

Finance cost, net (12) (6) (5)

Share of profit of associates - 1 1

Income tax / benefit (4) (10) (8)

Net result 10 17 18

(1) Includes 7 million, 9 million and 2 million in property development revenur for respectively 1st semester of 2011, 2012 and 2013


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Balance Sheet

12

Non-current assets 04.12 10.12 04.13 Equity and liabilities 04.12 10.12 04.13

PPE 828 815 803 Equity incl. Minority interests 543 522 533

Intangible assets 80 80 81 Provisions 52 48 45

Non-current financial assets 91 90 90 Deferred tax liabilities-net 31 27 26

Total non-current assets 999 985 974 Working capital 218 240 230

Government grants (32) (30) (28) Net debt 123 118 112

Total 967 955 946 Total 967 955 946

Gearing 22.7% 22.6% 20.9%

Working capital / Villages revenue 15.2% 16.6% 16.0%

Capital employed* / Villages revenue 52% 51% 50%

* Capital employed = (fixed assets nets of grants settlements - working capital) at

opening and closing / 2


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Cash Flow Statement

13


Net Income / (Loss) 10 17 18

Amortization 34 32 32

Others (4) 1 (2)

Cash Flow 40 50 48

Change in working capital & provisions 3 (2) (1)

Net cash from operating activities 43 48 47

Capital expenditure (30) (24) (36)

Disposals 17 23 0

Free Cash Flow 30 47 11

Translation impacts on cash and others (2) (5) (5)

Change in net debt 28 42 6

Opening net debt (197) (165) (118)

Closing net debt (169) (123) (112)

Free cash flow without disposals and exit costs 19 35 12


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Summer 2013

14


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(in '000 of hotel days) Summer 11 Summer 12 Summer 13Change

S13 vs S12

2 & 3 44% 41% 34% -7 pts

4 & 5 56% 59% 66% +7 pts

Europe - Africa 4,235 4,092 3,780 -7.6%

Americas 1,325 1,342 1,354 +0.8%

Asia 829 779 864 +10.9%

TOTAL 6,389 6,213 5,997 -3.5%

Capacity by level of comfort and by zone

15


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Summer 2013 booking to date

16

(at constant exchange rate)Cumulative as of

18th May 20138 last weeks

Europe - Africa + 4.7% - 4.6%

Americas + 8.8% + 4.4%

Asia + 8.0% + 13.9%

Total Club Med + 5.5% + 0.3%

Capacity Winter 2013 - 3.5%


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2013 first semester

17

Resistance of operational indicators within a challenging environment

Profitability maintained with a stable net income

Positive free Cash Flow

A profitable, resilient and adapting Business Model


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Appendices

18


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Revenues by region

19

Group Revenue S1 2013 = 763 million

(in m) reported% revenue

H1 2011

% revenue

H1 2012

% revenue

H1 2013

France 43% 43% 42%

Europe - Africa, excl. France 26% 26% 27%

Americas 17% 17% 18%

Asia 13% 12% 13%

Property development 1% 1% 0%


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Revenues by business

20

(in m) at constant exchange rate H1 11 H1 12 H1 13 ChangeH1 13 vs H1 12

BV Stays/Tours/Services 566 590 585 -1%

BV Transport 160 173 167 -3%

As a % of revenue 21.7% 22.5% 21.9% -1 pts

BV Others(1) 24 19 20 +4%

BV Operations 38 39 39 +2%VAT (24) (28) (28) +2%

Business Volume Villages 764 793 783 -1%

Managed (23) (25) (22) -8%

Revenue - Villages 741 768 761 -1%

(1) BV Others = Insurance and cancellations costs, commercial gestures, loyalty programs and coupons


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Number of customers by outbound countries

21

(in 000's customers) H1 10 H1 11 H1 12 H1 13

France 221 227 238 212

Belgium 43 44 46 42

United Kingdom 21 22 22 21Israel 10 12 11 11

Germany 9 10 11 11

Switzerland 7 9 10 10

South Africa 6 7 8 8

Russia 6 6 7 7

Italy 11 9 8 6

Netherlands 7 8 7 6

Others 10 11 10 9EUROPE-AFRICA 351 365 378 343

USA-Canada 62 70 74 76

Brazil 34 38 40 39

Mexico 8 10 9 10

Argentina 3 5 7 6

Others 2 1 1 1

AMERICAS 109 124 131 132

South-East Asia 42 45 43 45

China 15 23 30 38

Japan 22 19 18 22

Australia 13 15 12 9

South Corea 7 7 9 8

Others 1 1 2 1

ASIA 100 110 114 123

TOTAL CLUB MED 560 599 623 598


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Capacity and occupancy rate by region

22

H1 11 H1 12 H1 13

Europe - Africa

Capacity 2,875 2,909 2,703

Occupancy rate 72.1% 73.2% 73.1%

Americas

Capacity 1,475 1,539 1,550


Asia

Capacity 971 942 887


Total Capacity 5,321 5,389 5,140



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Statistics over 3 years

23

H1 11 H1 12 H1 13 H1 11 H1 12 H1 13 H1 11 H1 12 H1 13 H1 11 H1 12 H1 13

2 & 3 T 164 156 131 1,626 1,418 1,206 67.4% 70.7% 71.7% 88.7 90.8 97.6

4 & 5 T 430 463 462 3,695 3,972 3,934 70.9% 71.1% 71.1% 116.4 117.4 119.7

Tours 4 4 5

Total 599 623 598 5,321 5,389 5,140 69.9% 71.0% 71.3% 111.9 113.6 117.9

RevPAB (in /HD)GM (in '000s) Capacity (K HD) Occupancy rate


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Analysis of Operating Income Villages Europe-Africa

24

(in m) at constant exchange rate H1 11 H1 12 H1 13 H1 12 H 11

Op.income - Villages reported 9 7

Revenue 520 543 524 Translation adjustments 0 (1)

Other revenue (incl.IZ Revenue) 8 9 13 Op.income - Villages at constant exchang 9 6

Total revenus 528 552 537 Volume effect (18) (12)


% revenue 55.4% 54.6% 54.3% Change in margin on variable costs (10) (0)

Fixed sales & marketing costs (67.3) (64.8) (64.1) Fixed sales & marketing costs 1 3

Fixed operating costs (141.2) (149.0) (147.4) Fixed operating costs 2 (6)

Real estate costs (69) (70) (70) Real estate costs 0 (1)


Operating Income - Villages 6 9 3 2013 Op. income - Villages 3 3

H1 13 H1 13


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Analysis of Operating Income Villages Americas

25



Revenue 125 130 137 Translation adjustments (0) 0


Total revenus 169 176 181 Volume effect (1) 4


% revenue 65.7% 65.5% 65.0% Change in margin on variable costs 3 7

Fixed sales & marketing costs (17.2) (16.5) (17.7) Fixed sales & marketing costs (1) (0)

Fixed operating costs (57.2) (60.8) (61.5) Fixed operating costs (1) (4)

Real estate costs (11) (11) (11) Real estate costs 0 0



H1 13 H1 13


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Analysis of Operating Income Villages Asia

26



Revenue 96 96 100 Translation adjustments 0 3


Total revenus 113 112 115 Volume effect 2 1


% revenue 61.5% 62.0% 62.8% Change in margin on variable costs 3 3

Fixed sales & marketing costs (14.6) (15.5) (18.0) Fixed sales & marketing costs (3) (3)

Fixed operating costs (23.9) (22.4) (21.6) Fixed operating costs 1 2

Real estate costs (10) (10.7) (11) Real estate costs (0) (1)

Overhead costs (2) (1.5) (1) Overhead costs 0 0


H1 13 H1 13


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Financial Cost - Net

27


OCEANE 2015 / ORANE (3) (3) (3)

Other Interest expenses (5.5) (4) (2)

Interest expenses (8.5) (7) (5)

Titles disposals & provisions 1.6 0 0

Exhange gains / losses net (5.1) 1 0

Finance cost - net (12) (6) (5)

Average net debt (228) (182) (161)

Calculates cost of debt 7.6% 7.9% 6.7%

Cash cost of debt exl. IFRS impact 5.8% 5.8% 4.4%


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Financial ratios

28

10.11 04.12 10.12 04.13

Liquidity 172 197/147(1) 158 178 -

Net debt (165) (123) (118) (112) -

Net debt / EBITDA (as define below) (2) 1.21 0.87 0.86 0.84 < 2,5

EBITDAR (as define below) (3)/ (Interest + rents (4)) 1.8 1.8 1.7 1.7 > 1,40

EBITDAR (as define below)(3)

/ Adjusted financial fees(5)

19x 22x 25x 28x -

Gearing 32.2% 22.7% 22.6% 20.9% < 100%

(2) = EBITDA villages restated for credit cards costs

(3) = EBITDAR villages restated for credit cards costs

(1) 197 million at 30 April 2012 falling to 147 million after anticipated repayment of a 50 million loan secured by Cancun assets on 31st

May

2012

(5) Interest expenses adjusted from IFRS impacts on convertible bons (OCEANE)

(4) Villages rents used for the calculation of EBITDAR village

Reminder

Covenants

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