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Like-for-like Business Volume All Saints Day holidays impact estimate Easter holidays impact estimate Business Volume without calendar effects
793
2012 16.2
2013
8.7
Financial Highlights
(in m) reported H1 11
(1)
H1 12
H1 13
Change 13 vs 12 - 1.9%
783 763 761 81 10.7% 49.4 (9) (10) 30 35 18 (36) (4) 0 11 (112)
- 2.5% - 1.0%
Operating Income - Villages Operating Income - Management of Assets Other Operating Income and Expense Operating income Net Income/(loss) before tax and non-recurring items Net income/loss Investments Disposals Free Cash Flow Net debt
(1) Total sales regardless the operating structure (reported)
- 6.4%
- 11.6% + 7.1%
(2) Includes 7 million, 9 million, and 2 million in property development revenue for respectively 2011, 2012 and 2013 (3) EBITDA Villages : Operating Income Villages before interest, taxes depreciation and amortization (4) Withdrawn Investments (36) M and realized investments (24) M
H1 12 623
74.4%
H1 13 598
77.3%
Change 13 vs 12
599
71.9%
- 4.1%
+2,9 pts
Hotel days sold (in '000s) Capacity in hotel days (in '000s)
O/w 4/5 Tridents capacity
3,677 5,321
69.4%
3,789 5,389
73.7%
3,630 5,140
76.5%
- 4.2% - 4.6%
+ 2.8pts + 0.2pts
Occupancy rate Revenue (1)/Hotel Days RevPAB (2) per Hotel Days
% Direct Revenues
(1) At constant FX rate
(3)
+ 3.6% + 3.8%
- 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
748 M
777 M
763 M
Group Revenue
H1 2011
H1 2012
H1 2013
Europe-Africa without France 196 France Europe-Africa Americas Asia Villages Property development Group 323 520 124 96 741 7 748
-1.8%
Operating margins
(in m) reported
Change H1 13 vs H1 12
H1 11
H1 12
H1 13
(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
H1 11
H1 12
H1 13
H1 12 & H1 13 Op.income - Villages reported Translation adjustments H1 12 & H1 13 Op.income - Villages at constant exchange rate Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs H1 13 Op. income - Villages
53
47
Revenue Other revenue Total revenue Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages
(in m) reported
H1 11
H1 12
H1 13
9 25 19 53 6.8%
3 26 20 49 6.5%
(in m) reported
H1 11
H1 12
H1 13
Net Income/(loss) before tax and non-recurring items Capital gains on sale of assets Impairment / Write-off / Exit of Villages / Others Restructuring costs Net Income/(loss) before tax Tax Net income / (loss)
10
Statement of Income
(in m) reported
H1 11
(1)
Group Revenue
Operating Income - Villages Operating Income - Management of Assets Other Operating Income & Expense Operating income / (loss) Finance cost, net Share of profit of associates Income tax / benefit Net result
(1) Includes 7 million, 9 million and 2 million in property development revenur for respectively 1st semester of 2011, 2012 and 2013
11
Balance Sheet
Non-current assets PPE Intangible assets Non-current financial assets Total non-current assets Government grants Total
04.12
10.12
04.13
Equity and liabilities Equity incl. Minority interests Provisions Deferred tax liabilities-net Working capital Net debt Total
04.12
10.12
04.13
* Capital employed = (fixed assets nets of grants settlements - working capital) at opening and closing / 2
12
Net Income / (Loss) Amortization Others Cash Flow Change in working capital & provisions Net cash from operating activities Capital expenditure Disposals Free Cash Flow Translation impacts on cash and others Change in net debt Opening net debt Closing net debt Free cash flow without disposals and exit costs
Summer 2013
14
2&3 4&5
44% 56%
41% 59%
34% 66%
-7 pts +7 pts
15
- 3.5%
16
Appendices
18
Revenues by region
(in m) reported France Europe - Africa, excl. France Americas Asia Property development
% revenue H1 2011
% revenue H1 2012
% revenue H1 2013
Revenues by business
H1 11 566 160
21.7%
H1 12 590 173
22.5%
H1 13 585 167
21.9%
BV Others (1) BV Operations VAT Business Volume Villages Managed Revenue - Villages
(1) BV Others = Insurance and cancellations costs, commercial gestures, loyalty programs and coupons
20
21
22
GM (in '000s)
H1 11 H1 12
156 463 4 623
Capacity (K HD)
H1 11
1,626 3,695
Occupancy rate
H1 11
67.4% 70.9%
H1 13
131 462 5 598
H1 12
1,418 3,972
H1 13
1,206 3,934
H1 12
70.7% 71.1%
H1 13
71.7% 71.1%
H1 12
90.8 117.4
H1 13
97.6 119.7
5,321
5,389
5,140
69.9%
71.0%
71.3%
111.9
113.6
117.9
23
H1 11
H1 12
H1 12
H 11
9 0
Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages
Translation adjustments
Op.income - Villages at constant exchange rate 9 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages (18) 8 (10) 1 2 0 1 3
H1 13
24
H1 11
H1 12
H1 12
H 11
25 (0)
23 0 23 4 3 7 (0) (4) 0 0 26
H1 13
Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages
Translation adjustments
Op.income - Villages at constant exchange rate 25 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages (1) 4 3 (1) (1) 0 0 26
H1 13
25
H1 11
H1 12
H1 12
H 11
19 0
16 3 19 1 2 3 (3) 2 (1) 0 20
H1 13
Revenue Other revenue (incl.IZ Revenue) Total revenus Margin on variable costs % revenue Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs Operating Income - Villages
Translation adjustments
Op.income - Villages at constant exchange rate 19 Volume effect Change in price mix Change in margin on variable costs Fixed sales & marketing costs Fixed operating costs Real estate costs Overhead costs 2013 Op. income - Villages 2 1 3 (3) 1 (0) 0 20
H1 13
26
OCEANE 2015 / ORANE Other Interest expenses Interest expenses Titles disposals & provisions Exhange gains / losses net Finance cost - net Average net debt Calculates cost of debt Cash cost of debt exl. IFRS impact
27
Financial ratios
10.11
04.12
10.12
04.13
Reminder Covenants
Liquidity Net debt Net debt / EBITDA (as define below) (2) EBITDAR (as define below) (3)/ (Interest + rents (4)) EBITDAR (as define below) (3)/ Adjusted financial fees (5) Gearing
(1) 197 million at 30 April 2012 falling to 147 million after anticipated repayment of a 50 million loan secured by Cancun assets on 31 st May 2012 (2) = EBITDA villages restated for credit cards costs (3) = EBITDAR villages restated for credit cards costs (4) Villages rents used for the calculation of EBITDAR village (5) Interest expenses adjusted from IFRS impacts on convertible bons (OCEANE)
28