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Third-Quarter 2014 Revenue (May 1st to July 31st, 2014)|Reuters
Fri Sep 5, 2014 12:44pm EDT
* Reuters just isn't responsible for the content material in this press release.
Business Volume Villages1: EUR321m - 4.9% in constant exchange rates
Group Revenue: EUR302m -4.0% at continuous exchange rates
RevPab: +1,7%
4&5 Trident clients weight: 69.1% + two points
Cumulative 9 several weeks 2014:
Business Volume Villages: EUR1,097m +0.3% in continuous exchange rates
Group Revenue: EUR1,062m +1.1% in constant exchange rates
Cumulative Summer bookings2at August 30: down 5.4% continuing to be impacted with a sharpdecline inside Europe-Africa and additionally by an adjusted capacity involving -5,8%.
Encouraging Winter 2015 bookings2.
I - BUSINESS PERFORMANCE
1) Enterprise Volume Villages
Â
Â
Â
Â
Â
Â
Â
At continuous exchange rates
(in EUR million)
Â
2013
Â
2014
% change
14 vs 13
First quarter
Â
340
Â
352
+ 3.3%
Second quarter
416
424
+ 2.0%
Third quarter
Â
338
Â
321
- 4.9%
Â
Year-to-date
1,094
1,097
+ 0.3%
For the first 9 several weeks in the fiscal 12 months (November 1, 2013 in order to July 31, 2014),enterprise volume totaled EUR1,097m in comparison in order to EUR1,094m in the prior-yearperiod, representing a new rise regarding +0.3% with continuous exchange rates. business has beendown 2.5% within reported information impacted by simply exchange rates.
1 Indicator in which very best represents the business: total sales regardless the actual operatingstructure
2 Total business volume Villages from constant exchange rate
In the 3rdquarter, enterprise volume had been down 4.9% at continuous exchange rates, impactedmainly from the sluggish economic environment, specifically in the French and Belgian markets.
Capacity has been adjusted downward through 4.6% worldwide within the 3rd quarter. ThroughoutEurope-Africa, capacity had been reduced by 10.9% getting into account i) your exit with the 3-Trident Villages regarding El Gouna (Egypt) as well as Hammamet (Tunisia), ii) the particulartemporary closure in the managed Village of Sinaï Bay (Egypt), and also iii) the particular non-reopening in the Village involving Belek (Turkey). Inside Asia, capacity elevated by practically 17%with the full-capacity opening with the Village regarding Guilin in China.
The proportion associated with consumers staying in the most upmarket villages (4 and also 5-Trident villages) continued to always be able to rise by simply two percentage points. Inside yourthird quarter associated with 2014, these people accounted with regard to 69.1% with the totalvariety of customers.
2) Revenue
Â
Group
Â
Villages
Â
Â
Â
Â
Â
Â
Â
Â
(in EUR million)
Â
2013
Reported
Â
2014
Reported
Â
2014 vs 2013
at continuous exchange rates
2014 vs 2013
at continuous exchange rates
First quarter
344
Â
344
Â
+ 4.3%
+ 3.7%
Second quarter
419
416
+ 2.4%
+ 2.7%
Third quarter
Â
317
Â
302
Â
- 4.0%
- 3.0%
Â
Year-to-date
1,080
1,062(1)
+ 1.1%
+ 1.3%
(1) Consists Of EUR4M revenues from property development vs EUR6M inside 2013 (among whichEUR1M in Q3 2014 vs EUR4M inside Q3 2013)
Group income inside the 3rd quarter involving 2014 totaled EUR302m in contrast to EUR317m inthe prior-year period, down 4.0% from constant exchange rates. Villages revenue (excludingproperty development revenue) with constant exchange rates was down 3% in the 3rd quarterinvolving 2014, reflecting your slowdown of business volume in the French as well as Belgianmarkets.
RevPab (revenue per available bed) was up simply by 1.7% with constant exchange rates inside the3rd quarter associated with 2014 thanks for the strong 5% improvement inside the average valueper resort day offsetting your slight fall within the occupancy price which stumbled on 64.4%.
II - THIRD QUARTER HIGHLIGHTS
The portfolio of Club Med Villages is actually continuing to go upscale:
1) Exit associated with Villages which no longer satisfy the upscale strategy
In range using its strategic objective of experiencing 3/4 of 4 a extended time old and 5-TridentVillages by the end of 2015, the particular Team performed i) your exit in July 18 of the pastseasonal 3-Trident Village regarding Val Thorens (France) of your capacity associated with 358 bedsalong with managed under a lease contract as well as ii) the particular definitive closure uponAugust 31, 2014 of the Village regarding Pompadour, the past seasonal 2-Trident Village, controlledunder any lease contract. These kind of exits occur following the sale within 2013 with the 3-TridentVillage regarding Dieulefit that ended up non-operated since 2004.
2) Further openings of upscale Villages aiming at the internationalization with the customers
Completion associated with construction with the 4-Trident Village involving Val Thorens Sensationsin July 22, 2014. with capacity associated with almost 800 beds, your Village will open up aboutDecember 14, 2014 to end up being able to French and international clients, strengthening yourglobal leadership regarding Club Med within the segment of upscale all-inclusive mountain vacation;
Renovation of two 4-Trident Villages : Bali (Indonesia) which in turn now features a quiet pool and aspecialties restaurant as well as Cancun (Mexico) which in turn advantages from the capacityimprove with just about all the construction of 60 new rooms devoted to family members along usinga new restaurant;
Announcement of the opening about January 31, 2015 associated with 52 outstanding Villasthroughout Finolhu. Situated on an exclusive island, a few minutes away from the Village associatedwith Kani, these villas are usually an addition for you to this village's very upscale offer, thatcurrently includes a 5-Trident room consisting associated with 74 lagoon suites.
Implemented throughout Asia with regard to more than 30 years, Club Med will now counts 14Villages in this region.
2) Renegotiation in August 6, 2014 in the existing Syndicated Line Regarding Credit (maturingDecember 2014) ("Amend & Extend")
Given the actual company's improved financial situation, the actual quantity with the collection hasbeen reduced coming from EUR100m to be able to EUR80m and additionally the conditionsimproved: specifically the actual margin, now different in the range in between 1.3% along with2.0% depending around the net debt/EBITDA ratio and additionally the elimination of the actualpledges around the asset securities provided as collateral. Your maturity has also been extended inorder to December 31, 2015. Right now there may be absolutely no alter towards the covenants orany other primary clauses in the syndicated credit rating agreement.
IV - OUTLOOK
Summer 2014 bookings for you to date, per issuing market
Â
Â
Â
Â
Â
Â
Â
Villages business volume in constant exchange prices simply by issuing region
Â
Year-to-date as regarding may 10, 2014 (1)
Â
Year-to-date as associated with August 30, 2014
Last 8 weeks
Europe-Africa
Â
- 4.6%
Â
- 7.6%
- 14.9%
Americas
+ 11.5%
+ 3.6%
- 11.2%
Asia
- 1.3%
+ 1.1%
+ 4.3%
Total Club Med
- 3.0%
- 5.4%
- 10.7%
Â
Â
Summer Capacity
- 4.6%
- 5.8%
(1) Launch about the 2014 interim results on Could 16, 2014
Cumulative bookings as regarding August 30, 2014, expressed running any business volume fromconstant exchange rates, are usually down 5.4% in comparison using Summer 2013, for a capacityadjusted through -5.8%. From the same time final year, over 90% in the total Summer bookings havebeen recorded.
In the particular Americas, bookings to date tend to be up 3.6%, driven by simply great performancethroughout Canada. Bookings within Asia are up throughout latter weeks while continuing to beaffected from the disaffection regarding Chinese clients together with regards for you to Malaysiaand by a drop inside bookings for that village regarding Phuket thanks to political uncertainty inThailand.
In Europe-Africa, cumulative bookings in order to date are down 7.6% more than the particularseason, impacted by the closures of the Villages regarding Belek (Turkey), El Gouna (Egypt) alongwith Hammamet (Tunisia) as well as the temporary closure of the Village involving Sinaï Bay(Egypt).
Over the last 8 weeks, bookings are usually down 10.7%, impacted mainly from the 14.9% dropthroughout bookings within Europe-Africa.
Given the over mentioned elements so which as indicated inside the press launch in Might 16, 2014,Operating Earnings Villages regarding Summer 2014 will most likely be down below that relating toSummer 2013.
The business suggests that the economic information contained on this press launch is consistentwith the information provided concerning the ongoing public tender offer. However, the outlookregarding 2014 is actually down below the business enterprise program ready through the companyinside October 2013, which has been itself below your degraded model involving the businessprogram prepared in October 2012 except about the key indicators associated with EBITDA Villagesalong with Operating Earnings Villages which were in series (see pages 41 for you to 43 of theindependent expert's document appearing inside the note responding approved from the AMF uponAugust 12, 2014 under quantity 14-461).
Bookings to become able to date regarding Winter 2015
Bookings in order to date tend to be encouraging. they tend to be benefiting through an active earlybooking policy in most geographic regions. From the identical date last year, a lot more than thethird of winter season bookings had been recorded.
ANNEXES
Villages income in constant exchange rates, by region
Â
Q1
Â
Q2
Â
Q3
Â
Year-to-date as involving July 31
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
(in EUR million)
Â
2013
Â
2014
Â
var %
Â
2013
Â
2014
Â
var %
Â
2013
Â
2014
Â
var %
Â
2013
Â
2014
Â
Chg 9 a few months %
Europe - Africa
224
Â
225
Â
0.3%
294
Â
301
Â
2.4%
232
Â
218
Â
-5.9%
750
Â
744
Â
-0.9%
Americas
61
66
9.0%
64
68
6.4%
38
41
8.3%
163
175
7.8%
Asia
Â
45
Â
51
Â
14.1%
Â
46
Â
46
Â
0.2%
Â
41
Â
43
Â
2.8%
Â
132
Â
140
Â
5.8%
Â
Villages
330
342
3.7%
404
415
2.7%
311
302
-3.0%
1,045
1,059
1.3%
Shareholding
Breakdown regarding discuss money along with voting rights with August 31, 2014
(3) Shares held beneath the duvet associated with CFDs issued through the bank to end up beingable to its customers
(4) Regarding that 2,007,703 shares held to hedge the actual 2,007,703 CFD issued by the bank forthe account of its customers
(5) Involving wich 361,167 CFD. Boussard & Gavaudan furthermore owns 252,608 shares and38,540 CFD for each delegation
(6) Tyrus Money owns 1,847,368 CFD
(7) Polygon owns 2,754,431 CFD
(8) GLG Partners furthermore owns 296,761 CFD
(9) When applicable, excluding shares as well as voting legal rights associated with CFD
(10) Treasury shares pertaining to that voting rights can not necessarily be exercised
Â
Â
NB : any "financial contract regarding differences" as well as "CFD" is a economic instrument bysimply that term the investor acquires the proper to become able to collect the real differencebetween your expense of your underlying at the period of conclusion in the contract as well as priceabout the exercise date
Threshold crossings since the announcement regarding half-year outcomes (May 16, 2014)