PRESENTATION PRESENTATION OF 2006/2007 Paris,6 December2007 RESULTS
67 décembre 20072006 - 1 III II I - -
- Strategic directions Strategic results 2006/2007 Winter 2007/2008 trends 2007/2008 Winter
Contents
76 décembredécembre 2006 2007 - 2 8,800staff (FTE) 6.9 million customers France) in (36,500 homes in Europe 48,300apartmentsand Keyfigures 2006/2007 Segmented brands
Attributable net profit: Current profit: operating Attributablenet current : profit Turnover: a keyplayerin European tourism € 1,550.3m Pierre & Vacances Group Pierre &Vacances
€ 75.2m € 105.2m
€ 67.0m
76 décembredécembre 2006 2007 - 3
1st 1st October 2006 to 30 September 2007 2006/2007 results
67 décembre 20072006 - 4 (2) (1)
€ to to lease) Or Same
million € 489.9m including adjustment for turnover from french west indies (switch from mandate - structure, 1 414.3 2005/06 480,5 515,8 418,0
(2)
1 550,3 2006/07 502,1 529,8 467,6 24,1 26,7
2006/2007 turnover 2006/2007 MGM / Hôtels Latitudes Maeva / Résidences Pierre / & Vacances Center Parcs Europe Sunparks Property development Senioriales
76 décembredécembre 2006 2007 - 5 * * On a Like Pierre & Vacances Résidences Résidences MGM Hôtels Hôtels Latitudes Center Center Parcs
Europe Maeva - for - like basis
Services: + 2,8%*+ Services: . . . +2.7%*turnover:Accommodation Services: . . . +4.3%*turnover:Accommodation
+14.4% Direct internet sales +68% to 35.5% to +68% sales internet Direct +1.9%, German: +2,7%, clients: Dutch 14%, to +52% sales internet Direct Mountain +6.8%, Sea: Belgian: Belgian: ASP: +1.0%, occupancy rate stable at 84.5% at stable occupancyrate ASP: +1.0%, 64.6% at stable rate occupancy ASP: +4.5%,
- - 1.2% and French +3.3% (excl. +3.3% and French 1.2% Ailette) 0.2%* 2006/2007 tourism 2006/2007turnover
- 5.3%, Cities +13.3%, FWI Cities +13.3%, 5.3%,
76 décembredécembre 2006 2007 - 6 Turnover of Senioriales New PV Others Eguisheim Crotoy Le Colombage Branville Francs Bois Parcs Center Ailette Parcs Center € 491.7m + 14.2% 2006/2007 propertydevelop 2006/2007 177,0 24,1 28,5 10,7 13,4 15,4 30,1 78,8
Others Renovation PV Other renovations Tania La Néréides Plagne Alpe d'Huez Daille Valla d'Isère Forum Courchevel Crêts les Meribel Golf Arcsdu Hôtel Les ValAquila d'Isère Tour Eiffel Paris ment turnover
266,3 24,4 84,3 22,1 22,3 23,3 23,3 25,5 43,6 7,1 7,2 7,6
76 décembredécembre 2006 2007 - 7 Paris Tour Eiffel
76 décembredécembre 2006 2007 - 8 Domaine du lac de l’Ailette
76 décembredécembre 2006 2007 - 9 Euro millions Euro 2005/06 97.6 15,3 39,5 42,8 2006/2007 current2006/2007 operating profit : 2006/07 105.2 46,4 46,2 12,6
€
105.2 million, 105.2 Pierre & Vacances… Center Parcs Property development +7.8%
76 décembredécembre 2006 2007 - 10 Euro millions Attributable net income net Attributable tax ofexpense net beforeincome and operating Other currentnet Attributable income Minorityinterests affiliates equity of Result Corporateincometax income Financial income Current operating Turnover
2006/2007 attributable attributable 2006/2007net currentincome:
2006/07 € 1550,3 67.0 million, 67.0 million, +14.2% 105,2 -34,0 75,2 67,0 -4,2 8,2 0,0 0,0 2005/06 1414,3 -33,2 73,7 15,0 58,7 97,6 -0,2 -5,6
0,1
%change +14,2% -26,9% +2,1% +2,2% +7,8% +9,6% NS
76 décembredécembre 2006 2007 - 11 . Sunparks . Senioriales . Change in cash flow and cash equivalent and cash flow in Change acquisitions of Impact generated Cashexcl.acquisitions flows debt in Change Dividendspaid stock treasury of disposal and Acquisition increase Capital activitiesinvestmentfrom flows Netcash generatedbusiness by Cashflow WCR in Change flow Cash € 94.8 million 94.8 million excluding acquisitions 2006/2007 cash flow cashflow 2006/2007 generation: 2006/07 -183,1 255,6 130,9 124,7 -52,5 -21,9 -34,9 -20,5 42,3 94,8 43,5 -0,6 1,3
2005/06 168,3 104,5 -50,1 -13,6 -70,0 32,0 32,0 63,8 -3,2 0,6
76 décembredécembre 2006 2007 - 12 Goodwill Net fixed (Euro millions) assets
Investments
529 148 Gearing (net financial debt Simplified Simplified balanceas September sheet of 30 2007 Resources A bolstered balance sheet 122 425 56 74 - to - equity ratio): % 17.5
Net debt Equity Provisions WCR
76 décembredécembre 2006 2007 - 13
( overall pay overall Proposed dividend of up 8% compared with up compared8% with 2005/2006 - out of out of exceptional items) exceptional € Dividend proposed to shareholders 23.8m, or 36% ofnet 23.8m, or profit before
€ 2.70 pershare,
76 décembredécembre 2006 2007 - 14 (1) Holding company of Gérard Brémond 66.9% of voting rights Number of voting rights : 13,247,135 13,247,135 : rights votingof Number 8,810,911shares: of Number
Free float 48,7%
Employees 0,3% stock0,9% Treasury Treasury Capital structure SITI (1) 50,1%
76 décembredécembre 2006 2007 - 15 III. Property development III. Property Europe/Sunparks Parcs II. Center /Adagio Latitudes Hôtels MGM/ I. Pierre Vacances/Maeva/Résidences & Strategic directives
67 décembre 20072006 - 16 Hôtels Latitudes/Adagio Hôtels MGM/ Résidences I. Pierre & Vacances/Maeva/
76 décembredécembre 2006 2007 - 17 . Bolstering Bolstering sales outside France . . . rentals” rentals” in international markets Roll Spain, Scandinavia) Developing sales offices outside France (Germany, Italy, Belgium, Internet: line brochures etc.) . .
- enhancing enhancing website animation (webmasters, traffic managers, on catalogue and website portal in five languages out of umbrella Pierre & Vacances brand “P&V
Résidences MGM/Hôtels Latitudes:
Pierre &Vacances/Maeva/ enhancing performances
the best in holiday
-
76 décembredécembre 2006 2007 - 18 76 décembredécembre 2006 2007 - 19 . . . . Cost cutting (optimising (optimising Cost cutting sales structures) equipment etc.) Making services businessesprofitable (catering, more renting ski short staysandseminars in Growth occupancyratesduring edge of season periods, thanks to DevelopmentB2Bof . . Newplatform fortravel agents,additionin to AmadeusLeisure Platform Twointernetfor platformscommitteescompany works
Résidences MGM/Hôtels Latitudes: Pierre &Vacances/Maeva/ enhancing performances
76 décembredécembre 2006 2007 - 20 . . . Expansion vialeasesand managementmandates Creationof a joint 50/50venture with Accor on 2 October 2007 A potential high in marketEurope . . . . . Vincennes,Munich,Barcelona,…Madrid, Numerousprojectsbeing considered:Geneva, LaLondon, Défense, Projects signed:Vienna, Strasburg,Marseilles 2008in Montrouge, Annecy,ParisOpéra, in 2009, Brussels andNantes). A networkof 22 existingresidencesundermanagement contract (openings in Combinationof twoleaderscomplementarywith expertise A brand:new ADAGIO City Apparthotel Five - year target = 50 residences 3* and 4* city residences in Europe:developmentin city 3* and4* residences
turnover of
€
180 million
of partnershipAccorwith
76 décembredécembre 2006 2007 - 21 Montrouge
76 décembredécembre 2006 2007 - 22 Paris Tour Eiffel
76 décembredécembre 2006 2007 - 23 . . Outside Outside France: International Orion In France: Citéa . . . . . Completionof businessplanin process A technicalassistantce contract isalreadysignedwith3 hotelsin China Europeancapitals andEastern Europeand throughAsiano riskmandatesandleasesin Developmentsbeingconsidered2*in« residences LAMY Managementof residencesundermandatein partnershipwith a50/50 Frenchin leader2*residences,50 citywithin residences France
Development of2*cityresidences
economy
» in Western
76 décembredécembre 2006 2007 - 24 residences . . . Maevaby . Acquisitionsof leasesand managementmandatesfor existing Expansion viapropertydevelopment: Prioritydevelopment Costa regions: Brava,Costadel Dorada,CostaSol Atpresent: 1Pierre&Vacances residenceand 11 residencesmarketed
. . (CostaSol) del Port Aventura:275apartments Manilva:constructionof avillage330 with apartments
International International expansion:Spain
76 décembredécembre 2006 2007 - 25 76 décembredécembre 2006 2007 - 26 Bonmont
76 décembredécembre 2006 2007 - 27 . partnerships, timeframe . .
Communication: Q1 Communication: 2008 Completion business of plan: location, brands, financing, Today:
marketingcontracts(MarrakechVillage)Palmeraie
International International expansion:Morocco
76 décembredécembre 2006 2007 - 28 La Palmeraie à Marrakech
76 décembredécembre 2006 2007 - 29 II. Center Parcs Europe/Sunparks Parcs II. Center
76 décembredécembre 2006 2007 - 30 . . Enhancing sales efficiency Optimising Optimising costs . . . . . Purchasingpolicy(maintenance,energy, household,…) Productivitygains OngoingEarlyBird policy Growthin BtoBsales Further growthin internetsales • • •
enhancing andsales efficiency optimising costs End 2006/07= 36%of sales (42%end 2005/06= 22%of sales - 2008target 50% = ofsales
-
2007)
Center Parcs Europe:Parcs Center
76 décembredécembre 2006 2007 - 31
76 décembredécembre 2006 2007 - 32 contribution contribution as Keyfigures of 2006/07
A positive
Targets
. . . leisure equipment room, hotel and 50 1,683 cottages i.e. Campine regions, and Ardennes . . carried out over two years) and a rent of 6.2% 6.2% of rent and a twoyears) over out carried value of . 2006 turnover of 2006 turnover
450,000 clients 450,000 30% growth EBITDAin growth 30%ans over3/4 4 3 Disposal of property lease propertyof Disposal Acquisition based on enterprise value of valueenterprise onbased Acquisition - . . 4 star villagesstar 4 Enhancing atSunparksperformances
cost and revenue synergies with Center Parcs Parcs Center withsynergies and revenue cost 65% to 56% from rates in occupancy rise € 177 million which (of 177 million
€ 39 million, EBITDA39 million, of
located on the Belgian the in Belgian coast the located on to Foncière des Murs des Foncière to €
20 million be to 20 million in work
€ 12.5m 12.5m € 150 million 150 million
based on based
76 décembredécembre 2006 2007 - 33 . . . . . Project newvillages for Germanyespeciallyin Extendingvillagesat Haan(67),DeButjadinger Küste (50) In nexttwoyears, Project fornewvillages Bispingen,Heijderbos,Kempervennen,Hauts de Bruyères Extending1st villages:phasecottagesof 280 3/4* segment 5* segment . . .
Germany Rhône Alpes (1000= deliverycottages) 2011 Moselle(870cottages in phase, 1st 4502 opening2010)early bolstering bolstering and CenterParcsoffering Sunparks
€ 20in millionat current capex Sunparksvillages
Center Parcs Europe:Parcs Center
nd
phase,
76 décembredécembre 2006 2007 - 34 III. Property III. Property development
76 décembredécembre 2006 2007 - 35 . . . homes for deliveryin 2007/2008 Pierre & Vacances: current portfolio of 650 apartments and Les Les Arcs Hôtel du Golf, Val d’Isère Aquila, Le Pouliguen… Parcs, Port en Bessin, Houlgate, Branville, Courchevel Forum, Others projects contributing: homes for deliveryin 2007/2008 Les Senioriales: currrent portfolio of 370 apartments and Val d’Isère Aquila Aconit, LilleVauban (Citéa),La Tania (Courchevel),GrandeMotte, Bessin,Coudalère
300 renovation: under 350 new: Audierne,Le(2nd Crotoy round),Montrouge, Port
Courchevel(Chaletsdu Forum), Ménuires Center Parcs Moselle, Center
Propertydevelopment : 2007/2008
- en -
76 décembredécembre 2006 2007 - 36 . . . turnover): Main programmes in process Active propertyprospection with reinforced prudence: Main propertydevelopment projects: ...... Association Association with leisure parks Center Parcs Rhone Alpes The VillagesNature Deauville(Presqu’ilelade Touques) Avoriaz, Center Parcs France: in Moselle, in Sologne (extensions) Les Senioriales: 7 résidences Pierre & Vacances: Houlgate, Belle Dune, Arles Chamonix
(with impact on the 2008/2009
Propertydevelopment :
prospects
76 décembredécembre 2006 2007 - 37 The concept The project The First phase
. . . authorities . planet” “Onelivingnature .
2,300 homes and apartments apartmentsand homes 2,300 villageslakeside and Forest Alandand governmentlocal thebackedby project sizeable Total20 for capacity A Nature Villages Nature new tourism concept focused on harmony between andman between harmonyon focused concept tourism new water,forest land and
A 520 hectare domain 6km from the Disney parks parks ADisney the from 6km domain 520hectare an offer aimed at all European clients all clients at European offeraimed an activities… paedogical/game and artistic sporting, and apartments homes 5,000 of themes villages the combining complementary Several
- 25,000 visitors visitors25,000
–
Eurodisneypartnership
76 décembredécembre 2006 2007 - 38 The concept Keyfigures
of . . . safety, (comfort, clients retired active conviviality) . .
Acquisition Acquisition of price Turnoverof Homes sold sold full underHomes Specialised non in Apropertydevelopmentcompany € 4 million on 31 March 2007 March 4 million on31 € 31 million and operating profit before exceptional items items exceptional before profit 31 million andoperating - medicalised residences meeting specific of needs specific meeting residences medicalised € 23 million million 23 - ownership with no operating commitment ownershipcommitment withno operating
Les Senioriales
76 décembredécembre 2006 2007 - 39 High High development Development focuses focuses potential
...... Developments being considered for Spain and Morocco being Developments Spain Morocco forconsidered and homes rental into expansion for underwayStudy Development Brittany, region, Paris Rh Province, (Mediterranean, France develop throughout to Aim competition limited costs, and controlled products property,to access advantages: Considerable standardised a year) 10% rising by present, million people at (7 old retired of active market in target Rapid growth
of
property
sales ône Valley, Normandy)
teams
Les Senioriales
-
age people:
76 décembredécembre 2006 2007 - 40 III. Winter 2007/2008 trends
76 décembredécembre 2006 2007 - 41 . . . Byclient type (focus mountain) Pierre & Vacances Center Parcs . . .
Overall reservations up 11% (9% excluding Paris Tour Eiffel) for all destinations Portion of direct sales at 90% including internet sales of 45% H1 reservations up 4,5% in all destinations (excluding Ailette):
......
French +7% Foreign: +11% city FWI mountain sea Belgium France Germany The Netherlands
+29% (+8% excluding impact of Paris Tour Eiffel) +9% +12% +5%
+2% +3% +5% +6%
Tourism
76 décembredécembre 2006 2007 - 42 . marketed Healthylevel of reservations for programmes currently being ...... Nîmes (Citea): launch in November 2007 Marseille: launch in July 2007 Le Pouliguen: launch in July 2007 Coudalère: launch in June 2007 Belle Dune: launch in July 2007 Moselle: 525 reservations (out of 870 apartments)
110 reservations (out of 127 apartments) 61 reservations (out of 61 apartments) 90 reservations 90 reservations (out of 95 apartments) 5 reservations 5 reservations /11 options (out of 48 apartments) 41 reservations (out of 112 apartments)
Propertydevelopment
76 décembredécembre 2006 2007 - 43 model . Morocco and Europe inFrance, businesses . and Germany) Adagio Rhône Parcs (Moselle, for Center primarily . . Senioriales) . Sustainable development part of Pierre & Vacances of Pierre part development Sustainable business A Les (Sunparks, in 2006/2007 to acquisitions return Further organic growth and search for acquisitions our in acquisitions for search and growth organic Further complete, being currently projects development Numerous performances business tourism in growth 2007/2008, For
- Alpes and Alpes
Conclusion
76 décembredécembre 2006 2007 - 44