Aucun titre de diapositive

1
Interim ResultsJune 18, 2002
2
OVERVIEW OF AN ACTIVE HALF YEAR

• Implementation of the Rebound Plan to control
  costs
• Adapted the winter offer
• Reduced costs
• Reduced spending
• Continued to sell assets

Close to breakeven - Positive free cash flow
3
OVERVIEW OF AN ACTIVE HALF YEAR

• Implementation of the Rebound Plan to drive
  growth
• Improved the village portfolio
• Improved the price mix
• Prepared to launch Club Med Gym
• Deployed assertive marketing campaigns
• Optimized financial resources (OCEANE issue)

A platform for profitable growth
4
WINTER 2002 REBOUND PLANS EFFECT

• Adapting the offer Snow Europe
• Increased capacity 10, 90 occupancy rate
• Improved segmentation of the offer...
• ... and GMs automatically redirected toward 3
  Trident villages

Capacity in Hotel Days
No. of GMs
Revenues / Hotel Days
Ski VillagesEurope
33
26
31
25
89
99
50
57
50
57
105
112
17
17
19
18
138
150
Improved price mix
5
WINTER 2002 REBOUND PLANS EFFECT

• Significant reduction in core business costs by
• Lowering overheads
• Optimizing operating costs
• Continuing to sell assets

Lowering the winter breakeven point 43 million
euros
6
WINTER 2002 REBOUND PLANS EFFECT

• Specific measures in the Americas
• Adapting the offer to an exceptional situation
• Lowering overheads
• Implementing marketing programs
• Distribution via GDS
• All inclusive packages
• Land Only

An encouraging performance this winter in an
unsettled business environment
7
WINTER 2002 REBOUND PLANS EFFECT

• Jet Tours a confirmed turnaround
• Lower overheads
• Winter market share gains
• Positive effects from restructuring the portfolio

21 improvement in operating income
8
WINTER 2002 REBOUND PLANS EFFECT

• Club Med World
• Club Med World Paris
• Optimized processes
• Lower operating costs
• Improved food services
• Club Med World Montreal
• Launch phase
• Adapting the concept

CMW Paris moving toward breakeven CMW Montreal
improvements in progress
9
WINTER 2002 REBOUND PLANS EFFECT

• For Club Méditerranée Group
• Objective of lowering breakeven by 40 millions
  euros
• Improvement of Mix/Price for renovated villages
• Recovery of none profitable businesses
• Improvement of the level of satisfaction of GMs

10
ACTIVITY AND RESULTS ANALYSIS
11
KEY FIGURES
4/30/01
4/30/02
(in millions of euros)
958
816

• Consolidated revenues

34
(4)

• Operating income

6
(25)

• Group net income

83

• Capital expenditure

117
(25)
6

• Free cash flow

(382)
(392)

• Net debt

12
BUSINESS IN WINTER 2002

• More than 765,000 customers, including 647,100
  GMs
• Lower occupancy rate Down 3.9 points to 69.1

4/30/01
4/30/02
910,500

• Number of customers
• ? of which GMs

765,388
782,300
647,100
6,813,000

• Capacity in hotel days

5,865,000

• Hotel days sold

4,964,000
4,017,000

• Occupancy rate

73.0
69.1
13
CONSOLIDATED REVENUE

• Analysis of revenue

(in millions of euros)
958
816
- 196
1H 2001
1H 2002
14
OPERATING INCOME
4/30/01
4/30/02
(in millions of euros)
958
816

• Consolidated revenues

(4)
34

• Operating income (loss)

15
ANALYSIS OF RESULTS FROMTHE CORE BUSINESS
(in millions of euros)
4/30/01
4/30/02

• Revenues

813
655

• Margin on variable costs

463
396
56.9
60.5
of revenues

• Fixed selling costs

(102)
(101)

• Fixed operating costs

(294)
(267)

• Overheads

(1)
(25)
(26)

• OPERATING INCOME

42
2
(1) Includes reversal of a 4 million euro
non-recurring provision on Asian operations
16
ANALYSIS OF RESULTS FROMTHE CORE BUSINESS
42
in M
Operating Income at 4/30/01

• Volume Impact

(99)
32

• Price mix Effect

• Rebound Plan
• Recurring
• Temporary (1)

43
17
26
(12)

• New Capacity

(4)

• Non-recurring

(reversal of Faru provision in winter 2001)
2
Operating Income at 4/30/02
(1) Corresponds to savings on villages
temporarily closed this winterand scheduled to
reopen in 2003
17
OPERATING INCOME BY REGIONAND BUSINESS
(in millions of euros)
4/30/01
4/30/02
Europe / Africa
13
34
Asia
9
2
America
(1)
(13)

• Core Business subtotal

42
2
Tour Operating
(4)
(3)
Other BUs
(5)
(3)

• Total Group

34
(4)
18
ANALYSIS OF RESULTS IN EUROPE
in M
Op. inc. 4/30/01
34
4/30/01
4/30/02
507

• Revenues

431

• Volume impact

(42)
251

• Margin on var. costs

235

• Price mix effect

26
49.5
54.5
of revenues

• Fixed selling costs

(54)
(57)
7

• Rebound Plan
• o/w recurring
• o/w temporary

• Fixed operating costs

(151)
(153)
3

• Overheads

(1)
(12)
(12)
4

• New capacity

(12)

• Operating income

34
13
Op. inc. 4/30/02
13
6.7
3.2
of revenues
(1) Corresponds to savings on villages
temporarily closed this winterand scheduled to
reopen in 2003
19
ANALYSIS OF RESULTS IN ASIA
in M
Op. inc. 4/30/01
9
4/30/01
4/30/02
124

• Revenues

101

• Volume impact

(14)
66

• Margin on var. costs

54

• Price mix effect

2
53.2
53.5
of revenues

• Fixed selling costs

(15)
(14)
9

• Rebound Plan
• o/w recurring
• o/w temporary

• Fixed operating costs

(41)
(34)
5

• Overheads

(1)
()
(1)
(4)
4
()

• Non-recurring

(4)

• Operating income

9
2
(reversal of Faru provision in winter 2001)
Op. inc. 4/30/02
2
7.2
2.0
of revenues
(1) Corresponds to savings on villages
temporarily closed this winterand scheduled to
reopen in 2003
20
ANALYSIS OF RESULTS IN AMERICA
in M
Op. loss 4/30/01
(1)
4/30/01
4/30/02
261

• Revenues

179

• Volume impact

(43)
146

• Margin on var. costs

107

• Price mix effect

4
55.9
59.7
of revenues

• Fixed selling costs

(33)
(30)
27

• Rebound Plan
• o/w recurring
• o/w temporary

• Fixed operating costs

(102)
(80)
9

• Overheads

(1)
(12)
(10)
18

• Operating income

(1)
(13)
Op. loss 4/30/02
(13)
- 3.8
- 7.2
of revenues
(1) Corresponds to savings on villages
temporarily closed this winterand scheduled to
reopen in 2003
21
JET TOURS OPERATING INCOME
(in millions of euros)
119
127

• Revenues

12.0
12.4

• Semi net margin

10.1
9.8

• of revenues

(14.2)
(15.2)

• Other costs

(2.2)
(2.8)

• Operating loss

22
CLUB MED WORLD AND GYMNASE CLUB
in M
Operating Income
Winter 01
Winter 02
(2.2)
(1.3)

• Club Med World Paris

• Club Med World Montreal

N/A
(2.4)

• Gymnase Club

N/A
0.7
23
INCOME STATEMENT
(in millions of euros)

• Revenues

958
816

• Operating income (loss)

34
(4)

• Net financial expense

(14)
(17)

• Net income from equity companies

0
0

• Net exceptional expense

(5)
0

• Goodwill amortization

(4)
(7)
3

• Tax

(5)

• Minority interests

0
0

• Group net income (loss)

6
(25)
24
NET FINANCIAL EXPENSE
(in millions of euros)
(5)
(5)

• Credit card transaction fees

• Interest expense

(10)
(11)

• Realized and unrealized exchange gains and losses

(1)
3
(1)
(1)

• Other

(14)

• Net financial expense

(17)
4.5
5.2

• Cost of debt

• Interest cover (EBITDA / interest)

3.6
5.8
25
INCOME STATEMENT
4/30/01
4/30/02
(in millions of euros)

• Revenues

958
816

• Operating income (loss)

34
(4)

• Net financial expense

(14)
(17)

• Net income from equity companies

0
0

• Net exceptional expense

(5)
0

• Goodwill amortization

(4)
(7)
3

• Tax

(5)

• Minority interests

0
0

• Group net income (loss)

6
(25)
26
BALANCE SHEET

10/31/01
4/30/02
10/31/01
4/30/02
(In Millions of euros)

• Shareholdersequity andminority interests

• Tangible intangibleassets

754
731
1,262
1,245

• Provisions

186
161

• Financialassets

18
66
92
105

• Working capital

396
392

• Net debt

1,350
1,354
1,350
1,354
Gearing
53
54
27
ASSETS AND CAPITAL EXPENDITURE
(in millions of euros)
4/30/01
4/30/02

• Capital expenditure
• Tangible assets
• Intangible assets
• Financial assets

68
58
13
9
16
36
117
83

• Total

• Disposals
• see Cash Flow Statement
• Cash received

(14)
(45)
(96)
(87)
28
CASH FLOW STATEMENT
(in millions of euros)
44
Cash flow
14
46
Change in working capital
58
(12)
Change in provisions
(28)
78
44

• Funds from operating activities

(117)
Investments and funds acquired
(83)
14
Disposals
45
(25)
6

• Free Cash Flow

29
GROWTH DRIVERS OVER THE SHORT TERM
30
SUMMER 2002

• An enriched summer offer

Europe
61
Americas
Asia
11
9
81 VILLAGES OPENED THIS SUMMER
(excluding villas and cruise ships)
31
SUMMER 2002

• A summer offer refocused on the 3 Tridents
  category

• Standards in line with GMexpectations

Summer01
Summer02
Capacity in
15
22

• An average price perfectlyaligned with service
  quality

59
51
15
15

• Average ROCE of 10 meeting profitability
  requirements

Excluding huts and cruise ships
Our core village
32
SUMMER 2002

• Summer 2002 bookings

(Number of customers)
Over the last4 weeks
As of June 9
Total
- 14.0
- 6.9

• Worldwide

- 11.8
5.1

• France

Higher sales in recent weeks
33
SUMMER 2002

• Late booking is a growing tend

Change in of vacations booked within 45 days of
departure
Nov.01 vs Nov.00
Dec.01 vs Dec.00
Jan.02 vs Jan.01
Feb.02 vs Feb.01
Mar.02 vs Mar.01
Apr.02 vs Apr.01
(in points)

• Europe
• Sun
• Snow

8
5
7
6
11
5
N/A
4
7
2
4
8
Asia
-6
1
3
0
8
14
Americas
2
19
8
12
14
13
34
GROWTH DRIVERS

• Strengthening the club concept
• Major agreements with a partner
• Objective win and retain customers
• Beneficiaries GMs, Club Med Gym and Club Med
  World customers
• Distribution initiatives

New marketing momentum
35
GROWTH DRIVERS

• Strengthened distribution in the United States
• Objective gain market share
• Marketing strategy
• continue to focus on New York and Los Angeles
• expand indirect distribution travel agents via
  GDS
• targeted marketing campaigns (products, markets)

Return to breakeven in 2004 confirmed
36
GROWTH DRIVERS

• Change in distribution for secondary markets
• Distribution of Club Med products through tour
  operators
• In Europe Austria, Spain, Greece
• In Asia New Zealand

Broaden distribution while keeping overheads down
37
GROWTH DRIVERS

• Launch of Club Med Gym
• Transform Gymnase Club into Club Med Gym
• Transition to a single Club card by
  mergingcustomer databases
• Dispose of Club Moving

Full implementation of synergies September 2002
38
CONCLUSION

• Success of the Rebound Plan and accelerated
  deployment of the Transformation Plan
• A higher quality offer
• Stringent management of costs ? improved
  profitability
• Revitalized distribution (Club Med USA, Jet tours
  in France, etc.)
• An reinforced financial structure (OCEANE)

Club Méditerranée is ready for the future
39
(No Transcript)
40
GROWTH DRIVERS
? Strengthened distribution in France

• Sales partnership with Protravel
• (300 sales outlets as of 4/30/2002)

• Disposed of Forum Voyages and merger into
  Protravel
• Agreements with Protravel for Jet tours
  distribution
• Tests sales of Club Med products in 10 Protravel
  agencies TBD