R.ANNUELS-PRESENTATION GB-13 DECEMBRE 2007

R.ANNUELS-PRESENTATION GB-13 DECEMBRE 2007

13 December 2007
2007 Annual Results Presentation
Significant events of 2007
Major client gains in 4
: + 133,000 GMs
Net increase in clients in summer: + 9,000 GMs
Strong increase in 4 Tridents
Internet sales above target: €155m
07 vs. 06
+29%
+133,333 clients
Acceleration of the upmarket strategy
Village upgrades
6 new upmarket villages
50%
40%
30%
Major product innovation
Launch of 5-Trident villages, with Albion
Launch of the villas business
A good start to 2008
Winter 2008: sharply higher bookings
page • 2
45%
20%
10%
24%
28%
2003
2004
29%
35%
0%
4
2005
2006
clients as a % of the total
2007
Further improvement in operating performance
Revenue
(In €m)
1,727
Increased revenue
1,679
Like-for-like revenue up 3.4%
1,590
Like-for-like Village revenue up 5.7%
RevPAB up 7.7%
Operating income-leisure of €33m vs. €24m
Village operating income - leisure up 50%
€28m improvement before insurance settlements
2005
2006
2007
Operating Income - Leisure
33
25
24
38
2005
21
2
2006
2007
page • 3
Insurance settlements
(In €m)
Net income
Postponement of real estate transactions
2007 Financial
Review
Financial Highlights
(in € millions)
2006
2007
Reported
1,679
1,727
+ 2.8%
o/w + 3.3% Core
Business
Like-for-like
1,670
1,727
+ 3.4%
o/w + 5.7% Core
Business
EBITDAR - Leisure*
229
244
Operating income - Leisure
24
33
Of which insurance settlements
21
2
Operating income - Assets
40
2
Other operating income &
expense
(29)
(21)
Operating income
35
14
Attributable net income
5
(8)
Net debt
(294)
(336)
Average net debt
(432)
(370)
Consolidated revenue
*EBITDAR Leisure: Operating income - Leisure before rents, depreciation and amortization
page • 5
Operating Highlights
2006
2007
Change
Number of clients (in thousands)
1,685.0
1,639.3
- 2.7%
o/w Club Med clients
1,327.7
1,324.4
- 0.2%
o/w Jet Tours clients
286.3
243.1
- 15.1%
o/w Club Med Gym clients
71.0
71.8
+ 1.1%
Like-for-like revenue (in €'000s)
1,670
1,727
+ 3.4%
o/w Core Business
1,292
1,367
+ 5.7%
Like-for-like revenue / HD
€110.4
€119.4
+ 8.1%
Capacity in hotel days (in thousands)
12,550
12,477
- 0.6%
Hotel days sold (in thousands)
8,560
8,536
- 0.3%
Occupancy rate
68.2%
68.4%
+0.2 pt
Like-for-like RevPAB* per HD
€80.4
€86.5
+ 7.7%
*RevPAB:
page • 6
Total like-for-like Village revenue, net of tax and transportation costs, per available bed
Consolidated Revenue
Analysis of 2007 revenue growth
(in € millions)
H1
H2
Full year
Reported revenue
+ 1.3%
+ 4.3%
+ 2.8%
Like-for-like revenue
+ 4.0%
+ 2.8%
+ 3.4%
+2
+2
+ 75
- 31
Jet tours*
1,679
1,727
Club Med scope of consolidation
and currency effect
Club Med price mix
Club Med volume
Jet tours
page • 7
2006
*Of which + €22 million from changes in the scope of consolidation
2007
Leisure Business: Revenue to EBITDAR Flow-Through Rate
Operating income Leisure
EBITDAR - Leisure
in € millions
2005
2006
2007
Chg/06
2005
2006
2007
Chg/06
Village business
excluding insurance
settlements
156.0
184.3
217.2
+ 18%
(17.2)
(2.6)
25.4
+ 28m
% of like-for-like revenue
12.7%
14.3%
15.9%
Insurance settlements
38.3
20.8
1.9
38.3
20.8
1.9
Village business
194.3
205.1
219.1
21.1
18.2
27.3
Other businesses
20.7
23.9
24.5
3.7
5.5
5.6
215.0
229.0
243.6
24.8
23.7
32.9
13.5%
13.7%
14.1%
Consolidated
% of like-for-like revenue
page • 8
+ 7%
+6%
Change in Village revenue
Change in Village EBITDAR excl. insurance settlements
Flow-through rate
+ €74.3 million
+ €32.9 million
44%
+ 50%
+ 39%
Operating Income – Leisure Activities
2006 reported operating income Leisure
Like-for-like in € millions
2006
2007
Consolidated revenue
1,292.4
1,366.7
Insurance settlements
19.1
Other
Currency effect
18
1
Scope of consolidation
(2)
1.9
2006 like-for-like operating income Leisure
17
7.8
9.8
Volume effect
0
1,319.3
1,378.4
Price mix
55
Margin on variable costs
807.5
845.4
Insurance settlements
% of revenue*
61.0%
61.7%
Change in margin on variable
costs
38
Fixed selling costs
(175.5)
(171.8)
Selling costs
4
Fixed operating costs
(402.6)
(419.4)
Operating costs
(17)
Property costs
(150.7)
(163.3)
Property costs
(13)
Overheads
(62.0)
(63.6)
Overheads
(2)
16.7
27.3
2007 operating income - Leisure
27
Total revenue
Operating income - Leisure
*Adjusted for insurance settlements
page • 9
(17)
Fixed Operating Costs Analysis
€m
2006 like-for-like
(402.6)
Scope of consolidation / Capacity /
Upgrading
€(35.9)
Per HD capacity*
(8.2)
Villages permanently closed
9.4
Costs of these villages in 2006:
€27/HD capacity
Villages closed for renovation
9.0
2006 business volume per HD
€93/HD (incl. Crested Butte at €152/HD)
New or reopened villages
(21.9)
Costs of these villages in 2007:
€40/HD capacity
Upgrades
(1.8)
2007 business volume per HD
€135/HD
Other
(2.9)
Cost increases
2007
*Capacity excl. Managed villages
page • 10
(8.6)
(419.4)
+2.4% from changes in the scope of
consolidation / inflation / productivity
€(37.4) per HD capacity*
Property Costs Analysis
Like-for-like in € millions
2006 property costs
Impact of refinancing
Changes in scope of consolidation
(3.0)
1.2
Village upgrades
(4.5)
Rent escalation clauses and other
(6.3)
2007 property costs
page • 11
(150.7)
(163.3)
EBITDAR / Operating Income–Leisure by Region and Business
Operating Income Leisure
EBITDAR
2006
2007
2006
2007
Europe
163
166
21.4
19.9
Americas
22
21
(1.6)
(2.2)
Asia
20
32
(1.6)
9.6
Village business
205
219
18.2
27.3
Jet tours
9
8
3.1
2.2
Other businesses
15
17
2.4
3.4
Total Group
229
244
23.7
32.9
13.7%
14.1%
(in € millions)
% of like-for-like revenue
page • 12
Financial Model
Village profitability increases with upgrading
31 October 2007
€
GOP/HD*
Selling price
€69
€46
Costs
€24
4%
2Ψ
And others
page • 13
54%
42%
2007 capacity
3Ψ
4&5Ψ
Comfort category
Demonstrated benefits from moving the Village base upmarket
Statement of Income
(in € millions)
2006
2007
Revenue
1,679
1,727
Operating income - Leisure
23.7
32.9
Operating income - Assets
39.7
2.0
(28.7)
(20.5)
Operating income
34.7
14.4
Finance costs - net
(32.1)
(26.4)
3.6
1.2
(1.2)
2.5
Net income / (loss)
5.0
(8.3)
Attributable net income / (loss)
4.6
(10.4)
Other operating income & expense
Share of profit of associates
Income tax (expense) / benefit
page • 14
Finance Costs - Net
(in € millions)
2006
2007
OCEANE
(21)
(21)
Interest expense
(12)
(10)
Other
(4)
(1)
Finance costs - net before currency effect
(37)
(32)
5
6
Finance costs - net
(32)
(26)
Average debt
(432)
(370)
Calculated cost of debt
7.72%
8.47%
Cash cost of debt excl. IFRS impact
5.95%
6.41%
Realized & unrealized exchange gains & losses
page • 15
Balance Sheet
31.10.06
31.10.07
951
928
Intangible assets
182
Financial assets
Total non-current
assets
(in € millions)
(in € millions)
31.10.06
31.10.07
Equity incl. minority
interests
514
490
191
Provisions
69
51
80
86
Deferred tax liabilities
- net
51
34
1,213
1,205
Working capital
257
257
(28)
(37)
Net debt
294
336
1,185
1,168
Total equity and
liabilities
1,185
1,168
Gearing
57.2%
68.6%
Non-current assets
PPE
Subsidies
Total assets
page • 16
Club Méditerranée Village Assets
Property and equipment
Villages
Size (ha)
Beds
Rooms
NBV (31/10/07)
France
4
200
2,104
984
57
Europe
6
103
4,922
2,321
120
Africa
4
108
1,684
861
59
Americas
11
244
8,043
3,502
395
Asia
5
288
3,060
1,353
118
Wholly or partially owned Villages
Sub-total
30
944
19,813
9,021
749
Villages under management
7
_
4,436
_
_
Non-current assets in leased Villages
48
842
34,322
15,278
143
Other non-current assets (offices,
machines)
TOTAL VILLAGE ASSETS
page • 17
12
85
1,786
58,571
24,589
904
Village Property and Equipment as of 31 October 2007
NBV
31/10/06
page • 18
NBV
31/10/07
I Assets surplus to requirements (Non-strategic and not
used in operations)
93
68
II Assets pledged as collateral
26
118
III Assets qualifying for short-term refinancing
130
124
IV Other Village assets
540
439
TOTAL Village property and equipment
789
749
Cash Flow Statement
(in € millions)
2006
2007
Cash flow
22
24
Change in working capital
22
(2)
Change in provisions
3
(9)
Net cash provided by operating activities
47
13
(151)
(108)
Disposals
143
65
Free cash flow
39
(30)
(10)
(12)
29
(42)
Capital expenditure
Impact of changes in exchange rates and other
Decrease (increase) in debt
page • 19
Outlook for Winter 2008
Winter 2008 Capacity by Comfort Category and Region
(in thousands of hotel days)
Winter 05
Winter 06
Winter 07
Winter 08
vs. 2007
6%
4%
3%
2%
- 1 pt
57%
53%
46%
44%
- 2 pt
98%
&5
35%
41%
50%
54%
+ 4 pt
2%
2%
1%
0%
- 1 pt
TOTAL
100%
100%
100%
100%
Europe
2,984
3,011
2,925
3,172
+ 8.4%
Americas
1,461
1,414
1,484
1,406
- 5.3%
786
844
927
932
+ 0.6%
5,231
5,269
5,336
5,510
+ 3.3%
Other
Asia
TOTAL WORLDWIDE
page • 21
Winter 2008
Winter 2008 bookings (vs. winter 2007)
at 8 December 2007
Like-for-like revenue
page • 22
Cumulative,
at 8 December 2007
Europe
+ 16.3%
Americas
+ 3.2%
Asia
+ 16.6%
Total Club Med
+ 14.4%
Jet tours
+ 27.2%
Strategy
The new Club Med in late 2008
The global leader in upmarket, friendly, multicultural, all-inclusive vacations
The only global tourism brand with a unique positioning
A potential for 60 million clients worldwide: 12 million in Europe, 22 million in
the Americas and 26 million in Asia
80 upmarket villages – more than half 4 and 5-Tridents – and many
development projects
1. End 2008: finalization of the move upmarket
•Clients: after the shift in the client base, a potential for
60 million clients
•Brand: a new communication platform
•Villages: mostly 4
after 2008
•Villas: a new concept, offering significant leverage to improve
the business model
2. 2009: optimizing the business model with the Magellan project
• Reduce seasonal fluctuations in income and optimize
village profitability
• Reinforce specialist distribution
1. Finalizing the
move upmarket
• Clients
• Brand
• Villages
• Villas
Clients
The shift in the client base is nearly complete…
Client gains in 4 Tridents greater than
the increase in capacity
% capacity in 4
% clients in 4
and 5
and 5
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
2003
Shift nearly complete in mature
markets, including France
2004
Huts and 2
2005
.
2006
3
.
4
2007
.
80%
2007 vs. 2005
70%
- 18%
60%
50%
40%
Ex: France
+ 55%
30%
20%
Change in clients by comfort category
10%
- 55%
0%
2001
2002
2003
2004
2005
2006
2007
A net gain of 9,000 clients worldwide during the summer, despite the impact of closing entrylevel villages
page • 28
… and a potential for 60 million clients
The brand
A new global brand advertising campaign
A new campaign capitalizing on the strategic territory mapped out in the previous “Les Visages”
campaign
Showcasing scenes of Club Med-brand happiness
Excellent qualitative and quantitative results from display ad pre-test
Exceptional scores for impact (89 vs. a standard 76), attribution (86 vs. 39), buying
intention and image
Seen as differentiating and premium, perfectly aligned with the Club’s upmarket objectives
Launched in 24 countries in December 07, with a strong focus on Internet and print media
page • 30
Villages
Most villages will be 4 & 5
after 2008
Upgrading speeded up in 2007
Renovations through end 2008
Villages
La Pointe aux Canonniers
4
4
Les Deux Alpes
2
3
Palmiye
3
4
Cancùn
3
4
La Caravelle
3
4
Villars
3
4
Opio
3
4
La Plagne 2100
3
4
Villages
Ixtapa
3
4
Gregolimano
3
4
Punta Cana
3
4
Profound shift in the village base
2001
2004
2006
2007
2008
Huts and 2
27%
14%
7%
4%
2%
3
53%
61%
61%
54%
50%
4 and 5
20%
25%
32%
42%
48%
Total
100%
100%
100%
100%
100%
5 new openings by 2009
page • 32
The Opio village business case (Provence, France)
Summer 2006
Summer 2007
Family 3
page • 33
Family 4
107,000
HD sold
118,000
€155
Average
price/HD
€175
70%
Occupancy
75%
€16m
Revenue
€20m
€7m
GOP
€9.5m
The Cancun village business case
2005
2007
Adult 3
page • 34
Family 4
193,000
HD sold
197,000
€102
Average
price/HD
€126
68%
Occupancy
71%
51%
Singles
12%
46%
Couples
22%
3%
Families
66%
€22m
Revenue
€26m
€11m
GOP
€13m
Increasingly refined services and amenities
5 -Trident villages combine luxury and friendliness
Prestigious destinations
The best exclusive, personalized services
The finest accommodations (design and
(in-room breakfast service from the Club category
space)
upwards, restocked mini-bar, WI-FI, press review,
The best of the Club Med spirit (with a
welcome pack)
choice of either relaxing or more festive
The best activities (custom-tailored tours, well-
environments)
known spa brand)
Albion satisfaction rate already very high
More to come: Marrakech le Riad (Morocco, summer 2008), the Club Med 2
page • 35
Villas and Chalets
www.villas-chalets.clubmed.com
The villa concept
STRATEGY
IMPLEMENTATION
A new real estate growth
driver
20 to 40 villas or chalets
on land bordering villages
Extra upscale capacity
Mainly in partnership
FINANCIAL OPPORTUNITIES
Flexible capacity and high margins
Improved absorption of fixed costs for the villages concerned
Real estate operating income: share of property development profits
page • 37
Albion: a typical villa project
Adjacent to an exceptional 5
village
Site
Surface area: 16 ha
Forty 181 to 296 sq.m. villas +
wood decking + 45 sq.m. pool
Plots ranging from 1,400 sq.m. to
2,500 sq.m.
Advantages for the buyer
Investment in an upscale and secured
destination
Share of rental revenue
Possibility of Mauritius residency
Services offered to the villa owner:
6 weeks free access to village services
Maintenance of private areas (common areas maintained by
Club Med)
page • 38
Villas offer significant leverage to improve the business
model
page • 39
Business case
Albion only
Villas
Albion +
villas
HD sold
105,000
23,000
128,000
Average price/HD
€229
€297
€241
Occupancy
50%
50%
50%
Revenue (€m)
24
7
31
GOP (€m)
15
4
19
GOP margin
61.0%
60.1%
60.8%
GOP/HD
€139
€178
€146
2008-2009:
Optimizing the
business model with
the Magellan project
• Reduce seasonal fluctuations in
income and optimize village
profitability
• Reinforce specialist distribution
Reduce seasonal
fluctuations in income
and optimize village
profitability
Reduce seasonal fluctuations in income and optimize village
profitability
Village income is highly seasonal:
Leisure operating income as a % of revenue
Base 100
Jan-Feb
Mar-April
Jul-Aug
Sept-Oct
May-June
Nov-Dec
There is a direct link between capacity and profitability
Of the 20 most profitable villages, 15 are year-round or bi-seasonal
page • 42
Of the 20 least profitable villages, 17 are seasonal
Reduce seasonal fluctuations in income
and optimize village profitability
Leverage fit between outbound countries
Calendar W08/S08
Example - Asia: Build on market seasonality
Nov 07 Dec 07 Jan 08
Australia
China
Hong Kong
India
Japan
South Korea
Malaysia
Singapore
Taiwan
Thailand
page • 43
Feb 08 Mar 08
Apr 08 May 08 Jun 08
Jul 08
Aug 08 Sept 08 Oct 08
Reduce seasonal fluctuations in income
and optimize village profitability
Enhance the offering’s appeal during the low season
Growth in village Spa/Baby Club Med /Baby Welcome services
(Number of facilities and/or services)
Response by product
Spa, golf, etc.
Baby Club Med
Free for children under 4
Thema short stays
Club Med Business
Summer
Summer
Summer
Summer
2002
2004
2006
2007
Spa
18
16
26
37
39
Baby
Welcome
0
0
37
38
41
Baby Club
Med
7
7
6
11
12
Focus marketing spend on low seasons
page • 44
2008
Reduce seasonal fluctuations in income
and optimize village profitability
Increase the proportion of year-round villages from 51%
in 2001 to 64% in 2008
2001
2006
2008
51%
61%
64%
Pure year-round
48%
54%
57%
Bi-seasonal
3%
6%
7%
49%
39%
36%
Winter villages
12%
10%
10%
Summer villages
37%
29%
26%
100%
100%
100%
Year-round
Seasonal
Total capacity
Increase the capacity of villages with restricted demand
page • 45
Reinforce
specialist
distribution
Reinforce specialist distribution
The
new Club Med in agencies
Concept deployment requires changes in signage and window displays
across the network
Objectives: reinforce visibility and recognition of the Club Med Voyages network
Signage and window displays to be rolled down based on the Champs-Elysées agency
model: late 2007
Worldwide deployment:
Belgium: Louise Agency, inauguration in December 2007
Mexico, Saint-Petersburg
Louise Agency, Brussels
page • 47
Agence Neuilly-sur-Seine
Reinforce specialist distribution by harnessing the power of the
Internet
The Power of the Internet
An established, proven strategy
24 country e-booking sites online by early 2008
By year-end, half will have a dedicated client
space
Site upgrades as of end-2007:
Client space available since September 2007
Builds client loyalty
Price quotes saved online
Booking criteria retained
page • 48
New Objective
2006 business
volume
€100m
NEW 2008
OBJECTIVE
€220m
Doubled in
two years
By late 2008, the new Club Med
The global leader in upmarket,
friendly, multicultural, allinclusive vacations.
…2009 and beyond….
Enhanced business model,
innovation, growth
Appendices
Business
Number of clients by issuing county
Revenue by region and business
Like-for-like revenue by region and business
Capacity and occupancy by region
RevPAB
Results
Operating income – leisure by region
Operating income – leisure, Jet tours and other businesses
EBITDA/EBITDAR
Capital expenditure and investments
By category
Village Operating Structures
Owned Villages
page • 50
Number of Clients by Outbound Country
(in GM '000s)
France
Belgium
Italy
Switzerland
United Kingdom
Netherlands
Israel
Germany
Turkey
Russia
South Africa
Spain
Greece
Austria
Other
EUROPE
United States - Canada
Brazil
Mexico
Others
AMERICAS
Japan
South East Asia
Australia
South Korea
Other
ASIA
TOTAL CLUB MED
page • 51
2003
613
104
86
35
29
33
17
34
14
6
6
2
7
3
14
1003
138
81
13
12
244
95
47
21
16
3
182
1,429
2004
581
101
79
34
27
32
17
28
13
6
6
2
7
3
14
950
150
79
23
16
268
102
57
22
19
3
203
1,421
2005
582
100
76
32
28
27
20
24
11
6
5
5
5
3
15
939
137
79
25
18
259
86
54
17
12
3
172
1,370
2006
568
100
68
29
27
24
23
21
10
8
7
4
4
2
15
910
122
64
20
16
222
81
74
21
17
3
196
1,328
2007
560
101
63
30
28
26
21
20
8
9
7
7
5
2
13
900
118
68
11
20
217
82
82
23
19
1
207
1,324
Revenue by Region and Business
Other Businesses 3.4%
vs. 3.4% in 2006
Jet tours 17.5%
vs. 17.8% in 2006
302
Asia 9.6%
58
637
166
vs. 8.7% in 2006
vs. 36.5% in 2006
188
376
Americas 10.9%
vs. 11.6% in 2006
Europe 21.7%
vs. 22% in 2006
2007 revenue: €1,727m
page • 52
France 36.9%
Like-for-like Revenue by Region and Business
(in € millions)
2005
2006
2007
07 vs. 06
Europe
925
970
1,012
+ 4.3%
Americas
194
185
188
+ 1.7%
Asia
110
137
167
+ 21.4%
Villages
1,229
1,292
1,367
+ 5.8%
Jet tours
311
322
302
- 6.1%
Other businesses
53
56
58
+ 4.1%
1,593
1,670
1,727
+ 3.4%
Consolidated
page • 53
Capacity and Occupancy by Region
2005
2006
2007
Capacity
8,494
8,142
7,778
Occupancy rate
73.8%
72.3%
73.5%
Capacity
2,855
2,621
2,847
Occupancy rate
66.6%
66.1%
62.0%
Capacity
1,639
1,787
1,852
Occupancy rate
47.3%
52.7%
56.9%
12,988
12,550
12,477
68.9%
68.2%
68.4%
Europe
Americas
Asia
Capacity
Occupancy rate
page • 54
RevPAB up 8%
Cumulative at 31 October
Like-for-like
2005
2006
2007
% Chg 06/07
% Chg 05/07
Europe
77.4
84.4
90.5
+ 7.3%
+ 17.0%
Americas
72.2
77.5
78.9
+ 1.9%
+ 9.4%
Asia
57.2
66.5
81.3
+ 22.3%
+ 42.2%
Total Village business
73.7
80.4
86.5
+ 7.7%
+ 17.4%
*RevPAB:
page • 55
in €/HD
Total like-for-like Village revenue, net of tax and transportation costs, per available bed
Analysis of Operating Income - Leisure in Europe
Like-for-like
in € millions
2006
Revenue
970.2
1,012.1
Insurance settlements
3.1
Other revenue (o/w interregional income)
2006 reported op. income –
Leisure
21.4
Currency effect
2.9
Scope of consolidation
(2.3)
0.0
2006 like-for-like op. income
– Leisure
22.0
10.0
10.5
Volume effect
Total revenue
983.3
1,022.6
Margin on variable costs
566.0
% of revenue*
(15.3)
Price mix
28.7
576.2
Insurance settlements
(3.1)
58.0%
56.9%
Margin on variable costs
10.3
Fixed selling costs
(120.5)
(120.5)
Fixed selling costs
(0.0)
Fixed operating costs
(270.4)
(273.4)
Fixed operating costs
(3.0)
Property costs
(115.5)
(122.6)
Property costs
(7.1)
Overheads
(37.6)
(39.8)
Overheads
(2.2)
22.0
19.9
2007 Op. income – Leisure
19.9
Op. income – Leisure
*Adjusted for insurance settlements
page • 56
2007
Analysis of Operating Income - Leisure in the Americas
Like-for-like
in € millions
2007
2006 reported op. loss –
Leisure
(1.6)
Currency effect
(0.7)
Revenue
184.9
188.1
Insurance settlements
16.0
1.9
2006 like-for-like op. loss –
Leisure
Other income (o/w interregional income)
47.4
65.2
Volume effect
3.2
Total revenue
248.3
255.2
Price mix
17.1
Margin on variable costs
157.2
163.4
Insurance settlements
% of revenue*
74.3%
85.4%
Margin on variable costs
6.2
Fixed selling costs
(33.8)
(28.1)
Fixed selling costs
5.6
Fixed operating costs
(91.4)
(100.9)
Fixed operating costs
(9.5)
Property costs
(18.3)
(22.1)
Property costs
(3.8)
Overheads
(16.1)
(14.5)
Overheads
Op. loss – Leisure
(2.3)
(2.2)
2007 Op. loss – Leisure
*Adjusted for insurance settlements
page • 57
2006
Scope of consolidation
0.0
(2.3)
(14.1)
1.6
(2.2)
Analysis of Operating Income - Leisure in Asia
Like-for-like
in € millions
Revenue
2007
2006 reported op. loss –
Leisure
(1.6)
Currency effect
(1.4)
137.3
166.5
Insurance settlements
0.0
0.0
2006 like-for-like op. loss –
Leisure
(3.0)
Other income (o/w interregional income)
22.4
29.2
Volume effect
12.1
Total revenue
159.7
195.6
Price mix
9.3
Margin on variable costs
84.4
105.7
Insurance settlements
0.0
% of revenue*
61.4%
63.5%
Margin on variable costs
21.4
Fixed selling costs
(21.3)
(23.1)
Fixed selling costs
(1.8)
Fixed operating costs
(40.8)
(45.1)
Fixed operating costs
(4.3)
Property costs
(16.8)
(18.6)
Property costs
(1.8)
Overheads
(8.3)
(9.3)
Overheads
(1.0)
Op. (loss) income –
Leisure
(3.0)
9.6
*Adjusted for insurance settlements
page • 58
2006
Scope of consolidation
2007 Op. income – Leisure
0.0
9.6
Operating Income – Leisure: Jet Tours and Other Businesses
2006
2007
Jet tours
3.1
2.2
Club Med Gym
4.4
5.3
Club Med World
(2.0)
(1.9)
5.5
5.6
In € millions
Total
page • 59
EBITDA / EBITDAR
2006
2007
Operating income - Leisure
24
33
Depreciation and amortization
63
64
Provisions
(0)
(1)
EBITDA
87
96
% revenue
5.2%
5.6%
Rents
142
148
EBITDAR
229
244
13.7%
14.1%
(in € millions)
% like-for-like revenue
YEAR
page • 60
EBITDA
87
96
Insurance settlements
21
2
EBITDA bef. insurance settlements
66
94
+ 11%
+ 43%
Update on Capex and Disposals
(in € millions)
2005
2006
2007
(101)
(130)
(90)
Intangible assets
(9)
(9)
(10)
Financial assets
(4)
(12)
(8)
(114)
(151)
(108)
Deconsolidation
20
70
17
Property sale and leaseback
164
63
39
Other
61
10
9
245
143
65
Capital expenditure and investments
Property, plant and equipment
Total
Disposals
Total disposals
page • 61
Village Operating Structures – Europe-Africa Region
Villages
AIME LA PLAGNE
ALPE D'HUEZ LA SARENNE
ARCS ALTITUDE
AVORIAZ
CARGESE
CHAMONIX
FORGES LES EAUX
LA PALMYRE
LA PLAGNE 2100
LES ARCS EXTREME
LES DEUX ALPES
LES MENUIRES
Méribel Antares + Chalet
Méribel Aspen
OPIO
PEISEY
POMPADOUR
SANT AMBROGGIO
SERRE CHEVALIER
TIGNES VAL CLARET
VAL D'ISERE
VAL THORENS
VITTEL Ermitage
VITTEL Parc
FRANCE
CERVINIA
KAMARINA
METAPONTO
NAPITIA
OTRANTO
SESTRIERES
ITALY
DJERBA LA DOUCE
DJERBA LA FIDELE
DJERBA Meridiana
HAMMAMET
NABEUL
page • 62
TUNISIA
3
3
2
3
3
4
4
3
4
3
2
3
4
4
4
4
2
3
3
4
4
3
4
3
4
3
3
3
3
3
3
3
3
3
3
Nber
Beds
Capacity
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
24
1
1
1
1
1
1
6
1
1
1
1
1
5
530
780
460
545
945
544
195
1 090
574
590
635
595
150
125
802
720
490
735
1 040
505
515
360
160
970
14 055
470
1 773
1 235
1 600
850
569
6 497
1 134
1 120
702
780
725
4 461
63 070
99 060
54 740
68 670
119 070
149 056
28 080
229 990
76 357
70 800
75 565
75 565
29 895
24 875
182 007
141 840
131 320
129 360
222 560
113 120
73 645
57 960
34 970
211 443
2 463 018
98 700
390 110
142 025
209 600
115 600
60 314
1 016 349
413 819
133 280
98 982
170 040
102 225
918 346
Operating
structure
LEASED
LEASED
OWNED
LEASED
OWNED
LEASED
MANAGE
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
OWNED
LEASED
LEASED
LEASED
LEASED
LEASED
Villages
AGADIR
MARRAKECH Medina
MARRAKECH Palmeraye / Riad
SMIR
YASMINA
MOROCCO
BELDI
BODRUM
KEMER
PALMIYE
TURKEY
ATHENIA
GREGOLIMANO
KOS
GREECE
EL GOUNA
LOUXOR
EGYPT
CAP SKIRRING
LES ALMADIES
SENEGAL
CORAL BEACH
ISRAEL
ST MORTIZ ROI SOLEIL
VILLARS-sur -OLLON
WENGEN
SWITZERLAND
DA BALAIA
PORTUGAL
POINTE AUX CANONNIERS
ALBION
MAURITIUS
3
4
4
3
3
3
3
3
4
2
3
3
3
3
4
3
3
4
4
3
4
4
4
Villages Europe
CLUB MED TWO
Cruise ship
Villages and cruises Europe
4
Nber
Beds
Capacity
1
1
1
1
1
5
1
1
1
1
4
1
1
1
770
367
862
895
621
3 515
1 010
520
920
1 386
3 836
1 055
901
880
281 050
133 955
314 630
100 240
69 552
899 427
210 080
63 960
154 560
303 530
732 130
90 730
96 407
124 080
3
1
1
2
1
1
2
1
1
1
1
1
3
1
1
1
1
2
2 836
480
272
752
420
520
940
700
700
580
540
440
1 560
689
689
585
339
924
311 217
175 200
99 210
274 410
73 920
189 800
263 720
255 500
255 500
77 140
103 680
49 280
230 100
153 704
153 704
88 335
27 810
116 145
58
40 765
7 634 066
1
1
394
394
143 810
143 810
59
41 159
7 777 876
Operating
structure
LEASED
LEASED
LEASED
LEASED
LEASED
LEASED
MANAGE
OWNED
MANAGE
LEASED
OWNED
OWNED
MANAGE
OWNED
OWNED
MANAGE
MANAGE
OWNED
LEASED
LEASED
LEASED
OWNED
LEASED
OWNED
Village Operating Structures – Americas and Asia
Americas
Asia
Ψ
Nbre
BEDS
Capacity
Operating
structure
ITAPARICA
3
1
700
232 549
OWNED
RIO DAS PEDRAS
4
1
810
295 650
OWNED
TRANCOSO
4
1
590
215 350
OWNED
3
2 100
743 549
Villages
BRESIL
Village
550
200,750
LEASED
SAHORO
3
1
575
131,100
LEASED
2
1,125
331,850
1
840
306,600
1
840
306,600
1
800
292,000
1
800
292,000
1
645
235,425
1
645
235,425
1
635
231,775
1
635
231,775
1
475
173,375
1
475
173,375
1
470
171,612
1
470
171,612
1
300
109,500
POLYNESIA
1
300
109,500
VILLAGES – ASIA
9
5,290
1,8523
7,
VILLAS – MEXICO
MEXICO
1
444
161,616
1
444
161,616
VILLAS
1
444
161,616
JAPAN
BALI
218 064
OWNED
CHERATING
CARAVELLE
4
1
620
198 264
OWNED
MALAYSIA
2
1 269
416 328
PHUKET
CANCUN
4
1
785
276 150
OWNED
THAILAND
IXTAPA
3
1
822
133 147
OWNED
RIA BINTAN
2
1 607
409 297
1
1 399
472 888
1
1 399
472 888
1
751
274 024
1
751
274 024
1
580
211 700
1
580
211 700
1
473
157 888
BAHAMAS
1
473
157 888
VILLAGES AMERIQUES
11
8 179
2 685 674
REP. DOMINICAINE
3
USA
TURQUOISE
3
TURKS and CAICOS
COLOMBUS ISLE
4
4
4
4
INDONESIA
OWNED
LINDEMAN ISLAND
3
AUSTRALIA
KANI
SANDPIPER
4
INDONESIA
649
3
OWNED
4
MALDIVES
BORA BORA
LEASED
OWNED
Operating
struct
ure
1
1
PUNTA CANA
Capacit
y
4
4
MEXIQUE
Beds
KABIRA
BOUCANIERS
ANTILLES FR
No.
4
Villages
No.
Beds
Capacity
VILLAGES, CRUISE SHIP & VILLAS
80
55,072
12,477,303
page • 63
80 villages operated in 2007 and 5 villages not operated
OWNED
OWNED
OWNED
LEAS
ED/
MANAGED
OWNED
LEASED
OWNED
OWNED
Owned Villages (total or partial)
€ millions
Arcs Altitude
Cargese
Club Med Two
Dieulefit
Le Fleix
Cefalu
Gregolimano
Kemer
Kos
Sestrieres
St Moritz Roi Soleil
Assinie
Cap Skirring
La Pointe aux Cannoniers
Louxor
Cancun
Colombus Isle
Ixtapa
La Caravelle
Les Boucaniers
Punta Cana
Sandpiper
Villas Mexicaines
Itaparica
Rio das Pedras
Trancoso
Bali
Bora Bora
Cherating
Lindeman Island
Phuket
TOTAL VILLAGES
(1)
page • 64
50/50 partnership
(2)
exemption from tax
(3)
land en concession
(4)
minority part less than 20%
Villages
Tridents
Size (ha)
Beds
Rooms
1
1
2
3
0,25
460
191
NPV
31/10/2007
9,1
1
1
4
closed
21,00
_
945
394
439
196
17,7
25,3
305
158
0
1
land
closed
40,00
138,68
4,7
0,5
1
1
3
3
15,00
21,40
1072
901
536
419
6,6
32,8
1
1
3
3
39,60
22,00
920
880
460
328
8,7
28,9
1
1
4
closed
2,50
2,50
569
580
267
311
12,1
30,9
(1)
1
1
4
4
9,00
87,00
407
420
238
205
0,1
12,1
-
11,00
585
280
33,5
(3) (4)
1
1
3
4
4
3
272
785
473
138
376
236
13,7
59,2
23,8
(1)
1
1
1,40
7,30
43,00
15,00
822
374
33,1
-
1
1
4
4
19,00
620
250
42,4
(2)
3
3
649
1399
293
519
59,5
51,5
(2)
1
1
22,52
30,00
1
1
Villas
3
1
1
4
4
1
1
1
4
4
4
1
1
30
3
4
_
Comments
(3)
-
15,97
751
337
33,8
-
0,10
444
213
1,7
sold nov 2007
33,00
30,70
700
810
330
324
31,1
30,3
(1)
27,40
14,00
29,00
590
840
300
250
400
149
28,3
29,4
27,3
(1)
85,00
800
297
19,0
(3)
136,00
24,37
944
475
645
19813
216
291
9021
17,4
24,6
749
(3)
(1)
(3)
-
(3)