Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances-Center Parcs Group — Investor Presentation (October 2023)
23 slides from Pierre et Vacances SA's investor presentation, Oct 19, 2023
Slide 1: 1 year of successful turnaround
1 year of successful turnaround October 19th, 2023
Slide 2: Agenda
AGENDA Franck GERVAIS 16.00 Introduction : Group turnaround Group CEO Fr. Gervais From 16.10 Key achievements Philippe LEDERMAN 16.10 Savings & cost monitoring : Ph. Lederman Group CFO 16.15 Center Parcs : O. Garaialde 16.45 Pierre & Vacances : G. Sion Olivier GARAIALDE 17.00 Adagio : Fr. Gervais Ce
Slide 3: Introduction: Group turnaround
INTRODUCTION: KEY ACHIEVEMENTS CONCLUSION Q&A GROUP TURNAROUND
Slide 4: Introduction: Group turnaround
INTRODUCTION: GROUP TURNAROUND
Slide 5: A brand new Group ReInvention: a clear strategy
THE GROUP TURNAROUND • A reinvented business model, focused on tourism activities A brand new Group • New shareholders, new governance, renewed ExCom • A healthy financial situation with a rebuilt equity and a negative net debt after restructuring operations closed in September 2022 ReInvention : a
Slide 6: Key figures evolution FY19 - FY23
THE GROUP TURNAROUND Key figures evolution FY19 - FY23 +28% 1 742 > +€51m 1 365 > 130 > 50 79 FC23 FY19 FY23 FY19 FC23 Operational cash flows Tourism revenue EBITDA (€m) (€m) (€m) +3 pts +15pts +19pts +26% 148 77,9% 80,9% 17 41 117 22 2 FY19 FY23 FY19 FY23 FY19 FY23 FY19 FY23 Average Daily Rate Dire
Slide 7: FY2023 robust performances in turnover
THE GROUP TURNAROUND FY2023 robust performances in turnover FY 2023 Group revenue Focus on Accommodation Revenue: €1,915 M Tourism activities: €1,742 M +13% vs 2022, +28% vs 2019 - Accommodation : €1,357 M (+12.9%) €850 M (+13.1%) €299 M (+3.4%) €209 M (+29.1%) O.R: 74,4% (+0.8 pts) O.R. 76,6% (+1,2
Slide 8: Key achievements
KEY ACHIEVEMENTS Groupe Pierre & Vacances (enterParcs
Slide 9: Savings and cost monitoring
S AV I N G S A N D C O S T M O N I T O R I N G Out of the overall €60m plan, €50m (83%) of Savings validated or engaged Cost savings by stage gate in €m over B22-BP26 €50m or 83% of savings Actions generating savings in FY23: ▪ Reorganization of marketing teams 41 60 ▪ Energy consumption reduction:
Slide 10: Energy costs and hedging
S AV I N G S A N D C O S T M O N I T O R I N G FY23 preliminary energy costs estimated to increase by 43% vs FY22; increase passed on to customers through improved ADR Energy Costs in €m FY 24 costs hedged to a large extent +43% FY24 Energy Hedging in % Electricity Gas 110 France 88% 93% Belgium 92%
Slide 11: Group financial net debt is negative
S AV I N G S A N D C O S T M O N I T O R I N G Group financial net debt is negative Our variable-rate debt is hedged to a large extent Breakdown of main debt lines: Massive reduction in gross debt Capital post restructuring (in €m) €m Maturity date outstanding at Rate Variable-rate debt 31 March 202
Slide 12: Center Parcs: product and customers
KEY ACHIEVEMENTS C E N T E R PA R C S OUR PRODUCT OUR CUSTOMERS – NPS +15pts vs 2019 Fix the Basic Deliver an Immersive Experience Continuation of parks renovation plan : €87m CAPEX spent in 2023 • Shift existing transactional touchpoints into relational (CP + landlords) communication • 11 parks ren
Slide 13: Center Parcs: digital, data and pricing power
KEY ACHIEVEMENTS C E N T E R PA R C S DIGITAL & DATA PRICING POWER An enabler for Customer satisfaction and Business Growth Maximise our RevPar (Revenues) • New RMS / New CRS / New PMS Implementation of optimization levers : • New organization for Digital Excellence • Database Segmentation • Inter-c
Slide 14: Center Parcs: brand identity, asset management and development
KEY ACHIEVEMENTS C E N T E R PA R C S NEW BRAND IDENTITY ASSET MANAGEMENT AND DEVELOPMENT Reposition our Product Create value for our stakeholders • Perception in line with inner experience Asset Management • Quality / Modernity / Fun • Met and presented to institutional landlords Center Parcs • Pos
Slide 15: Villages Nature
KEY ACHIEVEMENTS C E N T E R PA R C S VILLAGES NATURE: ONE OF THE CENTER PARCS FLAGSHIPS IN FRANCE, NOW FULLY INTEGRATED INTO THE CPE ECOSYSTEM Villages Nature: Value Proposition: Explore the natural surroundings of the village with all the family and meet its • Villages Nature opened in 2017 with 8
Slide 16: Eifel: a fully renovated park
KEY ACHIEVEMENTS C E N T E R PA R C S EIFEL: A FULLY RENOVATED PARK IN THE HEART OF UNSPOILT NATURE AND UNIQUE VOLCANIC LANDSCAPES. Eifel: Value Proposition: Enjoy a break in the middle of nature in a village on a human scale with brand new experiences. Stay in a unique • Eifel became Center Parcs i
Slide 17: Pierre & Vacances: operational efficiency, product, customers
KEY ACHIEVEMENTS P I E R R E & VA C A N C E S OPERATIONAL EFFICIENCY / OUR PRODUCT / OUR CUSTOMERS – NPS +19pts vs 2019 PORTFOLIO RATIONALIZATION • 8 renovations in FY23 • Low-carbon vacations • Unification of Pierre & Vacances France and A virtuous circle: happy customers for improved − Residences
Slide 18: Pierre & Vacances: development, asset management, pricing
KEY ACHIEVEMENTS P I E R R E & VA C A N C E S DEVELOPMENT & ASSET MANAGEMENT PRICING POWER – REVPAR PV France : +6,8% • 4 site openings in FY23 (3 in Asset light) • Roll out of dedicated Asset management − P&V France: 2 openings in Asset light (Bulles de organization P&V (+85% conservation for units
Slide 19: Adagio
KEY ACHIEVEMENTS ADAGIO GUEST EXPERIENCE AND PRODUCT BRAND MODERNIZATION PRICING POWER PREMIUMIZATION • New brand identity, architecture and ADR: +24% vs FY 2022: territory [‘Here for You’] - Focus on direct distribution : • Renovation Plan (#5 sites): revamping of our website in July Opera, Tour Ei
Slide 20: maeva
KEY ACHIEVEMENTS M A E VA BRAND MODERNIZATION ECO-FRIENDLY VACATIONS DEVELOPMENT • 1st TV campaign for maeva for more than 28% of stays in eco-friendly labeled • Acquisition of 3 new maeva Home 10 years accommodations agencies in French Alps: Val Thorens, (+ 3pts vs 2022) La Plagne et Puy-Saint-Vinc
Slide 21: Conclusion
03 —, = CONCLUSION Groupe Pierre & Vacances (enterParcs
Slide 22: Conclusion
CONCLUSION • Strong financial performance ahead of B-Reinvention BP and increase of customer satisfaction • We achieved the 5 strategic priorities of FY23: • Boost Topline, FY23 • Optimize cost structure and opex, • More balanced relationships with landlords, • Focus on ROI and Cash, • Simplify and
Slide 23: Groupe Pierre & Vacances Center Parcs
Groupe Pierre & Vacances (enterParcs
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