Pierre Et Vacances Sa · EURONEXT:VAC
Pierre Et Vacances Sa — Pierre & Vacances-Center Parcs — FY2015 Earnings Presentation
33 slides from Pierre Et Vacances Sa's earnings presentation, Nov 26, 2015
Slide 1: 2014/2015 Full-Year Results
2014/2015 2014/2015 FULL-YEAR RESULTS FULL-YEAR RESULTS 26 November 2015 26 November 2015 2014/2015 FULL-YEAR RESULTS
Slide 2: Contents
CONTENTS 1 Sharp growth in full-year results 2 Tourism: growth in turnover and earnings 3 Property development: international expansion in business 4 Conclusion 5 Appendices – Reconciliation tables - P&L IFRS 2014/2015 FULL-YEAR RESULTS 2
Slide 3: Sharp growth in full-year results
1 Sharp growth in full-year results 2014/2015 FULL-YEAR RESULTS 3
Slide 4: Continuous rise in earnings over the past three years
Continuous rise in earnings over the past three years Turnover Net profit Tourism turnover Property reservations +3.5% in2015 +12% in 2015 (vs. +1% in 2013 and 2014) +53% in 2015 +73% in 2 years Current operating profit (loss) Group current operating profit In 2015: a return to operating +€28m in th
Slide 5: FY 2015: Growth in turnover (1/2)
FY 2015: Growth in turnover (1/2) Tourism +3.2% Tourism turnover Accommodation turnover +2.2% excluding supply €1.181bn +3.5% effects CPE €586m +6.4% Supplementary income +6.0% PVTE €595m +0.7% Property development Property Main contributors FY 2014/15 FY 2013/14 development €256m • CP Domaine du Bo
Slide 6: FY 2015: Growth in turnover (2/2)
FY 2015: Growth in turnover(2/2) Focus on accommodation turnover: up 2.2% to €780m Euro millions +3.2% excl. +3.0% excl. +2.2% Center Parcs Europe +5.9% supply effect supply effects 780 - PMV: +2.6% - Occupancy rate: +1.2% to 73% vs 72% 763 - CP BNG*: +4.3% +5.9% - CP France: +0.3% 378 357 -1.1% +3.
Slide 7: FY 2015: Strong growth in current operating profit
FY 2015: Strong growth in current operating profit Group current operating profit: €21.2m, +74% €m 2013/14 2014/15 FOCUS ON TOURISM +74% +12 +21.2 +17 +19.1 +15.1 +12.2 -10 +6.1 +6 -6 2013/14 2014/15 -6.9 -7 Turnover Contribution Rental Inflation in exc;l. supply before rents of savings costs and ef
Slide 8: FY 2015: strong growth in net profit
FY 2015: strong growth in net profit €m FY FY1 Change 2014/15 2013/14 €m % TURNOVER 1 436.3 1 415.4 +20.8 +1.5% CURRENT OPERATING PROFIT 21.2 12.2 +9.0 +74% FINANCIAL EXPENSES -18.3 -18.3 CURRENT PROFIT (LOSS) BEFORE TAX 2.9 -6.1 +9.0 +148% OTHER NET INCOME AND EXPENSE -3.8 -13.5 EQUITY ASSOCIATES 0
Slide 9: FY 2015: further reduction in Group debt
FY 2015: further reduction in Group debt Net bank debt on 30 September 2015 down €45m relative to the level on 30 September 2014 Change in net debt in €m excluding consolidated rental commitments (Domaine du Lac d’Ailette): 30/09/14 30/09/15 -125 -170 +€45m Operating cash flows between 30/09/14 and
Slide 10: Outlook: Growth in tourism reservations to date for Q1 2016
Outlook: Growth in tourism reservations to date for Q1 2016 Pierre & Vacances Tourisme Europe Given the level of reservations to date, turnover is set to increase in Q1 2015/2016, in all destinations Center Parcs Europe Growth in Q1 reservations driven by the domains in Belgium, the Netherlands and
Slide 11: Tourism: growth in turnover and earnings
2 Tourism: growth in turnover and earnings 2014/2015 FULL-YEAR RESULTS 11
Slide 12: Tourism: Growth in operating indicators
Tourism: Growth in operating indicators Pierre & Vacances Tourisme Europe Center Parcs Europe +7.5% in REVPAR +5% in REVPAR +2.2% in net average letting rates +2.6% in net average letting rates +1.7% in occupancy rates +1.2% in occupancy rates +4.6% in supplementary income +7.4% in supplementary inc
Slide 13: Product offer
Product offer Segmentation / customisation / trading-up The leading network of tourism residences in France and Spain Achievements - Flexibility in arrival and departure times in - Package services and new club formulas, presentation in price per person 2014/2015 - Optimisation of short stays (durat
Slide 14: Product offer
Product offer Flexibility of arrival and departure times – enchancing customer experience Segmentation and enhancing the customer experience Achievements - All 21 Center Parcs domains theme-based and segmented – new activities in - New web and mobile sites; roll-out of Planet Center Parcs 2014/2015
Slide 15: Maeva.com
Maeva.com A complementary business model Maeva Achievements - Enhancing the distribution platform in - 3.5 million visits a year to the website 2014/2015 - Opening of Maeva.com agencies in Avoriaz. Port Bourgenay and Cap Esterel - Creation of a specific organisation in start-up mode For 2015/2016
Slide 16: Adagio
Adagio Further international expansion Adagio - Adagio Access - Adagio Premium Achievements - Adagio celebrated its 100th residence in - New emblematic addresses (Rio de Janeiro/ Doha / Dubaï) 2014/2015 - Agreement signed for a development under franchise in Frankfurt and Bremen - Agreement signed t
Slide 17: Distribution
Distribution Ongoing optimisation of all sales channels Distribution Achievements - Strengthening international sales offices in - Connectivity deployed at all distributor partners 2014/2015 - First stages of plan to optimise call centres/ review of coloured numbers For 2015/2016 Expanding interna
Slide 18: Digital road-map
Digital road-map Further implementation of digital plan after major achievements in 2015 Digital transformation underway Achievements - New website and unique platform – 100% of brands and markets equipped with mobile sites in - Normalisation and enhancing of contents, integration of opinion sites 2
Slide 19: Social media
Social media Steady growth in communities: - +20-25% per year Review of editorial lines - Deployment of new contents platforms - Center Parcs: Highlighting products Animations creating commitment - Pierre & Vacances Information about resorts and regions EvasionSki / EvasionMer platforms Repeat
Slide 20: Overview
Overview Improvement in sales performances and return to operating profitability Achievements in 2014-2015 Restructuring of organisations, processes and tools Strengthening brands and diversifying business models: - Introduction of flexibility - Digitalisation of user journey and customer expe
Slide 21: Property development: international expansion of businesses
3 Property development: international expansion of businesses 2014/2015 FULL-YEAR RESULTS 21
Slide 22: A strategic partnership with Chinese group HNA (1/2)
A strategic partnership with Chinese group HNA (1/2) AIM: to develop a leading platform in China for the design and operation of a new type of tourist destination, inspired by the Center Parcs and Pierre & Vacances concepts ■ Development in response to changes in the Chinese market: - the search for
Slide 23: A strategic partnership with Chinese group HNA (2/2)
A strategic partnership with Chinese group HNA (2/2) ■ Provisional timing for construction of projects - Five projects over the next three years - Thereafter, two projects a year (financing ensured by various institutional investors) ■ Projects being studied: Projects for which preliminary studies a
Slide 24: Developing the business model in Belgium, the Netherlands and Germany (1/3)
Developing the business model in Belgium, the Netherlands and Germany (1/3) A NEW CENTER PARCS DOMAIN IN GERMANY: ALLGAU ■ Allgäu (Baden-Wurttemberg) • 750 cottages on land of 25,000 m2 for construction • Facilities of 20,000 m2 covered • Urban and territorial plans validated by local authorities •
Slide 25: Developing the business model in Belgium, the Netherlands and Germany (2/3)
Developing the business model in Belgium, the Netherlands and Germany (2/3) RENOVATION AND PROPERTY SALES TO INDIVIDUALS of existing domains in Belgium, Germany and the Netherlands (1/2) ■ Application studies are envisaged for 17 domains in the Netherlands, Germany and Belgium that currently belong
Slide 26: Developing the business model in Belgium, the Netherlands and Germany (3/3)
Developing the business model in Belgium, the Netherlands and Germany (3/3) RENOVATION AND PROPERTY SALES TO INDIVIDUALS of existing domains in Belgium, Germany and the Netherlands (2/2) Domains currently being marketed: ■ Vielsalm (Belgian Ardennes) • Sunparks domain transformed into a Center Parcs
Slide 27: Targeted development of Center Parcs in France (1/3)
Targeted development of Center Parcs in France (1/3) MID SIZE CENTER PARCS ■ Mid size Center Parcs (Bourgogne & Franche-Comté, Lot-et-Garonne) • 400 cottages per domain • Investment of €170m per domain • Bourgogne (Le Rousset) and Franche-Comté (Poligny) • Lot-et-Garonne: partnership agreement signe
Slide 28: Targeted development in France (2/3)
Targeted development in France (2/3) ■ An original concept: One Planet Living: • Joint-operation 50/50 PVCP and Euro Disney S.C.A. • 1st tranche of Phase 1: 916 cottages / apartments primarily sold on block to a property company majority-owned by EUROSIC marketing to date of 431 cottages to indi
Slide 29: Targeted development in France (3/3)
Targeted development in France (3/3) PIERRE & VACANCES PREMIUM ■ Deauville – Presqu’île de la Touques • PV Premium 5-star residence with 161 apartments • Provisional opening: 2017 ■ Méribel • PV Premium 5-star residence with 93 apartments • Definitive building permit • Provisional opening: 2019 2014
Slide 30: Conclusion
4 Conclusion 2014/2015 FULL-YEAR RESULTS 30
Slide 31: Conclusion
CONCLUSION Strong structural growth of Tourism: a growth and Increased focus on 1 2014/2015 earnings 2 differentiation strategy 3 international developments • In China, launch of first partnership • Rounding out the tourism offering. projects with HNA, • Developing digital services to • Return to op
Slide 32: Appendices – Reconciliation tables – P&L IFRS
5 Appendices – Reconciliation tables – P&L IFRS 2014/2015 FULL-YEAR RESULTS 32
Slide 33: Reconciliation tables – P&L IFRS
Reconciliation tables– P&L IFRS Euro millions FY 2014/2015 IFRS 11 FY 2014/2015 operating adjustments IFRS reporting TURNOVER 1 436.3 -53.8 1 382.5 CURRENT OPERATING PROFIT (LOSS) 21.2 -5.1 16.1 Financial income (expense) -18.3 0.2 -18.1 CURRENT NET PROFIT (LOSS) 2.9 -4.9 -2.0 Other income and expen
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