Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances — H1 2015/2016 Earnings Presentation
37 slides from Pierre et Vacances SA's earnings presentation, May 26, 2016
Slide 1: First-Half Results 2015/2016
FIRST-HALF RESULTS 2015/2016 26 May 2016 2015/2016 FIRST-HALF RESULTS
Slide 2: Contents
CONTENTS 1 Main events during H1 2015/2016 2 Growth in first-half performances 3 Tourism: continuation of growth and differentiation strategy Property development: leverage from extension and renovation of 4 tourism network 5 Conclusion 6 Social, societal and environmental responsibility 7 Appendice
Slide 3: Main events during H1 2015/2016
1 Main events during H1 2015/2016 2015/2016 FIRST-HALF RESULTS 3
Slide 4: Main events during H1 2015/2016
Main events during H1 2015/2016 Subscription of a new revolving credit line of €200m Bank refinancing the syndicated loan due to mature in 2019 ahead of schedule. refinancing Acquisition of Acquisition of « La France du Nord au Sud », a recognised player in the online holiday rental distribution mar
Slide 5: Growth in first-half performances
2 Growth in first-half performances 2015/2016 FIRST-HALF RESULTS 5
Slide 6: Growth in first-half performances
Growth in first-half performances TOURISM REVENUE +9.6% Growth in revenues PROPERTY RESERVATION REVENUES +35% CURRENT OPERATING PROFIT +14.5% Growth in profit NET PROFIT +14.5% Decline in net NET DEBT VS. 31 MARCH 2015 -€57m debt NB: The results and sales indicators commented on in this presentation
Slide 7: Revenue of €586m boosted by tourism growth (1/2)
Revenue of €586m boosted by sharp growth in the tourism businesses (1/2) Tourism Tourism €522m History of accommodation revenue growth rates: revenue CPE 7% +6,7% €270.4m (+16.3%) +9.6% +5,7% PVTE 6% €251.4m (+3.1%) 5% +4,5% • Volume effect: +5% Accomm. revenue +9.0% • Price effect: +4% 4% €339m 3%
Slide 8: Revenue boosted by sharp growth in tourism businesses (2/2)
Revenue boosted by sharp growth in tourism businesses (2/2) Focus on accommodation revenue: €339.1m +9.0% Pierre & Vacances Tourisme Europe: €164.5m +8.6% like-for-like +0.4% +1.8% like-for-like* excluding Adagio Breakdown of PVTE first-half revenue by destination Decline in Adagio residences: r
Slide 9: Improvement in current operating result
Improvement in current operating result Group current operating result: +14.5% Note: the seasonal nature of the tourism businesses in H1 and the linear booking of expenses causes a structural operating loss during the period Focus on current operating result – tourism €m H1 2014/15* H1 2015/16 H1 20
Slide 10: Improvement in net profit
Improvement in net profit €m H1 H1 Change 2015/16 2014/15* €m % REVENUE 585.5 650.7 -65.2 -10% Tourism turnover 521.8 476.2 +10% Property Development turnover 63.8 174.5 CURRENT OPERATING RESULT -68.8 -80,5 +11.7 +14.5% FINANCIAL RESULT -9.9 -9,3 PRE-TAX CURRENT OPERATING RESULT -78.7 -89,8 +11.1 +1
Slide 11: Significant reduction in net debt €57m
Significant reduction in net debt Reduction in net debt vs. 31 March 2015: €57m Change in net debt in €m excluding consolidated rental commitments (Domaine du Lac d’Ailette): 30.09.14 31.03.15 30.09.15 31.03.16 Note: the seasonal nature of the tourism businesses in H1 causes a structurally higher ne
Slide 12: Outlook: growth in Q3 activity
Outlook: growth in Q3 activity Tourism Q3 2015/2016 In view of the level of reservations to date, like-for-like revenue should increase in Q3, with higher growth than in the first half of the year • Pierre & Vacances Tourisme Europe - Like-for-like revenue should increase in Q3, driven by both seasi
Slide 13: Tourism: continuation of growth and differentiation strategy
3 Tourism: continuation of growth and differentiation strategy 2015/2016 FIRST-HALF RESULTS 13
Slide 14: Tourism: Improved operating indicators
Tourism: Improved operating indicators Pierre & Vacances – Mountain sites Center Parcs Europe +8.7% growth in REVPAR in the winter season +8.4% growth in REVPAR +5.4% growth in net average letting rates +7.2% growth in net average letting rates +1.9% increase in occupancy rates: +3.0% increase in oc
Slide 15: Ongoing digital strategy: a strong customer/data focus
Ongoing digital strategy: a strong customer/data focus … and new measures planned for the rest of the Major achievements in first half… year • Marketing Direct / CRM • Improvement in digital customer journey with new - Widening and qualification of customer bases Planet functionalities - Datamining
Slide 16: Ongoing digital strategy: strengthening Maeva.com distribution position
Ongoing digital strategy: strengthening the distribution position of Maeva.com • A recognised player in the distribution market in France and • Launched in 2015 in a bid to diversify the PVCP Group’s business models Spain / 10 years of experience • An innovating and differentiating dual positioning:
Slide 17: Brand development
Brand development • New TV advertising campaign and new signature: “Happy Together” • Continuation of strategy to move upscale with an enhanced customer experience - Greater modularity: free arrival times - More services: activities and formulas by segment - Premium development - New apartment categ
Slide 18: Brand development
Brand development • Roll-out of advertising and marketing campaigns by country: - France: Records beaten in experience with Center Parcs - BNG : “Become one with your true Nature at Center Parcs” • Flexible arrival and departure times - Opening of “Full Flex” option at all European parks - End-2016:
Slide 19: Brand development
Brand development • Ongoing international development: - 11 openings in 2016 (Edinburgh / Frankfurt / Moscow / Brazil…) - 17 additional projects confirmed (London / Bremen / Abidjan / Lille / …) • Improvement in customer journey and experience Roll-out of “Be My Guest” - Fast check-in / check -out -
Slide 20: Overview
Overview Continuation of Group digital strategy in line with expectations: Strengthening of customer knowledge in order to optimise: - marketing campaigns and CRM - conversion Roll-out in all distribution channels Digitalisation of customer journey and experience Stepping up diversificatio
Slide 21: Property development: leverage from extension and renovation of the tourism network
4 Property development: leverage from extension and renovation of the tourism network 2015/2016 FIRST-HALF RESULTS 21
Slide 22: Introduction: property development, extension and renovation of tourism network
Introduction Property development, leverage from extension and renovation of the tourism network 1 2 Extension of tourism network Renovation of tourism network VILLAGES NATURE CENTER PARCS (France and Germany) SALE OF RENOVATED EXISTING PROPERTY TO INDIVIDUAL AND INSTITUTIONAL INVESTORS AT THE CENTE
Slide 23: Extension of tourism network: Villages Nature Paris
1 Extension of tourism network Villages Nature Paris • 50/50 joint venture between PVCP and Euro Disney S.C.A. • 1st tranche of phase 1: 916 cottages / apartments • Primarily sold as a block to a company owned by EUROSIC, PVCP and EURO and sold on to individuals: marketing of almost 550 cottages and
Slide 24: Villages Nature – progress at the worksite
1 Extension of tourism network Villages Nature – progress at the worksite 2015/2016 FIRST-HALF RESULTS 24
Slide 25: Extension of tourism network: Center Parcs in France
1 Extension of tourism network Center Parcs in France Extension CP Domaine des Trois Forêts – Moselle L’Ailette Les Bois Francs • 141 cottages sold as a block to the MACSF Group Les Trois Forêts • Spa, forest house • Delivery of cottages in summer 2017 Les Hauts de Bruyères CP Isère – Roybon Jura •
Slide 26: Extension of tourism network: Center Parcs in Germany
1 Extension of tourism network Center Parcs in Germany Allgäu (Baden-Wurttemberg) • 1,000 cottages • €350 million investment financed by two French Nordsee Küste institutional investors: Bispinger Heide Eurosic: 750 cottages and central recreational facilities La Française: 250 cottages and comm
Slide 27: Extension of tourism network: PV Premium
1 Extension of tourism network PV Premium Deauville – Presqu’île de la Touques • PV Premium five-star residence • 161 apartments • Opening: 2017 Méribel: • PV Premium five-star residence • 93 apartments • Opening: 2019 2015/2016 FIRST-HALF RESULTS 27
Slide 28: Extension of tourism network: Projects in Spain
1 Extension of tourism network Projects in Spain Framework agreement concluded with Eurosic in December 2015 for development of the offer in Spain • Acquisition by Eurosic of property assets destined to be renovated, sold in units and managed by PV • Partnership with Pierre et Vacances: providing se
Slide 29: Renovation of tourism network
2 Renovation of tourism network Renovation financed by individual and institutional property owners Sales to individual and institutional investors of renovated existing cottages at Center Parcs on behalf of current institutional owners in Germany, Belgium and the Netherlands: • Vielsalm (Belgian Ar
Slide 30: Focus on development in China
Focus on development in China Projects in China From Partnership signed with HNA Group on 6 November 2015 including three parts: • Development in China of Center Parcs and Pierre et Vacances concepts. • Acquisition of stake by HNA in PV SA (10% via capital increase) with two board members (operation
Slide 31: Social, societal and environmental responsibility
5 Social, societal and environmental responsibility 2015/2016 FIRST-HALF RESULTS 31
Slide 32: CSR policy – A 360° commitment
CSR policy – A 360° commitment • 30% of sites certified or eco-labelled Operation • Management and monitoring of CSR performances at the sites • Recruitment, local employment, training, partnerships 2 1 Durability and 3 long-term vision… Construction Innovation • Sustainable planning • Villages Natu
Slide 33: HR policy and results
HR policy and results Employee satisfaction and commitment: The “Happy@Work” programme measuring and improving internal satisfaction launched in 2014, is now paying off: • 95% of employees state that they are very proud to work for PVCP • 99% are satisfied with their relations with their colleagues
Slide 34: Conclusion
6 Conclusion 2015/2016 FIRST-HALF RESULTS 34
Slide 35: Conclusion: further organic and earnings growth in 2015/2016
CONCLUSION Property development: Tourism: a growth and 1 Growth in H1 2015/2016 2 differentiation strategy 3 leverage from extension and renovation of tourism network • Good performances in the winter • Revenue up 10% in tourism • Extension of tourism network for season businesses Center Parcs, Vill
Slide 36: Appendices – Reconciliation table – P&L IFRS
7 Appendices – Reconciliation table – P&L IFRS 2015/2016 FIRST-HALF RESULTS 36
Slide 37: Reconciliation table – P&L IFRS
Reconciliation table – P&L IFRS Euro millions H1 2015/2016 IFRS 11 H1 2015/2016 operating reporting adjustments IFRS TURNOVER 585.5 -26.0 559.5 CURRENT OPERATING PROFIT (LOSS) -68.8 4.8 -64.1 Financial income (expense) -9.9 -0.1 -9.9 CURRENT NET PROFIT (LOSS) -78.7 4.7 -74.0 Other income and expense
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