Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances-Center Parcs Group — FY2022 Earnings Presentation
27 slides from Pierre et Vacances SA's earnings presentation, Dec 1, 2022
Slide 1: FY2022 Annual Results, 1 December 2022
1 DECEMBER 2022
Slide 2: Key Messages
KEY MESSAGES 2022 operating performance(1) higher than pre-crisis level and the last outlook provided • Tourism revenue: +13.1% vs 2019 • Adjusted EBITDA (2) before non-recurring items: €105m (vs. €96m announced on 2 August 2022 and €79m in 2018/2019) Capital and financial restructuring operations f
Slide 3: 2021/2022 Results
2021/2022 RESULTS* *Data expressed according to the Group's operational reporting, i.e. excluding the impact of IFRS 11 and IFRS 16
Slide 4: Group Revenue
GROUP REVENUE O P E R AT I O N A L R E P O R T I N G Dynamic business in a "travel revenge" context Group revenue: €1,770m, +68% vs 2021 Accommodation revenue: €1,202m, +94% vs. 2021, +12.6% vs. 2019 • Center Parcs: +25.5% • Pierre & Vacances: -3.8% • Adagio: - 4.3%. — French domains: +25.5% — PV Fr
Slide 5: Group Results: Adjusted EBITDA
G R O U P R E S U LT S O P E R AT I O N A L R E P O R T I N G Adjusted EBITDA higher than pre-crisis level and last outlook provided INCOME STATEMENT 2021/22 2020/21 2018/19 Operational Reporting (€m) REVENUE 1 769.8 1 053.5 1 672.8 1 Operational performance 1 ADJUSTED EBITDA 156.5 (186.8) 78.6 Cent
Slide 6: Impact of restructuring operations on financial items
G R O U P R E S U LT S O P E R AT I O N A L R E P O R T I N G Significant impact of restructuring operations on financial items INCOME STATEMENT 2021/22 2020/21 2018/19 Operational Reporting (€m) REVENUE 1 769.8 1 053.5 1 672.8 2 Financial income and expenses 1 ADJUSTED EBITDA 156.5 (186.8) 78.6 Cen
Slide 7: Other operating expenses and taxes
G R O U P R E S U LT O P E R AT I O N A L R E P O R T I N G Other operating expenses and taxes INCOME STATEMENT 2021/22 2020/21 2018/19 Operational Reporting (€m) REVENUE 1 769.8 1 053.5 1 672.8 3 Other operating expenses 1 ADJUSTED EBITDA 156.5 (186.8) 78.6 Center Parcs 139.0 (76.6) • Expenses incu
Slide 8: Net Financial Debt
NET FINANCIAL DEBT Negative net debt at 30 September 2022 NET FINANCIAL DEBT (€m) 2021/22 2020/21 Chg. Vs 21 Change in gross debt: €(573) million ORNANE - 100.3 (100.3) (including lines drawn): EURO PPs - 136.0 (136.0) Change in gross debt State-backed loan 1 - 240.0 (240.0) €m 2021 bridge financing
Slide 9: 1st Year of Reinvention: Main Achievements
1st YEAR OF REINVENTION: MAIN ACHIEVEMENTS
Slide 10: 1st Year of Reinvention Implementation with Tangible Results
1 S T Y E A R O F R E I N V E N T I O N I M P L E M E N TAT I O N W I T H TA N G I B L E R E S U LT S REINVENTION STRATEGY CSR - 12 • 2022 performance strengthening: - the relevance of the Group's strategic orientations - the positioning and quality of its tourism offer and REINVENTION its brands, w
Slide 11: A New Tourism in Search of Meaning
A N E W TO U R I S M I N S E A R C H O F M E A N I N G , A S TAT E M E N T O F C H A N G E 32% of German people of travellers aspire are looking for simpler to city breaks experiences 69% of the world's travellers expect more of French people are ready sustainable tourism alternatives from the to su
Slide 12: Local Tourism, an Undeniable Asset
L O C A L TO U R I S M , AN UNDENIABLE ASSET • French people concerned by the challenges of sustainable tourism LOCAL TOURISM - - 64% integrate sustainable tourism criteria in their choice of holiday 48% act on the mode of transport, 58% among 18-24 year olds • Particularly beneficial for rural area
Slide 13: Boosting Revenue: Local tourism at the heart of brand strategy
RBBBOOSTER LA B O O S T I N G REVENUE Local tourism at the heart of our brands' strategy Authentic and local experiences, nature activities, a fluid and personalised customer journey • Enhancing activities focused on the • +3,000 authentic & local activities • CO2Cotte carbon calculator: a first in
Slide 14: New concepts popular with customers
RBBBOOSTER LA B O O S T I N G REVENUE New concepts popular with customers Domaine des Landes de Gascogne (France) Opening: May 2022 • Occupancy rate: 92%. • Average letting rates: +25% vs PMV Center Parcs France • NPS: +16pts vs Center Parcs France Terhills Resort by Center Parcs (Belgium) Opening:
Slide 15: Growing success of maeva Home and Campsites
RBBBOOSTER LA B O O S T I N G REVENUE Growing success of maeva Home and maeva Campsites experiences 4 HOLIDAY CONCEPTS BY MAEVA 25 agencies 9 campsites for a 17 campsites: 5 campsites: for seasonal sea and revitalising holiday the success of a slow- the success of the up- mountain rentals tourism of
Slide 16: Modernisation and premiumisation: renovation plan
RBBBOOSTER LA B O O S T I N G REVENUE Modernisation and premiumisation: continuing the renovation plan • €123 million invested by 2022 in 13 Domains, Les Terrasses d'Eos 90% financed by lessors, 10% by the Group Pierre & Vacances premium - Flaine • 84% of cottages new or renovated to date AFTER • Gr
Slide 17: Modernisation and premiumisation: Pierre & Vacances residences
RBBBOOSTER LA B O O S T I N G REVENUE Modernisation and premiumisation: continuing the renovation plan AFTER AFTER • €3 million invested in 2022 in 5 residences Les Terrasses d'Eos • 52 new or renovated residences Pierre & Vacances premium - Flaine • 39 premium 4* or 5* residences • EBITDA margin fo
Slide 18: Optimisation of revenue management and distribution
RBBBOOSTER the B O O S T I N G REVENUE Optimisation of revenue management and distribution • Channel mix management: 88% direct sales: +2pts vs 2021, of which 64% web sales (+2pts vs 2021) • Development of on-site sales: SPS* +9% vs 2019 • Price optimisation : — Inter-cottage overbooking — Mid-week
Slide 19: Increase in customer satisfaction and brand perception
RBBBOOSTER the B O O S T I N G REVENUE Increase in customer satisfaction and change in brand perception • 50% of new customers at Center Parcs and Pierre & Vacances in summer 2022 • NPS: +15 points vs 2021 • Award-winning brands - Center Parcs elected Customer Service of the Year 2023 in the "Touris
Slide 20: Plan to reduce costs is underway
PERFORMANCE: A P L A N T O R E D U C E C O S T S I S U N D E RWAY Launch of an ambitious cost reduction plan of around €60 million by 2026 50% of savings expected in 2023 • Restructuring of the Property division into two transversal divisions: "Asset Management" and "Major Projects". ▪ 12 • o Projec
Slide 21: Transforming relations with lessors
T R A N S F O R M I N G R E L AT I O N S W I T H L E S S O R S New roadmap to engage our lessors in the reinvention of local tourism • Conclusion of an amicable conciliation procedure with the lessors — Overall acceptance of the group's proposals by individual lessors: 81%*. • Individual lessors: ne
Slide 22: A new cash and ROI oriented culture
A N E W C A S H A N D R O I O R I E N T E D C U LT U R E New governance set up over past six months to secure implementation of the Reinvention Programme Committee Objective Frequency Business review Business review and forecasts monthly • New Reinvention steering committees for better Cash Steering
Slide 23: Selective and responsible development
SELECTIVE AND RESPONSIBLE DEVELOPMENT Objectives: to simplify and reduce risks for the Group • Outsourcing of property financing: creation of a dedicated real estate company • llk — Creation, on 5 August 2022, of a real-estate company (SCI Pastel Développement) by Atream and other institutional part
Slide 24: A committed CSR culture
A C O M M I T T E D C S R C U LT U R E Taking responsibility as a leader in the transition: Acting for positive impact tourism • 3 commitments by 2025 — Accelerating our ecological transition — Contributing to the dynamism of the regions — Engaging our customers and employees in sustainable tourism
Slide 25: An ambition carried by a committed CSR culture
A C O M M I T T E D C S R C U LT U R E AN AMBITION For a local low CARRIED BY In our nature carbon holiday ... that enriches the customer experience ... and which aims to position our Acting in the Accelerating the brands as leaders in transition of cities reinvented tourism transition 25
Slide 26: Conclusion/Outlook
03 CONCLUSION/OUTLOOK j Groupe a Pierre& Vacances QnierParcs P| iy x
Slide 27: A strong and committed group for implementation of the plan
A STRONG AND COMMITTED GROUP FOR I M P L E M E N TAT I O N O F T H E P L A N Revenue: higher tourism reservations at the Reinvention strategic plan start of the 2022/2023 financial year • Q1 2023: tourism reservations to date higher than • Revised targets - 22 April 2022: the previous year, driven b
Pierre & Vacances-Center Parcs Group — FY2022 Earnings Presentation on 6ix