Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances — FY2021 Earnings Presentation
15 slides from Pierre et Vacances SA's earnings presentation, Dec 2, 2021
Slide 1: Full-Year Results Presentation 2020/2021
FULL-YEAR RESULTS PRESENTATION 2020/2021 2 December 2021 // 1 //
Slide 2: Contents
CONTENTS 1 Full-Year 2020/2021 Results 2 Group News and Outlook // 2 //
Slide 3: Full-Year Results
1 Full-Year Results Note: The financial elements and sales indicators commented on in this press release stem from operational reporting, which is more representative of the performances and economic reality of the contribution of each of the Group’s businesses i.e. : - excluding the impact of IFRS1
Slide 4: Revenue
REVENUE GROUP REVENUE: €1.054BN (VS €1.298BN IN 2019/2020), OR -19% 1 Tourism revenue: € €801m vs €1.023bn in FY 2020 (-€222m, -22%) FY 21 FY 20 • Center Parcs Europe: €490m €615m • Pierre & Vacances: €236m €304m • Adagio: €75m €103m H1 revenue loss = €382m (-70%) H2 revenue growth = €161m (+34%) 10
Slide 5: Current Operating Profit (Loss) (1/2)
CURRENT OPERATING PROFIT (LOSS) (1/2) After an H1 severely affected by closures or reduced operations at a large number of sites with a current operating loss of €307.2 million, H2 generated a current operating profit of €70.5 million, again testifying to the relevance of the Group’s fundamentals an
Slide 6: Current Operating Profit (Loss) (2/2)
CURRENT OPERATING PROFIT (LOSS) (2/2) Focus on change in current operating loss (€m) Current operating loss FY 2020 -172 Estimated impact of decline in Tourism revenue a11 -150 State compensation - loss of revenue b) 2 +69 Rental savings - agreements with lessors and administrative closures 3c -23 R
Slide 7: Net Profit (Loss) for the Year
NET PROFIT (LOSS) FOR THE YEAR FY 2021 FY 2020 € millions operational reporting operational reporting Revenue 1053.5 1297.8 Current operating loss -236.7 -171.5 Tourism -221.4 -155.3 Property development -15.3 -16.2 Financial items -43.7(1)1 -22.2 Other non-operating income and expense -35.3(2)2 -13
Slide 8: Net Financial Debt
NET FINANCIAL DEBT 30 September 30 September € millions Change 2021 2020 Bank/bond debt 750.8 528.8 222.0 ORNANE issued in December 2017 100 100 Euro PP issued in July 2016 (€60m) and February 2018 (€76m) 136 136 The state-backed loan obtained in June 2020 240 240 Tranche 1 of New Financing of 19 Ju
Slide 9: Group News and Outlook
2 Group News and Outlook // 9 //
Slide 10: A Group with Solid Fundamentals, Heavily Impacted by the Health Crisis
A GROUP WITH SOLID FUNDAMENTALS, HEAVILY IMPACTED BY THE EFFECTS OF THE HEALTH CRISIS 1 Debt at an acceptable level as of 30.09.2019 2 Significant growth in operational performance of the Group pre-Covid-19 * 3 10 months of closure or partial operation of the Group's sites from March 2020 to June 20
Slide 11: Revenue: Trends in Tourism Reservations
REVENUE: TRENDS IN TOURISM RESERVATIONS • Portfolio of tourism reservations made so far for Q1 2021/2022 higher than it was over the past two years, for both Center Parcs Europe and Pierre et Vacances. • For all of the brands, budget achievement rate currently higher than it was in 2019 prior to the
Slide 12: Reinvention 2025: Implementation of Measures
REINVENTION 2025: IMPLEMENTATION OF MEASURES ▪ Value is created at two levels: through strategic action plans within the BLs and through Execution and Group-wide strategic initiatives 1 governance of Reinvention plan ▪ With our governance, the Group is capable of optimising its structure through fou
Slide 13: Conciliation: Significant Progress
CONCILIATION: SIGNIFICANT PROGRESS 1 Setting up of New Financing • 10 May 2021: A firm offer signed with some of the Group’s existing financial partners for a new financing of €300m, destined to cover the Group’s short-term requirements pending the operation to strengthen shareholders’ equity. • 24
Slide 14: Conciliation: Significant Progress
CONCILIATION: SIGNIFICANT PROGRESS 2 Negotiations with Group lessors • Individual lessors ✓ Reminder: 10-month restriction period between March 2020 and June 2020 ✓ Proposals to lessors: more than 75% have accepted so far (for both proposals) Amendment A: 8 September 2021 Amendment B: 10 November 20
Slide 15: Strengthening of Shareholders' Equity: Firm Offer Received
STRENGTHENING OF SHAREHOLDERS’ EQUITY: 1 FIRM OFFER RECEIVED AND DISCUSSIONS UNDERWAY WITH OTHER CANDIDATES • Process officially started in June 2021: • Phase 1 – until mid-June 2021: Letter of Interest (“LoI”) based on the Independent Business Review and presentation of the Reinvention business pla