Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances — H1 2022 Earnings Presentation
15 slides from Pierre et Vacances SA's earnings presentation, May 31, 2022
Slide 1: Half-year information meeting 2022
2022 half-year information 31 mai 2022 meeting 31 May 2022
Slide 2: Robust growth in H1 2022 results, ahead of H1 2019
▪ Robust growth in H1 2022 results, ahead of H1 2019 figures (pre-Covid) ▪ Crossing of stages prior to financial restructuring transactions ▪ Favourable outlook for 2022 ▪ Confirmation of strategic directions of the Reinvention plan RESULTS RESTRUCTURING 2022 GUIDANCE REINVENTION +141% ▪ Suspensive
Slide 3: FY 2022 Half-year results, Outlook
FY 2022 HALF-YEAR RESULTS OUTLOOK 3
Slide 4: FY 2022 Half-year results
FY 2022 . HALF-YEAR RESULTS Groupe Pierre & Vacances (enterParcs
Slide 5: Group revenue H1 2022
GROUP REVENUE Accommodation revenue: €457M +261% vs 2021 H1 2022: +7,5% vs 2019, o.w.: €715.4M • Center Parcs : +22,4% (premiumisation of Domains) • Pierre & Vacances : -3,4% (increase adjusted for decline in supply) +141% vs 2020/21 • Adagio : -20,4% (recovery, smaller downturn than in FY 2021) Con
Slide 6: Sharp increase in half-year results
SHARP INCREASE IN HALF-YEAR RESULTS ▪ Impact of higher revenue (revenue: +€418m) The Group’s earnings are structurally loss-making during the first half of the year due to ▪ Integration of non-recurring items in H1 2022 income: the seasonal nature of its activities. On 31 March 2021. earnings were a
Slide 7: Net debt
€ millions 31/03/2022 30/09/2021 Changes Bank / bond debt 881.4 750.8 130.6 NET DEBT Nominal - ORNANE issued in December 2017 Nominal - Euro PP issued in July 2016 and February 2018 100 136 100 136 Nominal - State-backed loan June 2020 240 240 The Group’s net Nominal – New Financing June 2021 304* 1
Slide 8: Outlook
OUTLOOK Groupe Pierre & Vacances (enterParcs
Slide 9: H2 2022 tourism bookings
Q3 ahead of 2018/19 H2 2022 • Growth in accommodation revenue in Q2 (vs 2019): +11% TOURISM • Rise in estimated Q3 revenue ahead of Q2 level BOOKINGS • Reduction in stock of accommodation units marketed vs. 2019: -20% • Adjusted for this negative supply effect, Q3 revenue set to exceed 2019 Estimate
Slide 10: FY 2022 forecasts
FY 2022 Revenue FORECASTS Tourism Revenue > budget (+7% vs 2019) Forecasts for the year ending 30 September 2022 have been established on a comparable basis with historical financial information and in line with Adjusted EBITDA accounting methods applied in the Group’s consolidated financial stateme
Slide 11: Reinvention
REINVENTION Meaning CSR ▪ Premiumisation and tailor-made customer experience ▪ Human at the heart of the strategy ▪ A proven CSR commitment A Reinvented ▪ Tourism, driving the Group Group ▪ A model focused on Performance (ROI) ▪ High investments in products and digital ▪ Focus on core business and h
Slide 12: 5 strategic priorities
5 STRATEGIC PRIORITIES LIGHTER MORE BALANCED STRUCTURAL COSTS PARTNERSHIPS WITH AND OPTIMISED FOCUS ON ROI AND SIMPLIFY REVENUE GROWTH OUR LESSORS OPEX CASH AND DE-RISK ▪ Renovation, ▪ Creation of a win/win ▪ Cost-cutting plan (incl. ▪ Self-financed plan ▪ De-risked property: end of premiumisation p
Slide 13: A plan in working order
Les Landes de Gascogne A PLAN IN WORKING ORDER ▪ Opening on 23 May 2022 of Center Parcs Les Landes de Gascogne. An original concept of 400 cottages, designed to raise awareness and educate families in the respect and understanding of nature. 77% occupancy rate in the opening week, 96% for the Ma
Slide 14: A plan in working order
Franchise - Résidence Badus, Sardaigne A PLAN IN WORKING ORDER ▪ Development of asset-light models: signing of 3 franchise contracts on H11 2022 + 6 projects currently being negotiated ▪ CSR Actions : Renaturation of preserved areas (creation of a biodiversity reserve at Le Rouret) Development o
Slide 15: Revised objectives
REVISED OBJECTIVES Updates vs. targets1 communicated in May 2021 (and slightly revised in autumn 2021), including: Gross growth** − A shift in the timeframe due to the current health and international backdrop FY 22-26 − Increased selectivity of property development 2/3 due to « topline » projects a