Club Méditerranée: 2009 Interim Results
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Club Méditerranée: 2009 Interim Results
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Catégorie : Monde - Économie du secteur
- Chiffres et études
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 11-06-2009
· Revenue demonstrates resistance (down only 4.2%), with new increases in
occupancy rate (71.7%) and RevPAB (up 2.3%)
· Improved operating profitability: Operating income – Leisure at €28m, versus
€26m in first-half 2008
· Net loss of €22m impacted by non-recurring items, compared with a €9m loss in
first-half 2008
· Successful share and bond issue with a stronger shareholder structure
In line with the project announced in June 2004, Club Méditerranée completed its move
upmarket for the winter 2009 season.
In an economic environment shaped by a worldwide global crisis, the Group’s 2009 interim
results reflect the validity of the strategic choices that led to its in-depth transformation.
The solid resistance in revenue, increase in the occupancy rate and improved operating
profitability demonstrated the leverage effect created by the new economic model and
resulted in new market share gains.
However, first-half net income was affected by the impact of the crisis on business volumes
and by non-recurring items, notably costs related to restructuring programs and to the
closing of year-round villages for renovation.
Summer 2009 bookings to date reflect the distinct wait-and-see attitude observed throughout
the tourist industry.
Anticipating this development, Club Méditerranée took steps to adapt to the situation by:
- Adjusting capacity and investment projects.
- Stepping up productivity programs.
The impact of these measures, combined with an increase in late bookings, should limit the
effects of the slower sales noted so far this season.
Lastly, the successful €102-million share and bond issue in May, which was oversubscribed
by 50%, demonstrated the ongoing support of Club Med’s shareholders and their confidence
in its strategic direction while also strengthening the Group’s balance sheet.
With the subscriptions of « CDG du Maroc », de Rolaco Groupe and Air France Finance,
Group Crédit Agricole SA entering the capital, it underlines the strengthening of long term
industrial shareholders and their support to the strategy.
In discussing the interim results, Henri Giscard d’Estaing, Chairman and Chief Executive
Officer, noted that:
“Against the backdrop of a global crisis, our winter 2009 results saw a new increase in the
number of upmarket customers, as well as market share gains and an improvement in
Village operating income. These results also validate the strategic decisions that, beginning
in 2004, led us to reposition the brand and change the business models, thereby transforming Club Méditerranée into a global specialist in all-inclusive, upmarket vacations.
Building on these successes and taking into account the lack of visibility with regard to the
summer that has been observed throughout the tourist industry, the Group is pursuing its
strategic objectives backed by a stronger balance sheet and shareholder base. Over the
next few months, we will pursue our innovation program with the launch of four “5-Trident
areas” for winter 2010, notably at Val d’Isère and Punta Cana, the opening of villas at La
Plantation d’Albion, and new upgrades of the website, with online sales increasing by more
than 20% increase during the first half.”
I – FINANCIAL REVIEW
Club Méditerranée’s financial results for the first six months of fiscal 2009, which ended on 30 April,
saw an increase in Operating income – Leisure for the winter season. In an environment shaped by a
worldwide economic crisis, this performance demonstrated the leverage effect created by Club Med’s
repositioning in the upmarket segment.
Revenue contracted by a narrow 4.2% to €724 million in the first six months of fiscal 2009,
from €755 million in the prior-year period.
Revenue per available bed (RevPAB), which is a key indicator of the business’s move
upmarket, rose by 2.3% €107.90, from €105.60 during the previous winter. The increase was
led by a slightly higher occupancy rate and an average price increase of 3%.
Village EBITDAR (i.e. operating income before property costs) improved by nearly 3.7%, to
€141 million from €136 million for the previous winter. EBITDAR margin has improved by
more than three points in two years, from 16.3% to 19.6%.
Operating income – Leisure rose during the period to €28 million, from €26 million in first-half
2008, and has increased by 55% over the past two years.
With no property transactions carried out during the first-half, Operating expense –
Management of assets increased from € 9 million to €20 million because of costs related to
the closing of the Bora Bora village (€10 million) as well as other closings for renovation
(Punta Cana, Bali and Djerba la Douce).
Other operating income and expense, net comprised €5 million in credit card costs and
€12 million in restructuring costs.
Under the impact of the global crisis and non-recurring items, the Group reported a net loss of
€22 million.
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