Investor Presentation:1 year of successful turnaround

1 year of successful turnaround

October 19th, 2023

Franck GERVAIS

Group CEO

Philippe LEDERMAN

Group CFO

Olivier GARAIALDE

Center Parcs CEO

Grégory SION

Pierre & Vacances CEO

A G E N D A

16.00	Introduction : Group turnaround
	Fr. Gervais
From 16.10	Key achievements
16.10	Savings & cost monitoring : Ph. Lederman
16.15	Center Parcs : O. Garaialde
16.45	Pierre & Vacances : G. Sion
17.00	Adagio : Fr. Gervais
17.10	maeva: : Fr. Gervais
17.20	Conclusion
	Fr. Gervais
17.30	Q&A

2

INTRODUCTION:	KEY ACHIEVEMENTS	CONCLUSION	Q&A
GROUP TURNAROUND

INTRODUCTION: GROUP TURNAROUND

A brand new Group

ReInvention : a clear strategy, focused on operational excellence, CSR and customer experience

T H E G R O U P T U R N A R O U N D

• A reinvented business model, focused on tourism activities
• New shareholders, new governance, renewed ExCom
• A healthy financial situation with a rebuilt equity and a negative net debt after restructuring operations closed in September 2022

FY 2023 : first tangible achievements & execution plans rolled-out

• Strong financial performance ahead of Reinvention BP and increase of customer satisfaction
• We fixed on all our brands the basics on product, customer experience, employee and landlords relations
• We achieved the ReInvention strategic priorities

5

+28%

1 742

T H E G R O U P T U R N A R O U N D

Key figures evolution FY19 - FY23

1 365

FY19 FY23

Tourism revenue

(€m)

• +€51m
• • 130

79

FY19 FC23

EBITDA

(€m)

> 50

FC23

Operational cash flows

(€m)

+26%

148

117

FY19 FY23

+3 pts

77,9% 80,9%

FY19 FY23

+15pts

17

2

FY19 FY23

+19pts

41

22

FY19 FY23

Average Daily Rate

(per night, for

accommodation, in euros)

Direct DistributionNPS (Center Parcs) NPS (Pierre & Vacances)

(% of sales)	NPS = Net Promoter Score (difference between the number of "promoters" and
	the number of "detractors" to the question "would you recommend this site to	6
	your friends and family?".

T H E G R O U P T U R N A R O U N D

FY2023 robust performances in turnover

FY 2023 Group revenue

€1,915 M

Tourism activities: €1,742 M

+13% vs 2022, +28% vs 2019

- Accommodation :	€1,357 M (+12.9%)
	O.R: 74,4% (+0.8 pts)
	ADR: 148€ (+8.8%)
- Other activities :	€384 M (+12.3%)
Other Revenue:	€173 M

Focus on Accommodation Revenue:

€850 M (+13.1%)	€299 M (+3.4%)	€209 M (+29.1%)
O.R. 76,6% (+1,2 pts)	O.R. 70,1% (-1,5 pts)	O.R. 75,6% (+3,2 pts)
ADR 178€ (+5,2%)	ADR 120€ (+6,6%)	ADR 109€ (+23,7%)
	RevPAR PV FR : +6.8%

• and positive booking trends for autumn / winter season

NB: Performance according to Operational Reporting

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KEY ACHIEVEMENTS

S AV I N G S A N D C O S T M O N I TO R I N G

Out of the overall €60m plan, €50m (83%) of Savings validated or engaged

Cost savings by stage gate in €m over B22-BP26

€50m or 83% of savings

		41	60
	9
10
Stage Gates 1&2	Stage Gate 3	Stage Gates 4&5	Cost savings

Stage Gate 1: action identified

Stage Gate 2: action qualified

Stage Gate 3: action plan established

Stage Gate 4: point of no return reached

Stage Gate: saving booked in P&L

Actions generating savings in FY23:

• Reorganization of marketing teams
• Energy consumption reduction: ca. 6% on gas with CP, ca 7% on electricity with PV
• Purchasing savings
• Head office space reduction

Actions launched in FY23 generating savings over next years:

• Outsourcing of accounting
• IT cost reductions
• Purchasing savings
• Maintenance optimization

9

S AV I N G S A N D C O S T M O N I TO R I N G

FY23 preliminary energy costs estimated to increase by 43% vs FY22;

increase passed on to customers through improved ADR

Energy Costs in €m

+43%

110

77

FY 24 costs hedged to a large extent

FY24 Energy Hedging in %	Electricity	Gas
France	88%	93%
Belgium	92%	78%
Netherlands	78%	75%
Germany (1)	24%	29%
Spain (2)	100%	19%

1. Q1 FY24 hedged at 100%
2. Q1 FY24 gas hedged at 100%, gas not significant for Spain (less than €1m per year)

FY22

Est FY23

10