Interim Results 2010 11 June 2010 1
Outline SIGNIFICANT EVENTS WINTER 2010 HIGHLIGHTS SUMMER 2010 SUSTAINED IMPLEMENTATION OF THE STRATEGY HENRI GISCARD D ESTAING MICHEL WOLFOVSKI CHAIRMAN AND CHIEF EXECUTIVE OFFICER EXECUTIVE VICE PRESIDENT AND CFO 2
Winter 2010 highlights SHARP IMPROVEMENT IN EARNING DURINF THE HALF-YEAR Although sluggish demand in the European tourist market ( revenues - 5.5%), and the ash cloud which trimmed profit by 5.6m: The number of individual 4 and 5 customers stable despite a 4.5% decline in customer numbers as a whole EBITDA Village/Revenue Satisfaction remains high Operating margins continue to improve 7.4% 8.0% 9.1% Villages EBITDA margin: 9.1% + 110 basis points vs. Winter 2009 W 08 W 09 W 10 + 170 basis points over the past two years Net Result + 3 Villages operating income up 16% to 28m, despite the 3.7m impact of the ash cloud In m 3m in net profit 21m in free cash flow (9) (22) W 08 W 09 W 10 3
Sustained implementation of the strategy Objectives 2012 : 2/3 of capacity in 4 and 5 villages 2012 : 60% of sales through direct channels 2015 : make China Club Med s 2nd largest market, with 200,000 customers, to be the leader in all-inclusive, upmarket resorts Renewed expansion with an asset-light strategy Priority focus on management contracts rather than ownership Opening of two villages in 2010: Sinai Bay (in Egypt), 4 Tridents with a 5-Trident Space, (November) and Yabuli (in China), 4 Tridents, (December) Start-up of construction of the Valmorel village, 4 Tridents with a 5-Trident Space and Chalets Ongoing projects in Oman, Buzios (Brazil) and Cefalu (Italy) Sustained strengthening of direct distribution and reduction in distribution costs Nearly a 1-point gain in direct sales, to 56.3% from 55.6%, led by the growth in online sales, to 16%* of sales vs. 14% in Winter 2009 Significant progress in China 4,000 new customers over the Winter, up 40% First village to open in Yabuli in November 2010 Growth in the sales network with new outlets Sustained expansion with new village projects * Individual sales worldwide 4
Winter 2010 - Financial Review 5
Financial highlights: improvement of the results Financial highlights (1) (in m) Winter 08 Winter 09 Winter 10 Chg. W10 vs W09 Consolidated revenue (2) (2) Reported 749 719 679-5.5% Villages excluding currency effects 751 724 673-7.1% EBITDA Villages (3) 55 58 61 As a % of revenue 7.4% 8.0% 9.1% Operating Income - Villages 21 24 28 +16.0% Operating Income - Management of Assets (9) (20) (3) Other Operating Income and Expense (7) (12) (7) Operating income 5 (8) 18 Net Income/(loss) before non-recurring items (4) 2 8 Net income/loss (9) (22) 3 Investment (60) (34) (22) (4) Disposals 15 12 2 Free Cash Flow (8) (18) 21 Net debt (350) (317) (218) (1) In accordance with IFRS 5, figures are adjusted to exclude Club Med World (2) Includes 6 m in revenue assets ( sold of Villas) in 2010 and 4 m in 2009 (3) EBITDA Villages: Village earnings before interest, taxes, depreciation and amortization (4) Net of compensations of insurance of 5 m 6
Business Performance Villages Winter 08 Winter 09 Winter 10 Chg. W10 vs W09 Club Med Customers (in '000s) 626 587 560-4.5% O/w 4/5 Tridents customers 54.3% 61.7% 62.8% + 1.1 pt Hotel days sold (in '000s) 3 945 3 688 3 521-4.5% Capacity in hotel days (in '000s) 5 521 5 143 5 219 +1.5% O/w 4/5 Tridents capacity 53.5% 61.7% 62.2% +0.5pt Occupancy rate 71.5% 71.7% 67.5% - 4.3 pt RevPAB (1) per HD 106.5 109.3 103.1-5.7% Revenue/HD 141.9 146.6 146.4-0.1% Revenue (in m) 751 724 673-7.1% % Direct revenues (2) 54.9% 55.6% 56.3% + 0.7pt Figures are presented excluding currency effects (1) RevPAB: Total like-for-for Villages revenue, net of tax and transportation costs, per available bed (2) Direct individual sales (Internet, Club Med Voyages, Call center) / individual sales worldwide 7
Consolidated Revenue Change Club Med Mix Price Club Med Volume Villas + 9 (12) (39) In En mm +2 719 679 Winter 2009 Winter 2010 8
Improving Operating margins (in m) Winter 07 Winter 08 Winter 09 Winter 10 EBITDAR Villages 108 130 136 140 as a % of revenues 15.7% 17.4% 19.0% 20.8% EBITDA Villages (1) 42 55 58 61 as a % of revenue 6.1% 7.4% 8.0% 9.1% Operating Income Villages 14 21 24 28 as a % of revenues 2.0% 2.9% 3.4% 4.1% (1) EBITDA Villages : Village earnings before interest, taxes, depreciation and amortization + 3 pts pts of of margin marginebitda Village Village in in 4 years years 9
Operating Income - Villages in m (1) Winter 08 Winter 09 Winter 10 2009 & 2008 Op.income - Villages reported Winter 09 Winter 08 24 21 Revenue 751 724 673 Translation adjustments 1 1 Other revenue 3 2 6 2009 & 2008 Op.income - Villages 25 22 Total revenue 754 726 679 Volume effect (18) (40) Margin on variable costs 462 448 438 Change in price mix 8 16 % revenue (2) 61.5% 61.9% 64.4% Margin on variable costs (10) (24) Fixed sales & marketing costs (102) (95) (89) Fixed sales & marketing costs 6 13 Fixed operating costs (235) (224) (215) Fixed operating costs 9 20 Real estate costs (90) (93) (95) Real estate costs (2) (5) Overhead costs (13) (11) (11) Overhead costs 0 2 Operating income -Villages 22 25 28 2010 Op. income - Villages 28 28 (1) figures are excluding currency effects Winter 10 Winter 10 (2) adjusted for insurance settlements 10
Operating Income - Villages in m (1) Winter 08 Winter 09 Winter 10 Winter 2010 versus 2009 2009 & 2008 Op.income - Villages reported Compensated by : Volume impact (18) m - Productivity 18 m Winter 09 Winter 08 24 21 Revenue 751 724 673 Translation adjustments 1 1 Other revenue 3 2 6 2009 & 2008 Op.income - Villages 25 22 Total revenue 754 726 679 Volume effect (18) (40) Margin on variable costs 462 448 438 Change in price mix 8 16 % revenue (2) 61.5% 61.9% 64.4% Margin on variable costs (10) (24) Fixed sales & marketing costs (102) (95) (89) Fixed sales & marketing costs 6 13 Fixed operating costs (235) (224) (215) Fixed operating costs 9 20 Real estate costs (90) (93) (95) Real estate costs (2) (5) Overhead costs (13) (11) (11) Overhead costs 0 2 Operating income -Villages 22 25 28 2010 Op. income - Villages 28 28 (1) figures are excluding currency effects Winter 10 Winter 10 (2) adjusted for insurance settlements Programs - Mix Price 8 m 11
Sustained implementation of productivity programs 24 * 2010 2009 18 23 6 * 40 63 * assumptions Winter Summer Year Structural organizational improvements and streamlining programs Reorganization of the call centers Optimization of corporate and village organizations Energy savings Renegotiation of large purchasing contracts Breakeven reduced by more than 80m in 2 years 12
Operating Income Villages by region Strength of our global configuration (in m) Winter 08 Winter 09 Winter 10 Europe (1) 2 1 (1) Americas 14 12 15 Asia 8 10 12 Total Villages 21 24 28 % of revenue 2.9% 3.4% 4.1% (1) Of which 3.7m in lost revenue due to the volcanic ash cloud 13
Recurring/Non-recurring Results (in M) Winter 08 Winter 09 Winter 10 Net Income/(loss) before non-recurring items (4) 2 8 Income/(loss) from discontinued activities 2 (1) 0 Capital gains on sale of assets 2 (1) 0 Impairment/ write-off (3) (11) (1) Restructuring costs (6) (11) (4) Net Income / (loss) (9) (22) 3 NB: Non-recurring items do not include the 3.7m due to the ash cloud 14
Statement of Income (en m) Winter 08 Winter 09 Winter 10 Group Revenue (1) 749 719 (2) 679 (2) Operating Income - Villages (3) 21 24 28 Operating Income - Management of Assets (9) (20) (3) Other operating income & expense (7) (12) (7) Operating income/(loss) 5 (8) 18 Finance cost, net (14) (12) (11) Share of profit of associates 0 1 2 Income taxe/benefit (2) (2) (6) Income/(loss) from discontinued operations 2 (1) Net income/(loss) (9) (22) 3 Attributable net income/(loss) (10) (24) 2 (1) In accordance with IFRS 5, Club Med World s results are recognized under Income/(loss) from discontinued operations (2) Includes 6 m in revenue assets ( sold of Villas) in 2010 and 4 m in 2009 (3) Includes credit card costs of around (5)m in W 08, W 09 and in W 10 15
Finance Cost -Net (in m) Winter 08 Winter 09 Winter 10 OCEANES 2008 & 2010/ORANE (11) (5) (5) Other interest expenses (5) (7) (5) Interest Income excl. exchange gains and losses (16) (12) (10) Exchange gains and losses 1 0 (1) Other Items 1 0 0 Finance cost, net (14) (12) (11) Average debt (412) (353) (281) Calculated cost of debt 7.7% 6.8% 7.3% Cash cost of debt (excl. IFRS impact) 5.7% 5.7% 5.9% 16
Strengthening of Balance Sheet Non-current assets 04.09 (in m) 04.09 post emissions (1) 10.09 04.10 Equity 04.09 04.09 post emissions (1) 10.09 04.10 PPE 918 918 874 919 Equity incl. minority interests 442 533 492 549 Intangible assets 83 83 83 84 Provisions 47 47 52 48 Non current financial assets 95 95 90 93 Deferred tax liabilities-net 29 29 25 31 Total non-currents assets 1 096 1 096 1 047 1 096 Working capital 221 221 199 211 Government grants (40) (40) (40) (39) Net debt 317 226 239 218 Total 1 056 1 056 1 007 1 057 Total 1 056 1 056 1 007 1 057 (1) Capital increase and ORANE in June 2009 Gearing 71.7% 42.4% 48.6% 39.8% (in m) 17
Improving financial ratios 10.08 04.09 04.09 post emissions (3) 10.09 04.10 Liquidity 288 (1) 116 214 192 219 Covenant reminder Net debt (295) (317) (226) (239) (218) Net Debt / EBITDA (as defined below) (2) 2.72 2.86 2.03 2.20 1.94 EBITDAR (as defined below) (2) / (Interest + rents) 1.51 1.52 1.52 1.53 1.56 Gearing 0.60 0.72 0.42 0.49 0.4 < 3.5 > 1.25 < 1 (1) 288 million at 31 October 2008 but 136 million after redemption of the OCEANE bond on 04 November 2008 (2) EBITDA/EBITDAR definied in the bank convenants = Ebitda/Ebitdar restated for credit card costs (3) Capital increase and ORANE in June 2009 18
Cash flow statement (in m) Winter 08 (1) Winter 09 (2) Winter 10 Net Income (9) (22) 3 Amortization 34 35 33 Others 2 7 7 Cash Flow 27 20 43 Change in working capital 10 (16) (2) Net cash from operating activities 37 4 41 Capital expenditure (60) (34) (22) (4) Disposals 15 12 2 Free Cash Flow (8) (18) 21 Change in cash and other (6) (4) Change in net debt (3) (14) (22) 21 Opening net debt (336) (295) (239) Closing net debt (350) (317) (218) (1) including Club Med World, Club Med Gym and Jet Tours (2) including Club Med World (3) increase in debt (4) net of compensations of insurance of 5m 19
Summer 2010 20
Capacity by category and region (in '000 of hotel days) Summer 08 Summer 09 Summer 2010 Summer 10 vs Summer 09 2 3% 3% 3% - 3 55% 49% 48% -1pt 4 and 5 42% 48% 49% +1pt TOTAL 100% 100% 100% Europe 4 745 4 347 4 368 +0.5% Americas 1 356 1 161 1 265 +8.9% Asia 890 871 874 +0.4% TOTAL Worldwide 6 990 6 379 6 507 +2.0% 21
22 26/12/09 2/1/10 9/1/10 16/1/10 23/1/10 30/1/10 6/2/10 13/2/10 20/2/10 27/2/10 6/3/10 13/3/10 20/3/10 27/3/10 3/4/10 10/4/10 17/4/10 24/4/10 1/5/10 8/5/10 15/5/10 22/5/10 29/5/10 5/6/10 12/6/10 19/6/10 26/6/10 3/7/10 10/7/10 17/7/10 24/7/10 31/7/10 7/8/10 14/8/10 21/8/10 28/8/10 4/9/10 11/9/10 18/9/10 25/9/10 2/10/10 9/10/10 16/10/10 Evolution of bookings - Summer 2010 Weekly bookings in revenue- Summer 2010 Summer 09 Summer 10
Late booking 09-Jan-10 23-Jan-10 06-Feb-10 20-Feb-10 Final OUTBOUND FEBRUARY (7.6)% (4.9)% (1.0)% +0.7% +0.8% 06-Feb-10 20-Feb-10 06-Mar-10 20-Mar-10 Final OUTBOUND MARCH (4.0)% (1.2)% +1.5% +2.5% +2.1% 06-Mar-10 20-Mar-10 03-Apr-10 17-Apr-10 Final OUTBOUND APRIL (15.8)% (13.2)% (10.7)% (9.6)% (13.9)% 10-Apr-10 24-Apr-10 08-May-10 22-May-10 Final OUTBOUND MAY (6.2)% (4.3)% +0.3% +1.4% + 1.5% 23
Summer 2010 bookings to date Booking for Summer 2010 (vs Summer 2009) as of 5 June 2010 (In revenue in constant currency) Cumulative at 5 june 2010 8 last weeks Europe - 4,4% + 11.2% Americas +13.8% + 40.4% Asia +18.1% + 42.0% Total Club Med - 0,9% +18.1% Capacity Summer 2010 +2.0% 24
Conclusion Operating margins continued to improve Sustained implementation of the productivity program Positive Net Profit Positive free cash flow without benefits from disposals Growth in summer bookings in the last weeks 25
Progress report on Club Med s strategy 1. Village and customer base both moving upmarket 2. Village openings back on track, as part of an asset-light strategy 3. Direct distribution strengthened 4. Deployment of the China strategy to be the leader in all-inclusive, upmarket resorts 26
Village and customer base moving upmarket Increasing proportion of 4 and 5-Trident customers and families Number of individual 4 and 5-Trident customers stable at 294,000 * Net gain of 1,000 customers despite the impact of the ash cloud (2,000 fewer customers) 50% 4 and 5-Trident customers (1) 63% 62% 54% + 13 pts Limited decline in the number of individual customers, down 1.9% compared with an overall decline of 4.5% - Including a 17% falloff in group business Winter 07 Winter 08 Winter 09 Winter 10 (1) As a percentage of total Winter customers Despite the crisis: improvements in the targeted family segment 1-pt increase in percentage of family customers in W10 vs. W09 2-pt increase in percentage of 4 and 5-Trident family customers (59% of the total) Customer satisfaction remains high and perception of value-for-money improved during Winter 2010 27
Outstanding customer care during the Icelandic volcano eruption When European airspace was closed, Impact Club du Med nuage responded cendres with outstanding sur le volume customer de clients care Between April 16 and 20, 2010 «All Inclusive by Club Med» Customers in villages in the Alps and nearby Customers with allinclusive Club Med packages Customers traveling under their own means Customers who were supposed to return 8,500 customers were able to return normally 8,000 customers were allowed to extend their stay without charge 1,700 customers were able to extend their stay at a 50% discount Customers who were supposed to arrive 8,000 customers were able to arrive at their vacation destination 8,500 customers had planned to fly during the period. They could reschedule their stay at any time until October 31, 2010 (depending on availability) at no additional cost 28
Village and customer base moving upmarket Shift in the village base Year 2001 2004 2006 2008 2010e Huts and 2-T 27% 14% 7% 2% 2% 3-T 53% 61% 61% 51% 43% 4 and 5-T 20% 25% 32% 47% 55% Total 100% 100% 100% 100% 100% 2012 objectives 2/3 2/3 of of villages villages rated rated4 and and 5-5- Tridents 62% 62% 4 and and 5 Tridents Tridents in in Winter Winter 2010 2010 Increase in upmarket capacity in Winter 2010 Cap Skirring Val d Isère Villas d Albion Cancun Kani Renovation of the village center Opening of a 5-Trident space Delivery of 26 villas Opening of a 5-Trident space Construction of a 5-Trident space Cap Skirring Upmarket projects decided for 2011 Sandpiper 3 4 Yasmina 3 4 29
Village and customer base moving upmarket Deployment 5 Tridents Spaces Val d Isère : 25 suites couple and family Overview Suite Concierge Service Spa Cancun Yucatan Jade : 18 suites and 37 Deluxe bedrooms Overview Suite Private Piscine swimming pool Spa Kani : 75 suites Overview Suite Spa 9 30
Village openings back on track, as part of SINAI BAY an asset-light strategy Sinaï Bay: Opening December 2010 31
Village openings back on track, as part of an asset-light strategy Yabuli: Opening November 2010 32
Village openings back on track, as part of an asset-light strategy VALMOREL opening end of 2011 33
Village openings back on track, as part of an asset-light strategy OMAN CEFALU (Sicily) BUZIOS (Brazil) 34
Village openings back on track, as part of an asset-light strategy The new Club Med s unique strengths for its real estate partners A powerful brand - The only global, upmarket all-inclusive vacation brand Enables partners to create a destination An unrivalled product Illustration :Club Med has the highest TRevPAR (1) in the El Gouna tourist region - A unique experience: the global specialist in upmarket, friendly, multicultural, all-inclusive vacations for families and couples The global Club Med customer base 53 99 140 - The global specialist in family vacations Ensures higher occupancy rates (because of staggered vacation periods) and the highest RevPAR A model delivering benefits for both Club Med and its partners, and different from a conventional hotel company model 3 (2) 4&5 (3) (3) Other El Gouna hotels Club Med 3 (2) Orascom Tourism Annual Report (1) TotalRevPAR :Total Revenue Per Available Room takes into account other room revenues e.i food and beverage, entertainment, laundry and other services. Management and Incentive fees Distribution and Marketing fees 35
Strengthening direct distribution Growth in direct sales (2) Objectives 2012 :direct sales (1) account for 60% of the total, of which 20% online 49,5% 52,7% 52,6% 54,9% 55,6% 56,3% 5% 5% 7% 11% 14% 16% Direct sales O/w online (1) Excluding sales in China due to current legislation W05 W06 W07 W08 W09 W10 (2) As a percentage of worldwide individual sales Reorganization of the European call center All direct calls insourced to a Club Med Voyages agencies Indirect calls in Flemish and German insourced to Club Med Voyages agencies in Belgium and Switzerland for these markets Development of business-to-business expertise in the call center Reduction in distribution costs (3) 20.6% 19.5% 18.8% 18.7% W07 W08 W09 W10 (3) Fixed and variable selling costs as a percentage of revenue 36
Progress on the China strategy: The Chinese market and Club Med Growth in the number of Chinese customers (in 000) Summer Winter (1) Estimated Summer 2010 2 1 1 16 18 23 8 12 9 10 5 3 7 8 11 32 17 (1) 2005 2006 2007 2008 2009 2010 15 Revenue contribution exceeds Group average Chinese customers account for 10-15% of customers to Club Med host destinations Expanding customer base in Taiwan and Hong Kong: 22,000 customers in 2009 27,000 customers estimated in 2010 37
Progress on the China strategy: Business development Distribution being extended and strengthened Geographic expansion of Club Med sales outlets Club Med Corners: higher visibility for Club Med Voyages agencies Internet: launch of the Chinese site in late summer 2010 Club Med Corners Around 10 in 2010 Expansion: 5 openings by 2015 Opening of a sun village finalized Project studies underway at seaside and mountain locations Objective: 200,000 Chinese customers in 2015,Club Med s 2 nd largest market 38
Conclusion A model that delivered over the Winter, thanks to the global specialist strategy New villages once again being opened 4 and 5 Trident-customer gains for Summer 2010, led by growing demand in our Asian and American markets 39
Appendices Business Data Revenue by regions and business Number of GMs by outbound countries Like-for-like revenue by region and business Capacity and occupancy rate by regions REVPAB Three-years Statistical Summary Income Analysis of Operating income Villages by region EBITDA/EBITDAR Villages Calculation Capital Expenditure and Investments Detail by category 40
Revenue by regions and business America16% Vs 15.2% in 2009 Villas 1% Vs 0.5% in 2009 Asia 12.5% Vs 12% in 2009 85 108 6 181 299 France 43.9% Vs 46.5% in 2009 Europe excl. France 26.6% Vs 25.8% in 2009 Winter 2010 Revenue : 679m 41
Number of GMs by outbound countries (in k GM) Winter 06 Winter 07 Winter 08 Winter 09 Winter10 France 261 246 269 244 221 Belgium 48 45 49 45 43 Italy 17 16 16 14 11 United Kingdom 11 13 15 18 21 Switzerland 10 9 10 9 7 Netherlands 12 13 14 11 7 Israel 12 11 12 11 10 Germany 11 9 9 10 9 South Africa 3 4 6 7 6 Russia 4 5 6 6 6 Turkey 2 2 2 1 1 Portugal 3 2 2 2 2 Spain 3 3 3 2 2 Poland 1 1 2 1 1 Greece 1 1 1 1 1 Austria 1 1 1 1 1 Ireland 1 1 1 0 0 Others 0 0 2 3 2 EUROPE 401 382 420 386 351 USA-Canada 75 72 67 63 62 Brazil 36 36 35 35 34 Argentina 8 9 9 8 8 Mexico 11 8 1 4 3 Others 0 2 4 2 2 AMERICAS 130 127 116 112 109 South-East Asia 33 39 42 44 57 Japan 38 39 28 25 22 Australia 9 11 13 13 13 South Corea 6 7 7 6 7 Others 1 1 0 1 1 ASIA 87 97 90 89 100 TOTAL CLUB MED 618 606 626 587 560 42
Like-for-like revenue by region and by business (in m) Winter 2008 Winter 2009 Winter 2010 W10 vs W09 W10 vs W08 Europe 543.9 526.0 479.0-8.9% -11.9% Americas 117.7 110.7 108.3-2.1% -8.0% Asia 89.3 87.2 85.2-2.3% -4.7% Villages 750.9 723.9 672.5-7.1% -10.4% Villas 3.6 6.6 Group 750.9 727.5 679.1-6.6% -9.6% 43
Capacity and occupancy rate by region Winter 08 Winter 09 Winter 10 Europe Capacity 3 184 2 844 2 862 Occupancy rate 76.5% 78.0% 71.5% America Capacity 1 393 1 430 1 466 Occupancy rate 72.1% 67.2% 65.2% Asia Capacity 944 869 891 Occupancy rate 53.3% 58.5% 58.2% Total capacity 5 521 5 143 5 219 Total occupancy rate 71.5% 71.7% 67.5% 44
REVPAB Cumulative at April 30 (Like-for-like /HD) Winter 08 Winter 09 Winter 10 Change W10/W09 Change W10/W08 Europe - Africa 112.9 121.3 113.8-6.1% +0.8% America 103.5 94.1 90.1-4.3% -13.0% Asia 89.3 95.1 89.9-5.4% +0.7% Total Villages 106.5 109.3 103.1-5.7% -3.2% (Like-for-like /HD) Winter 08 Winter 09 Winter 10 Change W10/W09 Change W10/W08 2 & 3 Tridents 86.2 90.2 87.3-3.2% +1.3% 4 & 5 Tridents 117.2 114.9 107.5-6.5% -8.3% Total Villages 106.5 109.3 103.1-5.7% 3.2% REVPAB :Total like-for-like Villages revenue, net and tax and transportation costs, per available bed 45
Three-years Statistical Summary GM Capacity Occupancy rate RevPAB W 08 W 09 W 10 W 08 W 09 W 10 W 08 W 09 W 10 W 08 W 09 W 10 2 & 3 T 278 219 203 2 559 1 970 1 973 72.8% 73.3% 68.5% 86.2 90.2 87.3 4 & 5 T 340 362 352 2 956 3 173 3 247 70.4% 70.7% 66.8% 117.2 114.9 107.5 Others (1) 8 6 5 6 Total 626 587 560 5 521 5 143 5 220 71.5% 71.7% 67.5% 106.5 109.3 103.1 (1) Others : archeological Villas and tours 46
Analysis of Operating income -Villages Europe in m (1) Winter 09 Winter 10 W09&W08 Op, income- Villages like-for-like 2 Revenue 526 479 Change 1 Other (incl. IZ Revenue) 7 11 W09&W08 Op, income- Villages like-for-like 3 Total revenue 533 490 Volume effect (21) Margin on var. costs 294 281 Price mix 8 % of revenue (2) 55.2% 56.5% Margin on var. cost (13) Fixed selling costs (66) (61) Fixed selling costs 5 Fixed operating costs (145) (138) Fixed operating costs 7 Property costs (72) (73) Property costs (1) Overheads (8) (8) Overheads 0 Operating income- Villages 3 1 W10 Op, income- Villages 1 (1) figures are excluding currency effects W10 W 09 (2) Income redeemed by the compensations of operating loss 47
Analysis of Operating income -Villages America in m (1) Winter 09 Winter 10 W09&W08 Op, income- Villages like-for-like 12 Revenue 111 108 Change 0 Other ( incl.iz evenue) 37 39 W09&W08 Op, income- Villages like-for-like 12 Total revenue 148 147 Volume effect 0 Margin on var.costs 96 98 Price mix 2 % of revenue 65.0% 67.2% Margin on var. cost 2 Fixed selling costs (16) (15) Fixed selling costs 1 Fixed operating costs (55) (55) Fixed operating costs 0 Property costs (11) (11) Property costs 0 Overheads (2) (2) Overheads 0 Operating income-villages 12 15 W10 Op, income- Villages 15 (1) figures are excluding currency effects W10 W 09 48
Analysis of Operating income -Villages Asia in m (1) Winter 09 Winter 10 W09&W08 Op, income- Villages like-for-like 10 Revenue 87 85 Change 0 Others ( incl,iz Revenue) 18 15 W09&W08 Op, income- Villages like-for-like 10 Total revenue 105 100 Volume effect 3 Margin on var. costs 58 58 Price mix (3) % of revenue 55.9% 57.6% Margin on var. cost 0 Fixed selling costs (13) (13) Fixed selling costs 0 Fixed operating costs (24) (22) Fixed operating costs 2 Property costs (10) (10) Property costs 0 Overheads (1) (1) Overheads 0 Operating income - Villages 10 12 W10 Op, income- Villages 12 (1) figures are excluding currency effects W10 W 09 49
EBITDA /EBITDAR Calculation (In m) Winter 08 Winter 09 Winter 10 W 10 vs 09 Operating income 21 24 28 16% Amortization (32) (34) (33) Depreciation (2) 0 0 EBITDA Villages 55 58 61 7% % of like-for-like revenue 7.4% 8.0% 9.1% Rents (75) (78) (79) EBITDAR Villages 130 136 140 3% % of like-for-like revenue 17.4% 19,0% 20.8% 50
Capital Expenditure and Investments (In m) Winter 08 Winter 09 Winter 10 Capital expenditure (1) Property, plant and equipment (56) (23) (15) Intangible assets (3) (3) (3) Financial assets (1) (8) (4) Capital expenditure (60) (34) (22) Disposals Outgoing entities 13 10 0 Others 2 2 2 Total Disposals 15 12 2 (1) Net of compensations of insurance 51