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)
(% 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
7
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% |
- Q1 FY24 hedged at 100%
- Q1 FY24 gas hedged at 100%, gas not significant for Spain (less than €1m per year)
FY22 | Est FY23 |
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Disclaimer
Pierre & Vacances SA published this content on 19 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2023 14:00:34 UTC.