- April 30, 2013)
Business performance of the first half of 2013
a) Impact of School Holidays on Operating Performance
Winter 2013 was boosted by the positive impact of the timing of the late October/early November school holidays; this represented 8 more days of holidays in November 2012 with an additional business volume estimated at â‚¬5 million.
However, the first half of the fiscal year was adversely affected by the shift in the timing of Paris school holidays from April to May; this represented 12 fewer days of Easter holidays in the Winter 2013 season, which produced a negative impact on business volume estimated at â‚¬16 million.
These two calendar effects had a negative net impact on resorts' operating incomes of around â‚¬7 million, which hampered performance in the first half of 2013.
b) Analysis of the key figures
Business Volume Resorts (corresponding to total sales regardless of resort operating structure) totaled â‚¬783 million, compared with â‚¬798 million in the first half of 2012, representing a decline of just 1.9%.
Resort Revenues (at constant exchange rates) came to â‚¬761 million, representing a decline of 1%. By geographical region:
In the Americas, revenues grew by 5.6% as a reflection of Brazil's performance,
Revenues in Asia rose by 3.9%, elevated by a 27% increase in the number of customers in China (which offset the closure of the 3 Trident Lindeman Island resort in Australia during January 2012),
The Europe-Africa region recorded a revenue decline of 3.4%, owing chiefly to the 5.5% contraction in France. Performance in France was held back by the â‚¬7 million dip in the CM Business (which set new records last year), and by the 3.9% revenue decline in the 'Individuals' segment.
RevPAB (revenue per available bed) advanced by 3.8% due to the improvement of the average price per hotel day at â‚¬161 (up 3.6%) and to the stability of the occupancy rate of 71.3%.
EBITDA Resorts totaled â‚¬81 million compared with â‚¬85 million. Even so, the EBITDA margin resorts (as a proportion of revenue) held firm at 10.7% compared with 10.9% in the first half of 2012 (despite the sharp decline in European tourism markets).
Operating Income Resorts totaled â‚¬49.4 million, compared with â‚¬52.8 million in the first half of 2012, negatively impacted by around â‚¬7 million from calendar effects in France.
Net Income advanced to â‚¬18 million, up from â‚¬17 million in the first half of 2012.
Free Cash Flow is structurally positive, reaching â‚¬11 million. The Group continued to pay down debt, which dropped from â‚¬123 million at April 30