MIAMI, Sept. 15, 2011 /PRNewswire/ --
Business volume up 1.8% at constant exchange rates [+ 6.7 % on 9 months]
Village revenue up 1.0% at constant exchange rates [+ 5.8 % on 9 months]
Consolidated revenue down 1.9% as reported [+ 6.8 % on 9 months]
Total summer bookings at 10 September up 1.2%
Sharp increase in the number of 4 and 5-Trident customers in the third quarter (1 May to 31 July)
Up 15.3% or an additional 26,000 customers (outpacing the 13.1% increase in 4 and 5-Trident capacity)
Significant but limited impact from geopolitical events
- Third-quarter business volume for destinations in Morocco, Tunisia and Egypt was down euro 20 million year-on-year, reducing growth in total business volume (excluding customer shifts to other destinations) by 5.9%.
- Full-year operating income Village will improve compared to 2010. As indicated in June, the overperformance delivered during the winter should enable the Group to offset the unfavorable impact of these events over the summer.
Winter 2011-2012 sales off to a very encouraging start
I. BUSINESS PERFORMANCE
As indicated in June, to reflect deployment of the asset light strategy and the development of villages under management contracts, a new performance indicator, business volume, is now presented. Because it corresponds to total customer billings regardless of village operating structure, this is the most representative indicator of business levels.
in euro millions
in euro millions
(1) Includes property development revenue of euro 10 million for 2010 (euro 6m for H1 and euro 4m for Q3) and euro 7m for 2011 (euro 7m for H1).
- In the third quarter, business volume rose by 1.8% at constant exchange rates. Business volume for destinations in Morocco, Tunisia and Egypt was down euro 20 million year-on-year, reducing growth in total business volume (excluding customer shifts to other destinations) by 5.9%.
- Consolidated revenue for the period contracted by 1.9% as reported to euro 323 million, from euro 329 million in third quarter 2010.
- Village revenue (excluding property development revenue) increased by 1% at constant exchange rates in the third quarter, as an improvement in average price amply offset a 1.5% decline in the number of hotel days.
- Capacity was reduced by 3% in the third quarter, of which by 5.1% in Europe, reflecting the closure of two villages in Tunisia in response to the falloff in demand and the permanent closure of the 2-Trident Athenia village in Greece and the 3-Trident Metaponto village in Italy as part of the upmarket strategy.
- The number of customers decreased by 3.3% to 331,000 from 342,000, with a 3% reduction in capacity. The number of new 4 and 5-Trident customers rose by 15.3%, adding 26,000 additional guests at the most upmarket villages. They accounted for 58.5% of all customers, a 9.4-point increase over the 49.1% recorded in third-quarter 2010.
- For the first nine months of fiscal 2011 (1 November 2010 to 31 July 2011), business volume totaled euro 1,103 million, compared with euro 1,034 million in the prior-year period, a 6.7% improvement at constant exchange rates.
II. THIRD-QUARTER HIGHLIGHTS
Pursuing the strategic move upmarket
- Yasmina village in Morocco reopens after renovation and upgrading from 3 Tridents to 4
Reopened on 2 August following renovations, the former 3-Trident Yasmina Village has now become the leading 4-Trident seaside destination in Morocco, offering families an upmarket, all-inclusive vacation experience.
- Sustained marketing of the Valmorel chalet-apartments
Scheduled to open in December, Valmorel is a 4-Trident village with a 5-Trident area that includes a number of luxury chalet-apartments. The initial marketing phase concerned 27 of these units, with 16 already sold and two others reserved.
Changes in the ownership structure
During the third quarter of 2011, long-standing shareholder Rolaco raised its interest to more than 5% of outstanding shares and voting rights. AXA Private Equity, a world leader in capital investment, also strengthened its position and now holds 9.3% of the capital.
Summer 2011 bookings to date, by outbound market
At constant exchange
Year-to-date as of
Summer 2011 capacity
(1) Presented when the interim results were released on 9 June 2011
Bookings to date for the 2011 summer season are 1.2% ahead of the summer 2010 figure. The Americas and Asia reported growth of 10.8% and 1.7%, respectively, with a 36% increase in China and a 9.6% decline in Japan due to recent unfavorable events. Bookings remained stable in Europe, where the Group succeeded in offsetting the adverse impact of geopolitical events.
Commenting on Club Med's performance in North America, President and Chief Executive Officer, Xavier Mufraggi said:
"Club Med North America has recorded a tremendous growth in performance in quarter three which is also in-line with worldwide results. This positive growth is partly due to the profitable re-opening of Club Med Sandpiper Bay in Port St. Lucie, Florida. The only all-inclusive family resort in the U.S. has proven to be the perfect venue for sports enthusiasts with the elite Golf, Tennis and Fitness Academies hosting regular events from local triathlons to international tennis tournaments. The excitement over our newest renovations, including the on-site 18-hole golf course, is sure to contribute to the continued success of Sandpiper Bay."
- Club Med Sandpiper Bay exceeded expectations in the third quarter of 2011 by delivering 60% more bookings and 125% more sales than 2010.
- In addition to its strong Winter performance, Sandpiper Bay is the top selling resort for North American's this Summer.
Spurred by an assertive early booking policy, winter 2011/2012 sales are off to a very encouraging start. Last year at the same date, these bookings represented one third of the total bookings for the winter 2010/2011 season.
SOURCE Club Med
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