Club med

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PRESS RELEASE
Friday, 11 December 2009

2009 Annual Results
Stable Villages Operating Income and higher operating margins despite a 9% decline in revenue Net loss before non-recurring items at €3 million close to break-even Winter bookings over the past eight weeks up 21.5%, reflecting high volume of late bookings Deployment of Club Med in China, a major growth driver
• • • • • • • Villagerevenue down 9% like-for-like, with an 8% capacity adjustment 13,000 increase in the number of 4 and 5 Trident customers, who are now in the majority €63 million in productivity gains, versus €31 million announced in December 2008 Stable Operating Income Villages at €36 million, versus €35 million in 2008 Net loss of €53 million, including negative non-recurring items of €50 million Signature of anew €120 million credit facility expiring December 2012 Expansion in China, with five managed villages scheduled to open in the next five years and a growing marketing presence
2007 Revenue Total reported revenue IFRS 5(1) Like-for-like village revenue (€m) Customers (000’s) o/w 4-5 Trident customers (000’s) Occupancy rate Like-for-like RevPAB (3) EBITDAR Villages (4) (€m) 1,401 1,382 1,324 59568.2% €85.5 210 1,484 1,477 1,361 656 70.9% €91.8 248 1,360(2) 1,344 1,228 669 69.2% €91.4 254 2008 2009

Reported (in €m) Operating income - Leisure Credit card costs Operating income - Villages

2007

2008

2009

27 (9) 18

45 (10) 35

45 (9) 36

As a % of revenue 15.0% 16.7% 18.9% Operating income - Villages * 18 35 36 (1) In accordance with IFRS 5, adjusted to exclude Club MedWorld (2) Including €16 million in revenue from villa sales (3) Revenue Per Available Bed (RevPAB) = Total like-for-like Village revenue excluding tax and transportation/Available beds. (4) EBITDAR Villages = Villages earnings before interest, taxes, depreciation and amortization and rents.

Commenting on the 2009 results, Chairman and Chief Executive Officer Henri Giscard d’Estaing said: “We arecontinuing to win over more upscale customers despite the crisis, we have solid fundamentals, our Villages' operating margins are steadily improving and we have strengthened our balance sheet. “We responded to the global economic crisis by speeding up the pace of productivity gains and building more flexibility into our cost base. “We are steadfastly and determinedly pursuing Club Med's strategyas the worldwide specialist in upmarket, all-inclusive vacations, by leveraging our brand, which is the only vacation brand recognized throughout the world. “By 2012, two-thirds of our villages should be 4 or 5 Trident units and the direct distribution model should generate around 60% of our revenues. “We also aim to make China one of our largest markets within the next five years, with fivemanaged villages due to open there during this period.”

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BUSINESS AND FINANCIAL REVIEW
Statement of income for the year ended 31 October 2009
In € millions (1) Revenue (2) Operating income – Villages Operating income/(loss) – Management of assets Other operating income & expense (1) Operating income Finance cost - net Share of income of associates Income tax expense Results fromdiscontinued operations Net Income/(loss) before non-recurring items (3) Net income/(loss) Free cash flow Net debt (at 31 October)
(1) (2)

2008 1,484 35 (8) (15) 12 (33) 1 (11) 33 (31) 2 49 (295)

2009 1,360 36 (29) (27) (20) (23) 2 (2) (10) (3) (53) (33) (239)

In accordance with IFRS 5, adjusted to exclude Club Med World. Including credit card costs (€10 million in 2008 and €9 million in 2009)(3) Of which loss attributable to equity holders of the parent of €1 million in 2008 and €58 million in 2009

Further improvement in Village operating margin
€ millions EBITDAR Villages As a % of revenue EBITDA Villages (2) As a % of revenue Operating Income Villages As a % of revenue
(1) (2)
(3) (1)

2006 196 14.4% 67 4.9% 9 0.7%

2007 210 15.0% 75 5.3% 18 1.3%

2008 248 16.7% 100...
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