1 education, leisure and activity travel group education, leisure and activity travel group.

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Presentation transcript:

1 education, leisure and activity travel group education, leisure and activity travel group

2 INTRODUCTION Results and current trading in line with management expectations Group traditionally reports an operating loss in H1 (seasonal nature of Education and Camping) Reduced net debt in half year for the first time Stricter cost control and cash management procedures Half year dividend payment of 3.2p per share same as 2009

3 education, leisure and activity travel group education, leisure and activity travel group

4 GROUP RESULTS Revenue -2.0% to £150.2m (2009: £153.2m) Operating loss 1 £11.0m (2009: £11.2m) Loss before tax 1,2 £17.7m (2009: £18.1m) Loss per share 1,2,3 19.1pps (2009: 27.4pps) Interim dividend pps (2009: 3.20pps) Net debt £129.2m (2009: £179.7m) 1 Before amortisation of other intangible assets acquired via business combinations of £0.9m (2009: £1.7m), exceptional restructuring costs of £nil (2009: £0.2m), impairment of goodwill of £nil (2009: £9.6m) and, for loss per share, the tax effect thereof of £0.2m (2009: £0.6m) 2 Before IAS 39 mark-to-market revaluations of financial derivatives of £1.4m (2009: £7.0m) and, for loss per share, the tax effect thereof of £0.5m (2009: £2.1m) Restated for the Rights Issue

5 education, leisure and activity travel group education, leisure and activity travel group DIVISIONAL RESULTS *Before amortisation of other intangible assets acquired via business combinations of £0.9m (2009: £1.7m), exceptional restructuring costs of £nil (2009: £0.2m) and impairment of goodwill of £nil (2009: £9.6m)

6 education, leisure and activity travel group education, leisure and activity travel group MOVEMENT IN NET DEBT

7 education, leisure and activity travel group education, leisure and activity travel group Net debt at 31 March was £129.2m (2009: £179.7m) Reduction in net debt in first half of the year for the first time Margin on bank borrowings reduced from 325bps to 300bps (w.e.f. 4 May 2010) At 31 March we are approaching peak facility utilisation - Net debt is now reducing as normal NET DEBT & FACILITY UTILISATION

8 education, leisure and activity travel group education, leisure and activity travel group BALANCE SHEET *Restated for the adoption of amendments to IAS 38 ‘Intangible assets’ of £0.1m and IFRS 2 ‘Share based payments’ of £nil.

9 education, leisure and activity travel group education, leisure and activity travel group 15% of Bank debt is at floating interest rates Effective average interest rate c.8.1% at revised margin and bank rate at 13 May % of Group EBITA in € zone Other net exposure - c. €46m - c. $19m 95% of Group’s € and $ requirements for 2010 bought at average rates of €1.14 and $1.63 INTEREST & CURRENCY HEDGES

10 education, leisure and activity travel group education, leisure and activity travel group Restructuring programme in 2009 will result in annualised overhead savings of £2.5m Camping mobile-home net capital expenditure (£6.6m) below depreciation (£7.5m), 450 new units Deferred payment terms Refund of corporate tax paid Interim dividend maintained at same level as last year COST CONTROL & CASH GENERATION

11 education, leisure and activity travel group education, leisure and activity travel group Revenue -2.0% Headline operating loss -1.8% Net debt reduced by £8.9m to £129.2m Borrowing margin reduced to 300bps Sufficient financial headroom to enable investment in education businesses Forex exposure for current year substantially covered at favourable rates not yet for 2011 FINANCIAL SUMMARY

12 education, leisure and activity travel group education, leisure and activity travel group

13 education, leisure and activity travel group education, leisure and activity travel group Appointment of CEO Performing in line with management expectations Excellent cash performance Volcano will not have material impact on Group results OPERATIONAL SUMMARY

14 education, leisure and activity travel group education, leisure and activity travel group Sales intake level yoy 93% booked overall; PGL centres at 98% Division is 30% booked for 2011; PGL centres at 44% Potential at Liddington to reach up to 1,400 beds Capital expenditure anticipated to be £7.2m EDUCATION

15 education, leisure and activity travel group education, leisure and activity travel group Sales intake -3% yoy Attractive package deals: declining hotel rates; attractive rail fares and availability of popular theatre shows No of UK packages up but average transaction value down European City breaks business remains weak Further cost rationalisation HOTEL BREAKS

16 education, leisure and activity travel group education, leisure and activity travel group Sales intake +2% yoy Significantly improved tour offering £1m annualised cost saving programme Volcanic eruption could impact full year profits by up to £0.8m ADVENTURE TRAVEL

17 education, leisure and activity travel group education, leisure and activity travel group Sales intake +2% yoy, versus -8% capacity 82% booked for the full season; high season booking well, marketing focused on low season Priorities are yield and occupancy management across various sales markets Capital expenditure is expected to be £8.1m CAMPING

18 education, leisure and activity travel group education, leisure and activity travel group SUMMARY Group sales level yoy Currently 78% booked for this year, 9% next year Encouraged by recent trading Remain strongly focused on cash generation and cost control Continue to look at investment opportunities in education businesses

19 education, leisure and activity travel group education, leisure and activity travel group APPENDICES

20 education, leisure and activity travel group education, leisure and activity travel group £255m Five year facility committed to £30m Term Loan - £225m RCF, Bonding and Ancillary Facility - £29.1m in CAA, ABTA bonds Current Margin LIBOR + 300bps (2009: 325bps) - margin ratchet at lower levels of debt Costs c.£3.6m at 31 March - Annual amortisation cost of £1.2m BANKING FACILITIES

21 education, leisure and activity travel group education, leisure and activity travel group Put in place % of bank debt is floating Effective average interest rate is 8.1% at revised margin and bank base rate at 13 May 2010 IAS Valuation at 31 March was -£10.5m INTEREST HEDGES

22 education, leisure and activity travel group education, leisure and activity travel group 26% of Group EBITA in € zone Other net exposure v sterling - c.€46m - c.$19m 95.6% of Group’s € requirement for 2010 bought at average rate of € % of Group’s $ requirement for 2010 bought at average rate of $1.63 IAS valuation at 31 March was £0.2m CURRENCY HEDGES

23 education, leisure and activity travel group education, leisure and activity travel group This presentation contains forward-looking statements with respect to the operations, performance and financial condition of Holidaybreak. By their nature, these statements are subject to risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied because they relate to future events. Unless otherwise required by applicable law, regulation or accounting standard, we do not undertake to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. The financial information referenced in this presentation does not contain sufficient detail to allow a full understanding of the results of Holidaybreak. For more detailed information, please see the 2010 Interim Results Announcement which can be found on the Investor Relations section of the Holidaybreak website – DISCLAIMER