Interim Results presentation – May 2011. Holidaybreak plc Interim Results 2011 Slide 1 Introduction Strong performance from Education (96% booked for.

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Presentation transcript:

Interim Results presentation – May 2011

Holidaybreak plc Interim Results 2011 Slide 1 Introduction Strong performance from Education (96% booked for 2011) PGL UK centres 99% booked for 2011 Strong start to 2012 – 39% booked; PGL UK centres at 63% Excellent trading performance from Meininger; 2 new sites this year Resilient performance in tough operating conditions Traditional travel businesses affected by political disruption (Adventure) and a weak consumer market (Hotel Breaks) Focus on cash generation, margin and cost control Expect to meet management expectations for the full year; interim dividend increased by 5%

Holidaybreak plc Interim Results 2011 Neil Bright Group Finance Director

Holidaybreak plc Interim Results 2011 Slide 3 Group results 1 Before amortisation of other intangible assets acquired via business combinations of £0.7m (2010: £0.9m), separately disclosed items of £1.1m (2010: £nil) and, for loss per share, the tax effect thereof of £0.2m (2010: £0.2m) 2 Before IAS 39 mark-to-market revaluations of financial derivatives of £4.2m credit (2010: £1.4m charge) and, for loss per share, the tax effect thereof of £1.1m charge (2010: £0.5m credit) Headline results H H Revenue £139.6m £150.2m Operating loss 1 £12.4m £11.0m Loss before tax 1,2 £19.2m £17.7m Loss per share 1,2 20.0p 19.1p Interim dividend 3.35p 3.20p Net debt £148.8m £129.2m

Holidaybreak plc Interim Results 2011 Slide 4 Divisional results 1 Education includes share of Meininger post tax profit of £0.3m (2010: £nil) 2 Before amortisation of other intangible assets acquired via business combinations of £0.7m (2010: £0.9m) and separately disclosed items of £1.1m (2010: £nil). Education £m Adventure £m Hotel Breaks £m Camping £m Group £m Revenue v Operating (loss) profit 1, v

Holidaybreak plc Interim Results 2011 Slide 5 Movement in net debt H £m H £m EBITDA (excluding share of associates) Share based payments charge Working capital movement Net capex Operating cash flow Tax (paid) refunded Interest Free cash flow Currency and non-cash movements Acquisitions and intangibles (Increase) decrease in net debt

Holidaybreak plc Interim Results 2011 Slide 6 Net debt & facility utilisation Net debt at 31 March was £148.8m (2010: £129.2m) At 31 March we are approaching peak facility utilisation - minimum cash headroom of £40m in first half - net debt is now reducing as normal Capex increased in H1 due to the timing of spend - full year guidance of £17.1m

Holidaybreak plc Interim Results 2011 Slide 7 Balance sheet 2011 £m 2010 £m Intangibles Property, plant and equipment Investment in associates*31.5- Net current liabilities Cash and cash equivalents Short term borrowings Long term borrowings Deferred tax Net assets * Acquisition of a 50% stake in Meininger for £31.1m in December 2010

Holidaybreak plc Interim Results 2011 Slide 8 Interest & currency hedges 16% of Bank debt is at floating interest rates Effective average interest rate c.8.2% due to hedging instruments 21% of Group EBITA in € zone Other net exposure - c. € 51m - c. $21m 91% of Group’s € and 99% of Group’s $ requirements for 2011 bought at average rates of € 1.17 and $1.58

Holidaybreak plc Interim Results 2011 Slide 9 Financial summary Revenue -7.1% -Distorted by timing of Easter and geopolitical events Headline operating loss -£1.4m vs last year --£0.4m vs. last year, pre Middle East and North Africa impact Net debt increased by £19.6m to £148.8m -After £30.8m acquisition in Meininger -Minimum headroom £40m in first half -Sufficient financial headroom to continue to invest in Education Interim dividend increased 5% to 3.35p

Holidaybreak plc Interim Results 2011 Martin Davies Group Chief Executive

Holidaybreak plc Interim Results 2011 Slide 11 Operational summary Core strategy is working; Education share of the Group increasing European sales mix strengthening Strong trading visibility for FY11 Sales mix across Group moving to higher margin products Meininger trading above plan on all KPIs Adventure disrupted by geopolitical events Hotel Breaks mitigating difficult trading environment with tight control of cost base Camping continues to experience later booking trends.

Holidaybreak plc Interim Results 2011 Slide 12 Education Sales intake currently -1% reflecting a decline in lower margin products; 96% booked overall, UK centres at 99% High visibility enables us to improve gross margin through maximising yields and profitability of owned centres PGL is benefiting from LEA consolidation NST trading well, encouraging signs for 2012 Education is 39% booked for 2012; PGL centres at 63%

Holidaybreak plc Interim Results 2011 Slide 13 Meininger: creating a European leader 50% stake bought on 16 December for £30.8m −Option to acquire remaining 50% over next 2-3 years New Salzburg site (opened mid April) and Berlin (June 2011) increases bed capacity by 23% to 4,550 4 sites secured for 2011/12, increasing capacity by a further 1,600 beds Pipeline of attractive sites – Brussels & Amsterdam in 2012/13

Holidaybreak plc Interim Results 2011 Education Division: progress on strategy Slide 14 Roll out Meininger product to key school trip destinations outside Germany Focus on targeting large German education travel market currently underserved by German education specialists Secondary school study tours at c. € 270m (UK at c.£180m)  Meininger leading provider of bespoke trip accommodation  NST/EST working with Meininger to develop tour operator products to German schools market Primary school adventure centre market underexploited  Already started to deliver inbound PGL product via relationship with Meininger  Significant opportunities exist to offer PGL concept to German schools Vision No. 1 educational travel provider in Europe

Holidaybreak plc Interim Results 2011 Slide 15 Adventure Sales intake currently at -3% due to external events Trading was strong prior to Middle East and North Africa events Performance negatively affected by these events  Estimate full year profit impact of £1.5m including £1m in H1 Capacity adjustments made to focus on most profitable tours and destinations

Holidaybreak plc Interim Results 2011 Slide 16 Hotel Breaks Sales intake currently at -9%; -6% excluding lost airport hotel contracts Strong focus on tight control of costs across the division Change in sales mix driving improvement in margin performance Superbreak’s retail travel agent sales lower than last year due to tough operating conditions across market Superbreak’s B2C channel showing strong growth from Superbreak.com Bookit adversely affected by the weak Dutch consumer market

Holidaybreak plc Interim Results 2011 Slide 17 Camping Sales intake at -5%, versus -3% capacity Difficult trading conditions in the UK and the Netherlands; Germany performing well Trend towards later bookings continues Focus on maintaining high margins by maximising yields and occupancy across the various sales markets Mobile-home life extension programme working well

Holidaybreak plc Interim Results 2011 Slide 18 Outlook Strong visibility at Education Excited about Meininger growth opportunities Focus on cash management and cost control at traditional travel businesses Expect to perform in line with expectations for the full year Encouraging signs for 2012; Education 39% booked, PGL UK centres at 63%

Holidaybreak plc Interim Results 2011 Appendices

Holidaybreak plc Interim Results 2011 Slide 20 Trading update Year on year sales intake (%) Year to date at 21 May 2011 Year to date at 12 Feb 2011 % of revenue booked at 21 May 2011 EDUCATION & ADVENTURE-2%Level Education-1%Level 96% PGL UK centresLevel 99% Adventure-3%-1% HOTEL BREAKS-9% CAMPING-5%-4% 82% GROUP-4%-3%85% MEININGER16%25% Capacity changes: PGL UK centres at -1% and Camping at -3% Meininger’s performance reflects the anniversary of the Frankfurt site which opened in April 2010

Holidaybreak plc Interim Results 2011 Capital expenditure 2011 capital expenditure HY1HY2Full Year Education Adventure Hotel Breaks Camping CAPEX Camping disposals NET CAPEX Net Camping

Holidaybreak plc Interim Results 2011 Slide 22 Meininger Site Location No. of beds No. of rooms Opening date 1Berlin Hallesches UferGermany 2Berlin Tempelhofer UferGermany 3MunichGermany 4CologneGermany 5LondonUK 6Vienna CityAustria 7Berlin Prenzlauer BergGermany 8HambugGermany 9Berlin central stationGermany 10FrankfurtGermany Total capacity at H ,7071,022 11SalzburgAustria May Berlin Oranienburgerstr.Germany H Additional capacity at end Vienna DowntownAustria H Vienna SchiffamtAustria H Berlin AirportGermany H Frankfurt AirportGermany H Additional capacity at end 20121, BrusselsBelgiumH AmsterdamNetherlands H Total expected capacity at end ,0002,200

Holidaybreak plc Interim Results 2011 Slide 23 Interest hedges Put in place % of bank debt is floating Effective average interest rate is 8.2% at revised margin and bank base rate at 24 May 2011 IAS Valuation at 31 March was -£6.7m Amount £m ProductFixed Rate Cap Rate Kick-in Rate End Rate € 50.0m 5 yr collar4.50%3.00%15/01/2012 € 40.4m 5 yr collar6.50%6.17%30/09/2012 € 10.0m 5 yr swap3.98%21/10/2013 € 40.0m5 yr swap4.355%17/10/2013

Holidaybreak plc Interim Results 2011 Slide 24 Disclaimer This document 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 full year results announcement for the year ended 30 September 2010 which can be found on the Investor Relations section of the Holidaybreak website – www. holidaybreak.co.uk

Interim Results presentation – May 2011