1 INTERIM RESULTS 2003 8 May 2003. 2  Half-year loss is entirely normal - higher figure in 2003 of £7.2m (2002 : £5.9m) due to Eurosites acquisition.

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Presentation transcript:

1 INTERIM RESULTS May 2003

2  Half-year loss is entirely normal - higher figure in 2003 of £7.2m (2002 : £5.9m) due to Eurosites acquisition  Losses in “old” Camping business similar to 2003  Hotel Breaks sales and profits have continued to grow strongly - small margin improvement  Adventure sales slowed after excellent first quarter but still up at the half-year  Higher interest charge - increased debt levels post-acquisition  Dividend up to 6.0p (2002: 5.9p) Interim Announcement 2003 HALF-YEAR RESULTS

3  A difficult year for the overseas travel trade  Resilient businesses and loyal customers  Camping 9% behind year on year but now beginning to make headway  Hotel Breaks continuing to trade strongly - favourable environment  After a strong start Adventure adversely affected by Iraq war and SARS scare  Recent booking trends encouraging Interim Announcement 2003 CURRENT TRADING AND PROSPECTS

4 All stated before goodwill amortisation and exceptional operating costs Interim Results 2003 PROFIT AND LOSS ACCOUNT

5 Interim Results 2003 P & L ACCOUNT - DIVISIONAL ANALYSIS All stated before goodwill amortisation and exceptional operating costs

6  Interim loss at same level as 2002 on like for like basis - pro-rata apportionment of normal fixed overhead and marketing costs  All sales fall into the second half  Eurosites losses £1.3m  Exceptional reorganisation costs of £1.3m Interim Results 2003 CAMPING

7  Revenue up 23% on 2002 (first 6 four weekly accounting periods) to £36.6m  Operating profit increased to £3.6m (+25%)  Exceptional year on year growth in first month (9/11 impact in October 2001) but consistently strong sales figures since  Another strong cash generative performance Interim Results 2003 HOTEL BREAKS

8  First quarter sales up 22% continuing post 9/11 recovery pattern - good load factors achieved  Second quarter sales down 6% as Iraq war fears increased - load factors under pressure  Overall revenues 9% ahead of 2003 for first half  Operating profit for first half £1.2m (2002 : £1.1m) Interim Results 2003 ADVENTURE

9 Interim Results 2003 ACQUISITIONS  Acquisition of Eurosites from MyTravel completed 30 September 2002  Increased half-year losses and cash outflow  Reorganisation and exceptional costs  Eurosites operating normally in summer 2003  Acquisition of Bridge Britain/LTS from MyTravel completed 7 March 2003  Consideration of £2.0m  No material trading in the period  Brand strategy and goodwill

10 Interim Results 2003 BALANCE SHEET

11 Interim Results 2003 FINANCE  £140m syndicated bank facilities arranged at the time of the Eurosites acquisition  Headroom available for further investment  Seasonal cashflow adversely impacted by Eurosites acquisition but business remains strongly cash generative  Interest cover will decline in 2003 but will rapidly rebuild as debt is paid down

12 Interim Results 2003 CASH FLOW (six months to 31 March 2003)

13  Terrorist threats  Iraq war  SARS  Economy UK Travel Sector EXTERNAL EVENTS

14  Consumers hold back from summer holiday commitments - particularly families  Many destinations suffering badly (Eastern Mediterranean, Middle East, Asia)  Late surge for Easter again illustrated late booking trend and market resilience  Signs that low cost airline growth may be flattening out but consumer expectations and behaviour have changed forever  Big four operators say summer 2003 capacity significantly reduced UK Travel Sector SECTOR DEVELOPMENTS

15 Camping CURRENT TRADING AND PROSPECTS  Year on year sales at -9%  Over 80% of target sales now achieved  Capacity fixed at -3%  Mobile-homes: + 6%  Tents: - 17%  Non UK sales (Holland, Germany, Switzerland etc) improving since end of war  UK sales up well since Easter (w/c April 28: + 31% )  Higher than normal levels of school holiday capacity still available  May and June expected to be strong booking months

16 Hotel Breaks CURRENT TRADING AND PROSPECTS  Strong trading in favourable environment  consumers favouring domestic holidays  London hotel capacity  Fine spring weather in UK  Year on year sales at +21%  Overseas ‘accommodation only’ breaks nearly 200% up on 2002 (c.6% of overall sales)  Internet bookings +55% year on year (c.25% of overall sales)  Bridge acquisition will boost second half sales by 3-4%  Going Places, Legoland, London Travel Service

17 Adventure CURRENT TRADING AND PROSPECTS  Cumulative sales at +2%  Good levels of new bookings (over 2000 in April) in part negated by need to withdraw and consolidate tours  Foreign Office “don’t travel” advice and consumer caution affecting numbers of Middle East and Asia destinations due to Iraq war and SARS  Sales and marketing efforts concentrating on Europe (19% of 2002 sales), South and Central America (23%) and Africa (15%)  Regal diving holidays performing well in difficult conditions - charter commitments reduced and demand now building

18 MyTravel ACQUISITION AND TRADING PARTNERSHIP  Two businesses acquired from MyTravel - Eurosites (September 2002) and Bridge UK (March 2003)  Distribution agreements with MyTravel retail (Going Places etc) - Hotel Breaks, Keycamp and Eurosites  Payments on schedule - Hotel Breaks on fortnightly cycle  “Disentanglement” of Eurosites from MyTravel group satisfactorily completed

19  Operate quality market leading businesses in travel or travel related sectors with good growth potential and low fixed cost ratios  Organic growth supplemented by carefully selected acquisitions - likely to be integrated into existing divisions - new, separate businesses also a possibility - avoid volatile, low margin, short-haul package holiday sector  Expansion of Group based on shared key characteristics Holidaybreak plc STRATEGY

20 Interim Results 2003 OVERVIEW AND SUMMARY  Mixed fortunes for our three businesses  Summer overseas market has shown clear signs of recovery since Easter  Good deal of uncertainty remains but recent trends have been encouraging  Growth constrained by unusual market conditions  Longer term strategy unchanged