HOMAIR Vacances has built a new stage of growth and profitability in 2009, within a global environment favourable to its sector. As indicated by the press releases related to bookings evolution throughout the year, this performance is significantly above the Group’s initial targets.  A reduction of the financial debt ratios complements this record.

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This renewed focus on the profitable growth strategy led by the management team provides confidence as HOMAIR Vacances is crossing the starting line of its 2010 season.

The €42.7m consolidated net sales generated in 2009 enable the Group to take the #1 slot among French Groups in this sector. HOMAIR Vacances clearly intends to keep a strong growth pattern in the years to come.

2009: a year of profitable growth

1.  Fast-paced development with a clear geographic focus

During the 2009 season, HOMAIR Vacances has commercialised 6 100 mobile-homes (i.e. +15.5% growth, based on its portfolio at the end of the season), located over 81 partner campsites and 21 own campsites.

The Group has closed five transactions during its 2009 fiscal year:

JV in Corsica (with a controlling stake)
JV in Italy (with a controlling stake)
SARL Bleu Blanc
Le Val de Cesse campsite in  Mirepeïsset
Les Oliviers campsite in La Ciotat

2.    Strong RevPAR growth

HOMAIR Vacances has generated a RevPAR of €6 527 in 2009 (excluding VAT), i.e. 11.2% above 2008. This performance is due to both a like-for-like growth of 8.9% as well as a positive geographic mix evolution.

3.    Control over operating costs

The Group’s EBIT margin has benefited from a 175bp jump, to reach 13.7% in 2009.

The focus on developing the “own sites” model, which leads to a decrease of rents paid to partners as well as increasingly controlled central costs have both contributed to this improvement.

2009: key numbers

Income statement

2009 results and 2010 objectives - Homair Vacances becomes N°1 French Group in its sector

Notes :  
(1) Consolidated and audited data in French GAAPs.  Fiscal year ends as at September 30th.

(2) Goodwill amortisation (€424k in 2009 vs €75k en 2008) is driven by the Group’s external growth (no cash impact).

2009 results and 2010 objectives - Homair Vacances becomes N°1 French Group in its sector

Fixed assets have increased under the impact of both (i) the campsites acquired in 2009 and (ii) the purchase of mobile-homes.

Shareholders’ equity has grown as a result of (i) the 2009 net income (+€1.9m, Group share), (ii) the €0,4m capital increase, itself driven by the exercise in October 2008 of options by minority shareholders and (iii) the integration of JVs (minority interests €1.7m).

Net financial debt has increased in absolute terms but decreased in terms of ratio, from €31.4m as at 30 September 2008 (i.e. 3.2x 2008 EBITDA) to €36.5m as at 30 September 2009 (i.e. 2.6x 2009 EBITDA).

2010 objective: keep focused on the profitable growth strategy

In line with its strategy, HOMAIR Vacances has strengthened its campsites portfolio, with a specific focus on developing its top 2009 campsites.

As of today, the HOMAIR Vacances portfolio for the 2010 season includes c.100 campsites, representing c. 6 500 mobile-homes.

These developments constitute a sound basis for a successful 2010 season.

Excluding the impact from potential external developments, HOMAIR Vacances aims at:

c. 10% sales and EBITDA growth ;
an additional decrease of the net financial debt /EBITDA ratio.

Next press release:

Update on reservations as at March 31st : April 1st, 2010 (after market closes)

ISIN code: FR0010307322
Ticker : ALHOM

Corporate website: www.homair-finance.com

E-commerce website: www.homair.com

This press release is also available on www.homair-finance.com

Homair Vacances: a leading specialist in mobile-home holidays

The Group is the French leader of the mobile home holiday market in which it operates exclusively.  For the 2009 season the Group offered holidays in 6 100 mobile-homes spread across 102 selected or company-operated campsites. In 2009, the Group reported revenue of €42.7 million, achieving a 33 % growth over the past year.

A total of 92% of these stays is sold directly to customers via the Internet, catalogues and the telephone. Internet sales accounted for c.63% of direct bookings in 2009, compared to around 34% in 2004.

The Company has leveraged its French customer base to expand its holiday parks offer in major Southern European countries (Spain, Italy, Portugal and Croatia), where it generated 25% of its revenue in 2009. It also sells holidays in Great Britain, Belgium, the Netherlands, Germany, Denmark Italy and Spain.

Note: fiscal year-end is September 30th (“year n” refers to fiscal year ended September 30th, n).

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