MIAMI, Nov. 28, 2014 /PRNewswire/ --
Regional Indicators:
- Double Digit topline growth in North America
- Over 20 percent increase in ski sales in North America
- Another historical record for operating income in
North America
- Outlook: 15 percent increase in bookings to date versus last
year
Worldwide Indicators:
- Stable business:
- in terms of number of customers: 1,231,000
- in Villages revenue at constant exchange rates:
€1,376 million (+0.2%)
- 4 and 5-Trident customers: 73.2% of the total number of
customers (+0.4pt)
- Gain in customers from fast-growing markets: +25,000
customers offsetting the drop in French and Belgian
customers
-
Operating
Income Villages: €53 million, of which €41 million in
Asia
- Net income before tax and non recurring items: €28
million
- Net income: €(9) million
impacted by extraordinary factors,
including €13 million in closure/exit costs
of non-strategic villages and €6 million in other extraordinary
costs
- Historically low gearing: 12% (-15 percentage
points)
- Positive and growing free cash flow: €15 million
Xavier Mufraggi, CEO of Club Med North America comments on the
fiscal 2014 results as a reflection of Club Med's consistent
success in the U.S. saying:
"For the fourth consecutive year, Club Med North America is
pleased to announce yet another record in profit driven by a
significant double digit growth of our topline and a remarkable
over 20 percent sales growth in our business towards our 20 Alpine
ski resorts. Our sales increased across all channels in
the United States, Canada and Mexico for both the incentive market and
individuals, including families and couples. New guest recruitment
and brand loyalty have also risen, which is a positive indicator of
sustainable growth for our upscale all-inclusive business model.
Trends for winter 2015 are on track to continue yielding success
with strong early bookings and high occupancy levels.
This performance is also a result of our latest enhancements,
launches and innovations, including the renovation of Club Med
Cancun Yucatan which saw an increase in sales of almost 20 percent,
a new ski resort in the award-winning ski domain of Val Thorens, France opening this December, as well as an
exciting partnership with Cirque du Soleil launching at Club Med
Punta Cana in summer 2015. Totaling near 40 percent growth in five
years, this great performance we have seen for 2014 signals a
rapidly accelerating activity and a very positive outlook for the
year ahead."
Commenting the annual results, Henri
Giscard d'Estaing, Chief Executive Officer of Club
Mediterranee, noted that:
"2014 once again demonstrated the resilience of Club
Med business model against a backdrop of economic crisis in
Europe, particularly in
France, and geopolitical tensions
in some of its destinations.
In this challenging economic environment,
Club Med succeeded in maintaining its
operational profitability and in continuing its upscale strategy,
thereby enabling it to accelerate the recruitment of new customers
from fast-growing markets and to set new customer satisfaction
records.
In 2015, this strategy, combined with the significant
drop in non recurring costs associated with exits of non-strategic
villages, should allow Club Med to generate positive net income at
equivalent level of business."
1. Business boosted by the internationalization of the
customer base.
Sustained operational
profitability.
|
Key figures for 2014
(November 1, 2013 – October 31, 2014)
|
|
|
(in
€m)
|
|
|
|
|
|
|
|
Reported
|
2011
|
2012
|
2013
|
2014
|
|
Change
14 vs
13
|
|
Business
Volume Villages*
(1)
|
1,433
|
1,461
|
1,456
|
1,438
|
|
- 1.2%
|
|
Consolidated
revenue
|
|
|
|
|
|
|
|
Group(2)
|
1,423
|
1,459
|
1,408
|
1,381
|
|
- 1.9%
|
|
Villages*
|
1,365
|
1,393
|
1,374
|
1,376
|
|
+ 0.2%
|
|
EBITDA
Villages(3)
|
126
|
126
|
118
|
118
|
|
|
|
As a % of
revenue
|
8.9%
|
8.7%
|
8.4%
|
8.6%
|
|
|
|
Operating
Income - Villages
|
61
|
62
|
55
|
53
|
|
- 4.8%
|
|
Operating Income -
Management of Assets
|
(24)
|
(26)
|
(22)
|
(25)
|
|
|
|
Other Operating
Income and Expense
|
(11)
|
(14)
|
(19)
|
(15)
|
|
|
|
Operating
Income
|
26
|
22
|
14
|
13
|
|
|
|
Net
Income before tax and non-recurring
items
|
33
|
35
|
32
|
28
|
|
- 14.9%
|
|
Net
Income
|
2
|
2
|
(9)
|
(9)
|
|
|
|
Investments
|
(50)
|
(50)
|
(62)
|
(68)
|
|
|
|
Disposals
|
19
|
42
|
1
|
3
|
|
|
|
Free Cash
Flow
|
38
|
55
|
6
|
15
|
|
|
|
Net
debt
|
(165)
|
(118)
|
(127)
|
(63)(4)
|
|
|
|
*
|
At constant exchange
rate
|
|
(1)
|
Total sales
regardless the operating structure
|
|
(2)
|
Includes €14 million,
€13 million, €8 million and €5 million in property development
revenue for, respectively, 2011, 2012, 2013 and 2014
|
|
(3)
|
EBITDA Villages :
Operating Income Villages before interst, taxes depreciation and
amortization
|
|
(4)
|
Includes the
conversion of 3.445.011 convertible bonds
|
A stable business
- The number of customers staying in Club Med villages was
unchanged from 2013 and stood at 1,231,000.
- Business Volume Villages (corresponding to total
sales regardless the village operating structure) amounted to
€1,438 million versus €1,456 million in the prior year, a slight
drop of 1.2% at constant exchange rates. Business was down 3% in
reported data impacted by exchange rates.
- Villages revenue totaled €1,376 million,
stable at constant exchange rates, boosted by strong performances
in the Americas and Asia:
- The Americas recorded growth of 6.7%, driven by
Brazil, the United States and Canada,
- Asia was up 2.2%,
despite the drop in the number of Chinese customers visiting
villages in Malaysia and
Thailand due to conjonctural
events (air disasters, geopolitical unrest),
- Europe-Africa
recorded a 1.5% drop in revenue, primarily due i) to the downturn
in its two main trading countries: France1, hit by the economic crisis
and a challenging fiscal environment, and Belgium2 and ii) by the
geopolitical unrest affecting destinations in North Africa and the in Middle-East.
- Capacity was adjusted downward by 2.1% worldwide.
In Europe-Africa, capacity was reduced by 6.7% taking
into account i) the exit of the 3-Trident villages of El Gouna
(Egypt) and Hammamet (Tunisia), ii) the temporary closure of the
managed village of Sinai Bay (Egypt), and iii) the non-reopening of the
village of Belek (Turkey). In
Asia, capacity was up 12.2% with
the opening, in China, of the
village of Guilin at full capacity and the 5-Trident space of
Dong'ao Island. In the Americas, capacity was stable.
- RevPab (revenue per available bed) was up 1.8% at
€101.3 due to an improved price mix across all destinations and an
almost stable occupancy rate of 69.3%.
Operating profitability sustained
|
(in €m
)
|
|
|
|
|
|
Reported
|
2011
|
2012
|
2013
|
2014
|
|
EBITDAR Villages
(1)
|
270
|
281
|
271
|
266
|
|
% of Villages
revenues
|
19.2%
|
19.4%
|
19.4%
|
19.3%
|
|
Rents
|
(144)
|
(155)
|
(153)
|
(148)
|
|
EBITDA Villages
(2)
|
126
|
126
|
118
|
118
|
|
% of Vilages
revenues
|
8.9%
|
8.7%
|
8.4%
|
8.6%
|
|
Depreciations
|
(66)
|
(65)
|
(64)
|
(64)
|
|
Provisions
|
1
|
1
|
1
|
(1)
|
|
Operating
Income Villages
|
61
|
62
|
55
|
53
|
|
(1)
|
EBITDAR Villages :
Operating Income Villages before depreciation, amortization, rents
and change in provisions
|
|
(2)
|
EBITDA Villages :
Operating Income Villages before depreciation, amortization and
change in provisions
|
- EBITDA Villages stood at
€118 million, stable compared to 2013. The EBITDA Villages margin
(as a proportion of revenue) was up 0.2 percentage point, at 8.6%,
due to capacity management combined with cost control in response
to the downturn in business volumes, in particular in France and Belgium.
- Operating Income - Villages stood at €53 million,
down from €55 million in 2013, increased profitability in the
Americas and Asia almost
entirely offsetting the €13 million drop in Europe-Africa. Asia's contribution now accounts
for over three quarters of the Group's Operating
Income - Villages.
|
(en
M€)
|
|
|
|
|
Reported
|
2012
|
2013
|
2014
|
|
Europe-Africa
|
20
|
9
|
(4)
|
|
Americas
|
8
|
9
|
16
|
|
Asia
|
36
|
37
|
41
|
|
Operating
Income -
Villages
|
65
|
55
|
53
|
|
% of Villages
revenue
|
4.7%
|
4.0%
|
3.8%
|
|
1
|
Market down 9.1% in business
volume for Winter and 4.3% for Summer according to Syndicat des
Entreprises du Tour Operating (SETO) data at September 30,
2014
|
|
2
|
Market down 11% in customer
volumes for Winter and 3.9% for Summer according to ABTO data at
October 31, 2014
|
Excluding non-recurring items, a positive profitability for the
last five years but extraordinary factors continue to
have a negative impact on net profitability
- Operating Income - Management of Assets stood at
€(25) million and mainly included €(13) million in costs to exit
and close villages, of which €(6) million for the village of
Djerba- La-Fidele (Tunisia) and
€(6) million for non-operated villages, as well as €(6) million in
development/construction costs.
Over the last three years, Operating Income - Management of Assets
has included €(75) million in costs related to 17 villages not
adapted to the upscale strategy, affecting the Group's net
profitability (€16 million of net accumulated losses between 2012
and 2014).
- Other Operating Income and Expenses stood at
€(15) million and mainly included €(6) million in restructuring
costs, down €4 million versus the previous year, as well as €(7)
million in other costs, including a €(4) million provision for the
receivable relating to advances made to the owner of the village of
Belek and €(3) million for public tender offer-related
expenses.
- Financial income of €(13) million benefited from a €2
million drop in interest charges associated with the conversion of
3,445,011 OCEANEs but was impacted by a €(4) million translation
loss.
- Net income before tax and non recurring items
stood at €28 million. Net income of €(9) million was impacted by
the extraordinary items described above.
A very solid financial structure
- Free cash flow was positive and stood at €15
million, up versus 2013. Excluding disposals and exit costs, it
amounted to €21 million.
Over the last three years, the Group has recorded €76 million of
free cash flow (€69 million restated for disposals and the cash
impact of villages exit costs).
- Net debt stood at €63 million, divided by 2
versus 2013, mainly due to the conversion of 3,445,011 OCEANEs.
Gearing stood at 12%, a historically low level for the Group.
2. Further step in the upscale strategy and the
internationalization of the customer base
Growing upscale indicators in 2014
- 901,000 customers stayed in 4 and 5-Trident villages, 5,200
additional customers versus 2013. These customers now account for
over 73% of Club Mediterranee customer base.
New customer satisfaction records were also achieved this year,
with the percentage of very satisfied customers increasing during
both the Winter and Summer season.
- In France, the Group continued
to gain market share in a downbeat economic environment. In a
market that fell by 7.5% over the year (SETO figures at the end of
September) and despite capacity adjustments, Club Med business
volume on the Individuals segment fell by just 5.2%, reflecting the
strength of its unique positioning.
- The upscaling of the portfolio of villages continued in 2014;
the percentage of 4 and 5- Trident villages accounts for nearly 72%
of Club Mediterranee capacity, up 0.7% versus 2013.
An accelerated strategy of internationalization
- New gains in customers from fast-growing markets
In 2014, Club Mediterranee welcomed 25,000 additional customers
from fast-growing markets, accounting for 31% of the total number
of customers, up 2 percentage points versus 2013 and offsetting the
drop in French and Belgian customers.
China was the main driver of this
growth with 20,000 additional customers in 2014, despite the drop
in Summer bookings to Thailand and
Malaysia.
In 2014, Greater China accounted
for 10.2% of customers, up 1.5 percentage points on 2013.
Brazil was also a major growth
driver for the Group with 5,000 additional customers in 2014 and an
11.4% increase in the number of customers staying in villages in
European ski resorts.
- Development underpinning the internationalization of the
customer base with upscale openings in line with new trends...
- December 14, 2014: a new flagship village in
the French Alps, Val Thoren Sensations, a 4-Trident village with a
capacity of nearly 800 beds,
- January 31, 2015: 52 outstanding
Villas on the private island of Finolhu, a few minutes away from
the village of Kani,
- April 2015: the 4-Trident, 800-bed capacity village of Dong'ao
Island (China) will add to the
range which includes the 5-Trident resort opened on June 20, 2014,
… and new villages to come:
-
- October 16, 2014: signing with Costa Do Pero Group of an
off-plan lease concerning the construction of a fourth Brazilian
village located near Buzios, subject to suspensive conditions,
to be completed by December 31, 2014.
This 4-Trident village will have a 5-Trident space and should open
in late 2016,
- November 10, 2014: signing of a management agreement for the
5th Chinese village located in Beidahu ski resort, in partnership
with Qiaoshan Group. This 5-Trident, 170-bedroom village (with the
option to extend which would add another 330 bedrooms)
will open its doors in the second half of 2016.
- Innovative concepts to support the
internationalization of the customer
base with the introduction of a totally new
experience, "Club Med CREACTIVE by Cirque du
Soleil". Acrobatic and artistic disciplines will be taught at the
village of Punta Cana by Cirque du
Soleil-trained GO.
3. Outlook
Winter 2015: cumulative bookings at November 22, 2014
|
Business
volume Villages by region at
constant exchange rate
|
Cumulative as of
November 22, 2014
|
Last 8
weeks
|
|
Europe-Africa
|
+ 0.1%
|
- 18.8%
|
|
Americas
|
+ 12.8%
|
+ 4.8%
|
|
Asia
|
+ 4.8%
|
- 5.9%
|
|
Total Club
Med
|
+ 2.7%
|
- 12.4%
|
|
Capacity Winter
2015
|
- 0.2%
|
|
Cumulative bookings at November 22,
2014, expressed in business volume at constant exchange
rates, were up 2.7% on Winter 2014, with capacity unchanged. At the
same time last year, two thirds of Winter bookings had been
recorded.
To date, these bookings are up across all geographical areas, in
particular in the Americas and in Asia.
Growth of 12.8% in the Americas was driven by a more
dynamic economic environment in this region of the world. The
growth of 4.8% recorded in Asia was based on very strong performances
in China at +30%.
Europe-Africa
recorded stable bookings compared to Winter 2014. In France, bookings are stable in a market
(Individuals) still falling sharply, at -6%3.
Outside France, the region
benefited from positive growth driven by certain markets such as
the United Kingdom, South Africa and Russia.
The last eight weeks were marked by a sharp drop of 18.8% in
Europe-Africa due to geopolitical and health-related
issues which detracted the attractiveness of certain destinations.
In Asia, the slowdown in bookings
of 5.9% is a result of a phasing effect related to the shift of the
Chinese New Year holiday compared to
last year.
2015: outlook4
In 2015, costs relating to the exit/closure of non-strategic
villages recognized under Operating Income - Management of Assets
should be limited and debt interest should be reduced, as well as
Public Tender Offer expenses.
As a result, Club Med's net income is likely to be positive in
2015, excluding further degradation of the environment.
|
3
|
SETO data in business
volume at the end of September 2014
|
|
4
|
To date, this outlook
has been fulfilled by the Company and does not take into
consideration any consequences of decisions that may be taken if
the initiators are successful with either of the two ongoing public
tender offers
|
4. Public Tender Offers
Offer filed by Gaillon Invest II & Fidelidade
On September 12, 2014, a new offer
was filed with the French Autorite des Marches Financiers
(AMF) by Gaillon Invest II and Fidelidade (a Portuguese insurance
company controlled by Fosun), acting in concert with the
Management, Ardian and U-Tour at a price of €22 per share and
€23.23 per OCEANE.
On October 6,
2014, the Board of Directors noted that this offer was a
more promising opportunity for the company and its employees. This
recommendation was made upon knowledge of the unfavourable opinion
of the Works Council.
On October 14, 2014, the AMF
declared that the Gaillon Invest II and Fidelidade offer was
compliant. The Offer was thus opened on October 17, 2014.
Higher bid from Global Resorts SAS on its Public Tender
Offer
On November 11, 2014, Global
Resorts SAS purchased 2,164,242 Club Mediterranee shares off-market
for a unit price of €23. Additional 1,064,688 shares were purchased
on November 13, 2014 at the same
price.
Within this context, on November 11,
2014, the AMF issued a notice noting that Global Resorts SAS
was now in a situation of automatic increase of the terms of its
offer. Consequently, from that date, the price of its public tender
offer was raised to €23 per share. According to the AMF notice, the
price for the OCEANE remain identical, i.e. €22.41 per OCEANE, but
the AMF specifies that the bonds can be converted at the current
conversion rate of 1.065 per shares, resulting in a fully
transparent price of €24.495 per OCEANE.
Implementation by the AMF of the process aiming at expediting
comparison of the competing offers
Pursuant to its notice of November 13,
2014, the AMF decided to implement the mechanism of
expediting comparison of competing offers with due observance of
the order of their filing. For this reason, it decided to set at
December 1, 2014 at 18:00 the
deadline, for Gaillon Invest II and Fidelidade for filing an
improved offer compared to the Global Resorts Offer, as amended on
November 11, 2014.
According to the AMF notice, the closing date for the existing
offers will be set following application of the process of
expediting comparison of the competing offers.
The Company's Board of Directors will issue a reasoned opinion
on the final highest bid.
The company hereby states that the financial data contained in
this press release are consistent with the information disclosed in
ongoing public tender offers (see, in particular, page 16 of the
independent expert's report appearing in the response referred to
by the AMF on October 14, 2014,
reference number 14-550).
5. Next meeting in 2015
The Company's Ordinary General Shareholder's Meeting will be
held on January 12, 2015.
Additional information
The consolidated and parent company financial statements of
Club Mediterranee at October 31, 2014
were approved by the Board of Directors on November 27, 2014.
The Group's Statutory Auditors conducted an audit of these
financial statements, in due diligence, and the audit reports
relating to the certification of these consolidated and parent
company financial statements are in the process of being
released.
The financial results for the 2014 financial year are
available on the website
http://www.clubmed-corporate.com.
Contacts
Press: The Zimmerman Agency
Amanda Lewis/Mackenzie Monteiro
850.668.2222
clubmed@zimmerman.com
APPENDICES
|
Income
statement
|
|
|
|
(in €m
)
|
|
|
Reported
|
2011
|
2012
|
2013
|
2014
|
|
Group revenue
|
1,423
|
1,459
|
1,408
|
1,381
|
|
Operating Income -
Villages
|
61
|
62
|
55
|
53
|
|
Operating Income -
Management of Assets
|
(24)
|
(26)
|
(22)
|
(25)
|
|
Other Operating
Income & Expense
|
(11)
|
(14)
|
(19)
|
(15)
|
|
Operating
Income
|
26
|
22
|
14
|
13
|
|
Finance cost -
net
|
(16)
|
(8)
|
(11)
|
(13)
|
|
Share of profit of
associates
|
1
|
1.6
|
2
|
2
|
|
Income
tax/benefit
|
(9)
|
(13.4)
|
(14)
|
(11)
|
|
Net
result
|
2
|
2
|
(9)
|
(9)
|
|
Balance
sheet
|
|
|
|
Non-current
assets
|
2011
|
2012
|
2013
|
2014
|
|
PPE
|
838
|
815
|
751
|
748
|
|
Intangible
assets
|
79
|
80
|
82
|
87
|
|
Non-current financial
assets
|
92
|
90
|
91
|
101
|
|
Total
non-current assets
|
1,009
|
985
|
924
|
936
|
|
Government
grants
|
(33)
|
(30)
|
(27)
|
(24)
|
|
Total
|
976
|
955
|
897
|
912
|
|
|
|
|
|
|
Equity and
liabilities
|
2011
|
2012
|
2013
restated
(1)
|
2014
|
|
Equity incl. Minority
interests
|
512
|
522
|
469
|
523
|
|
Provisions
|
51
|
48
|
52
|
48
|
|
Deferred tax
liabilities - net
|
29
|
27
|
24
|
19
|
|
Working
capital
|
219
|
240
|
225
|
259
|
|
Net debt
|
165
|
118
|
127
|
63(1)
|
|
Total
|
976
|
955
|
897
|
912
|
|
(1)
Change in accounting policy relating to the revised IAS
19 (Provision for pension + €3 million / Equity €(3)
million)
|
|
|
Gearing
|
32%
|
23%
|
27%
|
12%
|
|
Working capital /
Villages revenue
|
15.5%
|
16.6%
|
16.1%
|
18.8%
|
|
Average capital
employed(2) / Villages revenue
|
55%
|
51%
|
50%
|
48%
|
|
|
|
|
|
|
(1)
After the conversion of de 3.445.011 convertible bonds for €56
million
|
|
(2)
Average capital employed = (fixed assets net of grants settlements
- working capital) at opening and closing / 2
|
Shareholding
Breakdown of share capital and voting rights at November 15, 2014
|
|
|
|
Number of
shares
|
Voting
rights
|
|
November 15,
2014
|
%
Capital
|
November 15,
2014
|
% VR
|
|
Fosun Property
Holdings Limited*
|
3,582,677
|
9.97%
|
6,753,256
|
16.93%
|
|
Fosun Luxembourg
Holdings
|
2,982,352
|
8.30%
|
2,982,352
|
7.48%
|
|
Guo
Guangchang*
|
1,851
|
0.01%
|
3,702
|
0.01%
|
|
Henri Giscard
d'Estaing*
|
1,483
|
0.00%
|
1,533
|
0.00%
|
|
Subtotal Gaillon Invest
II
|
6,568,363
|
18.29%
|
9,740,843
|
24.43%
|
|
Strategic
Holdings
|
3,556,439
|
9.90%
|
3,556,439
|
8.92%
|
|
Global Resorts SAS
|
3,228,930
|
8.99%
|
3,228,930
|
8.10%
|
|
Subtotal Global Resorts SAS
|
6,785,369
|
18.89%
|
6,785,369
|
17.01%
|
|
CMVT International
(Groupe CDG Maroc)*
|
2,250,731
|
6.27%
|
2,250,731
|
5.64%
|
|
Caisse des Depots et
Consignations (1)
|
1,908,492
|
5.31%
|
1,908,492
|
4.79%
|
|
Rolaco*
|
1,793,053
|
4.99%
|
1,793,053
|
4.50%
|
|
Benetton*
|
708,000
|
1.97%
|
708,000
|
1.78%
|
|
UBS AG London
(2)
|
2,402,553
|
6.69%
|
2,402,553
|
6.02%
|
|
Credit Suisse
(3)
|
1,844,608
|
5.14%
|
1,844,608
|
4.63%
|
|
Moneta
|
1,767,087
|
4.92%
|
1,767,087
|
4.43%
|
|
Franklin
Finance
|
1,500,000
|
4.18%
|
1,500,000
|
3.76%
|
|
Air France
|
635,342
|
1.77%
|
635,342
|
1.59%
|
|
Tyrus Capital
(4)
|
0
|
0.00%
|
0
|
0.00%
|
|
Polygon Global
Partners (5)
|
0
|
0.00%
|
0
|
0.00%
|
|
JP Morgan Asset
Management (6)
|
0
|
0.00%
|
0
|
0.00%
|
|
Millenium
(7)
|
0
|
0.00%
|
0
|
0.00%
|
|
GLG Partners
LP (8)
|
3,401
|
0.01%
|
3,401
|
0.01%
|
|
French institutions
(9)
|
2,815,538
|
7.84%
|
2,815,610
|
7.06%
|
|
Foreign institutions
(9)
|
3,448,761
|
9.60%
|
4,124,863
|
10.34%
|
|
Treasury stock
(10)
|
208,804
|
0.58%
|
208,804
|
0.52%
|
|
Employees
|
23,270
|
0.06%
|
46,540
|
0.12%
|
|
Public and others
(9)
|
1,254,036
|
3.49%
|
1,344,682
|
3.37%
|
|
TOTAL
|
35,917,408
|
100%
|
39,879,978
|
100%
|
|
*
|
Represented on the
Board of Directors
|
|
(1)
|
Caisse des Depots et
des Consignations also owns 994,805 convertible bonds
|
|
(2)
|
Shares held under the
cover of CFDs issued by the bank to its customers
|
|
(3)
|
Of which 1,787,698
shares held to hedge the 1,787,698 CFD issued by the
bank for the account of its customers
|
|
(4)
|
Tyrus Capital owns 1
075 000 CFD
|
|
(5)
|
Polygon owns
3,302,681 CFD
|
|
(6)
|
JP Morgan Asset
Management owns 520,777 CFD
|
|
(7)
|
Millenium owns
341,194 equity swaps
|
|
(8)
|
GLG Partners also
owns 296,761 CFD
|
|
(9)
|
If applicable,
excluding shares and voting rights of CFD
|
|
(10)
|
Treasury shares for
which voting rights cannot
|
|
|
|
NB : a
"financial contract for differences" or "CFD" is a financial
instrument by which term the investor acquires the
right to collect the difference between the price of the
underlying at the time of conclusion of the contract and price on
the exercise date
|
Thresholds crossed since September 5,
2014
|
Shareholder
|
Date
|
Threshold
crossed
|
Nb of
shares
|
% K
|
Nb of voting
rights
|
%
VR
|
|
Boussard &
Gavaudan
|
11/11/2014
|
< 5% K
|
1,892,820
|
5.27%
|
1,892,820
|
4.75%
|
|
Boussard &
Gavaudan
|
13/11/2014
|
< 1% K
|
0
|
0.00%
|
0
|
0.00%
|
|
Equigest
|
24/11/2014
|
> 1% K
|
362,509
|
1.01%
|
362,509
|
0.91%
|
|
Fosun Luxembourg
Holdings (1)
|
12/09/2014
|
> 8% K and 7%
VR
|
2,982,352
|
8.30%
|
2,982,352
|
7.48%
|
|
Global Resorts SAS
(2)
|
11/11/2014
|
> 5% K and
VR
|
2,164,242
|
6.03%
|
2,164,242
|
5.43%
|
|
Global Resorts SAS
(3)
|
13/11/2014
|
> 8% K and
VR
|
3,228,930
|
8.99%
|
3,228,930
|
8.10%
|
|
Millennium
|
20/10/2014
|
> 1% K
|
371,845
|
1.04%
|
371,845
|
0.93%
|
|
Millennium
|
11/10/2014
|
< 1% K
|
341,194
|
0.95%
|
341,194
|
0.86%
|
|
Millennium
|
19/11/2014
|
> 1% K
|
361,683
|
1.01%
|
361,683
|
0.91%
|
|
Polygon
|
13/10/2014
|
> 8%VR
|
3,194,546
|
8.90%
|
3,194,546
|
8.01%
|
|
Polygon
|
17/10/2014
|
> 9% K
|
3,246,546
|
9.04%
|
3,246,546
|
8.14%
|
|
Tyrus
Capital
|
11/11/2014
|
< 3% K
|
1,075,000
|
2.99%
|
1,075,000
|
2.70%
|
|
(1)
|
On September 12,
2014, Fosun Holdings Luxembourg, together with Fosun Property
Holdings Limited and M. Guo Guangchang and Henri Giscard d'Estaing,
has exceeded the threshold of 18% of capital and 24%
of the voting rights, holding 18.23% of the capital and
24.43% of the voting rights.
|
|
(2)
|
On November 11, 2014,
Global Resorts SAS, together with Strategic Holdings, has exceeded
the threshold of 15% of capital and 14% of the
voting rights, holding 15.93% of the capital and 14.35%
of the rights voting.
|
|
(3)
|
On November 13, 2014,
Global Resorts SAS, together with Strategic Holdings, has exceeded
the threshold of 15% of the voting rights, holding 18.89%
of the capital and 17.02% of the voting
rights.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/club-med-reports-double-digit-growth-in-north-america-and-stable-worldwide-2014-results-that-demonstrate-the-strength-of-its-business-model-300002196.html
SOURCE Club Med