Everything is then negotiated with the bankerBut the change is the more net economicallyThe first Fugger we know was the name of HansThey are provided by involuntary creditorsSix months later Neelie Kroes is revengeThe negotiation and dialogue are far from their fortA strong demand of the unions but not employersPrudence selectivity lack of confidenceWhat is important is the order of magnitudeA French couple on two is equipped with a computerWorsening of the bi-annual losses, advocacy strategy, new initiative against Bernard Tapie (read below): piece, in a context of tensions exacerbated with the actor-businessman, the presentation of the accounts of the Club Mediterranee for the first half of its fiscal year 2008-2009 has been marked by the announcement of a deterioration in the level of bookings for the summer season which is degraded by 1.1 point in six weeks ( 18.3 in rollup to June 6). The bad news was assented to by investors, the title of the operator of holiday villages ending the session on a 3.98, at 9.18 EUR decline.
The company, which had already been a State of specific locations, on 6 may, at the announcement of its capital increase, on the other hand published 30 April results consistent with expectations. Thus, it displays a loss of EUR 9 million, against a gain of 5 million a year ago, for a turnover of 724 million, a decrease of 4.2. Moreover, the loss net group share more doubled to 24 million (against 10 million).
As recognized by its CEO, Henri Giscard d'Estaing, Club Med suffers the effects of the global crisis, which is is added to the impact of unrest in the West Indies. In fact, the number of customers declined 6.2 from the winter 2007-2008, to some 587.000. So far, said the leader, the company, which had reduced its capacity of 6.8, improved its performance operational stricto sensu. Operating income current (ROC) recreation, which corresponds to the result of exploitation of the villages, indeed grew 2 million, to EUR 28 million, the negative impact of the Caribbean crisis being encrypted between 2 and 3 million. This resistance is however swept by the importance of real estate expenses, loss registered in respect of heritage rock, also more than doubled, to 20 million.
So far, the crisis valid, according to Henri Giscard d'Estaing, the repositioning strategy of the Club Med in "specialist of all-inclusive, upscale, friendly and multicultural holidays", committed five years ago: "It had to do." It was a matter of survival. "It was the only way", he said yesterday, reiterating his analysis of a polarized market with two straight segments, the high and the "low cost".
To adapt to the crisis
Admitting that this transformation process had been "long" and "Dear", he however assured yesterday that "the bulk of the work" is now carried out. The group, which has invested on average EUR 120 million per year over the period 2004-2008, is moving now towards a recession of its commitments with a $ 50 million for 2008-2009, 35 million for 2009-2010, then again 50 million for the two upcoming years. Similarly, it would not need to over-invest commercially to accompany his substitution of clientele, while the rise of the Internet channel can simultaneously reduce distribution costs. Henri Giscard d'Estaing expressed yesterday to much more confident that Club Med has strengthen its financial structure with its recent double market operation (i.e. a lift of 102 million euros) and his friend round table. As such, the return of the Caisse des Dépôts et Consignations is now expected after Credit Agricole, which took up 4 from Accor. Refusing to speak for the Caisse, Henri Giscard d'Estaing once more welcomed by advance this possible initiative. However, the Directorate admitted that the Group should "continue" to adapt to the crisis. Presentation of yesterday was the opportunity of a "booster shot" of his savings plan reflected by a reduction of 5 to 6 of the population out of villages.
