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Presentation september 24, 2003
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Key Figures Winter 2003
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Winter 2003 Activities
Winter 02
Winter 03
change
816
785
Reported revenues
- 3,8
767
785
Revenues (like-for-like basis)
2,4
(4)
Operating income
12
10/31/02
04/30/03
(421)
(436)
Net debt
4
Winter 2003 Activities
Winter 02
change
Winter 03
765 388

• Number of customers
• incl. Club Med customers
• incl. Jet tours customers

- 0,2
763 800
647 100
- 1,2
639 200
118 288
124 600
5,3
Revenues (like-for-like basis)
2,4
767 M
785 M
Land revenues / HD
2,7
107,9
110,8
- 1,0
Capacity in hotel days
5 865 000
5 807 000
- 1,0
Hotel days sold
4 052 715
4 012 637
Occupancy rate
69,1

69,1
At constant exchange rates
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Outlook forsummer 2003
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Summer 2003

• Revenues (like-for-like basis) 2003 3th quarter
  - 10.5 (may-july)

(in millions of euros)
3th qu. 02
3th qu. 03
change
Worldwide (incl. Jet tours)
387
451
- 14,2

• Revenues
• Revenues (like-for-like basis)

387
432
- 10,5
At like-for-like basis and constant exchange
rates
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Summer 2003

• Summer 2003 bookings (vs summer 2002) at
  september 7, 2003

Reminder Cumulative,at June 7, 2003
Over the lastfour weeks
Revenues (like-for-like basis)
Cumulative
Europe
- 7,8
21,0
- 13,2
America
7,4
12,7
3,4
Subtotal, excl. Asia
- 6,5
19,8
- 12,0
Asia
- 25,0
- 18,4
- 30,9
Total Village activities
- 8,5
10,9
- 13,5
Reported on june 13
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Summer 2003

• Capacity in number of hotel days by zone

(in thousands of hotel days)
vs 2001
vs 2002
Summer 03
Europe Asia America
- 17,6
- 11,0
5 737
- 25,0
- 1,9
940
- 12,2
1,5
1 660
TOTAL WORLDWIDE
- 17,5
- 7,9
8 337
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Eté 2003

• Capacity by category

Summer 02
Summer 03
Summer 01
(capacity en )
Huts Cruise ships and villas
8
11
10
14
15
22
57
55
51
19
17
15
2
2
2
TOTAL
100
100
100
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New developments and products
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New developments and products

• New Villages

• Trancoso (Brasil) and La Palmyre (France)

- First results of these villages in accordance
with the expectations - High percentage of very
satisfied customers - An appropriate development
way

• The second village at Marrakech (Morocco) june
  2004
•  El Gouna Mer Rouge  april 2004
• The Boucaniers village renovation (West Indies)
  2004
• Pesey Nancroix (les Arcs, France) - december
  2005

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New developments and products

• Evolving product

• Sustained rising of the product line

• A supply more in phase with Club Meds image
• Price / Mix granted effect
•  Finest  a new concept within 4 Tridents
  villages
• A village within the village
• Emergence of new services which were not
  supplied by the Club until now
• An additional income origin
• A reply to the needs expressed by a part of our
  customers
• A wider customers target

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New developments and products

• Evolving product

• Total All Inclusive in America for summer 03
  season

• A product more adjusted to the demand
• An additional income origin
• A relative effect on the PL
• A commercial dynamism amplified
• For winter 2004
• Method test on 3 villages Ski in Europe
• Total all inclusive for the europeans people
  going in America
• Spa product development
• 61 Spa Center Club Med in the worldwide
• A very good way to fill the season wings 
• Activity adjusted to the concept Club Med (Mini
  Club Med)

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New developments and products

• An adaptable commercial offer.

• The  Booking Bonus    the more you book
  early, the more you save money ..

• A strong mediatic impact le Club Med is
  precursor in this topic
• The aim to reverse the rise inclination of
   late booking 
• Price flexibility for  season wings 
• The early booking will allow to Club Med
• to earn market shares
• to increase the visibility on our booking
• to optimize the cash flow
• to manage better our village employees

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The structural measures in progress
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The structural measures in progress

• Opening distribution in France outlook focus

• Respect of the opening planning announced on
  june, 13
• On april 30, 03 645 sales outlets Club Med
• On september 24, 03 1 062 sales outlets Club
  Med
• On october 31, 03 1 245 sales outlets Club Med
• Training planning to Club Med products
• Travel agencies will be trained for the end of
  2003
• 817 agents have already received a complete
  training (2 days in village booking on line
  training)
• Computing connexions Easy Club Med
• All the sales outlets  recruited  are on line

All the new sales outlets in working order for
the season Winter 2004
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The structural measures in progress

• Remodelling of the marketing function

• An organization turned into  customer 
• A strategic mid term vision
• but a bigger reactivity facing the market
  evolution
• A marketing decentralized closer to the practice
• Creation of a  study office  in charge of the
  innovations in close collaboration with the
  operational Marketing

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