① In 2023, Fosun Travel & Culture's turnover reached 18.13 billion yuan, 28% higher than in 2019; revenue reached 17.15 billion yuan, up 24% year on year; profit attributable to shareholders turned loss into profit of 310 million yuan; ② Currently, profit from real estate sales accounts for only 7%, and 93% of profit comes from resort profits; ③ Club Med's high-end and premium series production capacity will basically reach 100% this year.
Financial Services Association, March 15 (Reporter Hu Haoqiong) The global travel market is picking up at an accelerated pace. Fosun Tourism Culture (01992.HK) achieved record results in the Club Med section for the full year of 2023, and Atlantis Sanya's turnover reached a record high.
“The change in our revenue structure is very obvious. Currently, revenue from real estate sales only accounts for 7%, compared to 70% before. Currently, 93% comes from resort revenue.” Xu Xiaoliang, co-CEO of Fosun International (00656.HK) and chairman of Fosun Travel & Culture, said at the 2023 annual results briefing held today that this revenue structure can lay a solid foundation for the effective implementation of the company's future asset-light strategy.
“In terms of capital structure optimization, the company is currently actively implementing an asset-light strategy. Last year, it completed the sale of a Club Med resort and the sale and leaseback of a resort.” Cao Minglong, President and Chief Operating Officer of Fosun Travel & Culture, further stated that in the future, they will continue to actively explore opportunities to introduce strategic partners to jointly develop stock and new resort destination projects.
However, in response to the recent “sale of Atlantis” rumor, Xu Xiaoliang said that the company welcomes all kinds of investors to make strategic investments. This is a strategic recognition and value recognition for the company, and it is also possible to achieve strong joint resource complementarity through combat investment. However, the premise is to achieve strategic approval and strategic collaboration with each other in terms of value.
Judging from the specific performance situation, Fosun Travel & Culture's performance announcement last night shows that for the whole of 2023, Fosun Travel & Culture's turnover reached 18.13 billion yuan, up 19% year on year, exceeding 28% from 2019; revenue reached 17.15 billion yuan, up 24% year on year; and profit attributable to shareholders turned losses into profit of 310 million yuan.
Among them, Club Med's revenue reached 15.12 billion yuan, up 19% year on year, and adjusted EBITDA increased 47%; Atlantis Sanya's turnover reached RMB 1.68 billion, up 91% year on year, adjusted EBITDA increased 158%, average occupancy rate reached 82%, and average daily bed price increased 8% year on year.
As for 2024, judging from Club Med's reservation data, according to statistics as of March 2, 2024, the overall number of bookings made in the first half of this year increased by 14% compared to the first half of 2023, with an increase of 11% in the Americas, a 7% increase in Europe, Africa and the Middle East, and a 51% increase in the Asia-Pacific region.
Looking at future development prospects, Choi Hyun-an, senior vice president and chief financial officer of Fosun Travel & Culture, said that Club Med already had 97% production capacity for the high-end and premium series last year, and this year's production capacity will basically reach 100%.