Center Parcs

Annual Results: Year to 26th April 2012

16th October 2012Investor Presentation

2

Agenda

Overview1

2 Key Financial Highlights

3 Financial Covenants

4

5

Capital Investment

Woburn:- 5th Site Update

Appendices

Appendix I: Financial Calendar & Contacts

FY13 Quarter 1 Update6

Summary7

3

Center Parcs Overview

Holidayvillage

Sherwood

�Opened 1987

870

4,574

Elveden

�Opened 1989

Longleat

�Opened 1994

Woburn

�Expected Opening 2014

Whinfell

�Opened 1997

799

4,208

864

4,674

WoburnLodges/(2)

apartments

Guest(2)

capacity

Key

708

3,676

(1)Excluding impact of 53rd wk in year to Apr’11(2)As at 26 Apr 2012

1

FY12 Highlights

1. Robust profit performance

- underlying(1) EBITDA growth of 5%

- increased EBITDA margins

2. Continued capital investment program

- over £46m capital invested during the year

- continued innovation

FY13 Highlights

1. Excellent visibility on FY13

- forward bookings and ADR for

2012/13 ahead of prior year

- Q1 EBITDA 1% above last year

875

4,538

4

Key Financial Highlights

3.9%£136.62RevPAV

3.1%£140.73ADR

0.8%97.1%Occupancy

0.9%45.8%Operating Margin(1)

2.5%£133.6mEBITDA(1)

0.4%£291.7mRevenue

Financial year 2012 % change v 2011

Resilient performance in challenging trading environment

(1)before owners costs and exceptional items

2

5

Revenue Performance

£m£mRevenue

(2.3)%122.5125.4On-site

+0.4%291.7290.5Total

+2.5%169.2165.1Accommodation

(1) Increase in ADR (1) Extra week’s trading in FY11

(2) Higher occupancy (2) Increase in VAT to 20% from Jan 2011

(3) Increased underlying on site spend (3) Transfer of 16 units to Concessions in FY12

2.1

FY11 FY12

53 wks 52 wks % changeApr ‘11 Apr ‘12

+ ve’s - ve’s

Key Drivers of Revenue Change FY12 vs FY11

6

290.5

(5.8)

(5.6)

(4.0)275.1

5.9

10.7

291.7

270.0

275.0

280.0

285.0

290.0

295.0£

m

VAT

Week

53

Conce

ssion

chan

gesRev

ised

base

On-

site sp

end

Accom

mod

atio

n

Revenue Bridge: FY11 to FY12

Revenue Performance2.2

Underlying growth of 6.0%

FY11

FY12

+5.1%

+6.8%

Underlying Growth +6%

7

Financing Structure

Secured Financing Development Facility

£1,020m Debt: £740m Class A

£280m Class B

£165m Debt

Supported by strong and predictable cashflows

3

CPUK Finance Ltd CP Woburn (Operating Company) Ltd

8

Financial Covenants

1.

• EBITDA(1) 133.6

• Owners costs (1.6)

• Change in working capital 6.1

• Tax paid -

• Covenanted Maintenance capital(2) (15.0)

FCF 123.1

2.

• Class A Interest payable items 47.3

• Class B total Interest payable 32.5

Total Interest Payable Items 79.8

3.

Debt (net of cash) 1,010.5 7.6x Class A leverage 5.5x

Issue costs (34.0)

Net Debt as at April 2012 976.5 7.3x WCF of £30m undrawn

3.1

FY12 Actual

£m

Free Cash Flow

Debt Service

Financing Ratios £m EBITDA

Multiple

(1)Excluding exceptional items and owners’ costs

(2)As per covenant definition of minimum spend required. Actual maintenance capital spend = £18.3m

9

Financial Covenants

1.00x

1.10x

Default

Covenant

(ii) Class B

1.35x2.60xFCF: DSCR

1.90x

1.54x

1.67x

FCF: DSCR

Cumulative credit: EBITDA/Interest

(i) Class A

Restricted Payments

Covenant

Actual

3.2

Significant headroom above default covenants

10

Capital Investment(1)

Maintenance

Capital

Investment

Capital

£18.3m

£27.8m

4

Unique and well invested business

(1)Capex numbers are based on a cost incurred rather than a cash flow basis and exclude any spend on 5th site at Woburn

Total = £46.1m

11

Investment Capital

Major Lodge

Refurbishments

Project Atlantis

Investment Projects

£8.4m

£3.0m

£16.4m

4.1

Total = £27.8m

12

Capital Investment: Major Villa Refurbishments

1. No. of Refurbishments in FY12 No.

Sherwood 98

Elveden 108

Whinfell 101

307

2. Major Refurbishments since FY08

No. %

Refurbished units to Apr ‘12 1,940 57%

New builds 105 3%

2,045

To be refurbished 1,363 40%

Total units of accommodation 3,408 100%

60% of units either new or refurbished -

around 300 units to be refurbished in FY13

4.2

60%

13

Capital Investment: FY12 New Builds

5 x Woburn prototypes at Sherwood 3 x Longleat Treehouses

4 x Elveden Spa Suites4 x Woburn prototypes at Elveden

4.3

New builds continue to generate strong returns

14

Innovation

1. Introduction of new concepts

• Transfer of smaller Retail & F&B units to Concession Partners

• Upgrade of 6 Retail and 3

F&B units

• Pancake House at Whinfell

2. Introduction of new activities/facilities

• Project Atlantis – Swimming pool refurbishment and innovation

• Segways

• Mini Tree Trek

• Cabanas in Sub Tropical

Swimming Paradise

• Aqua jets

Retail – Just Kids

F&B – Dexters (Restaurant)

Segway experience

Aqua jets

4.4

Continuous innovation is critical

15

Woburn Overview: 5th Site Development

Overall Programme

• On schedule for Spring 2014 Opening

• c.85% of project contracted & within original cost plan

Infrastructure

• Birse on site from 14th May – slightly ahead of original

programme

Central Buildings

• Contract signed with Bowmer & Kirkland

• B&K started on site 15th October 2012

Lodges

• Contract signed with ISG

• Due to start on site 26th November 2012

Development on schedule and budget

Lake

Centre 1

Centre 2

5

16

FY13 Quarter 1 Update

Overview of 12 weeks to 19th July 2012

1. Record levels of occupancy: 98.7% for Q1 (FY12 Q1:97.8%)

2. ADR and RevPAV ahead of prior year

3. Adjusted EBITDA 1% ahead of prior year

4. Strong forward bookings: 75.5% of FY13 capacity booked as at 12th October 2012 (FY12: 70.2%)

5. Q2 EBITDA growth expected to be stronger than Q1 growth

6

Strong performance in current financial year

17

Summary

1. Strong underlying performance in challenging trading environment

2. Business continues to significantly invest and generate strong returns - continuous innovation remains key

3. Good cash generation, with net debt reducing and significant levels of headroom on covenants

4. 5th site at Woburn on timetable and budget

5. Good start to new financial year, with strong forward bookings

7

Continuing excellent long term track record

18

Questions

19

Financial Calendar & Contacts

Contacts

• Paul Mann

Group Financial Accountant

Tel: 01623 821 649

Email: paul.mann@centerparcs.co.uk

• Paul Inglett

Finance Director

Tel: 01623 821 621

Financial Calendar

• 16th October 2012

Annual results FY12

Quarter 1 results FY13

• Late November 2012

Quarter 2 results FY13 for period to 11th October 2012

• Mid February 2013

Quarter 3 results FY13 for period to 3rd January 2013