Center ParcsQuarterly Results: 36 weeks to 2 January 2014

14 February 2014Investor Presentation

Agenda

1. Overview

2. Key Financial Highlights

3. Financial Covenants

4. Capital Investment and Business Development

5. Woburn – 5th Site Update

6. Summary

Appendices

Appendix 1: Financial Calendar and Contacts

2

3

Section 1

Overview

4

Center Parcs Overview

871

4,580

799

4,208

872

4,690

Sherwood

Elveden

Longleat

Woburn

Whinfell

706

3,676

879

4,558

Total

(excl Woburn)

3,421

18,036

Opened 1997

Expected opening Spring 2014

Opened 1994

1. FY14 Q3 Highlights

Robust performance

► Q3 EBITDA growth of 11.0% (H1 +3.5%)

► Good revenue growth in both accommodation and on-site

► Q3 benefitted due to more extensive upgrade programme in prior year

2. Outlook

Excellent forward visibility

► FY14: 93.3%(1) of capacity booked –in line with same stage last year

► Q4 FY14: will be adversely impacted by higher off-line accommodation and additional marketing costs vs prior year

► FY15: 23.3%(1) of full year capacity booked (FY14: 21.5%)

Holiday

VillageWoburn Lodges / Apartments Guest Capacity

1

(1) As at 7th February 2014

Opened 1987

Opened 1989

5

Section 2

Key Financial Highlights

6

Key Financial Highlights: Financial Year 2014

£74.4m 5.2% Revenue £225.4m 4.0%

£34.3m 11.0% EBITDA(1) £109.1m 5.7%

46.1% 2.4% Operating Margin(1) 48.4% 0.8%

97.0% 1.9% Occupancy 97.4% 0.4%

£160.08 3.6% ADR £161.37 3.8%

£155.24 5.7% RevPAV £157.15 4.3%

Q3 % change

v FY13

very strong Q3 performance across all KPIs

(1)before owners’ costs

2

YTD % change

v FY13

7

Revenue Performance

£mRevenue £m

44.6 +5.7% Accommodation 135.5 +4.5%

29.8 +4.6% On-site 89.9 +3.2%

74.4 +5.2% Total 225.4 +4.0%

• Q3 benefitting from lower accommodation numbers off-line for upgrade

compared to last year

• YTD numbers provide a better indication of the underlying performance

2.1

Q3 % change

v FY13

Key Drivers of Revenue Change FY14 vs FY13

YTD % change

v FY13

8

Village Performance: YTD FY14

Sherwood Elveden Longleat Whinfell Central

Overheads

Group

Revenue £m 57.8 59.3 55.0 53.3 - 225.4

% change v FY13 +2.7% +5.3% +2.6% +5.4% - +4.0%

EBITDA £m 32.3 32.8 29.3 27.9 (13.2) 109.1

% change v FY13 +3.5% +7.7% +3.4% +7.3% +3.4% +5.7%

Occupancy 97.5% 97.2% 96.4% 98.3% 97.4%

% change v FY13 +0.0% (0.2)% (1.1)% +2.8% +0.4%

2.2

• Occupancy changes reflect different timing of accommodation off-line for

upgrades vs last year

• No accommodation off-line at Whinfell in the prior year

• Elveden delivered strongest underlying performance, reflects benefit of swimming

pool areas upgrade last year

9

Section 3

Financial Covenants

10

Financial Covenants

1.

• EBITDA(1) 145.9

• Owners’ costs (1.5)

• Change in working capital (4.8)

• Tax paid (2.5)

• Covenanted Maintenance capital(2) (15.0)

FCF 122.1

2.

• Class A Interest payable items 46.8

• Class B total Interest payable 32.5

Total Interest Payable Items 79.3

3.

Debt (net of cash) 985.9 6.8x Class A leverage 5.1x

Issue costs (27.3)

Net Debt as at 2 January 2014 958.6 6.6x

3

Free Cash Flow

Debt Service

Financing Ratios £m EBITDA

Multiple

(1)Before owners’ costs

(2)As per covenant definition of minimum spend required

Pro-forma

12 months to

2 January 2014

£m

11

Financial Covenants

Pro-forma 12 months to 2 January 2014 Actual Default

Covenant

Restricted

Payments

Covenant

(i) Class A

FCF: DSCR 2.61x 1.10x 1.35x

(ii) Class B

FCF: DSCR

Cumulative credit: EBITDA/Interest

1.54x

1.84x

1.00x

1.90x

3.1

Significant headroom above default covenants

12

Section 4

Capital Investment and Business

Development

13

Capital Investment(1) in FY14

£2.5m

£5.8m

4

(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 = £24.4m

(FY13: £26.6m)

£11.9m £11.0m

£0.7m£0.8m1.

Forecast full year spend of c£40m

Maintenance

Capital

(FY13: £9.6m)

Investment

Capital

(£12.5m; FY13: £17.0m)

2.

3.

1. Project Atlantis – swimming pool developments

2. Investment Projects

3. Accommodation upgrades

4. Maintenance capital includes £2.3m on Longleat Dome upgrade

4.

14

Project Spring: Accommodation upgrade programme

1. Accommodation Upgrades since FY08

No. %

Refurbished units (1) 2,517 74%

New builds 110 3%

2,627 77%

To be refurbished 794 23%

Total units of accommodation 3,421 100%

2. Planned Upgrades in FY14/Q1 FY15

No of

Units

Cost

£m

Phase 8a 98 5.0

4.1

Planned start on site Mar ‘14 at Elveden and Longleat

(1) as at 7 February 2014 – includes 37 lodges currently being refurbished at Longleat, due to finish on 2 March

15

Marketing4.2

Significant increase in marketing investment

1. New TV Advert First shown on social media and cinema just before

Christmas

Premiered on TV during Downton Abbey on Christmas Day – created highest ever searches on our website

First new advert for 3 years – launching new brand positioning around “Your family. Your time”

TV campaign running through to April – longer and heavier campaign than previous years

Same creative used across all digital and off-line channels

2. TV Sponsorship Sponsoring mid-day children’s programmes on

Nickelodeon channels – January to March

6 month sponsorship of weather on LWT and Central TV – January to July

Extends brand campaign creative and awareness on TV through to early summer

16

Section 5

Woburn - 5th Site Update

17

Woburn Overview: 5th Site Development

1. Construction Programme

Remains on schedule for Spring 2014 opening

Development is now essentially fully contracted and

remains within original cost plan

Project in building handover phase

2. Operational Planning

Recruitment progressing extremely well - over

1,000 employees now recruited

Significantly increased Marketing and PR campaign

Development remains on schedule and budget

5

Ten pin Bowling

Visit of Director

General of CBI

Café Rouge

The Hotel

The Shearing House

18

5.1 Woburn Bookings (1)

1. Timing of Bookings

• Bookings commenced on 18 June ‘13

• Booking period now extended from 30 June ‘14 to

April ‘15

• Expect to bring booking period further forward during

March

• Bookings now being taken for activities

2. Bookings

• 10,554 rented lodges booked – in line with

expectations

• Represents 19.1% of capacity for on-sale periods

• Total accommodation revenue of £9.1m to date

• Achieving significant price premium to other villages

3. Financing

• Total spend to date of £213m(1) – out of forecast total

project spend of £252m

• Blackstone equity funding of £110m now complete

(1) as at 7 February 2014

Bookings positive - achieving very strong pricing

19

Section 6

Summary

20

Summary

1. Very strong performance in the quarter, although Q4 will be impacted by some one-off factors

2. Accommodation upgrade programme continuing

3. 5th site at Woburn remains on budget and on schedule for a Spring 2014 opening; early bookings very positive

4. Strong forward bookings: 93.3% of FY14 capacity booked –similar to prior year

5. Encouraging early bookings for next financial year: 23.3% of full year capacity booked (FY14: 21.5%)

6

Excellent forward visibility for FY14 and FY15

21

Questions

22

Financial Calendar and Contacts

Financial Calendar

• 14th February 2014

Quarter 3 results FY14 for 36

weeks to 2 January 2014

• Early July 2014

Annual results FY14 for year

to 24 April 2014

• Early September 2014

Quarter 1 results FY15 for 12

weeks to 17 July 2014

Contacts

• Paul Mann

Group Financial Accountant

Tel: 01623 821 649

Email: paul.mann@centerparcs.co.uk

• Paul Inglett

Finance Director

Tel: 01623 821 621