In 9M 2023, Mon Perin recorded revenue growth of 43% YoY, an EBITDA increase of 41%, and a net income of EUR 7.1m, an increase of 50% YoY. At the same time, during Q3 2023, it recorded a revenue increase of 34% YoY, an EBITDA increase of 31%, and a net income of EUR 6.4m, a 35% growth YoY.
During 9M 2023, Mon Perin recorded revenue of EUR 13.4m, an increase of 43% YoY. Of this, EUR 11.7m came from accommodation and associated revenue, which is an increase of 34% YoY. As expected, most of the revenue came during Q3, as it accounted for 71% of the total revenue, or EUR 9.5m, with an increase of 34% YoY. The Company recorded a total of 309.6k tourist nights, representing a growth of 8% YoY.
Breaking the revenue by type of guests, individual guests accounted for EUR 10.9m of revenue, an increase of 37% YoY, with a 13% growth in tourist nights, and an 11% increase in occupancy. Group guests generated EUR 0.8m of revenue, an increase of 5% YoY, with a 13% reduction in tourist nights, due to a lower number of group contracts signed. In terms of the revenue by the type of accommodation, mobile homes generated EUR 7.6m of revenue, an increase of 46% YoY, while plots generated EUR 3.2m, an increase of 19% YoY.
Most of the tourist nights were recorded by arrivals from Germany, Slovenia, and Austria, at 144.6k (or 46.7% of total nights), 46k (or 14.9% of total), and 40.9k (or 13.2% of total), respectively. Moving on to OPEX, during 9M 2023 it amounted to EUR 6.8m, an increase of 34% YoY, while in Q3, it amounted to EUR 2.9m, an increase of 31%. Both material expenses and employee expenses increased. On a 9M basis, material expenses increased by 62% YoY to EUR 4.1m, while employee expenses grew by 32% to EUR 0.6m. Meanwhile, on a Q3 basis, material expenses increased by 46% YoY to EUR 1.9m, while employee expenses grew by 26% to EUR 0.2m.
Due to the faster revenue than OPEX growth, EBITDA improved by 41% YoY to EUR 8.4m on a 9M basis, and 31% to EUR 7m on a Q3 basis. However, the EBITDA margin did record a slight decrease, both on a 9M and Q3 basis, of 1 p.p. and 1.8 p.p., respectively, to 62.5% and 74.4%. The net financial result did record a decline of 32% YoY in 9M, to EUR 198k, and 146% to EUR 130k, mostly as a result of higher interest expenses. Overall, this led to a net income of EUR 7.1m during 9M 2023, an increase of 50% YoY, and EUR 6.4m during Q3 2023, an increase of 35% YoY. As such, the net income margin also improved on a 9M and Q3 basis, by 2.6 p.p. and 0.2 p.p., respectively, to 52.7% and 67.8%, respectively.
Mon Perin key financials (9M 2023 vs. 9M 2022, EURm)
Source: Mon Perin, InterCapital Research
Mon Perin key financials (Q3 2023 vs. Q3 2022, EURm)
Source: Mon Perin, InterCapital Research
The total planned investments for 2023 amount to EUR 14m. The Company pointed out the construction of a wellness center, which is expected to be finished by Spring 2024. Furthermore, they plan to reposition two zones with camper parcels into zones with luxury mobile homes meant for year-round operations, with the aim of repositioning camp Mon Perin into a camping resort.
