During 2023, Mon Perin recorded revenue growth of 44% YoY, an EBITDA increase of 40%, and a net income of EUR 5.2m, an increase of 64% YoY.
By the end of 2023, Mon Perin recorded revenue of EUR 13.8m, an increase of 44% YoY. The Company noted that during the year, Mon Perin camp recorded revenue of EUR 12m, an increase of 36% YoY. Total number of overnight stays amounted to 320k, an increase of 10% YoY.
Furthermore, individual guests’ revenue amounted to EUR 11.1m, an increase of 39% YoY, with a 15% increase in overnight stays, and 13% higher occupancy rates. On the other hand, group guests recorded EUR 813k of revenue, an increase of 6% YoY, but with a 13% reduction in the number of overnight stays, due to a lower amount of group guest contracts signed.
In terms of the revenue by the accommodation types, mobile homes recorded EUR 7.8m of revenue, a 49% YoY, while parcels recorded EUR 3.3m, an increase of 20% YoY. Moving on, operating expenses grew by 38% YoY to EUR 8.9m, mainly due to higher material expenses (+63% YoY, to EUR 5.3m), higher staff costs (+28% YoY, to EUR 801k), higher depreciation (+12% YoY, to EUR 2.1m), and higher other expenses (+27% YoY, to EUR 523k).
However, as the revenue growth outpaced OPEX increases, EBITDA grew by 40% YoY to EUR 7.3m. This would also imply an EBITDA margin of 52.7%, a 1.3 p.p. decrease YoY, due to the faster revenue than EBITDA growth. In terms of the net financial result, it was positive at EUR 81k (2022: EUR -80k), mainly due to higher revenue from financial investments, as well as no FX losses recorded during the year as was the case in 2022. As a result of all of these developments, net income amounted to EUR 5.24m, an increase of 64% YoY, implying a net income margin of 37.8%, a 4.6 p.p. growth YoY.
Mon Perin key financials (2023 vs. 2022, EURm)
Source: Mon Perin, InterCapital Research
In terms of investments, they amounted to EUR 14m in 2023. These included the construction of a wellness centre, whose completion is planned for Spring 2024, as well as the refurbishment of two camper parcel zones with 40 luxury mobile homes with the aim of repositioning Mon Perin camp into a luxury camping resort.
In terms of future investments, Mon Perin noted that it created a 5-year plan for EUR 40m of investments into the camping resort, increasing the number of luxury mobile homes, developing infrastructure, and general improvements to the quality of the offered services. Phase one of this plan was initiated and finished for the 2022 season and amounted to EUR 7.5m. The 2nd phase was initiated in October 2022, with a total planned investment of EUR 14m (these include the above-mentioned investments). This would mean that app. EUR 18.5m will be invested in the next three years, with targeted investments into camp refurbishment and general improvement in the content offered at the camp.
