Increase in reservations for the fourth
quarter
Regulatory News:
Groupe Pierre & Vacances-Center Parcs
(Paris:VAC):
1] Third quarter 2020/2021 revenue
Under IFRS standards, Q3 2020/2021 revenue totalled €172.5
million (€134.4 million for the tourism activities and €38.0
million for the property development activities).
The Group nevertheless continues to comment on its revenue and
the associated financial indicators, in compliance with its
operating reporting namely:
- with the presentation of joint undertakings
in proportional consolidation, - excluding the impact of IFRS16
application
Moreover, the operating and legal reorganisation implemented
since 1 February 2021 resulting in the regrouping of each of the
Group’s activities into distinct and autonomous Business Lines, has
led to a change in sectoral information in application of IFRS8.
The main consequence for communication of the Group’s revenue is
the presentation of the contribution from the Adagio operating
entity. The entity includes the contribution from leases taken out
by the PVCP Group and entrusted to the joint-venture Adagio SAS for
management, as well as the share of the contribution from Adagio
SAS held by the Group.
A reconciliation table presenting revenue stemming from
operating reporting and revenue under IFRS accounting is presented
in the appendix at the end of the press release.
€ millions
2020/2021
2019/2020
Change
vs. 2019/ 2020
2018/2019
Change
according to operating
reporting
according to operating
reporting
according to operating
reporting
vs. 2018/ 2019
Tourism
139.3
51.6
+169.6%
335.3
-58.5%
- Center Parcs Europe
90.8
32.0
+183.6%
202.0
-55.1%
- Pierre & Vacances Tourisme
Europe
31.6
12.6
+151.5%
81.2
-61.1%
- Adagio
16.9
7.1
+138.7%
52.1
-67.6%
o/w accommodation revenue
93.0
32.7
+184.1%
227.7
-59.1%
- Center Parcs Europe
61.5
22.7
+170.8%
135.8
-54.7%
- Pierre & Vacances Tourisme
Europe
17.7
4.9
+265.0%
47.5
-62.6%
- Adagio
13.8
5.2
+166.2%
44.4
-69.0%
Property development
65.4
58.0
12.8%
36.1
+81.0%
Total Q3
204.7
109.6
+86.7%
371.5
-44.9%
Tourism
304.3
599.1
-49.2%
878.8
-65.4%
- Center Parcs Europe
184.0
352.7
-47.8%
502.0
-63.3%
- Pierre & Vacances Tourisme
Europe
77.9
164.6
-52.7%
243.3
-68.0%
- Adagio
42.3
81.8
-48.2%
133.5
-68.3%
o/w accommodation revenue
201.3
399.8
-49.6%
595.2
-66.2%
- Center Parcs Europe
126.3
234.0
-46.0%
333.2
-62.1%
- Pierre & Vacances Tourisme
Europe
41.1
97.1
-57.6%
147.5
-72.1%
- Adagio
33.9
68.7
-50.7%
114.5
-70.5%
Property development
197.6
206.6
-4.3%
230.8
-14.4%
Total 9 months
501.9
805.7
-37.7%
1,109.6
-54.8%
Revenue generated by the tourism businesses in Q3 2020/2021 was
affected by a very low level of activity in April (closure of
virtually all sites in France and in Germany and reduced offer in
the Netherlands and Belgium), followed by a gradual reopening as of
May, compared with two months of no activity in the third quarter
of 2019/2020.
Revenue totalled €139.3 million, up sharply relative to the
year-earlier period, but down by 58.5% relative to the third
quarter of 2018/2019:
- Revenue at Center Parcs Europe (€90.8
million) was less than half of the level generated in the same
quarter during 2019 (55% decline vs -84% in 2020 vs 2019). More
than 60% of revenue was generated by the Dutch and Belgian domains
that were open over the entire quarter but with restrictions
(accommodation revenue down 31% relative to 2019), whereas most of
the German and French domains reopened between mid-May and early
June, resulting in a 72% plunge in accommodation revenue relative
to 2019;
- Revenue at Pierre & Vacances Tourisme
Europe totalled €31.6 million, down 61% relative to 2019 (vs -83%
in 2020), with virtually all residences closed until the start of
May (or almost one month more of operation than in 2020).
- Adagio continued to suffer from a lack of
business and international clients and incurred a deeper decline in
revenue relative to Q3 2019 compared with the other tourism
business lines, even though activity picked up relative to the
situation seen in Q3 2020. Revenue came in at €16.9 million, down
68% relative to Q3 2019 (vs. -88% in 2020).
In all, nine month 2020/2021 revenue from tourism activities
totalled €304.3 million, down 65.4% relative to the same period
during 2018/2019 and 49.2% relative to the year-earlier period
(after a first half down 69.9%).
- Revenue from property development
Q3 2020/2021 property development revenue totalled €65.4
million, compared with €58.0 million in the year-earlier period,
stemming primarily from Senioriales residences (€16.5 million), the
Center Parcs Lot-et-Garonne domain (€13.2 million) and Center Parcs
renovation operations (€31.2 million).
Over the first nine months of the year, revenue from property
development businesses totalled €197.6 million (compared with
€206.6 million over the year-earlier period), of which €50.2
million from Seniorales residences, €30.1 million for the
development of the Center Parcs Lot-et-Garonne: and €97.1 million
from renovations of Center Parcs domains.
2] Outlook
Following numerous discussions with several representatives of
private landlords, the Group sent to its individual landlords a
draft amendment to their lease contracts in early July. This
amendment, which includes several compensatory measures and
commitments by the Group, proposes, under certain terms and
conditions, the payment of an amount representing 50% of the
contractual rent for the period from March 15, 2020 to June 30,
2021.
With regard to the continuation of rent payments as of July 1st,
2021, the draft amendment provides for two options for the owners
to choose from: (i) the payment of a fixed rent of 72.5% of the
contractual rent until December 31, 2021 and 100% after that date;
or (ii) the payment of a variable rent, with a minimum guarantee of
50% of the contractual rent over an 18-month period, from July 1st,
2021 to December 31st, 2022.
The resumption of rent payments to the landlords who have agreed
to sign the amendment will take place between July 2021 and
September 15, 2021, depending on the respective dates on which the
Group receives the signed amendment.
Discussions with the institutional landlords of the companies
included in the scope of the conciliation proceedings have
progressed in parallel, and several agreements have already been
finalized.
- Equity strengthening process
As announced in the press release of last June 24, the Group has
received several detailed expressions of interest from French and
foreign candidates with different profiles (financial investors,
strategic players or sector players) as part of the process of
seeking investors to strengthen its equity capital. Further
discussions with the candidates and the usual due diligence
procedures are being continued as part of this competitive
process.
Since the government announcements at the end of April setting
out the easing of restrictions and reopening of places closed to
the public, the Group has recorded an increase in weekly
reservation flows, especially for the summer season.
APPENDIX:
Reconciliation table between revenue stemming from operating
reporting and revenue under IFRS accounting.
€ millions
2020/2021
according to operating
reporting
Restatement
IFRS11
Impact
IFRS16
2020/2021
IFRS
Tourism
304.3
-11.8
292.5
- Center Parcs Europe
184.0
-3.0
181.0
- Pierre & Vacances Tourisme
Europe
- Adagio
77.9
42.3
0.6
-9.4
78.5
32.9
Property development
197.6
-8.0
-65.1
124.5
Total 9 months
501.9
-19.8
-65.1
417.0
€ millions
2019/2020
according to operating
reporting
Restatement
IFRS11
Impact
IFRS16
2019/2020
IFRS
Tourism
599.1
-28.9
570.2
- Center Parcs Europe
352.7
-12.1
340.6
- Pierre & Vacances Tourisme
Europe
- Adagio
164.6
81.8
0.0
-16.7
164.6
65.1
Property development
206.6
-7.8
-55.3
143.5
Total 9 months
805.7
-36.7
-55.3
713.7
IFRS11 adjustments: for
its operating reporting, the Group continues to integrate joint
operations under the proportional integration method, considering
that this presentation is a better reflection of its performance.
In contrast, joint ventures are consolidated under equity
associates in the consolidated IFRS accounts.
Impact of IFRS16:
The application of IFRS16 as of 1 October 2019 leads to the
cancellation, in the financial statements, of a share of revenue
and the capital gain for disposals undertaken under the framework
of property operations with third-parties (given the Group’s
right-of-use rights). See below for the impact on nine-month
revenue. Given that the Group’s business model is based on two
distinct businesses, as monitored and presented in its operating
reporting, adjustment for this would not measure and reflect the
underlying performance of the Group’s property business, and for
this reason in its financial communication, the Group continues to
present property development operations as they are recorded from
its operating monitoring.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210720005945/en/
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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