First quarter impacted by restrictive measures
due to the health crisis
Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
1] First quarter 2020/2021 revenue
In IFRS standards, Q1 2020/2021 revenue totalled €141.7 million
(€98.7 million for the tourism activities and €43.1 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
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.
Restrictive measures implemented by various European governments
to face the second wave of the coronavirus pandemic took a harsh
toll on the Group’s Q1 revenue.
€ millions
2020/2021 according to
operating reporting
2019/2020 according to
operating reporting
Change
Tourism
102.7
281.9
-63.6%
Pierre & Vacances Tourisme Europe
30.9
96.2
-67.9%
- Center Parcs Europe
71.8
185.7
-61.3%
o/w accommodation revenue
69.9
191.9
-63.6%
Pierre & Vacances Tourisme Europe
19.7
67.8
-70.9%
- Center Parcs Europe
50.2
124.2
-59.6%
Property development
64.4
93.1
-30.8%
Total Q1
167.2
375.0
-55.4%
- In October, after positive momentum following on from Q4 of
the previous financial year, the curfews and restrictive measures
and the prospect of another lockdown placed a serious brake on
reservations, especially for the October school holidays.
Accommodation revenue over the month was down around 30% relative
to October 2020.
- From 2 November to mid-December, the Group was obliged to
close virtually all of its Pierre & Vacances and Center Parcs
sites. Only the Dutch Center Parcs Domains remained open, albeit
with a reduced offer (closure of bars and restaurants and a limited
number of people in the Aquamundo).
- Over the last two weeks of December, despite good performances
by the seaside sites, mainly in the French West Indies, revenue was
down almost 80%, penalised by the ongoing closures of the Center
Parcs domains in Germany and Belgium, a deteriorated offer at the
sites operated (no catering or access to pool areas) and the
opening of just nine mountain residences (or 15% of the Group’s
offer in this destination), due to the closure of ski-lifts.
Over the entire period, 50% of Adagio aparthotels also remained
closed.
Revenue from the tourism businesses therefore totalled €102.7
million in Q1 2020/2021, down 63.6%.
- Revenue from property development
Q1 2020/2021 property development revenue totalled €64.4
million, compared with €93.1 million in the year-earlier period,
stemming primarily from the Senioriales residences (€16.9 million),
the Center Parcs Lot-et-Garonne domain (€7.9 million) and Center
Parcs renovation operations (€26.9 million).
Property reservations recorded in the first quarter of the year
with individual investors represent sales volumes of €51.9m (vs.
€78.5 million in the year-earlier period).
2] Outlook
Given the health measures in place, the Pierre & Vacances
and Center Parcs sites are closed in January, with the exception of
the Center Parcs Domains in the Netherlands (with a limited offer
of activities), Pierre & Vacances seaside resorts and half of
the Adagio aparthotels. Their reopening will depend on the
evolution of measures to be taken by public authorities.
Given this lack of activity and visibility on the deterioration
in the health situation as new strains of Covid-19 have emerged,
and with no date for the sites to reopen, the Group has stepped up
measures to protect its cash pile through strict steering of
spending and investments, increased use of short-time working
measures and through the evolution of rents depending on the
periods of administrative closure of all or part of the sites.
The Group will bounce back right after reopening authorisations.
The excellent 2020 summer season testified the appeal of the
Group’s tourism offer as well as the efficiency of the Change Up
strategic plan.
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
102.7
-4.1
98.7
Pierre & Vacances Tourisme Europe
30.9
-2.7
28.2
- Center Parcs Europe
71.8
-1.4
70.4
Property development
64.4
-4.3
-17.1
43.1
Total Q1
167.2
-8.4
-17.1
141.7
€ millions
2019/2020 according to
operating reporting
Restatement IFRS11
Impact
IFRS16
2019/2020 IFRS
Tourism
281.9
-16.4
265.5
Pierre & Vacances Tourisme Europe
96.2
-9.5
86.7
- Center Parcs Europe
185.7
-6.9
178.8
Property development
93.1
-1.6
-22.5
69.0
Total Q1
375.0
-18.0
-22.5
334.5
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 lease
contracts). See above for the impact on Q1 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/20210120005512/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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