Pierre & Vacances-Center Parcs: Third quarter 2019/2020 revenue
16 Juillet 2020 - 5:40PM
Business Wire
Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
Non-significant third quarter
revenue,
affected by the Covid-19
crisis
1] Third quarter revenue
Under IFRS standards, Q3 2019/2020 revenue totalled €85.1
million (€50.7million for the tourism activities and €34.3 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.
€ millions
2019/2020
according to operating
reporting
2018/2019
according to operating
reporting
Change
Tourism
51.6
335.3
-84.6%
Pierre & Vacances Tourisme Europe
19.6
133.3
-85.3%
Center Parcs Europe
32.0
202.0
-84.2%
o/w accommodation revenue
32.7
227.7
-85.6%
Pierre & Vacances Tourisme Europe
10.0
91.9
-89.1%
Center Parcs Europe
22.7
135.8
-83.3%
Property development
58.0
36.1
+60.4%
Total Q3
109.6
371.5
-70.5%
Tourism
599.1
878.8
-31.8%
Pierre & Vacances Tourisme Europe
246.4
376.8
-34.6%
Center Parcs Europe
352.7
502.0
-29.7%
o/w accommodation revenue
399.8
595.2
-32.8%
Pierre & Vacances Tourisme Europe
165.8
262.0
-36.7%
Center Parcs Europe
234.0
333.2
-29.8%
Property development
206.6
230.8
-10.5%
Total 9 months
805.7
1,109.6
-27.4%
Decisions taken by government authorities in the context of the
Covid-19 crisis obliged the Group to close virtually all the sites
operated from mid-March to end-May (for the first Center Parcs
Dutch and German domains)/early-June.
As a consequence, Q3 revenue for the 2019/2020 financial year
was heavily impacted by two months of lost revenue, followed by a
gradual recovery in June. Lost revenue over the quarter relative to
Q3 2018/2019 was initially estimated at around €300 million (i.e.
an impact of around -€130 million on underlying operating profit in
view of the savings made) but stood at €284 million, with the
improvement related to higher than expected revenue in June (35% of
the June 2019 amount vs. 30% estimated).
- Accommodation revenue stood at €32.7 million, down 85.6%, of
which €10,0 million for Pierre & Vacances Tourisme Europe
(-89.1%) and €22.7 million for Pierre et Vacances Tourisme Europe
(-83.3%), showing a lower decline in revenue since activities
resumed in Germany and the Netherlands as of
late-May/early-June.
- Revenue from the tourism activities totalled €18.9 million,
down 82.4%.
Lost accommodation revenue over Q3, estimated at €202 million,
added to that recorded over the last half of March, or €31 million,
as well as robust pre-Covid levels (revenue up 6.7% on a constant
scope basis, ahead of the 4.7% target set in the strategic
plan).
Nine-month revenue therefore totalled €599.1 million, down
31.8%.
- Revenue from property development
Third quarter property development revenue totalled €58.0
million, compared with €36.1 million in the year-earlier period,
driven primarily by the contribution from Senioriales residences
(€13.3 million), the Center Parcs Lot-et-Garonne domain (€7.2
million) and Center Parcs renovation operations (€29.7
million).
Over the first nine months of 2019/2020, the property
development activities recorded revenue of €206.6 million compared
with €230.8 million over the year-earlier period (of which €132,6
million for the Center Parcs renovation operations, with the
majority of this contribution related to the shift from 2017/2018
to 2018/2019 of signings of block sales on property renovation
programmes in Belgium and the Netherlands).
Property reservations recorded over the first nine months
of the year with individual investors represented sales volumes of
€162.2 million, vs. €194.3 million over the year-earlier period,
after a slowdown in third quarter reservations (€36.9 million vs.
€62.1 million in Q3 2018/2019).
2] Tourism outlook for the fourth quarter
The level of tourism reservations taken for the fourth quarter
confirms the adequacy of Group’s brands offers to demand for family
oriented and local tourism in the post-Covid context.
While activity at Adagio and the residences in Spain (or 20% of
Q4 2019 accommodation revenue) is more dependent on international
customers and remains in decline by around 50 points over the
summer period, the portfolio of reservations to date stands at 70%
of revenue budgeted for Q4 for the Pierre & Vacances scope in
France and all of the Center Parcs Europe domains. The difference
relative to the year-earlier achievement rate is 4 points for
Center Parcs and 9 points for P&V France and continues to
narrow every week thanks to sharp growth in weekly reservations
relative to the previous year, thereby suggesting performances in
this scope could be fairly similar to those noted in Q4
2018/2019.
APPENDIX:
Reconciliation table between revenue stemming from operating
reporting and revenue under IFRS accounting.
€ millions
2019/2020
according to
operating reporting
Restatement
IFRS11
Impact
IFRS16
2019/2020
IFRS
Tourism
51.6
-0.9
50.7
Pierre & Vacances Tourisme Europe
19.6
-1.2
18.4
- Center Parcs Europe
32.0
+0.3
32.3
Property development
58.0
-4.8
-18.9
34.3
Total Q3
109.6
-5.7
-18.9
85.1
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:
Application of IFRS 16 as of 1 October 2019 has led to the
cancellation in the consolidated financial statements of a share of
revenue and the capital gain relative to disposals made under the
framework of property development operations with third parties
(given the right of use owned by the Group), see above for the
impact on Q3 revenue.
In view of the Group’s business model based on two distinctive
businesses, as monitored and presented in its operating reporting,
this adjustment does not enable the measurement and reflection of
the underlying performance of the Group’s property development
business. For this reason, the Group’s financial communication
continues to present property development operations as they are
presented in its operating monitoring.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200716005733/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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