Pierre & Vacances-Center Parcs: Growth in Turnover in Third Quarter 2013/2014
July 17 2014 - 11:35AM
Business Wire
Q3 Turnover for the Year Ending 30 September
2014
Regulatory News:
1] Main Events
Signing of financing agreements for the first tranche of
Villages Nature
On 25 May 2014, the Group and Euro Disney S.C.A announced the
signing of financing agreements for the first tranche of Phase 1 of
Villages Nature with the pool of institutional investors, as well
as the Pierre & Vacances-Center Parcs (Paris:VAC) and Euro
Disney S.C.A. groups, each for a minority stake. The signing of
these agreements has triggered the start of construction works for
the first tranche, with a provisional opening to the public in
2016.
Investments concerning recreational facilities for the first
tranche (916 cottages and apartments) are ensured by a group of
institutional investors. The cottages and apartments are primarily
sold as a block to a property company and then sold on to
individual investors. At present, more than 200 cottages and
apartments have been marketed to individuals.
Change in tourism offering
- Strengthening of Pierre & Vacances
premium label
The Pierre & Vacances premium label strengthened its
presence in France and the French West Indies with the opening of a
new residence in Roquebrune Cap Martin and the transformation of
five Pierre & Vacances residences into Pierre & Vacances
premium residences: Biarritz, Cannes-Mandelieu, Île de Ré,
Douarnenez and Sainte-Anne Guadeloupe.
- Withdrawal from loss-making
residences
During Q3 2014, the Group withdrew from operating two Maeva
residences, one on the Mediterranean coast and one in the Alps.
2] Turnover
Euro millions
2013/2014
Reported change
2012/2013
like-for-like (1)
Like-for-likechange
Tourism 267.1 +4.9%
263.9
+1.2% - Pierre & Vacances Tourisme Europe 125.7 +3.3%
124.1 +1.3% - Center Parcs Europe 141.5 +6.3% 139.8 +1.2%
o/w accommodation turnover 177.1 +7.2%
172.2
+2.8% - Pierre & Vacances Tourisme Europe 86.8 +5.9%
83.8 +3.6% - Center Parcs Europe 90.2 +8.5% 88.4 +2.1%
Property development 64.9 +84.2%
35.2
+84.2%
Total Q3 332.1 +14.5%
299.1 +11.0% Tourism 732.0 +1.3%
720.1 +1.6% - Pierre & Vacances Tourisme Europe
366.4 -0.4% 367.7 -0.4% - Center Parcs Europe 365.6 +3.1% 352.4
+3.7%
o/w accommodation turnover 485.0 +2.7%
474.6 +2.2% - Pierre & Vacances Tourisme Europe
252.1 +0.8% 250.1 +0.8% - Center Parcs Europe 232.9 +4.9% 224.5
+3.7%
Property development 161.9 +66.9%
97.0 +66.9%
Total 9 months 893.9
+9.1% 817.1 +9.4%
(1) On a like-for-like basis, turnover has primarily
been adjusted for calendar effects (impact of shift in Holy week,
Easter weekend and school holidays for German, Belgian and UK
customers from Q2 to Q3 of the year).
Q3 2013/2014 turnover from the tourism businesses rose
1.2% to €267.1 million, after adjusting for the impact of the shift
in the school holidays from Q2 to Q3 of the year (negative impact
on H1 offset by a transfer effect in April).
On a like-for-like basis, accommodation turnover rose
2.8% to €177.1 million, driven by:
- Growth of 3.6% in accommodation turnover at
Pierre & Vacances Tourisme Europe. Growth in business,
primarily driven by foreign customers, was visible in all seaside,
mountain and city destinations.
- A 2.1% increase in accommodation turnover
at Center Parcs Europe, which benefited from the contribution of
the new German village at Bostalsee, open since 1 July 2013, and
growth in business at the Dutch villages and other German
villages.
- Property development
turnover
Q3 2013/2014 property development turnover climbed 84.2%
to €64.9 million, benefiting especially from the contribution from
the Center Parcs in the Vienne (€23.6 million) and Villages Nature
(€7.4 million).
Turnover from property reservations to date with
individual investors stood at €202 million, similar to the level
noted during the year-earlier period (€188 million).
3] Outlook
Tourism:
Although business was in decline during the first two weeks of
July (as for the entire tourism industry in France), growth in
last-minute sales for the rest of the summer should enable to
generate accommodation turnover in FY 2013/2014 of a similar level
to the previous year.
Property development:
The Group confirmed it is expecting property development
turnover of around €250 million for the full-year 2013/2014.
Pierre & VacancesInvestor Relations and Strategic
OperationsEmeline Lauté, +33 (0) 1 58 21 54
76infofin@fr.groupepvcp.comorPress relationsValérie
Lauthier, +33 (0) 1 58 21 54
61valerie.lauthier@fr.groupepvcp.com
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