Pierre & Vacances: First Quarter Turnover for the Year Ending 30 September 2016
January 19 2016 - 11:40AM
Business Wire
- Turnover1 from tourism businesses up
6%
- Property development business in line
with the phasing of property programmes
Regulatory News:
Pierre & Vacances (Paris:VAC):
1] First quarter turnover
The turnover and financial indicators commented on below stem
from operating reporting with the presentation of joint-companies
under proportional consolidation.
Euro millions 2015/2016
2014/2015 Evolutions Tourism
230.6 217.6 +6.0% - Pierre &
Vacances Tourisme Europe 90.1 89.3 +0.9% - Center Parcs Europe
140.5 128.3 +9.5%
o/w accommodation turnover
152.3 145.7 +4.5% - Pierre & Vacances
Tourisme Europe 61.0 62.4 -2.4% - Center Parcs Europe 91.3 83.3
+9.6%
Property development 36.5 89.2
-59.1%
Total Q1 267.0 306.8
-13.0%
Under IFRS accounting, turnover for the first quarter of
2015/2016 totalled €252.4 million (€224.0 million for the tourism
businesses and €28.4 million for the property businesses) compared
with €298.1 million in Q1 2014/2015 (€212.3 million for tourism and
€85.8 million for property development).
First quarter 2015/2016 turnover from the tourism
businesses stood at €230.6 million, up 6% relative to Q1
2014/2015.
Accommodation turnover rose 4.5% to €152.3 million,
driven by a 2.3% increase in the number of nights sold and a 2.2%
rise in average letting rates.
- Pierre & Vacances Tourisme Europe
(PVTE) contributed €61.0 million.The first quarter of the year was
penalised by the impact of the terrorist attacks of 13 November on
business at the Adagio residences mainly in Paris and the Paris
region. The Adagio brand, which accounted for almost 60% of PVTE
turnover in Q1, therefore suffered a temporary decline of 4.8% for
its scope as a whole. This decline was nevertheless limited in view
of the plunge in turnover noted by Paris hotel players in general
(-30%/-40%) given the profile of Adagio customers who are mostly
business travellers.In other destinations, PVTE turnover rose by
5.5% on a same-structure basis2. This increase was primarily driven
by an improvement in average letting rates and a good performance
by French customers.
- Turnover from seaside destinations rose
by 6.9%, benefiting especially from performances at sites in the
French West Indies and Spain.
- Despite the lack of snow at the start
of the season, turnover from the mountain sites rose by 3.7%,
driven by premium residences.
- Center Parcs Europe contributed €91.3
million, up 9.6% relative to Q1 2014/2015.Turnover rose at all of
the Dutch, Belgian and German villages (increase of almost 2%), as
well as at the French villages (growth of more than 25%), which
benefited from healthy performances at the new Domaine des Bois aux
Daims.)
Supplementary income rose by 9%. This growth concerned
both Pierre & Vacances Tourisme Europe (+8.6%), with the
development of marketing mandates and Center Parcs Europe (+9.2%),
in line with growth in accommodation turnover.
- Property development
turnover
First quarter 2015/2016 property development turnover
stood at €36.5 million, primarily from the contribution of Villages
Nature (€6.8 million), and the Senioriales residencies (€14.5
million).First quarter property development turnover was in line
with the previsional phasing of the Group's property developments.
More significantly is the growth in property development
reservations booked in the first quarter with individual and
institutional investors, which totalled €81.7 million compared with
€61.9 million in Q1 of the previous year (i.e +32%).
2] Outlook
In view of tourism reservations to date, the Group is
forecasting higher growth in turnover during the second quarter of
the year than in the first quarter.
This acceleration in growth results from both divisions:
- Pierre & Vacances Tourisme Europe
in all destinations: mountain (good snowfall levels) seaside and
city (beginning of an upturn of Adagio residences business in Paris
and the Paris region).
- Center Parcs Europe, for both the
villages located in Belgium, the Netherlands and Germany and for
the French villages.
1 The turnover and financial indicators commented on in this
press release stem from operating reporting, with the presentation
of joint-companies under proportional consolidation.2 Net reduction
in the network operated given the non-renewal of leases (mountain
sites primarily in Q1) and withdrawals from loss-making sites)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160119006274/en/
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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