- Turnover1 from tourism business up
9.6%, driven by faster growth in the second quarter of the year
(+12.6%)
- Evolution of property development
turnover in line with provisional phasing
- Property reservations higher than in
the first half of 2014/2015
Regulatory News:
Pierre & Vacances (Paris:VAC):
1] Main events during the first half
Group refinancing
On 14 March 2016, the Pierre & Vacances-Center Parcs Group
signed a new revolving credit line of €200 million with its banking
partners refinancing ahead of schedule the syndicated credit line
maturing in 2019.As such, the Group has a confirmed credit line,
repayable in fine, of a higher amount than the residual of the
previous amortisable syndicated loan (€142.5 million on 30
September 2016) and at a lower interest rate. Maturity is extended
to 2021, later than that of the ORNANE bond in 2019.
Strategic partnership with Chinese group HNA Tourism
On 30 March 2016, Chinese group HNA Tourism subscribed to a
reserved capital increase representing 10.00% of the capital of
Pierre et Vacances SA post-operation, representing 980,172 new
shares at a unit price of €25.18. Following this operation, the
individual stake of the S.I.T.I. holding company controlled by
Gérard Brémond, stands at 39.83% of capital and 56.42% of voting
rights in Pierre et Vacances SA2.The acquisition of a stake in
Pierre et Vacances by HNA Tourism is part of the partnership
agreements signed on 6 November, aimed at developing tourism
destinations in China inspired by the Center Parcs and Pierre &
Vacances concepts.
Financing of the extension of the sixth German Center Parcs
in Allgau (Baden Württemberg).
On 11 March 2016, under the framework of the European
diversification of these Property investment companies (SCPI), the
“La Française” group acquired 250 cottages and a commercial
building including the accompanying leisure facilities as an
extension to the future German Center Parcs in Allgäu.This
acquisition rounds out that made by Eurosic group concerning 750
cottages and the Domain's central recreational facilities.The
opening is planned for end-2018.
Extension of Center Parcs des Trois Forêts in
Moselle-Lorraine
On 24 March 2016, the Pierre & Vacances-Center Parcs Group
sold a block of 141 cottages representing the last tranche of the
Domain des Trois Forêts, off-plan.Delivery is planned for summer
2017.
2] First half turnover
The turnover and financial indicators commented hereafter stem
from operating reporting, with the presentation of joint-companies
under proportional consolidation.
Euro millions 2015/2016
2014/2015 Evolutions
Evolutions on a
like-for-like basis(*)
Tourism 291.2 258.6
+12.6% - Pierre & Vacances Tourisme Europe
161.2 154.5 +4.4% - Center Parcs Europe
129.9 104.1 +24.8%
o/w accommodation
turnover 186.9 165.5
+12.9% +5.1% - Pierre & Vacances Tourisme
Europe 103.5 101.4 +2.1% +4.5% - Center
Parcs Europe 83.3 64.1 +30.0% +5.9%
Property
development 27.3 85.3
-68.0%
Total Q2 318.5
343.9 -7.4% Tourism
521.8 476.2 +9.6% -
Pierre & Vacances Tourisme Europe 251.4 243.8
+3.1% - Center Parcs Europe 270.4 232.4
+16.3%
o/w accommodation turnover
339.1 311.2 +9.0%
+2.4% - Pierre & Vacances Tourisme Europe 164.5
163.8 +0.4% +1.8% - Center Parcs Europe
174.6 147.4 +18.5% +2.9%
Property development
63.8 174.5 -63.5%
Total
H1 585.5 650.7 -10.0%
(*) On a like-for-like basis, turnover is adjusted for the
impact of:- the shift of Easter weekend and part of the Easter
holidays from April in 2015 to March in 2016 (for the majority of
German customers)- the net reduction in the network operated in the
PVTE division caused by lease renewals (primarily mountain sites in
H1) and the withdrawal from loss-making sites- the opening of the
Bois aux Daims Domain (as of July 2015)
Under IFRS accounting rules, turnover for the first half of the
2015/2016 financial year stood at €559.5 million (€509.5 million
for the tourism businesses and €50.0 million for the property
development businesses) compared with €631.7 million in H1
2014/2015 (€466.4 million for tourism and €165.3 million for
property development).
First half 2015/2016 turnover from the tourism businesses
stood at €521.8 million, up 9.6% relative to H1 2014/2015.
Accommodation turnover totalled €339.1 million, up 9%
(+5.7% excluding the impact of the shift in the Easter holidays),
with faster growth in Q2 (+12.9%, or +6.7% excluding the impact of
the shift in the Easter holidays) than in Q1 (+4.5%). This growth
was driven by an increase in both the number of nights sold (+4.9%)
and net average letting rates (+3.8%).
- Pierre & Vacances Tourisme Europe
(PVTE) contributed €164.5 million.
Turnover from the Adagio residences (38% of accommodation
turnover at PVTE over the period) suffered from the terrorist
attacks and threats, primarily in Paris and the Paris region and in
Brussels. As such, first half turnover fell by 5% over the entire
Adagio scope.
In other destinations, turnover at PVTE rose by 8.6% on a
like-for-like basis (i.e. excluding the shift in the Easter
holidays and the stock effect, +5.5% in Q1 and +9.8% in Q2):
- Turnover from the seaside sites (19% of
accommodation turnover at PVTE over the period) rose by 13.1%,
benefiting from better performances at all brands and all
destinations (mainland France, French West Indies and Spain).
- Turnover from the mountain sites (43%
of accommodation turnover at PVTE over the period) rose by 6.7%,
driven by premium residences. It benefited from an increase in both
average net letting rates of more than 5% and growth in occupancy
rates in Q2 from 87% to 91%.
- Center Parcs Europe contributed €174.6
million.
- First half turnover generated by the
Domains located in the Netherlands, Germany and Belgium rose by 4%
on a like-for-like basis, including 6.7% growth in Q2, faster than
the trend noted in Q1.
- Turnover from the French Domains was up
sharply during the first half, on the back of:
- Healthy performances at the new Bois
aux Daims Domain.
- A rebound in turnover at the other
Domains in Q2 (+4.2% on a like-for-like basis).
Supplementary income rose by 10.7%.
This growth was driven by:
- for Pierre & Vacances Tourisme
Europe, good performances in marketing mandates. The partner
residences offer now concerns more than 65 destinations in Europe,
primarily around the Mediterranean.
- for Center Parcs Europe, growth in
leisure activities and catering.
- Property development
turnover
H1 2015/2016 property development turnover totalled €63.8
million, primarily stemming from Villages Nature (€12.1 million)
and the Seniorales residences (€27.8 million).
The decline in turnover in H1 relative to the year-earlier
period was due to the phasing of property development programmes
(the first half of 2014/2015 included the majority of the full-year
contribution from Center Parcs Bois aux Daims, or €96 million).
Property reservations made in the first half with individual
investors represented turnover of €168.5 million, ahead of that
booked in the first half of the previous year (€124.4 million).
3] Outlook
Tourism reservations to date for Q3 2015/2016 have risen,
excluding the impact of the shift in the Easter holidays, with
higher growth than that seen in H1.
Property development turnover in Q3 2015/16 should be
higher than that seen in Q3 2014/2015, in line with the prospective
phasing of property programmes.
1 Turnover and financial indicators commented on in this press
release stem from operating reporting, with the presentation of
joint-companies under proportional consolidation.2 Based on capital
prior to the operation of 8,821,551 shares representing 12,856,840
gross voting rights (data on 29 February 2016).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160414006068/en/
Pierre & VacancesInvestor Relations and Strategic
OperationsEmeline Lauté, +33 (0) 1 58 21 54
76info.fin@groupepvcp.comorPress RelationsValérie Lauthier,
+33 (0) 1 58 21 54 61valerie.lauthier@groupepvcp.com
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