Groupe Pierre & Vacances-Center Parcs: 2015/2016 Full-Year Revenue
October 13 2016 - 11:38AM
Business Wire
Regulatory News:
Groupe Pierre & Vacances-Center Parcs (Paris:VAC):
- Revenue1 from tourism
businesses up 5%2 over the year
- Property development turnover in
line with the phasing of programmes
- Sharp growth in property
reservations
1] Revenue
The revenue and financial indicators commented on in this press
release stem from operating reporting with the presentation of
joint-ventures under proportional consolidation.
Euro millions
2015/2016 2014/2015
Evolutions
Evolution on asame-structurebasis (*)
Accommodationturnover evolutionexcluding
stockeffects (**)
Tourism 453.3
431.6 +5.0%
+2.3% - Pierre & Vacances Tourisme Europe
233.8 223.4 +4.6% -0.4% - Center Parcs Europe 219.5 208.2 +5.4%
+5.4%
o/w accommodation
turnover 290.0 289.9 +0.0% +1.5%
excluding Adagio +1.6% +3.6% - Pierre &
Vacances Tourisme Europe 145.5 151.6 -4.0% -1.4% excluding Adagio
-1.9% +2.3% - Center Parcs Europe 144.5 138.3 +4.5% +4.5%
Property development 44.4
39.2 +13.2%
Total Q4
497.6 470.8
+5.7% +3.2%
Tourism 1 253.4 1 180.7 +6.2%
+5.0% - Pierre & Vacances Tourisme Europe 609.4 594.5
+2.5% +0.3% - Center Parcs Europe 644.0 586.2 +9.9% +9.9%
o/w accommodation turnover 811.4
779.9 +4.0% +2.5% excluding Adagio
+6.6% +5.1% - Pierre & Vacances Tourisme Europe
392.5 401.6 -2.3% +0.3% excluding Adagio +0.3% +5.8% - Center Parcs
Europe 419.0 378.3 +10.8% +4.7%
Property
development 170.8 255.6 -33.2%
Total
Full Year 1 424.2
1 436.3 -0.8%
-1.7%
*Adjustment for the impact of the acquisition on 13 April 2016
of "La France du Nord au Sud", a recognised player in the market of
online distribution of holiday rentals in France and Spain.
**Adjustment for the impact on accommodation revenue:
- of the net reduction in the portfolio
operated in the PVTE division, due to the non-renewal of leases
(seaside sites primarily in Q4) and withdrawals from loss-making
sites.
- the opening of Domaine Center Parcs du Bois
aux Daims (as of July 2015)
Under IFRS standards:
- Revenue for the fourth quarter of 2015/2016
totalled €483.6 million (€445.9 million for the tourism businesses
and €37.7 million for the property development businesses) compared
with €463.2 million on a same-structure basis in Q4 2014/2015
(€435.5 million for tourism and €27.7 million for property
development).
- Full-year 2015/2016 turnover totalled
€1,372.6 million (€1,225.8 million for the tourism businesses and
€146.8 million for the property businesses), compared with €1,395.6
million on a same-structure basis for 2014/2015 (€1,168.9 million
for tourism and €226.7m for property development).
In Q4 2015/2016:
Revenue from the tourism businesses rose 5% to €453.3
million (+2.3% on a same-structure basis) relative to Q4 of the
previous year, in a backdrop in France significantly affected by
terrorist threats and action.
Accommodation turnover rose 1.5% to €290.0 million,
adjusted for supply effects and 3.6% excluding Adagio, even
though the summer of 2015 was a high reference basis.
- Pierre & Vacances Tourisme Europe
contributed €145.5 million, up 2.3% excluding supply effects and
Adagio. This growth was driven by the healthy performances from
seaside destinations (+2.7%), which benefited notably from momentum
at the Spanish residences, growth in net average letting rates and
high occupancy rates (84%).With more tourist than business
customers over the summer period, Adagio continued to suffer from
the backdrop in France (near -10% decline in sales over the brand's
entire scope).
- Center Parcs Europe contributed €144.5
million, up 4.5%, driven by increased activity at the Domains
located in the Netherlands, Germany and Belgium (+6.8%). Net
average letting rates rose 6.1% for all of the Domains.
For the full-year 2015/2016:
Revenue from the tourism businesses totalled €1,253.4 million,
up 6.2% (+5.0% on a same-structure basis) relative to the
previous year.
Accommodation turnover rose 4.0% (vs. +2.2% in
2014/2015), on the back of higher net average letting rates
(+2.9%) and the number of nights sold (+1.1%).
All destinations excluding city residences contributed to
growth, which stood at 5.1% excluding supply effects: +4.9%
in seaside destinations, +6.6% at mountain resorts, +10.3% in the
French West Indies and +4.7% at the Center Parcs Domains.
International customers accounted for 54% of the Group's
accommodation turnover, up 3.4% relative to the previous year (vs.
a +4.8% increase for French customers).
Supplementary income rose 10.3%, benefiting in particular
from the integration of La France du Nord au Sud (€15.2 million
over the period). On a same-structure basis, growth remained robust
(+6.8%) with healthy performances from the leisure and catering
activities at the Center Parcs Domains and from Pierre &
Vacances marketing mandates.
- Property development
revenue
In Q4 2015/2016, property development turnover stood at
€44.4 million, primarily stemming from the contribution from
Villages Nature (€5.4 million), Deauville (€2.9 million), the
extension of the Domaine des Trois Forêts in Moselle-Lorraine (€2.8
million) and the Senioriales residences (€19.4 million).
Over 2015/2016, revenue totalled €170.8m, in line with
forecasts.
Property reservations recorded to date with individual
investors represent a volume of €329 million (1,491 units), a sharp
increase relative to the level seen during the previous year (€218
million for 1,109 units). Reservations are benefiting from the
success of Villages Nature, but also from the development of sales
to individuals of Center Parcs cottages in the Dutch and German
markets.
2] Outlook
In view of the portfolio of reservations to date, revenue from
the tourism businesses is set to grow during Q1 2016/2017, driven
by business at all of the Center Parcs Domains and by good
performances at the seaside destinations for Pierre & Vacances
Tourisme Europe.
1 The revenue and financial indicators commented on in this
press release stem from operating reporting with the presentation
of joint-ventures under proportional consolidation.2 Excluding the
impact of the acquisition of "La France du Nord au Sud"
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161013005999/en/
For further information:Investor 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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