Groupe Pierre & Vacances-Center Parcs: Revenue for the First Quarter of the Year Ending 30 September 2017
January 17 2017 - 11:40AM
Business Wire
Revenue1 up 9% in Q1 2016/2017
Regulatory News:
Groupe Pierre & Vacances-Center Parcs (Paris:VAC):
1] First quarter 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 2016/2017
2015/2016 Evolution
Evolution on a same-structure basis
(*)
Tourism 241.2 230.6
+4.6% +3.9% - Pierre & Vacances Tourisme
Europe 91.9 90.1 +2.0% +0.3% - Center Parcs Europe 149.4 140.5
+6.3% +6.3%
o/w accommodation turnover 158.4 152.3
+4.0% excluding Adagio +6.3% - Pierre &
Vacances Tourisme Europe 60.4 61.0 -0.9%
excluding Adagio
+2.9% - Center Parcs Europe 97.9 91.3 +7.3%
Property development 49.6
36.5 +36.2%
Total Q1 290.9
267.0 +8.9% +8.3%
(*) 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.
Under IFRS accounting rules, revenue for the first quarter of
2016/2017 totalled €275.2 million (€234.2 million for the tourism
businesses and €41.0 million for the property development
business), compared with €252.4 million in Q1 2015/2016 (€224.0
million for tourism and €28.4 million for property
development).
Q1 2016/2017 revenue from the tourism businesses stood at
€241.2 million, up 4.6% (+3.9% same-structure) relative to
Q1 2015/2016.
Accommodation revenue totalled €158.4 million, up
4.0% stemming primarily from a rise in net average letting
rates (+3.7%).
- Pierre & Vacances Tourisme Europe
(PVTE) contributed €60.4 million, a 2.9% increase excluding Adagio,
benefiting from a rise in the number of nights sold (+2.0%) and
growth in net average letting rates (+0.9%).This growth was driven
by the seaside destinations (mainland France, French West Indies
and Spain), which rose by 12.3% or 5.0% excluding supply
effects2.Revenue from the mountain sites was virtually stable
excluding the impact of the decline in the network operated under
the framework of lease renewals, and despite a lack of snowfall.The
Adagio residences business, which accounts for more than half of
PVTE's accommodation revenue in Q1, was down 3.8%. The decline in
revenue was concentrated in October and the first two weeks of
November, which were not affected by the terrorist attack of 13
November 2015. In contrast, revenue rose in December, albeit in a
backdrop still affected by terrorist threats.
- Center Parcs Europe contributed €97.9
million in revenue, up 7.3% relative to Q1 2015/2016,
primarily due to a price effect (+8.4%).Growth was driven by the
French domains (+8.0%) and all off the domains located in the
Netherlands, Germany and Belgium (+6.9%).
Revenue from other tourism businesses rose by 5.8% and
3.8% on a same-structure basis. This growth concerned both Pierre
& Vacances Tourisme Europe (+7.9% and +2.5% same-structure),
with good performances from marketing mandates, and Center Parcs
Europe (+4.6%).
- Property development
turnover
Q1 2016/2017 property development revenue stood at
€49.6 million, up 36% relative to Q1 2015/2016 and was mainly
driven by the contribution from the extension to the Domaine des
Trois Forêts in Moselle-Lorraine (€12.0 million), Villages Nature
(€5.9 million) and the Senioriales residences (€14.5 million).
Property reservations booked in Q1 with individual
investors were also higher, representing revenue of €91.8 million
vs. € 81.7 million in the year-earlier period (i.e. +12%).
2] Outlook
In view of the revenue booked in Q1 and reservations to date,
the Group is currently expecting growth in tourism revenue in H1
2016/2017 relative to H1 2015/2016, excluding supply effects3 and
adjusted for calendar effects4.
H1 2016/2017 property development revenue should be higher than
the level seen in H1 2015/2016.
1 The revenue and financial indicators commented on in this
press release stem from operating reporting with the presentation
of joint-ventures under proportional consolidation2 Net growth in
the network operated prompted by development of the offering in
Spain3 The impact of the reduction in the offer in mountain
destinations on accommodation revenue is likely to be high in Q2 of
the year given the weight of revenue generated in this destination
during this period.4 Shift in school holidays from March in 2016 to
April in 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170117006025/en/
Groupe Pierre & Vacances-Center ParcsInvestor
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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