Pierre & Vacances: Revenue for the First Half of the Year Ending 30 September 2017
April 19 2017 - 11:40AM
Business Wire
First half 2016/2017 revenue up 5%1
Regulatory News:
Pierre & Vacances (Paris:VAC):
1] First half revenue
First half of FY 2016/17 is marked, for tourism businesses, by
the shift in the Easter school holidays from Q2 to Q3 of the year
(-€11 million in H1, offset by a catching-up effect in April) and,
to a lesser extent, by the reduction in the network operated (- €4
million).
Group tourism performances have thus to be analysed on a
like-for-like basis.
Euro millions 2016/2017
2015/2016 Evolutions
Evolutions on
a same-
structure
basis (*)
Evolutions on
a like-for-like
basis (**)
Tourism 291.5 291.2
+0.1% -3.1% - Pierre & Vacances Tourisme
Europe 168.5 161.3 +4.5% -1.4% - Center Parcs Europe 123.1 129.9
-5.3%
o/w accommodation turnover 176.5
186.9 -5.6% +2.6% - Pierre & Vacances
Tourisme Europe 99.3 103.5 -4.0% +2.6% Excluding Adagio +3.2% -
Center Parcs Europe 77.1 83.3 -7.4% +2.5%
Property
development 32.3 27.3 +18.2%
Total Q2
323.8 318.5 +1.7%
-1.3% Tourism 532.8 521.8 +2.1%
0.0% - Pierre & Vacances Tourisme Europe 260.3 251.4
+3.6% -0.9% - Center Parcs Europe 272.4 270.4 +0.7%
o/w
accommodation turnover 334.8 339.1 -1.3%
+3.2% - Pierre & Vacances Tourisme Europe 159.8 164.5
-2.9% +1.1% Excluding Adagio +3.0% - Center Parcs Europe 175.1
174.6 +0.2% +5.1%
Property development 81.9
63.8 +28.5%
Total H1 614.7
585.5 +5.0% +3.0%
* 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.
** On a like-for-like basis, revenue is adjusted for the impact
of:- the shift of Easter Weekend and some of the Easter holidays
from March in 2016 to April in 2017 (for Belgian, UK, German and
Spanish customers),- the net reduction in the network operated in
the PVTE scope, due to the non-renewal of leases (mountain resorts
mainly during H1) and the withdrawals from loss-making sites.
Under IFRS accounting rules, revenue for the first half of
2016/2017 totalled €586.9 million (€520.3 million for the tourism
businesses and €66.6 million for the property development
business), compared with €559.5 million in H1 2015/2016 (€509.5
million for tourism and €50.0 million for property development.
__________________________
1The revenue and financial indicators commented on in this press
release stem from operating reporting with the presentation of
joint-ventures under proportional consolidation.
- First half tourism revenue
H1 2016/2017 tourism revenue totalled €532.8 million,
up 2.1% relative to H1 2015/2016 and stable on a
same-structure basis.
Accommodation turnover came in at €334.8 million, up
3.2% on a like-for-like basis.
- Pierre & Vacances Tourisme Europe
contributed €159.8 million.
On a like-for-like basis, revenue rose by 1.1%, and 3% excluding
Adagio:
- Revenue at mountain resorts was up
5.4%, driven by a more than 5% increase in net average letting
rates and performances by premium residences.
- Revenue at seaside resorts
(metropolitan France and Spain) was virtually stable despite the
renovation works underway at certain villages.
- Revenue from Adagio residences was down
1.8%, primarily due to the period from 1 October to 15 November,
which in 2015 was not affected by the terrorist attacks. Revenue
rose during Q2 (+1.2%), confirmed by reservations to date for the
second half of the year.
- Center Parcs Europe contributed €175.1
million.
Like-for-like revenue rose by 5.1%, with a 3.7% increase for the
French domains and 6% for the Dutch, Belgian and Germany
domains.
Revenue from other tourism businesses rose by 8.4% and
2.1% on a same-structure basis. This growth concerned both Pierre
& Vacances Tourisme Europe (+2.5% same-scope), with healthy
performance from maeva.com, and Center Parcs Europe (+1.6%).
- First half revenue from property
development
H1 2016/2017 revenue from property development rose 28.5%
relative to the year-earlier period to stand at €81.9 million. This
was driven mainly by the contribution from the extension of the
Domaine des Trois Forêts in Moselle-Lorraine (€15.0 million),
Villages Nature (€9.9 million) and the Les Seniorales residences
(€26.5 million).
Property reservations recorded in the first half of the
year with individual investors totalled €154.9 million,
corresponding to a similar pace of sales as that seen during the
year-earlier period.
3] Outlook
- Prospective revenue in Q3
2016/2017
In view of the portfolio of reservations to date, the Group is
forecasting like-for-like growth in tourism revenue during Q3
2016/17 compared with the year-earlier period.
Revenue from property development revenue in Q3 2016/17 is set
to be lower than that seen in Q3 2015/16 in line with the phasing
of property programmes.
- First half and full year
earnings
In structural terms, the Group's first half earnings are
loss-making due to the seasonal nature of the tourism
businesses.
For 2016/17, first half earnings will not be representative of
the performances expected for the full year since they are set to
be affected by the following factors:
- The shift in the Easter school holidays
from H1 to H2.
- The contribution from Center Parcs
renovation programmes concentrated in H2.
- The integration of additional
construction costs for Villages Nature, prompted especially by the
shift in the opening from April 2016 to summer 2017.
In view of the positive outlook for tourism and property
activities in H2, and excluding additional costs for property and
the tourist pre-opening of Villages Nature, the Group confirms its
target for sharp growth in current operating profit during 2016/17
relative to that seen in 2015/16.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170419006074/en/
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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