Pierre & Vacances: 2016/2017 Full-Year Revenue
October 12 2017 - 11:40AM
Business Wire
2016/2017 revenue* up 5.8%
Regulatory News:
Pierre & Vacances (Paris:VAC):
1] Revenue
Euro millions 2016/2017
2015/2016 Evolution
Evolution on asame-structurebasis (**)
Evolutionexcluding stockeffects (***)
Tourism 469.0 453.3
+3.5% - Pierre & Vacances Tourisme Europe 246.1
233.8 +5.3% - Center Parcs Europe (*) 222.9 219.5 +1.5%
o/w accommodation turnover 294.1 290.0
+1.4% +2.4% - Pierre & Vacances Tourisme Europe
145.7 145.5 +0.1% +2.3% excluding Adagio -2.0% +1.2% - Center Parcs
Europe (*) 148.4 144.5 +2.7%
+2.4%
Property development 68.7
44.4 +54.9%
Total Q4 537.7
497.6 +8.1% +8.1% Tourism
1 302.6 1 253.4 +3.9% +3.0% - Pierre
& Vacances Tourisme Europe 637.9 609.4 +4.7% +2.8% - Center
Parcs Europe (*) 664.7 644.0 +3.2% +3.2%
o/w
accommodation turnover 822.5 811.4 +1.4%
+2.4% - Pierre & Vacances Tourisme Europe 390.1 392.5
-0.6% +1.6% excluding Adagio -1.3% +2.8% - Center Parcs Europe (*)
432.4 419.0 +3,2% +3.1%
Property development 203.7 170.8
+19.2%
Total Full Year 1 506.3
1 424.2 +5.8% +4.9%
* Including Villages Nature, for which revenue is
non-significant in 2016/2017
** Adjusted for the impact of the acquisition of La France du
Nord au Sud on 13 April 2016
*** Adjusted for the impact of:- the net reduction in the assets
operated in the PVTE division, due to the non-renewal of leases and
withdrawals from loss-making sites- the opening of Villages Nature
as of 1 September 2017.
Under IFRS accounting rules:
- Revenue in Q4 2016/2017 totalled €513.9
million (€460.0 million for the tourism businesses and €53.9
million for the property development business) compared with €483.6
million in Q4 2015/2016 (€445.9 million for tourism and €37.7
million for property development).
- Revenue over the full-year 2016/2017 stood
at €1,425.3 million (€1,273.3 million for the tourism businesses
and €152.0 million for the property development business) compared
with €1,372.6 million in 2015/2016 (€1,225.8 million for tourism
and €146.8 million for property development).
Q4 2016/2017:
Revenue in the tourism business totalled €469.0 million, up
3.5% relative to the year-earlier period.
Accommodation revenue stood at €294.1 million, up 2.4%
adjusted for supply effects, stemming primarily from higher average
letting rates.
- Pierre & Vacances Tourisme Europe
contributed €145.7 million, up 2.3% excluding supply effects.The
Adagio residences restored high growth of 6.5% after a sluggish
performance over the first nine months of the year.In other
destinations, revenue rose by 1.2% excluding supply effects,
bearing in mind that summer 2016 provided a demanding reference
base. This growth was driven by both seaside destinations,
benefiting from an average occupancy rate of more than 85% over the
summer period and healthy performances by the Spanish residences,
and the mountain destinations.
- Center Parcs Europe contributed €148.0
million, up 2.4%, driven by the Domains in Germany (+6.1%), the
Netherlands (+3.0%) and Belgium (+2.2%).
2016/2017:
Revenue from the tourism businesses totalled €1,302.6 million,
up 3.9% (+3.0% same-scope) relative to the previous
year.
Accommodation revenue rose by 2.4% excluding supply
effects, driven by growth of 3% in revenue in all tourism
destinations (excluding city residences). The recent recovery in
revenue at the Adagio residences, which seems to be taking shape in
view of reservations to date in Q1 2017/2018, helped offset a more
difficult start to the year against a backdrop of persistent
terrorist threats and attacks.
Supplementary income (which includes business volumes
generated by marketing activities) was up 5.9% on a same
scope-of-consolidation basis. This growth concerned both Pierre
& Vacances Tourisme Europe (+8.6%), driven by the development
of maeva.com and international marketing mandates, and Center Parcs
Europe (+3.2%).
- Property development
revenueQ4 2016/2017 property development revenue stood
at €68.7 million, stemming primarily from the contribution of the
extension of the Domaine des Trois Forêts in Moselle-Lorraine
(€15.6 million), Villages Nature Paris (€8.7 million), PV Méribel
(€3.8 million), and the Seniorales residences (€24.2
million).Over 2016/2017, revenue represented €203.7 million
(slightly higher than expected).Property reservations with
individual investors represented business volume of €311.5 million,
corresponding to a similar pace of sales as the year-earlier
period.
2] Outlook
- Full-year 2016/2017 earningsFor
Villages Nature, the expenses booked for the year are non-recurring
for an operating loss of €13 million due to the delay in the
opening and surplus property costs of around €24 million stemming
from additional execution time-frames and costs, as well as
complementary qualitative measures. However, the success of the
concept with French and foreign customers adds weight to the target
for an annual contribution to tourism operating profit of more than
€10 million at cruising speed.Excluding exceptional costs
associated with Villages Nature, underlying operating profit for
2016/2017 is set to grow sharply relative to the 2015/2016 figure,
reflecting healthy performances by both the tourism and property
businesses.Stronger momentum in Group tourism and developments of
new projects in France and abroad represent attractive prospects
for the future.
- Q1 2017/2018 revenueThe
portfolio of reservations to date for Q1 2017/2018 confirms ongoing
growth in like-for-like tourism businesses, at both Pierre &
Vacances Tourisme Europe and Center Parcs Europe.
* The revenue and financial indicators commented on in this
press release stem from operating reporting with the presentation
of joint-ventures under proportional consolidation.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171012005860/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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