Regulatory News:
1. The Pierre & Vacances-Center Parcs Group
(Paris:VAC) recorded a 31% increase in adjusted
EBITDA1 for the first half of 2024 (+€14 million)
excluding the impact of non-recurring income recognised in the
first half of the year2, or +54% (+€25 million) on an unadjusted
basis.
2. The Group's robust first-half operating performance
enables it to raise full-year 2024 guidance, to now expect
adjusted EBITDA of at least €160 million excluding the impact
of non-recurring items, or €170 million on an unadjusted basis, vs.
€145/150 million announced previously3, a year ahead of the
business plan drawn up in March 2022.
3. On the strength of these results, which follow the
healthy performances recorded over the past two years, the
Group:
a) confirms the relevance of the strategic
directions of the ReInvention plan and is stepping up growth
momentum around five value-creating pillars:
- Acting for positive impact local tourism.
- Investing in an immersive customer experience, based on
innovative technology and an enhanced service culture.
- Developing the network with a dominant asset-light share
(management and franchise contracts).
- Reducing our cost structure.
- Making our brands autonomous and responsible growth
pillars.
b) obtains, on 29 May 2024, approval from
its lenders to refinance its corporate debt (early redemption
of €328 million and implementation of an RCF4 of €205 million
planned for the second half of the year), thus definitively
turning the page on its financial restructuring, finalised in
September 2022.
c) upgrades its five-year targets5
with:
- A Group revenue target of €2 billion for 2026 (of which
€1,960 million for the tourism businesses) and of €2,180 million
for 2028 (of which €2,130 million for the tourism
businesses).
- A Group adjusted EBITDA target of €200 million for 2026 and
€220 million for 2028, generating an operating margin of
10%.
- An investment forecast of more than €750 million
(excluding new developments), of which €550 million in capex
financed by the Group and more than €200 million by owner lessors
and other third-party partners.
- A target operating cash flow6/adjusted EBITDA ratio
of 40% on average over 2024-2028.
Franck Gervais, CEO of the Pierre & Vacances-Center Parcs
Group, stated:
"Thanks to its unique positioning as a leader in local tourism
and underpinned by the strength of its four brands, the Pierre
& Vacances-Center Parcs Group is consolidating its earnings
growth with higher performances for the fifth consecutive half-year
period. With our EBITDA forecast revised upwards to €170 million
for the full year 2024, we are exceeding the targets set out in our
ReInvention plan a year ahead of schedule, and our goal is to
achieve record operating profitability of 10% on revenue of €2
billion by 2026. The successful implementation of our new financing
structure, less than two years after the completion of our
restructuring operations, also testifies to the confidence of our
banking partners in our business model and strategic directions. On
the strength of these achievements and the commitment of our teams,
we have all the cards in hand to go beyond our initial objectives
and offer our guests a reinvented tourism that is more sustainable,
100% experiential, modern and value-creating".
I. Main events
Refinancing of corporate debt
Less than two years after the completion of the Group's
Restructuring Transactions on 16 September 2022, and buoyed by the
strong operating performances recorded since then, on 29 May 2024,
the Group obtained approvals from its lenders to refinance its
corporate debt:
- During the second half of the year, the
Group is set to voluntarily redeem its reinstalled debt ahead of
schedule with a principal amount of €303 million, as well as its
state-guaranteed loan with a principal amount of €25 million, using
available cash. The main benefits of this repayment will be the
lifting of the security trust granted as part of the Restructuring
Transactions of 16 September 2022, as well as the easing of certain
covenants and financial undertakings.
- To maintain the Group's flexibility in
meeting its seasonal cash requirements, part of this debt will be
refinanced in the form of a revolving credit facility (RCF) of €205
million, maturing in 2029, from its historical lenders, BNP
Paribas, CACIB and Natixis as bookrunners and mandated arrangers,
and CIC, BNP Paribas Fortis, La Banque Postale, LCL and SG as
mandated arrangers. The facility will bear interest at 3-month
EURIBOR plus a margin of 3.25% p.a. (which may be revised downwards
depending on compliance with financial ratios). The RCF will be
secured by a pledge on 100% of CP Europe NV shares and shares of
the main subsidiaries of CP Holding and CP Europe NV, as well as by
a pledge on the receivables of PV SA in respect of the intra-group
loans that will be granted to its subsidiaries using the RCF.
German government aid
During the first half of 2023/2024, the Group finalised its
application for government aid from the German authorities, leading
it to record a subsidy in respect of the Covid-19 pandemic for an
amount net of ancillary costs of €10.9 million.
Disposal of Seniorales lease operation activities
On 28 December 2023, the Group completed the disposal of its
loss-making businesses operated by lease for 29 Seniorales
residences to the ACAPACE Group, which owns the Jardins d’Arcadie
(residences for the elderly) and Sandaya (open-air hotels). ACAPACE
has taken over this scope with effect from 1 January 2024.
II. First-half 2023/2024 results (1 October 2023 - 31 March
2024) according to operational reporting
To reflect the operational reality of the Group's businesses
and the readability of their performance, the Group's financial
communication, in line with operational reporting as monitored by
management, continues to include the results of joint ventures on a
proportional basis and does not include the application of IFRS
16.
The Group’s results are also presented according to the
following operational sectors defined in compliance with the IFRS 8
standard7, i.e.:
- Center Parcs covering operation of
the Domains marketed under the Center Parcs, Sunparks and Villages
Nature brands, and the building/renovation activities for tourism
assets and property marketing.
- Pierre & Vacances covering the
tourism businesses operated in France and Spain under the Pierre
& Vacances brand, the property development business in Spain
and the Asset Management business line (responsible notably for
relations with individual and institutional lessors).
- maeva.com (included in the Pierre
& Vacances8 business line until 30 September 2023), a
distribution and services platform, operating the maeva.com,
Campings maeva, maeva Home and La France du Nord au Sud brands on
the French market and the Vacansoleil brand on European
markets.
- Adagio, covering operation of the
city residences leased by the Pierre & Vacances-Center Parcs
Group and entrusted to the Adagio SAS joint venture under
management mandates, as well as operation of the sites directly
leased by the joint venture.
- an operational sector covering the Major
Projects business line responsible for construction and
development of new assets on behalf of the Group in France, and
Senioriales, the subsidiary specialised in property
development and operation of non-medicalised residences for
independent elderly people.
- the Corporate operational segment
housing primarily the holding company activities.
The Group’s operational reporting is presented in Note 3 -
Information by operational segment in the Appendix to the
consolidated half-year financial statements. A reconciliation table
with the primary financial statements is presented hereafter.
2.1. Consolidated revenue according to operational
reporting
€m
H1 2024 Operational
reporting
H1 2023 Operational
reporting
Change
Center Parcs
494.9
494.9
+0.0%
of which: Revenue from tourism
businesses
479.0
436.7
+9.7%
o/w accommodation revenue
372.2
340.5
+9.3%
Pierre & Vacances
158.8
148.1*
+7.2%
of which: Revenue from tourism
businesses
158.8
148.1
+7.2%
o/w accommodation revenue
130.5
119.9
+8.8%
Adagio
105.8
99.2
+6.6%
of which: Revenue from tourism
businesses
105.8
99.2
+6.6%
o/w accommodation revenue
94.7
89.6
+5.7%
maeva.com
23.9
20.7
+15.3%
of which: Revenue from tourism
businesses
23.9
20.7
+15.3%
Major Projects & Senioriales
38.2
44.9
-14.9%
Corporate
0.6
1.0
-38.8%
Total
822.2
808.8
+1.7%
Revenue from tourism businesses
767.5
704.7
+8.9%
Accommodation revenue
597.4
550.1
+8.6%
Supplementary income
170.2
154.7
+10.0%
Other revenue
54.7
104.1
-47.4%
*Restated for the externalisation of the maeva.com operating
segment
Revenue from the tourism
businesses
Following a 5.9% rise in revenue in the first quarter of
2023/2024, the Group stepped up the pace of growth in the second
quarter, with an 11.8% increase in revenue, bringing total tourism
revenue for the first half to €767.5 million (up 8.9%).
Accommodation revenue
Change in operational KPIs
RevPar
Average letting rates
(by night, for accommodation)
Number of nights sold
Occupancy rate
€ (excl. tax)
Chg. % N-1
€ (excl. tax)
Chg. % N-1
Units
Chg. % N-1
Chg. Pts N-1
Chg. N-1
Center Parcs
117.8
+6.4%
165.5
+7.5%
2,248 981
+1.6%
71.2%
-0.8 pt
Pierre & Vacances
80.1
+11.4%
134.9
-0.3%
966,911
+9.1%
67.4%
+6.2 pts
Adagio
72.6
+3.0%
103.3
+6.5%
917,263
-0.8%
70.8%
-2.6 pts
H1 2023/24
98.0
+7.2%
144.5
+5.7%
4,133 155
+2.7%
70.1%
+0.8 pt
Accommodation revenue totalled €597.4 million during the
first half of 2023/2024, up 8.6% relative to the year-earlier
period.
Growth in revenue was driven by the rise in average letting
rates (+5.7%) and the number of nights sold (+2.7%).
The occupancy rate was up by 0.8 points to 70.1% over the period
(vs. 69.3% in H1 2022/2023).
RevPar9 was up 7.2% compared with H1 2022/2023.
All brands contributed to the increase in revenue:
- Center Parcs: +9.3%
Growth was driven by the Domains in the BNG10 region and was
boosted by a rise in average selling prices (+7.5%) thanks to the
premiumisation strategy and park renovation works, and by a rise in
the number of nights sold (+1.6%).
Business at the French Domains was penalised by the partial
unavailability of cottages at Domaine des Hauts de Bruyères and
Domaine des Bois Francs, which were being renovated during the
first half.
The occupancy rate was down by 0.8 points to 71.2% over the
period.
RevPar was up 6.4%.
- Pierre & Vacances: +8.8%
Revenue at the brand was higher in both France and Spain.
- Revenue from the residences in
France increased by 5.7%, despite a reduction11 in the stock
operated by lease (-5.4% of nights offered relative to H1 of the
previous period). On a constant stock basis, revenue was up (RevPar
up 11.7%). Average price rose by 2.8% and occupancy rates by 5.1%
to 71.2%.
- Revenue from the residences in Spain
was up sharply (+41.4%), driven by both average letting rates
(+7.1%) and a higher occupancy rate (+10.8 points). RevPar was up
33.0%.
All destinations combined, the P&V brand recorded
growth in the occupancy rate of 6.2 points to 67.4%.
Average selling prices were stable over H1 (-0.3%), due to a
less favourable mix effect (strong growth in revenue from seaside
destinations (+15.1%), with lower average prices than mountain
sites).
RevPar was up 11.4%.
- Adagio: +5.7%
Aparthotel revenue rose by 5.7% in the first half, driven by a
6.5% increase in average selling prices.
The occupancy rate fell by 2.6 points to 70.8% (significant base
effect with an occupancy rate up 8 points in the first half of
2022/2023 following the rebound in post-Covid activity).
RevPar was up 3.0%.
Supplementary income12:
H1 supplementary income totalled €170.2 million, up 10.0%
relative to H1 of the previous year, driven by higher onsite
sales (+13.0%) reflecting our strategy to round out the offer and
growth in the maeva.com management and distribution business
(+15.3% over the half-year period).
Other revenue:
H1 2023/2024 revenue from other businesses totalled €54.7
million compared with €104.1 million in H1 2022/2023 (decline with
no significant impact on EBITDA), primarily made up of:
- Renovation operations at Center Parcs
Domains on behalf of owner-lessors, for 15,9 million (compared with
58.2 million in H1 2022/2023).
- Les Seniorales for 20.8 million (vs. 33.3
million in H1 2022/2023).
- the Major Projects business line: €17.4
million (of which €15.7 million related to the extension of the
Villages Nature Paris domain) (vs. €11.6 million in H1
2022/2023).
2.2 Results according to operational reporting
NB: The seasonal nature of the Group’s business in the first
half of the year and the linear accounting of expenses lead to a
structural operating loss during the period.
€ millions
H1 2024
Operational reporting
H1 2023
Operational reporting
Revenue
822.2
808.8
Adjusted EBITDA
-21.4
-46.8
H1 2024 adjusted EBITDA
excluding non-recurring items13
-32.3
Center Parcs
1.1
-4.6
Pierre & Vacances
-5.0
-14.7
maeva
-2.8
-2.6
Adagio
2.6
0.5
Major Projects &
Senioriales
-12.2
-22.6
Corporate
-5.2
-2.8
Current operating profit (loss)
-53.4
-70.4
Financial income and expense
-4.2
-14.0
Other operating income and expense
-14.9
-8.7
Share of profit (loss) of equity-accounted
investments
-
-0.1
Taxes
-9.9
-0.1
Net Profit (loss)
-82.4
-93.1
Adjusted EBITDA for the first half of 2023/2024 stood at
-€21.4 million, improving by €25.4m (+54%) relative to the first
half of 2022/2023 (loss reduced by more than half).
The Group benefited from growth in its tourism businesses (+€63
million in revenue compared with the first half of the previous
year), as well as its ongoing savings plan, with a target of €50
million in savings over the full-year 2024 (compared with €38
million in 2023), 95% of which has already been validated or
committed to date.
Adjusted EBITDA of -€21.4 million for the first half of 2024
also included non-recurring income of €10.9 million corresponding
to additional German government aid for the Covid-19 pandemic.
Adjusted for the impact of these non-recurring items, Group
adjusted EBITDA in the first half of 2024 was up by €14.5 million
(+31%) relative to H1 2023.
Net financial expenses amounted to €4.2 million in the
first half of 2023/2024, down €9.8 million compared with the first
half of 2022/2023 in view of income from financial investments,
which more than offset the rise in interest rates on gross
debt.
Other net operational expenses represented €14.9 million
in H1 2023/2024, primarily including:
- costs incurred (mainly fees and staff
costs) under the framework of the Group’s transformation projects
and the closure of certain sites for €9.8 million.
- a €3.7 million expense related to the
booking under IFRS2 of bonus share allocation plans implemented at
the same time as the Group’s Restructuring operations.
Tax expenses amounted to €9.9 million, stemming primarily
from a tax expense due in Germany and the Netherlands.
The Group’s net loss totalled €82.4 million, an 11.5%
improvement relative to the net loss seen in H1 2023.
2.3. Balance sheet items and net financial debt according to
operational reporting
Simplified balance sheet
€ millions
31 March 2024
Operational reporting
30 Sept. 2023
Operational reporting
Change
Goodwill
142.5
140.1
2.4
Net fixed assets
484.2
504.7
-20.5
Lease assets
95.7
70.2
25.5
TOTAL USES
722.3
714.9
7.4
Share capital
141.2
212.7
-71.5
Provisions for risks and charges
50.3
71.0
-20.7
Net financial debt
44.6
-79.0
123.6
Debt related to lease assets
obligations
115.5
116.8
-1.3
WCR and others
370.7
393.4
-22.7
TOTAL RESOURCES
722.3
714.9
7.4
Net financial debt
€ millions
31 March 2024
30 Sept. 2023
Change
Gross financial liabilities
389.9
389.8
0.1
Cash
-345.3
-468.8
123.5
Net financial debt
44.6
-79.0
123.6
The seasonal nature of the tourism businesses causes structural
cash burn during the first half of the year.
Gross financial debt on 31 March 2024 (€389.9 million)
therefore corresponded mainly to:
- the debt reinstalled on 16 September 2022 for a total amount of
€302.5 million (maturing in September 2027) corresponding to:
- a term loan for a nominal amount of €174.0
million, bearing interest at the 3-month Euribor rate plus a margin
of 3.75%.
- a term loan for a nominal amount of €123.8
million, bearing interest at the 3-month Euribor rate plus a margin
of 2.50%.
- a bond loan in the form of a Euro PP
private placement, unlisted for a nominal amount of €1.8 million,
bearing interest at the 3-month Euribor rate plus a margin of
4.25%.
- a bond loan in the form of a Euro PP
private placement, unlisted for a nominal amount of €2.9 million,
bearing interest at the 3-month Euribor rate plus a margin of
3.90%.
- the remainder of the state-guaranteed loan for €25.0
million.
- loans taken out by the Group as part of its financing of
property development programmes destined to be sold off for €59
million (of which €44.5 million for the Center Parcs programme in
the Lot-et-Garonne and €12.5 million for the Avoriaz
programme).
- sundry bank loans for €1.7 million.
- accrued interest for €0.9 million.
- deposits and guarantees for €0.7 million.
Bank ratios
The debt covenants reinstated as part of the Group's
Restructuring and Refinancing operations require compliance with
three financial ratios: the first compares the Group's net debt
with consolidated adjusted EBITDA every six months, the second
verifies a minimum cash position at the end of the half-year period
and the last verifies a maximum annual CAPEX. As of 31 March 2024,
these covenants were respected.
III. Outlook
Upward revision to financial forecasts for 2023/2024
In a market context more in line with conditions prevailing
before the Covid crisis (end to "revenge travel" phenomenon), with
a rise in last-minute bookings in particular, the Group expects
business to return to normal in the second half of the year. The
portfolio of tourism reservations to date represents almost 70% of
the budgeted revenue target for the second half of 2023/2024, an
achievement rate comparable to the year-earlier period.
Underpinned by sales momentum in the first half of the year and
the extent to which cost savings have been secured, the Group has
raised its guidance for 2023/2024, to expect adjusted
EBITDA of at least €160 million excluding the impact of
non-recurring items (or €170 million on an unadjusted basis), vs.
€145/150 million announced previously14, a year ahead of the
business plan drawn up in March 2022.
Targets for 2028 revised upwards
On the strength of these first-half results, which follow the
healthy performances recorded over the past two years, the Group
has raised its five-year targets to expect:
- A Group revenue target of €2 billion in
2026 (of which €1,960 million for the tourism businesses) and
€2,180 million in 2028 (of which €2,130 million for its tourism
businesses),
- A Group adjusted EBITDA target of €200
million in 2026 and €220 million in 2028, generating an operating
margin of 10%,
- An investment forecast of more than €750
million (excluding new developments), of which €550 million in
capex financed by the Group and more than €200 million by owner
lessors and other third-party partners,
- A target operating cash flow/adjusted
EBITDA ratio of 40% on average over 2024-2028.
These new targets, and the growth drivers behind them, will be
discussed at the Group's Capital Markets Day on 30 May 2024.
IV. Appendix: Reconciliation table
The Group’s financial communication is in line with operational
reporting, which is more representative of the performances and
economic reality of the contribution of each of the Group’s
businesses i.e.:
- excluding the impact of IFRS 16 application
for all financial statements. Indeed, in the Group’s internal
financial reporting, rental expenses are recognised as an operating
expense. In contrast, under IFRS 16, rental expenses are replaced
by financial interest and the straight-line depreciation expense
over the lease term of the right of use. The rental savings
obtained from the lessors are not recognised in the income
statement but are deducted from the value of the right of use and
the rental obligation, thus reducing the depreciation and financial
costs to be recognised over the remaining term of the leases.
- with the presentation of joint undertakings
according to the proportional consolidation method (i.e. excluding
application of IFRS 11) for profit and loss items.
The Group's operational reporting as monitored by management, in
accordance with IFRS 8, is presented in Note 3 - Information by
operating segment to the consolidated financial statements as at 31
March 2024.
The reconciliation table with the primary financial statements
are therefore set out below.
Income statement
(€ millions)
H1 2024
Operational reporting
IFRS 11 adjustments
Impact of IFRS 16
H1 2024
IFRS
Revenue
822.2
-32.5
-11.2
778.6
External purchases and
services
-594.5
+21.7
+208.5
-364.3
of which cost of sales of
property assets
-29.8
-
+11.2
-18.7
of which owner rents
-221.2
+3.6
+197.6
-20.0
Staff costs
-238.7
+8.0
-0.3
-231.0
Other operating income and
expense
8.5
-0.8
+1.1
+8.8
Depreciation, amortisation and
impairment
-50.9
+1.2
-118.5
-168.3
Current operating profit
(loss)
-53.4
-2.4
+79.6
23.7
Adjusted EBITDA
-21.4
-3.0
198.0
173.6
Other operating income and
expense
-14.9
+0.5
-0.4
-14.8
Financial income and expense
-4.2
-0.1
-96.1
-100.5
Equity associates
-
+0.1
+0.2
+0.3
Income tax
-9.9
+1.0
+1.4
-7.4
Profit (loss)
-82.4
-0.8
-15.4
-98.7
(€ millions)
H1 2023
Operational reporting
IFRS 11 adjustments
Impact of IFRS 16
H1 2023
IFRS
Revenue
808.8
-41.4
-25.6
741.8
External purchases and
services
-609.8
+28.4
+227.1
-354.3
of which cost of sales of
property assets
-57.7
+25.6
32.1
of which owner rents
-217.0
+2.6
+197.9
16.4
Staff costs
-212.8
+7.5
-
-205.3
Other operating income and
expense
-10.0
-
-1.0
-11.1
Depreciation, amortisation and
impairment
-46.5
+1.0
-102.2
-147.7
Current operating profit
(loss)
-70.4
-4.5
+98.3
23.4
Adjusted EBITDA
-46.8
-5.0
+200.5
148.7
Other operating income and
expense
-8.7
-
-
-8.7
Financial income and expense
-14.0
+0.8
-107.8
-121.0
Equity associates
-0.1
-1.2
+0.1
-1.2
Income tax
-0.1
+1.2
+1.9
3.0
Profit (loss)
-93.1
-3.7
-7.6
-104.4
Group revenue under IFRS accounting totalled €778. 6 million, up
5% compared with the year-earlier period. Revenue was up across all
brands with a rise in average letting rates and higher occupancy
rates.
The Group net loss amounted to €98.7 million euros, an
improvement of €5.7 million compared to the first half of the
previous financial year, including, in addition to EBITDA of €173.6
million, net depreciation and provisions of €168.3 million and
financial expenses of €100.5 million.
Balance sheet
(€ millions)
H1 2024
Operational reporting
Impact of IFRS 16
H1 2024
IFRS
Goodwill
142.5
-
142.5
Net fixed assets
484.2
-3.9
480.3
Lease/right of use assets
95.7
+2,426.3
2,522.0
Uses
722.3
+2,422.4
3,144.7
Share capital
141.2
-654.5
-513.3
Provisions for risks and
charges
50.3
-0.1
50.2
Net financial debt
44.6
-
44.6
Debt related to lease
assets/liabilities
115.5
+ 3,148.8
3,264.3
WCR and others
370.7
-71.8
298.9
Resources
722.3
+2,422.4
3,144.7
(€ millions)
30 September 2023
Operational reporting
Impact of IFRS 16
30 September 2023
IFRS
Goodwill
140.1
-
140.1
Net fixed assets
504.7
-29.9
474.8
Lease/right of use assets
70.2
+2,492.2
2,562.4
Uses
714.9
+2,462.3
3,177.2
Share capital
212.7
-638.5
-425.8
Provisions for risks and
charges
71.0
-24.3
46.7
Net financial debt
-79.0
-
-79.0
Debt related to lease
assets/liabilities
116.8
+ 3,176.9
3,293.7
WCR and others
393.4
-51.8
341.6
Resources
714.9
+2,462.3
3,177.2
The Group’s balance sheet under IFRS reflected the
following:
- a decrease in shareholders' equity of €87.5 million, taking
into account the first-half net result, which is structurally
loss-making due to the seasonal nature of the Group's activities.
equity remained negative at 31 March 2024 due to the impact of IFRS
16, which has been applied retrospectively.
- a decline in net debt of €123.6 million, due to the structural
cash requirement generated in the first half of the year.
___________________________________________ 1Adjusted EBITDA =
current operating profit stemming from operational reporting
(consolidated operating income before other non-current operating
income and expense, excluding the impact of IFRS 11 and IFRS 16
accounting rules) adjusted for provisions and depreciation and
amortisation of fixed operating assets. Adjusted EBITDA therefore
includes the benefit of rental savings generated by the Villages
Nature project following the agreements signed in December 2022
(€10.9 million for 2023, €14.5 million for 2024, €12.4 million for
2025 and €4.0 million for 2026). 2 Recognition in the first half of
the 2023/2024 financial year of additional German government aid of
€10.9 million for the Covid-19 pandemic. 3 Forecast announced in a
press release on 1 December 2023. 4 Revolving Credit Facility 5
Data according to operational reporting. These targets are based on
data, assumptions and estimates considered reasonable by the Group
at the date they were established. These data, assumptions and
estimates are likely to change or be modified as a result of
uncertainties linked to the health, economic or financial
environment. The occurrence of one or more of the risks described
in chapter 2 "Risk factors" of the Universal Registration Document
could have an impact on the Group's businesses, financial position,
results or outlook, and therefore call into question its ability to
deliver its targets and forecasts. The Group therefore makes no
commitment and provides no guarantee as to the achievement of the
targets presented. 6 Operating cash flows after capex and before
non-recurring items and flows related to financing activities. 7
See page 186 of the Universal Registration Document, filed with the
AMF on 21 December 2023 and available on the www.groupepvcp.com 8
The Group has externalised the maeva.com operating segment in order
to improve the readability of the performance of this business line
and has consequently restated the historical comparative
information presented in this press release. 9 RevPar
=accommodation revenue divided by the number of nights offered 10
Belgium, Netherlands, Germany 11 Decrease in inventory due to
non-renewal of leases 12 Revenue from onsite activities (catering,
animation, stores, services etc.), co-ownership and multi-owner
fees and management mandates, marketing margins and revenue
generated by the maeva.com business line. 13 Restated for the
impact of additional income from German government aid for the
Covid-19 pandemic, recorded in the first half of 2023/24 for an
amount of €10.9 million. 14 Forecast announced in a press release
on 1 December 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529259040/en/
For further information:
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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