Pierre & Vacances: 2017/2018 Revenue
October 11 2018 - 11:40AM
Business Wire
Revenue (*) from tourism
businesses up 4.1% over 2017/2018
Regulatory News:
Pierre & Vacances (Paris:VAC):
1] Revenue
Euro millions 2017/2018
2016/2017 Evolution
Evolutionexcluding stockeffects (**)
Tourism revenue 1356.5 1302.6
+4.1% Pierre & Vacances Tourisme Europe
659.7 637.9 +3.4% Center Parcs Europe (**)
696.8 664.7 +4.8%
o.w accommodation revenue 858.4
822.5 +4.4% +2.6% Pierre & Vacances
Tourisme Europe 400.1 390.1 +2.6% +3.8% Center Parcs Europe (**)
458.2 432.4 +6.0% +1.6%
Of which Q4 476.6
469.0 +1.6% Pierre & Vacances Tourisme Europe
247.8 246.1 +0.7% Center Parcs Europe (**) 228.8 222.9 +2.7%
o.w
accommodation revenue 302.5 294.1 +2.8%
+1.7% Pierre & Vacances Tourisme Europe 147.4 145.7
+1.2% +2.6% Center Parcs Europe (**) 155.1 148.4
+4.5% +0.8%
Property development revenue
166.5 203.7 -18.2% Of which
Q4 48.4 68.7 -29.6%
Total Group revenue 1523.0
1506.3 +1.1%
(**) Adjusted for the impact of:- at PVTE, the net reduction in
the network operated, due to the non-renewal of leases and
withdrawals from loss-making sites.- at CPE, the net increase in
the network operated, prompted by the opening of Villages Nature
Paris and the extension of the Center Parcs Domaine des Trois
Forêts. This increase in supply was partly offset by the partial
closure of Center Parcs Domains due to renovation works;**
Including Villages Nature Paris (€23.6m over the year and €8.2m
during Q4), o/w €15.7m in accommodation revenue (€5.8m over
Q4).
Under IFRS accounting rules, revenue for the full year 2017/2018
totalled €1434.7 million (€1300.8 million for the tourism
activities and €133.9 million for the property development
activities) compared with €1425.3 million in 2016/2017 (€1273.3
million for the tourism activities and €152.0 million for the
property activities).
Tourism revenue for the 2017/2018 financial year totalled
€1356.5 million, showing growth of 4.1% relative to the
year-earlier period.
Growth in accommodation revenue was driven by all
destinations, standing at 2.6% excluding supply effects:
+7.1% for the Adagio residences, which had an excellent performance
over the year, +2.2% for the seaside destinations, +1.0% for the
mountain resorts and +1.6% for the Center Parcs domains, with
growth in all destinations.
Supplementary income rose by 3.7%, driven primarily by
the rise in the volume of business generated by marketing
activities.
Focus on Q4 2017/2018:
Revenue from the tourism businesses totalled €476.6 million in
Q4 2017/2018, up 1.6% relative to Q4 in the previous
year.
Accommodation revenue stood at €302.5 million, up
1.7% adjusted for supply effects.
Growth was driven by healthy performances from the Adagio
residences that were up 7.9% over Q4.
For the other brands, revenue rose 0.7%, despite disadvantageous
events over the first two weeks of July (World Cup football
tournament and transport strikes), the heat wave and competition
from destinations in the Mediterranean Basin. This had the main
effect of causing pressure on average letting rates (for Spain
especially).
- Pierre & Vacances Tourisme Europe
was up 0.5% excluding Adagio. Revenue from the seaside resorts
(metropolitan France, French West Indies and Spain) was stable over
the summer, whereas the mountain resorts rose by 4.2%.
- Center Parcs Europe was up 0.8%
excluding supply effects, driven by the domains located in The
Netherlands, Germany and Belgium.
- Revenue from property
development
2017/2018 revenue totalled €166.5 million, with the main
contributions stemming from Les Senioriales (€85 million), Villages
Nature (€12 million) and Pierre & Vacances residences in France
(including Deauville and Méribel for €30 million) and Spain (€10
million).
Property reservations with individual investors for the
year represent revenue of €344.2 million, ahead of the level noted
in the year-earlier period (€311.5 million).
2] Outlook
Given the shift to 2018/19 of the significant contribution from
signings of block sales for renovation programmes at Center Parcs
domains in Belgium and the Netherlands, the Group is expecting
lower current operating income in 2017/2018 than in 2016/2017.
- Tourism businesses in Q1
2018/2019
In view of the portfolio of reservations to date, the Group
expects growth in the tourism businesses in Q1 2018/2019, at both
Pierre & Vacances Tourisme Europe and Center Parcs Europe.
- A strategic plan for the
Group
Olivier Brémond, CEO of the Pierre & Vacances-Center Parcs
Group since 3 September 2018, is in the process of drawing up a
strategic plan with the support of the Chairman, the members of the
Senior Management Committee and the main managers. The aim of this
plan is to define the Group's vision from a four-year perspective
and to create the conditions for a structural improvement in
profitability.
The strategy is due to be presented at the full-year earnings
publication on 22 November and should provide fresh stimulus for
the Group, as of FY 2018/2019.
(*) The revenue and financial indicators discussed in this press
release stem from operating reporting, with the presentation of
joint ventures under proportional consolidation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181011005565/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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