Pierre & Vacances: 2020/2021 annual turnover

  • After the fall in H1 sales due to the persistent health crisis, the Group returned to growth in the second half of the year, with sales for the summer season exceeding that of summer 2019.

  • Strong trends in reservations for the first quarter of 2021/2022.

PARIS, October 19, 2021– (COMMERCIAL THREAD) – Regulatory news:

Pierre & Vacances (Paris: VAC):

1] Returned

In IFRS accounting:

Q4 2020/2021 revenue amounted to € 520.2 million (€ 480.5 million for tourism activities and € 39.7 million for property development activities).
The 2020/2021 annual turnover amounts to 937.2 million euros (773 million euros for tourism activities and 164.2 million euros for real estate development activities).

The Group nevertheless continues to comment on its revenue and the associated financial indicators, in accordance with its operational reporting, namely:

with presentation of joint ventures in proportional integration,
excluding the impact of IFRS16 application

In addition, the operational and legal reorganization implemented since February 1, 2021, resulting in the grouping of each of the Group’s activities into separate and autonomous Business Lines, has led to a change in segment information in application of IFRS8. The main consequence for the communication of the Group’s turnover is the presentation of the contribution of the Adagio operational entity. The entity includes the contribution of the leases taken out by the PVCP Group and entrusted to the Adagio SAS joint venture for management, as well as the share of the Adagio SAS contribution held by the Group.

A reconciliation table presenting revenue from operational reporting and revenue under IFRS is presented at the end of the press release.

millions of euros

2020/2021

2019/2020

Switch

vs 2019/2020

2018/2019

according to operating reports

according to operating reports

according to operating reports

Evolution compared to 2018/2019

Tourism

496.8

423.6

+ 17.3%

486.3

+ 2.2%

– Center Parcs Europe

305.7

262.7

+ 16.4%

266.3

+ 14.8%

– Pierre & Vacances Tourism Europe

158.3

139.7

+ 13.3%

171.6

-7.7%

– Adagio

32.8

21.2

+ 55.2%

48.4

-32.2%

including accommodation income

331.5

285.9

+ 16.0%

328.3

+ 1.0%

– Center Parcs Europe

212.3

186.0

+ 14.2%

183.4

+ 15.8%

– Pierre & Vacances Tourism Europe

92.5

82.4

+ 12.3%

102.7

-9.9%

– Adagio

26.6

17.5

+ 51.9%

42.3

-37.0%

Property development

54.7

68.5

-20.1%

76.9

-28.8%

Total T4

551.6

492.1

+ 12.1%

563.2

-2.1%

Tourism

801.1

1022.7

-21.7%

1365.1

-41.3%

– Center Parcs Europe

489.7

615.4

-20.4%

768.2

-36.3%

– Pierre & Vacances Tourism Europe

236.2

304.4

-22.4%

414.9

-43.1%

– Adagio

75.2

102.9

-27.0%

182.0

-58.7%

including accommodation income

532.8

685.7

-22.3%

923.6

-42.3%

– Center Parcs Europe

338.6

420.0

-19.4%

516.6

-34.5%

– Pierre & Vacances Tourism Europe

133.6

179.4

-25.5%

250.2

-46.6%

– Adagio

60.6

86.3

-29.8%

156.8

-61.4%

Property development

252.4

275.0

-8.2%

307.7

-18.0%

Full year total

1053.5

1297.8

-18.8%

1672.8

-37.0%

Q4 2020/2021:

The recovery in turnover observed when the sites reopened in the third quarter of the year accelerated further over the summer period. The Group posted good performance in the fourth quarter with revenue growth in tourism activities reaching 17.3% compared to the previous year and + 2.2% compared to summer 2019.

– Center Parcs Europe’s turnover is up sharply by 16.4% compared to the same period of the previous year, and is even higher than the level observed in Q4 2019 (+ 14.8%).

This growth was driven both by the Domains located in BNG1 (turnover up 16% vs. 2020 and + 21% vs. 2019), benefiting in particular from the renovated offer, and by the French Domains (+ 17% vs. 2020 and + 1.1% vs. 2019).

These performances validate Reinvention’s strategy to premiumize and renovate the Domains, for an ever-improving customer experience.

– Pierre & Vacances Tourisme Europe posted a 13.3% increase in turnover compared to summer 2020, with a significant recovery in Spain (+ 82.4%) and a good performance in France (+5, 5% including + 1.1% on accommodation, despite the 12% reduction in the offer).

The decrease in turnover compared to Q4 2019 (-7.7%) is mainly due to the lack of foreign customers in Spain (turnover down 25%) and to the reduction in the number of accommodations operated in France (turnover down 3.4%, of which – 6.1% in accommodation turnover, out of an 18% drop in the offer).

– Adagio residences returned to growth (+ 55.2% vs. 2020), even if activity remained below the pre-crisis level (-32.2% vs. 2019) given the dependency aparthotels for foreign customers.

Full year 2020/2021:

After a first half impacted by restrictive measures linked to the health crisis, a gradual recovery in Q3 and good performance over the summer, annual sales amounted to € 801.1 million, down by 21, 7% compared to the previous year, and -41.3% compared to 2018/2019.

Revenues from real estate development in Q4 2020/2021 amounted to 54.7 million euros compared to 68.5 million euros a year earlier, mainly coming from Senioriales residences (16.5 million euros). euros), Center Parcs Domaine Landes de Gascogne (Lot-et-Garonne) (9.1 million euros) and Center Parcs renovation operations (17.2 million euros).

Over the full year, revenue from property development activities amounted to € 252.4 million (compared to € 275.0 million a year earlier), of which € 66.6 million euros for Senior residences, 39.2 million euros for the development of the Center Parcs Domaine Landes de Gascogne, and 114.2 M € for the renovation of the Center Parcs Domains.

2]Outlook

The portfolio of tourist reservations recorded to date for the first quarter of 2021/2022 is higher than that of the last two years, both for Center Parcs Europe and for Pierre & Vacances Tourisme Europe.

As announced in the press release of September 8, 2021, the Group has offered a new and improved rider to its individual landlords, providing for payment of 100% of the contractual amount of rents for the current period as of July 1, 2021. The 15 October, more than 63% of individual owners accepted the Group’s new proposal.

The Group is also studying all the options available with a view to managing the situation of residual rental debts for which an agreement has not been reached with the owners who have not accepted the proposal to date.

The process of strengthening equity to find new investors is continuing as planned. The Group has received several repeated indicative offers and has started an initial preselection of potential investor candidates, who are now stepping up their audit work with a view to making their firm offer.

Due to technical problems beyond its control, the Group was obliged, on October 1, 2021, to pay its holders of ORNANEs an amount corresponding to interest calculated on a half-yearly basis instead of on a quarterly basis. The excess paid on October 1, 2021 will be considered as an early payment and will therefore be deducted from the amount of interest due on January 1, 2022.

3]Reconciliation tables – Income

millions of euros

2020/2021

according to operating reports

Reprocessing

IFRS11

Impact

IFRS16

2020/2021

IFRS

Tourism

801.1

-28.1

773.0

– Center Parcs Europe

489.7

-10.9

478.8

– Pierre & Vacances Tourism Europe

– Adagio

236.2

75.2

0.5

-17.7

236.7

57.5

Property development

252.4

-10.8

-77.3

164.2

Total for fiscal year 2021

1053.5

-39.0

-77.3

937.2

millions of euros

2019/2020

according to operating reports

Reprocessing

IFRS11

Impact

IFRS16

2019/2020

IFRS

Tourism

1022.7

-40.3

982.4

– Center Parcs Europe

615.4

-19.2

596.2

– Pierre & Vacances Tourism Europe

– Adagio

304.4

102.9

0.0

-21.1

304.4

81.8

Property development

275.0

-18.9

-67.0

189.1

Total for fiscal year 2020

1 297.8

-59.2

-67.0

1171.5

IFRS11 adjustments: for its operational reporting, the Group continues to integrate joint operations using the proportional integration method, considering that this presentation better reflects its performance. Conversely, joint ventures are consolidated using the equity method in the IFRS consolidated accounts.

Impact of IFRS16: The application of IFRS16 from October 1, 2019 will result in the cancellation, in the accounts, of a share of revenue and the capital gain on disposals made in the context of real estate transactions with third parties (taking into account the right of use of the Rights Group). See below for the impact on revenue for the year.

Given that the Group’s economic model is based on two distinct activities, as they are monitored and presented in its operational reporting, the adjustment thereof would not allow the underlying performance of the company to be measured and reflected. the Group’s real estate activity, and this is why in its financial communication, the Group continues to present real estate development operations as they are recorded from its operational monitoring.

1Belgium, Netherlands, Germany

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211019005896/en/

Contacts

Investor Relations and Strategic Operations
Emeline laute
+33 (0) 1 58 21 54 76
[email protected]

Press relations
Valerie Lauthier
+33 (0) 1 58 21 54 61
[email protected]

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