Press release: Q3 2018-2019 turnover

Paris, 11 July 2019

Like-for-like accommodation revenue1 up 5.5%

during the third quarter of the year

1] Third quarter revenue

As of 1 October 2018, the Group applies the new revenue recognition standard "IFRS 15 - Revenue from Contracts with Customers".

The main impacts on revenue are the following:

• Tourism: in terms of its tourism marketing mandates and various outsourcing contracts (catering, events, ski lifts etc.), the Group acts mostly as an "agent" in the wording of IFRS 15 and only its net remuneration must be recognised in revenue.
  Application of IFRS 15 therefore leads to a decline in tourism revenue, which so far recorded the volume of business generated by these activities, with no impact on the Group's net profit (loss) for the year.
• Property development: sales operations on behalf of third parties are analysed on a case by case basis in order to establish whether the Group acts as an "agent" or a "principal".
  The outcome of this analysis is a sharp increase in revenue over the first nine months of 2018/2019, driven primarily by the signing of renovation/disposal operations at Center Parcs during the first half, for which the Group is considered as a "principle" under the terms of IFRS 15.

In IFRS standards, Q3 2018/2019 revenue totalled €350.1 million (€317.1 million for the tourism activities and €32.9 million for the property development activities).

The Group nevertheless continues to comment on its revenue and the associated financial indicators with the presentation of joint undertakings in proportional integration, in compliance with its operating reporting.

1 The revenue and financial indicators commented on in this press release stem from operating reporting with the presentation of joint- ventures under proportional consolidation.

1

€ millions		2018/2019	2017/2018		Change	Like-for-like	2017/2018
			Pro-forma			change*	Reported
			IFRS 15					(Before IFRS15)
		according to	according to					according to
		operating	operating					operating
		reporting	reporting					reporting
Tourism		335.3	297.9	+12.6%			309.8
Pierre et Vacances Tourisme Europe		133.3	124.9	+6.8%			135.3
Center Parcs Europe**		202.0	173.1	+16.7%			174.5
o/w accommodation revenue	227.7	198.8		+14.5%	+5.5%		198.8
Pierre et Vacances Tourisme Europe	91.9	86.6		+6.1%	+5.3%		86.6
Center Parcs Europe**	135.8	112.2		+21.0%	+5.7%		112.2
Property development		36.1	40.5	-10.9%			33.4
Total Q3		371.5	338.4		+9.8%			343.1
Tourism		878.8	827.8	+6.2%			879.8
Pierre et Vacances Tourisme Europe		376.8	362.9	+3.8%			411.9
Center Parcs Europe**		502.0	464.9	+8.0%			467.9
o/w accommodation revenue		595.2	555.9		+7.1%	+4.7%		555.9
Pierre et Vacances Tourisme Europe		262.0	252.7		+3.7%	+5.2%		252.7
Center Parcs Europe**		333.2	303.2		+9.9%	+4.3%		303.2
Property development		230.8	140.6		+64.2%			118.1
Total 9 months		1,109.6	968.4		+14.6%			998.0

• Adjusted for the impact of:

• the shift from March in 2018 to April in 2019 of school holidays for certain foreign customers (German, Belgian and Spanish especially);
• at PVTE, the net reduction in the network operated (withdrawals from loss-making sites and the non-renewal of leases),
• at CPE, net growth in the network operated (opening of the new Center Parcs at Allgau and annualisation of stocks at the Ardennen domain in Q1, partly offset by the closure of the Ailette domain for renovation during H1 of the year).

• • Including Villages Nature Paris (€19.7m on 30 June 2019, €8.6m in Q3), o/w €15.5m in accommodation revenue (€6.8m over Q3).
• Tourism revenue
  Q3 2018/2019 revenue from the tourism businesses totalled €335.3 million, up 12.6% relative to Q3 2017/2018.
  Accommodation revenue totalled €227.7 million, up 5.5% like-for-like (i.e. excluding the impact of supply effects and the shift in the school holidays), ahead of the 4.2% growth reported for the first half.
   Pierre & Vacances Tourisme Europe contributed €91.9 million, up 5.3% like-for-like.

Revenue from Adagio residences surged 8.8% after stable activity in Q2 in a backdrop of social unrest. This growth was primarily driven by an increase in net average letting rates.

Revenue from all other destinations rose by 2.4%, driven by seaside resorts (+3.7%), with rising performances in both France (+3.9%) and in Spain (+3.0%).

• Center Parcs Europe contributed €135.8 million.
  Revenue rose 5.7% like-for-like, with 2.8% growth at the Belgian, German and Dutch domains and 10.5% for the French domains (o/w +5.6% for the Center Parcs domains and +54.7% for Villages Nature Paris).

Supplementary income grew by 8.7%, benefiting especially from the shift in the school holidays to the third quarter of 2018/2019, with growth of 8.9% for Center Parcs Europe and 8.3% for Pierre & Vacances Tourisme Europe.

2

• Revenue from property development
  Q3 2018/2019 revenue from property development totalled €36.1 million, close to the level seen in the previous year, stemming primarily from the contribution from the Seniorales residences (€17.5 million) and renovation operations at the Center Parcs domains (€5.1 million).
  Over the first nine months of 2018/2019, the property development activities posted revenue of €230.8 million (of which €132.6 million for renovation operations at Center Parcs) compared with €140.6 million over the same period in 2017/2018.
  Property reservations recorded over the year to date represent sales volumes of €341.2 million, corresponding to a similar level as that seen in the year-earlier period.

2] Tourism outlook for the fourth quarter

In view of the portfolio of reservations to date for both Pierre & Vacances Tourisme Europe and Center Parcs Europe, the Group expects growth in like-for-like revenue from the tourism businesses in Q4 2018/2019.

For further information:
Investor Relations and Strategic Operations	Press Relations
Emeline Lauté	Valérie Lauthier
[phone]	[phone]
[e-mail]	[e-mail]

3