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    VAC   FR0000073041

PIERRE & VACANCES

(VAC)
  Report
Real-time Euronext Paris  -  09:21 2022-10-06 am EDT
0.7960 EUR   +0.63%
09/16Pierre & Vacances : Inside Information / Other news releases
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09/16PIERRE & VACANCES : Changes in management and corporate officers
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PRESS RELEASE: Q3 2021-2022 REVENUE

07/19/2022 | 11:54am EDT

Paris, 19 July 2022

  • The Group steps up growth during the third quarter of 2021/2022:
    • accommodation revenue rose by 14.5% relative to the third quarter of 2018/2019 (reference year), double the pace of growth seen during the first half (+7.5%)
    • all of the Group's brands outperformed their pre-crisis revenue level
  • Increase in tourism reservations for the summer season, adding weight to the Group's forecast for full-yearrevenue and the relevance of its ReInvention strategy.

1] Third quarter 2021/2022 revenue

Under IFRS accounting, revenue in the third quarter of 2021/2022 totalled €405.1 million (resulting in €1,038,2 million over the first nine months of the year).

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

  • with the presentation of joint undertakings in proportional consolidation,
  • excluding the impact of IFRS16 application

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

Revenue is also presented according to the following operating segments, as defined under IFRS 81, i.e. :

  • the Center Parcs operating segment covering both 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 in the Netherlands, Germany and Belgium;
  • the Pierre & Vacances operating segment covering the tourism businesses operated in France and Spain under the Pierre & Vacances and maeva.com brands, the property development business in Spain and the Asset Management business line (responsible notably for relations with individual and institutional lessors
  • the Adagio operating segment 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 Others operating segment covering primarily the holding company activities.

Finally, the Group has changed its operational reporting to comply with the presentation chosen by the majority of tourism players concerning holiday marketing fees. Revenue from accommodation rental is therefore presented in gross terms before these fees, whereas it was previously presented net of these commission fees. This change in presentation has no impact on the overall amount of revenue from the tourism businesses.

Accommodation revenue in 2018/2020 and 2020/2021 has been adjusted accordingly in the table below.

1 See pages 181-182 of the Universal Registration Document, filed with the AMF on 17 March 2022 and available on the Group's website: www.groupepvcp.com

1

2020/2021

2018/2019

2021/2022

according to

according to

according to

proforma

proforma

operational

operational

Change

operational

Change

(€m)

reporting

reporting*

vs. 2020/2021

reporting*

vs. 2018/2019

Center Parcs

283.1

121.6

133%

o/w accommodation revenue

195.3

72.0

171%

157.2

24.2%

Pierre & Vacances

80.4

32.3

149%

o/w accommodation revenue

55.3

21.7

155%

56.3

-1.9%

Adagio

53.1

16.9

214%

o/w accommodation revenue

48.3

14.4

235%

47.6

1.6%

Major Projects & Senioriales

28.8

32.7

-12%

Holding companies

0.8

1.2

-32%

Q3 GROUP REVENUE

446.2

204.7

118%

Accommodation revenue

298.9

108.0

177%

261.1

14.5%

Supplementary income

84.1

31.2

170%

Other revenue

63.1

65.4

-4%

Center Parcs

705.9

283.3

149%

o/w accommodation revenue

475.5

148.1

221%

386.0

23.2%

Pierre & Vacances

246.0

80.9

204%

o/w accommodation revenue

172.2

50.6

240%

177.4

-2.9%

Adagio

120.1

42.3

184%

o/w accommodation revenue

108.2

35.8

202%

122.8

-11.9%

Major Projects & Senioriales

87.4

92.1

-5%

Holding companies

2.0

3.2

-37%

9M GROUP REVENUE

1161.5

501.9

131%

Accommodation revenue

755.9

234.6

222%

686.2

10.2%

Supplementary income

215.1

69.7

209%

Other revenue

190.5

197.6

-4%

* Accommodation revenue expressed in gross terms including marketing fees

After an increase of 141% between the first half of 2020/2021 and the first half of 2021/2022, the Group's revenue continued to increase during the third quarter, rising 118% relative to the year-earlier period.

In all, Group revenue totalled €1,161.5 million over the first nine months of the year, up 131% relative to 2020/2021, and outperforming its pre-crisis level.

Accommodation revenue:

Accommodation revenue stood at €298.9 million in Q3 2021/2022, up 177% relative to Q3 2020/2021.

The rebound in revenue even accelerated relative to 2019, standing 14.5% higher than the Q3 2019 level (vs +7.5% over the first half), of which:

  • Center Parcs : +24.2% over the quarter (+22.4% in the first half), including +29.1% for the Domains located in BNG2 and +15.4% for the French domains. Average letting rates were up 25% prompted especially by renovation works at the domains, while occupancy rates stood at 77.7%, close to the level recorded in 2019 (78.5%).
  • Pierre & Vacances: -1.9% over the quarter (-3.4%in the first half), including
    o revenue from the residences in France down 4.4% due to the decline in the supply of accommodation (number of nights offered down 24% vs. 2018/2019 given the non-renewal of leases or withdrawals from loss-making sites). On a same structure basis, revenue over the quarter was significantly higher driven by higher average letting rates (+3.3% across all destinations) and growth in the occupancy rate, which stood at 71% (+8.6% points vs. 2019).
    o Revenue in Spain up 7.1%, primarily driven by a price effect.

2 Belgium, the Netherlands, Germany

2

  • Adagio: +1.6% over the quarter (-20.4% in the first half). Revenue from the city residences was higher than the pre-crisis level for the first time over the year, driven by a 5.1% increase in average letting rates. The occupancy rate stood at 79.5% (vs. 81.9% in 2019).

In all, over the first nine months of the year, accommodation revenue totalled €755.9 million, up 10.2% vs. 2019.

Supplementary income:

Third quarter supplementary income jumped by 170% to €84.1 million relative to the year-earlier period, and by 13.4% relative to the same period in 2018/2019. These healthy performances were driven by strong momentum at maeva.com (with revenue multiplied by four relative to the third quarter of 2018/2019) and a surge in revenue from on-site activities at Center Parcs domains (+23.5% vs. 2019).

In all, over the first nine months of the year, accommodation revenue totalled €215.1 million, up 11.7% vs. 2019.

Other revenue:

The Group recorded €63.1 million in revenue from its other activities stemming mainly from:

  • Seniorales residences for €14.7 million (vs. €16.5 million in Q3 2020/2021).
  • Major Projects for €14.1 million (primarily Center Parcs Landes de Gascogne, Lot-et-Garonne for €9.2 million), compared with €16.2 million in Q3 2020/2021 (of which €13.2 million relative to Center Parcs Landes de Gascogne);
  • Renovation operations at Center Parcs domains in BNG for €32.9million, compared with €31.2 million in 2020/2021).

In all, over the first nine months of the year, other revenue totalled €190.5 million, down 4% relative to the previous financial year.

2] Outlook for the fourth quarter

In view of tourism reservations to date for the fourth quarter 2021/2022 and compared to Q4 of 2018/2019 (pre-Covid), the Group is currently expecting:

  • further robust revenue growth for Center Parcs,
  • growth in revenue at Pierre & Vacances in France, adjusted for the decline in the supply of accommodation (decline in offer vs 2018/2019 comparable to the decline recorded in the third quarter),
  • a significant increase in maeva.com businesses,
  • a faster recovery in revenue from the Adagio residences, with revenue growth relative to the level seen in summer 2019.

For further information:

Investor Relations and Strategic Operations

Press Relations

Emeline Lauté

Valérie Lauthier

+33 (0) 1 58 21 54 76

+33 (0) 1 58 21 54 61

info.fin@groupepvcp.com

valerie.lauthier@groupepvcp.com

3

APPENDIX:

Reconciliation table between revenue stemming from operational reporting and revenue under IFRS accounting.

€ millions

2021/2022

Restatement

Impact

2021/2022

according to

IFRS11

IFRS16

IFRS

operational

reporting

Center Parcs

283,1

-9,2

-13,6

260,3

Pierre & Vacances

80,4

80,4

Adagio

53,1

-11,9

41,2

Major Projects & Seniorales

28,8

-4,6

-5,3

18,9

Holding companies

0,8

0,8

Total Q3 2021/2022

446,2

-25,8

-18,9

401,5

€ millions

2021/2022

Restatement

Impact

2021/2022

according to

IFRS11

IFRS16

IFRS

operational

reporting

Center Parcs

705,9

-21,3

-46,9

637,7

Pierre & Vacances

246,0

246,0

Adagio

120,1

-27,4

92,7

Major Projects & Seniorales

87,4

-12,6

-15,0

59,8

Holding companies

2,0

2,0

Total 9M 2021/2022

1 161,5

-61,4

-62,0

1 038,2

IFRS11 adjustments: for its operational reporting, the Group continues to integrate joint operations under the proportional integration method, considering that this presentation is a better reflection of its performance. In contrast, joint ventures are consolidated under equity associates in the consolidated IFRS accounts.

Impact of IFRS16: The application of IFRS16 as of 1 October 2019 leads to the cancellation, in the financial statements, of a share of revenue and the capital gain for disposals undertaken under the framework of property operations with third-parties (given the Group's right- of-use rights). See above for the impact on revenue for the first nine months of the year.

4

Disclaimer

Pierre & Vacances SA published this content on 19 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2022 15:53:06 UTC.


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