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zaterdag 7 mei 2016

Pierre & Vacances-Center Parcs Group: Turnover for the First Half of 2015/2016

  • Turnover1 from tourism business up 9.6%, driven by faster growth in the second quarter of the year (+12.6%)
  • Evolution of property development turnover in line with provisional phasing
  • Property reservations higher than in the first half of 2014/2015

1] Main events during the first half

Group refinancing

On 14 March 2016, the Pierre & Vacances-Center Parcs Group signed a new revolving credit line of €200 million with its banking partners refinancing ahead of schedule the syndicated credit line maturing in 2019.
As such, the Group has a confirmed credit line, repayable in fine, of a higher amount than the residual of the previous amortisable syndicated loan (€142.5 million on 30 September 2016) and at a lower interest rate. Maturity is extended to 2021, later than that of the ORNANE bond in 2019.

Strategic partnership with Chinese group HNA Tourism

On 30 March 2016, Chinese group HNA Tourism subscribed to a reserved capital increase representing 10.00% of the capital of Pierre et Vacances SA post-operation, representing 980,172 new shares at a unit price of €25.18. Following this operation, the individual stake of the S.I.T.I. holding company controlled by Gérard Brémond, stands at 39.83% of capital and 56.42% of voting rights in Pierre et Vacances SA2.
The acquisition of a stake in Pierre et Vacances by HNA Tourism is part of the partnership agreements signed on 6 November, aimed at developing tourism destinations in China inspired by the Center Parcs and Pierre & Vacances concepts.

Financing of the extension of the sixth German Center Parcs in Allgau (Baden Württemberg).

On 11 March 2016, under the framework of the European diversification of these Property investment companies (SCPI), the “La Française” group acquired 250 cottages and a commercial building including the accompanying leisure facilities as an extension to the future German Center Parcs in Allgäu.
This acquisition rounds out that made by Eurosic group concerning 750 cottages and the Domain's central recreational facilities.
The opening is planned for end-2018.

Extension of Center Parcs des Trois Forêts in Moselle-Lorraine

On 24 March 2016, the Pierre & Vacances-Center Parcs Group sold a block of 141 cottages representing the last tranche of the Domain des Trois Forêts, off-plan.
Delivery is planned for summer 2017.

2] First half turnover

The turnover and financial indicators commented hereafter stem from operating reporting, with the presentation of joint-companies under proportional consolidation.

Euro millions   2015/2016 2014/2015  Evolutions (Evolutions on a  like- for-like basis(*)
Tourism   291.2 258.6 +12.6%
- Pierre & Vacances Tourisme Europe 161.2 154.5 +4.4%
- Center Parcs Europe   129.9 104.1 +24.8%
o/w accommodation turnover   186.9 165.5 +12.9% +5.1%
- Pierre & Vacances Tourisme Europe 103.5 101.4 +2.1% +4.5%
- Center Parcs Europe 83.3 64.1 +30.0% +5.9%  
Property development 27.3 85.3 -68.0%
Total Q2   318.5 343.9 -7.4%
Tourism 521.8 476.2 +9.6% - Pierre & Vacances Tourisme Europe 251.4 243.8 +3.1%
- Center Parcs Europe 270.4 232.4 +16.3%
o/w accommodation turnover   339.1 311.2 +9.0% +2.4%
- Pierre & Vacances Tourisme Europe 164.5 163.8 +0.4% +1.8%
- Center Parcs Europe 174.6 147.4 +18.5% +2.9%
Property development 63.8 174.5 -63.5%
Total H1 585.5 650.7 -10.0%



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