Groupe Pierre et Vancances - Center Parcs Results for the 2017/2018 Financial Year
Revenue1 from the tourism businesses up 4.1%
Profits affected by the shift to 2018/2019 of a significant contribution from signings of block sales for renovation programmes
A 4-year strategic plan focused on the target to structurally improve the Group's profitability
In order to refinance the ORNANE2 bonds issued in 2014, partly redeemed early during the second half of 2017, on 6 December 2017, the Group issued 1,648,261 ORNANE bonds for a total amount of €100 million, at a rate of 2.0% (vs. 3.5% for the previous issue), and maturing on 1 April 2023.
In addition, on 14 February 2018, the Group undertook another non-listed Euro private placement of €76 million, carrying interest of 3.9% (vs. 4.25% for the previous Euro PP) and redeemable on 14 February 2025, with French institutional investors.
These new financing operations optimise the Group's financial structure (especially by extending the average maturity of debt), and provide it the financial means to step up its development.
Development of the tourism offering
Transformation of the Sunparks Vielsalm Domain (Belgium) into a Center Parcs
On 22 December 2017, the Sunparks Domain at Vielsalm re-opened under the Center Parcs banner after an investment of almost €35 million, financed by institutional and individual investors under the framework of a property renovation operation. These investments relate to the renovation of 350 cottages and the central facilities of the Domain.