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" under the terms 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 Q1 2018/2019 revenue, driven primarily by the signing of renovation/disposal operations at Center Parcs, for which the Group is considered as a "principal" under the terms of IFRS 15.
Under IFRS accounting, Q1 2018/2019 revenue totalled €375.7 million (€232.2 million for the tourism activities and €143.5 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 ventures under proportional consolidation, in compliance with its operating reporting:
Q1 2018/2019 revenue from the tourism businesses totalled €246.9 million, up 3.8% relative to Q1 2017/2018.
Accommodation revenue rose 5.0% to €169.7 million, driven by both net average letting rates (+3.7%) and the number of nights sold (+1.3%).
Supplementary income grew by 1.0%.
Q1 2018/2019 property development revenue totalled €146.1 million, driven primarily by the contribution from renovation operations for Center Parcs (€105 million) and Senioriales residences (€19 million).