First Quarter Turnover for the Year Ending 30 September 2014

FIRST QUARTER 2013/2014 TURNOVER UP 8.2%

PARIS--(BUSINESS WIRE)--January 21, 2014--
Regulatory News :

Pierre & Vacances (Paris:VAC) :

   1. Turnover

                                 2012/2013 
                             like-for-like  Like-for-like  2011/2012  Reported 
Euro millions    2013/2014             (1)         change   reported    change 
---------------  ---------  --------------  -------------  ---------  -------- 
Tourism              209.8           201.4          +4.2%      198.2     +5.9% 
- Pierre & 
 Vacances 
 Tourisme 
 Europe               88.5            86.1          +2.9%       86.1     +2.9% 
- Center Parcs 
 Europe              121.3           115.4          +5.2%      112.1     +8.2% 

o/w 
 accommodation 
 turnover            141.3           134.5          +5.0%      133.9     +5.5% 
- Pierre & 
 Vacances 
 Tourisme 
 Europe               62.3            59.7          +4.3%       59.7     +4.3% 
- Center Parcs 
 Europe               79.0            74.8          +5.6%       74.2     +6.5% 

Property 
 development          53.9            42.2         +27.6%       42.2    +27.6% 

Total Q1             263.7           243.7          +8.2%      240.4     +9.7% 
---------------  ---------  --------------  -------------  ---------  -------- 

(1) On a like-for-like basis, turnover at Center Parcs Europe has primarily been adjusted for the impact of new billing methods for commission fees received from external catering services providers.

   -- Tourism turnover
Q1 2013/2014 like-for-like turnover from the tourism activities rose by 4.2% to EUR209.8 million.

Accommodation turnover rose by 5% to EUR141.3 million driven by a 3.2% increase in average letting rates and a 1.7% increase in the number of nights sold:

   -- Pierre & Vacances Tourisme Europe contributed EUR62.3 million, up 4.3%.
      Turnover grew in all destinations:

          -- Mountain destinations, despite suffering from a slightly negative
             supply effect, posted growth of more than 10% and an average
             occupancy rate during the quarter of more than 80%.

          -- Seaside destinations (+1.7%) benefited from turnover growth at
             sites in the French West Indies and Spain as well as at Premium
             sites on the French coast.

          -- Turnover from the city residences business rose by 3%.

   -- Center Parcs Europe contributed EUR79.0 million, up 5.6% compared with Q1
      2012/2013 (+2.4% excluding the supply effect stemming from operation of
      the new Center Parcs Bostalsee).After the decline in turnover from the
      French villages noted in the previous year, growth was restored during Q1
      2013/2014. The German and Dutch villages also posted an increase in
      turnover.
   -- Property development turnover
Q1 2013/2014 property development turnover rose 27.6% to EUR53.9 million and was primarily driven by the extension of the Center Parcs in Moselle (EUR10.0 million), the contribution from the Center Parcs Bostalsee (EUR8.2 million) and the Center Parcs Vienne (EUR7.7 million), as well as Les Senioriales (EUR14.7 million).

Bron: Wall street Journal