Pierre & Vacances-Center Parcs: Growth in Turnover in Third Quarter 2013/2014

igning of financing agreements for the first tranche of Villages Nature

On 25 May 2014, the Group and Euro Disney S.C.A announced the signing of financing agreements for the first tranche of Phase 1 of Villages Nature with the pool of institutional investors, as well as the Pierre & Vacances-Center Parcs (Paris:VAC) and Euro Disney S.C.A. groups, each for a minority stake. The signing of these agreements has triggered the start of construction works for the first tranche, with a provisional opening to the public in 2016.

Investments concerning recreational facilities for the first tranche (916 cottages and apartments) are ensured by a group of institutional investors. The cottages and apartments are primarily sold as a block to a property company and then sold on to individual investors. At present, more than 200 cottages and apartments have been marketed to individuals.

Change in tourism offering

Strengthening of Pierre & Vacances premium label
The Pierre & Vacances premium label strengthened its presence in France and the French West Indies with the opening of a new residence in Roquebrune Cap Martin and the transformation of five Pierre & Vacances residences into Pierre & Vacances premium residences: Biarritz, Cannes-Mandelieu, Île de Ré, Douarnenez and Sainte-Anne Guadeloupe.

Withdrawal from loss-making residences
During Q3 2014, the Group withdrew from operating two Maeva residences, one on the Mediterranean coast and one in the Alps.

2] Turnover
                      2013/2014          2012/2013
Euro million                    change    like for like
Tourism      267.1   +4.9% 263.9  +1.2%
- PV Tourisme Europe 125.7  +3.3% 124.1  +1.3%
- Center Parcs Europe 141.5  +6.3% 139.8  +1.2%

o/w accommod turnover 177.1  +7.2% 172.2  +2.8%
- PV Tourisme Europe  86.8  +5.9%  83.8  +3.6%
- Center Parcs Europe  90.2  +8.5%  88.4  +2.1%

Property development 64.9 +84.2%  35.2 +84.2%
   
Total Q3 332.1 +14.5% 299.1 +11.0%
Tourism 732.0  +1.3% 720.1   +1.6%
- PV Tourisme Europe 366.4  -0.4% 367.7  -0.4%
- Center Parcs Europe 365.6  +3.1% 352.4  +3.7%

  
o/w accom turnover 485.0  +2.7% 474.6  +2.2%
- PV Tourisme Europe 252.1  +0.8% 250.1  +0.8%
- Center Parcs Europe 232.9  +4.9% 224.5  +3.7%

Property development 161.9 +66.9%  97.0 +66.9%
   
Total 9 months 893.9   +9.1% 817.1  +9.4%

(1) On a like-for-like basis, turnover has primarily been adjusted for calendar effects (impact of shift in Holy week, Easter weekend and school holidays for German, Belgian and UK customers from Q2 to Q3 of the year).

Tourism turnover
Q3 2013/2014 turnover from the tourism businesses rose 1.2% to €267.1 million, after adjusting for the impact of the shift in the school holidays from Q2 to Q3 of the year (negative impact on H1 offset by a transfer effect in April).

On a like-for-like basis, accommodation turnover rose 2.8% to €177.1 million, driven by:

- Growth of 3.6% in accommodation turnover at Pierre & Vacances Tourisme Europe. Growth in business, primarily driven by foreign customers, was visible in all seaside, mountain and city destinations.

- A 2.1% increase in accommodation turnover at Center Parcs Europe, which benefited from the contribution of the new German village at Bostalsee, open since 1 July 2013, and growth in business at the Dutch villages and other German villages.

Property development turnover
Q3 2013/2014 property development turnover climbed 84.2% to €64.9 million, benefiting especially from the contribution from the Center Parcs in the Vienne (€23.6 million) and Villages Nature (€7.4 million).

Turnover from property reservations to date with individual investors stood at €202 million, similar to the level noted during the year-earlier period (€188 million).

3] Outlook

Tourism:

Although business was in decline during the first two weeks of July (as for the entire tourism industry in France), growth in last-minute sales for the rest of the summer should enable to generate accommodation turnover in FY 2013/2014 of a similar level to the previous year.

Property development:

The Group confirmed it is expecting property development turnover of around €250 million for the full-year 2013/2014.

Bron: persbericht PV