Pierre et Vacances : Turnover for the Year Ending 30 September 2014

Growth in turnover over full year 2013/2014, benefiting from a surge in property development turnover (+62%) and resilient tourism businesses (+1%).

On 28 August 2014, the Pierre & Vacances — Center Parcs Group signed for the sale of a block of 117 cottages at the Center Parcs in the Vienne region to Groupama via its subsidiary, Groupama Gan Vie, for EUR35 million. The reservation rate on this programme is 97% (including reservations by individual investors) with delivery scheduled for June 2015.

Q4 and FY 2013/14 turnover
                                            2012/2013 
                              Reported  like-for-like  Like-for-like 
Euro millions    2013/2014      change            (1)         change 
--------------   ---------  ----------  -------------  ------------- 
Tourism              409.1       -1.3%          411.1          -0.5% 
- PV Tourisme Eur.   224.0       -3.0%          230.9          -3.0% 
- Center Parcs Eur.  185.1       +0.8%          180.2          +2.7% 

o/w 
 accommodation 
 turnover            278.1       -1.1%          279.2          -0.4% 
- PV Tourisme Eur.   153.9       -1.9%          156.8          -1.9% 
- Center Parcs Eur.  124.2       -0.2%          122.4          +1.4% 

Property 
 development         112.5      +54.7%           72.7         +54.7% 

Total Q4             521.5       +7.0%          483.8          +7.8% 
---------------  ---------  ----------  -------------  ------------- 
Tourism            1 141.1       +0.4%        1 131.3          +0.9% 
- PV Tourisme Eur.   590.4       -1.4%          598.6          -1.4% 
- Center Parcs Eur   550.7       +2.3%          532.6          +3.4% 

o/w 
 accommodation 
 turnover            763.0       +1.2%          753.9          +1.2% 
- PV Tourisme Eur.   405.9       -0.3%          407.0          -0.3% 
- Center Parcs Eur.  357.1       +3.0%          346.9          +3.0% 

Property 
 development         274.4      +61.7%          169.7         +61.7% 

Total FY           1 415.4       +8.3%        1 301.0          +8.8% 
---------------  ---------  ----------  -------------  ------------- 


(1) After reclassifications for standardisation

In Q4 2013/2014 :

Turnover from the tourism business totalled EUR409.1 million and was virtually stable on a like-for-like basis relative to Q4 2012/2013.

The Group outperformed a touristic market in France down – 4%(1) in number of visitors, with the occupancy rate up to more than 80% in the summer period. Sales with foreign customers and the healthy performances at Center Parcs in the domestic Dutch and German markets made up for the decline in French clients.

Accommodation turnover stood at EUR278.1 million, virtually stable on a like-for-like basis (-0.4%) and up 0.7% excluding supply effects(2) . Growth in occupancy rates (+3.4%) helped offset the decline in net average letting rates (-1.8%) in a market suffering from strong competitive pressure and despite the increase in the VAT rate from 7% to 10% in France.

Pierre & Vacances Tourisme Europe contributed EUR153.9 million, 1.9% less than during the previous summer but up 1% excluding supply effects.On a same-structure basis, growth in turnover at the mountain sites and city residences made up for a slight decline at seaside destinations, which suffered from a fall in the number of French clients and shorter lengths of stay. Growth in last-minute reservations in August partly made up for sluggish business in July. Sites on the Mediterranean coast were affected, with a sharper decline in business at certain villages, also weighing on turnover generated by leisure activities and catering.

Center Parcs Europe contributed EUR124.2 million, up 1.4% relative to Q4 2012/2013, or +0,5% excluding the Bostalsee effect.Turnover growth concerned the villages in Germany (+2.4% excluding Bostalsee) and The Netherlands (+2.5%), whereas the French villages incurred a 2% decline, primarily due to lower net average letting rates (impact of the hike in VAT in France).

Over 2013/2014 :
Turnover from the tourism businesses totalled EUR1,141.1 million, up 0.9% relative to the previous year, with the Group again proving the resilience of its tourism business and the appeal of its offer.

Accommodation turnover rose 1.2% (+1.6% adjusted for supply effects), driven by growth in the number of nights sold (+2.3%) with net average letting rates down 1.1%, attributable to the hike in VAT in France since 1 January 2014. The share of international clients increased sharply, representing 55% of the Group’s accommodation turnover in 2013/2014, vs. 53% in 2012/2013.

Property development turnover
In Q4 2013/2014, property development turnover rose 54.7% to EUR112.5 million, driven especially by the contribution from Center Parcs Vienne (EUR53.2 million), the Deauville programme (EUR14 million) and Villages Nature (EUR8 million).

In 2013/2014, turnover totalled EUR 274.4 million vs. EUR169.7 million in 2012/13, representing growth of 61.7%.

Property reservations to date with individual investors are continuing at a robust pace (around 100 lots a month) in a difficult property backdrop. These represent turnover of EUR234 million, or EUR291 million including reservations with institutional investors (block sales of cottages at the Center Parcs Vienne).

bron: persbericht PV