- Current operating result up 14.5%1, driven by a significant improvement in the contribution from tourism activities (+20%),
- Net result up 14.5%
- Sharp decline in net debt (-€57 million relative to 31 March 2015)
Group refinancing
On 14 March 2016, the Pierre et Vacances-Center Parcs Group (Paris:VAC) signed a new €200 million revolving credit line to refinance the syndicated loan due to mature in 2019 ahead of schedule.
As such, the Group now has a confirmed credit line, reimbursable at maturity, of a higher amount than the remaining balance of the previous amortisable syndicated loan of €142.5 million on 30 September 2016, and at a lower interest rate. Maturity has been extended to 2021, later than maturity of the ORNANE exchangeable bond (2019).
Capital operations
On 30 March 2016, Chinese group HNA Tourism subscribed to a reserved rights issue representing 10.0% of the capital of Pierre et Vacances SA post-operation, or 980,172 new shares at a unit price of €25.18. Following this operation, the holding company controlled by Mr Gerard Bremond, S.I.T.I, has an individual stake2 in the capital of Pierre et Vacances SA of 39.83% and 56.42% of voting rights.
The stake acquired by HNA Tourism in Pierre et Vacances SA comes under the framework of the partnership agreement signed on 6 November 2015 aimed at developing tourism destinations in China, inspired by the Center Parcs and Pierre & Vacances concepts.
Euro millions 2015/2016 2014/2015 Evolutions
Tourism 521.8 476.2 +9.6%
o/w accommodation turnover 339.1 311.2 +9.0%
- PV Tourisme Europe 251.4 243.8 +3.1%
- Center Parcs Europe 270.4 232.4 +16.3%
Property development 63.8 174.5 -63.5%
Total H1 585.5 650.7 -10.0%
Bron en hele artikel: business wire
