dinsdag 7 juni 2016

Pierre et Vacances-Center Parcs: First Half 2015/2016 Results


  • 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