Groupe Pierre & Vacances-Center Parcs: First Half 2018/2019 Revenue
As of 1 October 2018, the Group applies the new revenue recognition standard “IFRS 15 - Revenue from Contracts with Customers”.
The main impacts on revenue are the following:
Tourism: in terms of its tourism marketing mandates and various outsourcing contracts (catering, events, ski lifts etc.), the Group acts mostly as an “agent” in the wording of IFRS 15 and only its net remuneration must be recognised in revenue. Application of IFRS 15 therefore leads to a decline in tourism revenue, which so far recorded the volume of business generated by these activities, with no impact on the Group’s net profit (loss) for the year.
Property development: sales operations on behalf of third parties are analysed on a case by case basis in order to establish whether the Group acts as an “agent” or a “principal”.The outcome of this analysis is a sharp increase in H1 2018/2019 revenue, driven primarily by the signing of renovation/disposal operations at Center Parcs, for which the Group is considered as a “principle” under the terms of IFRS 15.
The Group nevertheless continues to comment on its revenue and the associated financial indicators with the presentation of joint undertakings in proportional integration, in compliance with its operating reporting.
Revenue from the tourism activities rose 1.6% to €296.5 million compared with Q2 of the previous year.
Accommodation revenue totalled €197.9 million, up +4.1% like-for-like (i.e. excluding the impact of supply effects and the shift in the school holidays).
Center Parcs Europe contributed €93.8 million.
Revenue rose 4.1% like-for-like, with 3.9% growth at the Belgian, German and Dutch domains (with attractive performances by the domains recently renovated in the Netherlands) and +4.4% for the French domains (o/w +2.0% for the Center Parcs domains and +28.3% for Villages Nature Paris).