Center Parcs revenue up 5.5% during the third quarter of the year
- 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 revenue over the first nine months of 2018/2019, driven primarily by the signing of renovation/disposal operations at Center Parcs during the first half, for which the Group is considered as a "principle" under the terms of IFRS 15.
- the shift from March in 2018 to April in 2019 of school holidays for certain foreign customers (German, Belgian and Spanish especially);
- at PVTE, the net reduction in the network operated (withdrawals from loss-making sites and the non-renewal of leases),
- at CPE, net growth in the network operated (opening of the new Center Parcs at Allgau and annualisation of stocks at the Ardennen domain in Q1, partly offset by the closure of the Ailette domain for renovation during H1 of the year).
** Including Villages Nature Paris (€19.7m on 30 June 2019, €8.6m in Q3), o/w €15.5m in accommodation revenue (€6.8m over Q3).
Q3 2018/2019 revenue from the tourism businesses totalled €335.3 million, up 12.6% relative to Q3 2017/2018.
Accommodation revenue totalled €227.7 million, up 5.5% like-for-like (i.e. excluding the impact of supply effects and the shift in the school holidays), ahead of the 4.2% growth reported for the first half.
- Pierre & Vacances Tourisme Europe contributed €91.9 million, up 5.3% like-for-like.
Revenue from Adagio residences surged 8.8% after stable activity in Q2 in a backdrop of social unrest. This growth was primarily driven by an increase in net average letting rates.
Revenue from all other destinations rose by 2.4%, driven by seaside resorts (+3.7%), with rising performances in both France (+3.9%) and in Spain (+3.0%).
- Center Parcs Europe contributed €135.8 million.
Revenue rose 5.7% like-for-like, with 2.8% growth at the Belgian, German and Dutch domains and 10.5% for the French domains (o/w +5.6% for the Center Parcs domains and +54.7% for Villages Nature Paris).