Global refinancing of the Group
During the first half of the year, the Group renewed its syndicated loan with banking partners for an
amount of €185 million, and issued ORNANE1 bonds for €115 million.
Setting up these new loans, which are due to mature in 2019, has extended the average maturity of
debt and strengthened the Group's financial leeway, thereby underpinning the deployment of the
WIN2016 plan.
Signing of financing agreements for the first tranche of Villages Nature
On 25 May 2014, the Group, Euro Disney SCA and Les Villages Nature de Val d’Europe SAS announced the signing of financing agreements for the initial stage of Phase 1 construction on Villages
Nature, backed by institutional investors, plus minority financing from the two groups. With the signing of these agreements, construction can begin on the initial stage of the development, which is targeted to
open to the public in 2016.
For this initial stage of construction, the investments related to Villages Nature’s recreational facilities are made by a group of institutional investors. The accommodation units, a combination of cottages and apartments, are mainly sold in bulk to a real estate company to be subsequently sold to individual
investors. Some 200 units have already been marketed to individuals by the Pierre & Vacances-Center
Parcs Group.
The initial stage of Phase 1 of Villages Nature will involve the construction of 916 cottages and
apartments.
Development of 5th French Center Parcs in the Vienne region
On 15 November 2013, the Group and its public/private partners laid the foundation stone for the
Domaine du Bois aux Daims, which is due to open in spring 2015. The specific nature of the village lies in its animal-themed concept housing domestic and semi-wild animals.
Development project for two midsize Center Parcs in France
On 28 March 2014, the Group announced a project to develop two Center Parcs, each with 400
cottages, in the Jura and Saône-et-Loire regions, representing an investment of €170 million before tax
by Domain. The facilities are to be financed by a mainly department and regional semi-public company. The cottages are to be sold to individual and institutional investors.
The two villages are due to open in summer 2018.
First half 2013/2014 Group tourism turnover rose 1.9% to €464.9 million, after adjusting for the impact of the shift in the Easter school holidays from the second to the third quarter of the year (negative impact on first half offset by a transfer effect to April).
Growth was driven by the initial progress made in the operating initiatives launched under the
framework of the WIN2016 plan, despite the disadvantageous context of a hike in VAT in France from 7% to 10% in Q2 and the net decline in the assets operated
Pierre & Vacances Tourisme Europe posted healthy performances in mountain resorts, with an average
occupancy rate of 85%, as well as in city residences. In these destinations, accommodation turnover
rose by 3.6% (adjusted for negative supply effects) and 2.2%, respectively.
Center Parcs benefited from robust business in France and the Netherlands (growth in accommodation
turnover of 4.1% and 2.2% respectively) as well as in Germany, with the operation of the new village at Bostalsee.
Bron: Persbericht GroupePVCP
