(down just 1.7% against demanding comparison in
2023).
Confirmation of 2023/2024 outlook2:
Adjusted EBITDA3 of at least €170 million (or €160 million
excluding the impact of non-recurring income4), up sharply relative
to the previous year (€137 million)
Regulatory News:
- The Pierre & Vacances Center Parcs Group (Paris:VAC)
recorded Q3 2023/2024 revenue from the tourism businesses down just
1.7% relative to the third quarter of the previous year, in a
difficult external environment for the tourism industry, especially
in France (disadvantageous calendar effects, poor weather
conditions, pre-Olympic Games effects, a deteriorated political,
social and economic backdrop, market normalisation after 2023
boosted by the post-Covid rebound…). After an increase of almost 9%
during the first-half period, the Group therefore reported
revenue across all brands up by almost 5% over the
first nine months of the year.
- In view of this performance, the level of reservations to date
and the ongoing savings plan, the Group confirms its outlook for
growth in operating profitability over the full-year 2023/2024,
with adjusted EBITDA set to reach at least €170 million (or
€160 million excluding the impact of non-recurring income).
Franck Gervais, CEO of Pierre & Vacances-Center Parcs,
stated:
“Despite weak sector momentum and the combination of
disadvantageous economic factors, our revenue was only down
slightly in the third quarter, testifying to the Group’s resilience
and the relevance of its positioning in positive-impact local
tourism. Reservations for the summer season show healthy momentum
in last-minute bookings which already represent more than 80% of
the target. Combined with the smooth execution of our strategic
plan, this is reassuring for our full-year EBITDA target indicating
a sharp increase on the figure recorded in 2023.”
1] Revenue
Under IFRS accounting, Q3 2023/2024 revenue totalled €421
million (with nine-month revenue at €1,199.6 million),
compared with €429.8 million in Q3 2022/2023 (and €1,171.6
million over nine months of the previous year).
The Group comments on its revenue and the associated financial
indicators in compliance with its operational reporting, which is
more representative of its business, i.e. (i) with the presentation
of joint undertakings in proportional consolidation, and (ii)
excluding the impact of IFRS16 application. A reconciliation table
presenting revenue stemming from operational reporting and revenue
under IFRS accounting is presented at the end of the press
release.
Revenue is also presented according to the following operational
sectors defined in compliance with the IFRS 8 standard5, i.e.:
- Center Parcs covering both operation
of the Domains marketed under the Center Parcs, Sunparks and
Villages Nature brands, and the building/renovation activities for
tourism assets and property marketing. - Pierre &
Vacances covering the tourism businesses operated in France and
Spain under the Pierre & Vacances brand, the property
development business in Spain and the Asset Management business
line (responsible notably for relations with individual and
institutional lessors). - Maeva.com (included in the Pierre
& Vacances6 business line until 30 September 2023), a
distribution and services platform, operating the maeva.com,
Campings maeva, maeva Home and La France du Nord au Sud brands on
the French market and the Vacansoleil brand on European markets. -
Adagio, covering operation of the city residences leased by
the Pierre & Vacances-Center Parcs Group and entrusted to the
Adagio SAS joint venture under management mandates, as well as
operation of the sites directly leased by the joint venture. - an
operational sector covering the Major Projects business line
responsible for construction and development of new assets on
behalf of the Group in France, and Senioriales, the
subsidiary specialised in property development and operation of
non-medicalised residences for independent elderly people. - the
Corporate operational segment housing primarily the holding
company activities.
Q3
9 months
€m
23/24
22/23
Chg.
23/24
22/23
Chg.
Center Parcs
283.2
297.7
-4.9%
778.1
792.6
-1.8%
of which: Revenue from tourism
businesses
273.1
279.6
-2.3%
752.1
716.2
+5.0%
o/w accommodation revenue
209.5
221.4
-5.4%
581.7
562.0
+3.5%
P&V
78.1
74.2*
+5.2%
236.9
222.2*
+6.6%
of which: Revenue from tourism
businesses
78.1
73.8
+5.8%
236.9
221.9
+6.7%
o/w accommodation revenue
60.0
58.2
+3.1%
190.4
178.1
+6.9%
Adagio
59.1
66.0
-10.4%
164.9
165.3
-0.2%
of which: Revenue from tourism
businesses
59.1
66.0
-10.4%
164.9
165.3
-0.2%
o/w accommodation revenue
53.2
60.0
-11.4%
147.9
149.6
-1.2%
maeva.com:
10.9
9.3
+17.3%
34.8
30.0
+15.9%
of which: Revenue from tourism
businesses
10.9
9.3
+17.3%
34.8
30.0
+15.9%
Major Projects & Senioriales
15.4
17.8
-13.7%
53.6
62.7
-14.6%
Corporate
0.0
0.1
-100.0%
0.6
1.1
-51.9%
Total
446.6
465.2
-4.0%
1,268.9
1,274.0
-0.4%
Revenue from tourism businesses
421.2
428.7
-1.7%
1,188.7
1,133.4
+4.9%
Accommodation revenue
322.6
339.6
-5.0%
920.0
889.7
+3.4%
Supplementary income
98.5
89.1
+10.6%
268.7
243.7
+10.3%
Other revenue
25.4
36.5
-30.4%
80.1
140.6
-43.0%
*Restated for the externalisation of the maeva.com operating
segment
Revenue from the tourism
businesses
The Group recorded Q3 2023/2024 revenue in its tourism
businesses down a slight 1.7% in a complex external backdrop,
especially in France with a combination of dismal weather, a less
advantageous year for bank holidays and long weekends, a strained
political, economic and social environment and a slowdown in
reservations ahead of the Paris 2024 Olympic Games.
Over the first nine months of the year, revenue from the Group’s
brands was up almost 5% to €1,188.7 million.
Accommodation revenue
Accommodation revenue totalled €920 million over the first
nine months of 2023/2024, up 3.4%, driven by both the increase
in average letting rates (+2%) and the number of nights sold
(+1.3%).
The occupancy rate was up by 0.2 point to 71.1% over the period
and RevPar7 increased by 2.6%.
Revenue slowed during Q3 (-5%) due to several disadvantageous
economic factors, taking a particular toll on the Center Parcs and
Adagio brands:
- Center Parcs: -5.4%
Revenue at the French Domains suffered from the partial
unavailability of cottages at Domaine des Hauts de Bruyères and
Domaine des Bois Francs in April, in line with the renovation
programme, and from shifts in holiday dates (less beneficial
positioning of bank holidays and reversal of holiday zones). In
contrast, accommodation revenue was higher for the Domains located
in BNG8.
- Adagio: -11.4%
The decline in revenue was primarily due to the aparthotels
located in Ile de France, which represented more than 50% of the
brand’s revenue in Q3. The downturn was due to both the shift in
the timing of Easter weekend, renovation works underway at certain
sites, and the tendency to avoid Paris in the run-up to the Paris
2024 Olympic Games (company travel bans, cancelled or postponed
exhibitions and events, tourist arbitrage moves in favour of other
capital cities).
In contrast, the Pierre & Vacances brand posted an
increase in accommodation revenue of 3.1%.
- Revenue from the residences in
France was down slightly (-0.9%) in view of a reduction9 in
the stock operated by lease (-2.1% of nights offered relative to Q3
of the previous year). On a constant stock basis, revenue was up
(RevPar up +1.2%). - Revenue from the residences in Spain
was up sharply (+13.5%), driven by a surge in the occupancy rate
(+8.3 points).
Supplementary income10:
Supplementary income totalled €268.7 million over the first
nine months of the year, up 10.3%.
Q3 supplementary income rose by 10.6%, driven by:
- the increase in on-site sales (+4.1% with
growth of more than 11% in catering and events), - growth in the
maeva.com businesses (+17.3%), with:
o a 20% increase in the distribution
activity, driven by the camping product, which benefited from the
relaunch of the European websites under the Vacansoleil banner, o a
9% increase in the services division, driven by the development of
activities in the maeva Home seasonal rentals agency network.
Other revenue:
Over the first nine months of the year, other revenue totalled
€80.1 million, with €25.4m in Q3 2023/2024 (compared with €36.5
million in Q3 2022/2023, although the decline had no significant
impact on EBITDA).
Other revenue in Q3 was primarily made up of:
- renovation operations at Center Parcs
Domains on behalf of owner-lessors, for €10.1 million (compared
with €18.2 million in Q3 2022/2023). - Les Senioriales for €7.1
million (vs. €13.8 million in Q3 2022/2023). Note that on 1 January
2024, the Group sold off part of the Seniorales scope (residence
lease businesses) to the ACAPACE Group. - the Major Projects
business line: €8.3 million, mainly related to the extension of
Villages Nature Paris (vs. €4 million in Q3 2022/2023).
2] Change in operational KPIs
RevPar
Average letting rates
(by night, for accommodation)
Number of nights sold
Occupancy rate
€ (excl. tax)
Chg. % N-1
€ (excl. tax)
Chg. % N-1
Units
Chg. % N-1
%
Chg. Pts N-1
Center Parcs
133.8
-5.9%
174.6
-5.2%
1,200 088
-0.2%
76.6%
-0.6 pt
Pierre & Vacances
55.8
+4.2%
89.7
+0.7%
668,510
+2.4%
68.8%
+1.8 pts
Adagio
82.6
-11.5%
116.9
-4.1%
454,687
-7.6%
71.3%
-6.0 pts
Total Q3 2023/2024 revenue
98.2
-4.9%
138.9
-4.0%
2,323 285
-1.0%
73.0%
-0.8 pt
Center Parcs
123.1
+1.5%
168.6
+2.5%
3,449 069
+1.0%
73.0%
-0.7 pt
Pierre & Vacances
70.5
+8.9%
116.4
+0.6%
1,635 421
+6.3%
68.0%
+4.5 pts
Adagio
75.9
-2.9%
107.8
+2.1%
1,371 950
-3.2%
71.0%
-3.8 pts
Total 9M 2023/2024 revenue
98.1
+2.6%
142.5
+2.0%
6,456 440
+1.3%
71.1%
+0.2 pt
3] Main events during Q3 2023/2024
As announced in the press release of 29 May 2024, the Group
obtained approval from its lending institutions to refinance its
corporate debt.
The refinancing operations were finalised on 23 July with:
(i) redemption of reinstalled debt for a principal amount of
€303 million, and the state-guaranteed loan for a principal amount
of €25 million, using the Group’s available cash, (ii)
Implementation of a revolving credit facility (RCF) for €205
million, maturing in 2029.
4] Outlook
In view of the level of reservations to date for the summer
season representing more than 80% of the target (similar to the
year-earlier level), and momentum in last-minute bookings, the
Group is forecasting accommodation revenue over the summer in line
with the year-earlier amount, which provided a demanding comparison
basis.
Strengthened by past performances and the outlook for revenue
demonstrating the Group’s resilience in a difficult context, as
well as the relevance of its brands’ local offering, the Group
confirms its full-year 2023/2024 EBITDA guidance for at least €170
million (€160 million excluding the impact of non-recurring
income), a sharp increase on the year-earlier period (€137
million).
5] Reconciliation table between revenue
stemming from operational reporting and revenue under IFRS
accounting.
Under IFRS accounting, revenue for the first nine months of
2023/2024 totalled €1,199.6 million, compared with €1,171.6m in
2022/2023, representing growth of +2.4% driven by the tourism
businesses. Growth in revenue was driven by both the rise in
average letting rates and the number of nights sold.
€ millions
2023/2024
according to operational
reporting
Restatement IFRS11
Impact IFRS16
2023/2024 IFRS
Center Parcs
778.1
-
-9.8
768.4
Pierre & Vacances
236.8
+0.1
-
236.9
Adagio
164.9
-41.1
-
123.8
maeva.com:
34.8
-
-
34.8
Major Projects & Seniorales
53.6
-9.9
-8.5
35.2
Corporate
0.6
-
-
0.6
Total 9M 2023/2024 revenue
1,268.9
-51.0
-18.2
1,199.6
€ millions
2022/2023
according to operational
reporting
Restatement IFRS11
Impact IFRS16
2022/2023 IFRS
Center Parcs
792.6
-6.4
-34.7
751.6
Pierre & Vacances
222.2
-
-
222.2
Adagio
165.3
-39.7
-
125.6
maeva.com:
30.0
-
-
30.0
Major Projects & Seniorales
62.7
-17.0
-4.8
40.9
Corporate
1.1
-
-
1.1
Total 9M 2022/2023 revenue
1,274.0
-63.0
-39.5
1,171.6
IFRS11 adjustments: for its operating reporting, the
Group continues to integrate joint operations under the
proportional integration method, considering that this presentation
is a better reflection of its performance. In contrast, joint
ventures are consolidated under equity associates in the
consolidated IFRS accounts.
Impact of IFRS16: The application of IFRS16 as of 1
October 2019 leads to the cancellation, in the financial
statements, of a share of revenue and the capital gain for
disposals undertaken under the framework of property operations
with third-parties (given the Group’s leasing contracts). See above
for the impact on nine-month revenue.
__________________________________________ 1 according to
operational reporting 2 Guidance announced in the Press Release of
29 May 2024. 3 Adjusted EBITDA = current operating profit stemming
from operational reporting (consolidated operating income before
other non-current operating income and expense, excluding the
impact of IFRS 11 and IFRS 16 accounting rules) adjusted for
provisions and depreciation and amortisation of fixed operating
assets. Adjusted EBITDA therefore includes the benefit of rental
savings generated by the Villages Nature project following the
agreements signed in December 2022 for an amount of €10.9 million
for 2023, €14.5 million for 2024, €12.4 million for 2025 and €4.0
million for 2026). 4 Recognition in the first half of the 2023/2024
financial year of additional German government aid of €10.9 million
for the Covid-19 pandemic. 5 See page 186 of the Universal
Registration Document, filed with the AMF on 21 December 2023 and
available on the Group’s website: www.groupepvcp.com 6 The Group
has externalised the maeva.com operating segment in order to
improve the readability of the performance of this business line
and has consequently restated the historical comparative
information presented in this press release. 7 RevPar
=accommodation revenue divided by the number of nights offered 8
Belgium, the Netherlands, Germany 9 Decrease in inventory due to
non-renewal of leases 10 Revenue from on-site activities (catering,
events, stores, services etc.), co-ownership and multi-owner fees
and management mandates, marketing margins and revenue generated by
the maeva.com business line.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240723012591/en/
For further information:
Investor Relations and Strategic Operations Emeline
Lauté: +33 1 58 21 88 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier: +33 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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