Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
This press release presents consolidated financial results
established under IFRS accounting rules, closed by the Pierre et
Vacances SA Board of Administration on 2 December 2024 and
currently being audited.
RETURN TO NET PROFITS IN 2024, SOLID
OPERATIONAL PERFORMANCES, A CLEANED-UP FINANCIAL SITUATION,
CONFIRMING THE PIERRE & VACANCES - CENTER PARCS GROUP
STRATEGIC DECISIONS
- In a still-complex environment throughout the year (sluggish
purchasing power, deteriorated economic context, political
instability and the Olympic Games in France), the Pierre &
Vacances-Center Parcs Group recorded robust performances and a
fourth consecutive year of growth, with:
- revenue1 of €1.9 billion, of which €1.8 billion for
the tourism brands, up 3.7%,
- adjusted EBITDA2 of €174 million3 (more
than double the 2019 level), ahead of guidance4 and showing an
increase of €37 million relative to the year-earlier
period.
- A return to net profits after more than a
decade of net losses, at €29 million.
- A solid, cleaned-up balance sheet, with operational
cash generation5 of €68 million, net cash of €33 million
and refinanced debt with an RCF6 implemented in July 2024,
confirming a definitive exit from the restructuring period (removal
of security trust, easing of covenants etc.).
- These performances reflect the strong momentum of the
ReInvention strategic plan, refocusing the brands on a premiumised
and increasingly experience-based offer. Our initiatives favouring
customer satisfaction are paying off, with higher indices for all
of the Group and particularly robust results for the Pierre &
Vacances brand, which tripled its EBITDA over one year.
- Strengthened by these results and the relevance of its model,
the Group confirms its EBITDA growth trajectory for FY2025,
to reach its guidance7 for 2026 and 2028 (Group
adjusted EBITDA of €200 million in 2026 and €220 million in
2028).
Franck Gervais, CEO of the Pierre & Vacances-Center Parcs
Group, stated:
“Our full-year earnings show a fourth consecutive year of
growth, testifying once more to the Group’s ability to generate
robust performances and rise to challenges in a difficult
environment. The Group restored a net profit, with all the tourism
brands contributing to a record level of operating profitability in
2024, delivering the initial targets of the ReInvention plan a year
ahead of schedule.
Benefiting from a healthy financial structure and with strict
execution of its strategy, the Group has laid solid foundations to
turn its brands into pillars of sustainable growth, placing
customer experience at the heart of its strategy and taking full
responsibility for the development of positive-impact local
tourism.
These results are the fruit of the commitment and professional
conduct of our employees, with the increase in their satisfaction
index during 2024 accompanying the rise in customer
satisfaction.
The support of our shareholders, the implication of our teams
and the strength of our brands provide us the assets we need to
rise to the challenges ahead, especially to reach operating
profitability of 10% on revenue of €2 billion as of 2026.”
I. Highlights of the period
Refinancing of corporate debt
Less than two years after the completion of the Group's
Restructuring and Refinancing Transactions on 16 September 2022 and
buoyed by the healthy operating performances recorded since then,
on 29 May 2024, the Group obtained agreements from its lenders to
refinance its corporate debt.
The refinancing operations were finalised on 23 July with:
- the early redemption of reinstalled debt for a principal amount
of €303 million, and repayment of the state-guaranteed loan for a
principal amount of €25 million, using the Group’s available cash.
The main consequence of this repayment was the lifting of the
security trust granted as part of the Restructuring Transactions of
16 September 2022, as well as the easing of certain covenants and
financial undertakings.
- implementation of a revolving credit facility (RCF) for €205
million, maturing in 2029, taken out with the Group’s historical
lenders. It bears interest at 3-month EURIBOR plus a margin of
3.25% p.a. (which may be revised downwards depending on compliance
with financial ratios). The RCF is secured by a pledge on 100% of
CP Europe BV shares and shares of the major subsidiaries of CP
Holding and CP Europe BV, as well as by a pledge on the receivables
of PV SA in respect of the intra-group loans that will be granted
to its subsidiaries using the RCF.
German government aid
Following the submission of the final application for German
government aid in respect of the Covid-19 pandemic, in March 2024,
the Group recorded additional aid net of ancillary costs of €10.9
million in the income statement.
Disposal of Senioriales lease operation activities
On 28 December 2023, the Group completed the disposal of its
businesses operated by lease for 29 Senioriales residences to the
ACAPACE Group, which owns the Jardins d’Arcadie (residences for the
elderly) and Sandaya (open-air hotels). ACAPACE has taken over this
scope with effect from 1 January 2024.
II. Revenue and net income for 2023/2024 (1 October 2023 to
30 September 2024) according to operational reporting
2.1 IFRS financial statements and operational
reporting
In order to reflect the operational reality of the Group's
businesses and the readability of their performance, the Group's
financial communication, in line with operational reporting as
monitored by management, continues to include the results of joint
ventures on a proportional basis and does not include the
application of IFRS 16.
The Group’s results are also presented according to the
following operational sectors defined in compliance with the IFRS 8
standard8, i.e.:
- Center Parcs covering 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 line9.
- maeva.com (included in the Pierre & Vacances10
business line until 30 September 2023), a distribution and services
platform, operating the maeva.com, Campings maeva, maeva Home,
Northern and Southern France and Vacansoleil.
- Adagio, covering operation of the city residences leased
by the 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 operating segment covering the Major
Projects11 and Senioriales12 business
lines.
- the Corporate operational segment housing primarily the
holding company activities.
The Group’s operational reporting is presented in Note 5 -
Information by operational segment in the Appendix to the
consolidated half-year financial statements. A reconciliation table
with the primary financial statements is presented hereafter.
2.2. Consolidated revenue according to operational
reporting
€m
FY 23/24
Operational
reporting
FY 22/23
Operational
reporting
Change
Center Parcs
1,154.2
1,170.0
-1.4%
of which: Revenue from tourism
businesses
1,119.0
1,082.7
+3.4%
o/w accommodation revenue
873.3
850.2
+2.7%
Pierre & Vacances
384.7
365.0*
+5.4%
of which: Revenue from tourism
businesses
384.7
364.7
+5.5%
o/w accommodation revenue
313.5
298.5
+5.0%
Adagio
230.1
232.5
-1.0%
of which: Revenue from tourism
businesses
230.1
232.5
-1.0%
o/w accommodation revenue
205.9
208.6
-1.3%
maeva.com
72.6
61.6
+17.8%
of which: Revenue from tourism
businesses
72.6
61.6
+17.8%
Major Projects & Seniorales
70.2
83.8
-16.3%
Corporate
1.3
1.5
-15.3%
Total
1,913.0
1,914.6
-0.1%
Revenue from tourism businesses
1,806.3
1,741.5
+3.7%
Accommodation revenue
1,392.7
1,357.4
+2.6%
Supplementary income13
413.6
384.2
+7.7%
Other revenue
106.7
173.1
-38.4%
*restated for the externalization of the maeva.com operating
segment
In a still-complex environment throughout the year (sluggish
purchasing power, deteriorated economic context, political
instability and the Olympic Games in France), the Pierre &
Vacances-Center Parcs Group recorded robust performances and a
fourth consecutive year of growth.
Over 2023/2024 as a whole, Group revenue totalled €1.9 billion,
of which €1.8 billion for the tourism brands, up 3.7%, with
growth in on-site activities still higher than growth in
accommodation revenue, thereby validating our strategy to roll out
an increasingly rich and popular range of customer experiences.
Revenue from the tourism
businesses
Revenue from the Group’s brands rose by 3.7% over the full-year
(to €1,806.3 million), benefiting from both growth in accommodation
revenue (+2.6%) and a rise in supplementary income (+7.7%, of which
+17.8% for maeva.com and almost 6% for on-site activities).
Accommodation revenue
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
137.5
+1.2%
182.4
+2.7%
4,788 171
+0.0%
75.4%
-1.2 pt
Pierre & Vacances
80.3
+6.6%
121.8
+1.3%
2,574 061
+3.7%
73.2%
+3.1 pts
Adagio
79.1
-2.7%
111.1
+2.3%
1,853 764
-3.5%
71.8%
-3.8 pts
FY 2023/2024
108.3
+2.0%
151.1
+2.3%
9,215,996
+0.3%
74.0%
-0.4 pt
Full-year 2023/2024 accommodation revenue amounted to
€1,392.7 million, up 2.6% relative to the previous year, and up 30%
on 2019 (pre-Covid reference year).
Growth was driven by both the increase in average letting rates
(+2.3%), benefiting from investments in site premiumisation, and in
the number of nights sold (+0.3%). The average occupancy rate for
the year was 74.0% (down 0.4 points) and RevPAR rose by 2.0%.
All of the Group’s brands posted higher revenue with the
exception of Adagio, which suffered in the Ile-de-France region
from the pre-Olympic Games period.
- Pierre & Vacances: +5.0%
Revenue at the brand was higher in both France (at all seaside
and mountain destinations) and Spain.
- Revenue from the residences in France increased by 1.9%,
despite a reduction14 in the stock operated by lease (-3.8% of
nights offered relative to the previous year). On a constant stock
basis, revenue was up, with RevPar up 6.0% Average letting rates
rose by 3.8% and occupancy rates by 1.3 points to 74.1%.
- Revenue from the residences in Spain grew in double
digits (+15.7%), driven by both average letting rates and the
number of nights sold (+15.9%). RevPar was up 11.6%.
All destinations combined the P&V brand recorded growth in
the occupancy rate of 3.1 points to 73.2%. Average letting rates
were up 1.3% while RevPar increased by 6,6%.
- Center Parcs: +2.7%
Revenue growth, driven by the rise in average letting rates
(+2.7%), benefited domains located in BNG15 (+5.8%, o/w +7.0% in
Germany, +6.5% in Belgium and +4.3% in the Netherlands), with the
French domains penalised by the partial unavailability of cottages
at the Domaine des Hauts de Bruyères and the Domaine des Bois
Francs, which were under renovation during the first half, and by
temporary external factors in the fourth quarter (poor weather,
Olympic Games effect, electoral calendar etc.).
RevPar across all regions was up by 1.2%.
- Adagio: -1.3%
The downturn in revenue was primarily due to the pre- and
post-Olympic Games periods in the Ile-de-France region, with people
avoiding the capital in the run-up to the Games (lower numbers of
foreign tourists, corporate travel bans) and a late upturn in
bookings in September. In contrast, the apart-hotels boasted an
occupancy rate of more than 89% during the three weeks of the
Games.
Supplementary income
Over the full year, supplementary income totalled €413.6
million, up 7.7%.
This growth was driven by a clear increase in business at
maeva.com (+17.8%, benefiting in particular from the takeover of
the Vacansoleil brand) and by the rise in on-site sales (+5.8%),
reflecting our strategy to round out the offer.
Other revenue:
Full-year 2023/2024 revenue from other business totalled €106.7
million compared with €173.1 million in 2022/2023 (decline with no
significant impact on EBITDA), primarily made up of:
- renovation operations at Center Parcs domains on behalf of
owner-lessors, for €35.2 million (compared with €87.3 million in
2022/2023).
- Senioriales for €33.9 million (vs. €61.7 million in 2022/2023).
Note that on 1 January 2024, the Group sold off part of the
Senioriales scope (residence lease businesses) to the ACAPACE
Group.
- the Major Projects business line for €36.3 million, primarily
for the extension of the Villages Nature Paris domain, compared
with €22.1 million in 2022/2023.
2.3. Results according to operational reporting
€ millions
FY 2024
Operational
reporting
FY 2023
Operational
reporting
Revenue
1,913.0
1,914.6
Adjusted EBITDA
174.3
137.1
Adjusted EBITDA by operational
segment
Center Parcs
147.5
138.0
Pierre & Vacances
27.0
8.8
maeva.com
1.6
1.3
Adagio
22.7
34.4
Major Projects &
Senioriales
-17.8
-35.7
Corporate
-6.6
-9.8
Current operating profit (loss)
106.6
90.1
Financial income and expense
-16.0
-24.7
Other operating income and expense
-29.9
-59.1
Share of profit (loss) of equity-accounted
investments
0.3
-0.2
Taxes
-32.4
-26.7
Profit (loss) for the year
28.7
-20.6
Adjusted EBITDA reached a record high level of €174.3 million
over 2023/2024 (more than double the amount in 2019), ahead of
guidance, and up €37 million relative to the year-earlier
period.
The Group benefited from growth in its tourism businesses (+€65
million in revenue relative to the year-earlier period) and the
savings generated by the strict execution of its cost-control plan
(€56 million in total16 on 30th September 2024 vs €38 million on
30th September 2023), clearly offsetting the net negative impact of
inflation.
The performances were particularly remarkable for the Pierre
& Vacances brand, for which EBITDA tripled over the year,
driven by the rise in revenue, the streamlining of its portfolio
(58% of stocks qualified as “Top Performers”17 in FY2024, or an
increase of 6 points over one year) and the reduction in its cost
structure.
Adjusted EBITDA of €174.3 million for 2024 also included net
non-recurring income of €10.9 million corresponding to additional
German government aid for the Covid-19 pandemic.
Net financial expenses totalled €16.0 million in
2023/2024, a decline of €8.7 million relative to the year-earlier
period, given revenues related to financial investments, which
clearly offset the rise in interest rates on gross debt.
Other net operational expenses represented €29.9 million
in 2023/2024, primarily including:
- costs incurred (mainly fees and staff costs) under the
framework of the Group’s transformation projects and the closure of
certain sites for €21.1 million (vs. -€15.4 million in
2022/2023).
- a €9.2 million expense related to the booking under IFRS 2 of
bonus share allocation plans implemented at the same time as the
Group’s restructuring and refinancing (vs. -€12.4 million in
2022/2023).
Note that other operating expenses in 2023 totalled €59.1
million, including in addition to the above-mentioned items,
impairment of assets and property stocks (especially for
Senioriales for €55.5 million), which party offset income of €21.1
million related to the impact of taking control of the Village
Nature entities.
Tax expenses totalled €32.4 million over 2023/2024,
stemming primarily from a tax expense due in Germany, the
Netherlands and Belgium.
In 2024, the Group restored net profitability, generating a
net profit of €28.7 million after more than a decade of
losses.
2.4. Balance sheet items and net financial debt according to
operational reporting
€ millions
30 Sept. 24
Operational reporting
30 Sept. 23
Operational reporting
Change
Goodwill
142.5
140.1
+2.4
Net fixed assets
514.6
504.7
+9.9
Lease assets
93.4
70.2
+23.2
TOTAL USES
750.5
714.9
+35.6
Share capital
260.4
212.7
+47.7
Provisions for risks and charges
52.5
71.0
-18.5
Net financial debt
-33.0
-79.0
+45.9
Debt related to lease assets
obligations
113.1
116.8
-3.7
WCR and others
357.5
393.4
-35.9
TOTAL RESOURCES
750.5
714.9
+35.6
Net financial cash
€ millions
30 Sept. 2024
30 Sept. 2023
Change
Gross financial debt
53.9
389.8
-336.0
Cash
-86.9
-468.8
+381.9
Net financial debt
-33.0
-79.0
+45.9
The Group has been in a net cash position for three years in
a row.
On 23 July 2024, the Group redeemed its reinstalled debt early
for a principal amount of €303 million and repaid the
state-guaranteed loan for a principal amount of €25 million, using
its available cash. The repayment led to the removal of the
security trust implemented as part of the Restructuring
Transactions of 16 September 2022, as well as the easing of certain
covenants and financial undertakings.
In order to maintain the Group’s flexibility relative to its
seasonal cash requirements, the Group contracted a revolving credit
facility (RCF) with its historical lenders for an amount of €205
million.
On 30 September 2024, the line had not been drawn down..
This refinancing will prompt a decline in financial expenses
over the duration of the loan.
Gross financial debt on 30 September 2024 (€53.9 million)
corresponded mainly to:
- loans taken out by the Group as part of its financing of
property development programmes destined to be sold off for €51.6
million (primarily €38.8 million for the Center Parcs programme in
the Lot-et-Garonne and €12.5 million for the Avoriaz
programme).
- sundry bank loans for €1.4 million.
- deposits and guarantees for €0.6 million.
- accrued interest for €0.2 million.
The amount of debt related to assets held under finance
leases corresponds mainly to the adjustment for finance leases
concerning the central facilities at Domaine Center Parcs du Lac
d'Ailette.
Bank ratios
The agreement governing the credit line put in place when the
Group's debt was refinanced on 23 July 2024 requires compliance
with four financial ratios: the first compares the Group's debt
with adjusted EBITDA, the second compares the Group's debt plus
five times the value of owner rents with adjusted EBITDAR18, the
third verifies a minimum liquidity level and the last verifies a
maximum capex per year. As of 30 September 2024, these covenants
were respected.
Operating cash flow generation
During 2023/2024, the Group generated operating cash flow of
€67.9 million, stemming from EBITDA (impact on cash of €154.3
million) and the change in working capital requirements (€30.1
million), enabling it to cover capex (-€92.4 million) and tax
expenses (€24.1 million).
€ millions
30 Sept. 2024
30 Sept. 2023
EBITDA
174.3
137.1
Adjusted for non-cash items
-20.0
23.8
Cash EBITDA
154.3
160.9
Change in working capital requirements and
others
30.1
49.7
Capex
-92.4
-118.7
Taxes
-24.1
-36.2
Operating cash flow generation
67.9
55.6
Financing flows
-356.2
-30.7
Other non-recurring flows
-93.6
-26.5
Change in cash
-381.9
-1.5
Change in gross financial debt
-336.0
-13.7
Change in net financial debt
+45.9
-12.2
III. Outlook
The portfolio of tourism reservations booked to date for the
first quarter of the 2024/2025 financial year is stable relative to
the previous year’s level, reflecting a still significant trend in
last-minute reservations.
Note that 80% of the Group’s revenue is concentrated into the
last three quarters of its financial year.
While keeping a close eye on the difficult macro-economic
backdrop, the Group confirms the EBITDA growth trajectory for
FY2025 to reach its financial and operational guidance19 for 2026
and 2028 (Group adjusted EBITDA of €200 million in 2026 and €220
million in 2028, generating an operating margin of 10%),
strengthened by past performances that demonstrate its resilience,
combined with the strict execution of its plan.
Appendix: Reconciliation table
The Group’s financial communication is in line with operational
reporting, which is more representative of the performances and
economic reality of the contribution of each of the Group’s
businesses i.e.:
- excluding the impact of IFRS16 application
for all financial statements. Indeed, in the Group’s internal
financial reporting, rental expenses are recognised as an operating
expense. In contrast, under IFRS 16, rental expenses are replaced
by financial interest and the straight-line depreciation expense
over the lease term of the right of use. The rental savings
obtained from the lessors are not recognised in the income
statement but are deducted from the value of the right of use and
the rental obligation, thus reducing the depreciation and financial
costs to be recognised over the remaining term of the leases.
- with the presentation of joint undertakings
according to the proportional consolidation method (i.e. excluding
application of IFRS 11) for profit and loss items.
The Group's operational reporting as monitored by management, in
accordance with IFRS 8, is presented in Note 5 - Information by
operating segment to the consolidated financial statements as at 30
September 2024.
The reconciliation table with the primary financial statements
are therefore set out below.
Income statement
(€ millions)
FY 2024
Operational reporting
IFRS 11 adjustments
Impact
IFRS16
FY 2024
IFRS
Revenue
1,913.0
(70.6)
(24.5)
1,818.0
External purchases and
services
(1,239.4)
+43.6
+419.9
(775.9)
of which cost of sales of
property assets
(64.9)
+24.5
(40.5)
of which owner rents
(454.5)
+7.5
+394.9
(52.2)
Staff costs
(480.1)
+16.0
(0.6)
(464.7)
Other operating income and
expense
7.1
(0.4)
+1.1
7.8
Depreciation, amortisation and
impairment
(94.0)
+1.6
(238.5)
(330.9)
Current operating profit
(loss)
106.6
(9.8)
+157.5
254.3
Adjusted EBITDA
174.3
(10.8)
+395.9
559.4
Other operating income and
expense
(29.9)
+0.6
(0.1)
(29.5)
Financial income and expense
(16.0)
(0.3)
(189.0)
(205.2)
Equity associates
0.3
+8.0
+0.4
8.7
Income tax
(32.4)
+0.8
+30.8
(0.7)
Net profit/loss for the
year
28.7
(0.7)
(0.4)
27.5
(€ millions)
FY 2023
Operational reporting
IFRS 11 adjustments
Impact
IFRS16
FY 2023
IFRS
Revenue
1,914.6
(84.8)
(43.3)
1,786.5
External purchases and
services
(1,280.4)
+56.1
+440.7
(783.7)
of which cost of sales of
property assets
(85.5)
+43.3
(42.2)
of which owner rents
(441.7)
+4.9
+395.1
(41.8)
Staff costs
(446.9)
+14.2
(432.7)
Other operating income and
expense
(12.9)
(0.4)
(13.3)
Depreciation, amortisation and
impairment
(84.3)
+3.1
(220.4)
(301.6)
Current operating profit
(loss)
90.1
(11.4)
+176.5
255.2
Adjusted EBITDA
137.1
(13.7)
+396.9
520.3
Other operating income and
expense
(59.1)
+0.6
(7.6)
(66.1)
Financial income and expense
(24.7)
+3.4
(218.2)
(239.5)
Equity associates
(0.2)
+6.2
+0.6
6.6
Income tax
(26.7)
+1.2
+6.2
(19.3)
Net profit/loss for the
year
(20.6)
-
(42.6)
(63.2)
Group revenue under IFRS accounting stood at €1,818.0 million,
up 1.8% compared with the previous year. Revenue growth concerned
all the tourism brands, except Adagio, and stemmed from both a rise
in average selling prices (driven primarily by the premiumisation
of the offer) and an increase in the number of nights sold. Group
net profit totalled €27.5 million, and beyond EBITDA of €559.4
million, included depreciation, amortisation and provisions for
€330.9 million, financial expenses of €205.2 million and other
operating expenses for €29.5 million.
Balance sheet
(€ millions)
30 Sept. 2024
Operational reporting
Impact of IFRS 16
30 Sept. 2024
IFRS
Goodwill
142.5
-
142.5
Net fixed assets
514.6
(3.7)
510.9
Lease/right of use assets
93.4
2,343.5
2,436.9
Uses
750.5
2,339.8
3,090.3
Share capital
260.4
(641.3)
(380.9)
Provisions for risks and
charges
52.5
(0.3)
52.2
Net financial debt
(33.0)
-
(33.0)
Debt related to lease
assets/liabilities
113.1
+ 3,087.0
3,200.1
WCR and others
357.5
(105.6)
251.9
Resources
750.5
2,339.8
3,090.3
(€ millions)
30 Sept. 2023
Operational reporting
Impact of IFRS 16
30 Sept. 2023
IFRS
Goodwill
140.1
-
140.1
Net fixed assets
504.7
(29.9)
474.8
Lease/right of use assets
70.2
2,492.2
2,562.4
Uses
714.9
2,462.3
3,177.2
Share capital
212.7
(638.5)
(425.8)
Provisions for risks and
charges
71.0
(24.3)
46.7
Net financial debt
(79.0)
-
(79.0)
Debt related to lease
assets/liabilities
116.8
+ 3,176.9
3,293.7
WCR and others
393.4
(51.8)
341.6
Resources
714.9
2,462.3
3,177.2
The Group’s balance sheet under IFRS reflected an improvement in
equity of €44.9 million, notably recording the profit for the year
of €27.5 million. Equity remained negative at 30 September 2024 due
to the impact of IFRS 16, which is applied retrospectively.
1 according to operational reporting 2 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). 3 O/w net non-recurring income of
€10.9 million corresponding to additional aid from the German
government for the Covid-19 pandemic. 4 Guidance announced in the
Press Release of 29 May 2024 5 Operating cash flows after capex and
before non-recurring items and flows related to financing
activities. 6 Revolving Credit Facility 7 Data according to
operational reporting. These targets are based on data, assumptions
and estimates considered reasonable by the Group at the date they
were established. These data, assumptions and estimates are likely
to change or be modified as a result of uncertainties linked in
particular to the regulatory, health, economic or financial
environment. The occurrence of one or more of the risks described
in chapter 2 "Risk factors" of the Universal Registration Document
could have an impact on the Group's businesses, financial position,
results or outlook, and therefore call into question its ability to
deliver its targets and forecasts. The Group therefore makes no
commitment and provides no guarantee as to the achievement of the
targets presented. 8 See page 186 of the Universal Registration
Document, filed with the AMF on 21 December 2023 and available on
the www.groupepvcp.com 9 Notably in charge of relations with
individual and institutional lessors 10 The Group has externalized
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 11 Business line responsible for the construction and
completion of new assets for the Group in France 12 Subsidiary
specialised in property development and operating of
non-medicalised residences for independent elderly people (managed
solely by mandate since the disposal on 1 January 2024 of the lease
businesses to ACAPACE 13 Revenue from on-site activities (catering,
animation, stores, services etc.), co-ownership and multi-owner
fees and management mandates, distribution margins and revenue
generated by the maeva.com business line. 14 Decrease in inventory
due to non-renewal of leases 15 Belgium, the Netherlands, Germany
16 Savings cumulated since 2022. 17 Sites categorised as “Top
Performers” generate a positive contribution after central costs 18
Adjusted EBITDAR = adjusted EBITDA restated for owner rents 19 Data
according to operational reporting. These targets are based on
data, assumptions and estimates considered reasonable by the Group
at the date they were established. These data, assumptions and
estimates are likely to change or be modified as a result of
uncertainties linked in particular to the health, economic or
financial environment. The occurrence of one or more of the risks
described in chapter 2 "Risk factors" of the Universal Registration
Document could have an impact on the Group's businesses, financial
position, results or outlook, and therefore call into question its
ability to deliver its targets and forecasts. The Group therefore
makes no commitment and provides no guarantee as to the achievement
of the targets presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241203971476/en/
For further information:
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
Marriott Vacations World... (NYSE:VAC)
過去 株価チャート
から 11 2024 まで 12 2024
Marriott Vacations World... (NYSE:VAC)
過去 株価チャート
から 12 2023 まで 12 2024
