Q1 2023/2024 revenue1 from the Pierre
& Vacances - Center Parcs tourism businesses rose
almost 6% compared with Q1 2022/2023, in line with growth over
the summer season. All brands contributed to growth in revenue.
Tourism reservations to date are higher than
the year-earlier period, representing 85% of the target budgeted
for the first half, and almost half of the target set for the
full-year 2023/2024.
Regulatory News:
Franck Gervais, CEO of Pierre & Vacances - Center Parcs
(Paris:VAC), stated:
“The 2023/2024 financial year has started well for Pierre &
Vacances - Center Parcs, with a rise of almost 6% in tourism
revenue during the first quarter, in line with the momentum seen
over the past two years. Reservations to date for the winter season
confirm this uptrend, which was driven by all our brands and
enables us to approach 2024 confidently, while remaining cautious
in a changing economic and social environment.”
1] Revenue
Under IFRS accounting, revenue for the first quarter of
2023/2024 totalled €368.6 million, compared with €351.8m in Q1
2022/2023.
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 standard2, 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 in the Netherlands, Germany and Belgium.
- 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, (previously included in the Pierre &
Vacances operating segment3), 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.
Q1
€m
23/24
22/23
Chg.
Center Parcs
255.0
261.8
-2.6%
o/w revenue from tourism
businesses
249.4
234.3
+6.4%
o/w accommodation revenue
196.3
185.0
+6.1%
P&V
50.1
49.1*
+2.0%
o/w revenue from tourism
businesses
50.1
49.1
+2.0%
o/w accommodation revenue
37.7
37.3
+1.1%
Adagio
59.0
55.3
+6.5%
o/w revenue from tourism
businesses
59.0
55.3
+6.5%
o/w accommodation revenue
53.2
50.0
+6.3%
maeva.com
5.4
4.9
+10.1%
o/w revenue from tourism
businesses
5.4
4.9
+10.1%
Major Projects & Senioriales
24.3
19.1
+27.6%
Corporate
0.4
0.4
-9.1%
Total
394.1
390.7
+0.9%
Revenue from tourism businesses
363.7
343.6
+5.9%
Accommodation revenue
287.2
272.4
+5.4%
Supplementary income
76.6
71.2
+7.5%
Other revenue
30.4
47.1
-35.4%
* restated for the externalization of the maeva.com operating
segment
Revenue from the tourism
businesses
Q1 2023/2024 revenue from the tourism businesses was up 5.9%,
continuing on from Q4 of the previous year (+6.1%). The revenue
trend was in line with targets for the period and is strengthened
by the level of tourism reservations generated for the second
quarter of the year.
Accommodation revenue
Accommodation revenue totalled €287.2 million in Q1
2023/2024, up 5.4% relative to the year-earlier period, after a
4.8% increase seen over the summer season.
Growth in revenue was driven by the rise in average letting
rates (+5.0%) and the number of nights sold (+0.5%). RevPar4 was
also higher than in Q1 2022/2023 (+4.4%).
The occupancy rate stood at 69.4% (vs. 69.9% over Q1
2022/2023).
All brands contributed to growth in revenue:
- Center Parcs: +6.1%
Growth was primarily driven by average letting rates (+6.3%),
and benefited domains located in BNG5, with revenue at the French
domains suffering from a disadvantageous calendar effect for the
school holidays and the partial unavailability of cottages at the
Domaine des Hauts de Bruyères, which was being renovated over the
quarter.
RevPar was up 2.8%.
- Pierre & Vacances: +1.1%
Revenue from the residences in France was down (-4.8%),
due to the reduction6 in the stock operated by lease (-8.1% of
nights offered relative to the first quarter of the previous year).
On a constant stock basis, revenue was up (RevPar up 3.7%).
Revenue from the residences in Spain was up sharply
(+32.4%), driven by both average letting rates (+10.6%) and a
higher occupancy rate (+9.6 points). RevPar was up 32.7%.
All destinations combined, the P&V brand posted a
5.2-point increase in the occupancy rate, offsetting the decline in
average letting rates (-3.0%) related to:
- a disadvantageous calendar effect in France (shift in the
second week of the school holidays, which has higher average
letting rates, to the second quarter of the year).
- A mix effect (robust growth in revenue at seaside destinations
(+9.6%) posting lower average letting rates than at mountain
sites).
- it should also be remembered that Q1 2022/2023 represents a
high base effect (+8.7% compared with Q1 2021/2022).
RevPar was up 7.2%.
- Adagio: +6.3%
Adagio continued to grow with revenue for the first quarter
driven by average letting rates (+7.3%).
RevPar was up 2.6%.
Supplementary income7:
Q1 supplementary income totalled €76.6 million, up 7.5% relative
to Q1 of the previous year, driven by higher onsite sales (+8.3%)
and growth in the maeva.com management and distribution business
(+10.1% over the quarter).
Other revenue:
Q1 2023/2024 revenue from other businesses totalled €30.4
million compared with €47.1 million in Q1 2022/2023 (with no
significant impact on EBITDA), primarily made up of:
- Renovation operations at Center Parcs domains on behalf of
owner-lessors, for €5.0 million (compared with €26.1 million in Q1
2022/2023).
- Les Senioriales for €14.3 million (vs. €18.2 million in Q
2022/2023).
- The Major Projects business line: €10.1 million (of which €8.8
million related to the extension of the Villages Nature Paris
domain) vs. €0.8 million in Q1 2022/2023.
2] Main events during Q1 2023/2024
On 28 December 2023, the Group completed the disposal of its
businesses operated by lease for 29 Senioriales residences to the
ACAPACE Group, shareholder of the brands Jardins d’Arcadie
(residences for the elderly) and Sandaya (open-air hotels).
ACAPACE's takeover of this perimeter is effective from January
1, 2024.
3] Outlook - Tourism businesses
In view of reservations to date for the second quarter of
2023/2024, the Group is currently expecting further revenue growth
in Q2 compared with Q2 2022/2023, for all of its brands.
The portfolio of reservations generated so far is higher than
the year-earlier level, representing 85% of the target budgeted for
the first half (which accounts for slightly more than 40% of
full-year revenue), and almost half of the target set for the
full-year 2023/2024, thus enabling the Group to approach 2024
confidently.
4] Financial calendar
First half revenue for 2023/2024 will be published on 23 April
2024 after the market close.
5] 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
Chg. Pts N-1
Center Parcs
122.8
+2.8%
173.2
+6.3%
1,133,286
-0.2%
70.9%
-2.4 pts
Pierre & Vacances
52.8
+7.2%
97.8
-3.0%
385,664
+4.3%
61.5%
+5.2 pts
Adagio
80.6
+2.6%
109.3
+7.3%
486,160
-0.9%
74.3%
-3.6 pts
Total Q1 2023/2024 revenue
96.6
+4.4%
143.2
+5.0%
2,005,110
+0.5%
69.4%
-0.5 pt
6] Reconciliation table between revenue
stemming from operational reporting and revenue under IFRS
accounting.
Under IFRS accounting, revenue for the first quarter of
2023/2024 totalled €368.6 million, compared with €351.8m in Q1
2022/2023, representing growth of 4.8% 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
operating reporting
Restatement IFRS11
Impact IFRS16
2023/2024 IFRS
Center Parcs
255.0
-
-4.4
250.6
Pierre & Vacances
50.1
-
-
50.1
Adagio
59.0
-14.3
-
44.6
maeva.com
5.4
-
-
5.4
Major Projects & Senioriales
24.3
-3.8
-3.1
17.5
Corporate
0.4
-
-
0.4
Total Q1 2023/2024 revenue
394.2
-18.1
-7.5
368.6
€ millions
2022/2023 according to
operating reporting
Restatement IFRS11
Impact IFRS16
2022/2023 IFRS
Center Parcs
261.8
-6.4
-12.0
243.4
Pierre & Vacances
49.1
49.1
Adagio
55.3
-13.2
42.1
maeva.com
4.9
-
-
4.9
Major Projects & Senioriales
19.1
-7.3
-0.1
11.7
Corporate
0.4
0.4
Total Q1 2022/2023 revenue
390.7
-26.9
-12.1
351.8
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 below for the impact on Q1
revenue.
___________________
1 according to operational reporting 2 See page 186 of the
Universal Registration Document, filed with the AMF on 22 December
2022 and available on the Group’s website: www.groupepvcp.com 3 The
Group has externalized the maeva.com operating segment in order to
improve the readability of this business line's performance, and
has consequently restated the historical comparative information
presented in this press release. 4 RevPar = accommodation revenue
divided by the number of nights offered 5 Belgium, the Netherlands,
Germany 6 Decline in stock due to non-renewal of leases 7 Revenue
from onsite activities (catering, animation, 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/20240123102394/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
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