First half revenue harshly affected by the
ongoing Covid-19 health crisis
Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
1] First half 2020/2021 revenue
Under IFRS accounting rules, H1 2020/2021 revenue totalled
€244.5 million (€158.0 million for the tourism activities and €86.5
million for the property development activities).
The Group nevertheless continues to comment on its revenue and
the associated financial indicators, in compliance with its
operating reporting namely: - with the presentation of joint
undertakings in proportional consolidation, - excluding the impact
of IFRS16 application
Moreover, the operating and legal reorganisation implemented
since 1 February 2021 resulting in the regrouping of each of the
Group’s activities into distinct and autonomous Business Lines, has
led to a change in sectoral information in application of IFRS8.
The main consequence for communication of the Group’s revenue is
the presentation of the contribution from the Adagio operating
segment. The segment includes the contribution of sites leased by
the PVCP Group, operated under the Adagio brand and entrusted to
the joint-venture Adagio SAS for management, as well as the share
of the contribution from Adagio SAS held by the Group.
A reconciliation table presenting revenue stemming from
operating reporting and revenue under IFRS accounting is presented
in the appendix at the end of the press release.
The Group’s activities were harshly affected over the first
half of the financial year by the health crisis in Europe and the
related restrictive measures imposed by the various European
governments.
€ millions
2020/2021
2019/2020
Change
according to operating
reporting
according to operating
reporting
Tourism
62.3
265.5
-76.6%
- Center Parcs Europe
21.4
135.0
-84.1%
Pierre & Vacances Tourisme
Europe
28.5
100.2
-71.5%
- Adagio
12.3
30.3
-59.3%
o/w accommodation revenue
38.4
175.1
-78.1%
- Center Parcs Europe
14.6
87.1
-83.3%
Pierre & Vacances Tourisme
Europe
14.4
62.5
-76.9%
- Adagio
9.4
25.5
-63.2%
Property development
67.8
55.5
22.2%
Total Q2
130.0
321.0
-59.5%
Tourism
165.0
547.4
-69.9%
- Center Parcs Europe
93.2
320.7
-70.9%
Pierre & Vacances Tourisme
Europe
46.3
152.0
-69.5%
- Adagio
25.5
74.7
-65.9%
o/w accommodation revenue
108.3
367.1
-70.5%
- Center Parcs Europe
64.8
211.3
-69.3%
Pierre & Vacances Tourisme
Europe
23.4
92.2
-74.6%
- Adagio
20.1
63.6
-68.3%
Property development
132.2
148.6
-11.0%
Total H1
297.2
696.0
-57.3%
Second quarter 2020/2021 revenue from the tourism activities
stood at €62.3 million, down 76.6% relative to the second quarter
of 2019/2020, due to the closure of virtually all of the Group’s
sites over the quarter: - Revenue at Center Parcs Europe was down
84.1%, with virtually zero activity at the German and French
domains (all closed except for the Domaine du Bois aux Daims as of
1 March, but with limited activities) and reduced services (no
Aquamundo, or indoor and catering activities) for the Belgian and
Dutch domains. - Pierre & Vacances Tourisme Europe was
penalised by the closure of ski-lifts at mountain resorts with just
half of the residences open as of mid-February, with an occupancy
rate of 20-30% during the school holidays, resulting in
accommodation revenue down 87.3% over the quarter as a whole. -
Adagio incurred a decline of 59.3% in revenue due to a lack of
business and international customers and the closure of a third of
its aparthotels.
Over H1 2020/2021, revenue from the tourism businesses stood at
€165.0 million, down 69.9% (after a first quarter down 63.6%).
- Revenue from property development
Q2 2020/2021 property development revenue totalled €67.8
million, compared with €55.5 million in the year-earlier period,
stemming primarily from Senioriales residences (€16.7 million), the
Center Parcs Lot-et-Garonne domain (€9 million) and Center Parcs
renovation operations (€38.9 million).
2]
Conciliation procedure and outlook
Given the lack of visibility on the end to the health crisis, on
2 February, an amicable conciliation procedure was opened at the
Group’s initiative by the Paris Court of Commerce, for a four-month
period, with a possible extension.
This preventive procedure aims to find amicable solutions with
the Group’s main partners.
Discussions are currently ongoing between the Group and its
various existing or future financial partners, supervised by the
conciliators, with the aim of obtaining a new round of debt
financing with a total principle amount of at least €250 million, a
first tranche of which should be released during May and a second
tranche at the start of the autumn 2021 as things stand.
These two tranches would enable the Group to finance its future
activity pending the completion of the process to strengthen its
share capital, in a parallel operation, with the Group having
received several signs of interest.
At the same time, the Group, which has suspended the payment of
rent to the stakeholders of the companies involved in the
conciliation, has initiated discussions with its lessors and their
main representatives with the aim of drawing up joint solutions for
the handling of rents.
Finally, the Group has called on the French government for
compensation in reference to the measures recently adopted
concerning ski-lifts in ski stations.
Confident in its ability to bounce back as soon as its
residences and domains can open again, the Group is finalising a
new strategic plan entitled “RE-INVENTION”, which is due to be
presented beginning of May and will in particular set the Group's
new goals.
APPENDIX:
Reconciliation table between revenue stemming from operating
reporting and revenue under IFRS accounting.
€ millions
2020/2021
according to operating
reporting
Restatement
IFRS11
Impact
IFRS16
2020/2021
IFRS
Tourism
165.0
-7.0
158.0
- Center Parcs Europe
93.2
-1.7
91.5
- Pierre & Vacances Tourisme
Europe
- Adagio
46.3
25.5
-5.3
46.3
20.2
Property development
132.2
-5.5
-40.2
86.5
Total H1
297.2
-12.5
-40.2
244.5
€ millions
2019/2020
according to operating
reporting
Restatement
IFRS11
Impact
IFRS16
2019/2020
IFRS
Tourism
547.4
-27.9
519.5
- Center Parcs Europe
320.7
-12.4
308.3
- Pierre & Vacances Tourisme
Europe
- Adagio
152.1
74.7
-15.5
152.1
59.2
Property development
148.6
-3.0
-36.4
109.2
Total H1
696.0
-31.0
-36.4
628.7
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
right-of-use rights). See below for the impact on H1 revenue.
Given that the Group’s business model is based on two distinct
businesses, as monitored and presented in its operating reporting,
adjustment for this would not measure and reflect the underlying
performance of the Group’s property business, and for this reason
in its financial communication, the Group continues to present
property development operations as they are recorded from its
operating monitoring.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210414005662/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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