For over 55 years, we have been creating shared happiness for authentic, positive impact experiences in Europe’s most beautiful destinations.
As a European player in local tourism, we are committed to helping everyone rediscover the essential in a preserved environment. Our business, which is close to the regions, involves relationships of trust with all our stakeholders.
This section is dedicated to the Group’s investor relations and shareholders and presents key figures, share price information, publications, financing operations and financial calendar.
First quarter 2023/2024 revenue
January 23 2024
Group - Strategy
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Q1 2023/2024 revenue 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.
Franck Gervais, CEO of Pierre & Vacances - Center Parcs, 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.”
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 standard, i.e.:
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%). RevPar 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:
Growth was primarily driven by average letting rates (+6.3%), and benefited domains located in BNG, 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%.
Revenue from the residences in France was down (-4.8%), due to the reduction 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:
RevPar was up 7.2%.
Adagio continued to grow with revenue for the first quarter driven by average letting rates (+7.3%).
RevPar was up 2.6%.
Supplementary income:
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:
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.
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.
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.
First half revenue for 2023/2024 will be published on 23 April 2024 after the market close.
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.
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