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.
Third quarter 2023/2024 revenue
July 23 2024
Group - Strategy
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Revenue growth of almost 5% for the Pierre & Vacances-Center Parcs Group brands over the first nine months of 2023/2024, with resilient business during the third quarter
(down just 1.7% against demanding comparison in 2023).
Confirmation of 2023/2024 outlook:
Adjusted EBITDA of at least €170 million
(or €160 million excluding the impact of non-recurring income),
up sharply relative to the previous year (€137 million)
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.
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.”
“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.”
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 standard, i.e.:
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 RevPar 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:
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 BNG.
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%.
Supplementary income:
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:
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:
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:
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).
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.
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