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.
The Pierre & Vacances-Center Parcs Group recorded double-digit revenue growth in its tourism businesses over the full-year 2022/2023 (+12.8% compared with the previous year and +27.6% compared with the pre-Covid reference year of 2019).
Q4 revenue was up 6.1% on demanding comparison with the year-earlier period which was especially robust (+15.4% in summer 2022 compared with summer 2021).
The performance brought Group revenue to a record level of €1,914.6 million (+8.2%) and adds weight to full-year 2022/2023 guidance, which was revised upwards in April to expect:
Franck Gervais, CEO of Pierre & Vacances-Center Parcs, stated:
“With double-digit growth in its tourism businesses for the second year in a row, the Pierre & Vacances-Center Parcs Group is proving the relevance of its ReInvention strategy. Sustained, ongoing investment in the renovation and upgrading of our product, coupled with the shift to an experiential offering, have enabled us to achieve record levels of customer satisfaction and meet our customers’ new aspirations for local and responsible tourism.
The robust revenue performance was driven by all our brands and supports our latest earnings and cash flow guidance for 2022/2023, revised upwards in April this year.
Strengthened by the advance gained in reaching our strategic targets, as well as the higher level of reservations to date for the winter season compared with the previous year, we are entering 2023/2024 with confidence, while remaining cautious on the challenges raised by an uncertain economic environment”.
Under IFRS accounting, 2022/2023 revenue totalled €1,786.5 million (with Q4 revenue at €614.9 million), compared with €1,612.3million in 2021/2022 (and €574.1 million in Q4 2021/2022).
The Group comments on its revenue and the associated financial indicators in compliance with its operational reporting namely: (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
Group revenue rose by almost 13% over the full-year, driven by all its brands. Q4 revenue growth stood at 6.1%, lower than the level seen over the first nine months of the year (+16.7%), given comparison with an historical high year-earlier period (+15.4% in Q4 2022 relative to Q4 2021).
Accommodation revenue
Q4
Accommodation revenue totalled €467.7 million in Q4 2022/2023 up 4.8% relative to Q4 of the previous year, driven by a rise in average letting rates (+4.9%) and a virtually stable number of nights sold. The occupancy rate stood at 83.7% (vs. 84.3% in summer 2022).
Revenue increased at all brands:
Growth was driven by average letting rates (+2.8%) and the number of nights sold (+1.5%), benefiting from both:
The occupancy rate was down by 1.6 point to 84.8% over the period, the 4th quarter 2022 having benefited from the post-Covid business rebound.
Growth in revenue was driven by the rise in average letting rates (+5.8%) with the number of nights sold down 2.2%.
The occupancy rate was up by 0.8 point to 85.3% over the period.
Adagio continued to post particularly dynamic growth, driven by higher average letting rates (+10.5%), with the number of nights sold virtually stable.
The occupancy rate was down by 1.1 point to 77.9% over the period.
Full-year
Full-year 2022/2023 accommodation revenue amounted to 1,357.4 million, up 12.9% relative to the previous year, and up 27.1% on 2019, the pre-Covid reference year.
Growth was driven by all the Group’s brands and destinations. It was also boosted by growth in average letting rates (+8.8%), benefiting especially from site premiumisation and the rise in the number of nights sold (+3.8%). The average occupancy rate also rose over the year (+0.8 point), to 74.4%, while customer satisfaction improved (NPS up 5 points for Center Parcs and 2 points for Pierre & Vacances).
Supplementary income:
Q4 supplementary income totalled €140.4 million, up 10.5% relative to the year-earlier period. It benefited especially from the outstanding performance at maeva.com (+15.2%), boosted by a very good season for its camping product, and a rise in revenue from onsite activities at the Center Parcs domains, the result of initiatives taken to enhance the service offering.
Over the full year, supplementary income totalled €384.2 million, up 12.3%.
Other revenue:
Q4 2022/2023 revenue from other business totalled €32.5 million compared with €35.0 million in Q4 2021/2022 (decline with no significant impact on EBITDA), primarily made up of:
In all, full-year revenue from other business totalled €173.1 million, down 23.3% relative to the year-earlier period.
Financial guidance for 2022/2023
This performance supports the Group’s financial forecasts for the 2022/2023 financial year, which were revised upwards on April 18, 2023 as follows:
Operating performances expected for the first quarter of the year
The portfolio of tourism reservations booked to date for the first quarter of the 2023/2024 financial year is higher than the previous year’s level for all the Group’s brands. Revenue growth is driven by both higher average letting rates and a volume effect.
The Group’s full year 2022/2023 results will be reported on 1 December 2023 before the markets open.
Under IFRS accounting, Q4 2022/2023 revenue totalled €614.9 million (with full-year revenue at €1,786.5 million), compared with €574.1 million in Q4 2021/2022 (and €1,612.3 million over the previous full-year period). Revenue growth over the year stemmed from all Group brands, benefiting from the rise in both average letting rates and the number of nights sold.
