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.
Benefiting from still strong momentum in the sector following the Covid crisis, the Pierre & Vacances-Center Parcs Group generated growth of 20% in revenue from its tourism activities during the first half of 2022/2023, with robust business in the second quarter (+20.3%), following on from the first quarter increase (+19.4%).
In view of this strong first-half performance as well as the level or reservations to date, the Group’s ability to ease the effects of inflation on margins (cost control) and good execution of its strategic Reinvention plan, the Group has raised its financial guidance for the 2022/2023 financial year, to now expect:
Franck Gervais, CEO of Pierre & Vacances-Center Parcs, stated:
“The Group generated a sharp increase in first half revenue, with growth of 20% in our tourism businesses. The performance was driven by both domestic and cross-border customers, testifying to the rising appeal of local tourism for travellers, and adding weight to the relevance of the Group’s positioning. It also reflects the premiumisation of our offer, with a rise in average letting rates and higher occupancy rates. This excellent first half, combined with strict and agile management of our strategy, enables us to increase our financial forecasts and approach the coming months with confidence.”
Under IFRS accounting, revenue for the first half of 2022/2023 totalled €741.8 million, compared with €636.7m in H1 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.
On the basis of operational reporting, revenue in the first half of 2022/2023 amounted to €808.8 million vs. €715.3 million in the year-earlier period. 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.:
Center Parcso/w accommodation revenue
P&Vo/w accommodation revenue
Adagioo/w accommodation revenue
Major Projects & Seniorales
Revenue from tourism businesses
Revenue from the tourism businesses
The robust growth momentum enjoyed in the first quarter of the year (+19.4%), boosted by the rebound in the tourism sector following the Covid crisis, continued in the second quarter (+20.3%), bringing revenue from the tourism businesses to €704.7 million over the first half. The Group therefore outperformed its budget targets, despite a difficult economic and social backdrop in France in the second quarter.
Accommodation revenue totalled €550.1 million during the first half of 2022/202, up 20.4% relative to the year-earlier period (partly affected by the emergence of the Omicron variant). This rise in revenue was driven by all brands:
Growth was driven by the number of nights sold (+12.8%) and average letting rates (+7.7%), benefiting from both:
– The Domains located in BNG: +20.4%, of which +40.4% in the Netherlands (partly penalised by the Omicron variant in the first half of the previous year), +16.5% in Belgium and +4.9% in Germany.
– The French domains: +23.6%, and +14.5% adjusted for the impact of the 100% integration of the Villages Nature scope as of 15 December 2022 (vs. 50% previously).
The occupancy rate grew by an average of 3.7 points to 71.9% over the period as a whole.
Growth in revenue was primarily driven by the rise in average letting rates (+10.7%), offsetting the impact of the decline in the number of nights sold (-7.3%).
– Revenue from the residences in France was virtually stable (-0.4%), in the context of a reduction in the stock operated by lease (-7.6% of nights offered relative to the first half of the previous year). On a constant stock basis, revenue was up (RevPar up 7.8%),
– Revenue from residences in Spain surged 49.4%, primarily driven by volume effects (+39.5% of nights sold).
The occupancy rate for the brand as a whole was down by an average of 4 points to 61.2% over the period. Note that half of this decline stemmed from the exceptional privatisation of the Rouret site by the Ministry of the Armies in the first quarter of the previous year. The average occupancy rate of mountain destinations was 90.6% over H1, including almost 94% during the second quarter (+1.8 points).
The rebound in city residence business continued, underpinned by both a sharp increase in average prices (+34.6%) and growth in the number of nights sold (+11.2%) The occupancy rate grew by an average of 8 points to 73.5% over the period as a whole.
H1 supplementary totalled €154.7 million, up 18.1% relative to the year-earlier period.
It benefited especially from growth in onsite sales (+20.1%), in line with the rise in accommodation revenue, as well as the strong performances by the maeva.com business (13% in business volume).
H1 2022/2023 revenue from other businesses totalled €104.1 million compared with €127.4 million in H1 2021/2022 (decline with no significant impact on EBITDA), primarily made up of:
Operating performances expected for the second half of the year
In view of the portfolio of reservations to date, the Group currently expects further growth in revenue compared with the second half of 2021/2022, which was particularly dynamic.
This growth across all brands is set to stem from both the rise in average letting rates and growth in the number of nights sold.
Upward revision to financial forecasts for 2022/2023
Underpinned by revenue growth in the first half, the very respectable level of new reservations for coming months and the rigorous execution of the Reinvention strategic plan, the Group has raised its guidance for 2022/2023 to now expect:
The Group is confident in its ability to deliver its guidance, while remaining cautious in a changeable and uncertain context, and remains fully mobilised in terms of operating performance and cost control.
The publication of first half results is scheduled for 25 May 2023 before the market opening.
Under IFRS accounting, revenue for the first half of 2022/2023 totalled €741.8 million, compared with €636.7m in H1 2021/2022. This growth was visible across all brands and stemmed from both the rise in average letting rates and growth in the number of nights sold.
according to operational reporting
Pierre & Vacances
Total H1 2022/2023 revenue
Total H1 2021/2022 revenue
IFRS11 adjustments: for its operational 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 H1 revenue.
Average letting rates
(per night for accommodation)
Number of nights sold
€ (excl. tax)
Chg. % PY
Chg. Pts N-1
Chg. Pts PY
Total H1 2022/2023