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.
Pierre & Vacances-Center Parcs continued to grow during Q3 2022/2023, posting an increase in revenue from the tourism businesses of almost 12% relative to the year-earlier period.
After a particularly robust first half performance, benefiting from the rebound in the tourism sector, revenue from the tourism businesses was up 16.7% over the first nine months of the year, outperforming the Group’s targets as well as pre-crisis levels (+29%), and bringing the Group’s revenue to €1,274 million.
In view of the portfolio of reservations to date for the fourth quarter as well as the strict execution of the ReInvention strategic plan, the Group confirms its financial guidance for 2022/2023, revised upwards on 18 April, with:
Franck Gervais, CEO of Pierre & Vacances – Center Parcs, stated:
“With revenue growth of almost 12% in our tourism businesses, the robust Q3 operational performances confirmed the rebound noted in the first half of the year, as well as the success of our strategic positioning towards local tourism and the premiumisation of our offer. Fourth quarter revenue is also expected to rise, despite comparison with a particularly strong summer 2022 performance. We have already recorded reservations corresponding to more than 95% of the full-year revenue target, making it very likely that we will reach our full-year guidance, which was revised upwards last April, driven by the faster than expected benefits of the ReInvention plan. Strengthened by these performances, we remain vigilant and focused on cost control and are approaching the next stages of our strategic plan with confidence”.
Under IFRS accounting, Q3 2022/2023 revenue totalled €429.8 million (with nine-month revenue at €1,171.6 million), compared with €401.5 million in Q3 2021/2022 (and €1,038.2 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 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
The Group posted revenue growth of almost 12% during the third quarter of the year, after a first half up 20%, notably driven by a context of “revenge tourism” post-Covid. Over the first nine months of the year, revenue from the tourism businesses totalled €1,133.4 million, up 16.7% relative to the year-earlier period.
Accommodation revenue
Accommodation revenue totalled €339.6 million in Q3 2022/2023 up 13.6% relative to Q3 of the previous year, driven by a rise in average letting rates (+10.5%) and the number of nights sold (+2.8%).
Revenue was up across all brands:
Growth was driven by average letting rates (+7.5%) and the number of nights sold (+5.5%), benefiting from both:
The occupancy rate was virtually stable (-0.5 points) at 77.2% over the period.
Growth in revenue was driven by the rise in average letting rates (+2,8%) and the number of nights sold (+2.4%).
The occupancy rate was up slightly (+0.4 points) at 67.0% over the period.
Growth in Adagio revenue remained very buoyant, driven by the rise in average letting rates (+27.4%).
The occupancy rate was down by 2.2 points to 77.4% over the period.
In all, over the first nine months of the year, accommodation revenue totalled €889.7 million, up 17.7% relative to the year-earlier period.
Supplementary income:
Q3 supplementary income totalled €89.1 million, up 5.9% relative to Q3 of the previous year, driven by growth in onsite sales (+9.4%). Over the first nine months of the year, supplementary income totalled €243.7 million, up 13.3%.
Other revenue:
Q3 2022/2023 revenue from other business totalled €36.5 million compared with €63.1 million in Q3 2021/2022 (decline with no significant impact on EBITDA), primarily made up of:
In all, over the first nine months of the year, revenue from other business totalled €140.6 million, down 26.2% relative to the year-earlier period.
Operating performances expected for the fourth quarter of the year
In view of the portfolio of reservations to date, the Group is currently expecting growth in revenue in Q4 2022/2023 compared with Q4 2021/2022. This growth will be less extensive than that seen over the first nine months of the year given the historically high base provided by the summer of 2022, which was particularly robust.
All brands are set to contribute to the rise in revenue, driven by the increase in average letting rates.
Confirmation of financial guidance for 2022/2023
The Group confirms its guidance for FY 2022/2023, revised upwards on 18 April 2023, with:
Under IFRS accounting, Q3 2022/2023 revenue totalled €429.8 million (with nine-month revenue at €1,171.6 million), compared with €401.5 million in Q3 2021/2022 (and €1,038.2 million over nine months of the previous year). This growth was visible for all brands and stemmed from both the rise in average letting rates and growth in the number of nights sold.
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 leasing contracts). See above for the impact on revenue.
