{"id":25495,"date":"2021-06-03T00:00:00","date_gmt":"2021-06-02T22:00:00","guid":{"rendered":"https:\/\/www.groupepvcp.com\/newsroom\/2020-2021-first-half-results\/"},"modified":"2026-04-19T07:00:27","modified_gmt":"2026-04-19T05:00:27","slug":"2020-2021-first-half-results","status":"publish","type":"newsroom","link":"https:\/\/www.groupepvcp.com\/en\/newsroom\/2020-2021-first-half-results\/","title":{"rendered":"2020\/2021 first half results"},"content":{"rendered":"

First half of the year harshly affected by the closure of virtually all tourism sites due to\u00a0<\/strong><\/span>measures related to the ongoing health crisis<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

1. Main events\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

Governance<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

On 7 January 2021, Franck Gervais joined Pierre\u00a0&\u00a0Vacances Center Parcs as the Group CEO.<\/span><\/p>\n

\u00a0<\/p>\n

Franck Gervais, 44 years old and a graduate from the prestigious French Polytechnique and Ponts et Chauss\u00e9es Schools, successfully piloted the transformation of the Accor Group\u2019s European sector. Previously at the French railway group SNCF, he was CEO of Thalys and then of Voyages-SNCF.com. This combination of operating-digital-marketing experience, strategic vision and recognised leadership can be fully applied to leading the PVCP Group in the future.<\/span><\/p>\n

\u00a0<\/p>\n

Impact of the health crisis on the Group\u2019s activities and conciliation procedure<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

The ongoing Covid-19 pandemic and the ensuing restrictive measures took a heavy toll on the Group\u2019s activities during the first half of the year. More specifically, the closure of ski-lifts in France over the winter as well as the ban on access to waterparks, restaurants, indoor sports and leisure activities obliged the Group to close virtually all of the Pierre & Vacances residences and Center Parcs domains.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

In this backdrop, on 2 February, the Group initiated an amicable conciliation procedure for four months, with an extension possibility. The procedure aimed to reach amicable solutions with the Group\u2019s main partners, specifically its creditors and lessors, supervised by the conciliator.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Discussions between the Group and its various financial partners resulted in a new financing agreement<\/span> for a loan of a maximum amount of \u20ac300 million, including a first tranche of \u20ac175 million (due to be made fully available in early June 2021) and a second tranche that can be cancelled with no penalty, of a maximum amount of \u20ac125 million (to be drawn in full or partly by end-October 2021 at the latest). This financing is primarily aimed at covering the Group\u2019s short-term requirements for operating activities pending an operation to strengthen equity that is being set up in parallel, with several signs of interest already received by the Group.<\/span><\/p>\n

\u00a0<\/p>\n

At the same time, after suspending rental payments to partners of the companies concerned by the conciliation procedure, the Group initiated discussions with its lessors and their main representatives with the aim of drawing up joint solutions for the handling of rents.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Finally, the Group has called on the French government for compensation in reference to the measures adopted concerning ski-lifts in ski stations.<\/span><\/p>\n

\u00a0<\/p>\n

Reinvention Strategic Plan<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

On 18 May, the Group announced its new strategic plan for 2025, Reinvention.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Aimed at <\/span>creating performance and value,<\/strong> this strategic plan is based on a new vision of reinvented local tourism, with three major decisions:\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0A radical modernisation and generalised premiumisation, underpinned by additional investments (\u20ac130 million) relative to the previous plan, in addition to a renovation programme of more than \u20ac700 million for the Center Parcs domains, majority financed by their owners.<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Switching from a host offer to a 100% experience-based offer, that is more digital, personalised and service-based.<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0An ambitious and responsible development, with new concepts, placing our property development expertise at the service of customer experience.<\/span><\/p>\n

\u00a0<\/p>\n

The strategic should result in a <\/span>significantly improved<\/strong> <\/span>performance<\/strong>:\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Prospective revenue from the tourism businesses of \u20ac1.838 billion in 2025 (\u20ac1.587 billion in 2023), up by \u20ac473 million relative to 2019.\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0A reduction in support function expenses to reach 7.5% of revenue in 2025 vs. 12.6% in 2019, or \u20ac24 million in additional savings,\u00a0\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Target Group EBITDA<\/span> of \u20ac275 million in 2025 (\u20ac146 million in 2023), of which \u20ac255 million generated by the tourism businesses and \u20ac20 million by the property development businesses. Current operating margin in the tourism businesses ought to reach 5% in 2023 and 10% in 2025.\u00a0\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Cash flows before financing of \u20ac176m in 2025 (\u20ac49 million in 2023), or operating cash generation of \u20ac273 million over 2022-2025.\u00a0<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

2. Revenue and net income for the first half of 2020\/2021 (1 October 2020 to 31 March 2021)<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n

The financial items commented on hereafter stem from operating reporting, which is more representative of the performances and economic reality of the contribution from each of the Group\u2019s businesses, i.e. excluding the impact of IFRS16 application for all financial statements and excluding the impact of IFRS11 for income statement items (with no change relative to the Group\u2019s historical operating reporting presentation).\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Moreover, the operating and legal reorganisation implemented since 1 February 2021 resulting in the regrouping of each of the Group\u2019s activities into distinct and autonomous Business Lines, has led to a change in sectoral information in application of IFRS8. The main consequence for communication of the Group\u2019s results is the presentation of the contribution from each operating sector, including the Adagio operating entity.<\/span> Financial years prior to the change in legal structure are set out by business (Tourism and Property Development), in line with the Group\u2019s historical operating reporting.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Note that the Group\u2019s operating reporting is set out in Note 3 – Information by operating segment in the appendix to the half-year consolidated financial statements. A reconciliation table with the primary financial statements is presented hereafter.<\/span>
<\/strong><\/p>\n

\u00a0<\/p>\n

2.1. <\/strong> <\/strong>Revenue<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u20ac millions<\/em><\/strong><\/td>\n2020\/2021<\/strong><\/td>\n2019\/2020<\/strong><\/td>\nChange<\/strong><\/td>\n<\/tr>\n
according to operating reporting\u00a0<\/span><\/em><\/td>\naccording to operating reporting\u00a0<\/span><\/em><\/td>\n<\/tr>\n
Tourism<\/strong><\/td>\n165.0<\/strong><\/td>\n547.4<\/strong><\/td>\n-69.9%<\/strong><\/td>\n<\/tr>\n
– Center Parcs Europe\u00a0<\/span><\/td>\n93.2<\/span><\/td>\n320.7<\/span><\/td>\n-70.9%<\/span><\/td>\n<\/tr>\n
– Pierre & Vacances Tourisme Europe\u00a0<\/span><\/td>\n46.3<\/span><\/td>\n152.0<\/span><\/td>\n-69.5%<\/span><\/td>\n<\/tr>\n
– Adagio<\/span><\/td>\n25.5<\/span><\/td>\n74.7<\/span><\/td>\n-65.9%<\/span><\/td>\n<\/tr>\n
o\/w accommodation revenue<\/em><\/strong><\/td>\n108.3<\/em><\/strong><\/td>\n367.1<\/em><\/strong><\/td>\n-70.5%<\/em><\/strong><\/td>\n<\/tr>\n
– Center Parcs Europe<\/span><\/em><\/td>\n64.8<\/span><\/em><\/td>\n211.3<\/span><\/em><\/td>\n-69.3%<\/span><\/em><\/td>\n<\/tr>\n
Pierre\u00a0&\u00a0Vacances Tourisme Europe<\/span><\/em><\/td>\n23.4<\/span><\/em><\/td>\n92.2<\/span><\/em><\/td>\n-74.6%<\/span><\/em><\/td>\n<\/tr>\n
– Adagio\u00a0<\/span><\/em><\/td>\n20.1<\/span><\/em><\/td>\n63.6<\/span><\/em><\/td>\n-68.3%<\/span><\/em><\/td>\n<\/tr>\n
Property development\u00a0<\/strong><\/td>\n132.2<\/strong><\/td>\n148.6<\/strong><\/td>\n-11.0%<\/strong><\/td>\n<\/tr>\n
Total H1\u00a0<\/strong><\/td>\n297.2<\/strong><\/td>\n696.0<\/strong><\/td>\n-57.3%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/p>\n

<\/strong><\/p>\n

Tourism revenue<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

H1 2020\/2021 tourism revenue stood at \u20ac165 million, down 69.9% relative to H1 2019\/2020, with the Group\u2019s businesses suffering massively from the ongoing health crisis in Europe and the ensuing restrictive measures:\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Center Parcs Europe incurred a 70.9% decline affected by a very low level of operation of the Belgian, French and German domains, closed for most of the half-year period (as of early November), and restricted offers at the Dutch domains (quotas or closure of the Aquamundo, indoor activities and restaurants);<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Pierre & Vacances Tourisme Europe incurred a 69.5% decline penalised by the closure of virtually all its residences during the second lockdown and the limited reopenings over the rest of the half-year period, especially at the mountain resorts due to the closure of ski-lifts.\u00a0\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0The Adagio residences revenue was down 65.9%, affected by the lack of business and international clients, and the closure of almost one third of the aparthotels.<\/span><\/p>\n

<\/p>\n

<\/strong><\/p>\n

Revenue from property development<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

H1 2020\/2021 property development revenue totalled \u20ac132.2 million, compared with \u20ac148.6 million, driven primarily by the contribution from renovation operations for Center Parcs (\u20ac65.8 million), Senioriales residences (\u20ac33.6 million) and the Center Parcs Lot-et-Garonne (\u20ac16.9 million).<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

2.2 Results\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n

The Group\u2019s earnings are structurally loss-making in the first half period due to the seasonal nature of its businesses. On 31 March 2021, results were also harshly affected by the ongoing health crisis.\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u20ac millions<\/span><\/em><\/td>\n H1 2021<\/strong><\/td>\n H1 2020<\/strong><\/td>\n<\/tr>\n
Revenue<\/strong><\/td>\n297.2<\/strong><\/td>\n696.0<\/strong><\/td>\n<\/tr>\n
Tourism<\/strong><\/td>\n165.0<\/strong><\/td>\n547.4<\/strong><\/td>\n<\/tr>\n
Property development<\/strong><\/td>\n132.2<\/strong><\/td>\n148.6<\/strong><\/td>\n<\/tr>\n
EBITDA<\/strong><\/td>\n-286.1<\/strong><\/td>\n\u00a0<\/td>\n<\/tr>\n
Tourism<\/strong><\/td>\n-279.1<\/strong><\/td>\n\u00a0<\/td>\n<\/tr>\n
Center Parcs Europe<\/span><\/em><\/td>\n-176.6<\/span><\/em><\/td>\n\u00a0<\/td>\n<\/tr>\n
Pierre\u00a0&\u00a0Vacances Tourisme Europe<\/span><\/em><\/td>\n-77.2<\/span><\/em><\/td>\n\u00a0<\/td>\n<\/tr>\n
Adagio<\/span><\/em><\/td>\n-25.3<\/span><\/em><\/td>\n\u00a0<\/td>\n<\/tr>\n
Property development<\/strong><\/td>\n-7.0<\/strong><\/td>\n\u00a0<\/td>\n<\/tr>\n
Current operating profit (loss)<\/strong><\/td>\n-307.2<\/strong><\/td>\n-125.6<\/strong><\/td>\n<\/tr>\n
Tourism<\/strong><\/td>\n-297.3<\/strong><\/td>\n-116.7<\/strong><\/td>\n<\/tr>\n
Property development<\/strong><\/td>\n-9.9<\/strong><\/td>\n-9.0<\/strong><\/td>\n<\/tr>\n
Financial items<\/span><\/td>\n-13.1<\/span><\/td>\n-10.5<\/span><\/td>\n<\/tr>\n
Other operating income and expense<\/span><\/td>\n-11.2<\/span><\/td>\n-10.6<\/span><\/td>\n<\/tr>\n
Equity associates<\/span><\/td>\n-0.9<\/span><\/td>\n-0.6<\/span><\/td>\n<\/tr>\n
Taxes<\/span><\/td>\n-9.6<\/span><\/td>\n1.6<\/span><\/td>\n<\/tr>\n
Profit (loss) for the year\u00a0<\/strong><\/td>\n-342.0<\/strong><\/td>\n-145.8<\/strong><\/td>\n<\/tr>\n
Group share<\/span><\/em><\/td>\n-342.2<\/span><\/em><\/td>\n-145.8<\/span><\/em><\/td>\n<\/tr>\n
Non-controlling interests<\/span><\/em><\/td>\n+0.2<\/span><\/em><\/td>\n0.0<\/span><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

The current operating loss <\/strong>amounted to -\u20ac307.2 million (vs. -\u20ac125.6 million during H1 2019\/2020), harshly affected by the closure or operation at reduced services of a large number of sites for the majority of the half-year period.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The Group therefore incurred a decline in tourism revenue of \u20ac382 million resulting in a loss of almost \u20ac190 million and including, in addition to the reduction in costs related to the partial or full closure of the sites:\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0compensation related to the decline in revenue (primarily for short-time working measures in France) of around \u20ac30 million.<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0rental savings of a net amount of \u20ac20 million, limited at this stage pending the outcome of negotiations underway to (i) rents for individual lessors suspended for the periods of administrative closure<\/span> (November to mid-December 2020), (ii) net savings generated by the application of agreements concluded with institutional lessors for the period of March-May 2020 and concerning this first half of 2020\/2021 (write-off\/variable rents with minimum amounts guaranteed, net of provisioning for rents for the return to better fortune clauses).\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

The first half also recorded savings made as part of the Change Up plan for \u20ac12 million.<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Net financial expenses <\/strong>totalled \u20ac13.1\u00a0million, higher than the level in H1 2019\/2020 mainly due to additional interest expenses for the drawing on credit lines and the state-backed loan obtained in June 2020.<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Other operating expense <\/strong>totalled \u20ac11.2 million. This was primarily made up of costs related to the legal reorganisation and the conciliation procedure for an amount of \u20ac6.6 million, as well as depreciation of intangible assets and property stocks for a total of \u20ac3.1 million.<\/span><\/p>\n

\u00a0<\/p>\n

Tax expenses <\/strong>totalled \u20ac9.6 million, mainly for the reversal of deferred tax assets in France.\u00a0\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

The Group\u2019s net loss<\/strong> came in at \u20ac342.0 million vs. -\u20ac145.8 million in the first half of 2019\/2020, in the context of the ongoing health crisis.<\/span><\/p>\n

\u00a0<\/p>\n

2.3. <\/strong> <\/strong>Balance sheet items\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Simplified balance sheet<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u20ac millions<\/span><\/em><\/td>\n31 March 2021<\/strong><\/td>\n30 Sep. 2020<\/strong><\/td>\nChange<\/strong><\/td>\n<\/tr>\n
Goodwill<\/span><\/td>\n138.2<\/span><\/td>\n140.0<\/span><\/td>\n-1.8<\/span><\/td>\n<\/tr>\n
Net fixed assets<\/span><\/td>\n345.9<\/span><\/td>\n362.3<\/span><\/td>\n-16.4<\/span><\/td>\n<\/tr>\n
Lease assets<\/span><\/td>\n83.4<\/span><\/td>\n86.1<\/span><\/td>\n-2.7<\/span><\/td>\n<\/tr>\n
TOTAL USES<\/strong><\/td>\n567.5<\/strong><\/td>\n588.4<\/strong><\/td>\n-20.9<\/strong><\/td>\n<\/tr>\n
Share capital\u00a0<\/span><\/td>\n-425.2<\/span><\/td>\n-83.9<\/span><\/td>\n-341.3<\/span><\/td>\n<\/tr>\n
Provisions for risks and charges<\/span><\/td>\n86.9<\/span><\/td>\n111.2<\/span><\/td>\n-24.3<\/span><\/td>\n<\/tr>\n
Net financial debt<\/span><\/td>\n644.7<\/span><\/td>\n330.6<\/span><\/td>\n314.1<\/span><\/td>\n<\/tr>\n
Debt related to lease assets obligations<\/span><\/td>\n93.2<\/span><\/td>\n94.7<\/span><\/td>\n-1.5<\/span><\/td>\n<\/tr>\n
WCR and others<\/span><\/td>\n167.9<\/span><\/td>\n135.8<\/span><\/td>\n32.1<\/span><\/td>\n<\/tr>\n
TOTAL RESOURCES<\/strong><\/td>\n567.5<\/strong><\/td>\n588.4<\/strong><\/td>\n-20.9<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

Net financial debt\u00a0<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n
\u20ac millions<\/span><\/em><\/td>\n31 March 2021<\/strong><\/td>\n30 Sep. 2020<\/strong><\/td>\nChange<\/strong><\/td>\n31 March 2020<\/strong><\/td>\nChange<\/strong><\/td>\n<\/tr>\n
Bank\/bond debt<\/strong><\/td>\n532.4<\/strong><\/td>\n528.8<\/span><\/td>\n3.6<\/span><\/td>\n269.4<\/strong><\/td>\n263.0<\/span><\/td>\n<\/tr>\n
Cash (net of overdrafts\/drawn revolving credit lines)<\/strong><\/td>\n112.3<\/strong><\/td>\n-198.3<\/span><\/td>\n310.6<\/span><\/td>\n31.8<\/strong><\/td>\n80.5<\/span><\/td>\n<\/tr>\n
Available cash<\/span><\/em><\/td>\n-149.6<\/span><\/em><\/td>\n-205.3<\/span><\/em><\/td>\n55.7<\/span><\/em><\/td>\n-252.8<\/span><\/em><\/td>\n103.2<\/span><\/em><\/td>\n<\/tr>\n
Drawn credit lines and overdrafts<\/span><\/em><\/td>\n261.9<\/span><\/em><\/td>\n7.0<\/span><\/em><\/td>\n254.9<\/span><\/em><\/td>\n284.6<\/span><\/em><\/td>\n-22.7<\/span><\/em><\/td>\n<\/tr>\n
Net financial debt\u00a0<\/strong><\/td>\n644.7<\/strong><\/td>\n330.6<\/strong><\/td>\n314.1<\/strong><\/td>\n301.2<\/strong><\/td>\n343.5<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

Net financial debt <\/span>(bank\/bond debt minus net cash) <\/span>on 31 March 2021 (\u20ac644.7 millions) corresponded primarily\u00a0to:<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0the state-backed loan obtained in June 2020 for a nominal amount of \u20ac240 million;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0the ORNANE bond issued in December 2017 for a nominal amount of \u20ac100 million;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Euro PP bond loans issued respectively in July 2016 for a nominal amount of \u20ac60 million and in February 2018 for a nominal amount of \u20ac76 million;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0loans taken out by the Group as part of its financing of property development programmes destined to be sold off for \u20ac46.2 million (of which \u20ac24.8 million for the CP programme in the Lot-et-Garonne, \u20ac12.5 million for the Avoriaz programme and \u20ac8.9 million in Seniorales accompaniment loans;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0credit lines drawn down in the backdrop of the health crisis for an amount of \u20ac261.9 million (revolving, confirmed credit lines and overdrafts authorised);<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0accrued interest for an amount of \u20ac9.4 million;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0net of available cash for \u20ac149.6\u00a0 million.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

3. Outlook\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Conciliation procedure\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

The Group is completing the financial contractual documentation and the removal of suspensive conditions related to the implementation of a new financing round, the first \u20ac175 million tranche of which should be made available in full in the coming days.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Note that this new loan enables the Group to finance its future business pending an operation to strengthen its equity, for which an agreement is envisaged by early 2022 at the latest (discussions are underway with some investors who have expressed their interest).<\/span><\/p>\n

\u00a0<\/p>\n

In line with the conditions applicable to this new financing, the conciliation procedure has been prolonged until 2 December 2021, in order to allow the Group the time to finalise its discussions with various partners under the supervision of the conciliator. Under this framework, on the 27 May, the discussions undertaken with the main representatives of individual lessors resulted in a proposal made by the Group to partly settle rental payments combined with several options, conditions and pledges. This proposal notably plans for rental payments not written off to resume on 31 July 2021 at the latest to the benefit of lessors who agree to accept it. Discussions with institutional lessors of companies concerned by the scope of the conciliation procedure are also continuing at the same time.<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Tourism reservations<\/strong><\/span><\/p>\n

\u00a0<\/p>\n

Since the announcement of the easing of lockdown measures in April, the Group has recorded a surge in tourism reservations for both immediate departures and for the peak summer season. Weekly reservation flows have therefore tripled over the past six weeks and over the past three weeks, are higher than those of the same period in 2019.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

These encouraging trends reassure the Group in its ability to bounce back after more than a year of difficulties due to the Covid-19 health crisis.\u00a0\u00a0<\/span><\/p>\n

<\/p>\n

<\/strong><\/p>\n

4. Appendix: Reconciliation table\u00a0<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n

As stated above, the Group\u2019s financial communication is in line with its operating reporting, which is more representative of the performances and economic reality of the contribution of each of the Group\u2019s businesses, i.e.:\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0excluding the impact of IFRS16 application for all financial statements. \u00a0 Indeed, in the Group\u2019s internal financial reporting, rental expense is recognised as an operating expense. Rental savings obtained in the form of credit notes or write-offs, are recognised as a deduction from operating expenses at the time when the rental debt is removed legally. In contrast, under the IFRS16 standard, rental expenses are replaced by financial interest and the linear depreciation expense over the duration of the right of use lease. The rental savings obtained from lessors are not recognised in the income statement, but are deducted from the right of use value and the rental obligation, thereby reducing by as much the depreciation and financial expenses still to be booked over the residual duration of the leases;<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0with the presentation of joint undertakings in proportional consolidation (i.e. excluding application of IFRS 11) for profit and loss items.<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Note that the Group\u2019s operating reporting as monitored by management, in compliance with IFRS8, is presented in Note 3 – Information on the operating segment of the appendix to the half year consolidated financial statements as of 31 March 2021.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

The reconciliation tables with the primary financial statements are therefore set out below:\u00a0<\/span><\/p>\n

<\/p>\n

<\/strong><\/p>\n

Income statement<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nH1 2021 operating reporting<\/strong><\/td>\nIFRS\u00a011 adjustments<\/span><\/td>\nImpact of IFRS 16<\/span><\/td>\nH1 2021<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Revenue<\/span><\/td>\n297.2<\/span><\/td>\n-12.5<\/span><\/td>\n-40.2<\/span><\/td>\n244.5<\/span><\/td>\n<\/tr>\n
External purchases and services<\/span><\/td>\n-449.7<\/span><\/td>\n+23.1<\/span><\/td>\n+195.(1)<\/span><\/td>\n-231.5<\/span><\/td>\n<\/tr>\n
Operating income and expenses<\/span><\/td>\n-128.0<\/span><\/td>\n+3.8<\/span><\/td>\n+0.1<\/span><\/td>\n-124.1<\/span><\/td>\n<\/tr>\n
Depreciation, amortisation, provisions<\/span><\/td>\n-26.7<\/span><\/td>\n+2.0<\/span><\/td>\n-122.3<\/span><\/td>\n-147.0<\/span><\/td>\n<\/tr>\n
Current operating profit (loss)<\/strong><\/td>\n-307.2<\/strong><\/td>\n+16.3<\/strong><\/td>\n+32.7<\/strong><\/td>\n-258.1<\/strong><\/td>\n<\/tr>\n
Other operating income and expense<\/span><\/td>\n-11.2<\/span><\/td>\n–<\/span><\/td>\n–<\/span><\/td>\n-11.2<\/span><\/td>\n<\/tr>\n
Financial items<\/span><\/td>\n-13.1<\/span><\/td>\n+1.3<\/span><\/td>\n-81.7<\/span><\/td>\n-93.5<\/span><\/td>\n<\/tr>\n
Equity associates<\/span><\/td>\n-0.9<\/span><\/td>\n-17.6<\/span><\/td>\n-1.7<\/span><\/td>\n-20.2<\/span><\/td>\n<\/tr>\n
Income tax<\/span><\/td>\n-9.6<\/span><\/td>\n-0.1<\/span><\/td>\n–<\/span><\/td>\n-9.7<\/span><\/td>\n<\/tr>\n
PROFIT (LOSS) FOR THE YEAR\u00a0<\/strong><\/td>\n-342.0<\/strong><\/td>\n–<\/strong><\/td>\n-50.7<\/strong><\/td>\n-392.7<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Of which:<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Cost of sales: +\u20ac40.0m\u00a0<\/span><\/p>\n

–\u00a0 \u00a0 \u00a0Rents: +\u20ac155.1m: in the Group\u2019s internal financial reporting, rental expense is recognised as an operating expense. Rental savings obtained in the form of credit notes or write-offs, are recognised as a deduction from operating expenses at the time when the rental debt is removed legally. The amount of \u20ac155m therefore includes \u20ac18m in rental write-offs for the periods of administrative closures during which the Group considers, on the basis of inexecution exception legal foundation or that of the measures set out in Article 1722 of the Civil Code, that the rental debt has been extinguished.<\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nH1 2020 operating reporting<\/strong><\/td>\nIFRS\u00a011 adjustments<\/span><\/td>\nImpact of IFRS 16<\/span><\/td>\nH1 2020<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Revenue<\/span><\/td>\n696.0<\/span><\/td>\n–\u00a031.0<\/span><\/td>\n–\u00a036.4<\/span><\/td>\n628.7<\/span><\/td>\n<\/tr>\n
External purchases and services<\/span><\/td>\n-591.2<\/span><\/td>\n+26.5<\/span><\/td>\n+222.9*<\/span><\/td>\n– 341.8<\/span><\/td>\n<\/tr>\n
Operating income and expenses<\/span><\/td>\n-204.0<\/span><\/td>\n+7.7<\/span><\/td>\n+3.6<\/span><\/td>\n-192.7<\/span><\/td>\n<\/tr>\n
Depreciation, amortisation, provisions<\/span><\/td>\n-26.4<\/span><\/td>\n+2.0<\/span><\/td>\n-135.6<\/span><\/td>\n-160.0<\/span><\/td>\n<\/tr>\n
Current operating profit (loss)<\/strong><\/td>\n– 125.6<\/strong><\/td>\n+5.2<\/strong><\/td>\n+54.5<\/strong><\/td>\n– 65.9<\/strong><\/td>\n<\/tr>\n
Other operating income and expense<\/span><\/td>\n– 10.6<\/span><\/td>\n+ 0.2<\/span><\/td>\n0.0<\/span><\/td>\n– 10.4<\/span><\/td>\n<\/tr>\n
Financial items<\/span><\/td>\n–\u00a010.5<\/span><\/td>\n+1.5<\/span><\/td>\n– 68.5<\/span><\/td>\n–\u00a077.5<\/span><\/td>\n<\/tr>\n
Equity associates<\/span><\/td>\n– 0.6<\/span><\/td>\n– 6.7<\/span><\/td>\n– 0.9<\/span><\/td>\n– 8.2<\/span><\/td>\n<\/tr>\n
Income tax<\/span><\/td>\n\u00a0+ 1.6<\/span><\/td>\n– 0.2<\/span><\/td>\n+ 0.9<\/span><\/td>\n2.3<\/span><\/td>\n<\/tr>\n
PROFIT (LOSS) FOR THE YEAR\u00a0<\/strong><\/td>\n–\u00a0145.8<\/strong><\/td>\n0.0<\/strong><\/td>\n– 14.0<\/strong><\/td>\n–\u00a0159.8<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* of which cost of sales: +\u20ac35.8m, Rents: +\u20ac187.1m<\/span><\/p>\n

\u00a0<\/strong><\/p>\n

Balance sheet<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nH1 2021 operating reporting<\/strong><\/td>\nImpact of IFRS 16<\/span><\/td>\nH1 2021<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Goodwill<\/span><\/td>\n138.2<\/span><\/td>\n–<\/span><\/td>\n138.2<\/span><\/td>\n<\/tr>\n
Net fixed assets<\/span><\/td>\n345.9<\/span><\/td>\n–<\/span><\/td>\n345.9<\/span><\/td>\n<\/tr>\n
Lease\/right of use assets<\/span><\/td>\n83.4<\/span><\/td>\n+2,208.3<\/span><\/td>\n2,291.7<\/span><\/td>\n<\/tr>\n
Uses<\/strong><\/td>\n567.5<\/strong><\/td>\n2,208.3<\/strong><\/td>\n2,775.8<\/strong><\/td>\n<\/tr>\n
Share capital\u00a0<\/span><\/td>\n-425.2<\/span><\/td>\n-528.1<\/span><\/td>\n-953.3<\/span><\/td>\n<\/tr>\n
Provisions for risks and charges<\/span><\/td>\n86.9<\/span><\/td>\n+11.1<\/span><\/td>\n98.0<\/span><\/td>\n<\/tr>\n
Net financial debt<\/span><\/td>\n644.7<\/span><\/td>\n–<\/span><\/td>\n644.7<\/span><\/td>\n<\/tr>\n
Debt related to lease assets \/ lease obligations<\/span><\/td>\n93.2<\/span><\/td>\n+2,767.8<\/span><\/td>\n2,861.1<\/span><\/td>\n<\/tr>\n
WCR and others<\/span><\/td>\n167.9<\/span><\/td>\n-42.6<\/span><\/td>\n163.3<\/span><\/td>\n<\/tr>\n
Resources<\/strong><\/td>\n567.5<\/strong><\/td>\n2,208.3<\/strong><\/td>\n2,775.8<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nFY 2020 operating reporting<\/strong><\/td>\nImpact of IFRS 16<\/span><\/td>\nFY 2020<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Goodwill<\/span><\/td>\n140.0<\/span><\/td>\n0.0<\/span><\/td>\n140.0<\/span><\/td>\n<\/tr>\n
Net fixed assets<\/span><\/td>\n362.3<\/span><\/td>\n– 2.5<\/span><\/td>\n359.8<\/span><\/td>\n<\/tr>\n
Lease\/right of use assets<\/span><\/td>\n86.1<\/span><\/td>\n+ 2,247.8<\/span><\/td>\n2,333.9<\/span><\/td>\n<\/tr>\n
Uses<\/strong><\/td>\n588.4<\/strong><\/td>\n+ 2,245.3<\/strong><\/td>\n2,833.7<\/strong><\/td>\n<\/tr>\n
Share capital\u00a0<\/span><\/td>\n-83.9<\/span><\/td>\n– 477.3<\/span><\/td>\n– 561.2<\/span><\/td>\n<\/tr>\n
Provisions for risks and charges<\/span><\/td>\n111.2<\/span><\/td>\n+ 6.9<\/span><\/td>\n118.1<\/span><\/td>\n<\/tr>\n
Net financial debt<\/span><\/td>\n330.6<\/span><\/td>\n0.0<\/span><\/td>\n330.6<\/span><\/td>\n<\/tr>\n
Debt related to lease assets \/ lease obligations<\/span><\/td>\n94.7<\/span><\/td>\n+ 2,789.5<\/span><\/td>\n\u00a02,884.2<\/span><\/td>\n<\/tr>\n
WCR and others<\/span><\/td>\n135.8<\/span><\/td>\n– 73.9<\/span><\/td>\n61.9<\/span><\/td>\n<\/tr>\n
Resources<\/strong><\/td>\n588.4<\/strong><\/td>\n+ 2,245.3<\/strong><\/td>\n2,833.7<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n

Cash flow statement<\/strong><\/span><\/p>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nH1 2021 operating reporting<\/strong><\/td>\nImpact of IFRS 16<\/span><\/td>\nH1 2021<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Cash flows after interest and tax<\/span><\/td>\n-293.9<\/span><\/td>\n+73.2<\/span><\/td>\n-220.7<\/span><\/td>\n<\/tr>\n
Change in working capital requirement<\/span><\/td>\n-4.8*<\/span><\/td>\n+32.5<\/span><\/td>\n27.7*<\/span><\/td>\n<\/tr>\n
Flows from operations<\/strong><\/td>\n-298.7<\/strong><\/td>\n+105.7<\/strong><\/td>\n-193.0<\/strong><\/td>\n<\/tr>\n
Net investments related to operations<\/span><\/td>\n-11.4<\/span><\/td>\n–<\/span><\/td>\n-11.4<\/span><\/td>\n<\/tr>\n
Net financial investments<\/span><\/td>\n+3.1<\/span><\/td>\n–<\/span><\/td>\n+3.1<\/span><\/td>\n<\/tr>\n
Acquisition of subsidiaries<\/span><\/td>\n+0.9<\/span><\/td>\n–<\/span><\/td>\n+0.9<\/span><\/td>\n<\/tr>\n
Flows allocated to investments<\/strong><\/td>\n-7.4*<\/strong><\/td>\n–<\/strong><\/td>\n-7.4*<\/strong><\/td>\n<\/tr>\n
Operating cash flows<\/strong><\/td>\n-306.1<\/strong><\/td>\n+105.7<\/strong><\/td>\n-200.4<\/strong><\/td>\n<\/tr>\n
Flows allocated to financing<\/strong><\/td>\n-4.4<\/strong><\/td>\n-105.7<\/strong><\/td>\n-110.1<\/strong><\/td>\n<\/tr>\n
CHANGE IN CASH<\/strong><\/td>\n-310.5<\/strong><\/td>\n–<\/strong><\/td>\n-310.5<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
(\u20ac millions)<\/span><\/em><\/td>\nH1 2020 operating reporting<\/strong><\/td>\nImpact of IFRS 16<\/span><\/td>\nH1 2020<\/strong>IFRS<\/span><\/td>\n<\/tr>\n
Cash flows after interest and tax<\/span><\/td>\n-130.3<\/span><\/td>\n+118.6<\/span><\/td>\n-11.7<\/span><\/td>\n<\/tr>\n
Change in working capital requirement<\/span><\/td>\n-11.4*<\/span><\/td>\n+32.3<\/span><\/td>\n21.0*<\/span><\/td>\n<\/tr>\n
Flows from operations<\/strong><\/td>\n-141.7<\/strong><\/td>\n150.9<\/strong><\/td>\n9.3<\/strong><\/td>\n<\/tr>\n
Net investments related to operations<\/span><\/td>\n-22.2<\/span><\/td>\n0.0<\/span><\/td>\n-22.2<\/span><\/td>\n<\/tr>\n
Net financial investments<\/span><\/td>\n-5.0<\/span><\/td>\n0.0<\/span><\/td>\n-5.0<\/span><\/td>\n<\/tr>\n
Acquisition of subsidiaries<\/span><\/td>\n-0.2<\/span><\/td>\n0.0<\/span><\/td>\n-0.2<\/span><\/td>\n<\/tr>\n
Flows allocated to investments<\/strong><\/td>\n-27.4*<\/strong><\/td>\n0.0<\/strong><\/td>\n-27.4*<\/strong><\/td>\n<\/tr>\n
Operating cash flows<\/strong><\/td>\n-169.1<\/strong><\/td>\n150.9<\/strong><\/td>\n-18.1<\/strong><\/td>\n<\/tr>\n
Flows allocated to financing<\/strong><\/td>\n23.8<\/strong><\/td>\n-150.9<\/strong><\/td>\n-127.1<\/strong><\/td>\n<\/tr>\n
CHANGE IN CASH<\/strong><\/td>\n-145.3<\/strong><\/td>\n0.0<\/strong><\/td>\n-145.3<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Reclassification of the inflow of income from equity-accounted investments (+\u20ac0.4 million in H1 2020\/2021 and +\u20ac0.7 million in H1 2019\/2020) from cash flows from investment activities to cash flows from operating activities (change in WCR).<\/span><\/em><\/p>\n

\u00a0<\/strong><\/p>\n

IFRS\u00a011 adjustments: \u00a0<\/strong>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.<\/span><\/em><\/p>\n

\u00a0<\/p>\n

Impact of IFRS16:\u00a0 <\/strong>IFRS 16 \u201cLeases\u201d must be applied for the years open as of 1 January 2019, namely 2019\/2020 for the Pierre & Vacances-Center Parcs Group.<\/span><\/em><\/p>\n

The Group has opted for the simplified retrospective transition method, with a retrospective calculation of right-of-use assets. Choosing this method implies that previous periods will not be restated.<\/span><\/em><\/p>\n

As set out in the Note relative to Accounting Principles in the appendix to the Group\u2019s consolidated accounts, application of IFRS 16 results in:\u00a0<\/span><\/em><\/p>\n

–\u00a0 \u00a0 \u00a0Recognition in the balance sheet of all leases, with no distinction between operating leases and finance leases, with the recording of:\u00a0<\/span><\/em><\/p>\n

–\u00a0 \u00a0 \u00a0An asset representing the right-of-use of the asset leased throughout the duration of the lease contract;<\/span><\/em><\/p>\n

–\u00a0 \u00a0 \u00a0A debt relative to the obligation of future lease payments<\/span><\/em><\/p>\n

The lease expense is cancelled in return for the reimbursement of the debt and the recognition of financial interest. The right-of-use asset is the object of straight-line depreciation over the duration of the lease.<\/span><\/em><\/p>\n

–\u00a0 \u00a0 \u00a0Cancelling, 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\u2019s right-of-use rights).\u00a0\u00a0Given that the Group\u2019s business model is based on two distinct businesses, as monitored and presented in its operating reporting, adjustment for this would not measure and reflect the underlying performance of the Group\u2019s property business, and for this reason in its financial communication, the Group continues to present property development operations as they are recorded from its operating monitoring.<\/span><\/em><\/p>\n","protected":false},"parent":0,"template":"","class_list":["post-25495","newsroom","type-newsroom","status-publish","hentry"],"acf":[],"yoast_head":"\n2020\/2021 first half results - PVCP Group<\/title>\n<meta name=\"description\" content=\"2020\/2021 first half results\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2020\/2021 first half results - 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