{"id":25519,"date":"2021-01-20T00:00:00","date_gmt":"2021-01-19T23:00:00","guid":{"rendered":"https:\/\/www.groupepvcp.com\/newsroom\/first-quarter-2020-2021-revenue\/"},"modified":"2026-09-15T01:00:35","modified_gmt":"2026-09-14T23:00:35","slug":"first-quarter-2020-2021-revenue","status":"publish","type":"newsroom","link":"https:\/\/www.groupepvcp.com\/en\/newsroom\/first-quarter-2020-2021-revenue\/","title":{"rendered":"First quarter 2020\/2021 revenue"},"content":{"rendered":"<p style=\"text-align: center\"><span style=\"color: #094154\"><strong>First quarter impacted by restrictive measures due to the health crisis<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"color: #094154\"><strong>First quarter 2020\/2021 revenue<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">In IFRS standards, Q1 2020\/2021 revenue totalled \u20ac141.7 million (\u20ac98.7 million for the tourism activities and \u20ac43.1 million for the property development activities).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Group nevertheless continues to comment on its revenue and the associated financial indicators, in compliance with its operating reporting namely:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8211;\u00a0 \u00a0 \u00a0with the presentation of joint undertakings in proportional consolidation,<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8211;\u00a0 \u00a0 \u00a0excluding the impact of IFRS16 application<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">A reconciliation table presenting revenue stemming from operating reporting and revenue under IFRS accounting is presented in the appendix at the end of the press release.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Restrictive measures implemented by various European governments to face the second wave of the coronavirus pandemic took a harsh toll on the Group\u2019s Q1 revenue.<\/span><\/p>\n<p>\u00a0<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><strong><em>\u20ac millions<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong>2020\/2021<\/strong><em><span style=\"font-weight: 400\">according to operating reporting\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><strong>2019\/2020<\/strong><em><span style=\"font-weight: 400\">according to operating reporting\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><strong>Change<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Tourism<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>102.7<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>281.9<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-63.6%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">Pierre\u00a0&amp;\u00a0Vacances Tourisme Europe<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">30.9<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">96.2<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-67.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">&#8211; Center Parcs Europe\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">71.8<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">185.7<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-61.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong><em>o\/w accommodation revenue<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong><em>69.9<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong><em>191.9<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong><em>-63.6%<\/em><\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><em><span style=\"font-weight: 400\">Pierre\u00a0&amp;\u00a0Vacances Tourisme Europe<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">19.7<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">67.8<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">-70.9%<\/span><\/em><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><em><span style=\"font-weight: 400\">&#8211; Center Parcs Europe<\/span><\/em><em><span style=\"font-weight: 400\">\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">50.2<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">124.2<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">-59.6%<\/span><\/em><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Property development\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>64.4<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>93.1<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-30.8%<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Total Q1\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>167.2<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>375.0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-55.4%<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><span style=\"color: #094154\"><strong>Tourism revenue<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">&#8211;\u00a0 \u00a0 \u00a0In October, after positive momentum following on from Q4 of the previous financial year, the curfews and restrictive measures and the prospect of another lockdown placed a serious brake on reservations, especially for the October school holidays. Accommodation revenue over the month was down around 30% relative to October 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8211;\u00a0 \u00a0 \u00a0From 2 November to mid-December, the Group was obliged to close virtually all of its Pierre &amp; Vacances and Center Parcs sites. Only the Dutch Center Parcs Domains remained open, albeit with a reduced offer (closure of bars and restaurants and a limited number of people in the Aquamundo).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8211;\u00a0 \u00a0 \u00a0Over the last two weeks of December, despite good performances by the seaside sites, mainly in the French West Indies, revenue was down almost 80%, penalised by the ongoing closures of the Center Parcs domains in Germany and Belgium, a deteriorated offer at the sites operated (no catering or access to pool areas) and the opening of just nine mountain residences (or 15% of the Group\u2019s offer in this destination), due to the closure of ski-lifts.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Over the entire period, 50% of Adagio aparthotels also remained closed.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Revenue from the tourism businesses therefore totalled \u20ac102.7 million in Q1 2020\/2021, down 63.6%.\u00a0\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"color: #094154\"><strong>Revenue from property development<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Q1 2020\/2021 property development revenue totalled \u20ac64.4 million, compared with \u20ac93.1 million in the year-earlier period, stemming primarily from the Senioriales residences (\u20ac16.9 million), the Center Parcs Lot-et-Garonne domain (\u20ac7.9 million) and Center Parcs renovation operations (\u20ac26.9 million).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Property reservations recorded in the first quarter of the year with individual investors represent sales volumes of \u20ac51.9m (vs. \u20ac78.5 million in the year-earlier period).\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"color: #094154\"><strong>2-<\/strong><strong> <\/strong><strong>Outlook<\/strong><strong>\u00a0<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Given the health measures in place, the Pierre &amp; Vacances and Center Parcs sites are closed in January, with the exception of the Center Parcs Domains in the Netherlands (with a limited offer of activities), Pierre &amp; Vacances seaside resorts and half of the Adagio aparthotels.\u00a0Their reopening will depend on the evolution of measures to be taken by public authorities.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Given this lack of activity and visibility on the deterioration in the health situation as new strains of Covid-19 have emerged, and with no date for the sites to reopen, the Group has stepped up measures to protect its cash pile through strict steering of spending and investments, increased use of short-time working measures and through the evolution of rents depending on the periods of administrative closure of all or part of the sites.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">The Group will bounce back right after reopening authorisations. The excellent 2020 summer season testified the appeal of the Group\u2019s tourism offer as well as the efficiency of the Change Up strategic plan.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;color: #024154\">APPENDIX:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;color: #024154\">Reconciliation table between revenue stemming from operating reporting and revenue under IFRS accounting.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><\/p>\n<p><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><strong><em>\u20ac millions<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong>2020\/2021<\/strong><\/p>\n<p><em><span style=\"font-weight: 400\">according to operating reporting\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">Restatement\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS11\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">Impact\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS16\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><strong>2020\/2021<\/strong><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS<\/span><\/em><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Tourism<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>102.7<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-4.1<\/strong><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><strong>98.7<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">Pierre\u00a0&amp;\u00a0Vacances Tourisme Europe<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">30.9<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-2.7<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">28.2<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">&#8211; Center Parcs Europe\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">71.8<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-1.4<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">70.4<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Property development\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>64.4<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-4.3<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-17.1<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>43.1<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Total Q1\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>167.2<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-8.4<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-17.1<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>141.7<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\"><\/p>\n<p><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><strong><em>\u20ac millions<\/em><\/strong><\/p>\n<\/td>\n<td>\n<p><strong>2019\/2020<\/strong><\/p>\n<p><em><span style=\"font-weight: 400\">according to operating reporting\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">Restatement\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS11\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><em><span style=\"font-weight: 400\">Impact\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS16\u00a0<\/span><\/em><\/p>\n<\/td>\n<td>\n<p><strong>2019\/2020<\/strong><\/p>\n<p><em><span style=\"font-weight: 400\">IFRS<\/span><\/em><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Tourism<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>281.9<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-16.4<\/strong><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><strong>265.5<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">Pierre\u00a0&amp;\u00a0Vacances Tourisme Europe<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">96.2<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-9.5<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">86.7<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">&#8211; Center Parcs Europe\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">185.7<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">-6.9<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">178.8<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Property development\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>93.1<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-1.6<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-22.5<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>69.0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\n<p><strong>\u00a0<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Total Q1\u00a0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>375.0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-18.0<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>-22.5<\/strong><\/p>\n<\/td>\n<td>\n<p><strong>334.5<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\"><\/p>\n<p><\/span><\/p>\n<p><strong><em>IFRS11 adjustments: <\/em><\/strong><em><span style=\"font-weight: 400\">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<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><strong><em>Impact of IFRS16:<\/em><\/strong><em><span style=\"font-weight: 400\">\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">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\u2019s lease contracts). See above for the impact on Q1 revenue.\u00a0\u00a0\u00a0\u00a0<\/span><\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Given 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.\u00a0\u00a0<\/span><\/em><\/p>\n<p>\u00a0<\/p>\n","protected":false},"parent":0,"template":"","class_list":["post-25519","newsroom","type-newsroom","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First quarter 2020\/2021 revenue - PVCP Group<\/title>\n<meta name=\"description\" content=\"First quarter 2020\/2021 revenue\" \/>\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=\"First quarter 2020\/2021 revenue - 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