Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
This press release presents consolidated financial results
established under IFRS accounting rules, currently being audited,
and closed by the Pierre et Vacances SA Board of Administration on
30 November 2023.
Huge improvement in 2023 operating
performance compared with 20222 and 2019 A deeply
transformed Group, fulfilling its commitments
- The Group’s 2022/2023 operating performances reached record
high levels, above its financial guidance revised upwards on 18
April, with:
- Revenue from the tourism businesses of €1,742 million
(initial guidance1 at €1,660 million, revised in April 2023 for
more than €1,700 million), up 12.8% relative to 2022 and
27.6% compared with 2019 (pre-Covid reference year).
- Group adjusted EBITDA2 of €137 million (initial
guidance3 at €105 million, revised in April 2023 for more than €130
million), up 30% compared with 20224 and 74% compared
with 2019.
- Operating cash flow generation5 of €56 million (initial
guidance3 at €37 million, revised in April 2023 for more than €50
million).
- A year after the completion of financial and capital
restructuring operations, the Group is deeply transformed and
executing its ReInvention strategy with convincing results:
- Financial performances ahead of the plan’s targets, with
margin growth at all brands.
- A high quality and coherent offer in terms of products,
services and customer experience.
- In view of this robust momentum and the portfolio of tourism
bookings to date, which already offers good visibility on the first
half of the year, the Group expects 2023/2024 adjusted EBITDA of
between €145 million and €150 million.
Franck Gervais, CEO of the Pierre & Vacances-Center Parcs
Group, stated:
“A year after its financial and capital restructuring, the
Pierre & Vacances-Center Parcs Group has generated record high
results, with a recovery in margins in all brands and high
conversion of operating profitability into cash. We are
successfully implementing our ReInvention strategy, which is
ambitious in terms of the quality of our offer, and strict in terms
of the operating execution of our plan. The Group is ahead of its
roadmap, driven by motivated teams, whom I thank wholeheartedly.
Our transformation is continuing to gain momentum and for
2023/2024, I remain confident in the Group’s ability to deliver its
medium-term targets, while taking macro-economic uncertainty into
consideration”.
I. Highlights of the period
Conciliation protocol for Villages Nature project
On 13 December 2022, capital and legal reorganisation operations
in the Villages Nature Tourism division were completed in
application of the conciliation protocol signed on 4 May 2022 and
approved on 19 May 2022. Following this operation, the Group took
control of the eight entities of the Villages Nature business line
and these are now fully consolidated.
Free allocation of preference shares to employees and
corporate officers of the Group
As announced in the press release of 25 May 2023 presenting the
Group’s first-half results:
- 1,000 preference shares known as "ADP
2022-1", the conversion of which may provide the right to a maximum
of 22,916,004 ordinary shares in the Company by September 2026,
were allocated to members of Management.
- 205 preference shares known as "ADP
2022-2", the conversion of which may give right to a maximum of
20,500,000 ordinary shares in the Company as of October 2024 and
until the end of a period of five years as of their allocation date
(extended to seven years in the absence of a takeover bid for the
Company), were allocated to Mr Gérard Brémond.
- 1,743,390 ordinary shares of the Company,
representing the first tranche of a three-tranche plan totalling a
maximum of 5,453,143 ordinary shares in the Company and which may
vest until the end of 2026, have so far been allocated to Group
managers.
The ADP 2022-1 and ADP 2022-2, which have no voting rights and
do not entitle their holders to dividends, are convertible into
existing ordinary shares or ordinary shares to be issued on the
basis of performance and attendance conditions6. Ordinary shares
allocated to Group managers will vest on the basis of performance
and attendance conditions similar to those for ADP 2022-1.
Interest rate hedges
Following the Restructuring and Refinancing Transactions of 16
September 2022, most of the Group's debt has been reinstated with a
5-year horizon. The rising interest rate environment has prompted
the Group to hedge its virtually exclusively variable-rate debt
against a significant rise in interest rates by setting up rates
options (CAP).
The options put in place in November 2022 cover a nominal amount
of €136.5 million in debt until June 2024. They have a strike price
of 2% to the Euribor 3-month rate. The Group paid a premium of €2
million for these options to be set up.
In July 2023, the group also set up options to hedge a nominal
amount of €34.1 million in debt until June 2025. These have a
strike price of 3% to the Euribor 3-month rate. The Group paid a
premium of €0.3 million for these options to be set up. In
addition, the Group plans to gradually introduce new options over
the coming months, with the aim of reaching a hedged nominal amount
of €136.5 million by June 2025.
Note also that the rise in interest rates is largely offset by
active management of the Group's investment portfolio.
Disposal process for the Senioriales business line
At the closing date of the accounts for the year ended 30
September 2023, the Group was in the process of selling off the
Senioriales residential leasing activity. The Group will
communicate on progress in this process at a later date.
II. Revenue and results for 2022/2023 (1
October 2022 to 30 September 2023) according to operational
reporting
2.1 IFRS financial statements and operational
reporting
To reflect the operational reality of the Group's businesses and
the readability of their performance, the Group's financial
communication, in line with operational reporting as monitored by
management, continues to include the results of joint ventures on a
proportional basis and does not include the application of IFRS 16.
The Group’s results are also presented according to the following
operational sectors defined in compliance with the IFRS 8
standard7, i.e.:
- Center Parcs covering both operation
of the domains marketed under the Center Parcs, Sunparks and
Villages Nature brands, and the building/renovation activities for
tourism assets and property marketing in the Netherlands, Germany
and Belgium.
- Pierre & Vacances covering the
tourism businesses operated in France and Spain under the Pierre
& Vacances and maeva.com brands, the property development
business in Spain and the Asset Management business line
(responsible notably for relations with individual and
institutional lessors).
- Adagio covering operation of the
city residences leased by the Pierre & Vacances-Center Parcs
Group and entrusted to the Adagio SAS joint venture under
management mandates, as well as operation of the sites directly
leased by the joint venture.
- an operational sector covering the Major
Projects business line responsible for construction and
development of new assets on behalf of the Group in France, and
Senioriales, the subsidiary specialised in property development and
operation of non-medicalised residences for independent elderly
people.
- the Corporate operational segment
housing primarily the holding company activities.
As a recap, the Group’s operational reporting is presented in
Note 3 - Information by operational segment in the Appendix to the
consolidated full-year financial statements. A reconciliation table
with the primary financial statements is presented in the Appendix
to this press release.
2.2. Consolidated revenue according to operational
reporting
€m
FY 2023 Operational
reporting
FY 2022 Operational
reporting
Chg.
Center Parcs
1,170.0
1,067.0
9.7%
o/w accommodation revenue
850.2
751.8
13.1%
P&V
426.7
412.6
3.4%
o/w accommodation revenue
298.5
288.6
3.4%
Adagio
232.5
180.7
28.7%
o/w accommodation revenue
208.6
161.6
29.1%
Major Projects & Seniorales
83.8
107.4
-22.0%
Corporate
1.5
2.0
-22.6%
Total
1,914.6
1,769.8
8.2%
Revenue from tourism businesses
1,741.5
1,544.2
12.8%
Accommodation revenue
1,357.4
1,202.0
12.9%
Supplementary income
384.2
342.2
12.3%
Other revenue
173.1
225.5
-23.3%
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).
This performance brought Group revenue to a record level of
€1,914.6 million (+8.2%).
Accommodation revenue
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 the increase in both average letting rates
(+8.8%), benefiting from site premiumisation, and the number of
nights sold (+3.8%). The average occupancy rate also increased by
0.8pts over the year to 74.4%.
Finally, the clear increase in the net promoter score (NPS8 up 5
points for Center Parcs and 2 points for Pierre & Vacances)
confirms that the efforts made to improve the offer have been well
perceived by customers.
Revenue increase at all brands:
- Center Parcs: +13.1%
Growth was driven by average letting rates (+5.2%) and the
number of nights sold (+7.5%), benefiting from
- the French domains: +16.9%, and +7.1% adjusted for the impact
of the 100% integration of the Villages Nature scope as of 15
December 2022 (vs. 50% previously).
- The domains located in BNG9 (+11.1%, o/w +18.7% in the
Netherlands, +9.0% in Belgium and +4.3% in Germany).
The occupancy rate stood at 76.6% over the period, up 1.2 points
relative to the year-earlier period.
- Pierre & Vacances: +3.4%
Growth in revenue was driven by the rise in average letting
rates (+6.6%) with the number of nights sold down 3%.
- Revenue from the residences in France was stable (+0.1%),
despite a reduction10 in the stock operated by lease (-6.3% in the
number of nights offered relative to Q4 of the previous year). On a
constant stock basis, revenue was up (RevPar11 up 6.8%).
- Revenue from residences in Spain surged 16.7%, primarily driven
by volume effects (+16.3% nights sold).
The occupancy rate was down 1.5 points to 70.1% over the year,
primarily due to the exceptional privatisation of the Rouret site
for the French Ministry of the Armies in the first quarter of the
previous year.
- Adagio: +29.1%
Adagio posted particularly strong revenue growth, driven by the
increase in average letting rates (+23.7%), and the number of
nights sold (+4.4%).
The occupancy rate was up 3.2 points to 75.6% over the entire
period.
Supplementary income12
2022/2023 supplementary income totalled €384.2 million, up 12.3%
relative to 2021/2022. This benefited especially from:
- higher revenue from on-site activities at
the Center Parcs domains, driven by initiatives taken to enhance
the services offering.
- growth in maeva.com revenue (+15% in sales
volume driven by maeva’s campsite and individual home distribution
activities in the French market, underpinned by a bolstered network
of estate agents and further campsite affiliations with more than
70 maeva addresses in France at the end of 2023).
Other revenue
Other revenue totalled €173.1 million over 2022/2023, primarily
made up of:
- renovation works at Center Parcs domains:
€87.3 million (vs. €114.7 million in 2021/2022).
- the Senioriales business line: €61.7
million (vs. €65.7 million in 2021/2022).
- the Major Projects business line: €22.1
million (vs. €41.8 million in 2021/2022, of which €33.9 million for
the Landes de Gascogne domain, opened in May 2022).
2.3. Consolidated results according to operational
reporting
€ millions
FY 2023 Operational
reporting
FY 2022 Operational
reporting
FY 2019 Operational
reporting
Revenue
1,914.6
1,769.8
1,672.8
Adjusted EBITDA
137.1
156.5
78.6
FY 2022 adjusted EBITDA
excluding non-recurring items
105.2
Adjusted EBITDA by operational
segment
Center Parcs
138.0
102.9
Pierre & Vacances
10.1
5.6
Adagio
34.4
10.2
Major Projects &
Seniorales
-35.7
-10.2
Corporate
Non-recurring income13
-9,8
-
-2.7
50.7
Current operating profit/loss
90.1
98.6
30.9
Gain generated by debt restructuring
-
418.4
Financial income and expense
-24.7
-100.7
Other operating income and expense
-59.1
-53.1
Share of profit (loss) of equity-accounted
investments
-0.2
-1.6
Taxes
-26.7
-36.6
Profit/loss for the year
-20.6
325.0
-33.0
Operational performances
2022/2023 adjusted EBITDA totalled €137.1 million, up 74%
relative to 2019, the pre-Covid reference year.
Note that 2021/2022 adjusted EBITDA included non-recurring
income for a total of €51 million (government subsidies and impact
of agreements concluded with the Group’s lessors due to the health
crisis). Adjusted for the impact of these non-recurring items,
Group adjusted EBITDA over 2022/2023 was up by 30% relative to
2021/2022.
Robust growth in the tourism businesses, driven primarily by the
rebound in the tourism sector post-Covid, as well as the strict
execution of our strategic plan, in terms of both revenue growth
and cost reductions (savings of €38 million in 2023, above the €30
million savings plan target), enabled us to absorb fixed costs more
effectively and more than offset inflation in energy and wage
costs.
Financial income and expense
Net financial expenses amounted to €24.7 million vs.
€100.7 million over the previous year (of which €42 million in
costs for the Group’s restructuring), a sharp decrease in view of
(i) the massive reduction in the Group’s debt as part of the
financial restructuring undertaken on 16 September 2022, and (ii)
revenues related to financial investments.
Recap: gain generated by debt
restructuring over 2022
On September 16, 2022, as part of the Group's Restructuring
Transactions, €554.8 million in debt was converted into capital, of
which (i) €136.4 million recognized in capital/share premium, and
(ii) €418.4 million recognised in financial items ("Gain generated
by debt restructuring"), corresponding to the difference between
the book value of the original debt and the fair value of the
shares issued in consideration.
Operating income and expense
Other operating income and expense totalled -€59.1
million, including primarily:
- impairment charges for property assets and
inventories, particularly for Senioriales for €55.5 million, as
part of the ongoing disposal process.
- Costs incurred (mainly fees and staff
costs) under the framework of the Group’s transformation projects
and the closure of certain sites for €15.4 million.
- A €12.4m expense related to the booking
under IFRS2 of bonus share allocation plans implemented at the same
time as the Group’s restructuring and refinancing.
- This partly offset income of €21.1 million
related to the impact of taking control of the Village Nature
entities.
As a reminder, other operating expenses for 2021/2022 amounted
to €53.1 million, mainly comprising (i) impairment losses on
property assets and inventories, (ii) costs incurred by the Group
as part of the roll-out of its strategic plan, and (iii) provisions
for costs relating to the organisational change project announced
on 29 September 2022.
Taxes
Tax expenses amounted to €26.7 million, stemming
primarily from a tax expense due in Germany and the
Netherlands.
Net profit/loss for the year
The Group net loss amounted to €20.6 million. It includes
notably €59 million of non-recurring expenses, mainly related to
Senioriales as part of the ongoing disposal process. Excluding this
item, net result would have been largely positive.
As a reminder, net profit for 2021/2022 (€325.0 million)
included a gain of €418.4 million linked to the conversion of debt
into capital as part of the restructuring operations.
2.4. Balance sheet items and net financial debt according to
operational reporting
€ millions
30.09 2023 Operational
reporting
30.09 2022
Operational
reporting
Change
Goodwill
140.1
138.8
+1.2
Net fixed assets
504.7
390.0
+114.6
Lease assets
70.2
74.9
-4.7
TOTAL USES
714.9
603.7
+111.2
Share capital
212.7
241.1
-28.3
Provisions for risks and charges
71.0
124.4
-53.4
Net financial debt
-79.0
-66.8
-12.2
Debt related to assets held under finance
leases
116.8
88.4
+28.4
WCR and others
393.4
216.6
+176.8
TOTAL RESOURCES
714.9
603.7
+111.2
NB: result impacted by the 100% integration of the Villages
Nature division, vs. 50% historically
Net financial debt
€ millions
30 September
2023
30 September 2022
Change
Gross financial liabilities
389.8
403.6
-13.7
Cash
-468.8
-470.3
+1.5
Net financial debt
-79.0
-66.8
-12.2
The Group was heavily in debt at 30 September 2021 after two
years harshly affected by the health crisis. As such, it has
displayed a net debt position for two consecutive financial
years.
To resume, the restructuring operations finalised on 16
September 2022 consisted of:
- the conversion into capital of €554.8
million in debt as part of a conversion capital increase.
- the repayment in cash of €159.6 million in
existing debt.
- the arrangement of new financing reinstated
on 16 September 2022, for a nominal amount of €302.5 million.
At 30 September 2023, the Group had cash and cash equivalents
of €468.8 million, of which €318.5 million was invested in term
deposits or term accounts (average interest rate 3.20%).
Gross financial debt on 30 September 2023 (€393.0
million) therefore corresponded mainly to:
- the debt reinstated on 16 September 2022 for a total amount of
€302.5 million (maturing in September 2027) corresponding to:
- a term loan for a nominal amount of €174.0
million, bearing interest at the 3-month Euribor rate plus a margin
of 3.75%.
- a term loan for a nominal amount of €123.8
million, bearing interest at the 3-month Euribor rate plus a margin
of 2.50%.
- a bond loan in the form of a Euro PP
private placement, unlisted for a nominal amount of €1.8 million,
bearing interest at the 3-month Euribor rate plus a margin of
4.25%.
- a bond loan in the form of a Euro PP
private placement, unlisted for a nominal amount of €2.9 million,
bearing interest at the 3-month Euribor rate plus a margin of
3.9%.
- The remainder of the state-backed loan for €25.0 million.
- loans taken out by the Group to finance property development
programmes destined to be sold off for €58.4 million (of which
€45.5 million for the Center Parcs programme in the Lot-et-Garonne
and €12.5 million for the Avoriaz programme).
- drawn credit lines for €1.7 million.
- accrued interest for €0.8 million.
- sundry bank loans for €0.8 million.
- deposits and guarantees for €0.6 million.
The amount of debt related to assets held under finance
leases corresponds mainly to the adjustment for finance leases
concerning the central facilities at Domaine Center Parcs du Lac
d'Ailette.
Bank ratios
The debt covenants reinstated as part of the Group's
Restructuring and Refinancing operations require compliance with
three financial ratios: the first compares the Group's debt with
consolidated adjusted EBITDA every six months, the second verifies
a minimum cash position (also every six months), and the last
verifies a maximum annual CAPEX. As of 30 September 2023, these
covenants were respected.
Operating cash flows
During 2022/2023, the Group generated operating cash flow of
€55.6 million, stemming from EBITDA and the change in working
capital requirements (€49.7 million), enabling it to cover CAPEX
(€118.7 million) and tax expenses (€36.2 million).
€ millions
30/09/2023
EBITDA
137.1
Non-cash items
23.8
EBITDA cash
160.9
Change in working capital
49.7
Capex
-118.7
Taxes
-36.2
Operating cash flows
55.6
Flows from financing activities
-30.7
Other non-recurring items
-26.5
Change in cash
-1.5
Change in gross financial debt
-13.7
Change in net financial debt
-12.2
III. Outlook
The portfolio of tourism reservations booked to date, up on the
previous year, represents two thirds of the target budgeted for the
first half of the 2023/2024 and one-third of the target budgeted
for the whole year. The increase is visible across all brands and
stems from both the rise in average letting rates and growth in the
number of nights sold.
At the same time, the Group is continuing to implement its
strategic plan, paying particular attention to cost control in an
inflationary environment.
In view of revenue trends at the start of the first half and
the strict execution of the ReInvention plan, the Group is
forecasting adjusted EBITDA of between €145 million and €150
million for the 2024 financial year.
The Group will update financial guidance provided previously for
2025 and 2026 at a Capital Markets Day to be held in coming
months.
Appendix: Reconciliation table
As pointed out above, the Group’s financial communication is in
line with its operational reporting, which is more representative
of the performances and economic reality of the contribution of
each of the Group’s business lines i.e.:
- excluding the impact of IFRS16 application for all financial
statements. Indeed, in the Group’s internal financial reporting,
rental expenses are recognised as an operating expense. In
contrast, under IFRS 16, rental expenses are replaced by financial
interest and the straight-line depreciation expense over the lease
term of the right of use. The rental savings obtained from the
lessors are not recognised in the income statement but are deducted
from the value of the right of use and the lease liability, thus
reducing the depreciation and financial costs to be recognised over
the remaining term of the leases.
- with the presentation of joint undertakings according to the
proportional consolidation method (i.e. excluding application of
IFRS 11) for profit and loss items.
Note that the Group's operational reporting as monitored by
management, in accordance with IFRS 8, is presented in Note 3 -
Information by operating segment to the consolidated financial
statements as at 30 September 2023.
The reconciliation table with the primary financial statements
are therefore set out below.
Income statement
(€ millions)
FY 2023 Operational
reporting
IFRS 11 adjustments
Impact IFRS16
FY 2023 IFRS
Revenue
1,914.6
(84.8)
(43.3)
1,786.5
External purchases and
services
(1,280.4)
+56.1
+440.7
(783.7)
of which cost of sales of
property assets
(85.5)
+43.3
(42.2)
of which owner rents
(441.7)
+4.9
+395.1
(41.8)
Staff costs
(446.9)
+14.2
(432.7)
Other operating income and
expense
(12.9)
(0.4)
(13.3)
Depreciation, amortisation and
impairment
(84.3)
+3.1
(220.4)
(301.6)
Current operating profit
(loss)
90.1
(11.4)
+176.5
255.2
Adjusted EBITDA
137.1
(13.7)
+396.9
520.3
Other operating income and
expense
(59.1)
+0.6
(7.6)
(66.1)
Financial income and expense
(24.7)
+3.4
(218.2)
(239.5)
Equity associates
(0.2)
+6.2
+0.6
6.6
Income tax
(26.7)
+1.2
+6.2
(19.3)
Net profit (loss) for the
year
(20.6)
-
(42.6)
(63.2)
(€ millions)
FY 2022 Operational
reporting
IFRS 11 adjustments
Impact IFRS16
FY 2022 IFRS
Revenue
1,769.8
(90.5)
(67.0)
1,612.3
External purchases and
services
(1,206.1)
+70.4
+443.8
(691.9)
of which cost of sales of
property assets
(131.4)
+66.3
(65.1)
of which owner rents
(427.7)
+20.0
+368.2 (1)
(39.5)
Staff costs
(403.2)
+14.7
-
(388.4)
Other operating income and
expense
10.7
(2.1)
(0.8)
7.8
Depreciation, amortisation and
impairment
(72.5)
+4.1
(196.0)
(264.4)
Current operating profit
(loss)
98.6
(3.4)
+180.0
275.3
Adjusted EBITDA
156.5
(6.1)
+376.0
526.4
Other operating income and
expense
(53.1)
+14.4
-
(38.7)
Gain generated by debt
restructuring
418.4
-
-
418.4
Financial income and expense
(100.7)
+1.3
(216.4)
(315.9)
Equity associates
(1.6)
(13.1)
(0.2)
(14.9)
Income tax
(36.6)
+0.8
+2.9
(32.9)
Net profit (loss) for the
year
325.0
-
(33.8)
291.3
Group revenue under IFRS accounting rose 10.8% to €1,786.5
million compared with the previous year. Revenue growth concerned
all the tourism brands and stemmed from both a rise in average
selling prices (driven primarily by the premiumisation of the
offer) and an increase in the number of nights sold. The Group net
loss amounted to €63.2 million, including, in addition to EBITDA of
€520.3 million, net depreciation, amortisation and provisions of
€301.6 million, financial expenses of €239,5 million (down on the
previous year given the Group's debt reduction and income from
financial investments), and other operating expenses of €66.1
million (impairment of property assets and inventories,
particularly for the Senioriales business line).
Balance sheet
(€ millions)
30 September 2023
Operational reporting
Impact of IFRS 16
30 September 2023
IFRS
Goodwill
140.1
-
140.1
Net fixed assets
504.7
(29.9)
474.8
Lease/right of use assets
70.2
+2,492.2
2,562.4
Uses
714.9
2,462.3
3,177.2
Share capital
212.7
(638.5)
(425.8)
Provisions for risks and
charges
71.0
(24.3)
46.7
Net financial debt
(79.0)
-
(79.0)
Debt related to lease
assets/liabilities
116.8
+ 3,176.9
3,293.7
WCR and others
393.4
(51.8)
341.6
Resources
714.9
+2,462.3
3,177.2
(€ millions)
30 September 2022
Operational reporting
Impact of IFRS 16
30 September 2022
IFRS
Goodwill
138.8
-
138.8
Net fixed assets
390.0
(3.4)
386.6
Lease/right of use assets
74.9
2,068.1
2,143.0
Uses
603.7
2,064.7
2,668.4
Share capital
241.1
(596.6)
(355.5)
Provisions for risks and
charges
124.4
+12.7
137.1
Net financial debt
(66.8)
-
(66.8)
Debt related to lease
assets/liabilities
88.4
+ 2,712.3
2,800.7
WCR and others
216.6
(63.7)
152.9
Resources
603.7
+2,064.7
2,668.4
The Group’s balance sheet under IFRS reflected the
following:
- a decrease in shareholders' equity of €70.3 million, including
the net loss for the year of €63.2 million. equity remained
negative at 30 September 2023 due to the impact of IFRS 16, which
has been applied retrospectively;
- an increase in net fixed assets (+€88.2 million) and a
reduction in provisions for liabilities and charges (-€90.4
million), mainly linked to the 100% integration of the Villages
Nature division, which was historically 50%-owned.
1 Guidance announced through a press release on December 1, 2022
2 Adjusted EBITDA = current operating profit stemming from
operational reporting (consolidated operating income before other
non-current operating income and expense, excluding the impact of
IFRS 11 and IFRS 16 accounting rules) adjusted for provisions and
depreciation and amortisation of fixed operating assets. Adjusted
EBITDA therefore includes the benefit of rental savings generated
by the Villages Nature project following the agreements concluded
in March 2022 for an amount of €14.6 million for 2023/24, €8.9
million for 2024/25 and €4.0 million for 2025/26. 3 Guidance
announced through a press release April 22, 2022 4 Adjusted for the
impact of non-recurring income (subsidies and agreements relative
to rental negotiations) recorded in 2021/2022 adjusted EBITDA of
€51 million. 5 Operating cash flows after capex and before
non-recurring items and flows related to financing activities. 6
See page 82 of the Universal Registration Document, filed with the
AMF on 17 March 2022 and available on the Group’s website:
www.groupepvcp.com 7 See page 181 of the Universal Registration
Document, filed with the AMF on 17 March 2022 and available on the
Group’s website: www.groupepvcp.com 8 Net Promoter Score:
difference between the number of promoters and the number of
detractors in response to the question “would you recommend this
site to your friends and family?” 9 Belgium, the Netherlands,
Germany 10 Decline in stock due to non-renewal of leases and
withdrawal from loss-making sites 11 RevPar = accommodation revenue
divided by the number of nights available 12 Revenue from onsite
activities (catering, animation, stores, services etc.),
co-ownership and multi-owner fees and management mandates,
marketing margins and revenue generated by the maeva.com business
line. 13 Government subsidies and impact of agreements concluded
with Group lessors during the health crisis
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231130365066/en/
For further information:
Investor Relations and Strategic Operations Emeline Lauté
+33 (0) 1 58 21 54 76 info.fin@groupepvcp.com
Press Relations Valérie Lauthier +33 (0) 1 58 21 54 61
valerie.lauthier@groupepvcp.com
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