Significant improvement in 2022/2023
half-year results relative to 20222 and 2019: business
momentum and operating control
Confirmation of upgrade to financial
forecasts for the full year 2022/2023
- Benefiting from sharp growth in revenue from the tourism
businesses (+20% in H1 2022/2023) and strict cost management (€30
million in savings confirmed over the year, 90% of which already
secured to date), the Pierre & Vacances-Center Parcs Group
generated adjusted EBITDA1 for the first half of
the year (structurally negative due to the seasonal nature of
activities) up 28%2 (+€18 million) compared to H1 2022,
and up 43% (+€36 million) compared to H1 2019, the pre-Covid
reference year.
- The smooth execution of the strategic plan, as well as
operating performances in the first half and the portfolio of
tourism reservations to date (more than 85% of the full-year target
achieved, ahead of the previous year’s rate) enable the Group to
confirm the upgrade to its financial forecasts for 2022/2023
as announced on 18 April 2023:
- Revenue from the tourism businesses of more than €1,700m (vs.
€1,660m previously),
- Adjusted Group EBITDA of more than €130 million (vs. €105
million),
- Operating cash flow generation3 of more than €50 million (vs.
€37 million).
Given the progress made to date on the initial objectives for
the current financial year, the Group is confident about the
challenges ahead, related to a difficult macro-economic
backdrop.
Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
Franck Gervais, CEO of Pierre & Vacances-Center Parcs
Group, stated:
“The performances achieved over the first half of the year
testify to the relevance of the strategic directions of the
Reinvention plan and its smooth execution by our fully mobilised
teams, who I would like to thank. We continue our strategy to move
our offer upscale and to enrich the customer experience, aimed at
meeting aspirations for high quality and local tourism. Our
first-half results, the level of future reservations ahead of our
targets and good control of our operating costs confirm our upgrade
to financial guidance for the current year. We are looking ahead
with confidence and ambition, while remaining cautious on changes
in the macro-economic backdrop.”.
I. Main events
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 consolidated them at 100%.
Free allocation of shares to Group employees and corporate
officers
At its meetings of October 3, 2022, March 30, 2023 and May 24,
2023, the Board of Directors granted 1,000 preferred shares known
as "ADP 2022-1", which may give the right, upon conversion, to a
maximum of 22,916,004 ordinary shares of the Company at the end of
September 2026, to the benefit of members of the Management. On
October 3, 2022, the Board of Directors also allocated 205
preference shares known as "ADP 2022-2", which may give the right,
upon conversion, to a maximum of 20,500,000 ordinary shares of the
Company for the benefit of Mr. Gérard Brémond from October 2024
until the end of a period of 5 years (extended to 7 years in the
absence of a takeover bid for the Company).
These preference shares, which have no voting rights and do not
entitle their holders to dividends, are convertible into ordinary
shares, either existing or to be issued, depending on the
performance and attendance conditions set by the Board of
Directors4.
The Board of Directors has also decided on the principle of
granting a maximum of 5,453,143 free ordinary shares of the Company
in three tranches to Group managers, the first tranche of which,
representing 1,716,990 shares, was granted on March 30, 2023. These
new or existing shares will vest by the end of 2026, subject to
performance and presence conditions similar to those of the "ADP
2022-1".
Implementation of interest rate hedges
Following the restructuring and refinancing transactions of 16
September 2022, most of the Group's debt has been reinstated over a
5-year horizon. The uncertain interest rate backdrop currently
prevailing has prompted the Group to hedge its virtually
exclusively variable-rate debt against a significant rise in
interest rates by setting up rate options. The options set up in
November 2022 cover a nominal amount of €136.5 million in debt
until June 2024. They have a strike price of 2% over the Euribor
3-month rate. The Group paid a premium of €2 million for these
options to be set up. Note also that a large share of the rise in
interest rates is offset by active management of the Group’s
portfolio of investments.
II. Revenue and net income for the first half of 2022/2023 (1
October 2019 to 31 March 2023) according to operational
reporting
In order 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
standard5, 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.
To recap, the Group’s operational reporting is presented in Note
3 - Information by operational segment in the Appendix to the
consolidated half-year financial statements. A reconciliation table
with the primary financial statements is presented hereafter.
2.1. Consolidated revenue according to operational
reporting
€m
H1 22/23
H1 21/22
Chg.
Center Parcs
494.9
422.8
17.0%
o/w accommodation revenue
340.5
280.2
21.5%
Pierre & Vacances
168.8
165.6
1.9%
o/w accommodation revenue
119.9
116.9
2.6%
Adagio
99.2
67.1
48.0%
o/w accommodation revenue
89.6
59.9
49.7%
Major Projects & Senioriales
44.9
58.7
-23.5%
Corporate
1.0
1.2
-16.8%
Total
808.8
715.3
13.1%
Revenue from tourism businesses
704.7
587.9
19.9%
Accommodation revenue
550.1
457.0
20.4%
Revenue other tourism
businesses
154.7
131.0
18.1%
Supplementary income
104.1
127.4
-18.3%
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
Accommodation revenue totalled €550.1 million during the
first half of 2022/2023, 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 BNG6: +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 Villages Nature 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 reduction7 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 (RevPar8
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.
Supplementary income9:
H1 supplementary income 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 strong
performances by the maeva.com business (+13% of business
volume).
Other revenue:
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:
- Renovation operations at Center Parcs domains on behalf of
owner-lessors, for €58.2 million (compared with €66.8 million in H1
2021/2022).
- Senioriales for €33.3 million (vs. €31.3 million in H1
2021/2022).
- The Major Projects division for €11.6 million (primarily
related to the extension of Villages Nature Paris for €9.4 million)
compared with €27.4 million in H1 2021/2022 (of which €21.2 million
related to the Center Parcs Domain Landes de Gascogne).
2.2 Results according to operational reporting
NB: The seasonal nature of the Group’s
business in the first half of the year and the quasi-linear
accounting of expenses lead to a structural operating loss during
the period.
€ millions
H1 2023 Operational
reporting
H1 2022 Operational
reporting
H1 2019 Operational
reporting
Revenue
808.8
715.3
738.1
Adjusted EBITDA
-46.8
-8.8
-82.4
Adjusted H1 2022 EBITDA excl.
non-recurring income
-65
Center Parcs
-4.6
-2.8
Pierre & Vacances
-17.3
1.5
Adagio
0.5
-2.9
Major Projects &
Senioriales
-22.6
-4.3
Holding companies
-2.8
-0.3
Current operating profit/loss
-70.4
-35.3
-111.6
Financial income and expense
-14.0
-22.5
Other operating income and expense
-8.7
-19.6
Equity associates
-0.1
-1.1
Taxes
-0.1
-13.8
Net Profit/loss
-93.1
-92.4
-121.1
Adjusted EBITDA for the first half of 2022/2023 stood at
-€46.8 million, showing a clear improvement relative to the first
half of 2019 (loss virtually halved), the reference pre-Covid
year.
Note that in H1 2021/2022, adjusted EBITDA included the benefits
of non-recurring items (government subsidies and impact of
agreements concluded with the Group’s lessors due to the health
crisis) for a total of €56 million. Adjusted for the impact of
these non-recurring items, Group adjusted EBITDA in the first half
of 2022/2023 was up by 28% relative to the first half of
2021/2022.
The Group benefits from growth momentum in its tourism
businesses (+€117 million in revenue relative to the first half of
the previous year), favoured by the rebound in the tourism sector
following the Covid crisis, as well as strict management of costs,
with a confirmed target of €30 million in savings over 2023 (of
which 90% has already been secured).
Net financial expenses stood at -€14.0 million in the
first half of 2022/2023 vs. -€22.5 million in H1 2021/2022, on the
back of the Group’s widescale debt reduction under the framework of
the financial restructuring completed on 16 September 2022.
Other net operational expenses represented -€8.7 million
in H1 2022/2023, primarily including:
- costs incurred (mainly fees and staff costs) under the
framework of the Group’s transformation projects and the closure of
certain sites for €5.1 million.
- A €4.1m expense related to the booking under IFRS2 of bonus
share allocation plans implemented at the same time as the Group’s
restructuring and refinancing operations.
Note that other operating expenses totalled €19.6 million in H1
2022, mainly including asset and property stock writedowns for
Villages Nature for an amount of €12.4 million, as well as the
costs incurred by the Group to roll out its strategic plan.
Tax expenses in H1 2022/2023 were virtually zero. In the
first half of the previous year, they amounted to €13.8 million,
mainly following a reversal of deferred tax assets in France and
related to the updating of business projections in the context of
the revision of the Reinvention business plan.
The Group’s net loss totalled €93.1 million, stable
compared to the first half of the previous year, which recorded 56
million euro of non-recurring income, and an improvement of 23%
relative to the net loss seen in H1 2019.
2.3. Balance sheet items and net financial debt according to
operational reporting
Simplified balance sheet
€ millions
31 March 2023 Operational
reporting
30 September 2022
Operational reporting
Change
Goodwill
139.6
138.8
+0.8
Net fixed assets
416.9
390.0
+26.9
Lease assets
78.9
74.9
+4.0
TOTAL USES
635.4
603.7
+31.7
Share capital
137.0
241.1
-104.1
Provisions for risks and charges
51.3
124.4
-73.1
Net financial debt
-12.8
-66.8
+54.0
Debt related to lease assets
obligations
119.0
88.4
+30.6
WCR and others
340.9
216.6
+124.3
TOTAL RESOURCES
635.4
603.7
+31.7
Net financial debt
€ millions
31 March 2023
30 September 2022
Change
Gross financial liabilities
393.0
403.6
-10.6
Available cash
-405.7
-470.3
+64.6
Net financial debt
-12.8
-66.8
+54.0
The Group had a negative net debt position, generating cash
of €405.7 million on 31 March 2023.
The seasonal nature of the tourism businesses causes structural
cash burn during the first half of the year. Net debt increased by
54 million euro in the first half of the year, compared with an
approximate structural deterioration of 100 million euro in the
past.
Gross financial debt on 31 March 2023 (€393.0 million)
therefore corresponded mainly to:
- The debt reinstated on 16 September 2022 for a total amount of
€302.5 million, 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 3.90%.
- The remainder of the state-backed loan for €25.0 million.
- Loans taken out by the Group as part of its financing of
property development programmes destined to be sold off for €58.0
million (of which €43.8 million for the Center Parcs programme in
the Lot-et-Garonne, €12.5 million for the Avoriaz programme and
€1.7 million in Senioriales accompaniment loans).
- Drawn credit lines for €2.5 million.
- Deposits and guarantees for €2.3 million.
- Accrued interest for €1.5 million.
- Sundry bank loans for €1.2 million.
III. Outlook
Operating performances expected for the second half of the
year
In view of the portfolio of reservations to date, representing
more than 85% of the full-year target and ahead of the rate
achieved in the previous year, the Group currently expects further
growth in revenue compared with the second half of 2021/2022, which
was particularly dynamic.
This growth is visible for all brands and stems 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 robust 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, on the publication of its
half-yearly revenue on 18 April 2023, to now expect:
- Revenue from the tourism businesses of more than €1,700m (vs.
€1,660m previously10),
- Adjusted Group EBITDA of more than €130 million (vs. €105
million),
- Operating cash flow generation of more than €50 million (vs.
€37 million).
The Group is confident in its ability to deliver this guidance,
while remaining cautious in a changeable and uncertain context, and
remains fully mobilised in terms of operating performance and cost
control.
IV. Appendix: Reconciliation table
The Group’s financial communication is in line with operational
reporting, which is more representative of the performances and
economic reality of the contribution of each of the Group’s
businesses 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
Group’s lessors are not recognised in the income statement, but are
deducted from the value of the right of use and the rental
obligation, 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.
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
31 March 2023.
The reconciliation table with the primary financial statements
is therefore set out below.
Income statement
(€ millions)
H1 2023 Operational
reporting
IFRS 11 adjustments
Impact of IFRS 16
H1 2023 IFRS
Revenue
808.8
-41.4
-25.6
741.8
External purchases and
services
-609.8
+28.4
+227.1
-354.3
of which cost of sales of
property assets
-57.7
+25.6
-32.1
of which owner rents
-217.0
+2.6
+197.9
-16.4
Staff costs
-212.8
+7.5
-
-205.3
Other operating income and
expense
-10.0
-
-1.0
-11.1
Depreciation, amortisation and
impairment
-46.5
+1.0
-102.2
-147.7
CURRENT OPERATING PROFIT
(LOSS)
-70.4
-4.5
+98.3
23.4
ADJUSTED EBITDA
-46.8
-5.0
+200.5
148.7
Other operating income and
expense
-8.7
-
-
-8.7
Financial income and expense
-14.0
+0.8
-107.8
-121.0
Equity associates
-0.1
-1.2
+0.1
-1.2
Income tax
-0.1
+1.2
+1.9
3.0
NET PROFIT (LOSS)
-93.1
-3.7
-7.6
-104.4
(€ millions)
H1 2022 Operational
reporting
IFRS 11 adjustments
Impact of IFRS 16
H1 2022 IFRS
Revenue
715.4
- 35.7
- 43.0
636.7
External purchases and
services
- 565.1
32.7
+219.2(1)
- 313.2
Staff costs
- 190.2
+7.0
-
- 183.3
Other operating income and
expense
36.6
-2.4
+0.1
34.3
DAP net of unused reversals
-32.0
2.8
- 92.0
-121.2
CURRENT OPERATING PROFIT
(LOSS)
- 5.3
4.3
84.2
53.2
ADJUSTED EBITDA
-8.8
+2.6
+176.3
170.1
Other operating income and
expense
-19.6
+12.6
-
- 7.0
Financial income and expense
- 22.5
0.3
- 108.0
- 130.2
Equity associates
-1.1
-17.4
-0.8
-19.3
Income tax
-13.8
+0.1
+2.0
- 11.7
NET PROFIT (LOSS)
- 92.4
-
- 22.6
- 114.9
(1) Of which:
- Cost of sales: +€42.8 million
- Owner rents: +€171.4 million In the Group’s internal financial
reporting, rental expenses are recognised as an operating expense.
Rental savings, obtained in the form of credit notes or
deductibles, are recognised as a deduction from the operating
expense at the time the rental liability is legally extinguished.
The amount of €171.4 million thus includes a saving of €11 million
over the first half of the year, as a result of the application of
the agreements concluded with lessors.
Group revenue under IFRS accounting totalled €741.8 million, up
16.5% relative to the year-earlier period, partly affected by the
emergence of the Omicron variant. Business grew across all brands,
benefiting from the general rebound in tourism after Covid, and
also reflecting the strategy of upgrading the offer, with an
increase in average selling prices and higher occupancy rates. The
Group net loss amounted to €104.4 million euros, an improvement of
€10.5 million compared to the first half of the previous financial
year, including, in addition to EBITDA of €148.7 million, net
depreciation and provisions of €147.7 million and financial
expenses of €121.0 million.
Balance sheet
(€ millions)
H1 2023
Operational reporting
Impact of IFRS 16
H1 2023
IFRS
Goodwill
139.6
-
139.6
Net fixed assets
416.9
-3.4
413.5
Lease/right of use assets
78.9
2,049.5
2,128.4
USES
635.4
2,046.1
2,681.5
Share capital
137.0
-607.9
-470.9
Provisions for risks and
charges
51.3
+0.1
51.4
Net financial debt
-12.8
-
-12.8
Debt related to lease
assets/rental obligations
119.0
+ 2,700.0
2,819.0
WCR and others
340.9
-46.1
294.8
RESOURCES
635.4
+2,046.1
2,681.5
(€ 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/rental obligations
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 -€115.4 million,
recording in particular the net first-half result, which is
structurally loss-making due to the seasonal nature of the Group's
activities. Equity remained negative at 31 March 2023 due to the
impact of IFRS 16, which has been applied retrospectively.
- a decrease in provisions for liabilities and charges of €85.7
million, mainly due to the first-time consolidation of the entire
Villages Nature business line.
- a decline in net debt of €54 million, due to the structural
cash requirement generated in the first half of the year.
Cash flow statement
(€ millions)
H1 2023
Operational reporting
Impact of IFRS 16
H1 2023
IFRS
Cash flows after interest and
tax
-86.8
+90.2
+3.4
Change in working capital
requirement
+32.7
+26.0
+58.7
Flows from operations
-54.1
+116.2
+62.1
Net investments related to
operations
-35.4
-
-35.4
Net financial investments
-11.3
-
-11.3
Acquisition of subsidiaries
+49.5
-
+64.3
Flows allocated to
investments
+2.8
-
+2.8
OPERATING CASH FLOWS
-51.3
+116.2
+64.9
Capital increase in cash
+0.2
-
+0.2
Change in loans and debts
+1.3
-
+1.3
Cash flows from financing
operations
-2.0
-116.2
-118.2
FLOWS ALLOCATED TO
FINANCING
-0.6
-116.2
-116.8
CHANGE IN CASH
-51.9
-
-51.9
(€ millions)
H1 2022
Operational reporting
Impact of IFRS 16
H1 2022
IFRS
Cash flows after interest and
tax
- 32.1
+68.2
+36.1
Change in working capital
requirement
-147.0
+27.9
-119.1
Flows from operations
-179.1
+ 96.0
-83.0
Net investments related to
operations
-20.1
-
-20.1
Net financial investments
-12.1
-
-12.1
Flows allocated to
investments
-32.2
-
- 32.2
OPERATING CASH FLOWS
- 211.3
+96.0
- 115.2
FLOWS ALLOCATED TO
FINANCING
124.3
- 96.0
+28.3
CHANGE IN CASH
-87.0
-
-87.0
The cash flow statement shows a change in cash and cash
equivalents of -€51.9 million in the first half of the 2022/2023
financial year, compared with a change of -€87.0 million in the
first half of the previous year.
This change is linked in particular to the positive cash flow
from operations recorded in the first half of 2022/2023, stemming
from cash flow generated by the change in working capital (+€58.7
million) and investments (+€2.8 million), which partly cover cash
consumption linked to financing (- €116.8 million).
1Adjusted 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 €14.4 million for 20223/2023, €14.6
million for 2023/2024, €8.9 million for 2024/2025 and €4.0 million
for 2025/2026. 2 Adjusted for the impact of non-recurring income
(subsidies and agreements relative to rental negotiations) recorded
in adjusted EBITDA in the first half of 2021/2022 for an amount of
€56 million. 3 Operating cash flows after capex and before
non-recurring items and flows related to financing activities. 4
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 5 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 6 Belgium, the Netherlands,
Germany 7 Decline in stock related to the non-renewal of leases or
withdrawals from loss-making sites 8 RevPar = accommodation revenue
divided by the number of nights offered 9 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. 10 Re. press release of 1 December 2022 available on the
Group’s website: www.groupepvcp.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230524005750/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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