Pierre et Vacances, European number one in leisure residences, reports a “sharp increase” in tourist bookings since the announcement of deconfinement, an “encouraging trend” while its turnover was halved in the first semester of its staggered fiscal year 2020-2021. The turnover for the first half of the 2020-2021 fiscal year ended at the end of March, amounted to 244.5 million euros against 628.7 million euros for the previous fiscal year, according to a press release released on Thursday.
The group still considers it “more representative” to exclude the new accounting standards IFRS 11 and 16, which leads it to report a turnover down 57.3% to 297.2 million euros on the period. “Since the announcement of deconfinement last April, the group has recorded a sharp increase in tourist bookings, both for immediate departures and for the high summer season,” the statement said. “The flow of weekly reservations has thus tripled in the last six weeks and has been higher, for three weeks, than those of the same period of the year 2019”, adds the group, qualifying these trends as “encouraging”.
Revenue from tourism activities amounted to 165 million euros, down 69.9% compared to the first half of 2019/2020. Center Parcs Europe is down 70.9%, Pierre & Vacances Tourisme Europe is down 69.5%, and Adagio residence activity is down 65.9%. Real estate development revenue amounted to € 132.2 million compared to € 148.6 million for the same period of the previous fiscal year.
The net financial debt has almost doubled, amounting to 644.7 million euros at the end of March 2021, against 330.6 million euros at the end of September 2020. The group is finalizing the contractual documentation and the lifting of the conditions precedent related to the establishment of new financing, the first tranche of which, amounting to 175 million euros, should be made available in full in the coming days, according to the press release.
This new loan allows the group to finance its future activity pending an operation to strengthen its own funds, for which the signing of an agreement is envisaged at the beginning of 2022 at the latest. Discussions are underway with several investors having expressed their interest, he says. In accordance with the conditions applicable to this new financing, the conciliation procedure has been extended until December 2, 2021, specifies the group which recently presented an investment plan (“Réinvention 2025”) for the next five years.
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