Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances-Center Parcs — H1 2020 Earnings Presentation
19 slides from Pierre et Vacances SA's earnings presentation, Jun 25, 2020
Slide 1: 2019/2020 Half-Year Results
2019/2020 HALF-YEAR RESULTS 25 June 2020 // 1 //
Slide 2: Contents
CONTENTS 1 Half-year results 2 Management of Covid-19 crisis and outlook 3 Appendix - Reconciliation tables – IFRS primary statements // 2 //
Slide 3: Half-year results
1 Half-year results Note: The financial elements and sales indicators commented on in this press release stem from operating 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
Slide 4: Revenue
REVENUE Slight increase in revenue from the tourism businesses High growth in operating performances prior to the Covid-19 outbreak (+6.7%) TOURISM REVENUE: €547M PROPERTY DEVELOPMENT REVENUE: €149M (+0.7% POST 2 WEEKS OF THE HEALTH CRISIS) (-23.7%) • Pierre & Vacances Tourisme Europe: €227m Primari
Slide 5: Current operating earnings
CURRENT OPERATING EARNINGS The Group’s earnings on 31 March 2020, structurally loss-making in the first half due to the seasonal nature of its businesses, do not reflect the Group’s growth momentum, which has been penalised by the first effects of the Covid-19 crisis. Covid-19 H1 2020 H1 2019 Adjust
Slide 6: Focus on current operating profit in tourism
FOCUS ON CURRENT OPERATING PROFIT IN TOURISM Growth Seasonal nature of Impact of in revenue excl. revenue renovations Cost inflation H1 2019/20 Estimated Spain Spain (business Savings/Lag and before Covid-19 impact of H1 2018/19 interruptions) Covid-19 + maeva.com + maeva.com indexation impact H1 20
Slide 7: Net profit (loss) for the period
NET PROFIT (LOSS) FOR THE PERIOD H1 2018/19 € millions H1 2019/20 proforma* Revenue 696.0 738.1 Current operating result -125.6 -111.5 Tourism -116.7 -104.3 Property development -9.0 -7.2 Financial items -10.5 -10.2 Other operating income and expense -10.6 -3.4 Equity associates -0.6 -1.3 Taxes 1.6
Slide 8: Net financial debt
NET FINANCIAL DEBT • The Group’s net financial debt on 31 March is structurally higher than that on 30 September given the seasonal nature of its activities • On 31 March 2020, given the exceptional circumstances related to the Covid-19 crisis, the Group drew down all of its credit lines (revolving
Slide 9: Liquidity
LIQUIDITY SECURING OF ALLOCATION OF EXISTING FINANCING A STATE-BACKED LOAN - Maturity of revolving credit line extended (€200m) Amount obtained: €240 million by 18 months (from March 2021 to September (3 months of consolidated revenue France), destined 2022) to cover operating losses related to the
Slide 10: Management of Covid-19 crisis and outlook
Management of Covid-19 crisis and 2 outlook // 10 //
Slide 11: Group priorities in a crisis context
GROUP PRIORITIES IN A CRISIS CONTEXT ADAPTING THE ORGANISATION COST CUTTING AND ACTIVITIES AND CASH PRESERVATION - Closure of Pierre & Vacances and Center - Cost cutting: Parcs residences and villages from mid- Adaptation of site expenses March to end-May (for the first CP domains in the Netherlan
Slide 12: Business stimulus plan
BUSINESS STIMULUS PLAN OPERATIONS: HEALTH: SALES: GRADUAL ROLL-OUT OF FLEXIBLE CONDITIONS REOPENING OF SITES STRICT PROTOCOLS FOR RESERVATIONS AND CANCELLATIONS Re-opening schedule Health and safety measures More flexible summer reservation offer - Cleaning and disinfecting - Pierre & Vacances: 20-2
Slide 13: Outlook for summer tourism reservations
OUTLOOK FOR SUMMER TOURISM RESERVATIONS Statistics/observations: A study by BVA dating 8 June 2020 showed that: - 59% of French people (66% for families) were considering going on holiday - 56% of these had yet to reserve - France was the object of 87% of holiday intentions Meanwhile, borders are gr
Slide 14: Outlook for the second half of 2020
OUTLOOK FOR THE SECOND HALF OF 2020 • Q3 revenue set to have suffered harshly from the Covid-19 crisis ― April-May: site closures (no activity) ― June: gradually re-opening (30% of revenue in June 2019) Decline in Q3 2020 activity estimated at -90% vs. Q3 2019, or an est. -€300m in revenue losses (i
Slide 15: Change Up plan still in place: growth in businesses
CHANGE UP PLAN STILL IN PLACE GROWTH IN BUSINESSES Objective: +6% average annual growth in Tourism revenue, or +4.7% /year on a same-structure basis (o/w 2% generated by the renovation of Center Parcs domains) Pre-crisis performances - Accommodation revenue: +6.7% (o/w +10.2% for CP) - Growth in all
Slide 16: Change Up plan: group transformation and cost cutting
CHANGE UP PLAN STILL IN PLACE GROUP TRANSFORMATION COST CUTTING Objective: to implement a new more agile and Objective: €50m in cost-savings by 2024 entrepreneurial organisation - Organisation: €30m Validation of job safeguard plan: - Purchases: €20m - 14 April 2020: end to Progress review: informat
Slide 17: Reconciliation table
3 Reconciliation table // 17 //
Slide 18: Income statement
Income statement H1 2020 operating IFRS 11 Impact of IFRS H1 2020 (€ millions) reporting adjustments 16 IFRS Revenue 696.0 - 31.0 - 36.4 628.7 External purchases and services -591.2 +26.5 +222.9* - 341.8 Operating income and expenses -204.0 +7.7 +3.6 -192.7 Depreciation, amortisation, provisions -26
Slide 19: Statement of financial position and cash flow statement
Statement of financial position H1 2020 operating H1 2020 (€ millions) reporting Impact of IFRS 16 IFRS Goodwill 158.9 0.0 158.9 Net fixed assets 381.2 - 1.7 379.5 Lease/right of use assets 88.9 +2,378.7 2,467.6 Uses 629.0 +2,377.0 3,006.0 Share capital 105.0 - 402.3 - 297.3 Provisions for risks and
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