Pierre & Vacations: Financial Goals News

Pierre & Vacations-Center Parcs announced its strategic plan, Ré Invention 2025, in May last year. The plan has the ambition to establish itself as a pioneering leader in the local tourism industry, which is newly reinvented and creates value through the radical modernization of its offerings. % Experienced, more digital, personalized, service-oriented, underpinned by generalized mobile luxury goods and sustainable performance, prioritizing selective and responsible development, alternative contracting methods to leasing, structural costs Is reduced, making it more agile and efficient. As part of the group restructuring agreement signed on March 10, 2022, Alcentra, Fidera, and Atream confirmed that they shared the strategic direction of RéInvention 2025 and were first established (and first established). The Realized Fiscal Goals (slightly revised in the fall of 2021) could not be ruled out in light of current health and international affairs.

This calendar shift is built into the update of the financial goals of the Group’s plans, with the following key elements added:
-Improved selectivity for development projects held in the business plan and postponement of calendars for specific programs (impact in terms of real estate and tourism margins).
-100% integration of the Villages Nature scope from December 15, 2022 (previously 50%).
-Increased raw material and energy costs, and on-site wage inflation (tensions in the employment market in certain sectors-especially cleaning and catering);
-General attention should be paid to a more conservative approach to changes in average selling prices and occupancy, and in particular the purpose of the last two years of planning with more uncertain forecast quality.

This update of strategic direction was approved by investors, reminding us that the business plan is essentially a subject of ongoing work.

Main objectives expressed according to the operational report:
-Revenues from tourism activities: € 1.62 billion in 2023 (to € 1.581 billion) and € 1.795 billion in 2025 (to € 1.85 billion).
-Group Coordinated EBITDA: € 105 million (vs. 137 million) in 2023, € 170 million (vs. 268 million) in 2025, produced primarily by tourism.
-Operating cash flow: 37 million euros (33 million euros) in 2023, 65 million euros (156 million euros) in 2025.

The group will also fund CAPEX of € 381 million between 2022 and 2025 (against € 375 million), funded by the owners of the Center Domain Park during this same period. Nearly 290 million euros will need to be added to the investment offered.

The business plan is also forecast until 2026, and last year’s goals are as follows.
-Income from tourism activities is 1,877 million euros.
-Group adjusted EBITDA is 187 million euros.
-Group operating cash flow is € 93 million.

Finally, for the current fiscal year 2021/2022, the group has sales from tourism activities higher than budget (up about 7% compared to sales achieved in 2019), also an EBITDA adjusted group. Expected to be higher than. The budget is estimated at 83 million euros, excluding profits from non-recurring items (which could represent a positive sum of more than 50 million euros, especially including the so-called “closed” aid received in France. (There is), the effect of the agreement signed with the financial supporters of the subsidy government and the group requested by the German Federal Government). This adjusted EBITDA has been revised upwards compared to the previous communication on March 10, 2022 (group adjusted EBITDA is expected to be € 95 million, or 72 ME excluding non-recurring items). .. The Group is estimated to have a cash position of € 438 million as of September 30, 2022, including the benefits of the aforementioned aid and after the completion of the restructuring project. As a reminder, the September 30, 2022 cash position mentioned in the March 10 press release reached € 390 million before taking into account the so-called “closed” aid received in France. bottom.