(AOF) – Pierre & Vacances, Europe’s number one holiday destination, rose 4.58% to €0.89 this morning after reporting annual results that beat expectations.
For the 2021/2022 financial year, which ends at the end of September, the group’s net income was 325.0 million euros, compared to a loss of 341.3 million euros the previous year. The holiday village and resort specialist benefited from debt-to-equity gains (€418.4m) as part of restructuring operations and improving performance.
Excluding the gain from non-recurring revenues, adjusted EBITDA was EUR 105 million. Not only was it up on adjusted EBITDA 2018/2019 (79 million euros) in the pre-Covid reporting year, but it also exceeded the forecast of 96 million euros reported on August 2, 2022.
The turnover of the group increased from 1.05 billion to 1.77 billion euros in one year. Revenue from apartments was 1.202 billion euros, which is almost double the revenue recorded in the previous financial year, in the context of “revenge travel”.
The group confirmed its goals today. For the 2022/2023 financial year, the group, while cautious, remains confident that it can offset the increase in its operating costs (especially energy and wages) with higher sales prices, thanks to the progress of its offer in the market. Consequently, tourism revenue forecasts have been revised upwards to EUR 1.66 billion (previously EUR 1.620 billion).
Ebitda and cash flow targets were maintained. Adjusted EBITDA is expected to be 170 million for the current fiscal year and 187 million for next year. Cash flow from operations is forecast at 65 million for the current fiscal year and 93 million for next year.
Pierre & Vacances is also working on additional savings plans (operating costs and investments) that it can activate if the economic environment becomes less favorable.
The group, heavily indebted as of September 30, 2021 after two financial years in the wake of the health crisis, is in a negative net debt position as of September 30, 2022 following the completion of restructuring operations completed on September 16, 2022.
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Source: Le Figaro
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