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Pierre & Vacances returns to profitability

The cost reduction plan initiated last year at Pierre & Vacances Center Parcs is beginning to bear fruit, as the group ended the 2012-2013 fiscal year with an EBIT of 2.6 million euro, compared to a 7 million euro loss last year. However, this result comes with a price as the group ended the year with a net loss of 47.5 million euro, due to high restructuring costs (28.4 million euro), including costs of the staff layoff plan and the sale or divestiture of deficit residences. The group's turnover is still behind however, at 1.3 billion euro, compared to 1.4 billion euro last year. This result is on account of lower real estate development turnover, due to the work schedule (the extension of Vienna, Bostalsee, Avoriaz, and Senioriales Center Parcs). Conversely, the turnover on tourist activities has increased by 0.8%, to 1.1 billion euro. This is particularly due to the number of night-stays and occupancy rates, thanks to the activity of international clientele which compensated for a decline in French overnights. Pierre & Vacances Center Parcs confirms its goal of reaching an operational margin of 5 to 6% by 2015/2016.

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