Pierre & Vacances: Q1 turnover for the year ending 30 September 2013

  Pierre & Vacances: Q1 turnover for the year ending 30 September 2013

  *Like-for-like accommodation turnover up 1.4%*
  *Change in property development turnover in line with the planned phasing
    of property development programmes,
  *Property reservations higher than in year-earlier period

Business Wire

PARIS -- January 16, 2013

Regulatory News:

Pierre & Vacances (Paris:VAC):

Main Events

Group Management

Françoise Gri joined the Pierre & Vacances – Center Parcs Group as Chief
Executive Officer as of 2 January 2013.

Françoise Gri has spent the majority of her career at IBM where she became
Chairman and CEO for France in 2001, in particular leading the transformation
of the IT equipment sales business into an IT services provider and making it
a leader in technological integration in France.

In 2007, she joined Manpower as Chairman and led the overhaul of the temporary
work giant into a group specialised in employment solutions. After
successfully completing this mission to transform the company, Françoise Gri
was nominated Chairman of ManpowerGroup France and Southern Europe in 2011.

Françoise Gri is member of the Economic, Social and Environmental Council
(Conseil Economique, Social et Environnemental - CESE) and sits on the Ethic
Committee and the Employment Commission of the MEDEF. She is also a member of
the Board of Directors at Edenred and at Crédit Agricole.

Center Parcs project in the Vienne region

After obtaining the administrative authorisations, the Group successfully
began its programme to sell the 800 cottages at the Center Parcs Vienne to
institutional investors (340 cottages reserved representing a total of almost
€95m excluding tax) and to individual investors.

Work is due to start in Q1 2013 for an opening to the public in Q2 2015.

Development project in Morocco

On December 10, 2012, the Pierre & Vacances-Center Parcs Group and the Caisse
de Dépôt et de Gestion Group signed a strategic partnership : in addition to
the Resort currently being developed in Marrakech (480 apartments and houses
in Tourism Residences and 540 apartments and houses in Property Residences),
the two groups have decided to extend the scope of their partnership to the
resorts of Taghazout and Saïdia.

The Caisse de Dépôt et de Gestion Group is to ensure the financing of these
operations (with the aim of opening the capital of investment companies to
national and international partners) and is to pilot the construction project
management for these developments.

The Pierre & Vacances-Center Parcs Group is to ensure the management mandate
for the tourism residences and is to participate for 25% in property
development of Marrakech by undertaking property sales in Morocco and Europe.

* On a like-for-like basis, turnover has been adjusted for the impact of the
shift in the French school holidays and for Center Parcs Europe, the
harmonisation of internal commission fees on turnover at the Dutch, German and
Belgian Center Parcs (increase in accommodation turnover and corresponding
decrease in "supplementary income".


                                     2011/2012       Like-for-like   2011/2012
Euro millions           2012/2013                               
                                     like-for-like   change          reported
Tourism                  198.2       196.1           +1.0%           199.0
- Pierre & Vacances      86.1        81.7            +5.2%           83.7
Tourisme Europe
- Center Parcs Europe    112.1       114.5           -2.0%           115.2
o/w accommodation        133.9       132.0           +1.4%           131.4
- Pierre & Vacances      59.7        56.6            +5.5%           58.7
Tourisme Europe
- Center Parcs Europe    74.2        75.4            -1.7%           72.7
Property development     42.2        165.8           -74.5%          165.8
Reservation turnover     188.0       127.3           +47.7%          127.3
Total Q1                240.4      361.9          -33.6%         364.8

  *Tourism turnover:

    Q1 2012/2013 tourism turnover totalled €198.2 million.

    Accommodation turnover totalled €133.9 million, up 1.4% like-for-like
    relative to Q1 2011/2012.

  *Pierre & Vacances Tourisme Europe contributed €59.7 million to
    accommodation turnover, showing a 5.5% increase driven by healthy
    performances in the mountain resorts and city residences (58% of
    accommodation turnover in the Pierre & Vacances Tourisme Europe division
    in Q1 2012/2013).

    Direct sales generated by online sites rose by 10% to account for 16.4% of
    accommodation turnover vs. 15.3% in Q1 2011/2012.

  *Center Parcs Europe contributed €74.2 million to accommodation turnover,
    slightly down 1.7%, with the satisfactory turnover generated by Dutch and
    Belgian clients partly making up for a decline in turnover from the French

    Direct sales generated by online sites increased, accounting for 54% of
    accommodation turnover vs. 52% in the year-earlier period.

  *Property development turnover

The decline in Q1 turnover was due to the phasing of property programmes.

Q1 2011/2012 turnover stemmed primarily from the renovation operation at
Center Parcs des Hauts de Bruyères (€54.8 million), the Avoriaz extension
(€40.3 million) and that of the Domaine des Trois Forêts (€22.6 million), as
well as the contribution from Les Senioriales (€20.4 million).

Q1 2012/2013 property development turnover totalled €42.2 million, driven
primarily by the Avoriaz extension (€11.7 million) as well as the contribution
from Les Seniorales (€12.8 million).

Property reservations made in Q1 represented turnover of €188 million, up 48%
relative to the €127 million reported in the year-earlier period and
benefiting especially from the reservation contracts signed with institutional
investors concerning the sale of cottages at the Center Parcs in the Vienne


In view of Q1 2012/2013 turnover and reservations to date, we are currently
forecasting slightly higher tourism turnover in H1 2012/2013 compared with the
year-earlier period.


Investor Relations and Strategic Operations
Emeline Lauté, +33 (0) 1 58 21 54 76
Press Relations
Valérie Lauthier, +33 (0) 1 58 21 54 61
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