Compared to many of the tourist operators, Pierre & Vacances has been good to the crisis, but has not, however, escaped to the economic downturn. The number one European tourism residences, which published yesterday its accounts for the 2008-2009 (ended September 30), thus accused 38 of its current operational profit from 2007-2008, 64.2 million, for a turnover rose by 1.9, 1.45 billion. The net result share of the group, it decreased from 42.4 to 42.3 million euros. However the company exceeded average forecasts of analysts in terms of operating income (59.9 million) to net sales (1.39 billion). The good surprise came especially from its pole development real estate, re-launched with the extension to the residences of the tax benefit Scellier tourism.
In terms of activity, the company has demonstrated strength in its tourism activities: Pierre & Vacances tourism all rental turnover Europe increases thus 0.4 excluding impact of the Caribbean crisis, the decline of Center Parcs limited comparable data,-1,7, the alienation of the Dutch and the British not "fully" offset by the French.
What comfort analysis of founding President, Gérard Brémond, which regularly reaffirmed that "the future is in local tourism." The latter also proved confident yesterday at the presentation of the results, as to the prospects of the group. Low debt (ratio net debt / equity is 19.9), Pierre & Vacances has reconstructed its "real estate stock" with a backlog of EUR 395 million at September 30, its real estate turnover potential estimated at over $ 1.5 billion for the next five years. It corresponds to the realization of 6.040 apartments and houses planned at this stage, with including the two new Center Parcs in France - which will be opened in Moselle in May 2010 and to build in Isère-, the initiation of the development in Morocco (Marrakech) and the launch of the complex Villages Nature, studied with Euro Disney and the green light, hoped for here in January, no longer depends on that of an agreement with public authorities.
Cost reduction
Overall, the plans even to expand the fleet of more than 15,000 apartments and homes by 2014, an increase of at least 31. Because it also provides resume residencies in Spain in terms of management, this formula is also used to extend the number of complex Sunparks, a complementary of Center Parcs since concept positioned less top of range.
This concern for segmentation also applies to the duo of Pierre & Vacances-Maeva marks, the second to be in the future more "low cost", which refers also to an even more aggressive Internet strategy. Another large shipyard announced but already committed: the rationalization of the structures of the group. In this sense, a new goal of reducing costs, $ 10 million, is set for 2009-2010.
The new Director General, Sven Boinet, who took office on 16 November, is thus no shortage of bread on the plate, so it is ready for great partnerships. It however lacks visibility in tourism, due to the phenomenon of last-minute purchase. Bookings for ski season are in withdrawal of 10. Gérard Brémond promises that turnover will however "secure" in his term.
Then the argument of the crisis is more a developer than a direct effectThis bet is a misreading of globalization We arrive to find the money and do thingsThis is the story of David against GoliathBut regret the voice of Europe is very low729 judgments of opening of collective proceedingsThis is the challenge posed to the new scientific CouncilCurrently Fermentalg is looking good microalgae9 of new sales in Europe where orders declined by 3Officials cite a wet spring and World Cup effect
