Brief: Pierre & Vacances H1 Net Loss Widens To EUR 145.8 Mln

Pierre Et Vacances SA

25/06/2020 06:30

June 25 - Pierre & Vacances SA  PVAC.PA :
    * REPORTED ON WEDNESDAY H1 REVENUE (ACCORDING TO OPERATING
REPORTING) AT EUR 696.0 MLN VS EUR 738.1 MLN YR AGO 
    * H1 CURRENT OPERATING LOSS EUR 125.6 MLN VS LOSS OF 111.5
MLN YR
AGO
    * H1 NET LOSS FOR PERIOD EUR 145.8 MLN VS EUR 121.0 MLN YR
AGO
    * DEPLOYMENT OF CHANGE UP PLAN CONTINUED DURING THE LOCKDOWN
PERIOD
    * Q3 REVENUE WILL BE THE WORST HIT, WITH TWO MONTHS OF NO
ACTIVITY
AND A VERY GRADUAL RECOVERY IN JUNE
    * CLOSED VIRTUALLY ALL SITES FROM MID-MARCH TO EARLY JUNE
    * EXCEPTIONAL MEASURES IMPLEMENTED TO REDUCE COSTS AND
PRESERVE
CASH
    * NEGOTIATIONS ARE UNDERWAY WITH PROPERTY-OWNER INVESTORS
CONCERNING IMPACT ON FINANCIAL TERMS OF LEASE
    * GROUP MOBILISED ALL FINANCING SOURCES TO OVERCOME PERIOD
OF
LACKING TOURISM REVENUES
    * MATURITY ON EUR 200 MLN REVOLVING CREDIT LINE, INITIALLY
MATURING MARCH 2021, PROLONGED BY 18 MONTHS
    * ON 31 MARCH 2020, AVAILABLE CASH TOTALLED EUR 253 MLN

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDL1mTSDZ
    
 Further company coverage:  PVAC.PA  
   


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