June 25, 2020 / 5:31 AM / 13 days ago

BRIEF-Pierre & Vacances H1 Net Loss Widens To EUR 145.8 Mln

June 25 - Pierre & Vacances SA:

* 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:

Further company coverage: (Gdansk Newsroom)

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