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Groupe Pierre & Vacances CenterParcs Full year 2020/2021 results Paris , 1 December 2021 This press release presents consolidated financial results established under IFRS accounting rules , currently being audited , and closed by the Pierre et Vacances SA Board of Administration on 30 November 2021 . • • Agreements signed with the Group's main creditors under the framework of the conciliation procedure After a first half affected by the health crisis , healthy momentum in the business recovery on the summer period • Progress in the process to strengthen the Group's equity I. Highlights of the period Governance On 7 January 2021 , Franck Gervais joined Pierre & Vacances Center Parcs as the Group CEO . Franck Gervais , 44 years old and a graduate from the prestigious French Polytechnique and Ponts et Chaussées Schools , successfully piloted the transformation of the Accor Group's European sector . Previously at the French railway group SNCF , he was CEO of Thalys and then of Voyages-SNCF.com . This combination of operating - digital - marketing experience , strategic vision and recognised leadership can be fully applied to leading the PVCP Group in the future . Conciliation Procedure The ongoing Covid - 19 pandemic and the restrictive measures it requires , took a heavy toll on the Group's activities during the first half of the year . More specifically , the closure of ski - lifts over the winter as well as banned or restricted access to waterparks , restaurants and indoor sports and leisure activities , obliged the Group to close virtually all of its operations over the first half . In this context , and given the lack of visibility on a prospective end to the crisis , an amicable conciliation procedure was opened by the President of the Paris Court of Commerce on 2 February 2021. This preventive procedure was implemented at the Group's initiative and aimed to find friendly solutions with the main partners , creditors and lessors , under the supervision of the conciliators . Initially planned to last four months , the procedure has been extended until 2 December 2021 ( refer to paragraph Ill below , for an update due to the approval of Pierre et Vacances SA conciliation protocol ) . Discussions between the Group and its various financial partners resulted in the acceptance on 10 May 2021 of a New debt Financing offer¹ of € 300 million , with the main aim of meeting the Group's short - term requirements pending an operation to strengthen its shareholders ' equity . This New Financing is made up of a first tranche of € 175 million , made available on 24 June 2021 and a second tranche of € 125 million ( including € 34.5 million in the form of a French state - backed loan - PGE ) drawn on 1 December 2021. In compliance with the terms of this New Financing , a securities trust concerning the shares of French subsidiary Center Parcs Holding was set up on 22 September 2021. This is to be revoked as soon as an operation to strengthen the Group's shareholders ' equity is completed , on condition that the New Financing is reimbursed in full . The New Financing is due to mature in September 2022 ( with the exception of the New Group state backed loan , the maturity of which follows general conditions ) . At the same time , after suspending rental payments to partners of the companies concerned by the conciliation procedure , the Group undertook discussions with its lessors and their main representatives with the aim of drawing up joint solutions for the handling of rental payments . During 2020/2021 , the Group therefore proposed two amendments to rental contracts² for individual owners ( on 28 June and on 8 September ) . The first amendment , combined with a number of compensatory factors and commitments by the Group , offered the payment under certain conditions and terms of an amount representing 50 % of contractual rents for the period between 15 March 2020 and 30 June 2021 , and at the owners ' choice , payment of either a fixed rent of 72.5 % of the contractual rent from 1 July to 31 December 2021 , or the payment of a variable rent , with a minimum guaranteed of 50 % of the contractual rent from 1 July 2021 to 31 December 2022 . 1 The terms of this New Financing are described in detail in the press release of 10 May 2021 . 2 The terms of these proposals are set out in the press releases of 20 July and 8 September 2021 . - 1 -