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Groupe Pierre & Vacances CenterParcs First quarter 2020/2021 revenue Paris , 20 January 2021 First quarter impacted by restrictive measures due to the health crisis 1 ] First quarter 2020/2021 revenue In IFRS standards , Q1 2020/2021 revenue totalled € 141.7 million ( € 98.7 million for the tourism activities and € 43.1 million for the property development activities ) . The Group nevertheless continues to comment on its revenue and the associated financial indicators , in compliance with its operating reporting namely : with the presentation of joint undertakings in proportional consolidation , excluding the impact of IFRS16 application A reconciliation table presenting revenue stemming from operating reporting and revenue under IFRS accounting is presented in the appendix at the end of the press release . Restrictive measures implemented by various European governments to face the second wave of the coronavirus pandemic took a harsh toll on the Group's Q1 revenue . € millions 2020/2021 according to operating reporting 2019/2020 according to operating reporting Change Tourism Pierre & Vacances Tourisme Europe - Center Parcs Europe 102.7 281.9 -63.6 % 30.9 96.2 -67.9 % 71.8 185.7 -61.3 % o / w accommodation revenue 69.9 191.9 -63.6 % Pierre & Vacances Tourisme Europe 19.7 67.8 -70.9 % - Center Parcs Europe 50.2 124.2 -59.6 % Property development 64.4 93.1 -30.8 % Total Q1 Tourism revenue 167.2 375.0 -55.4 % In October , after positive momentum following on from Q4 of the previous financial year , the curfews and restrictive measures and the prospect of another lockdown placed a serious brake on reservations , especially for the October school holidays . Accommodation revenue over the month was down around 30 % relative to October 2020 . From 2 November to mid - December , the Group was obliged to close virtually all of its Pierre & Vacances and Center Parcs sites . Only the Dutch Center Parcs Domains remained open , albeit with a reduced offer ( closure of bars and restaurants and a limited number of people in the Aquamundo ) . Over the last two weeks of December , despite good performances by the seaside sites , mainly in the French West Indies , revenue was down almost 80 % , penalised by the ongoing closures of the Center Parcs domains in Germany and Belgium , a deteriorated offer at the sites operated ( no catering or access to pool areas ) and the opening of just nine mountain residences ( or 15 % of the Group's offer in this destination ) , due to the closure of ski - lifts . Over the entire period , 50 % of Adagio aparthotels also remained closed . Revenue from the tourism businesses therefore totalled € 102.7 million in Q1 2020/2021 , down 63.6 % . 1