Endorsement and sureties mainly include:
■ commitments given by banks on behalf of the property
development and tourism companies. These commitments enable the latter to obtain the relevant licences to conduct their property management, business and property trading and travel agency activities so that they can carry out their regulated business. At 30 September 2010, these commitments totalled €34,242,000;
■ guarantees issued by Accor to Pierre et Vacances SA in
connection with the operation of city residences in Austria and Switzerland (€817,000).
Completion guarantees are issued by banks with respect
to property development transactions. The changes in completion guarantees at 30 September 2011 compared to the previous year resulted from:
■ new guarantees issued during the year for a total amount
of €22,961,000. The main programmes concerned are Les Senioriales – St Julien des Landes (€6,214,000), Tréboul (€5,264,000), Plagne lauze (€2,710,000), Les Senioriales – Montélimar (€2,228,000), Courseulles sur Mer (€1,176,000) et Les Senioriales – Rambouillet (€1,154,000);
■ a total fall of €27,272,000 arising from the expiry or
resetting of several guarantees during the year relating mainly to Les Senioriales – Montagnac (-€7,977,000), Avoriaz programmes for Pierre & Vacances et Maeva (-€6,722,000), Le Hameau de Pont Royal (-€4,569,000), Les Senioriales – Équemauville (-€2,847,000), Les Senioriales – Paradou (-€2,652,000) and Les Senioriales – Gonfaron (-€2,458,000).
Attendance fees paid to members of the Board with no contractual link to the Group totalled €151,000 in 2010/2011 compared with €145,000 in the previous year.
For the years ending 30 September 2011 and 30 September 2010, no salary (including benefits of any kind) was paid to a corporate officer directly by Pierre et Vacances SA or by any of the Pierre & Vacances-Center Parcs Group companies controlled as defi ned in Article L. 233-16 of the French Commercial Code. However, Société d’Investissement Touristique et Immobilier (a company indirectly controlled by the Chairman, founder and majority shareholder of
Pierre et Vacances SA) as an asset management company, invoiced for fees representing the cost of the services rendered by Gérard Brémond, Sven Boinet, Thierry Hellin and Patricia Damerval. The fees invoiced by S.I.T.I. are determined on the basis of direct costs (remuneration paid + related employer expenses + other direct costs: travelling expenses, cost of premises and secretarial services) plus a 5% margin, calculated in proportion to the time spent by each person in managing the Pierre & Vacances-Center Parcs Group companies. Since these people are on the Group Executive Management Committee, their remuneration is included in the table below:
2010/2011 2009/2010 Fixed remuneration(1) 2,009,342 1,889,240 Variable remuneration(2) 1,067,895 413,090 Post-employment benefi ts(3) 48,225 25,060 Share-based remuneration(4) 522,699 185,503 TOTAL 3,648,161 2,512,893
(1) Including reinstatement of the benefi t in kind involving the availability of a company car.
(2) Paid in the fi nancial year following the year for which it is granted. Sven Boinet received no variable bonus in 2009/2010 for 2008/2009, having joined the Group in November 2009.
(3) Includes standard retirement bonuses.
(4) Represents the annual share-based remuneration expense on grants of share options and bonus shares (theoretical measurement on the basis of the price of Pierre et Vacances shares at the date of grant). The options, which will only vest (and therefore may be exercised) from 4 March 2015 subject to conditions of presence and/or performance, have a value of zero due to the decline in the price of Pierre et Vacances shares well below the exercise price.
For each of them, the variable bonus is determined based on the fi nancial performance of the Pierre & Vacances-Center Parcs Group and the achievement of personal objectives.
NOTE 38
PARENT COMPANY
The fi nancial statements of the Pierre & Vacances-Center Parcs Group are fully consolidated into the fi nancial statements of Société d’Investissement Touristique & Immobilier (S.I.T.I.).
The following parties are deemed to be related to the Group:
■ Executive Management and directors: their remuneration
and similar benefi ts are presented in Note 37;
■ the parent company of Pierre & Vacances (Société
d’Investissement Touristique et Immobilier) and its subsidiaries which are not included in the Group’s scope of consolidation;
■ the joint ventures, which are consolidated using the
proportional method: Les Villages Nature de Val d’Europe, Villages Nature Management, Montrouge Développement, Nuit & Jour Projections, Part House, Adagio Group entities, NLD, Caen Meslin, Nantes Russeil and SDRT Immo (a property development company owned by Pierre & Vacances Maroc);
■ Société de Développement de Résidences Touristiques,
15%-owned by Pierre et Vacances Maroc and, consequently, consolidated using the equity method.
The main transactions with related companies include:
■ invoicing for lease payments and administrative personnel; ■ purchase of support and advisory services as part of
management agreements;
■ lease agreements for the apartments operated by the
subsidiary PV-CP Résidences Exploitation;
■ repurchase of temporary usufruct rights to some apartments
in the villages of Sainte-Luce in Martinique and Sainte- Anne in Guadeloupe, originally held by the S.I.T.I. Group for €2,940,000.
These transactions are conducted under normal market conditions.
The transactions with related parties are detailed below:
(in € thousands) 2010/2011 2009/2010
Revenue 5,054 4,157
Purchases and external services -13,680 -15,774
Other operating income and expenses 1,716 1,849
Net fi nancial income 849 513
The receivables and liabilities on the statement of fi nancial position relating to related parties are:
(in € thousands) 30/09/2011 30/09/2010
Trade receivables 4,787 3,532
Other current assets 27,231 24,664
Trade payables 2,839 3,686
At 30 September 2011, the companies over which the Group exercised joint control and which were consolidated using the proportional method were as follows:
■ SA Citéa (50%);
■ SCI Montrouge Développement (50%); ■ SAS Les Villages Nature de Val d’Europe (50%); ■ SARL Villages Nature Management (50%); ■ Part House SRL (55%);
■ Nuit & Jour Projections SL (50%); ■ Adagio Group entities (50%); ■ SNC N.L.D. (50%);
■ SA SDRT Immo (50%); ■ SCCV Nantes Russeil (50%); ■ SNC Caen Meslin (40%).
The contributions to the Group’s main statement of fi nancial of position items and profi t (loss) aggregate items are as follows (proportional to the Group’s shareholding):