De vecinos a ciudadanos

The DGAF is responsible for central and operational management functions within a framework of delegated responsibilities for each business.

The central functions cover the holding company functions, which are: fi nancial communication and strategic operations, consolidation (accounting and management) and those

department), cash fl ow and fi nancing management (existence of a cash fl ow agreement), internal audit, development of and management of strategic planning and portfolio management. Management control and accounting tasks are more devolved within the tourism and property development businesses.

“Central” corporate functions

Group Internal Audit: this Department, attached jointly to the

DGAF and to the Group Executive Management, was created in fi nancial year 2009/2010 in order to strengthen the effectiveness of the internal control system. This Department operates in the Group’s various business segments, within the framework of an annual audit plan and through periodic assignments at the request of the Group Executive Management.

The Group Financial Communication and Strategic Operations Department supervises the Group’s external communications directly with fi nancial analysts, investors and shareholders. It also controls and approves all fi nancial information and press releases issued by the Corporate Communication Department and by the Tourism and Property Development Operational Departments, and ensures the overall coherence of fi nancial information disclosures. This Department is also responsible for all of the Group’s strategic equity fi nancing transactions (capital increase, bond issue with capital component, etc.). The Group Consolidation Department is responsible for preparing, analysing and publishing the consolidated fi nancial statements (fi nancial and management accounts). It formulates financial and management principles and ensures compliance with the Group’s accounting procedures. Consolidated fi nancial statements are prepared each quarter, enabling the alignment of accounting transactions and management, thereby providing an additional assurance on the quality and reliability of fi nancial information.

The Group Tax Department supervises and coordinates the Group’s specifi c tax policies in each of the countries in which the Group operates (France, the Netherlands, Germany, Belgium, Italy and Spain). It is directly responsible for the Group’s tax consolidation in France and functionally supervises the work of the teams of the Accounting Department of the Tourism and Holding entities located in the Netherlands and Germany, and which supervise the tax entities located in the Netherlands, Germany and Belgium. The Group Tax Department advises and assists the operating departments in all issues relating to tax law.

The Group Treasury/Financing Department manages the subsidiaries’ cash positions through a central cash pooling structure. It is responsible for structuring Group fi nancing and hedging interest-rate risks using derivatives. It decides upon the distribution of the cash/debt position between banks, organises invitations to tender on behalf of the Group and ensures the consistency of information published in its scope of activity.

external growth operations, acquisitions of property assets (mainly holiday residences), business goodwill, asset disposals and relationships with institutional lessors/owners.

The Portfolio Management Department acts as the liaison between the owners and all of the Group Operational Departments for all issues relating to leases and property management of the owners’ portfolio. It brings together all the teams and functions dedicated to management of relationships, contracts and properties with regard to owners and multiple owners.

The Strategic Planning Department coordinates all of the projects for development of Center Parcs in Europe. This function covers the development strategy, market analyses, business plans, structuring of fi nancing for projects in BNG and the coordination of scheduling among the Project Committees.

“Operational” functions

In order to fulfi l as far as possible the expectations of the Operational Departments, the fi nancial functions are now organised as follows: a Property Development Operational Finance Department and a Group Tourism Operational Finance Department, which itself brings together the former Center Parcs and Pierre & Vacances Tourism Europe business segments.

Tourism

The tourism businesses of the Pierre & Vacances-Center Parcs Group, under the responsibility of a single Chief Executive Offi cer, are organised into three Business Lines: a Residences Business Line, a Resort France Business Line and a Resort BNG Business Line. In addition to these Business Lines there is a Distribution Department which manages all of the direct and indirect distribution and relationship marketing, and an Operational Support Department which provides all the Business Lines with support for maintenance, security, management and catering, among other areas.

To monitor all of the Group’s tourism activities, the Operational Finance Department is divided into two business segments: a business segment based in Paris to assist the Residences Business Line and the Distribution Department and a business segment based in Kempervenen in the Netherlands to assist the two Resort Business Lines and the Operational Support Department. In addition to providing operational monitoring and performance appraisals for each of the Business Lines, this organisational structure makes it possible for the sales management control team to centralise monitoring of reservations by price and volume and of the evolution of the distribution channels for all the tourism activities in close collaboration with the Distribution Department and the Business Lines. The Operational Finance Department teams also provide fi nancial monitoring of the tourism activities in Italy and in particular in Spain, where development has accelerated over the past two years.

is divided into two teams:

■ a team based in France, itself divided into three main

departments: accounting services, owner financial management and sales administration. The accounting services department includes three business segments: supplier accounting, bank accounting and general accounting. The accounting services are organised into two centres. In Paris, the accounting departments are grouped together at the registered offi ce. Regional accounting takes place in Cannes. The Owners’ Financial Management Department, divided into three further departments, is responsible for administering the database (leases, owners), the receipting and payment of rents and the booking of transactions for Tourisme France and developments. This department also manages the stock of accommodation units to be marketed by Tourisme France. Sales administration is responsible for invoicing, collection, payment reminders, customer account management, prevention and management of customer risks, management of disputes and processing refund claims for direct customers (call centres, Internet, etc.) and indirect customers (tour operators, travel agents, works councils, etc.). Sales administration is also responsible for keeping accounts for sales made at the various sites (management of cash received and reminders);

■ a team based in the Netherlands, in Kempervennen, in

charge of the CP activities of the BNGF zone.

It is divided into fi ve Departments, namely: General Accounting France/Germany, General Accounting the Netherlands/ Belgium, Supplier and Collection Management, Customer and Receipt Management, Project Management.

Holding Company and Property Development