Cash flow Pierre & Vacances

Equities

VAC

FR0000073041

Hotels, Motels & Cruise Lines

Market Closed - Euronext Paris Other stock markets 11:55:00 2026-05-14 am EDT			5-day change	1st Jan Change
1.892 ^EUR	+0.53%		-2.17%	+1.18%

Apr. 24	Pierre & Vacances gains 1% following results, analyst weighs in
Apr. 23	Pierre & Vacances-Center Parcs Group Reports Group Revenue Results for the Second Quarter and First Half of the Year 2026	CI

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Published financial data: PIERRE & VACANCES

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	937M	1.61B	1.79B	1.82B	1.87B
Total Revenues	937M	1.61B	1.79B	1.82B	1.87B
Cost of Goods Sold, Total	797M	1.08B	1.22B	1.24B	1.2B
Gross Profit	141M	534M	570M	577M	662M
Selling General & Admin Expenses, Total	-	-	-	-	57.55M
Depreciation & Amortization - (IS)	271M	264M	302M	331M	333M
Other Operating Expenses	-5.46M	-8.24M	43.41M	-6.01M	13.32M
Other Operating Expenses, Total	266M	256M	345M	325M	404M
Operating Income	-126M	278M	225M	252M	257M
Interest Expense, Total	-224M	-263M	-248M	-220M	-193M
Interest And Investment Income	27K	827K	11.64M	11.98M	2.57M
Net Interest Expenses	-224M	-263M	-236M	-208M	-190M
Income (Loss) On Equity Invest.	-24.83M	-14.93M	6.6M	8.74M	5.43M
Other Non Operating Income (Expenses)	-871K	-53.39M	-3.28M	2.99M	-1.95M
EBT, Excl. Unusual Items	-375M	-52.76M	-7.84M	55.99M	70.8M
Restructuring Charges	-26.14M	-29.89M	-44.5M	-24.3M	-15.86M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-1.81M	-3.82M	-1.21M	-4.35M	-1.24M
Asset Writedown	-5.8M	-7.76M	-	-	-296K
Other Unusual Items	-	418M	9.64M	947K	-3.29M
EBT, Incl. Unusual Items	-409M	324M	-43.9M	28.29M	50.12M
Income Tax Expense	17.53M	32.92M	19.31M	740K	16.6M
Earnings From Continuing Operations	-426M	291M	-63.22M	27.55M	33.52M
Net Income to Company	-426M	291M	-63.22M	27.55M	33.52M
Minority Interest	-67K	-184K	116K	-7.52M	154K
Net Income - (IS)	-426M	291M	-63.1M	20.03M	33.67M
Net Income to Common Incl Extra Items	-426M	291M	-63.1M	20.03M	33.67M
Net Income to Common Excl. Extra Items	-426M	291M	-63.1M	20.03M	33.67M
Per Share Items
Net EPS - Basic	-43.67	10.28	-0.14	0.04	0.07
Basic EPS - Continuing Operations	-43.67	10.28	-0.14	0.04	0.07
Basic Weighted Average Shares Outstanding	9.76M	28.32M	454M	454M	461M
Net EPS - Diluted	-43.67	10.28	-0.14	0.04	0.07
Diluted EPS - Continuing Operations	-43.67	10.28	-0.14	0.04	0.07
Diluted Weighted Average Shares Outstanding	9.76M	28.32M	454M	485M	492M
Normalized Basic EPS	-24.02	-1.17	-0.01	0.06	0.1
Normalized Diluted EPS	-24.02	-1.17	-0.01	0.06	0.09
Supplemental Items
EBITDA	-84.32M	314M	266M	303M	318M
EBITA	-118M	286M	234M	260M	268M
EBIT	-126M	278M	225M	252M	257M
EBITDAR	-	-	-	-	375M
Effective Tax Rate - (Ratio)	-4.29	10.16	-43.98	2.62	33.13
Total Current Taxes	2.24M	14.98M	23.02M	29.16M	23.05M
Total Deferred Taxes	15.29M	17.95M	-3.71M	-28.42M	-6.45M
Normalized Net Income	-234M	-33.16M	-4.78M	27.47M	44.4M
Interest on Long-Term Debt	190M	222M	224M	197M	183M
Non-Cash Pension Expense	96K	71K	306K	476K	474K
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	57.55M
Imputed Operating Lease Interest Expense	-	-	-	-	27.24M
Imputed Operating Lease Depreciation	-	-	-	-	30.31M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	619K	-	6.66M	9.24M	6.53M
Total Stock-Based Compensation	619K	-	6.66M	9.24M	6.53M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	447M	470M	469M	86.89M	97.74M
Total Cash And Short Term Investments	447M	470M	469M	86.89M	97.74M
Accounts Receivable, Total	221M	203M	172M	170M	158M
Other Receivables	174M	166M	217M	192M	165M
Notes Receivable	8.87M	8.23M	5.48M	6.83M	5.7M
Total Receivables	404M	377M	394M	369M	329M
Inventory	142M	147M	136M	122M	151M
Prepaid Expenses	52.55M	62.4M	44.4M	50.23M	38.54M
Other Current Assets, Total	128M	115M	90.92M	37.76M	37.85M
Total Current Assets	1.17B	1.17B	1.13B	665M	654M
Gross Property Plant And Equipment	4.26B	4.37B	5.06B	5.23B	5.49B
Accumulated Depreciation	-1.98B	-2.03B	-2.23B	-2.49B	-2.73B
Net Property Plant And Equipment	2.27B	2.34B	2.84B	2.74B	2.76B
Long-term Investments	2.13M	7.84M	16.12M	22.96M	21.72M
Goodwill	138M	139M	140M	142M	146M
Other Intangibles, Total	123M	123M	130M	141M	145M
Loans Receivable Long-Term	48.29M	50.12M	53.88M	44.61M	28.48M
Deferred Tax Assets Long-Term	73.35M	60.39M	47.12M	75.62M	91.89M
Other Long-Term Assets, Total	-	7.8M	-	-	-
Total Assets	3.83B	3.9B	4.36B	3.83B	3.85B
Liabilities
Accounts Payable, Total	343M	311M	368M	336M	335M
Accrued Expenses, Total	183M	193M	205M	176M	158M
Short-term Borrowings	226M	15.26M	1.74M	-	-
Current Portion of Long-Term Debt	226M	3.73M	59.15M	14.95M	2.97M
Current Portion of Leases	175M	193M	213M	234M	262M
Unearned Revenue Current, Total	127M	87.47M	50.07M	72.41M	28.07M
Other Current Liabilities	367M	328M	445M	334M	367M
Total Current Liabilities	1.65B	1.13B	1.34B	1.17B	1.15B
Long-Term Debt	525M	385M	329M	38.89M	48.87M
Long-Term Leases	2.54B	2.61B	3.08B	2.97B	2.94B
Pension & Other Post Retirement Benefits	14.36M	10.36M	10.18M	12.24M	-
Deferred Tax Liability Non Current	11.42M	17.19M	425K	-	134K
Other Non Current Liabilities	79.11M	105M	21.84M	28.07M	41.72M
Total Liabilities	4.82B	4.26B	4.78B	4.21B	4.19B
Common Stock, Total	98.94M	4.54M	4.54M	4.54M	4.62M
Additional Paid In Capital	20.36M	353M	353M	353M	317M
Retained Earnings	-426M	291M	-63.1M	20.03M	33.67M
Treasury Stock	-1.56M	-1.55M	-1.56M	-1.56M	-1.54M
Comprehensive Income and Other	-678M	-1B	-704M	-758M	-695M
Total Common Equity	-987M	-356M	-411M	-382M	-342M
Minority Interest	368K	551K	-14.9M	390K	-88K
Total Equity	-986M	-356M	-426M	-381M	-342M
Total Liabilities And Equity	3.83B	3.9B	4.36B	3.83B	3.85B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	9.8M	454M	454M	462M	462M
ECS Total Common Shares Outstanding	9.8M	454M	454M	454M	462M
Book Value / Share	-100.74	-0.78	-0.9	-0.84	-0.74
Tangible Book Value	-1.25B	-618M	-681M	-665M	-633M
Tangible Book Value Per Share	-127.39	-1.36	-1.5	-1.46	-1.37
Total Debt	3.69B	3.2B	3.68B	3.25B	3.26B
Net Debt	3.25B	2.73B	3.21B	3.17B	3.16B
Debt Equivalent of Unfunded Proj. Benefit Obligation	15.55M	11.58M	11.42M	14.55M	16.12M
Debt Equivalent Oper. Leases	-	-	-	-	460M
Minority Interest, Total (Incl. Fin. Div)	368K	551K	-14.9M	390K	-88K
Equity Method Investments, Total	1.33M	7.03M	15.34M	22.17M	20.92M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	144M	47.69M	71.08M	63.24M	58.74M
Inventories - Finished Goods, Total	15.56M	94.79M	89.49M	90.72M	111M
Inventories - Others	6.33M	9.58M	8.34M	10.9M	9.7M
Land - (BS)	23.73M	25.44M	40.07M	46.4M	52.54M
Buildings, Total	141M	137M	128M	136M	144M
Machinery, Total	241M	202M	202M	223M	227M
Full Time Employees	12K	12K	12.6K	13K	5.54K
Part Time Employees	-	-	-	-	7.27K
Accumulated Allowance for Doubtful Accounts (Supple)	11.24M	13.05M	16.41M	20.1M	22.48M
Order Backlog	226M	-	-	-	-

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	-426M	291M	-63.1M	20.03M	33.67M
Depreciation & Amortization - CF	257M	229M	257M	286M	298M
Amortization of Goodwill and Intangible Assets - (CF)	7.12M	8.23M	8.5M	7.68M	11.14M
Depreciation & Amortization, Total	264M	237M	266M	293M	309M
(Gain) Loss From Sale Of Asset	1.09M	4.49M	-7.92M	3.32M	905K
(Income) Loss On Equity Investments - (CF)	24.83M	14.93M	-6.6M	-8.74M	-5.43M
Stock-Based Compensation (CF)	619K	-	6.66M	9.24M	6.53M
Other Operating Activities, Total	26.19M	-359M	319K	-11.73M	-8.65M
Change In Accounts Receivable	72.48M	18.92M	4.2M	56.83M	-5.79M
Change In Inventories	10.41M	-263K	9.59M	13.85M	-29.1M
Change In Accounts Payable	81.51M	-36.15M	43.13M	32.46M	-1.22M
Change in Other Net Operating Assets	-44.95M	-86.08M	66.6M	-123M	21.75M
Cash from Operations	9.87M	85.73M	319M	286M	321M
Capital Expenditure	-31.75M	-44.87M	-92.5M	-68.6M	-78.06M
Sale of Property, Plant, and Equipment	515K	649K	417K	11K	131K
Cash Acquisitions	782K	-5.44M	49.3M	-1.24M	-4.47M
Divestitures	-60K	-	-46K	-30.11M	-
Sale (Purchase) of Real Estate properties	-2.26M	-4.98M	-9.88M	-2.23M	-1.77M
Sale (Purchase) of Intangible assets	-5.19M	-9.05M	-15.48M	-19.48M	-16.26M
Investment in Marketable and Equity Securities, Total	-12.34M	-10.05M	-12.82M	7.2M	22.67M
Other Investing Activities, Total	1.65M	59K	330K	2.13M	605K
Cash from Investing	-48.66M	-73.68M	-80.68M	-112M	-77.16M
Long-Term Debt Issued, Total	218M	139M	4.45M	51.15M	261M
Total Debt Issued	218M	139M	4.45M	51.15M	261M
Long-Term Debt Repaid, Total	-156M	-308M	-228M	-607M	-494M
Total Debt Repaid	-156M	-308M	-228M	-607M	-494M
Issuance of Common Stock	-	200M	171K	63K	116K
Repurchase of Common Stock	-34K	-26K	-37K	-7K	-
Other Financing Activities, Total	35K	-130K	-585K	68K	-27K
Cash from Financing	61.47M	31.02M	-224M	-555M	-233M
Foreign Exchange Rate Adjustments	-	-	-	1K	-1K
Miscellaneous Cash Flow Adjustments	-	191M	-1.59M	1.59M	1K
Net Change in Cash	22.68M	234M	12.06M	-380M	10.85M
Supplemental Items
Cash Interest Paid	190M	222M	224M	197M	183M
Cash Income Tax Paid (Refund)	172K	-2.95M	34.62M	24.74M	26.51M
Levered Free Cash Flow	141M	118M	335M	172M	255M
Unlevered Free Cash Flow	281M	283M	490M	309M	375M
Change In Net Working Capital	-132M	74.8M	-185M	63.13M	6.8M
Net Debt Issued / Repaid	61.46M	-169M	-224M	-556M	-233M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	-2.03	4.49	3.41	3.85	4.19
Return on Total Capital	-2.82	6.26	4.61	5.15	5.56
Return On Equity %	55.1	-43.41	16.18	-6.83	-9.27
Return on Common Equity	55.09	-43.35	16.45	-5.05	-9.31
Margin Analysis
Gross Profit Margin %	14.99	33.14	31.91	31.76	35.45
SG&A Margin	-	-	-	-	3.08
EBITDA Margin %	-9	19.48	14.87	16.67	17.02
EBITA Margin %	-12.63	17.76	13.08	14.31	14.38
EBIT Margin %	-13.39	17.25	12.6	13.89	13.79
Income From Continuing Operations Margin %	-45.49	18.07	-3.54	1.52	1.8
Net Income Margin %	-45.5	18.05	-3.53	1.1	1.8
Net Avail. For Common Margin %	-45.5	18.05	-3.53	1.1	1.8
Normalized Net Income Margin	-25.02	-2.06	-0.27	1.51	2.38
Levered Free Cash Flow Margin	15.1	7.32	18.75	9.44	13.64
Unlevered Free Cash Flow Margin	30.03	17.52	27.42	17.01	20.09
Asset Turnover
Asset Turnover	0.24	0.42	0.43	0.44	0.49
Fixed Assets Turnover	0.39	0.7	0.69	0.65	0.68
Receivables Turnover (Average Receivables)	3.74	7.6	9.54	10.63	11.36
Inventory Turnover (Average Inventory)	5.44	7.46	8.6	9.63	8.84
Short Term Liquidity
Current Ratio	0.71	1.04	0.84	0.57	0.57
Quick Ratio	0.51	0.74	0.64	0.38	0.36
Operating Cash Flow to Current Liabilities	0.01	0.08	0.24	0.24	0.28
Days Sales Outstanding (Average Receivables)	97.71	48.01	38.27	34.44	32.14
Days Outstanding Inventory (Average Inventory)	67.13	48.94	42.43	38	41.31
Average Days Payable Outstanding	141	110.15	102.78	105.01	99.22
Cash Conversion Cycle (Average Days)	23.85	-13.2	-22.07	-32.57	-25.78
Long Term Solvency
Total Debt/Equity	-374.52	-901.15	-865.18	-853.65	-951.79
Total Debt / Total Capital	136.43	112.48	113.07	113.27	111.74
LT Debt/Equity	-311.05	-841.4	-800.76	-788.27	-874.2
Long-Term Debt / Total Capital	113.31	105.02	104.65	104.59	102.63
Total Liabilities / Total Assets	125.74	109.12	109.77	109.95	108.9
EBIT / Interest Expense	-0.56	1.06	0.91	1.15	1.34
EBITDA / Interest Expense	0.62	1.96	1.98	2.48	2.94
(EBITDA - Capex) / Interest Expense	0.48	1.79	1.61	2.17	2.53
Total Debt / EBITDA	26.65	6.22	7.51	5.96	5.75
Net Debt / EBITDA	23.43	5.3	6.55	5.8	5.58
Total Debt / (EBITDA - Capex)	34.58	6.81	9.25	6.82	6.67
Net Debt / (EBITDA - Capex)	30.39	5.81	8.07	6.64	6.47
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-20	72.04	10.8	1.76	2.67
Gross Profit, 1 Yr. Growth %	-39.1	286.27	6.71	1.27	5.1
EBITDA, 1 Yr. Growth %	44.3	-509.39	-15.48	2.46	4.95
EBITA, 1 Yr. Growth %	37.64	-337.4	-16.14	-1.4	3.35
EBIT, 1 Yr. Growth %	26.79	-317.73	-16.73	-1.12	2.08
Earnings From Cont. Operations, 1 Yr. Growth %	0.3	-168.32	-121.7	-143.58	21.66
Net Income, 1 Yr. Growth %	0.28	-168.26	-121.68	-131.74	68.13
Normalized Net Income, 1 Yr. Growth %	27.36	-85.94	-87.42	94.31	63.13
Diluted EPS Before Extra, 1 Yr. Growth %	-1.88	-123.54	-101.36	-128.57	75
Accounts Receivable, 1 Yr. Growth %	-21.11	-8.32	-15.35	-0.79	-7.07
Inventory, 1 Yr. Growth %	-5.82	3.36	-7.51	-10.42	24.02
Net Property, Plant and Equip., 1 Yr. Growth %	-9.95	2.92	21.21	-3.44	0.68
Total Assets, 1 Yr. Growth %	-1.18	1.77	11.74	-12.1	0.36
Tangible Book Value, 1 Yr. Growth %	51.01	-50.46	10.19	-2.39	-4.72
Common Equity, 1 Yr. Growth %	75.77	-63.91	15.37	-7.13	-10.35
Cash From Operations, 1 Yr. Growth %	-11.04	768.32	271.64	-9.15	12.4
Capital Expenditures, 1 Yr. Growth %	-3.91	41.29	106.18	-25.85	13.8
Levered Free Cash Flow, 1 Yr. Growth %	25.06	-21.33	176.77	-51.49	48.53
Unlevered Free Cash Flow, 1 Yr. Growth %	28.01	-2.52	71.52	-39.21	21.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-23.35	17.31	38.06	6.19	2.22
Gross Profit, 2 Yr. CAGR %	23.55	52.17	103.03	3.96	7.73
EBITDA, 2 Yr. CAGR %	12.2	131.84	86.07	-1.78	3.63
EBITA, 2 Yr. CAGR %	92.11	82.43	39.17	-3.35	0.87
EBIT, 2 Yr. CAGR %	116.36	67.6	32.75	-3.35	0.38
Earnings From Cont. Operations, 2 Yr. CAGR %	259.32	-17.22	-61.5	-69.25	-27.19
Net Income, 2 Yr. CAGR %	259.35	-17.26	-61.53	-73.77	-26.95
Normalized Net Income, 2 Yr. CAGR %	703.29	-57.56	-85.76	-14.99	77.22
Diluted EPS Before Extra, 2 Yr. CAGR %	255.12	-51.94	-94.34	-93.76	-29.29
Accounts Receivable, 2 Yr. CAGR %	-6.36	-14.95	-11.9	-8.36	-3.98
Inventory, 2 Yr. CAGR %	-10.56	-1.33	-2.22	-8.98	5.4
Net Property, Plant and Equip., 2 Yr. CAGR %	180.83	-3.73	11.69	8.18	-1.4
Total Assets, 2 Yr. CAGR %	58.92	0.29	6.64	-0.89	-6.07
Tangible Book Value, 2 Yr. CAGR %	471.47	-13.51	-26.12	3.71	-3.56
Common Equity, 2 Yr. CAGR %	98.11	-20.35	-35.47	3.51	-8.76
Cash From Operations, 2 Yr. CAGR %	-59.83	177.93	468.07	82.62	1.05
Capital Expenditures, 2 Yr. CAGR %	-13.67	16.52	70.68	23.65	-8.14
Levered Free Cash Flow, 2 Yr. CAGR %	136.29	2.1	49.47	19.09	-15.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	174.82	13.36	30	4.06	-14.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-13.23	0.36	15.1	24.71	5
Gross Profit, 3 Yr. CAGR %	23.63	79.71	35.2	61.01	7.39
EBITDA, 3 Yr. CAGR %	13.29	67.38	65.65	58.1	0.37
EBITA, 3 Yr. CAGR %	75.2	107.42	39.51	29.21	-1.22
EBIT, 3 Yr. CAGR %	99.3	118.07	31.49	25.5	-1.63
Earnings From Cont. Operations, 3 Yr. CAGR %	110.01	106.61	-47.02	-59.87	-51.36
Net Income, 3 Yr. CAGR %	110.02	106.57	-47.06	-63.92	-51.28
Normalized Net Income, 3 Yr. CAGR %	186.41	108.96	-70.39	-51.17	5.32
Diluted EPS Before Extra, 3 Yr. CAGR %	108.38	43.72	-85.35	-90.29	-81.05
Accounts Receivable, 3 Yr. CAGR %	-2.16	-7.02	-15.09	-8.34	-7.93
Inventory, 3 Yr. CAGR %	-7.63	-6.14	-3.44	-5.04	0.91
Net Property, Plant and Equip., 3 Yr. CAGR %	101.33	100.97	3.95	6.4	5.62
Total Assets, 3 Yr. CAGR %	37.05	36.98	3.97	-0.01	-0.47
Tangible Book Value, 3 Yr. CAGR %	723.68	152.91	-6.24	-18.93	0.82
Common Equity, 3 Yr. CAGR %	51.14	12.31	-9.88	-27.15	-1.33
Cash From Operations, 3 Yr. CAGR %	23.1	11.9	206.2	207.08	55.34
Capital Expenditures, 3 Yr. CAGR %	-17.76	1.74	40.93	29.27	20.27
Levered Free Cash Flow, 3 Yr. CAGR %	84.76	66.96	43.59	4.61	28.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	367.76	96.46	30.61	2.19	9.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-7.35	2.5	4.48	2.65	9.76
Gross Profit, 5 Yr. CAGR %	5.77	44.54	50.29	44.37	23.46
EBITDA, 5 Yr. CAGR %	0.2	29.61	35.58	35.25	40.31
EBITA, 5 Yr. CAGR %	20.4	41.73	60.37	51.98	25.56
EBIT, 5 Yr. CAGR %	24.96	44.86	69.99	56.59	21.05
Earnings From Cont. Operations, 5 Yr. CAGR %	124.3	38.72	6.55	-3.56	-39.83
Net Income, 5 Yr. CAGR %	124.78	38.69	6.51	-9.52	-39.78
Normalized Net Income, 5 Yr. CAGR %	106.51	18.77	-13.69	49.86	-24.76
Diluted EPS Before Extra, 5 Yr. CAGR %	121.23	11.56	-50.74	-59.03	-72.5
Accounts Receivable, 5 Yr. CAGR %	-1.58	-5.43	-6.18	-7.56	-10.81
Inventory, 5 Yr. CAGR %	-7.49	-4.59	-5.5	-7.29	0.01
Net Property, Plant and Equip., 5 Yr. CAGR %	53.18	55.47	59.06	56.87	1.78
Total Assets, 5 Yr. CAGR %	21.38	21.25	23.97	20.35	-0.17
Tangible Book Value, 5 Yr. CAGR %	66.47	68.32	213.96	77.06	-5.18
Common Equity, 5 Yr. CAGR %	21.1	1.73	7.53	8.7	-9.43
Cash From Operations, 5 Yr. CAGR %	-25.71	18.61	126.94	36.12	96.04
Capital Expenditures, 5 Yr. CAGR %	7.54	11.79	10.14	9.99	18.76
Levered Free Cash Flow, 5 Yr. CAGR %	44.42	24.13	71.72	46.61	17.61
Unlevered Free Cash Flow, 5 Yr. CAGR %	51.69	36.61	181.94	52.69	11.27