CAMPING LES BRILLAS : revenue, balance sheet and financial ratios

In 2019, CAMPING LES BRILLAS achieves revenue of 736 k€. Revenue is growing positively over 4 years (CAGR: +1.7%). Slight decline of -1% vs 2018. After deducting consumption (154 k€), gross margin stands at 582 k€, i.e. a rate of 79%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 209 k€, representing 28.4% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -12%, reducing margin by 3.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 73 k€, i.e. 10.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -477%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches -12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 15.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 71.93. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 17.5x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 17 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 530 days. Excellent situation: suppliers finance 513 days of the operating cycle (retail model). Overall, WCR represents 218 days of revenue, i.e. 445 k€ to permanently finance. Over 2016-2019, WCR increased by +97%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of CAMPING LES BRILLAS is estimated at 1 207 711 € (range 645 497€ - 1 836 778€). With an EBITDA of 208 864€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.