VERANDAS ET FERMETURES SAONOISE : revenue, balance sheet and financial ratios

In 2015, VERANDAS ET FERMETURES SAONOISE achieves revenue of 528 k€. Activity remains stable over the period (CAGR: -3.7%). Vs 2014: +4%. After deducting consumption (238 k€), gross margin stands at 290 k€, i.e. a rate of 55%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3 k€, representing 0.6% of revenue. Positive scissor effect: EBITDA margin improves by +17.2 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 571 €, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -11%. 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 -99%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 41.75. 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 173.5x. 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: 64 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 191 days. Excellent situation: suppliers finance 127 days of the operating cycle (retail model). Inventory turnover is 18 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-42 days): operations structurally generate cash. Notable WCR improvement over the period (-593%), freeing up cash.

Based on 264 transactions of similar company sales (all years), the value of VERANDAS ET FERMETURES SAONOISE is estimated at 31 433 € (range 17 507€ - 52 071€). With an EBITDA of 3 087€, the sector multiple of 2.1x is applied. The price/revenue ratio is 0.18x (conservative 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.