ANNEMASSE VELO : revenue, balance sheet and financial ratios

In 2025, ANNEMASSE VELO achieves revenue of 4.1 M€. Revenue is growing positively over 11 years (CAGR: +3.2%). Vs 2024: +8%. After deducting consumption (3.0 M€), gross margin stands at 1.2 M€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 75 k€, representing 1.8% of revenue. Positive scissor effect: EBITDA margin improves by +4.6 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -6 k€ (-0.1% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 7928%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 17.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 251.37. 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 71.5x. 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: 15 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 5 days. The company must finance 10 days of gap between collections and payments. Inventory turnover is 83 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 100 days of revenue, i.e. 1.1 M€ to permanently finance. Over 2015-2025, WCR increased by +181%, requiring additional financing.

Based on 239 transactions of similar company sales (all years), the value of ANNEMASSE VELO is estimated at 596 752 € (range 312 940€ - 1 035 080€). With an EBITDA of 74 812€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.28x (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.