API RESTAURATION : revenue, balance sheet and financial ratios

In 2024, API RESTAURATION achieves revenue of 949.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.0%. Vs 2023, growth of +18% (802.0 M€ -> 949.3 M€). After deducting consumption (370.1 M€), gross margin stands at 579.1 M€, i.e. a rate of 61%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 67.1 M€, representing 7.1% of revenue. Positive scissor effect: EBITDA margin improves by +2.2 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 32.9 M€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 46%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 179.75. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 45 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 40 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 26 days of revenue, i.e. 69.2 M€ to permanently finance. Over 2016-2024, WCR increased by +102%, requiring additional financing.

Based on 204 transactions of similar company sales (all years), the value of API RESTAURATION is estimated at 418 912 511 € (range 223 764 675€ - 679 330 352€). With an EBITDA of 67 122 910€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.64x (in line with sector norms). 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.