APPIA LIANTS EMULSIONS RH.ALPES AUVERGNE : revenue, balance sheet and financial ratios

In 2024, APPIA LIANTS EMULSIONS RH.ALPES AUVERGNE achieves revenue of 28.7 M€. Revenue is growing positively over 7 years (CAGR: +1.8%). Significant drop of -16% vs 2023. After deducting consumption (23.2 M€), gross margin stands at 5.5 M€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 5.0% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 700 k€, i.e. 2.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 15%. 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 18%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 83.62. 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 18.7x. 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: 29 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The company must finance 1 days of gap between collections and payments. Inventory turnover is 15 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 8 days of revenue, i.e. 624 k€ to permanently finance. Notable WCR improvement over the period (-66%), freeing up cash.

Based on 228 transactions of similar company sales (all years), the value of APPIA LIANTS EMULSIONS RH.ALPES AUVERGNE is estimated at 2 452 840 € (range 1 170 279€ - 6 719 953€). With an EBITDA of 1 423 872€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.