ARIANE FINANCE & PARTICIPATIONS : revenue, balance sheet and financial ratios

In 2024, ARIANE FINANCE & PARTICIPATIONS achieves revenue of 120 k€. Activity remains stable over the period (CAGR: -0.2%). Significant drop of -19% vs 2021. After deducting consumption (6 k€), gross margin stands at 114 k€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 82 k€, representing 68.5% of revenue. Positive scissor effect: EBITDA margin improves by +22.8 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 61 k€, i.e. 50.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 280%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 32.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 127.8% 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 522.81. 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 88.8x. 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: 1556 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 1556 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 839 days of revenue, i.e. 280 k€ to permanently finance. Over 2016-2024, WCR increased by +207%, requiring additional financing.

Based on 69 transactions of similar company sales in 2024, the value of ARIANE FINANCE & PARTICIPATIONS is estimated at 283 759 € (range 80 624€ - 518 756€). With an EBITDA of 82 431€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.