BASS BOAT EUROPE : revenue, balance sheet and financial ratios

In 2024, BASS BOAT EUROPE achieves revenue of 1.8 M€. Activity remains stable over the period (CAGR: -1.7%). Significant drop of -22% vs 2023. After deducting consumption (1.1 M€), gross margin stands at 606 k€, i.e. a rate of 35%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6 k€, representing 0.3% of revenue. Warning negative scissor effect: despite revenue change (-22%), EBITDA varies by -95%, reducing margin by 5.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2 k€, 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 78%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 42%. 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 1001.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 343.50. 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 1396.4x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 68 days. Excellent situation: suppliers finance 66 days of the operating cycle (retail model). Inventory turnover is 173 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 195 days of revenue, i.e. 952 k€ to permanently finance. Over 2016-2024, WCR increased by +38%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (25 transactions). This range of 172 825€ to 374 841€ is provided for information purposes only and requires in-depth analysis to be confirmed.