CAMPING MARINA DI SORBO : revenue, balance sheet and financial ratios

In 2019, CAMPING MARINA DI SORBO achieves revenue of 501 k€. Activity remains stable over the period (CAGR: -0.4%). Slight decline of -3% vs 2018. After deducting consumption (3 k€), gross margin stands at 497 k€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 59 k€, representing 11.8% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -25%, reducing margin by 3.5 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3 k€, i.e. 0.5% 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.4% 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 262.60. 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: 176 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The gap of 134 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 128 days of revenue, i.e. 178 k€ to permanently finance. Over 2016-2019, WCR increased by +214%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of CAMPING MARINA DI SORBO is estimated at 456 352 € (range 265 577€ - 647 843€). With an EBITDA of 58 873€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium 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.