CANNES MARINA PROPERTIES : revenue, balance sheet and financial ratios

In 2023, CANNES MARINA PROPERTIES achieves revenue of 1.9 M€. Activity remains stable over the period (CAGR: -1.8%). Vs 2021, growth of +79% (1.1 M€ -> 1.9 M€). After deducting consumption (0 €), gross margin stands at 1.9 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 410 k€, representing 21.7% of revenue. Warning negative scissor effect: despite revenue change (+79%), EBITDA varies by -15%, reducing margin by 24.1 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 159 k€, i.e. 8.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -1194%. 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 -9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 92.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 8.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 14912.83. 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 49.7x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 81 days. Excellent situation: suppliers finance 81 days of the operating cycle (retail model). Inventory turnover is 2465 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2513 days of revenue, i.e. 13.2 M€ to permanently finance. Notable WCR improvement over the period (-38%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (21 transactions). This range of 2 146 529€ to 6 345 030€ is provided for information purposes only and requires in-depth analysis to be confirmed.