CELIO FRANCE : revenue, balance sheet and financial ratios

In 2025, CELIO FRANCE achieves revenue of 449.3 M€. Activity remains stable over the period (CAGR: -3.4%). Vs 2024: +4%. After deducting consumption (173.8 M€), gross margin stands at 275.5 M€, i.e. a rate of 61%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 43.5 M€, representing 9.7% of revenue. Positive scissor effect: EBITDA margin improves by +3.0 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 56.0 M€, i.e. 12.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 56%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 41%. 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 2.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.6% 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 199.22. 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 0.8x. 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: 15 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Excellent situation: suppliers finance 64 days of the operating cycle (retail model). Inventory turnover is 75 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 117 days of revenue, i.e. 145.5 M€ to permanently finance. Over 2017-2025, WCR increased by +54%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of CELIO FRANCE is estimated at 101 805 510 € (range 40 557 244€ - 222 093 461€). With an EBITDA of 43 528 370€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.