CENTRALE PHOTOVOLTAIQUE DE CRUCEY 1 : revenue, balance sheet and financial ratios

In 2024, CENTRALE PHOTOVOLTAIQUE DE CRUCEY 1 achieves revenue of 12.9 M€. Activity remains stable over the period (CAGR: -0.7%). Significant drop of -34% vs 2023. After deducting consumption (0 €), gross margin stands at 12.9 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 10.5 M€, representing 81.5% of revenue. Warning negative scissor effect: despite revenue change (-34%), EBITDA varies by -39%, reducing margin by 6.5 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 4.1 M€, i.e. 31.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 104%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 48%. 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 4.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 60.2% 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 662.67. 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 22.0x. 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: 13 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 45 days. Excellent situation: suppliers finance 32 days of the operating cycle (retail model). WCR is negative (-403 days): operations structurally generate cash. Notable WCR improvement over the period (-31%), freeing up cash.

Based on 85 transactions of similar company sales (all years), the value of CENTRALE PHOTOVOLTAIQUE DE CRUCEY 1 is estimated at 17 740 485 € (range 2 521 452€ - 69 951 822€). With an EBITDA of 10 494 436€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.69x (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.