F.C.L. : revenue, balance sheet and financial ratios

In 2024, F.C.L. achieves revenue of 926 k€. Revenue is growing positively over 9 years (CAGR: +1.4%). Vs 2023, growth of +102% (458 k€ -> 926 k€). After deducting consumption (282 k€), gross margin stands at 644 k€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 200 k€, representing 21.6% of revenue. Warning negative scissor effect: despite revenue change (+102%), EBITDA varies by +40%, reducing margin by 9.6 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -275 k€ (-29.7% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 54%. 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 2.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 91.4% 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 1961.49. 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 23.4x. 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: 170 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 19 days. The gap of 151 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 1470 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 1221 days of revenue, i.e. 3.1 M€ to permanently finance. Over 2016-2024, WCR increased by +3983%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of F.C.L. is estimated at 760 664 € (range 170 863€ - 1 306 273€). With an EBITDA of 200 205€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.