FLOWER EXPLOITATION CAMPINGS : revenue, balance sheet and financial ratios

In 2024, FLOWER EXPLOITATION CAMPINGS achieves revenue of 18.4 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.3%. Vs 2022, growth of +86% (9.9 M€ -> 18.4 M€). After deducting consumption (689 k€), gross margin stands at 17.7 M€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.0 M€, representing 16.4% of revenue. Warning negative scissor effect: despite revenue change (+86%), EBITDA varies by -2%, reducing margin by 14.8 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 246 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 159%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 9.9% 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 112.39. 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 16.7x. 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: 108 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 187 days. Excellent situation: suppliers finance 79 days of the operating cycle (retail model). Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 143 days of revenue, i.e. 7.3 M€ to permanently finance. Over 2016-2024, WCR increased by +152%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of FLOWER EXPLOITATION CAMPINGS is estimated at 20 090 565 € (range 11 426 049€ - 28 915 704€). With an EBITDA of 3 026 896€, 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.