FONCIA I.C.V. : revenue, balance sheet and financial ratios

In 2024, FONCIA I.C.V. achieves revenue of 969 k€. Revenue is declining over the period 2016-2024 (CAGR: -18.8%). Vs 2023, growth of +17% (827 k€ -> 969 k€). After deducting consumption (0 €), gross margin stands at 969 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 505 k€, representing 52.1% of revenue. Positive scissor effect: EBITDA margin improves by +4.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 322 k€, i.e. 33.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 82%. 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 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 37.6% 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 329.59. 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 1.4x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 35 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 229 days. Excellent situation: suppliers finance 194 days of the operating cycle (retail model). Overall, WCR represents 668 days of revenue, i.e. 1.8 M€ to permanently finance. Over 2016-2024, WCR increased by +143%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of FONCIA I.C.V. is estimated at 561 314 € (range 188 701€ - 1 633 150€). With an EBITDA of 504 510€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.29x (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.