FONCIERE DES ECRINS : revenue, balance sheet and financial ratios

In 2024, FONCIERE DES ECRINS achieves revenue of 1.2 M€. Activity remains stable over the period (CAGR: -0.2%). Significant drop of -52% vs 2023. After deducting consumption (0 €), gross margin stands at 1.2 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 550 k€, representing 45.0% of revenue. Positive scissor effect: EBITDA margin improves by +41.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -502 k€ (-41.1% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -2326%. 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 -4%. Low autonomy: the company heavily depends on external financing (banks, suppliers).

The liquidity ratio (= Current assets / Current liabilities) stands at 140.63. 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 203.3x. 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: 80 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 35 days. The gap of 45 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 6176 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 4858 days of revenue, i.e. 16.5 M€ to permanently finance.

Based on 261 transactions of similar company sales (all years), the value of FONCIERE DES ECRINS is estimated at 2 163 151 € (range 1 296 415€ - 4 176 994€). With an EBITDA of 549 847€, the sector multiple of 5.3x is applied. The price/revenue ratio is 0.75x (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.