GOLDEN FRANCE : revenue, balance sheet and financial ratios

In 2024, GOLDEN FRANCE achieves revenue of 148 k€. Revenue is declining over the period 2016-2024 (CAGR: -13.4%). Vs 2023, growth of +12% (132 k€ -> 148 k€). After deducting consumption (29 k€), gross margin stands at 119 k€, i.e. a rate of 80%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26 k€, representing 17.7% of revenue. Positive scissor effect: EBITDA margin improves by +25.1 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 19 k€, i.e. 12.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -14508%. 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 -1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 13.0% 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 312.03. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. Excellent situation: suppliers finance 58 days of the operating cycle (retail model). Inventory turnover is 84 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 93 days of revenue, i.e. 38 k€ to permanently finance. Notable WCR improvement over the period (-41%), freeing up cash.

Based on 124 transactions of similar company sales (all years), the value of GOLDEN FRANCE is estimated at 48 059 € (range 19 314€ - 103 181€). With an EBITDA of 26 214€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.