GOUT ET SAVEURS : revenue, balance sheet and financial ratios

In 2016, GOUT ET SAVEURS achieves revenue of 315 k€. Revenue is declining over the period 2014-2016 (CAGR: -6.6%). Significant drop of -10% vs 2015. After deducting consumption (231 k€), gross margin stands at 85 k€, i.e. a rate of 27%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19 k€, representing 5.9% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -47%, reducing margin by 4.1 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 394%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 6.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 306.11. 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 14.2x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. Favorable situation: supplier credit is longer than customer credit by 28 days. Inventory turnover is 23 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 34 days of revenue, i.e. 30 k€ to permanently finance. Over 2014-2016, WCR increased by +192%, requiring additional financing.

Based on 516 transactions of similar company sales (all years), the value of GOUT ET SAVEURS is estimated at 87 787 € (range 50 985€ - 152 996€). With an EBITDA of 18 529€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.32x (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.