IMMOBILIERE PATRIMOINE ET FINANCES : revenue, balance sheet and financial ratios

In 2024, IMMOBILIERE PATRIMOINE ET FINANCES achieves revenue of 690 k€. Revenue is declining over the period 2013-2024 (CAGR: -13.9%). Slight decline of -3% vs 2023. After deducting consumption (0 €), gross margin stands at 690 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 201 k€, representing 29.2% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -29%, reducing margin by 10.6 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 346 k€, i.e. 50.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 258%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 110.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 19.4% 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 417.38. 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 0.9x. 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: 847 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 714 days. The gap of 133 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 2674 days of revenue, i.e. 5.1 M€ to permanently finance. Over 2013-2024, WCR increased by +188%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of IMMOBILIERE PATRIMOINE ET FINANCES is estimated at 346 961 € (range 109 616€ - 1 007 017€). With an EBITDA of 201 312€, 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.