KEROZEN INDUSTRIE : revenue, balance sheet and financial ratios

In 2024, KEROZEN INDUSTRIE achieves revenue of 4.0 M€. Revenue is growing positively over 9 years (CAGR: +3.5%). Vs 2023, growth of +81% (2.2 M€ -> 4.0 M€). After deducting consumption (2.0 M€), gross margin stands at 2.0 M€, i.e. a rate of 49%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 80 k€, representing 2.0% of revenue. Positive scissor effect: EBITDA margin improves by +89.2 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 24 k€, i.e. 0.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 40%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 159.03. 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 39.7x. 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: 45 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 121 days. Excellent situation: suppliers finance 76 days of the operating cycle (retail model). Inventory turnover is 130 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 165 days of revenue, i.e. 1.8 M€ to permanently finance. Over 2016-2024, WCR increased by +54%, requiring additional financing.

Based on 197 transactions of similar company sales (all years), the value of KEROZEN INDUSTRIE is estimated at 447 376 € (range 206 159€ - 875 827€). With an EBITDA of 79 836€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.28x (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.