KLEPIERRE ALPES : revenue, balance sheet and financial ratios

In 2024, KLEPIERRE ALPES achieves revenue of 19.0 M€. Activity remains stable over the period (CAGR: -0.6%). Vs 2023: +4%. After deducting consumption (0 €), gross margin stands at 19.0 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 11.1 M€, representing 58.3% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -3%, reducing margin by 3.6 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 8.1 M€, i.e. 42.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 62%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 68.1% 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 95.40. 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 0.3x. 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: 55 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 1249 days. Excellent situation: suppliers finance 1194 days of the operating cycle (retail model). Overall, WCR represents 437 days of revenue, i.e. 23.0 M€ to permanently finance. Notable WCR improvement over the period (-47%), freeing up cash.

Based on 169 transactions of similar company sales in 2024, the value of KLEPIERRE ALPES is estimated at 46 622 649 € (range 13 278 298€ - 83 908 305€). With an EBITDA of 11 057 523€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.