LA CIOTAT SHIPYARDS : revenue, balance sheet and financial ratios

In 2024, LA CIOTAT SHIPYARDS achieves revenue of 18.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.9%. Vs 2023, growth of +10% (16.9 M€ -> 18.6 M€). After deducting consumption (61 €), gross margin stands at 18.6 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 9.5 M€, representing 51.2% of revenue. Positive scissor effect: EBITDA margin improves by +4.9 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 3.7 M€, i.e. 19.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 52%. 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 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 41.3% 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 561.32. 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 5.8x. 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: 189 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 82 days. The gap of 107 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-494 days): operations structurally generate cash. Notable WCR improvement over the period (-752%), freeing up cash.

Based on 205 transactions of similar company sales (all years), the value of LA CIOTAT SHIPYARDS is estimated at 5 825 838 € (range 2 307 436€ - 14 693 707€). With an EBITDA of 9 544 536€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.15x (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.