LA FLOTTANTE : revenue, balance sheet and financial ratios

In 2024, LA FLOTTANTE achieves revenue of 336 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.6%. Significant drop of -15% vs 2023. After deducting consumption (0 €), gross margin stands at 336 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 27 k€, representing 7.9% of revenue. Warning negative scissor effect: despite revenue change (-15%), EBITDA varies by -47%, reducing margin by 4.7 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 39 k€, i.e. 11.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 15%. 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 49%. 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 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 208.83. 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 1.1x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 176 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 101 days. The gap of 75 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 265 days of revenue, i.e. 247 k€ to permanently finance. Over 2017-2024, WCR increased by +718%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of LA FLOTTANTE is estimated at 208 916 € (range 66 753€ - 380 946€). With an EBITDA of 26 562€, 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.