NORD SUD VOYAGES : revenue, balance sheet and financial ratios

In 2024, NORD SUD VOYAGES achieves revenue of 147 k€. Activity remains stable over the period (CAGR: -3.1%). Significant drop of -18% vs 2023. After deducting consumption (1 k€), gross margin stands at 146 k€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 24 k€, representing 16.6% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -33%, reducing margin by 3.8 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 11 k€, i.e. 7.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 12%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.5% 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 449.62. 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 19.3x. 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: 893 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 179 days. The gap of 714 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 928 days of revenue, i.e. 379 k€ to permanently finance. Over 2016-2024, WCR increased by +1456%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of NORD SUD VOYAGES is estimated at 39 672 € (range 20 160€ - 96 102€). With an EBITDA of 24 360€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.38x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.