O-I FRANCE SAS : revenue, balance sheet and financial ratios

In 2024, O-I FRANCE SAS achieves revenue of 761.4 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.8%. Significant drop of -14% vs 2023. After deducting consumption (164.0 M€), gross margin stands at 597.5 M€, i.e. a rate of 78%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 51.3 M€, representing 6.7% of revenue. Warning negative scissor effect: despite revenue change (-14%), EBITDA varies by -43%, reducing margin by 3.4 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 16.7 M€, i.e. 2.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 10%. 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 68%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.6% 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 232.99. 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 12.6x. 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: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. Favorable situation: supplier credit is longer than customer credit by 20 days. Inventory turnover is 92 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 76 days of revenue, i.e. 160.5 M€ to permanently finance. Over 2016-2024, WCR increased by +8362%, requiring additional financing.

Based on 228 transactions of similar company sales (all years), the value of O-I FRANCE SAS is estimated at 74 871 448 € (range 34 136 700€ - 203 795 955€). With an EBITDA of 51 345 000€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.