PHARMACIE DE PLAN DE CAMPAGNE : revenue, balance sheet and financial ratios

In 2022, PHARMACIE DE PLAN DE CAMPAGNE achieves revenue of 5.0 M€. Revenue is growing positively over 6 years (CAGR: +4.8%). Vs 2021: +6%. After deducting consumption (3.3 M€), gross margin stands at 1.7 M€, i.e. a rate of 34%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 136 k€, representing 2.7% of revenue. Warning negative scissor effect: despite revenue change (+6%), EBITDA varies by -78%, reducing margin by 10.1 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 85 k€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 309%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 20%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 36.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 129.05. 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 8.6x. 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: 6 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Excellent situation: suppliers finance 49 days of the operating cycle (retail model). Inventory turnover is 45 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 59 days of revenue, i.e. 824 k€ to permanently finance. Over 2017-2022, WCR increased by +21%, requiring additional financing.

Based on 215 transactions of similar company sales in 2022, the value of PHARMACIE DE PLAN DE CAMPAGNE is estimated at 2 049 369 € (range 1 597 336€ - 2 759 813€). With an EBITDA of 136 123€, the sector multiple of 9.3x 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.