PROLOGIS FRANCE IX EURL : revenue, balance sheet and financial ratios

In 2024, PROLOGIS FRANCE IX EURL achieves revenue of 5.5 M€. Activity remains stable over the period (CAGR: -1.6%). Significant drop of -24% vs 2023. After deducting consumption (0 €), gross margin stands at 5.5 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 2.3 M€, representing 41.8% of revenue. Warning negative scissor effect: despite revenue change (-24%), EBITDA varies by -48%, reducing margin by 18.9 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 1.1 M€, i.e. 19.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 83%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 50%. 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 5.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 41.6% 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 932.40. 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 7.2x. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 113 days. Excellent situation: suppliers finance 39 days of the operating cycle (retail model). Overall, WCR represents 585 days of revenue, i.e. 9.0 M€ to permanently finance. Over 2016-2024, WCR increased by +43%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of PROLOGIS FRANCE IX EURL is estimated at 9 245 383 € (range 2 655 977€ - 16 650 959€). With an EBITDA of 2 312 479€, 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.