RHI REFRACTORIES FRANCE : revenue, balance sheet and financial ratios

In 2024, RHI REFRACTORIES FRANCE achieves revenue of 3.5 M€. Activity remains stable over the period (CAGR: -0.3%). Vs 2023, growth of +22% (2.9 M€ -> 3.5 M€). After deducting consumption (42 k€), gross margin stands at 3.5 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 57 k€, representing 1.6% of revenue. Warning negative scissor effect: despite revenue change (+22%), EBITDA varies by -48%, reducing margin by 2.2 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 109 k€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 71%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 354.16. 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 76.2x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Excellent situation: suppliers finance 61 days of the operating cycle (retail model). Overall, WCR represents 233 days of revenue, i.e. 2.3 M€ to permanently finance. Over 2016-2024, WCR increased by +75%, requiring additional financing.

Based on 229 transactions of similar company sales (all years), the value of RHI REFRACTORIES FRANCE is estimated at 425 568 € (range 190 874€ - 1 141 457€). With an EBITDA of 57 478€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.32x (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.