SOCIETE D'AVITAILLEMENT ET DE STOCKAGE DE CARBURANTS AVIATION : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'AVITAILLEMENT ET DE STOCKAGE DE CARBURANTS AVIATION achieves revenue of 26.9 M€. Activity remains stable over the period (CAGR: -1.3%). Vs 2023, growth of +10% (24.4 M€ -> 26.9 M€). After deducting consumption (408 k€), gross margin stands at 26.5 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 69 k€, representing 0.3% of revenue. Warning negative scissor effect: despite revenue change (+10%), EBITDA varies by -92%, reducing margin by 3.1 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 4.0 M€, i.e. 14.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 176%. 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 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 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 172.22. 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 307.6x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 47 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 14 days of revenue, i.e. 1.1 M€ to permanently finance. Notable WCR improvement over the period (-63%), freeing up cash.

Based on 205 transactions of similar company sales (all years), the value of SOCIETE D'AVITAILLEMENT ET DE STOCKAGE DE CARBURANTS AVIATION is estimated at 1 857 599 € (range 1 014 234€ - 5 906 740€). With an EBITDA of 68 543€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.15x (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.