SOCIETE D'EXPLOITATION DE L'AEROPORT D'ANNECY MEYTHET - SEAAM : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'EXPLOITATION DE L'AEROPORT D'ANNECY MEYTHET - SEAAM achieves revenue of 2.5 M€. Revenue is growing positively over 9 years (CAGR: +4.7%). Slight decline of -0% vs 2023. After deducting consumption (10 k€), gross margin stands at 2.5 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 498 k€, representing 19.8% of revenue. Warning negative scissor effect: despite revenue change (-0%), EBITDA varies by -25%, reducing margin by 6.5 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 86 k€, i.e. 3.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 63%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 47%. 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 4.9 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 15.4% 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 146.51. 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 28.3x. 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: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 156 days. Excellent situation: suppliers finance 108 days of the operating cycle (retail model). Overall, WCR represents 204 days of revenue, i.e. 1.4 M€ to permanently finance.

Based on 205 transactions of similar company sales (all years), the value of SOCIETE D'EXPLOITATION DE L'AEROPORT D'ANNECY MEYTHET - SEAAM is estimated at 356 665 € (range 158 736€ - 927 261€). With an EBITDA of 497 583€, 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.