SOCIETE D'EXPLOITATION DE L'AEROPORT DE GRENOBLE : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'EXPLOITATION DE L'AEROPORT DE GRENOBLE achieves revenue of 9.4 M€. Revenue is growing positively over 9 years (CAGR: +1.5%). Slight decline of -2% vs 2023. After deducting consumption (102 k€), gross margin stands at 9.3 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 755 k€, representing 8.1% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -29%, reducing margin by 3.0 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 606 k€, i.e. 6.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 183%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.7 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 6.7% 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 104.61. 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 53.1x. 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: 60 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 110 days. Excellent situation: suppliers finance 50 days of the operating cycle (retail model). Overall, WCR represents 136 days of revenue, i.e. 3.5 M€ to permanently finance. Over 2016-2024, WCR increased by +21%, requiring additional financing.

Based on 205 transactions of similar company sales (all years), the value of SOCIETE D'EXPLOITATION DE L'AEROPORT DE GRENOBLE is estimated at 864 795 € (range 428 355€ - 2 432 598€). With an EBITDA of 755 158€, 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.