SOCIETE D'EXPLOITATION DE TOULOUSE FRANCAZAL AEROPORT. : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'EXPLOITATION DE TOULOUSE FRANCAZAL AEROPORT. achieves revenue of 8.2 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +27.3%. Vs 2023, growth of +13% (7.3 M€ -> 8.2 M€). After deducting consumption (1.7 M€), gross margin stands at 6.5 M€, i.e. a rate of 79%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.6 M€, representing 44.0% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by +6%, reducing margin by 3.0 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 2.3 M€, i.e. 27.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 148%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 32.5% 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 475.45. 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 13.0x. 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: 71 days. Favorable situation: supplier credit is longer than customer credit by 28 days. Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 442 days of revenue, i.e. 10.1 M€ to permanently finance. Over 2016-2024, WCR increased by +894%, requiring additional financing.

Based on 205 transactions of similar company sales (all years), the value of SOCIETE D'EXPLOITATION DE TOULOUSE FRANCAZAL AEROPORT. is estimated at 2 398 749 € (range 959 100€ - 6 194 752€). With an EBITDA of 3 618 937€, 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.