THERMAL CERAMICS DE FRANCE : revenue, balance sheet and financial ratios

In 2024, THERMAL CERAMICS DE FRANCE achieves revenue of 59.0 M€. Activity remains stable over the period (CAGR: -1.4%). Slight decline of -8% vs 2023. After deducting consumption (-2.2 M€), gross margin stands at 61.2 M€, i.e. a rate of 104%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.6 M€, representing 6.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.7 M€, i.e. 4.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 59%. 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 9.8% 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 233.46. 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 1.6x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 40 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 82 days. Excellent situation: suppliers finance 42 days of the operating cycle (retail model). Inventory turnover is 79 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 179 days of revenue, i.e. 29.3 M€ to permanently finance. Over 2016-2024, WCR increased by +332%, requiring additional financing.

Based on 228 transactions of similar company sales (all years), the value of THERMAL CERAMICS DE FRANCE is estimated at 6 021 597 € (range 2 690 647€ - 16 250 090€). With an EBITDA of 3 596 123€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.