TOYOTA MATERIAL HANDLING FRANCE : revenue, balance sheet and financial ratios

In 2024, TOYOTA MATERIAL HANDLING FRANCE achieves revenue of 559.5 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.1%. Vs 2023, growth of +16% (483.8 M€ -> 559.5 M€). After deducting consumption (332.5 M€), gross margin stands at 227.0 M€, i.e. a rate of 41%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 43.6 M€, representing 7.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11.8 M€, i.e. 2.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 79%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.8% 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 158.20. 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 3.3x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 57 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. The gap of 34 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 14 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 56 days of revenue, i.e. 87.2 M€ to permanently finance. Over 2017-2024, WCR increased by +34%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of TOYOTA MATERIAL HANDLING FRANCE is estimated at 70 617 173 € (range 41 561 622€ - 198 939 522€). With an EBITDA of 43 617 061€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.