VIENNOISERIE PLUS : revenue, balance sheet and financial ratios

In 2021, VIENNOISERIE PLUS achieves revenue of 13.1 M€. Over the period 2016-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +5.5%. Vs 2020: +10%. After deducting consumption (7.9 M€), gross margin stands at 5.2 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.0 M€, representing 7.8% of revenue. Positive scissor effect: EBITDA margin improves by +2.3 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 597 k€, 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 43%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 50%. 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 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.8% 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 233.12. 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 1.8x. 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: 66 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The company must finance 13 days of gap between collections and payments. Inventory turnover is 28 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 91 days of revenue, i.e. 3.3 M€ to permanently finance.

Based on 198 transactions of similar company sales in 2021, the value of VIENNOISERIE PLUS is estimated at 6 813 816 € (range 4 540 938€ - 11 227 047€). With an EBITDA of 1 020 893€, the sector multiple of 6.0x is applied. The price/revenue ratio is 0.71x (in line with sector norms). 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.