3D SA : revenue, balance sheet and financial ratios

In 2023, 3D SA achieves revenue of 4.9 M€. Revenue is declining over the period 2016-2023 (CAGR: -7.9%). Significant drop of -49% vs 2022. After deducting consumption (3.9 M€), gross margin stands at 985 k€, i.e. a rate of 20%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 150 k€, representing 3.1% of revenue. Warning negative scissor effect: despite revenue change (-49%), EBITDA varies by -81%, reducing margin by 5.3 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 16 k€, i.e. 0.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 274%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 182.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 1704.40. 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 262.1x. 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: 94 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 14 days. The gap of 80 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 98 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 227 days of revenue, i.e. 3.1 M€ to permanently finance.

Indicative estimate only : the number of comparable transactions in this sector is limited (39 transactions). This range of 336 377€ to 1 211 922€ is provided for information purposes only and requires in-depth analysis to be confirmed.