ADF SYSTEMES : revenue, balance sheet and financial ratios

In 2024, ADF SYSTEMES achieves revenue of 5.5 M€. Revenue is growing positively over 9 years (CAGR: +2.3%). Vs 2023: +8%. After deducting consumption (3.3 M€), gross margin stands at 2.3 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 405 k€, representing 7.3% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -23%, reducing margin by 3.0 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 274 k€, i.e. 4.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 66%. 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 0.2 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 0.00. Alert: short-term debt exceeds current assets. Risk of payment difficulties without cash reinforcement. The interest coverage ratio (= EBIT / Interest expenses) is 5.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. Excellent situation: suppliers finance 54 days of the operating cycle (retail model). WCR is negative (-23 days): operations structurally generate cash. Notable WCR improvement over the period (-137%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (32 transactions). This range of 489 261€ to 1 541 230€ is provided for information purposes only and requires in-depth analysis to be confirmed.