AGTHERM ATLANTIQUE : revenue, balance sheet and financial ratios

In 2024, AGTHERM ATLANTIQUE achieves revenue of 3.1 M€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +29.1%. Slight decline of -8% vs 2023. After deducting consumption (946 k€), gross margin stands at 2.1 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 155 k€, representing 5.1% of revenue. Positive scissor effect: EBITDA margin improves by +3.2 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 113 k€, i.e. 3.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 139%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 202.12. 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 11.0x. 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: 143 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. The gap of 79 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 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 79 days of revenue, i.e. 672 k€ to permanently finance. Over 2021-2024, WCR increased by +836%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 138 340€ to 490 510€ is provided for information purposes only and requires in-depth analysis to be confirmed.