AIR APPLICATION : revenue, balance sheet and financial ratios

In 2024, AIR APPLICATION achieves revenue of 994 k€. Revenue is growing positively over 9 years (CAGR: +3.3%). Significant drop of -14% vs 2023. After deducting consumption (482 k€), gross margin stands at 511 k€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 78 k€, representing 7.9% of revenue. Warning negative scissor effect: despite revenue change (-14%), EBITDA varies by -54%, reducing margin by 6.9 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 37 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 17%. 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 68%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.4% 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 885.97. 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 2.7x. 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: 70 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 19 days. The gap of 51 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 57 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 113 days of revenue, i.e. 313 k€ to permanently finance. Over 2016-2024, WCR increased by +61%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (32 transactions). This range of 89 124€ to 275 084€ is provided for information purposes only and requires in-depth analysis to be confirmed.