B. VIDEO INGENIERIE : revenue, balance sheet and financial ratios

In 2021, B. VIDEO INGENIERIE achieves revenue of 81 k€. Over the period 2019-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +41.0%. Vs 2020, growth of +59% (51 k€ -> 81 k€). After deducting consumption (21 k€), gross margin stands at 60 k€, i.e. a rate of 74%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1 k€, representing 1.6% of revenue. Warning negative scissor effect: despite revenue change (+59%), EBITDA varies by -82%, reducing margin by 13.1 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 855 €, i.e. 1.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 54%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 154.36. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 47 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. The gap of 37 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 95 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 59 days of revenue, i.e. 13 k€ to permanently finance. Over 2019-2021, WCR increased by +516%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (27 transactions). This range of 3 647€ to 8 636€ is provided for information purposes only and requires in-depth analysis to be confirmed.