CONCEPTION ETUDE ET REALISATION DE SYSTEMES AUTOMATISES : revenue, balance sheet and financial ratios

In 2024, CONCEPTION ETUDE ET REALISATION DE SYSTEMES AUTOMATISES achieves revenue of 2.9 M€. Activity remains stable over the period (CAGR: -4.8%). Significant drop of -23% vs 2023. After deducting consumption (139 k€), gross margin stands at 2.7 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 63 k€, representing 2.2% of revenue. Warning negative scissor effect: despite revenue change (-23%), EBITDA varies by -90%, reducing margin by 14.2 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 196 k€, i.e. 6.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 70%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 52%. 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 6.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 7.5% 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 797.20. 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 8.0x. 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: 8 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Excellent situation: suppliers finance 45 days of the operating cycle (retail model). Inventory turnover is 291 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 422 days of revenue, i.e. 3.4 M€ to permanently finance. Over 2016-2024, WCR increased by +257%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (40 transactions). This range of 140 116€ to 430 369€ is provided for information purposes only and requires in-depth analysis to be confirmed.