D.I.P. : revenue, balance sheet and financial ratios

In 2024, D.I.P. achieves revenue of 810 k€. Revenue is growing positively over 10 years (CAGR: +3.2%). Significant drop of -58% vs 2023. After deducting consumption (0 €), gross margin stands at 810 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 161 k€, representing 19.9% of revenue. Warning negative scissor effect: despite revenue change (-58%), EBITDA varies by -69%, reducing margin by 7.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6 k€, i.e. 0.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 806%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 217.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. 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 2963.42. 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 153.5x. 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: 68 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 100 days. Excellent situation: suppliers finance 32 days of the operating cycle (retail model). Inventory turnover is 479 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 3630 days of revenue, i.e. 8.2 M€ to permanently finance. Over 2015-2024, WCR increased by +472%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (22 transactions). This range of 328 681€ to 577 916€ is provided for information purposes only and requires in-depth analysis to be confirmed.