DKR PARTICIPATIONS : revenue, balance sheet and financial ratios

In 2024, DKR PARTICIPATIONS achieves revenue of 10.4 M€. Revenue is declining over the period 2016-2024 (CAGR: -6.7%). Significant drop of -41% vs 2023. After deducting consumption (0 €), gross margin stands at 10.4 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.7 M€, representing 64.0% of revenue. Positive scissor effect: EBITDA margin improves by +2.2 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10.4 M€, i.e. 99.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 942%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 28.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 18.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 996.21. 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 68.3x. 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: 76 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 55 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 68 days of revenue, i.e. 2.0 M€ to permanently finance. Over 2016-2024, WCR increased by +114%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of DKR PARTICIPATIONS is estimated at 35 362 575 € (range 10 165 912€ - 63 736 117€). With an EBITDA of 6 676 988€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (in line with sector norms). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.