EDITIONS TECHNIQUES POUR L'AUTOMOBILE ET L'INDUSTRIE (ETAI) : revenue, balance sheet and financial ratios

In 2024, EDITIONS TECHNIQUES POUR L'AUTOMOBILE ET L'INDUSTRIE (ETAI) achieves revenue of 102.4 M€. Revenue is growing positively over 9 years (CAGR: +3.2%). Vs 2023: +6%. After deducting consumption (88 k€), gross margin stands at 102.3 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 23.5 M€, representing 22.9% of 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 15.5 M€, i.e. 15.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 143%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 23.8% 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 353.69. 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 32.8x. 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: 231 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 107 days. The gap of 124 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 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 219 days of revenue, i.e. 62.4 M€ to permanently finance. Over 2016-2024, WCR increased by +114%, requiring additional financing.