ELCIMAI SOFTWARE & SERVICES : revenue, balance sheet and financial ratios

In 2024, ELCIMAI SOFTWARE & SERVICES achieves revenue of 10.3 M€. Activity remains stable over the period (CAGR: -1.3%). Slight decline of -9% vs 2023. After deducting consumption (0 €), gross margin stands at 10.3 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 207 k€, representing 2.0% of revenue. Warning negative scissor effect: despite revenue change (-9%), EBITDA varies by -80%, reducing margin by 7.4 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 670 k€, i.e. 6.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 44%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.1% 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 228.90. 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 0.5x. 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: 41 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. Favorable situation: supplier credit is longer than customer credit by 22 days. Overall, WCR represents 55 days of revenue, i.e. 1.6 M€ to permanently finance. Over 2016-2024, WCR increased by +2009%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of ELCIMAI SOFTWARE & SERVICES is estimated at 794 532 € (range 389 519€ - 1 932 743€). With an EBITDA of 206 977€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (conservative valuation). 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.