GAPHIPA : revenue, balance sheet and financial ratios

In 2024, GAPHIPA achieves revenue of 6.9 M€. Revenue is growing positively over 9 years (CAGR: +3.9%). Vs 2023: +1%. After deducting consumption (4.8 M€), gross margin stands at 2.1 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 426 k€, representing 6.2% of revenue. Positive scissor effect: EBITDA margin improves by +3.3 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 281 k€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 29%. 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 54%. 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 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.5% 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 286.89. 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 2.9x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 26 days. Favorable situation: supplier credit is longer than customer credit by 24 days. Inventory turnover is 97 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 91 days of revenue, i.e. 1.7 M€ to permanently finance. Over 2016-2024, WCR increased by +22%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (30 transactions). This range of 804 665€ to 3 470 134€ is provided for information purposes only and requires in-depth analysis to be confirmed.