GIMAEX FIRE TRUCKS : revenue, balance sheet and financial ratios

In 2024, GIMAEX FIRE TRUCKS achieves revenue of 42.2 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.3%. Slight decline of -4% vs 2023. After deducting consumption (36.6 M€), gross margin stands at 5.5 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.3 M€, representing 5.5% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -40%, reducing margin by 3.3 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 485 k€, i.e. 1.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 404%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 19.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 207.37. 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 40.6x. 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: 135 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 105 days. The company must finance 30 days of gap between collections and payments. Inventory turnover is 241 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 373 days of revenue, i.e. 43.7 M€ to permanently finance. Over 2018-2024, WCR increased by +134%, requiring additional financing.

Based on 61 transactions of similar company sales (all years), the value of GIMAEX FIRE TRUCKS is estimated at 5 156 255 € (range 3 134 450€ - 14 967 093€). With an EBITDA of 2 315 644€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.30x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.