INSTALLATION D'EQUIPEMENTS DE CLIMATISATION (IEC) : revenue, balance sheet and financial ratios

In 2024, INSTALLATION D'EQUIPEMENTS DE CLIMATISATION (IEC) achieves revenue of 1.3 M€. Revenue is growing positively over 9 years (CAGR: +2.8%). Vs 2023: +0%. After deducting consumption (396 k€), gross margin stands at 895 k€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 27 k€, representing 2.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 22 k€, i.e. 1.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 196%. 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 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 16.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 251.68. 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 27.8x. 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: 138 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 95 days. The gap of 43 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 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 140 days of revenue, i.e. 502 k€ to permanently finance. Over 2016-2024, WCR increased by +55%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (28 transactions). This range of 50 350€ to 127 007€ is provided for information purposes only and requires in-depth analysis to be confirmed.