IREM ENERGIES : revenue, balance sheet and financial ratios

In 2024, IREM ENERGIES achieves revenue of 26.2 M€. Revenue is growing positively over 9 years (CAGR: +1.9%). Vs 2023, growth of +23% (21.3 M€ -> 26.2 M€). After deducting consumption (1.2 M€), gross margin stands at 25.0 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 826 k€, representing 3.1% of revenue. Positive scissor effect: EBITDA margin improves by +3.0 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 161 k€, i.e. 0.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1665%. 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 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 17.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 132.64. 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 54.1x. 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: 181 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 101 days. The gap of 80 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 155 days of revenue, i.e. 11.3 M€ to permanently finance. Notable WCR improvement over the period (-27%), freeing up cash.

Based on 98 transactions of similar company sales (all years), the value of IREM ENERGIES is estimated at 1 911 189 € (range 876 414€ - 3 624 226€). With an EBITDA of 826 315€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.