KALKYS : revenue, balance sheet and financial ratios

In 2017, KALKYS achieves revenue of 339 k€. Slight decline of -4% vs 2016. After deducting consumption (177 k€), gross margin stands at 162 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 24 k€, representing 7.0% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -26%, reducing margin by 2.1 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 19 k€, i.e. 5.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 181.48. 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 0.7x. 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: 28 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 94 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 111 days of revenue, i.e. 104 k€ to permanently finance.

Based on 132 transactions of similar company sales (all years), the value of KALKYS is estimated at 89 525 € (range 47 480€ - 173 327€). With an EBITDA of 23 558€, the sector multiple of 3.2x is applied. The price/revenue ratio is 0.35x (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.