LEMAITRE APPRO : revenue, balance sheet and financial ratios

LEMAITRE APPRO is a French company founded 37 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail . Based in LE MENE (22330), this company of category PME shows in 2021 a revenue of 8.8 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-02

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - LEMAITRE APPRO (SIREN 350999280)
Indicator 2021 2020 2019 2018 2017 2016
Revenue 8 775 515 € 7 782 293 € 7 039 321 € N/C N/C 7 479 750 €
Net income 264 785 € 206 893 € 144 569 € 153 229 € 104 864 € 55 604 €
EBITDA 688 247 € 396 452 € 261 733 € N/C N/C 201 688 €
Net margin 3.0% 2.7% 2.1% N/C N/C 0.7%

Revenue and income statement

In 2021, LEMAITRE APPRO achieves revenue of 8.8 M€. Revenue is growing positively over 6 years (CAGR: +3.2%). Vs 2020, growth of +13% (7.8 M€ -> 8.8 M€). After deducting consumption (6.3 M€), gross margin stands at 2.5 M€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 688 k€, representing 7.8% of revenue. Positive scissor effect: EBITDA margin improves by +2.7 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 265 k€, i.e. 3.0% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2021) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

8 775 515 €

Gross margin (2021) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

2 468 528 €

EBITDA (2021) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

688 247 €

EBIT (2021) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

390 972 €

Net income (2021) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

264 785 €

EBITDA margin (2021) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

7.8%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 160%. 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 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 6.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

Debt ratio (2021) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

160.379%

Financial autonomy (2021) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

31.685%

Cash flow / Revenue (2021) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

6.305%

Repayment capacity (2021) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

4.85

Asset age ratio (2021) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

63.8%

Solvency indicators evolution
LEMAITRE APPRO

Sector positioning

Debt ratio
160.38 2021
2019
2020
2021
Q1: 7.7
Med: 46.17
Q3: 131.02
Average

In 2021, the debt ratio of LEMAITRE APPRO (160.38) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
31.68% 2021
2019
2020
2021
Q1: 19.58%
Med: 38.39%
Q3: 57.77%
Average -8 pts over 3 years

In 2021, the financial autonomy of LEMAITRE APPRO (31.7%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
4.85 years 2021
2019
2020
2021
Q1: 0.0 years
Med: 1.55 years
Q3: 5.65 years
Average

In 2021, the repayment capacity of LEMAITRE APPRO (4.85) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 204.29. 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 9.1x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2021) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

204.287

Interest coverage (2021) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

9.093

Liquidity indicators evolution
LEMAITRE APPRO

Sector positioning

Liquidity ratio
204.29 2021
2019
2020
2021
Q1: 137.87
Med: 207.18
Q3: 359.31
Average +6 pts over 3 years

In 2021, the liquidity ratio of LEMAITRE APPRO (204.29) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
9.09x 2021
2019
2020
2021
Q1: 0.0x
Med: 2.94x
Q3: 15.83x
Good

In 2021, the interest coverage of LEMAITRE APPRO (9.1x) ranks above the median of the sector. This ratio indicates how many times operating income covers interest expenses. This comfortable position offers an appreciable safety margin.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. The company must finance 28 days of gap between collections and payments. Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 79 days of revenue, i.e. 1.9 M€ to permanently finance. Over 2016-2021, WCR increased by +24%, requiring additional financing.

Operating WCR (2021) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

1 915 870 €

Customer credit (2021) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

59 j

Supplier credit (2021) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

31 j

Inventory turnover (2021) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

27 j

WCR in days of revenue (2021) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

79 j

WCR and payment terms evolution
LEMAITRE APPRO

Positioning of LEMAITRE APPRO in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Valuation estimate

Based on 94 transactions of similar company sales (all years), the value of LEMAITRE APPRO is estimated at 639 601 € (range 398 885€ - 1 367 478€). With an EBITDA of 688 247€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.

Estimated enterprise value 2021
94 tx
398k€ 639k€ 1367k€
639 601 € Range: 398 885€ - 1 367 478€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
688 247 € × 0.5x
Estimation 335 640 €
198 180€ - 1 434 934€
Revenue Multiple 30%
8 775 515 € × 0.15x
Estimation 1 326 179 €
900 072€ - 1 522 548€
Net Income Multiple 20%
264 785 € × 1.4x
Estimation 369 639 €
148 873€ - 966 235€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 94 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail )

Compare LEMAITRE APPRO with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail

Frequently asked questions about LEMAITRE APPRO

What is the revenue of LEMAITRE APPRO ?

The revenue of LEMAITRE APPRO in 2021 is 8.8 M€.

Is LEMAITRE APPRO profitable?

Yes, LEMAITRE APPRO generated a net profit of 265 k€ in 2021.

Where is the headquarters of LEMAITRE APPRO ?

The headquarters of LEMAITRE APPRO is located in LE MENE (22330), in the department Cotes-d'Armor.

Where to find the tax return of LEMAITRE APPRO ?

The tax return of LEMAITRE APPRO is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does LEMAITRE APPRO operate?

LEMAITRE APPRO operates in the sector Commerce de gros (commerce interentreprises) de céréales, de tabac non manufacturé, de semences et d'aliments pour le bétail (NAF code 46.21Z). See the 'Sector positioning' section above to compare the company with its competitors.