LOGISTIC SERVICES : revenue, balance sheet and financial ratios

In 2024, LOGISTIC SERVICES achieves revenue of 195 k€. Activity remains stable over the period (CAGR: -0.5%). Slight decline of -5% vs 2023. After deducting consumption (4 k€), gross margin stands at 192 k€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 52 k€, representing 26.8% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -42%, reducing margin by 17.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 64 k€, i.e. 32.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 124%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 42%. 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 10.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 37.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 972.44. 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 2.8x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 101 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 19 days. The gap of 82 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 285 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 1470 days of revenue, i.e. 798 k€ to permanently finance. Over 2016-2024, WCR increased by +6142%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (40 transactions). This range of 18 157€ to 152 893€ is provided for information purposes only and requires in-depth analysis to be confirmed.