MILLANCOURT ET NICOLAS : revenue, balance sheet and financial ratios

In 2024, MILLANCOURT ET NICOLAS achieves revenue of 48.6 M€. Activity remains stable over the period (CAGR: -1.8%). Slight decline of -5% vs 2023. After deducting consumption (34.3 M€), gross margin stands at 14.2 M€, i.e. a rate of 29%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 271 k€, representing 0.6% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -79%, reducing margin by 2.0 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 796 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 52%. 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 4.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 2.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 242.06. 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 84.3x. 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: 31 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 47 days. Favorable situation: supplier credit is longer than customer credit by 16 days. Inventory turnover is 90 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 117 days of revenue, i.e. 15.8 M€ to permanently finance. Notable WCR improvement over the period (-20%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (39 transactions). This range of 2 462 970€ to 5 165 752€ is provided for information purposes only and requires in-depth analysis to be confirmed.