MILLET OCEAN INDIEN : revenue, balance sheet and financial ratios

In 2024, MILLET OCEAN INDIEN achieves revenue of 5.9 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.6%. Vs 2023: +1%. After deducting consumption (2.6 M€), gross margin stands at 3.4 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 545 k€, representing 9.2% of revenue. Positive scissor effect: EBITDA margin improves by +3.3 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 199 k€, i.e. 3.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 59%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 53%. 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 3.9 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 10.3% 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 317.70. 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 9.5x. 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: 70 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. The gap of 33 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 127 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 179 days of revenue, i.e. 3.0 M€ to permanently finance. Over 2015-2024, WCR increased by +123%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (44 transactions). This range of 389 264€ to 2 019 852€ is provided for information purposes only and requires in-depth analysis to be confirmed.