PROMAT : revenue, balance sheet and financial ratios

In 2024, PROMAT achieves revenue of 1.4 M€. Activity remains stable over the period (CAGR: -0.6%). Significant drop of -21% vs 2023. After deducting consumption (615 k€), gross margin stands at 809 k€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 116 k€, representing 8.1% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -56%, reducing margin by 6.5 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 456 €, i.e. 0.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 162%. 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 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 8.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 1022.85. 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 26.1x. 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: 67 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 9 days. The gap of 58 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 81 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 182 days of revenue, i.e. 722 k€ to permanently finance. Over 2016-2024, WCR increased by +124%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (32 transactions). This range of 122 609€ to 349 078€ is provided for information purposes only and requires in-depth analysis to be confirmed.