RHENUS LOGISTICS ALSACE : revenue, balance sheet and financial ratios

In 2023, RHENUS LOGISTICS ALSACE achieves revenue of 63.0 M€. Activity remains stable over the period (CAGR: -2.1%). Significant drop of -36% vs 2022. After deducting consumption (862 k€), gross margin stands at 62.1 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.5 M€, representing 5.5% of revenue. Warning negative scissor effect: despite revenue change (-36%), EBITDA varies by -67%, reducing margin by 5.4 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 521 k€, i.e. 0.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 44%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 51%. 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 3.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.7% 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 113.44. 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 11.7x. 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: 63 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 43 days. The company must finance 20 days of gap between collections and payments. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 36 days of revenue, i.e. 6.2 M€ to permanently finance. Notable WCR improvement over the period (-43%), freeing up cash.

Based on 77 transactions of similar company sales (all years), the value of RHENUS LOGISTICS ALSACE is estimated at 4 615 767 € (range 2 587 484€ - 11 160 060€). With an EBITDA of 3 492 698€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.14x (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.