SEMNORT : revenue, balance sheet and financial ratios

In 2024, SEMNORT achieves revenue of 783 k€. Revenue is declining over the period 2016-2024 (CAGR: -6.8%). Significant drop of -36% vs 2023. After deducting consumption (345 k€), gross margin stands at 438 k€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 41 k€, representing 5.2% of revenue. Positive scissor effect: EBITDA margin improves by +3.6 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 25 k€, i.e. 3.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 80%. Debt level is high: negotiating margin with banks is reduced. 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 11.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.4% 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 943.24. 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 9.2x. 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: 53 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The company must finance 28 days of gap between collections and payments. Inventory turnover is 109 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 123 days of revenue, i.e. 268 k€ to permanently finance. Notable WCR improvement over the period (-35%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (40 transactions). This range of 61 610€ to 302 489€ is provided for information purposes only and requires in-depth analysis to be confirmed.