ZELIA : revenue, balance sheet and financial ratios

In 2024, ZELIA achieves revenue of 93 k€. Revenue is declining over the period 2021-2024 (CAGR: -61.7%). Significant drop of -20% vs 2023. After deducting consumption (0 €), gross margin stands at 93 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 27 k€, representing 29.1% of revenue. Warning negative scissor effect: despite revenue change (-20%), EBITDA varies by -51%, reducing margin by 18.7 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 16 k€, i.e. 17.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 94%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 19.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 19.5% 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 1282.60. 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 38.6x. 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: 783 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 139 days. The gap of 644 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 2080 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2948 days of revenue, i.e. 758 k€ to permanently finance.

Indicative estimate only : the number of comparable transactions in this sector is limited (22 transactions). This range of 63 918€ to 145 294€ is provided for information purposes only and requires in-depth analysis to be confirmed.