PNEUS SERVICES ROBERT WOODMAN : revenue, balance sheet and financial ratios

In 2023, PNEUS SERVICES ROBERT WOODMAN achieves revenue of 941 k€. Revenue is growing positively over 7 years (CAGR: +4.5%). Vs 2022: +4%. After deducting consumption (511 k€), gross margin stands at 430 k€, i.e. a rate of 46%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 52 k€, representing 5.6% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -28%, reducing margin by 2.4 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 22 k€, i.e. 2.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 26%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 48%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.5% 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 176.53. 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 0.9x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 20 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. Excellent situation: suppliers finance 37 days of the operating cycle (retail model). Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 67 days of revenue, i.e. 176 k€ to permanently finance. Over 2016-2023, WCR increased by +290%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (49 transactions). This range of 128 063€ to 248 296€ is provided for information purposes only and requires in-depth analysis to be confirmed.