DISTILLERIE DE BOIS ROCHE : revenue, balance sheet and financial ratios

In 2024, DISTILLERIE DE BOIS ROCHE achieves revenue of 2.8 M€. Revenue is growing positively over 10 years (CAGR: +0.1%). Slight decline of -6% vs 2023. After deducting consumption (1.6 M€), gross margin stands at 1.1 M€, i.e. a rate of 41%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 364 k€, representing 13.1% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -39%, reducing margin by 7.2 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 109 k€, i.e. 3.9% 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 52%. 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 5.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 10.1% 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 1319.47. 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 17.8x. 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: 13 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. Favorable situation: supplier credit is longer than customer credit by 10 days. Inventory turnover is 206 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 233 days of revenue, i.e. 1.8 M€ to permanently finance. Over 2015-2024, WCR increased by +174%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (22 transactions). This range of 123 129€ to 642 474€ is provided for information purposes only and requires in-depth analysis to be confirmed.