JONCOUX : revenue, balance sheet and financial ratios

In 2024, JONCOUX achieves revenue of 37.1 M€. Revenue is growing positively over 11 years (CAGR: +1.4%). Significant drop of -21% vs 2023. After deducting consumption (13.8 M€), gross margin stands at 23.3 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 M€, representing 3.7% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -71%, reducing margin by 6.4 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 155 k€, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 30%. 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 55%. 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 54.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 219.66. 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 13.7x. 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: 50 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. The company must finance 4 days of gap between collections and payments. Inventory turnover is 90 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 77 days of revenue, i.e. 7.9 M€ to permanently finance. Over 2014-2024, WCR increased by +25%, requiring additional financing.