LM WIND POWER BLADES (FRANCE) : revenue, balance sheet and financial ratios

In 2024, LM WIND POWER BLADES (FRANCE) achieves revenue of 83.6 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +52.7%. Significant drop of -39% vs 2023. After deducting consumption (15.1 M€), gross margin stands at 68.4 M€, i.e. a rate of 82%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 15.5 M€, representing 18.5% of revenue. Positive scissor effect: EBITDA margin improves by +4.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -19.0 M€ (-22.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 591%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 25.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 940.69. 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 15.6x. 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: 448 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 93 days. The gap of 355 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 165 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 366 days of revenue, i.e. 85.0 M€ to permanently finance.

Indicative estimate only : the number of comparable transactions in this sector is limited (40 transactions). This range of 7 280 617€ to 49 298 616€ is provided for information purposes only and requires in-depth analysis to be confirmed.