PCE PLASTIQUE ET COMPOSITES ENGENEERING : revenue, balance sheet and financial ratios

In 2024, PCE PLASTIQUE ET COMPOSITES ENGENEERING achieves revenue of 1.3 M€. Revenue is growing positively over 8 years (CAGR: +2.9%). Significant drop of -18% vs 2022. After deducting consumption (1.0 M€), gross margin stands at 336 k€, i.e. a rate of 25%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 35 k€, representing 2.6% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -83%, reducing margin by 10.1 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 6 k€, i.e. 0.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 40%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 47%. 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 26.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 231.66. 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 76.9x. 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: 182 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 89 days. The gap of 93 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 87 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 249 days of revenue, i.e. 931 k€ to permanently finance. Over 2016-2024, WCR increased by +66%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (46 transactions). This range of 45 984€ to 219 349€ is provided for information purposes only and requires in-depth analysis to be confirmed.