ZODIAC POOL CARE EUROPE : revenue, balance sheet and financial ratios

In 2024, ZODIAC POOL CARE EUROPE achieves revenue of 83.1 M€. Revenue is growing positively over 10 years (CAGR: +0.9%). Vs 2023: +9%. After deducting consumption (53.2 M€), gross margin stands at 29.9 M€, i.e. a rate of 36%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 7.5 M€, representing 9.1% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6.3 M€, i.e. 7.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 66%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.5% 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 439.45. 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 11.0x. 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: 28 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 45 days. Favorable situation: supplier credit is longer than customer credit by 17 days. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 224 days of revenue, i.e. 51.7 M€ to permanently finance. Over 2016-2024, WCR increased by +241%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (32 transactions). This range of 8 474 113€ to 28 283 535€ is provided for information purposes only and requires in-depth analysis to be confirmed.