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AERO Vodochody AEROSPACE

AERO's Cash & Cash Equivalents fell 20.7% yoy to CZK 153 mil in 2017

By Helgi Library - April 2, 2020

AERO Vodochody AEROSPACE's total assets reached CZK 5,385 mil at the end of 2017, down 10.6% compared to the previous year. ...

Annual Quarterly
Profit Statement 2015 2016 2017
Sales CZK mil 4,197 5,100 3,789
Gross Profit CZK mil 1,589 2,190 868
EBITDA CZK mil 414 649 216
EBIT CZK mil 291 306 103
Financing Cost CZK mil 230 116 126
Pre-Tax Profit CZK mil 61.0 190 -23.4
Net Profit CZK mil 37.8 39.2 -5.90
Dividends CZK mil 0 0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 6,082 6,021 5,385
Non-Current Assets CZK mil 1,679 1,574 1,918
Current Assets CZK mil 3,973 3,389 2,954
Working Capital CZK mil 2,986 699 2,134
Shareholders' Equity CZK mil 1,483 1,480 1,523
Liabilities CZK mil 4,599 4,541 3,862
Total Debt CZK mil 2,141 1,998 2,169
Net Debt CZK mil 1,642 1,805 2,016
Ratios 2015 2016 2017
ROE % 2.59 2.64 -0.393
ROCE % 0.832 1.13 -0.187
Gross Margin % 37.9 42.9 22.9
EBITDA Margin % 9.86 12.7 5.70
EBIT Margin % 6.94 6.00 2.72
Net Margin % 0.901 0.768 -0.156
Net Debt/EBITDA 3.97 2.78 9.33
Net Debt/Equity % 111 122 132
Cost of Financing % 9.36 5.59 6.07
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 529 99.6 234
Total Cash From Investing CZK mil 160 -228 -434
Total Cash From Financing CZK mil -485 -179 161
Net Change In Cash CZK mil 204 -307 -39.8
Cash Conversion Cycle days 386 35.3 243
Cash Earnings CZK mil 160 382 107
Free Cash Flow CZK mil 689 -128 -201

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil                 2,278 3,413 3,413 4,552 4,197    
Gross Profit CZK mil                 837 1,200 1,200 1,654 1,589    
EBIT CZK mil                 158 340 340 505 291    
Net Profit CZK mil                 175 272 272 226 37.8    
ROE %                 6.12 12.3 16.9 14.8 2.59    
EBIT Margin %                 6.94 9.97 9.97 11.1 6.94    
Net Margin %                 7.66 7.98 7.98 4.98 0.901    
Employees                 1,225 1,439 1,439 1,848 1,839    
balance sheet                              
Total Assets CZK mil                 5,343 4,528 4,528 5,687 6,082    
Non-Current Assets CZK mil                 1,699 1,577 1,577 1,886 1,679    
Current Assets CZK mil                 3,554 2,767 2,767 3,535 3,973    
Shareholders' Equity CZK mil                 2,828 1,608 1,608 1,442 1,483    
Liabilities CZK mil                 2,515 2,920 2,920 4,245 4,599    
Non-Current Liabilities CZK mil                 196 12.0 12.0 65.6 64.3    
Current Liabilities CZK mil                 591 1,032 1,032 1,029 2,013    
Net Debt/EBITDA                 6.00 3.54 3.54 4.08 3.97    
Net Debt/Equity %                 54.2 96.3 96.3 171 111    
Cost of Financing % ...               -0.988 3.89 3.86 12.3 9.36    
cash flow                              
Total Cash From Operations CZK mil                 295 -77.4 -77.4 -434 529    
Total Cash From Investing CZK mil                 -224 -456 -456 -368 160    
Total Cash From Financing CZK mil                 -140 849 449 864 -485    
Net Change In Cash CZK mil                 -68.3 315 -84.6 61.9 204    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil                 2,278 3,413 3,413 4,552 4,197    
Cost of Goods & Services CZK mil                 1,441 2,212 2,212 2,898 2,608    
Gross Profit CZK mil                 837 1,200 1,200 1,654 1,589    
Staff Cost CZK mil                 669 794 794 1,037 1,020    
Other Cost CZK mil                 -87.5 -30.6 -30.6 12.3 156    
EBITDA CZK mil                 255 437 437 604 414    
Depreciation CZK mil                 97.2 97.2 97.2 99.9 123    
EBIT CZK mil                 158 340 340 505 291    
Financing Cost CZK mil                 -16.8 68.7 68.7 279 230    
Extraordinary Cost CZK mil                 0.950 -0.855 -0.855 -0.734 0.642    
Pre-Tax Profit CZK mil                 174 272 272 226 61.0    
Tax CZK mil                 -0.562 0 0 0 23.2    
Minorities CZK mil                 0 0 0 0 0    
Net Profit CZK mil                 175 272 272 226 37.8    
Dividends CZK mil                 0 0 400 ... 0   ...
growth rates                              
Total Revenue Growth % ...               -13.4 49.8 0 33.4 -7.79    
Operating Cost Growth % ...               -0.482 31.1 0 37.5 12.1    
EBITDA Growth % ...               -48.9 71.3 0 38.2 -31.6    
EBIT Growth % ...               -61.4 115 0 48.3 -42.3    
Pre-Tax Profit Growth % ...               -59.7 56.5 0 -16.8 -73.1    
Net Profit Growth % ...               -59.5 56.0 0 -16.8 -83.3    
ratios                              
ROE %                 6.12 12.3 16.9 14.8 2.59    
ROCE % ...               5.55 8.24 7.99 5.79 0.832    
Gross Margin %                 36.7 35.2 35.2 36.3 37.9    
EBITDA Margin %                 11.2 12.8 12.8 13.3 9.86    
EBIT Margin %                 6.94 9.97 9.97 11.1 6.94    
Net Margin %                 7.66 7.98 7.98 4.98 0.901    
Payout Ratio %                 0 0 147 ... 0   ...
Cost of Financing % ...               -0.988 3.89 3.86 12.3 9.36    
Net Debt/EBITDA                 6.00 3.54 3.54 4.08 3.97    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                              
Non-Current Assets CZK mil                 1,699 1,577 1,577 1,886 1,679    
Property, Plant & Equipment CZK mil                 939 1,253 1,253 1,483 1,471    
Intangible Assets CZK mil                 187 323 323 402 207    
Goodwill CZK mil                 0 0 0 0 0    
Current Assets CZK mil                 3,554 2,767 2,767 3,535 3,973    
Inventories CZK mil                 1,321 1,524 1,524 2,245 2,797    
Receivables CZK mil                 567 903 903 877 593    
Cash & Cash Equivalents CZK mil                 215 233 233 295 499    
Total Assets CZK mil                 5,343 4,528 4,528 5,687 6,082    
Shareholders' Equity CZK mil                 2,828 1,608 1,608 1,442 1,483    
Of Which Minority Interest CZK mil                 0 0 0 0 0    
Liabilities CZK mil                 2,515 2,920 2,920 4,245 4,599    
Non-Current Liabilities CZK mil                 196 12.0 12.0 65.6 64.3    
Long-Term Debt CZK mil                 1,512 1,496 1,496 2,552 816    
Deferred Tax Liabilities CZK mil                 0 0 0 0 0    
Current Liabilities CZK mil                 591 1,032 1,032 1,029 2,013    
Short-Term Debt CZK mil                 234 286 286 209 1,325    
Trade Payables CZK mil                 386 596 596 588 404    
Provisions CZK mil                 161 253 253 225 335    
Equity And Liabilities CZK mil                 5,343 4,528 4,528 5,687 6,082    
growth rates                              
Total Asset Growth % ...               5.15 -15.3 0 25.6 6.95    
Shareholders' Equity Growth % ...               -1.74 -43.1 0 -10.3 2.81    
Net Debt Growth % ...               12.5 1.14 0 59.2 -33.4    
Total Debt Growth % ...   ...           6.19 2.04 0 54.9 -22.5    
ratios                              
Total Debt CZK mil                 1,746 1,782 1,782 2,761 2,141    
Net Debt CZK mil                 1,532 1,549 1,549 2,466 1,642    
Working Capital CZK mil                 1,502 1,831 1,831 2,534 2,986    
Capital Employed CZK mil                 3,201 3,408 3,408 4,420 4,665    
Net Debt/Equity %                 54.2 96.3 96.3 171 111    
Cost of Financing % ...               -0.988 3.89 3.86 12.3 9.36    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                              
Net Profit CZK mil                 175 272 272 226 37.8    
Depreciation CZK mil                 97.2 97.2 97.2 99.9 123    
Non-Cash Items CZK mil ...               -98.0 -117 -447 -57.5 821    
Change in Working Capital CZK mil ...               122 -330 0 -703 -452    
Total Cash From Operations CZK mil                 295 -77.4 -77.4 -434 529    
Capital Expenditures CZK mil                 -344 -461 -461 -502 -325    
Other Investments CZK mil                 121 4.56 4.56 134 485    
Total Cash From Investing CZK mil                 -224 -456 -456 -368 160    
Dividends Paid CZK mil                 0 0 -400 ... 0   ...
Issuance Of Debt CZK mil ...               102 ... ... 979 -620    
Total Cash From Financing CZK mil                 -140 849 449 864 -485    
Net Change In Cash CZK mil                 -68.3 315 -84.6 61.9 204    
ratios                              
Days Sales Outstanding days                 90.8 96.6 96.6 70.3 51.6    
Days Sales Of Inventory days                 335 251 251 283 391    
Days Payable Outstanding days                 97.8 98.4 98.4 74.1 56.5    
Cash Conversion Cycle days                 328 250 250 279 386    
Cash Earnings CZK mil                 272 370 370 326 160    
Free Cash Flow CZK mil                 71.9 -533 -533 -802 689    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                              
ROA %                 3.35 5.52 6.02 4.43 0.643    
Gross Margin %                 36.7 35.2 35.2 36.3 37.9    
Employees                 1,225 1,439 1,439 1,848 1,839    
Cost Per Employee USD per month                 2,574 2,349 2,349 2,188 1,874    
Cost Per Employee (Local Currency) CZK per month                 45,533 45,953 45,953 46,753 46,202    
Staff Cost (As % Of Total Cost) %                 31.6 25.8 25.8 25.6 26.1    
Effective Tax Rate %                 -0.323 0 0 0 38.0    
Sales from Aircraft Production CZK mil                 2,147 ... 6,485 3,892 3,932    
Non-Aircraft Production CZK mil                 24.0 ... 108 37.4 39.3    
Domestic Sales CZK mil                 707 ... 1,300 484 461    
Capital Expenditures (As % of Sales) %                 15.1 13.5 13.5 11.0 7.74    
Revenues From Abroad CZK mil                 1,464 ... 5,293 3,445 3,736    
Revenues From Abroad (As % Of Total) %                 64.3 ... 155 75.7 89.0    

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AERO Vodochody AEROSPACE a.s. is the largest aerospace manufacturer in the Czech Republic based in Odolena Voda. The Company focuses on cooperation with leading aerospace manufacturers in international aerostructures projects – Sikorsky Aircraft Corporation (S-76C helicopter), Alenia Aeronautica (C-27J Spartan center wing box), Sonaca (Bombardier CSeries Fixed Leading Edge Development & Production), Latecoere (Embraer 170/190 subassemblies), Saab (JAS-39 Gripen pylons), Spirit Aerosystems (B767 fixed leading edge kits), EADS (A320/340 subassemblies), etc. The Military Program of Aero is historically the largest producer of jet training aircraft and a partner to several air forces, particularly the Czech Air Force. The sole shareholder of the Company is private equity group Penta Investments

AERO Vodochody AEROSPACE Logo

Finance

AERO Vodochody AEROSPACE has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 13.2% a year during that time to total of CZK 216 mil in 2017, or 5.70% of sales. That’s compared to 10.9% average margin seen in last five years.

The company netted CZK -5.90 mil in 2017 implying ROE of -0.393% and ROCE of -0.187%. Again, the average figures were 7.32% and 3.11%, respectively when looking at the previous 5 years.

AERO Vodochody AEROSPACE’s net debt amounted to CZK 2,016 mil at the end of 2017, or 132% of equity. When compared to EBITDA, net debt was 9.33x, up when compared to average of 4.74x seen in the last 5 years.

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