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Andritz

Andritz's Cash & Cash Equivalents rose 18.7% yoy to EUR 1,457 mil in 2014

By Helgi Library - April 2, 2020

Andritz's total assets reached EUR 5,968 mil at the end of 2014, up 7.11% compared to the previous year. Current a...

Profit Statement 2013 2014 2015
Sales EUR mil 5,711 5,859 ...
Gross Profit EUR mil 2,478 2,704 ...
EBITDA EUR mil 255 472 ...
EBIT EUR mil 89.8 296 ...
Financing Cost EUR mil 26.5 36.8 ...
Pre-Tax Profit EUR mil 80.3 299 ...
Net Profit EUR mil 66.6 211 ...
Dividends EUR mil 53.3 ... ...
Balance Sheet 2013 2014 2015
Total Assets EUR mil 5,571 5,968 ...
Non-Current Assets EUR mil 1,851 1,980 ...
Current Assets EUR mil 3,720 3,988 ...
Working Capital EUR mil 841 906 ...
Shareholders' Equity EUR mil 929 1,015 ...
Liabilities EUR mil 4,642 4,953 ...
Total Debt EUR mil 634 657 ...
Net Debt EUR mil -593 -800 ...
Ratios 2013 2014 2015
ROE % 6.79 21.7 ...
ROCE % 2.79 7.56 ...
Gross Margin % 43.4 46.2 ...
EBITDA Margin % 4.47 8.06 ...
EBIT Margin % 1.57 5.05 ...
Net Margin % 1.17 3.60 ...
Net Debt/EBITDA -2.33 -1.70 ...
Net Debt/Equity -0.638 -0.789 ...
Cost of Financing % 3.72 5.69 ...
Valuation 2013 2014 2015
Market Capitalisation USD mil 6,530 5,792 ...
Enterprise Value (EV) USD mil 5,712 4,823 ...
Number Of Shares mil 104 104 ...
Share Price EUR 45.6 46.0 45.1
EV/EBITDA 16.9 7.93 ...
EV/Sales 0.754 0.639 ...
Price/Earnings (P/E) 71.1 22.7 ...
Price/Book Value (P/BV) 5.10 4.72 ...
Dividend Yield % 1.13 ... ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     3,198 3,554 4,596 5,177 5,711   ...
Gross Profit EUR mil ... ... ... ... ... ...         953 1,117 1,239 1,456 2,478   ...
EBIT EUR mil                     158 245 321 333 89.8   ...
Net Profit EUR mil                     96.8 180 231 244 66.6   ...
ROE %                     15.6 24.6 26.6 24.7 6.79   ...
EBIT Margin %                     4.95 6.90 6.98 6.44 1.57   ...
Net Margin %                     3.03 5.05 5.02 4.71 1.17   ...
Employees ... ... ... ... ... ... ...       13,049 14,655 16,750 17,865 23,713   ...
balance sheet                                  
Total Assets EUR mil                     3,309 4,036 4,567 5,161 5,571   ...
Non-Current Assets EUR mil                     769 898 1,207 1,487 1,851   ...
Current Assets EUR mil                     2,540 3,138 3,359 3,674 3,720   ...
Shareholders' Equity EUR mil                     663 794 939 1,034 929   ...
Liabilities EUR mil                     2,646 3,241 3,628 4,127 4,642   ...
Non-Current Liabilities EUR mil                     717 714 778 970 1,222   ...
Current Liabilities EUR mil                     1,928 2,528 2,850 3,157 3,419   ...
Net Debt/EBITDA                     -1.24 -2.44 -1.90 -1.68 -2.33   ...
Net Debt/Equity                     -0.428 -0.941 -0.781 -0.679 -0.638   ...
Cost of Financing % ...                   3.68 3.14 3.99 3.56 3.72   ...
cash flow                                  
Total Cash From Operations EUR mil ...                   346 705 433 346 93.7   ...
Total Cash From Investing EUR mil ...                   -134 -81.0 -383 -224 83.0   ...
Total Cash From Financing EUR mil ...                   -61.0 -76.3 -68.9 201 -390   ...
Net Change In Cash EUR mil ...         ... ... ... ... ... ... ... ... ... ... ... ...
valuation                                  
Market Capitalisation USD mil ... ...                 2,977 4,734 4,298 6,668 6,530   ...
Number Of Shares mil                     103 104 103 104 104   ...
Share Price EUR ... ...                 20.3 34.4 32.1 48.5 45.6    
Earnings Per Share (EPS) EUR                     0.944 1.73 2.23 2.34 0.640   ...
Book Value Per Share EUR                     6.47 7.66 9.07 9.93 8.94   ...
Dividend Per Share EUR                     0.500 0.845 1.09 1.09 0.513 ... ...
Price/Earnings (P/E) ... ...                 21.5 19.9 14.4 20.7 71.1   ...
Price/Book Value (P/BV) ... ...                 3.13 4.49 3.53 4.89 5.10   ...
Dividend Yield % ... ...                 2.47 2.46 3.41 2.25 1.13 ... ...
Earnings Per Share Growth % ...                   -30.7 83.4 28.8 4.98 -72.6   ...
Book Value Per Share Growth % ...                   14.9 18.4 18.5 9.43 -10.00   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales EUR mil                     3,198 3,554 4,596 5,177 5,711   ...
Cost of Goods & Services EUR mil ... ... ... ... ... ...         2,244 2,437 3,357 3,721 3,232   ...
Gross Profit EUR mil ... ... ... ... ... ...         953 1,117 1,239 1,456 2,478   ...
Staff Cost EUR mil ... ... ... ... ... ...         760 827 995 1,114 1,518   ...
Other Cost EUR mil ... ... ... ... ... ...         -36.4 -17.2 -143 -76.4 705   ...
EBITDA EUR mil                     229 307 386 419 255   ...
Depreciation EUR mil                     71.1 61.8 65.4 85.2 165   ...
EBIT EUR mil                     158 245 321 333 89.8   ...
Financing Cost EUR mil                     15.8 13.6 17.5 21.8 26.5   ...
Extraordinary Cost EUR mil                     -7.26 -16.5 -18.5 -20.1 -17.0   ...
Pre-Tax Profit EUR mil                     150 248 322 332 80.3   ...
Tax EUR mil                     46.7 71.0 90.3 89.4 27.1   ...
Minorities EUR mil                     6.11 -2.62 0.810 -1.43 -13.4   ...
Net Profit EUR mil                     96.8 180 231 244 66.6   ...
Dividends EUR mil                     51.3 87.6 113 114 53.3 ... ...
growth rates                                  
Total Revenue Growth % ...                   -11.4 11.1 29.3 12.6 10.3   ...
Operating Cost Growth % ... ... ... ... ... ... ...       18.4 11.9 5.24 21.7 114    
EBITDA Growth % ...                   -21.6 33.8 25.8 8.39 -39.0   ...
EBIT Growth % ...                   -33.8 54.9 30.9 3.93 -73.1   ...
Pre-Tax Profit Growth % ...                   -28.9 65.7 29.8 3.08 -75.8   ...
Net Profit Growth % ...                   -30.7 85.5 28.4 5.63 -72.7   ...
ratios                                  
ROE %                     15.6 24.6 26.6 24.7 6.79   ...
ROCE % ...                   7.66 13.2 14.4 12.7 2.79   ...
Gross Margin % ... ... ... ... ... ...         29.8 31.4 27.0 28.1 43.4   ...
EBITDA Margin %                     7.17 8.63 8.40 8.09 4.47   ...
EBIT Margin %                     4.95 6.90 6.98 6.44 1.57   ...
Net Margin %                     3.03 5.05 5.02 4.71 1.17   ...
Payout Ratio %                     53.0 48.8 49.0 46.6 80.1 ... ...
Cost of Financing % ...                   3.68 3.14 3.99 3.56 3.72   ...
Net Debt/EBITDA                     -1.24 -2.44 -1.90 -1.68 -2.33   ...
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets EUR mil                     769 898 1,207 1,487 1,851   ...
Property, Plant & Equipment EUR mil                     346 408 433 494 673   ...
Intangible Assets EUR mil                     264 317 362 419 309   ...
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 530   ...
Current Assets EUR mil                     2,540 3,138 3,359 3,674 3,720   ...
Inventories EUR mil                     320 335 412 405 674   ...
Receivables EUR mil                     455 510 581 607 621   ...
Cash & Cash Equivalents EUR mil                     710 1,188 1,170 1,493 1,228   ...
Total Assets EUR mil                     3,309 4,036 4,567 5,161 5,571   ...
Shareholders' Equity EUR mil                     663 794 939 1,034 929   ...
Of Which Minority Interest EUR mil                     34.1 37.8 42.2 26.3 29.7   ...
Liabilities EUR mil                     2,646 3,241 3,628 4,127 4,642   ...
Non-Current Liabilities EUR mil                     717 714 778 970 1,222   ...
Long-Term Debt EUR mil                     394 400 377 551 570   ...
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 159   ...
Current Liabilities EUR mil                     1,928 2,528 2,850 3,157 3,419   ...
Short-Term Debt EUR mil                     31.5 40.4 59.5 240 64.0   ...
Trade Payables EUR mil                     260 305 439 420 453   ...
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 555   ...
Equity And Liabilities EUR mil                     3,309 4,036 4,567 5,161 5,571   ...
growth rates                                  
Total Asset Growth % ...                   7.22 22.0 13.2 13.0 7.95   ...
Shareholders' Equity Growth % ...                   14.9 19.7 18.2 10.1 -10.1   ...
Net Debt Growth % ...                   124 163 -1.84 -4.28 -15.5   ...
Total Debt Growth % ...                   -1.43 3.49 -0.975 81.2 -19.8   ...
ratios                                  
Total Debt EUR mil                     426 441 436 791 634   ...
Net Debt EUR mil                     -284 -747 -734 -702 -593   ...
Working Capital EUR mil                     514 540 555 591 841   ...
Capital Employed EUR mil                     1,283 1,438 1,762 2,078 2,693   ...
Net Debt/Equity                     -0.428 -0.941 -0.781 -0.679 -0.638   ...
Cost of Financing % ...                   3.68 3.14 3.99 3.56 3.72   ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit EUR mil                     96.8 180 231 244 66.6   ...
Depreciation EUR mil                     71.1 61.8 65.4 85.2 165   ...
Non-Cash Items EUR mil ...                   213 489 152 54.2 112   ...
Change in Working Capital EUR mil ...                   -35.5 -25.5 -14.8 -37.0 -250   ...
Total Cash From Operations EUR mil ...                   346 705 433 346 93.7   ...
Capital Expenditures EUR mil ...                   -70.6 -68.8 -77.0 -109 -111   ...
Other Investments EUR mil ...                   -63.1 -12.2 -306 -115 194   ...
Total Cash From Investing EUR mil ...                   -134 -81.0 -383 -224 83.0   ...
Dividends Paid EUR mil           ... ... ... ... ... ... ... ... ... ... ... ...
Issuance Of Shares EUR mil ...                   -56.3 -51.7 -86.9 -114 125   ...
Issuance Of Debt EUR mil ...                   10.2 -37.8 13.5 1.85 -156   ...
Total Cash From Financing EUR mil ...                   -61.0 -76.3 -68.9 201 -390   ...
Net Change In Cash EUR mil ...         ... ... ... ... ... ... ... ... ... ... ... ...
ratios                                  
Days Sales Outstanding days                     51.9 52.4 46.2 42.8 39.7   ...
Days Sales Of Inventory days ... ... ... ... ... ...         52.0 50.2 44.8 39.8 76.1   ...
Days Payable Outstanding days ... ... ... ... ... ...         42.3 45.7 47.7 41.2 51.2   ...
Cash Conversion Cycle days ... ... ... ... ... ...         61.6 56.8 43.3 41.3 64.6   ...
Cash Earnings EUR mil                     168 241 296 329 232   ...
Cash Earnings Per Share EUR                     1.64 2.33 2.86 3.16 2.23   ...
Price/Cash Earnings (P/CE) ... ...                 12.4 14.8 11.2 15.4 20.4   ...
Free Cash Flow EUR mil ...                   212 624 49.8 122 177   ...
Free Cash Flow Yield % ... ...                 9.91 17.4 1.61 2.34 3.59   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     3.03 4.89 5.36 5.01 1.24   ...
Gross Margin % ... ... ... ... ... ...         29.8 31.4 27.0 28.1 43.4   ...
Employees ... ... ... ... ... ... ...       13,049 14,655 16,750 17,865 23,713   ...
Cost Per Employee USD per month ... ... ... ... ... ... ...       6,754 6,225 6,886 6,671 7,083   ...
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ...       4,856 4,705 4,952 5,196 5,335   ...
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ...         25.0 25.0 23.3 23.0 27.0   ...
Effective Tax Rate %                     31.2 28.6 28.1 27.0 33.7   ...
Enterprise Value (EV) USD mil ... ...                 2,571 3,742 3,347 5,742 5,712   ...
EV/EBITDA ... ...                 8.06 9.22 6.23 10.7 16.9   ...
EV/Capital Employed ... ...                 1.40 1.96 1.47 2.09 1.54   ...
EV/Sales ... ...                 0.578 0.796 0.524 0.864 0.754   ...
EV/EBIT ... ...                 11.7 11.5 7.51 13.4 47.9   ...
Capital Expenditures (As % of Sales) % ...                   2.21 1.94 1.67 2.11 1.95   ...
Orders of Hydro Segment EUR mil ... ... ... ... ... ... ... ... ...   1,694 1,870 2,096 2,008 1,865   ...
Orders of Pulp & Paper Segment EUR mil ... ... ... ... ... ... ... ... ...   923 1,388 2,694 1,962 1,908   ...
Orders of Environment & Process Segment EUR mil ... ... ... ... ... ... ... ... ...   305 424 439 468 ... ... ...
Orders of Metals Segment EUR mil ... ... ... ... ... ... ... ... ...   296 303 319 324 1,234   ...
Orders of Feed & Biofuel Segment EUR mil ... ... ... ... ... ... ... ... ...   131 146 159 161 ... ... ...
Sales of Hydro Segment EUR mil ... ... ... ... ... ... ... ... ...   1,378 1,579 1,773 1,837 1,805   ...
Sales of Pulp & Paper Segment EUR mil ... ... ... ... ... ... ... ... ...   903 1,105 1,885 2,282 2,005   ...
Sales of Environment & Process Segment EUR mil ... ... ... ... ... ... ... ... ...   323 375 420 468 ... ... ...
Sales of Metals Segment EUR mil ... ... ... ... ... ... ... ... ...   473 340 373 405 1,311   ...
Sales of Feed & Biofuel Segment EUR mil ... ... ... ... ... ... ... ... ...   120 154 146 185 ... ... ...
EBITDA of Hydro Segment EUR mil ... ... ... ... ... ... ... ... ...   121 140 174 182 177   ...
EBITDA of Pulp & Paper Segment EUR mil ... ... ... ... ... ... ... ... ...   42.0 98.4 138 156 -11.5   ...
EBITDA of Environment & Process Segment EUR mil ... ... ... ... ... ... ... ... ...   29.3 34.8 42.7 39.3 ... ... ...
EBITDA of Metals Segment EUR mil ... ... ... ... ... ... ... ... ...   23.2 21.2 21.5 28.0 76.6   ...
EBITDA of Feed & Biofuel Segment EUR mil ... ... ... ... ... ... ... ... ...   2.80 13.0 9.60 12.7 ... ... ...
Sales in Europe % ... ... ... ... ... ... ... ... ...   45.0 38.0 38.0 37.0 43.0   ...
Sales in North America % ... ... ... ... ... ... ... ... ...   16.0 16.0 13.0 14.0 16.0   ...
Sales in South America % ... ... ... ... ... ... ... ... ...   11.0 15.0 21.0 23.0 13.0   ...
Sales in Asia (without China) % ... ... ... ... ... ... ... ... ...   14.0 14.0 12.0 13.0 11.0   ...
Sales in China % ... ... ... ... ... ... ... ... ...   10.0 14.0 12.0 9.00 13.0   ...
Sales in Other Countries % ... ... ... ... ... ... ... ... ...   4.00 3.00 4.00 4.00 4.00   ...
Employees of Hydro Segment persons ... ... ... ... ... ...         5,993 6,530 7,285 7,469 7,445   ...
Employees of Pulp & Paper Segment persons ... ... ... ... ... ...         4,239 4,851 6,208 6,774 7,136   ...
Employees of Environment & Process Segment persons ... ... ... ... ... ...         1,329 1,816 1,752 1,915 ... ... ...
Employees of Metals Segment persons ... ... ... ... ... ...         971 937 945 1,129 6,300   ...
Employees of Feed & Biofuel Segment persons ... ... ... ... ... ...         517 522 560 578 ... ... ...

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Feb 2014
Company Report
Feb 2014
Statistical Dossier

Andritz AG is an Austria-based supplier of plants, equipment, and services for hydropower stations, the pulp and paper industry, the metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors. In addition, the Company offers technologies for certain other sectors including automation, the production of animal feed and biomass pellets, pumps, machinery for nonwovens and plastic films, or steam boiler plants, for example. Andritz's business is divided into five business segments: Hydro, Pulp & Paper, Metals, Separation and Feed & Biofuel. The Group got its name from the district Andritz in Austria in which it is located. Andritz employs more than 23,400 employees at over 220 production and service facilities

Finance

Andritz has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to 7.25% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 19.9% and 9.36%, respectively when looking at the previous 5 years.

Andritz’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -1.90x seen in the last 5 years.

Valuation

Andritz stock traded at EUR 45.1 per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 31% or 5.55% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.