AGC Flat Glass Czech Republic

Profit Statement 2013 2014 2015
Sales CZK mil 17,889 13,144 13,706
Gross Profit CZK mil 9,172 3,359 3,614
EBITDA CZK mil 878 1,079 1,079
EBIT CZK mil 157 326 299
Financing Cost CZK mil 296 83.1 94.8
Pre-Tax Profit CZK mil -139 243 205
Net Profit CZK mil -204 184 153
Dividends CZK mil 0 620 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 13,462 13,612 13,352
Non-Current Assets CZK mil 9,584 9,484 8,999
Current Assets CZK mil 3,866 4,118 4,325
Working Capital CZK mil 2,187 2,302 2,774
Shareholders' Equity CZK mil 5,073 5,292 4,856
Liabilities CZK mil 8,389 8,320 8,495
Total Debt CZK mil 5,284 5,136 5,012
Net Debt CZK mil 5,078 4,705 4,906
Ratios 2013 2014 2015
ROE % -3.91 3.55 3.01
ROCE % -1.74 1.56 1.30
Gross Margin % 51.3 25.6 26.4
EBITDA Margin % 4.91 8.21 7.87
EBIT Margin % 0.877 2.48 2.18
Net Margin % -1.14 1.40 1.12
Net Debt/EBITDA 5.79 4.36 4.55
Net Debt/Equity 1.00 0.889 1.01
Cost of Financing % 5.54 1.59 1.87
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 879 1,038 643
Total Cash From Investing CZK mil -989 -588 -98.4
Total Cash From Financing CZK mil -569 -243 -865
Net Change In Cash CZK mil -679 207 -320
Cash Conversion Cycle days 43.9 65.7 76.5
Cash Earnings CZK mil 517 938 933
Free Cash Flow CZK mil -110 450 545

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales CZK mil ...             10,177 11,065 11,835 12,297 17,889    
Gross Profit CZK mil ...             2,937 3,399 3,218 3,258 9,172    
EBIT CZK mil ...             349 624 395 477 157    
Net Profit CZK mil ...             -148 359 207 302 -204    
ROE % ...             -1.56 4.11 2.53 4.57 -3.91    
EBIT Margin % ...             3.42 5.64 3.33 3.88 0.877    
Net Margin % ...             -1.45 3.24 1.75 2.46 -1.14    
Employees ...             3,266 3,810 3,948 3,747 3,687    
balance sheet                            
Total Assets CZK mil ...             13,470 13,298 12,841 13,657 13,462    
Non-Current Assets CZK mil ...             8,377 8,128 8,544 9,486 9,584    
Current Assets CZK mil ...             5,050 5,125 4,241 4,145 3,866    
Shareholders' Equity CZK mil ...             8,967 8,496 7,843 5,373 5,073    
Liabilities CZK mil ...             4,503 4,802 4,997 8,283 8,389    
Non-Current Liabilities CZK mil ...             490 486 486 485 492    
Current Liabilities CZK mil ...             1,716 1,977 2,342 5,802 6,151    
Net Debt/EBITDA ...             -0.032 1.37 1.71 3.68 5.79    
Net Debt/Equity ...             -0.004 0.248 0.263 0.860 1.00    
Cost of Financing % ... ...           6.13 7.59 6.52 1.82 5.54    
cash flow                            
Total Cash From Operations CZK mil ...             1,431 1,259 1,100 829 879    
Total Cash From Investing CZK mil ...             -243 -2,585 -73.6 2,830 -989    
Total Cash From Financing CZK mil ...             -952 -811 -991 -3,067 -569    
Net Change In Cash CZK mil ...             236 -2,137 35.8 592 -679    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales CZK mil ...             10,177 11,065 11,835 12,297 17,889    
Cost of Goods & Services CZK mil ...             7,240 7,666 8,617 9,039 8,717    
Gross Profit CZK mil ...             2,937 3,399 3,218 3,258 9,172    
Staff Cost CZK mil ...             1,624 1,865 2,018 2,038 2,067    
Other Cost CZK mil ...             63.7 -7.68 -6.96 -35.7 6,228    
EBITDA CZK mil ...             1,249 1,541 1,207 1,255 878    
Depreciation CZK mil ...             901 917 812 778 721    
EBIT CZK mil ...             349 624 395 477 157    
Financing Cost CZK mil ...             132 165 141 69.0 296    
Extraordinary Cost CZK mil ...             0 0 0 0 0    
Pre-Tax Profit CZK mil ...             216 459 253 408 -139    
Tax CZK mil ...             364 118 71.3 106 64.7    
Minorities CZK mil ...             0 -17.7 -24.4 0 0    
Net Profit CZK mil ...             -148 359 207 302 -204    
Dividends CZK mil               819 819 2,849 280 0   ...
growth rates                            
Total Revenue Growth % ... ...           -24.9 8.72 6.96 3.91 45.5    
Operating Cost Growth % ... ...           -4.76 10.0 8.24 -0.404 314    
EBITDA Growth % ... ...           -43.2 23.4 -21.7 3.98 -30.1    
EBIT Growth % ... ...           -65.1 79.1 -36.8 21.0 -67.1    
Pre-Tax Profit Growth % ... ...           -76.8 112 -44.8 61.1 -134    
Net Profit Growth % ... ...           -121 -343 -42.4 46.2 -168    
ratios                            
ROE % ...             -1.56 4.11 2.53 4.57 -3.91    
ROCE % ... ...           -1.39 3.55 2.03 2.76 -1.74    
Gross Margin % ...             28.9 30.7 27.2 26.5 51.3    
EBITDA Margin % ...             12.3 13.9 10.2 10.2 4.91    
EBIT Margin % ...             3.42 5.64 3.33 3.88 0.877    
Net Margin % ...             -1.45 3.24 1.75 2.46 -1.14    
Payout Ratio % ...             -554 228 1,379 92.5 0   ...
Cost of Financing % ... ...           6.13 7.59 6.52 1.82 5.54    
Net Debt/EBITDA ...             -0.032 1.37 1.71 3.68 5.79    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets CZK mil ...             8,377 8,128 8,544 9,486 9,584    
Property, Plant & Equipment CZK mil ...             7,454 7,492 7,847 8,739 8,840    
Intangible Assets CZK mil ...             126 200 277 296 284    
Current Assets CZK mil ...             5,050 5,125 4,241 4,145 3,866    
Inventories CZK mil ...             1,114 1,128 1,069 1,143 1,143    
Receivables CZK mil ...             1,489 1,735 1,763 2,087 2,223    
Cash & Cash Equivalents CZK mil ...             2,229 61.0 100 785 206    
Total Assets CZK mil ...             13,470 13,298 12,841 13,657 13,462    
Shareholders' Equity CZK mil ...             8,967 8,496 7,843 5,373 5,073    
Of Which Minority Interest CZK mil ...             0 1.65 -22.8 0 0    
Liabilities CZK mil ...             4,503 4,802 4,997 8,283 8,389    
Non-Current Liabilities CZK mil ...             490 486 486 485 492    
Long-Term Debt CZK mil ...             1,990 1,769 1,548 1,327 1,110    
Deferred Tax Liabilities CZK mil ...             283 287 297 301 299    
Current Liabilities CZK mil ...             1,716 1,977 2,342 5,802 6,151    
Short-Term Debt CZK mil ...             198 398 617 4,078 4,174    
Trade Payables CZK mil ...             842 934 1,065 1,107 1,179    
Provisions CZK mil ...             258 277 290 317 366    
Equity And Liabilities CZK mil ...             13,470 13,298 12,841 13,657 13,462    
growth rates                            
Total Asset Growth % ... ...           -9.66 -1.28 -3.44 6.35 -1.43    
Shareholders' Equity Growth % ... ...           -10.4 -5.25 -7.68 -31.5 -5.60    
Net Debt Growth % ... ...           -132 -5,347 -1.98 124 9.93    
Total Debt Growth % ... ...           3.02 -0.985 -0.118 150 -2.23    
ratios                            
Total Debt CZK mil ...             2,188 2,167 2,164 5,405 5,284    
Net Debt CZK mil ...             -40.1 2,106 2,064 4,620 5,078    
Working Capital CZK mil ...             1,761 1,929 1,767 2,123 2,187    
Capital Employed CZK mil ...             10,138 10,057 10,311 11,609 11,771    
Net Debt/Equity ...             -0.004 0.248 0.263 0.860 1.00    
Cost of Financing % ... ...           6.13 7.59 6.52 1.82 5.54    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit CZK mil ...             -148 359 207 302 -204    
Depreciation CZK mil ...             901 917 812 778 721    
Non-Cash Items CZK mil ... ...           336 151 -80.3 105 426    
Change in Working Capital CZK mil ... ...           341 -168 161 -356 -64.1    
Total Cash From Operations CZK mil ...             1,431 1,259 1,100 829 879    
Capital Expenditures CZK mil ...             -273 -586 -1,203 -1,846 -1,202    
Other Investments CZK mil ...             30.6 -1,999 1,130 4,676 213    
Total Cash From Investing CZK mil ...             -243 -2,585 -73.6 2,830 -989    
Dividends Paid CZK mil               -819 -819 -2,849 -280 0   ...
Issuance Of Debt CZK mil ... ...           64.1 -21.6 -2.56 3,240 -120    
Total Cash From Financing CZK mil ...             -952 -811 -991 -3,067 -569    
Net Change In Cash CZK mil ...             236 -2,137 35.8 592 -679    
ratios                            
Days Sales Outstanding days ...             53.4 57.2 54.4 61.9 45.4    
Days Sales Of Inventory days ...             56.2 53.7 45.3 46.2 47.9    
Days Payable Outstanding days ...             42.5 44.5 45.1 44.7 49.4    
Cash Conversion Cycle days ...             67.1 66.5 54.6 63.4 43.9    
Cash Earnings CZK mil ...             753 1,276 1,019 1,080 517    
Free Cash Flow CZK mil ...             1,188 -1,326 1,026 3,659 -110    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA % ...             -1.04 2.68 1.58 2.28 -1.50    
Gross Margin % ...             28.9 30.7 27.2 26.5 51.3    
Employees ...             3,266 3,810 3,948 3,747 3,687    
Cost Per Employee USD per month ...             2,175 2,135 2,408 2,318 2,387    
Cost Per Employee (Local Currency) CZK per month ...             41,447 40,800 42,591 45,333 46,710    
Staff Cost (As % Of Total Cost) % ...             16.5 17.9 17.6 17.2 11.7    
Effective Tax Rate % ...             168 25.7 28.1 26.0 -46.5    
Domestic Sales CZK mil ...             2,897 2,410 2,570 3,646 3,236    
Capital Expenditures (As % of Sales) % ...             2.69 5.30 10.2 15.0 6.72    
Revenues From Abroad CZK mil ...             7,280 8,655 9,265 8,651 14,653    
Revenues From Abroad (As % Of Total) % ...             71.5 78.2 78.3 70.4 81.9    

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Feb 2014
Statistical Dossier

AGC Glass Europe is an international group based in Brussels which produces, processes and distributes flat glass for the construction and automotive industry, solar applications and certain specialized industries. It is the European branch of the AGC group (Asahi Glass Co.). Its industrial facilities comprise 18 float glass lines, 10 automotive glass processing centres and more than 100 distribution-processing units in Europe, stretching from Spain to Russia. The Company was founded in 1961 out of the merger of Glaver and Univerbel. In 1981 the Company was acquired by the Asahi Glass Company of Japan. In 2007, Glaverbel was renamed as AGC Flat Glass Europe. AGC Flat Glass Czech is a Czech Republic-based subsidiary of the Group. In 1990, Glaverbel was the first western industrial company to invest in Czechoslovakia