Atlantska Plovidba

AP's Cash & Cash Equivalents fell 10.2% yoy to HRK 104 mil in 2015

By Helgi Analytics - April 2, 2020

Atlantska Plovidba's total assets reached HRK 1,967 mil at the end of 2015, down 11.7% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales HRK mil 462 468 351
Gross Profit HRK mil 424 436 190
EBITDA HRK mil 180 -634 -50.4
EBIT HRK mil 32.4 -774 -161
Financing Cost HRK mil 36.9 41.3 69.9
Pre-Tax Profit HRK mil -4.51 -815 -231
Net Profit HRK mil -5.39 -816 -232
Dividends HRK mil 0.030 0 ...
Balance Sheet 2013 2014 2015
Total Assets HRK mil 2,881 2,228 1,967
Non-Current Assets HRK mil 2,673 2,032 1,796
Current Assets HRK mil 208 196 171
Working Capital HRK mil -20.0 -2.43 -4.22
Shareholders' Equity HRK mil 1,438 806 660
Liabilities HRK mil 1,444 1,422 1,307
Total Debt HRK mil 1,333 1,287 1,167
Net Debt HRK mil 1,213 1,171 1,063
Ratios 2013 2014 2015
ROE % -0.369 -72.7 -31.7
ROCE % -0.198 -34.8 -12.2
Gross Margin % 91.9 93.1 54.2
EBITDA Margin % 38.9 -135 -14.4
EBIT Margin % 7.01 -165 -45.9
Net Margin % -1.17 -174 -66.2
Net Debt/EBITDA 6.75 -1.85 -21.1
Net Debt/Equity 0.844 1.45 1.61
Cost of Financing % 2.62 3.16 5.70
Valuation 2013 2014 2015
Market Capitalisation USD mil ... ... 30.0
Enterprise Value (EV) USD mil ... ... 198
Number Of Shares mil 1.38 1.38 1.38
Share Price HRK 392 310 138
EV/EBITDA ... ... -23.3
EV/Sales ... ... 3.35
Price/Earnings (P/E) -100 -0.524 -0.819
Price/Book Value (P/BV) 0.376 0.531 0.288
Dividend Yield % 0.006 0 ...

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil             716 875 534 483 462    
Gross Profit HRK mil ... ... ... ... ... ... ... ... ... 444 424    
EBIT HRK mil             7.23 106 77.0 -30.8 32.4    
Net Profit HRK mil             -42.2 39.7 15.5 -76.6 -5.39    
ROE %             -2.93 2.80 1.02 -4.98 -0.369    
EBIT Margin %             1.01 12.1 14.4 -6.37 7.01    
Net Margin %             -5.90 4.53 2.91 -15.8 -1.17    
balance sheet                          
Total Assets HRK mil             2,901 2,902 2,703 3,069 2,881    
Non-Current Assets HRK mil             2,523 2,594 2,303 2,815 2,673    
Current Assets HRK mil             378 308 400 255 208    
Shareholders' Equity HRK mil             1,376 1,456 1,592 1,483 1,438    
Liabilities HRK mil             1,525 1,446 1,111 1,586 1,444    
Non-Current Liabilities HRK mil             1,148 1,138 836 1,328 1,184    
Current Liabilities HRK mil             377 308 275 245 260    
Net Debt/EBITDA             5.81 3.54 3.21 13.5 6.75    
Net Debt/Equity             0.757 0.690 0.426 0.860 0.844    
Cost of Financing % ...           5.38 7.62 7.73 4.13 2.62    
cash flow                          
Total Cash From Operations HRK mil             113 281 65.1 41.2 102    
Total Cash From Investing HRK mil             -147 -97.5 134 -646 -62.7    
Total Cash From Financing HRK mil             -110 -230 -167 499 -125    
Net Change In Cash HRK mil             -144 -46.6 31.6 -106 -85.5    
valuation                          
Market Capitalisation USD mil ... ... ... ... ... ... ... ... ... ... ... ...  
Number Of Shares mil ... ... ... ... ... ... ... ... ... 1.38 1.38    
Share Price HRK ... ... ... ... ... ... ... ... ... 200 392    
Earnings Per Share (EPS) HRK ... ... ... ... ... ... ... ... ... -55.5 -3.91    
Book Value Per Share HRK ... ... ... ... ... ... ... ... ... 1,075 1,042    
Dividend Per Share HRK ... ... ... ... ... ... ... ... ... 0 0.022   ...
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... -3.61 -100    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... 0.186 0.376    
Dividend Yield % ... ... ... ... ... ... ... ... ... 0 0.006   ...
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... -93.0    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... -3.07    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil             716 875 534 483 462    
Cost of Goods & Services HRK mil ... ... ... ... ... ... ... ... ... 38.8 37.4    
Gross Profit HRK mil ... ... ... ... ... ... ... ... ... 444 424    
EBITDA HRK mil             179 284 212 94.5 180    
Depreciation HRK mil             172 178 135 125 147    
EBIT HRK mil             7.23 106 77.0 -30.8 32.4    
Financing Cost HRK mil             73.9 101 87.9 51.0 36.9    
Extraordinary Cost HRK mil             -16.6 -33.7 -25.6 -5.57 -0.010    
Pre-Tax Profit HRK mil             -50.1 38.8 14.6 -76.2 -4.51    
Tax HRK mil             0 0.003 0.007 0.015 0.020    
Minorities HRK mil             -7.81 -0.880 -0.888 0.376 -0.086    
Net Profit HRK mil             -42.2 39.7 15.5 -76.6 -5.39    
Dividends HRK mil ... ... ... ... ... ... ... ... 0.030 0 0.030   ...
growth rates                          
Total Revenue Growth % ...           -50.0 22.2 -39.0 -9.43 -4.44    
EBITDA Growth % ...           -79.2 58.4 -25.4 -55.4 90.3    
EBIT Growth % ...           -99.0 1,367 -27.4 -140 -205    
Pre-Tax Profit Growth % ...           -108 -178 -62.3 -621 -94.1    
Net Profit Growth % ...           -106 -194 -60.9 -594 -93.0    
ratios                          
ROE %             -2.93 2.80 1.02 -4.98 -0.369    
ROCE % ...           -1.72 1.58 0.644 -3.02 -0.198    
Gross Margin % ... ... ... ... ... ... ... ... ... 92.0 91.9    
EBITDA Margin %             25.0 32.5 39.7 19.6 38.9    
EBIT Margin %             1.01 12.1 14.4 -6.37 7.01    
Net Margin %             -5.90 4.53 2.91 -15.8 -1.17    
Payout Ratio % ... ... ... ... ... ... ... ... 0.193 0 -0.557   ...
Cost of Financing % ...           5.38 7.62 7.73 4.13 2.62    
Net Debt/EBITDA             5.81 3.54 3.21 13.5 6.75    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets HRK mil             2,523 2,594 2,303 2,815 2,673    
Property, Plant & Equipment HRK mil             2,494 2,564 2,275 2,786 2,463    
Intangible Assets HRK mil             22.0 22.4 20.0 19.6 19.6    
Goodwill HRK mil ... ... ... ... ... ... ... ... ... 18.8 18.8    
Current Assets HRK mil             378 308 400 255 208    
Inventories HRK mil             12.6 7.72 8.94 22.7 11.3    
Receivables HRK mil             15.3 17.3 6.20 19.3 19.8    
Cash & Cash Equivalents HRK mil             326 279 311 205 119    
Total Assets HRK mil             2,901 2,902 2,703 3,069 2,881    
Shareholders' Equity HRK mil             1,376 1,456 1,592 1,483 1,438    
Of Which Minority Interest HRK mil             21.5 13.3 12.5 12.6 13.4    
Liabilities HRK mil             1,525 1,446 1,111 1,586 1,444    
Non-Current Liabilities HRK mil             1,148 1,138 836 1,328 1,184    
Long-Term Debt HRK mil             1,142 1,084 836 1,318 1,170    
Current Liabilities HRK mil             377 308 275 245 260    
Short-Term Debt HRK mil             226 200 154 163 163    
Trade Payables HRK mil             93.4 70.0 50.4 53.1 51.0    
Equity And Liabilities HRK mil             2,901 2,902 2,703 3,069 2,881    
growth rates                          
Total Asset Growth % ...           -6.04 0.032 -6.86 13.6 -6.12    
Shareholders' Equity Growth % ...           -8.88 5.82 9.35 -6.84 -3.07    
Net Debt Growth % ...           14.8 -3.56 -32.4 88.0 -4.91    
Total Debt Growth % ...           -0.732 -6.12 -22.9 49.6 -10.0    
ratios                          
Total Debt HRK mil             1,367 1,284 990 1,481 1,333    
Net Debt HRK mil             1,041 1,004 679 1,276 1,213    
Working Capital HRK mil             -65.5 -45.0 -35.3 -11.0 -20.0    
Capital Employed HRK mil             2,457 2,549 2,268 2,804 2,653    
Net Debt/Equity             0.757 0.690 0.426 0.860 0.844    
Cost of Financing % ...           5.38 7.62 7.73 4.13 2.62    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit HRK mil             -42.2 39.7 15.5 -76.6 -5.39    
Depreciation HRK mil             172 178 135 125 147    
Non-Cash Items HRK mil ...           0.955 84.0 -75.5 16.8 -49.1    
Change in Working Capital HRK mil ...           -17.6 -20.4 -9.72 -24.3 8.92    
Total Cash From Operations HRK mil             113 281 65.1 41.2 102    
Capital Expenditures HRK mil             -264 -107 -45.0 -666 -13.5    
Other Investments HRK mil             116 9.81 179 19.8 -49.2    
Total Cash From Investing HRK mil             -147 -97.5 134 -646 -62.7    
Dividends Paid HRK mil ... ... ... ... ... ... ... ... -0.030 0 -0.030   ...
Issuance Of Debt HRK mil ...           -10.1 -83.7 -294 491 -148    
Total Cash From Financing HRK mil             -110 -230 -167 499 -125    
Net Change In Cash HRK mil             -144 -46.6 31.6 -106 -85.5    
ratios                          
Days Sales Outstanding days             7.82 7.20 4.24 14.6 15.6    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... ... 214 110    
Days Payable Outstanding days ... ... ... ... ... ... ... ... ... 499 498    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... ... -271 -372    
Cash Earnings HRK mil             130 218 150 48.7 142    
Cash Earnings Per Share HRK ... ... ... ... ... ... ... ... ... 35.3 103    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... 5.68 3.81    
Free Cash Flow HRK mil             -34.3 184 199 -605 39.1    
Free Cash Flow Yield % ... ... ... ... ... ... ... ... ... ... ... ...  
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             -1.41 1.37 0.553 -2.65 -0.181    
Gross Margin % ... ... ... ... ... ... ... ... ... 92.0 91.9    
Effective Tax Rate %             0 0.009 0.051 -0.019 -0.443    
Enterprise Value (EV) USD mil ... ... ... ... ... ... ... ... ... ... ... ...  
EV/EBITDA ... ... ... ... ... ... ... ... ... ... ... ...  
EV/Capital Employed ... ... ... ... ... ... ... ... ... ... ... ...  
EV/Sales ... ... ... ... ... ... ... ... ... ... ... ...  
EV/EBIT ... ... ... ... ... ... ... ... ... ... ... ...  
Capital Expenditures (As % of Sales) %             36.9 12.3 8.44 138 2.93    

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May 2016
Statistical Dossier

Atlantska Plovidba dd is a Croatia-based company involved in the marine transportation industry. Its main scope of business activities includes sea and coastal transport of bulk, heavy lift and dry cargo. The Company engages in various other business activities, including accommodation services in maritime and river transport, passenger and tour operator services, other transport agency services, rental of immovables and ships, scientific research and development, among others. The Company was founded in 1955 and is based in Dubrovnik, Croatia.

Finance

Atlantska Plovidba has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 118% during that time to total of HRK -50.4 mil in 2015, or -14.4% of sales. That’s compared to -10.3% average margin seen in last five years.

The company netted HRK -232 mil in 2015 implying ROE of -31.7% and ROCE of -12.2%. Again, the average figures were -21.7% and -9.91%, respectively when looking at the previous 5 years.

Atlantska Plovidba’s net debt amounted to HRK 1,063 mil at the end of 2015, or 1.61 of equity. When compared to EBITDA, net debt was -21.1x, down when compared to average of 0.104x seen in the last 5 years.

Valuation

Atlantska Plovidba stock traded at HRK 138 per share at the end of 2015 resulting in a market capitalization of USD 30.0 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -23.3x and price to earnings (PE) of -0.819x as of 2015.