BAK stavebni spolecnost

Profit Statement 2012 2013 2014
Sales CZK mil 1,907 2,197 2,891
Gross Profit CZK mil 253 197 219
EBITDA CZK mil 82.0 87.6 83.1
EBIT CZK mil 26.1 36.8 35.5
Financing Cost CZK mil 5.26 3.78 9.70
Pre-Tax Profit CZK mil 20.4 33.0 25.8
Net Profit CZK mil 16.4 27.5 16.3
Dividends CZK mil 5.00 0 0
Balance Sheet 2012 2013 2014
Total Assets CZK mil 1,779 1,830 1,894
Non-Current Assets CZK mil 711 704 666
Current Assets CZK mil 1,064 1,122 1,224
Working Capital CZK mil 280 316 229
Shareholders' Equity CZK mil 516 546 562
Liabilities CZK mil 1,263 1,284 1,332
Total Debt CZK mil 278 331 224
Net Debt CZK mil 165 204 135
Ratios 2012 2013 2014
ROE % 3.10 5.19 2.94
ROCE % 1.70 2.74 1.70
Gross Margin % 13.3 8.95 7.58
EBITDA Margin % 4.30 3.99 2.87
EBIT Margin % 1.37 1.67 1.23
Net Margin % 0.859 1.25 0.564
Net Debt/EBITDA 2.01 2.33 1.63
Net Debt/Equity 0.319 0.374 0.241
Cost of Financing % 1.74 1.24 3.50
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 27.3 91.0 62.8
Total Cash From Investing CZK mil 13.4 -46.4 -12.1
Total Cash From Financing CZK mil -84.6 -30.3 -89.3
Net Change In Cash CZK mil -43.8 14.3 -38.6
Cash Conversion Cycle days 42.7 45.8 23.5
Cash Earnings CZK mil 72.3 78.3 63.9
Free Cash Flow CZK mil 40.8 44.6 50.7

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales CZK mil         2,681 1,891 2,068 1,907 2,197   ...
Gross Profit CZK mil ... ...     406 335 282 253 197   ...
EBIT CZK mil         80.5 43.2 35.6 26.1 36.8   ...
Net Profit CZK mil         46.5 23.2 9.89 16.4 27.5   ...
ROE %         7.66 4.47 1.84 3.10 5.19   ...
EBIT Margin %         3.00 2.29 1.72 1.37 1.67   ...
Net Margin %         1.73 1.23 0.478 0.859 1.25   ...
Employees         517 464 430 321 307   ...
balance sheet                      
Total Assets CZK mil         2,178 1,661 1,953 1,779 1,830   ...
Non-Current Assets CZK mil         825 821 773 711 704   ...
Current Assets CZK mil         1,347 835 1,172 1,064 1,122   ...
Shareholders' Equity CZK mil         507 532 541 516 546   ...
Liabilities CZK mil         1,671 1,129 1,412 1,263 1,284   ...
Non-Current Liabilities CZK mil ... ...     90.8 84.2 82.1 76.2 67.7   ...
Current Liabilities CZK mil ... ...     864 630 835 672 852   ...
Net Debt/EBITDA ... ...     3.34 1.53 1.82 2.01 2.33   ...
Net Debt/Equity ... ...     0.875 0.286 0.312 0.319 0.374   ...
Cost of Financing % ... ... ...   5.55 1.86 4.69 1.74 1.24   ...
cash flow                      
Total Cash From Operations CZK mil ... ... ...   -11.6 339 -14.2 27.3 91.0   ...
Total Cash From Investing CZK mil ... ... ...   -75.7 -49.3 -2.80 13.4 -46.4   ...
Total Cash From Financing CZK mil ... ... ...   127 -253 51.2 -84.6 -30.3   ...
Net Change In Cash CZK mil ... ... ...   39.4 36.4 34.2 -43.8 14.3   ...
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales CZK mil         2,681 1,891 2,068 1,907 2,197   ...
Cost of Goods & Services CZK mil ... ...     2,275 1,555 1,786 1,654 2,000   ...
Gross Profit CZK mil ... ...     406 335 282 253 197   ...
Staff Cost CZK mil ... ...     254 223 215 172 166   ...
Other Cost CZK mil ... ...     19.2 12.9 -26.2 -0.762 -56.5   ...
EBITDA CZK mil ... ...     133 99.1 93.0 82.0 87.6   ...
Depreciation CZK mil ... ...     52.5 55.9 57.4 55.9 50.8   ...
EBIT CZK mil         80.5 43.2 35.6 26.1 36.8   ...
Financing Cost CZK mil         19.8 7.47 14.1 5.26 3.78   ...
Extraordinary Cost CZK mil ... ...     0 0 0 0.367 0   ...
Pre-Tax Profit CZK mil ... ...     60.7 35.8 21.5 20.4 33.0   ...
Tax CZK mil ... ...     14.2 12.5 11.6 4.10 5.46   ...
Minorities CZK mil ... ...     0 0 0 0 0   ...
Net Profit CZK mil         46.5 23.2 9.89 16.4 27.5   ...
Dividends CZK mil ... ...     0 0 0 5.00 0   ...
growth rates                      
Total Revenue Growth % ...       -13.7 -29.5 9.36 -7.80 15.2   ...
Operating Cost Growth % ... ... ...   6.24 -13.4 -20.1 -9.56 -36.1    
EBITDA Growth % ... ... ...   -13.4 -25.5 -6.18 -11.8 6.77   ...
EBIT Growth % ...       -42.3 -46.3 -17.7 -26.7 40.9   ...
Pre-Tax Profit Growth % ... ... ...   -56.0 -41.1 -39.8 -5.32 61.9   ...
Net Profit Growth % ...       -54.9 -50.1 -57.4 65.5 68.2   ...
ratios                      
ROE %         7.66 4.47 1.84 3.10 5.19   ...
ROCE % ... ... ...   4.55 2.23 1.05 1.70 2.74   ...
Gross Margin % ... ...     15.1 17.7 13.6 13.3 8.95   ...
EBITDA Margin % ... ...     4.96 5.24 4.50 4.30 3.99   ...
EBIT Margin %         3.00 2.29 1.72 1.37 1.67   ...
Net Margin %         1.73 1.23 0.478 0.859 1.25   ...
Payout Ratio % ... ...     0 0 0 30.5 0   ...
Cost of Financing % ... ... ...   5.55 1.86 4.69 1.74 1.24   ...
Net Debt/EBITDA ... ...     3.34 1.53 1.82 2.01 2.33   ...
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                      
Non-Current Assets CZK mil         825 821 773 711 704   ...
Property, Plant & Equipment CZK mil ... ...     812 778 731 680 675   ...
Intangible Assets CZK mil ... ...     0.023 0.076 0.107 0.045 0.020   ...
Goodwill CZK mil ... ...     0 0 0 0 0   ...
Current Assets CZK mil         1,347 835 1,172 1,064 1,122   ...
Inventories CZK mil ... ...     153 95.2 146 221 213   ...
Receivables CZK mil ... ...     881 541 762 652 721   ...
Cash & Cash Equivalents CZK mil ... ...     86.0 122 157 113 127   ...
Total Assets CZK mil         2,178 1,661 1,953 1,779 1,830   ...
Shareholders' Equity CZK mil         507 532 541 516 546   ...
Of Which Minority Interest CZK mil ... ...     0 0 0 0 0   ...
Liabilities CZK mil         1,671 1,129 1,412 1,263 1,284   ...
Non-Current Liabilities CZK mil ... ...     90.8 84.2 82.1 76.2 67.7   ...
Long-Term Debt CZK mil ... ...     267 221 176 130 130   ...
Deferred Tax Liabilities CZK mil ... ...     90.8 84.2 80.3 74.1 66.9   ...
Current Liabilities CZK mil ... ...     864 630 835 672 852   ...
Short-Term Debt CZK mil ... ...     263 53.0 150 148 201   ...
Trade Payables CZK mil ... ...     725 505 742 593 619   ...
Provisions CZK mil ... ...     14.9 23.6 32.2 28.3 34.6   ...
Equity And Liabilities CZK mil         2,178 1,661 1,953 1,779 1,830   ...
growth rates                      
Total Asset Growth % ...       4.39 -23.8 17.6 -8.91 2.88   ...
Shareholders' Equity Growth % ...       -28.2 4.84 1.76 -4.66 5.79   ...
Net Debt Growth % ... ... ...   181 -65.8 11.3 -2.54 23.9   ...
Total Debt Growth % ... ... ...   187 -48.2 18.7 -14.8 19.3   ...
ratios                      
Total Debt CZK mil ... ...     530 274 326 278 331   ...
Net Debt CZK mil ... ...     444 152 169 165 204   ...
Working Capital CZK mil ... ...     309 132 166 280 316   ...
Capital Employed CZK mil ... ...     1,134 952 939 991 1,020   ...
Net Debt/Equity ... ...     0.875 0.286 0.312 0.319 0.374   ...
Cost of Financing % ... ... ...   5.55 1.86 4.69 1.74 1.24   ...
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                      
Net Profit CZK mil         46.5 23.2 9.89 16.4 27.5   ...
Depreciation CZK mil ... ...     52.5 55.9 57.4 55.9 50.8   ...
Non-Cash Items CZK mil ... ... ...   25.2 82.9 -47.3 69.4 48.1   ...
Change in Working Capital CZK mil ... ... ...   -136 177 -34.2 -114 -35.4   ...
Total Cash From Operations CZK mil ... ... ...   -11.6 339 -14.2 27.3 91.0   ...
Capital Expenditures CZK mil ... ... ...   -87.3 -54.7 -16.7 -9.52 -50.6   ...
Other Investments CZK mil ... ... ...   11.6 5.34 13.9 23.0 4.25   ...
Total Cash From Investing CZK mil ... ... ...   -75.7 -49.3 -2.80 13.4 -46.4   ...
Dividends Paid CZK mil ... ...     0 0 0 -5.00 0   ...
Issuance Of Debt CZK mil ... ... ...   345 -255 51.4 -48.1 53.6   ...
Total Cash From Financing CZK mil ... ... ...   127 -253 51.2 -84.6 -30.3   ...
Net Change In Cash CZK mil ... ... ...   39.4 36.4 34.2 -43.8 14.3   ...
ratios                      
Days Sales Outstanding days ... ...     120 105 134 125 120   ...
Days Sales Of Inventory days ... ...     24.5 22.3 29.8 48.8 38.9   ...
Days Payable Outstanding days ... ...     116 119 152 131 113   ...
Cash Conversion Cycle days ... ...     28.1 8.32 12.6 42.7 45.8   ...
Cash Earnings CZK mil ... ...     99.0 79.1 67.3 72.3 78.3   ...
Free Cash Flow CZK mil ... ... ...   -87.3 290 -17.0 40.8 44.6   ...
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                      
ROA %         2.18 1.21 0.548 0.877 1.53   ...
Gross Margin % ... ...     15.1 17.7 13.6 13.3 8.95   ...
Employees         517 464 430 321 307   ...
Cost Per Employee USD per month ... ...     2,146 2,100 2,356 2,276 2,298   ...
Cost Per Employee (Local Currency) CZK per month ... ...     40,900 40,128 41,672 44,523 44,954   ...
Staff Cost (As % Of Total Cost) % ... ...     9.76 12.1 10.6 9.12 7.67   ...
Effective Tax Rate % ... ...     23.4 35.1 54.1 20.1 16.6   ...
Sales from Construction CZK mil ... ...     2,571 1,865 2,054 1,775 2,200   ...
Capital Expenditures (As % of Sales) % ... ... ...   3.26 2.89 0.809 0.499 2.31   ...

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BAK Construction Corp. is a Czech Republic-based general construction and water management contractor. The Company focuses on a comprehensive implementation of industrial and logistics buildings, business and administrative centers, residential and hotel projects, civic facilities, water management and ecological structures and renovation of buildings and monuments. The Company employs some 300 staff and is based in Prague, the Czech Republic.

Finance

BAK stavebni spolecnost has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2015, or of sales. That’s compared to 3.91% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 3.27% and 1.80%, respectively when looking at the previous 5 years.

BAK stavebni spolecnost’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 1.95x seen in the last 5 years.