BENET Automotive

BENET Automotive's net profit fell 112% yoy to CZK -1.18 mil in 2018

By Helgi Analytics - September 18, 2020

BENET Automotive made a net profit of CZK -1.18 mil in 2018, down 112% compared to the previous year. Total sales reached CZK 956 mi...

BENET Automotive's employees fell 5.87% yoy to 401 in 2018

By Helgi Analytics - September 18, 2020

BENET Automotive employed 401 employees in 2018, down 5.87% compared to the previous year. Historically, between 2010 a...

BENET Automotive's Net Margin fell 113% yoy to -0.124% in 2018

By Helgi Analytics - September 18, 2020

BENET Automotive made a net profit of CZK -1.18 mil with revenues of CZK 956 mil in 2018, down by 112% and down by 6.49%, re...

Profit Statement 2016 2017 2018
Sales CZK mil 821 1,023 956
Gross Profit CZK mil 276 606 562
EBITDA CZK mil 110 34.0 34.7
EBIT CZK mil 82.3 5.48 7.93
Pre-Tax Profit CZK mil 76.6 15.2 0.406
Net Profit CZK mil 59.6 10.1 -1.18
Balance Sheet 2016 2017 2018
Total Assets CZK mil 846 825 751
Non-Current Assets CZK mil 375 375 381
Current Assets CZK mil 441 420 368
Working Capital CZK mil 228 164 190
Shareholders' Equity CZK mil 183 184 179
Liabilities CZK mil 663 641 572
Total Debt CZK mil 280 275 245
Net Debt CZK mil 164 122 106
Ratios 2016 2017 2018
ROE % 39.0 5.50 -0.652
ROCE % 9.47 1.77 -0.213
Gross Margin % 33.6 59.3 58.8
EBITDA Margin % 13.4 3.33 3.63
EBIT Margin % 10.0 0.536 0.829
Net Margin % 7.25 0.986 -0.124
Net Debt/EBITDA 1.50 3.57 3.05
Net Debt/Equity % 89.8 66.1 59.0
Cash Flow 2016 2017 2018
Total Cash From Operations CZK mil 33.9 27.9 -21.6
Total Cash From Investing CZK mil -89.7 -36.4 -28.6
Total Cash From Financing CZK mil 52.9 105 30.3
Net Change In Cash CZK mil -2.96 96.4 -20.0
Cash Conversion Cycle days 114 54.0 111
Cash Earnings CZK mil 87.1 38.6 25.6
Free Cash Flow CZK mil -55.9 -8.56 -50.3

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overview Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                  
Sales CZK mil     531 534 619 613 821    
Gross Profit CZK mil     119 141 187 228 276    
EBIT CZK mil     18.5 14.4 47.7 61.4 82.3    
Net Profit CZK mil     14.2 2.54 31.3 45.1 59.6    
                     
ROE %     31.7 5.17 50.7 45.1 39.0    
EBIT Margin %     3.48 2.70 7.70 10.0 10.0    
Net Margin %     2.68 0.475 5.06 7.36 7.25    
Employees     240 235 235 294 350    
balance sheet                  
Total Assets CZK mil     314 474 570 521 846    
Non-Current Assets CZK mil     142 251 570 521 375    
Current Assets CZK mil     150 208 267 224 441    
                     
Shareholders' Equity CZK mil     52.0 46.1 77.5 123 183    
Liabilities CZK mil     262 428 492 398 663    
Non-Current Liabilities CZK mil     74.2 234 231 222 275    
Current Liabilities CZK mil     162 159 177 115 159    
                     
Net Debt/EBITDA     8.18 15.1 3.28 2.51 1.50    
Net Debt/Equity %     462 1,006 285 168 89.8    
cash flow                  
Total Cash From Operations CZK mil ... ... ... ... ... ... 33.9    
Total Cash From Investing CZK mil ... ... ... ... ... ... -89.7    
Total Cash From Financing CZK mil ... ... ... ... ... ... 52.9    
Net Change In Cash CZK mil ... ... ... ... ... ... -2.96    
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                  
Sales CZK mil     531 534 619 613 821    
Cost of Goods & Services CZK mil     413 393 433 385 545    
Gross Profit CZK mil     119 141 187 228 276    
Staff Cost CZK mil     94.3 114 116 139 186    
Other Operating Cost (Income) CZK mil     -5.11 -3.58 3.60 6.71 -19.0    
EBITDA CZK mil     29.3 30.7 67.2 82.1 110    
Depreciation CZK mil     10.9 16.3 19.5 20.7 27.5    
EBIT CZK mil     18.5 14.4 47.7 61.4 82.3    
Net Financing Cost CZK mil     0.577 13.4 6.38 5.07 5.63    
Extraordinary Cost CZK mil     0 < 0.001 0.001 0 0    
Pre-Tax Profit CZK mil     17.9 0.994 41.3 56.3 76.6    
Tax CZK mil     3.68 -1.54 9.94 11.2 17.1    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     14.2 2.54 31.3 45.1 59.6    
Net Profit Avail. to Common CZK mil     14.2 2.54 31.3 45.1 59.6    
growth rates                  
Total Revenue Growth % ...   45.7 0.589 15.9 -1.04 34.0    
Staff Cost Growth % ...   80.2 21.1 1.51 20.0 33.4    
EBITDA Growth % ...   18.5 4.66 119 22.1 33.8    
EBIT Growth % ...   7.68 -22.0 231 28.7 34.0    
Pre-Tax Profit Growth % ...   36.7 -94.4 4,054 36.4 36.1    
Net Profit Growth % ...   25.4 -82.2 1,136 43.9 32.0    
ratios                  
ROE %     31.7 5.17 50.7 45.1 39.0    
ROA %     5.81 0.643 6.01 8.27 8.71    
ROCE % ...   12.0 1.08 6.14 6.72 9.47    
Gross Margin %     22.3 26.5 30.1 37.2 33.6    
EBITDA Margin %     5.52 5.75 10.8 13.4 13.4    
EBIT Margin %     3.48 2.70 7.70 10.0 10.0    
Net Margin %     2.68 0.475 5.06 7.36 7.25    
Net Debt/EBITDA     8.18 15.1 3.28 2.51 1.50    
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                  
Cash & Cash Equivalents CZK mil     12.7 16.4 33.5 22.2 116    
Receivables CZK mil     73.7 112 156 102 175    
Inventories CZK mil     63.3 79.5 77.2 99.4 151    
Other ST Assets CZK mil     0 0.630 0.250 0 0    
Current Assets CZK mil     150 208 267 224 441    
Property, Plant & Equipment CZK mil     314 474 568 520 372    
LT Investments & Receivables CZK mil     -173 -224 < -0.001 < 0.001 < 0.001    
Intangible Assets CZK mil     0.867 1.04 1.12 0.888 2.72    
Goodwill CZK mil     0 0 0 0 0    
Non-Current Assets CZK mil     142 251 570 521 375    
Total Assets CZK mil     314 474 570 521 846    
                     
Trade Payables CZK mil     144 108 116 67.9 97.2    
Short-Term Debt CZK mil     6.62 28.9 40.8 20.0 20.0    
Other ST Liabilities CZK mil     11.1 21.4 20.9 26.7 41.9    
Current Liabilities CZK mil     162 159 177 115 159    
Long-Term Debt CZK mil     73.2 227 213 208 260    
Other LT Liabilities CZK mil     1.00 6.20 18.0 13.9 14.9    
Non-Current Liabilities CZK mil     74.2 234 231 222 275    
Liabilities CZK mil     262 428 492 398 663    
Equity Before Minority Interest CZK mil     52.0 46.1 77.5 123 183    
Minority Interest CZK mil     0 0 0 0 0    
Equity CZK mil     52.0 46.1 77.5 123 183    
growth rates                  
Total Asset Growth % ...   78.8 51.0 20.1 -8.57 62.5    
Shareholders' Equity Growth % ...   37.6 -11.3 67.9 58.2 49.1    
Net Debt Growth % ...   88.9 93.3 -52.4 -6.81 -20.2    
Total Debt Growth % ...   249 221 -0.818 -10.4 22.8    
ratios                  
Total Debt CZK mil     79.8 256 254 228 280    
Net Debt CZK mil     240 464 221 206 164    
Working Capital CZK mil     -6.84 82.6 118 134 228    
Capital Employed CZK mil     135 334 687 655 603    
Net Debt/Equity %     462 1,006 285 168 89.8    
Current Ratio     0.927 1.31 1.51 1.95 2.77    
Quick Ratio     0.535 0.805 1.07 1.09 1.82    
cash flow Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                  
Net Profit CZK mil     14.2 2.54 31.3 45.1 59.6    
Depreciation CZK mil     10.9 16.3 19.5 20.7 27.5    
Non-Cash Items CZK mil ... ... ... ... ... ... 41.3    
Change in Working Capital CZK mil ... ... ... ... ... ... -94.5    
Total Cash From Operations CZK mil ... ... ... ... ... ... 33.9    
                     
Capital Expenditures CZK mil ... ... ... ... ... ... -131    
Other Investing Activities CZK mil ... ... ... ... ... ... 40.8    
Total Cash From Investing CZK mil ... ... ... ... ... ... -89.7    
Issuance Of Debt CZK mil ... ... ... ... ... ... 51.9    
Total Cash From Financing CZK mil ... ... ... ... ... ... 52.9    
Net Change In Cash CZK mil ... ... ... ... ... ... -2.96    
ratios                  
Days Sales Outstanding days     50.6 76.2 92.1 60.9 77.6    
Days Sales Of Inventory days     56.0 73.9 65.1 94.2 101    
Days Payable Outstanding days     127 101 97.5 64.4 65.1    
Cash Conversion Cycle days     -20.6 49.3 59.7 90.8 114    
Cash Earnings CZK mil     25.1 18.8 50.9 65.8 87.1    
Free Cash Flow CZK mil ... ... ... ... ... ... -55.9    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... 15.9    
other ratios Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018
                   
Employees     240 235 235 294 350    
Cost Per Employee USD per month     1,674 2,070 1,924 1,652 1,751    
Cost Per Employee (Local Currency) CZK per month     32,748 40,498 41,110 39,433 44,178    
Staff Cost (As % of Sales) %     17.8 21.4 18.7 22.7 22.6    
Effective Tax Rate %     20.6 -155 24.1 19.9 22.3    
Total Revenue Growth (5-year average) % ... ... ... ... ... 23.2 17.6    

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BENET Automotive's Cash & Cash Equivalents fell 17.3% yoy to CZK 95.6 mil in 2018

By Helgi Analytics - September 18, 2020

BENET Automotive's total assets reached CZK 751 mil at the end of 2018, down 8.98% compared to the previous year. Current assets amounted to CZK 368 mil, or 49.0% of total assets while cash stood at CZK 95.6 mil at the end of 2018. ...

BENET Automotive's ROCE fell 112% yoy to -0.213% in 2018

By Helgi Analytics - September 18, 2020

BENET Automotive made a net profit of CZK -1.18 mil in 2018, down 112% compared to the previous year. Historically, between 2010 and 2018, the company's net profit reached a high of CZK 59.6 mil in 2016 and a low of CZK -1.18 mil in 2018. The result impli...

BENET Automotive's Net Debt/EBITDA fell 14.6% yoy to 3.05 in 2018

By Helgi Analytics - September 20, 2020

BENET Automotive's net debt stood at CZK 106 mil and accounted for 59.0% of equity at the end of 2018. The ratio is down 7.13 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 1,006% in 2013 and a low...

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Benet Automotive is an automotive composite and component supplier in the Czech Republic. The company uses injection moulding PUR RIP (Rapid Injection Moulding) technology, slow and fast injection of PUR and injection of thermoplastics (PP, ABS, PA, etc.) and provides painting of parts in both automatic and manual applications in a single layer and three-layer concept. The company was established in 2000 and is based in Mlada Boleslav, the Czech Republic.

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Finance

BENET Automotive has been growing its sales by 12.3% a year on average in the last 5 years. EBITDA has grown on average by 2.46% a year during that time to total of CZK 34.7 mil in 2018, or 3.63% of sales. That’s compared to 8.91% average margin seen in last five years.

The company netted CZK -1.18 mil in 2018 implying ROE of -0.652% and ROCE of -0.213%. Again, the average figures were 27.9% and 4.78%, respectively when looking at the previous 5 years.

BENET Automotive’s net debt amounted to CZK 106 mil at the end of 2018, or 59.0% of equity. When compared to EBITDA, net debt was 3.05x, up when compared to average of 2.78x seen in the last 5 years.