Bogdanka

Bogdanka's Cash & Cash Equivalents rose 39.3% yoy to PLN 240 mil in 2015

By Helgi Analytics - April 2, 2020

Bogdanka's total assets reached PLN 3,595 mil at the end of 2015, down 16.8% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales PLN mil 1,900 2,011 1,883
Gross Profit PLN mil 929 1,027 1,051
EBITDA PLN mil 755 742 53.4
EBIT PLN mil 425 359 -329
Financing Cost PLN mil 14.6 13.8 14.3
Pre-Tax Profit PLN mil 414 345 -342
Net Profit PLN mil 330 273 -278
Dividends PLN mil 197 119 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 3,844 4,323 3,595
Non-Current Assets PLN mil 3,035 3,661 3,202
Current Assets PLN mil 809 662 392
Working Capital PLN mil 61.0 -35.0 54.9
Shareholders' Equity PLN mil 2,456 2,505 2,106
Liabilities PLN mil 1,389 1,818 1,489
Total Debt PLN mil 621 799 700
Net Debt PLN mil 409 627 460
Ratios 2013 2014 2015
ROE % 13.9 11.0 -12.1
ROCE % 10.8 8.12 -8.08
Gross Margin % 48.9 51.1 55.8
EBITDA Margin % 39.7 36.9 2.84
EBIT Margin % 22.4 17.8 -17.4
Net Margin % 17.4 13.6 -14.8
Net Debt/EBITDA 0.542 0.845 8.62
Net Debt/Equity 0.167 0.250 0.218
Cost of Financing % 2.74 1.94 1.91
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,420 927 290
Enterprise Value (EV) USD mil 1,556 1,104 407
Number Of Shares mil 34.0 34.0 34.0
Share Price EUR 126 96.5 33.2
EV/EBITDA 6.51 4.88 28.4
EV/Sales 2.59 1.80 0.805
Price/Earnings (P/E) 13.0 12.0 -4.06
Price/Book Value (P/BV) 1.74 1.31 0.536
Dividend Yield % 4.61 3.63 ...

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales PLN mil ...       1,118 1,230 1,301 1,836 1,900    
Gross Profit PLN mil ...       756 410 809 1,004 929    
EBIT PLN mil ...       227 290 268 389 425    
Net Profit PLN mil ...       191 230 221 309 330    
ROE % ...       13.4 12.4 10.7 13.9 13.9    
EBIT Margin % ...       20.3 23.6 20.6 21.2 22.4    
Net Margin % ...       17.1 18.7 17.0 16.8 17.4    
Employees ...       4,016 4,087 4,303 4,705 5,377    
balance sheet                      
Total Assets PLN mil ...       2,470 2,828 3,076 3,485 3,844    
Non-Current Assets PLN mil ...       1,618 2,164 2,674 3,064 3,035    
Current Assets PLN mil ...       852 664 402 416 809    
Shareholders' Equity PLN mil ...       1,739 1,969 2,143 2,296 2,456    
Liabilities PLN mil ...       731 859 934 1,189 1,389    
Non-Current Liabilities PLN mil ...       478 456 627 773 590    
Current Liabilities PLN mil ...       253 403 307 416 809    
Net Debt/EBITDA ...       -1.17 -0.518 0.526 0.464 0.542    
Net Debt/Equity ...       -0.248 -0.113 0.111 0.140 0.167    
Cost of Financing % ... ...     3.59 5.12 2.12 2.82 2.74    
cash flow                      
Total Cash From Operations PLN mil ...       382 393 325 662 726    
Total Cash From Investing PLN mil ...       -383 -622 -738 -605 -639    
Total Cash From Financing PLN mil ...       582 19.5 43.4 -39.3 4.56    
Net Change In Cash PLN mil ...       582 -210 -369 17.7 91.5    
valuation                      
Market Capitalisation USD mil ...       715 1,264 1,026 1,495 1,420    
Number Of Shares mil ...       28.8 34.0 34.0 34.0 34.0    
Share Price EUR ...       71.0 110 104 136 126    
Earnings Per Share (EPS) PLN ...       6.64 6.76 6.50 9.09 9.69    
Book Value Per Share PLN ...       60.3 57.9 63.0 67.5 72.2    
Dividend Per Share PLN ...       0 1.40 4.00 5.06 5.80   ...
Price/Earnings (P/E) ...       10.7 16.3 16.0 15.0 13.0    
Price/Book Value (P/BV) ...       1.18 1.90 1.65 2.01 1.74    
Dividend Yield % ...       0 1.27 3.85 3.72 4.61   ...
Earnings Per Share Growth % ... ...     95.9 1.73 -3.87 39.9 6.70    
Book Value Per Share Growth % ... ...     24.4 -4.02 8.82 7.17 6.93    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                      
Sales PLN mil ...       1,118 1,230 1,301 1,836 1,900    
Cost of Goods & Services PLN mil ...       363 821 493 832 971    
Gross Profit PLN mil ...       756 410 809 1,004 929    
Staff Cost PLN mil ...       398 391 424 498 533    
Other Cost PLN mil ...       -10.6 -410 -68.4 -185 -359    
EBITDA PLN mil ...       368 429 453 690 755    
Depreciation PLN mil ...       141 138 185 301 330    
EBIT PLN mil ...       227 290 268 389 425    
Financing Cost PLN mil ...       6.29 12.8 6.26 11.0 14.6    
Extraordinary Cost PLN mil ...       -17.3 -10.6 -10.1 -3.88 -3.50    
Pre-Tax Profit PLN mil ...       238 288 272 382 414    
Tax PLN mil ...       47.0 58.1 50.7 73.1 84.0    
Minorities PLN mil ...       -0.630 0.311 0.325 0.414 0.310    
Net Profit PLN mil ...       191 230 221 309 330    
Dividends PLN mil         0 47.6 136 172 197   ...
growth rates                      
Total Revenue Growth % ... ...     8.24 10.0 5.76 41.1 3.49    
Operating Cost Growth % ... ...     30.9 -105 -1,987 -11.8 -44.4    
EBITDA Growth % ... ...     6.07 16.4 5.72 52.3 9.42    
EBIT Growth % ... ...     7.58 28.1 -7.66 45.1 9.14    
Pre-Tax Profit Growth % ... ...     17.8 21.2 -5.64 40.5 8.29    
Net Profit Growth % ... ...     22.7 20.0 -3.87 39.9 6.70    
ratios                      
ROE % ...       13.4 12.4 10.7 13.9 13.9    
ROCE % ... ...     12.8 12.4 9.17 10.8 10.8    
Gross Margin % ...       67.6 33.3 62.1 54.7 48.9    
EBITDA Margin % ...       32.9 34.8 34.8 37.6 39.7    
EBIT Margin % ...       20.3 23.6 20.6 21.2 22.4    
Net Margin % ...       17.1 18.7 17.0 16.8 17.4    
Payout Ratio % ...       0 20.7 61.6 55.7 59.8   ...
Cost of Financing % ... ...     3.59 5.12 2.12 2.82 2.74    
Net Debt/EBITDA ...       -1.17 -0.518 0.526 0.464 0.542    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                      
Non-Current Assets PLN mil ...       1,618 2,164 2,674 3,064 3,035    
Property, Plant & Equipment PLN mil ...       1,559 2,101 2,605 2,970 3,170    
Intangible Assets PLN mil ...       12.2 11.0 9.93 23.1 23.1    
Current Assets PLN mil ...       852 664 402 416 809    
Inventories PLN mil ...       50.4 60.8 43.5 55.4 112    
Receivables PLN mil ...       96.5 127 224 221 227    
Cash & Cash Equivalents PLN mil ...       682 472 103 121 212    
Total Assets PLN mil ...       2,470 2,828 3,076 3,485 3,844    
Shareholders' Equity PLN mil ...       1,739 1,969 2,143 2,296 2,456    
Of Which Minority Interest PLN mil ...       8.94 9.25 9.58 9.99 10.3    
Liabilities PLN mil ...       731 859 934 1,189 1,389    
Non-Current Liabilities PLN mil ...       478 456 627 773 590    
Long-Term Debt PLN mil ...       250 200 341 421 200    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... 75.1 99.8    
Current Liabilities PLN mil ...       253 403 307 416 809    
Short-Term Debt PLN mil ...       0 50.0 0 20.0 421    
Trade Payables PLN mil ...       163 241 234 309 277    
Equity And Liabilities PLN mil ...       2,470 2,828 3,076 3,485 3,844    
growth rates                      
Total Asset Growth % ... ...     49.0 14.5 8.78 13.3 10.3    
Shareholders' Equity Growth % ... ...     55.9 13.2 8.82 7.17 6.93    
Net Debt Growth % ... ...     -342,686 -48.5 -207 34.5 27.6    
Total Debt Growth % ... ... ...   150 0 36.4 29.3 40.8    
ratios                      
Total Debt PLN mil ...       250 250 341 441 621    
Net Debt PLN mil ...       -432 -222 238 320 409    
Working Capital PLN mil ...       -16.4 -53.1 33.6 -32.8 61.0    
Capital Employed PLN mil ...       1,601 2,111 2,708 3,031 3,096    
Net Debt/Equity ...       -0.248 -0.113 0.111 0.140 0.167    
Cost of Financing % ... ...     3.59 5.12 2.12 2.82 2.74    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                      
Net Profit PLN mil ...       191 230 221 309 330    
Depreciation PLN mil ...       141 138 185 301 330    
Non-Cash Items PLN mil ... ...     39.2 -11.4 5.86 -14.5 160    
Change in Working Capital PLN mil ... ...     10.4 36.7 -86.7 66.4 -93.8    
Total Cash From Operations PLN mil ...       382 393 325 662 726    
Capital Expenditures PLN mil ...       -373 -617 -718 -583 -618    
Other Investments PLN mil ...       -9.23 -5.06 -19.5 -21.5 -21.2    
Total Cash From Investing PLN mil ...       -383 -622 -738 -605 -639    
Dividends Paid PLN mil         0 -47.6 -136 -172 -197   ...
Issuance Of Debt PLN mil ... ...     150 0 91.0 100 180    
Total Cash From Financing PLN mil ...       582 19.5 43.4 -39.3 4.56    
Net Change In Cash PLN mil ...       582 -210 -369 17.7 91.5    
ratios                      
Days Sales Outstanding days ...       31.5 37.6 62.9 43.9 43.6    
Days Sales Of Inventory days ...       50.7 27.0 32.2 24.3 41.9    
Days Payable Outstanding days ...       164 107 174 136 104    
Cash Conversion Cycle days ...       -82.0 -42.4 -78.4 -67.4 -18.8    
Cash Earnings PLN mil ...       333 368 406 610 660    
Cash Earnings Per Share PLN ...       11.5 10.8 11.9 17.9 19.4    
Price/Cash Earnings (P/CE) ...       6.15 10.2 8.71 7.59 6.48    
Free Cash Flow PLN mil ...       -0.346 -229 -413 57.0 86.9    
Free Cash Flow Yield % ...       -0.016 -6.00 -13.6 1.17 1.94    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                      
ROA % ...       9.28 8.68 7.48 9.42 9.00    
Gross Margin % ...       67.6 33.3 62.1 54.7 48.9    
Employees ...       4,016 4,087 4,303 4,705 5,377    
Cost Per Employee USD per month ...       2,652 2,642 2,770 2,712 2,613    
Cost Per Employee (Local Currency) PLN per month ...       8,263 7,971 8,212 8,826 8,259    
Staff Cost (As % Of Total Cost) % ...       44.7 41.6 41.0 34.4 36.1    
Effective Tax Rate % ...       19.8 20.2 18.7 19.1 20.3    
Enterprise Value (EV) USD mil ...       564 1,189 1,096 1,599 1,556    
EV/EBITDA ...       4.77 8.37 7.17 7.54 6.51    
EV/Capital Employed ...       1.01 1.67 1.39 1.63 1.51    
EV/Sales ...       1.57 2.92 2.50 2.83 2.59    
EV/EBIT ...       7.75 12.4 12.1 13.4 11.6    
Capital Expenditures (As % of Sales) % ...       33.4 50.2 55.2 31.8 32.5    
Sales from Coal PLN mil ... ... ...   1,079 1,191 1,225 1,769 1,825    
Sales from Ceramics PLN mil ... ... ...   8.53 7.87 8.68 6.75 5.12    
Sales from Other PLN mil ... ... ...   22.5 22.4 43.8 46.5 54.4    
Sales from Goods & Material PLN mil ... ... ...   8.67 9.12 24.2 13.2 9.63    
Mining Cost per Tonne EUR ... ... ...   16.0 35.4 20.5 25.6 28.0    
Selling Price per Tonne EUR ... ... ...   57.3 51.9 50.0 54.2 53.9    
Production of Coal (kt) kt ... ... ...   5,236 5,800 5,838 7,785 8,336    
Sales of Coal (kt) kt ... ... ...   4,350 5,740 5,950 7,800 8,147    
Market Share in Hard Coal Sales % ... ... ... ... 8.10 8.90 8.50 12.1 ... ... ...
Market Share in Termal Coal Sales % ... ... ... ... 9.00 10.4 9.90 14.2 14.8    
Market Share in Thermal Coal Production % ... ... ...   11.5 13.9 13.7 19.8 ... ... ...

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Jan 2014
Company Report

Lubelski Wegiel Bogdanka SA (Bogdanka) is a Poland-based manufacturer of hard coal. The Company offers energetic coal that is used for the generation of electric and thermal energy, as well as for cement production. In addition, it offers building materials, including façade bricks and ceramic elevation tiles; provides services to mines, which include supply of heat energy and conducting water/wastewater management; and engages in the construction and refurbishment of heat-generating, water supply, and sewage disposal installations. The mine Bogdanka has been located in Central Coal District, which is situated in Lubelskie Coal Basin. The Lubelski Wegiel Bogdanka SA's mine performs its mining operations within the mining area of a surface of 57 square kilometers. The Company's total reserves are estimated at around 237 mil tonnes of coal with a plan to extend them to 450 mil tonnes

Finance

Bogdanka has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 34.1% a year during that time to total of PLN 53.4 mil in 2015, or 2.84% of sales. That’s compared to 30.4% average margin seen in last five years.

The company netted PLN -278 mil in 2015 implying ROE of -12.1% and ROCE of -8.08%. Again, the average figures were 7.50% and 6.15%, respectively when looking at the previous 5 years.

Bogdanka’s net debt amounted to PLN 460 mil at the end of 2015, or 0.218 of equity. When compared to EBITDA, net debt was 8.62x, up when compared to average of 2.20x seen in the last 5 years.

Valuation

Bogdanka stock traded at EUR 33.2 per share at the end of 2015 resulting in a market capitalization of USD 290 mil. Over the previous five years, stock price fell by 69.8% or -21.3% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 28.4x and price to earnings (PE) of -4.06x as of 2015.

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