Brose Czech Republic

Brose CR's Cash & Cash Equivalents rose 20.8% yoy to CZK 191 mil in 2015

By Helgi Analytics - April 2, 2020

Brose Czech Republic's total assets reached CZK 8,948 mil at the end of 2015, up 12.2% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 11,938 13,959 16,188
Gross Profit CZK mil 1,814 2,112 2,769
EBITDA CZK mil 919 1,059 1,299
EBIT CZK mil 383 440 625
Financing Cost CZK mil -58.0 51.0 58.3
Pre-Tax Profit CZK mil 441 389 566
Net Profit CZK mil 350 319 456
Balance Sheet 2013 2014 2015
Total Assets CZK mil 7,460 7,976 8,948
Non-Current Assets CZK mil 4,260 4,438 4,669
Current Assets CZK mil 3,197 3,536 4,277
Working Capital CZK mil 1,705 1,647 2,332
Shareholders' Equity CZK mil 5,499 5,840 6,299
Liabilities CZK mil 1,961 2,135 2,649
Total Debt CZK mil 9.63 0 0
Net Debt CZK mil -31.8 -158 -191
Ratios 2013 2014 2015
ROE % 6.56 5.63 7.51
ROCE % 6.25 5.30 6.97
Gross Margin % 15.2 15.1 17.1
EBITDA Margin % 7.70 7.59 8.03
EBIT Margin % 3.21 3.15 3.86
Net Margin % 2.94 2.29 2.82
Net Debt/EBITDA -0.035 -0.149 -0.147
Net Debt/Equity -0.006 -0.027 -0.030
Cost of Financing % -1,206 1,059 ...
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 50.0 41.0 51.2
Cash Earnings CZK mil 887 938 1,130

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summary Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales CZK mil   4,982 7,270 11,207 11,382 11,938    
Gross Profit CZK mil   1,339 1,677 1,709 1,813 1,814    
EBIT CZK mil   538 614 665 471 383    
Net Profit CZK mil   392 422 540 352 350    
ROE %   9.07 9.86 11.6 7.05 6.56    
EBIT Margin %   10.8 8.44 5.93 4.13 3.21    
Net Margin %   7.87 5.81 4.82 3.09 2.94    
Employees   1,006 1,124 1,641 2,011 1,983    
balance sheet                
Total Assets CZK mil   5,073 6,092 6,885 6,887 7,460    
Non-Current Assets CZK mil   2,756 2,955 3,251 3,737 4,260    
Current Assets CZK mil   2,307 3,129 3,627 3,145 3,197    
Shareholders' Equity CZK mil   4,065 4,497 4,801 5,181 5,499    
Liabilities CZK mil   1,008 1,595 2,084 1,706 1,961    
Non-Current Liabilities CZK mil   100 113 161 196 213    
Current Liabilities CZK mil   642 1,191 1,810 1,403 1,522    
Net Debt/EBITDA   -0.085 -0.155 0.081 -0.044 -0.035    
Net Debt/Equity   -0.019 -0.035 0.019 -0.008 -0.006    
Cost of Financing % ... 437 ... -10.4 28.4 -1,206   ...
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales CZK mil   4,982 7,270 11,207 11,382 11,938    
Cost of Goods & Services CZK mil   3,643 5,593 9,498 9,569 10,124    
Gross Profit CZK mil   1,339 1,677 1,709 1,813 1,814    
Staff Cost CZK mil   496 569 810 937 967    
Other Cost CZK mil   -68.8 94.6 -215 -107 -73.2    
EBITDA CZK mil   912 1,014 1,115 983 919    
Depreciation CZK mil   374 400 450 512 536    
EBIT CZK mil   538 614 665 471 383    
Financing Cost CZK mil   38.1 83.0 -9.89 27.0 -58.0    
Extraordinary Cost CZK mil   0 0 0 0 0    
Pre-Tax Profit CZK mil   500 531 675 444 441    
Tax CZK mil   108 109 134 91.9 90.8    
Minorities CZK mil   0 0 0 0 0    
Net Profit CZK mil   392 422 540 352 350    
growth rates                
Total Revenue Growth % ... -14.1 45.9 54.2 1.56 4.89    
Operating Cost Growth % ... -18.1 55.4 -10.3 39.6 7.73    
EBITDA Growth % ... 7.17 11.2 9.89 -11.8 -6.44    
EBIT Growth % ... -3.47 14.1 8.33 -29.2 -18.6    
Pre-Tax Profit Growth % ... -19.6 6.23 27.1 -34.3 -0.517    
Net Profit Growth % ... -18.7 7.75 28.0 -34.9 -0.356    
ratios                
ROE %   9.07 9.86 11.6 7.05 6.56    
ROCE % ... 10.7 11.0 11.5 6.58 6.25    
Gross Margin %   26.9 23.1 15.3 15.9 15.2    
EBITDA Margin %   18.3 14.0 9.95 8.63 7.70    
EBIT Margin %   10.8 8.44 5.93 4.13 3.21    
Net Margin %   7.87 5.81 4.82 3.09 2.94    
Cost of Financing % ... 437 ... -10.4 28.4 -1,206   ...
Net Debt/EBITDA   -0.085 -0.155 0.081 -0.044 -0.035    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                
Non-Current Assets CZK mil   2,756 2,955 3,251 3,737 4,260    
Property, Plant & Equipment CZK mil   2,754 2,955 3,250 3,735 4,257    
Intangible Assets CZK mil   1.85 0.539 1.81 2.08 3.05    
Current Assets CZK mil   2,307 3,129 3,627 3,145 3,197    
Inventories CZK mil   496 809 1,207 1,153 973    
Receivables CZK mil   1,014 1,221 2,060 1,607 2,091    
Cash & Cash Equivalents CZK mil   77.3 157 99.8 42.9 41.4    
Total Assets CZK mil   5,073 6,092 6,885 6,887 7,460    
Shareholders' Equity CZK mil   4,065 4,497 4,801 5,181 5,499    
Of Which Minority Interest CZK mil   0 0 0 0 0    
Liabilities CZK mil   1,008 1,595 2,084 1,706 1,961    
Non-Current Liabilities CZK mil   100 113 161 196 213    
Long-Term Debt CZK mil   0 0 0 0 0    
Deferred Tax Liabilities CZK mil   100 113 161 196 213    
Current Liabilities CZK mil   642 1,191 1,810 1,403 1,522    
Short-Term Debt CZK mil   0 0 191 0 9.63    
Trade Payables CZK mil   495 1,045 1,069 1,256 1,359    
Provisions CZK mil   225 269 96.8 94.7 111    
Equity And Liabilities CZK mil   5,073 6,092 6,885 6,887 7,460    
growth rates                
Total Asset Growth % ... -11.0 20.1 13.0 0.022 8.33    
Shareholders' Equity Growth % ... -11.3 10.6 6.76 7.91 6.15    
Net Debt Growth % ... -6.36 103 -158 -147 -25.9    
Total Debt Growth % ... -100 ... ... -100 ...   ...
ratios                
Total Debt CZK mil   0 0 191 0 9.63    
Net Debt CZK mil   -77.3 -157 90.8 -42.9 -31.8    
Working Capital CZK mil   1,015 985 2,198 1,505 1,705    
Capital Employed CZK mil   3,771 3,941 5,449 5,242 5,965    
Net Debt/Equity   -0.019 -0.035 0.019 -0.008 -0.006    
Cost of Financing % ... 437 ... -10.4 28.4 -1,206   ...
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                
Net Profit CZK mil   392 422 540 352 350    
Depreciation CZK mil   374 400 450 512 536    
ratios                
Days Sales Outstanding days   74.3 61.3 67.1 51.6 63.9    
Days Sales Of Inventory days   49.7 52.8 46.4 44.0 35.1    
Days Payable Outstanding days   49.6 68.2 41.1 47.9 49.0    
Cash Conversion Cycle days   74.4 45.9 72.4 47.6 50.0    
Cash Earnings CZK mil   766 823 990 864 887    
other data Unit 2008 2009 2010 2011 2012 2013 2014 2015
other data                
ROA %   7.28 7.56 8.33 5.11 4.88    
Gross Margin %   26.9 23.1 15.3 15.9 15.2    
Employees   1,006 1,124 1,641 2,011 1,983    
Cost Per Employee USD per month   2,154 2,206 2,326 1,986 2,078    
Cost Per Employee (Local Currency) CZK per month   41,051 42,151 41,131 38,840 40,658    
Staff Cost (As % Of Total Cost) %   11.2 8.54 7.68 8.59 8.37    
Effective Tax Rate %   21.6 20.5 19.9 20.7 20.6    
Domestic Sales CZK mil ... 18.1 132 394 379 474    
Revenues From Abroad CZK mil ... 4,915 7,073 10,687 11,004 11,481    
Revenues From Abroad (As % Of Total) % ... 98.7 97.3 95.4 96.7 96.2    

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Brose CZ is a Czech Republic-based subsidiary of Brose, the world’s fifth-largest family-owned automotive supplier. The Czech subsidiary was founded in 2004 in Koprivnice. It produces drives for HVAC blowers, EBS motors, seat structures, side-door and liftgate latches, seat adjusters and other seat components, among others. It exports more than 95% of its production mainly to car producers such as Audi, BMW, Daimler, Volkswagen or Volvo. Globally, there are about 24,000 Brose employees working at 60 locations in 23 countries generating a turnover of more than EUR 5.2 bil.

Finance

Brose Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.08% a year during that time to total of CZK 1,299 mil in 2015, or 8.03% of sales. That’s compared to 8.38% average margin seen in last five years.

The company netted CZK 456 mil in 2015 implying ROE of 7.51% and ROCE of 6.97%. Again, the average figures were 7.67% and 7.32%, respectively when looking at the previous 5 years.

Brose Czech Republic’s net debt amounted to CZK -191 mil at the end of 2015, or -0.030 of equity. When compared to EBITDA, net debt was -0.147x, down when compared to average of -0.059x seen in the last 5 years.