CCC

CCC's Cash & Cash Equivalents rose 121% yoy to PLN 359 mil in 2015

By Helgi Analytics - April 2, 2020

CCC's total assets reached PLN 2,072 mil at the end of 2015, up 15.5% compared to the previous year. Current asset...

Profit Statement 2013 2014 2015
Sales PLN mil 1,643 2,010 2,307
Gross Profit PLN mil 837 1,107 1,262
EBITDA PLN mil 203 296 324
EBIT PLN mil 168 243 257
Financing Cost PLN mil 14.8 16.5 21.0
Pre-Tax Profit PLN mil 151 225 233
Net Profit PLN mil 125 420 259
Dividends PLN mil 61.4 115 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 1,120 1,794 2,072
Non-Current Assets PLN mil 430 813 920
Current Assets PLN mil 690 982 1,152
Working Capital PLN mil 322 589 654
Shareholders' Equity PLN mil 592 952 1,124
Liabilities PLN mil 528 842 948
Total Debt PLN mil 328 578 719
Net Debt PLN mil 184 416 360
Ratios 2013 2014 2015
ROE % 22.3 54.4 25.0
ROCE % 16.9 39.0 17.4
Gross Margin % 50.9 55.1 54.7
EBITDA Margin % 12.4 14.7 14.0
EBIT Margin % 10.2 12.1 11.1
Net Margin % 7.62 20.9 11.2
Net Debt/EBITDA 0.905 1.41 1.11
Net Debt/Equity 0.311 0.437 0.321
Cost of Financing % 4.81 3.64 3.24
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,486 1,448 1,364
Enterprise Value (EV) USD mil 1,547 1,566 1,456
Number Of Shares mil 38.4 38.4 38.4
Share Price PLN 117 134 139
EV/EBITDA 24.0 17.3 16.7
EV/Sales 2.98 2.55 2.35
Price/Earnings (P/E) 35.8 12.2 20.5
Price/Book Value (P/BV) 7.57 5.38 4.74
Dividend Yield % 1.37 2.25 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales PLN mil                 922 1,029 1,091 1,317 1,643    
Gross Profit PLN mil                 610 694 793 880 837    
EBIT PLN mil                 108 132 164 148 168    
Net Profit PLN mil                 83.6 118 123 106 125    
ROE %                 26.3 30.9 26.8 20.8 22.3    
EBIT Margin %                 11.7 12.8 15.0 11.2 10.2    
Net Margin %                 9.06 11.5 11.3 8.07 7.62    
Employees ... ... ... ...         4,667 4,906 6,376 6,474 7,861    
balance sheet                              
Total Assets PLN mil                 551 678 966 978 1,120    
Non-Current Assets PLN mil                 210 270 367 387 430    
Current Assets PLN mil                 341 408 598 591 690    
Shareholders' Equity PLN mil                 340 423 495 529 592    
Liabilities PLN mil                 211 255 471 449 528    
Non-Current Liabilities PLN mil                 81.4 105 209 124 193    
Current Liabilities PLN mil                 130 150 262 325 335    
Net Debt/EBITDA                 0.470 0.432 1.30 0.873 0.905    
Net Debt/Equity                 0.175 0.157 0.493 0.308 0.311    
Cost of Financing % ...               6.47 3.84 3.37 4.94 4.81    
cash flow                              
Total Cash From Operations PLN mil                 119 83.7 -23.2 194 145    
Total Cash From Investing PLN mil                 -46.3 -52.3 -96.8 -51.1 -92.6    
Total Cash From Financing PLN mil                 -27.0 -9.22 71.8 -65.5 -34.7    
Net Change In Cash PLN mil                 45.5 22.2 -48.1 77.9 18.0    
valuation                              
Market Capitalisation USD mil ... ... ...           652 882 524 906 1,486    
Number Of Shares mil                 38.4 38.4 38.4 38.4 38.4    
Share Price PLN ... ... ...           48.6 68.0 47.0 73.0 117    
Earnings Per Share (EPS) PLN                 2.18 3.07 3.20 2.77 3.26    
Book Value Per Share PLN                 8.86 11.0 12.9 13.8 15.4    
Dividend Per Share PLN ... ... ...           1.00 1.50 1.59 1.60 1.60   ...
Price/Earnings (P/E) ... ... ...           22.3 22.2 14.7 26.4 35.8    
Price/Book Value (P/BV) ... ... ...           5.49 6.18 3.65 5.30 7.57    
Dividend Yield % ... ... ...           2.06 2.21 3.39 2.19 1.37   ...
Earnings Per Share Growth % ...               -18.4 41.0 4.17 -13.4 17.8    
Book Value Per Share Growth % ...               15.3 24.3 17.1 6.79 11.9    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales PLN mil                 922 1,029 1,091 1,317 1,643    
Cost of Goods & Services PLN mil                 313 334 299 437 806    
Gross Profit PLN mil                 610 694 793 880 837    
Staff Cost PLN mil ... ... ... ...         128 138 180 202 260    
Other Cost PLN mil ... ... ... ...         355 403 424 492 373    
EBITDA PLN mil                 127 154 188 187 203    
Depreciation PLN mil                 18.3 22.2 24.2 39.0 35.9    
EBIT PLN mil                 108 132 164 148 168    
Financing Cost PLN mil                 7.41 5.18 7.23 14.0 14.8    
Extraordinary Cost PLN mil                 1.08 3.90 5.48 7.33 1.40    
Pre-Tax Profit PLN mil                 99.7 123 151 126 151    
Tax PLN mil                 16.1 4.75 28.6 20.0 26.1    
Minorities PLN mil                 0 0 0 0 0    
Net Profit PLN mil                 83.6 118 123 106 125    
Dividends PLN mil ... ... ...           38.4 57.6 61.2 61.4 61.4   ...
growth rates                              
Total Revenue Growth % ...               22.3 11.5 6.10 20.7 24.7    
Operating Cost Growth % ... ... ... ... ...       27.0 11.9 11.8 14.8 -8.69    
EBITDA Growth % ...               -12.7 21.6 22.4 -0.880 8.98    
EBIT Growth % ...               -18.0 21.8 24.6 -9.99 13.4    
Pre-Tax Profit Growth % ...               -18.4 23.0 23.5 -16.5 19.8    
Net Profit Growth % ...               -18.4 41.0 4.17 -13.4 17.8    
ratios                              
ROE %                 26.3 30.9 26.8 20.8 22.3    
ROCE % ...               19.9 26.0 19.5 14.0 16.9    
Gross Margin %                 66.1 67.5 72.6 66.8 50.9    
EBITDA Margin %                 13.7 15.0 17.3 14.2 12.4    
EBIT Margin %                 11.7 12.8 15.0 11.2 10.2    
Net Margin %                 9.06 11.5 11.3 8.07 7.62    
Payout Ratio % ... ... ...           45.9 48.9 49.9 57.8 49.1   ...
Cost of Financing % ...               6.47 3.84 3.37 4.94 4.81    
Net Debt/EBITDA                 0.470 0.432 1.30 0.873 0.905    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets PLN mil                 210 270 367 387 430    
Property, Plant & Equipment PLN mil                 203 241 332 355 397    
Intangible Assets PLN mil                 1.07 0.882 6.75 7.78 9.17    
Current Assets PLN mil                 341 408 598 591 690    
Inventories PLN mil                 243 252 485 399 463    
Receivables PLN mil                 25.3 42.1 39.9 59.7 14.8    
Cash & Cash Equivalents PLN mil                 60.9 83.1 34.9 126 144    
Total Assets PLN mil                 551 678 966 978 1,120    
Shareholders' Equity PLN mil                 340 423 495 529 592    
Of Which Minority Interest PLN mil                 0 0 0 0 0    
Liabilities PLN mil                 211 255 471 449 528    
Non-Current Liabilities PLN mil                 81.4 105 209 124 193    
Long-Term Debt PLN mil                 80.2 103 207 88.0 158    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities PLN mil                 130 150 262 325 335    
Short-Term Debt PLN mil                 40.1 46.1 72.0 201 170    
Trade Payables PLN mil                 48.2 86.8 108 116 155    
Equity And Liabilities PLN mil                 551 678 966 978 1,120    
growth rates                              
Total Asset Growth % ...               12.1 23.1 42.4 1.29 14.5    
Shareholders' Equity Growth % ...               15.3 24.3 17.1 6.79 11.9    
Net Debt Growth % ...               -36.3 11.8 267 -33.2 13.0    
Total Debt Growth % ...               10.8 24.2 86.6 3.50 13.6    
ratios                              
Total Debt PLN mil                 120 149 279 289 328    
Net Debt PLN mil                 59.4 66.4 244 163 184    
Working Capital PLN mil                 220 208 417 343 322    
Capital Employed PLN mil                 430 478 784 730 753    
Net Debt/Equity                 0.175 0.157 0.493 0.308 0.311    
Cost of Financing % ...               6.47 3.84 3.37 4.94 4.81    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit PLN mil                 83.6 118 123 106 125    
Depreciation PLN mil                 18.3 22.2 24.2 39.0 35.9    
Non-Cash Items PLN mil ...               9.58 -68.4 39.2 -25.4 -35.9    
Change in Working Capital PLN mil ...               7.35 12.0 -209 74.6 20.2    
Total Cash From Operations PLN mil                 119 83.7 -23.2 194 145    
Capital Expenditures PLN mil                 -46.3 -60.6 -116 -54.2 -99.4    
Other Investments PLN mil                 0.005 8.33 19.5 3.08 6.77    
Total Cash From Investing PLN mil                 -46.3 -52.3 -96.8 -51.1 -92.6    
Dividends Paid PLN mil ... ... ...           -38.4 -57.6 -61.2 -61.4 -61.4   ...
Issuance Of Debt PLN mil ...               11.7 29.2 129 9.76 39.2    
Total Cash From Financing PLN mil                 -27.0 -9.22 71.8 -65.5 -34.7    
Net Change In Cash PLN mil                 45.5 22.2 -48.1 77.9 18.0    
ratios                              
Days Sales Outstanding days                 9.99 14.9 13.3 16.5 3.29    
Days Sales Of Inventory days                 283 276 592 333 210    
Days Payable Outstanding days                 56.2 94.7 131 97.1 70.3    
Cash Conversion Cycle days                 237 196 474 253 143    
Cash Earnings PLN mil                 102 140 147 145 161    
Cash Earnings Per Share PLN                 2.65 3.65 3.83 3.78 4.20    
Price/Cash Earnings (P/CE) ... ... ...           18.3 18.6 12.3 19.3 27.8    
Free Cash Flow PLN mil                 72.6 31.4 -120 143 52.7    
Free Cash Flow Yield % ... ... ...           3.58 1.18 -7.72 4.86 1.12    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA %                 16.0 19.2 14.9 10.9 11.9    
Gross Margin %                 66.1 67.5 72.6 66.8 50.9    
Employees ... ... ... ...         4,667 4,906 6,376 6,474 7,861    
Cost Per Employee USD per month ... ... ... ...         736 776 792 798 873    
Cost Per Employee (Local Currency) PLN per month ... ... ... ...         2,292 2,341 2,349 2,598 2,760    
Staff Cost (As % Of Total Cost) % ... ... ... ...         15.8 15.4 19.4 17.3 17.6    
Effective Tax Rate %                 16.1 3.88 18.9 15.8 17.2    
Enterprise Value (EV) USD mil ... ... ...           672 905 595 959 1,547    
EV/EBITDA ... ... ...           16.6 17.7 9.37 16.7 24.0    
EV/Capital Employed ... ... ...           4.48 5.61 2.61 4.06 6.19    
EV/Sales ... ... ...           2.27 2.65 1.62 2.37 2.98    
EV/EBIT ... ... ...           19.4 20.7 10.8 21.1 29.2    
Capital Expenditures (As % of Sales) %                 5.02 5.89 10.7 4.11 6.05    
Sales from Retail Sales PLN mil ... ... ... ... ... ... ... ... 749 854 903 1,119 1,565    
Sales from Franchise and Other PLN mil ... ... ... ... ... ... ... ... 134 144 136 140 78.4    
Sales of Women's Footwear PLN mil ... ...             545 605 621 721 ... ... ...
Sales of Men's Footwear PLN mil ... ...             168 190 186 261 ... ... ...
Sales of Childern's Footwear PLN mil ... ...             128 141 162 182 ... ... ...
Number of Stores ... ... ... ... ... ... ... ... ... ... 714 709 ... ... ...
Sales in Poland PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in the CEE PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in the Western Europe PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales in Other Countries PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    

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Feb 2014
Statistical Dossier
Feb 2014
Company Report

CCC SA is a Poland-based footwear retail company. The Company produces and sells various models and brands of shoes, including sport footwear, children, female and male shoes. It offers also accessories and garments. The Company carries out sales in its own locations in Poland and the Czech Republic, Slovakia, and Hungary as well as through chains: CCC, BOTI, QUAZI and LASOCKI. Apart from the Central Europe, the CCC Group is present in Romania, Latvia, Ukraine, Kazakhstan and Russia. Within one year, the Company offers nearly three thousand models of shoes. Since 2004, CCC SA stocks are listed in the Warsaw Stock Exchange.

Finance

CCC has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 16% a year during that time to total of PLN 324 mil in 2015, or 14.0% of sales. That’s compared to 14.5% average margin seen in last five years.

The company netted PLN 259 mil in 2015 implying ROE of 25.0% and ROCE of 17.4%. Again, the average figures were 29.9% and 21.4%, respectively when looking at the previous 5 years.

CCC’s net debt amounted to PLN 360 mil at the end of 2015, or 0.321 of equity. When compared to EBITDA, net debt was 1.11x, down when compared to average of 1.12x seen in the last 5 years.

Valuation

CCC stock traded at PLN 139 per share at the end of 2015 resulting in a market capitalization of USD 1,364 mil. Over the previous five years, stock price grew by 104% or 15.3% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 16.7x and price to earnings (PE) of 20.5x as of 2015.

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