Cedok

Cedok's Cash & Cash Equivalents rose 146% yoy to CZK 38.7 mil in 2015

By Helgi Analytics - April 2, 2020

Cedok's total assets reached CZK 414 mil at the end of 2015, down 33.9% compared to the previous year. Current ass...

Profit Statement 2013 2014 2015
Sales CZK mil 2,648 2,479 1,962
Gross Profit CZK mil 101 65.1 54.1
EBITDA CZK mil -33.9 -40.3 -119
EBIT CZK mil -51.7 -53.2 -132
Financing Cost CZK mil -67.0 -40.9 50.3
Pre-Tax Profit CZK mil 15.3 -12.3 -182
Net Profit CZK mil 15.3 -6.63 -161
Balance Sheet 2013 2014 2015
Total Assets CZK mil 667 626 414
Non-Current Assets CZK mil 157 176 147
Current Assets CZK mil 458 387 225
Working Capital CZK mil 33.0 50.4 5.04
Shareholders' Equity CZK mil 288 263 112
Liabilities CZK mil 379 363 301
Total Debt CZK mil 275 269 222
Net Debt CZK mil 227 253 183
Ratios 2013 2014 2015
ROE % 5.46 -2.41 -85.6
ROCE % 7.75 -3.18 -84.9
Gross Margin % 3.81 2.62 2.76
EBITDA Margin % -1.28 -1.62 -6.05
EBIT Margin % -1.95 -2.15 -6.72
Net Margin % 0.577 -0.267 -8.18
Net Debt/EBITDA -6.71 -6.29 -1.54
Net Debt/Equity 0.788 0.964 1.63
Cost of Financing % -24.6 -15.1 20.5
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 4.30 7.25 0.668
Cash Earnings CZK mil 33.2 6.33 -147

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     3,193 3,130 2,820 3,036 2,648    
Gross Profit CZK mil     240 233 178 123 101    
EBIT CZK mil     66.4 49.2 17.3 -48.6 -51.7    
Net Profit CZK mil     37.1 14.0 4.00 -39.6 15.3    
ROE %     10.2 4.13 1.25 -13.4 5.46    
EBIT Margin %     2.08 1.57 0.615 -1.60 -1.95    
Net Margin %     1.16 0.448 0.142 -1.30 0.577    
Employees     392 377 362 348 333    
balance sheet                  
Total Assets CZK mil     699 695 684 657 667    
Non-Current Assets CZK mil     222 189 179 164 157    
Current Assets CZK mil     424 406 426 441 458    
Shareholders' Equity CZK mil     353 325 316 273 288    
Liabilities CZK mil     346 370 368 385 379    
Non-Current Liabilities CZK mil     14.1 13.0 13.0 13.0 13.0    
Current Liabilities CZK mil     329 318 320 306 303    
Net Debt/EBITDA     1.58 2.02 3.74 -10.6 -6.71    
Net Debt/Equity     0.528 0.610 0.650 0.731 0.788    
Cost of Financing % ...   9.47 14.6 5.38 -3.46 -24.6    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     3,193 3,130 2,820 3,036 2,648    
Cost of Goods & Services CZK mil     2,952 2,897 2,641 2,913 2,548    
Gross Profit CZK mil     240 233 178 123 101    
Staff Cost CZK mil     172 165 158 156 144    
Other Cost CZK mil     -49.6 -30.3 -34.4 -14.1 -8.86    
EBITDA CZK mil     118 98.3 55.0 -18.8 -33.9    
Depreciation CZK mil     51.6 49.1 37.7 29.8 17.9    
EBIT CZK mil     66.4 49.2 17.3 -48.6 -51.7    
Financing Cost CZK mil     23.8 34.9 13.3 -9.04 -67.0    
Extraordinary Cost CZK mil     0 0 0 0 0    
Pre-Tax Profit CZK mil     42.6 14.3 4.05 -39.6 15.3    
Tax CZK mil     5.52 0.274 0.041 0 0    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     37.1 14.0 4.00 -39.6 15.3    
growth rates                  
Total Revenue Growth % ...   -10.5 -1.97 -9.90 7.68 -12.8    
Operating Cost Growth % ...   5.95 9.97 -8.29 15.2 -5.30    
EBITDA Growth % ...   -18.0 -16.7 -44.0 -134 79.9    
EBIT Growth % ...   -25.7 -25.9 -64.8 -380 6.38    
Pre-Tax Profit Growth % ...   -24.6 -66.5 -71.7 -1,078 -139    
Net Profit Growth % ...   -14.8 -62.2 -71.4 -1,088 -139    
ratios                  
ROE %     10.2 4.13 1.25 -13.4 5.46    
ROCE % ...   14.1 5.28 1.70 -18.1 7.75    
Gross Margin %     7.53 7.44 6.33 4.06 3.81    
EBITDA Margin %     3.70 3.14 1.95 -0.620 -1.28    
EBIT Margin %     2.08 1.57 0.615 -1.60 -1.95    
Net Margin %     1.16 0.448 0.142 -1.30 0.577    
Cost of Financing % ...   9.47 14.6 5.38 -3.46 -24.6    
Net Debt/EBITDA     1.58 2.02 3.74 -10.6 -6.71    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     222 189 179 164 157    
Property, Plant & Equipment CZK mil     130 113 91.2 79.0 68.5    
Intangible Assets CZK mil     75.7 59.9 51.6 49.3 53.3    
Current Assets CZK mil     424 406 426 441 458    
Inventories CZK mil     6.24 6.81 7.20 7.56 7.66    
Receivables CZK mil     124 116 115 106 77.7    
Cash & Cash Equivalents CZK mil     52.3 42.7 47.8 69.6 48.1    
Total Assets CZK mil     699 695 684 657 667    
Shareholders' Equity CZK mil     353 325 316 273 288    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     346 370 368 385 379    
Non-Current Liabilities CZK mil     14.1 13.0 13.0 13.0 13.0    
Long-Term Debt CZK mil     0 0 0 0 0    
Deferred Tax Liabilities CZK mil     14.1 13.0 13.0 13.0 13.0    
Current Liabilities CZK mil     329 318 320 306 303    
Short-Term Debt CZK mil     239 241 253 269 275    
Trade Payables CZK mil     60.2 74.1 68.8 72.1 52.4    
Provisions CZK mil     0 0 0 0 0    
Equity And Liabilities CZK mil     699 695 684 657 667    
growth rates                  
Total Asset Growth % ...   -13.5 -0.586 -1.58 -3.90 1.41    
Shareholders' Equity Growth % ...   -5.59 -7.86 -2.77 -13.7 5.63    
Net Debt Growth % ...   27.2 6.54 3.55 -3.03 14.0    
Total Debt Growth % ...   -9.87 1.07 5.06 6.13 2.36    
ratios                  
Total Debt CZK mil     239 241 253 269 275    
Net Debt CZK mil     186 198 205 199 227    
Working Capital CZK mil     70.0 48.8 53.3 41.3 33.0    
Capital Employed CZK mil     292 238 233 205 190    
Net Debt/Equity     0.528 0.610 0.650 0.731 0.788    
Cost of Financing % ...   9.47 14.6 5.38 -3.46 -24.6    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil     37.1 14.0 4.00 -39.6 15.3    
Depreciation CZK mil     51.6 49.1 37.7 29.8 17.9    
ratios                  
Days Sales Outstanding days     14.2 13.5 14.9 12.7 10.7    
Days Sales Of Inventory days     0.772 0.857 0.995 0.948 1.10    
Days Payable Outstanding days     7.44 9.33 9.51 9.03 7.50    
Cash Conversion Cycle days     7.50 5.07 6.36 4.63 4.30    
Cash Earnings CZK mil     88.6 63.1 41.7 -9.78 33.2    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     4.92 2.01 0.581 -5.90 2.31    
Gross Margin %     7.53 7.44 6.33 4.06 3.81    
Employees     392 377 362 348 333    
Cost Per Employee USD per month     1,919 1,908 2,055 1,913 1,836    
Cost Per Employee (Local Currency) CZK per month     36,571 36,465 36,340 37,418 35,915    
Staff Cost (As % Of Total Cost) %     5.50 5.36 5.63 5.07 5.32    
Effective Tax Rate %     13.0 1.92 1.01 0 0    
Domestic Sales CZK mil     3,082 3,031 2,732 2,955 2,572    
Revenues From Abroad CZK mil     111 98.8 88.2 81.0 76.6    
Revenues From Abroad (As % Of Total) %     3.48 3.16 3.13 2.67 2.89    

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Čedok a.s., is a Czech Republic-based travel agency providing transportation services to tourists in Czech Republic and Europe. It also provides air transportation services using fleet of Boeing and aircrafts. Cedok a.s. was founded in 1920 and is headquartered in Praha, Czech Republic. The company also has offices in London, Paris, Frankfurt am Main, Vienna, Zurich, Moscow, and the Czech Republic.

Finance

Cedok has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 221% during that time to total of CZK -119 mil in 2015, or -6.05% of sales. That’s compared to -1.52% average margin seen in last five years.

The company netted CZK -161 mil in 2015 implying ROE of -85.6% and ROCE of -84.9%. Again, the average figures were -18.9% and -19.3%, respectively when looking at the previous 5 years.

Cedok’s net debt amounted to CZK 183 mil at the end of 2015, or 1.63 of equity. When compared to EBITDA, net debt was -1.54x, up when compared to average of -4.28x seen in the last 5 years.