Ceska zbrojovka

CZ's Cash & Cash Equivalents fell 0.355% yoy to CZK 284 mil in 2017

By Helgi Analytics - April 2, 2020

Ceska zbrojovka's total assets reached CZK 4,595 mil at the end of 2017, up 11.6% compared to the previous year. C...

Profit Statement 2015 2016 2017
Sales CZK mil 4,274 3,976 4,148
Gross Profit CZK mil 1,729 2,165 2,312
EBITDA CZK mil 800 1,023 895
EBIT CZK mil 651 835 683
Financing Cost CZK mil 118 101 -85.9
Pre-Tax Profit CZK mil 533 735 769
Net Profit CZK mil 450 698 625
Dividends CZK mil 98.3 187 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 3,204 4,118 4,595
Non-Current Assets CZK mil 1,236 1,800 1,766
Current Assets CZK mil 1,931 2,318 2,829
Working Capital CZK mil 1,034 1,488 1,756
Shareholders' Equity CZK mil 602 1,632 1,989
Liabilities CZK mil 2,602 2,486 2,606
Total Debt CZK mil 1,571 1,491 1,492
Net Debt CZK mil 1,313 1,205 1,208
Ratios 2015 2016 2017
ROE % 59.7 62.5 34.5
ROCE % 20.6 25.1 18.4
Gross Margin % 40.4 54.4 55.7
EBITDA Margin % 18.7 25.7 21.6
EBIT Margin % 15.2 21.0 16.5
Net Margin % 10.5 17.5 15.1
Net Debt/EBITDA 1.64 1.18 1.35
Net Debt/Equity % 218 73.8 60.7
Cost of Financing % 8.08 6.57 -5.76
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 718 377 436
Total Cash From Investing CZK mil -271 -250 -250
Total Cash From Financing CZK mil -440 -90.1 -187
Net Change In Cash CZK mil 7.00 37.4 -1.01
Cash Conversion Cycle days 129 228 273
Cash Earnings CZK mil 599 886 837
Free Cash Flow CZK mil 447 128 186

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Sales CZK mil         2,448 2,632 3,238 4,021 4,274    
Gross Profit CZK mil         1,061 1,064 1,039 1,477 1,729    
EBIT CZK mil         320 197 307 549 651    
Net Profit CZK mil         257 162 238 435 450    
ROE %         31.9 17.4 23.4 44.2 59.7    
EBIT Margin %         13.1 7.49 9.49 13.6 15.2    
Net Margin %         10.5 6.14 7.34 10.8 10.5    
Employees         1,274 1,317 1,428 1,674 1,747    
balance sheet                      
Total Assets CZK mil         1,607 1,998 2,568 2,961 3,204    
Non-Current Assets CZK mil         610 708 919 1,051 1,236    
Current Assets CZK mil         961 1,253 1,596 1,867 1,931    
Shareholders' Equity CZK mil         889 971 1,062 903 602    
Liabilities CZK mil         718 1,027 1,506 2,057 2,602    
Non-Current Liabilities CZK mil         0.007 9.29 0.761 172 174    
Current Liabilities CZK mil         351 419 784 628 951    
Net Debt/EBITDA         0.363 1.33 0.858 1.62 1.64    
Net Debt/Equity %         15.8 38.2 32.5 120 218    
Cost of Financing % ...       6.73 0.962 2.91 4.71 8.08    
cash flow                      
Total Cash From Operations CZK mil ... ...     285 22.7 485 253 718    
Total Cash From Investing CZK mil ... ...     -186 -178 -304 -255 -271    
Total Cash From Financing CZK mil ... ...     -106 166 -2.15 -58.0 -440    
Net Change In Cash CZK mil ... ...     -6.93 10.4 178 -59.9 7.00    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                      
Sales CZK mil         2,448 2,632 3,238 4,021 4,274    
Cost of Goods & Services CZK mil         1,387 1,568 2,199 2,544 2,545    
Gross Profit CZK mil         1,061 1,064 1,039 1,477 1,729    
Staff Cost CZK mil         623 752 690 802 926    
Other Cost CZK mil         51.0 34.4 -52.9 5.46 2.23    
EBITDA CZK mil         388 278 402 670 800    
Depreciation CZK mil         67.8 80.7 94.5 121 150    
EBIT CZK mil         320 197 307 549 651    
Financing Cost CZK mil         17.9 3.69 16.9 46.9 118    
Extraordinary Cost CZK mil         0 0 0 0 0    
Pre-Tax Profit CZK mil         302 194 290 502 533    
Tax CZK mil         44.4 32.2 52.6 75.0 92.0    
Minorities CZK mil         -0.003 -0.234 0 -7.71 -8.31    
Net Profit CZK mil         257 162 238 435 450    
Dividends CZK mil ... ...     100 100 100 570 98.3   ...
growth rates                      
Total Revenue Growth % ...       23.6 7.53 23.0 24.2 6.28    
Operating Cost Growth % ...       23.4 16.7 -19.0 26.8 14.9    
EBITDA Growth % ...       28.0 -28.3 44.5 66.7 19.5    
EBIT Growth % ...       36.3 -38.3 55.8 78.6 18.6    
Pre-Tax Profit Growth % ...       49.9 -35.9 50.0 72.8 6.24    
Net Profit Growth % ...       52.5 -37.3 47.2 82.8 3.44    
ratios                      
ROE %         31.9 17.4 23.4 44.2 59.7    
ROCE % ...       23.5 12.2 15.7 23.5 20.6    
Gross Margin %         43.4 40.4 32.1 36.7 40.4    
EBITDA Margin %         15.8 10.6 12.4 16.7 18.7    
EBIT Margin %         13.1 7.49 9.49 13.6 15.2    
Net Margin %         10.5 6.14 7.34 10.8 10.5    
Payout Ratio % ... ...     38.9 61.9 42.1 131 21.9   ...
Cost of Financing % ...       6.73 0.962 2.91 4.71 8.08    
Net Debt/EBITDA         0.363 1.33 0.858 1.62 1.64    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                      
Non-Current Assets CZK mil         610 708 919 1,051 1,236    
Property, Plant & Equipment CZK mil         582 683 866 1,008 1,193    
Intangible Assets CZK mil         27.8 25.1 36.9 42.6 42.8    
Current Assets CZK mil         961 1,253 1,596 1,867 1,931    
Inventories CZK mil         483 600 677 895 1,084    
Receivables CZK mil         318 406 513 480 337    
Cash & Cash Equivalents CZK mil         123 133 311 252 259    
Total Assets CZK mil         1,607 1,998 2,568 2,961 3,204    
Shareholders' Equity CZK mil         889 971 1,062 903 602    
Of Which Minority Interest CZK mil         0.904 0.650 0 5.88 -2.64    
Liabilities CZK mil         718 1,027 1,506 2,057 2,602    
Non-Current Liabilities CZK mil         0.007 9.29 0.761 172 174    
Long-Term Debt CZK mil         140 162 138 879 1,361    
Deferred Tax Liabilities CZK mil         0 8.84 0 0 0    
Current Liabilities CZK mil         351 419 784 628 951    
Short-Term Debt CZK mil         123 342 518 456 210    
Trade Payables CZK mil         189 294 508 333 387    
Provisions CZK mil         106 106 70.2 96.4 71.1    
Equity And Liabilities CZK mil         1,607 1,998 2,568 2,961 3,204    
growth rates                      
Total Asset Growth % ...       16.6 24.3 28.5 15.3 8.22    
Shareholders' Equity Growth % ...       22.9 9.24 9.40 -15.0 -33.3    
Net Debt Growth % ...       0.410 163 -7.06 214 21.1    
Total Debt Growth % ...       -2.35 91.3 30.2 103 17.7    
ratios                      
Total Debt CZK mil         264 504 656 1,335 1,571    
Net Debt CZK mil         141 371 345 1,084 1,313    
Working Capital CZK mil         612 712 681 1,041 1,034    
Capital Employed CZK mil         1,222 1,420 1,601 2,092 2,270    
Net Debt/Equity %         15.8 38.2 32.5 120 218    
Cost of Financing % ...       6.73 0.962 2.91 4.71 8.08    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                      
Net Profit CZK mil         257 162 238 435 450    
Depreciation CZK mil         67.8 80.7 94.5 121 150    
Non-Cash Items CZK mil ... ...     92.4 -120 122 56.9 112    
Change in Working Capital CZK mil ... ...     -132 -99.5 30.2 -360 6.68    
Total Cash From Operations CZK mil ... ...     285 22.7 485 253 718    
Capital Expenditures CZK mil ... ...     -186 -178 -304 -255 -272    
Other Investments CZK mil ... ...     0 0 0 0 1.43    
Total Cash From Investing CZK mil ... ...     -186 -178 -304 -255 -271    
Dividends Paid CZK mil ... ... ...   0 -100 -100 -100 -570    
Issuance Of Debt CZK mil ... ...     -6.35 241 152 679 236    
Total Cash From Financing CZK mil ... ...     -106 166 -2.15 -58.0 -440    
Net Change In Cash CZK mil ... ...     -6.93 10.4 178 -59.9 7.00    
ratios                      
Days Sales Outstanding days         47.4 56.3 57.8 43.5 28.8    
Days Sales Of Inventory days         127 140 112 128 155    
Days Payable Outstanding days         49.9 68.5 84.3 47.8 55.4    
Cash Conversion Cycle days         125 127 85.8 124 129    
Cash Earnings CZK mil         325 242 332 555 599    
Free Cash Flow CZK mil ... ...     99.5 -155 180 -1.90 447    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                      
ROA %         17.3 8.96 10.4 15.7 14.6    
Gross Margin %         43.4 40.4 32.1 36.7 40.4    
Employees         1,274 1,317 1,428 1,674 1,747    
Cost Per Employee USD per month         2,303 2,431 2,057 1,869 1,850    
Cost Per Employee (Local Currency) CZK per month         40,724 47,555 40,247 39,939 44,169    
Staff Cost (As % Of Total Cost) %         29.3 30.9 23.5 23.1 25.6    
Effective Tax Rate %         14.7 16.7 18.1 14.9 17.2    
Domestic Sales CZK mil         883 654 621 970 1,013    
Capital Expenditures (As % of Sales) % ... ...     7.59 6.76 9.39 6.33 6.37    
Revenues From Abroad CZK mil         1,488 1,869 2,510 2,838 3,260    
Revenues From Abroad (As % Of Total) %         60.8 71.0 77.5 70.6 76.3    
Number of Firearms Sold '000 ... ... ... ... ... ... 234 271 ... ... ...
Number of Firearms Produced '000 ... ... ... ... ... ... 224 257 ... ... ...
Sales from Firearms CZK mil         1,956 2,105 2,599 3,306 3,733    
Price per a Firearm CZK ... ... ... ... ... ... 11,112 12,187 ... ... ...
Sales from Automotives CZK mil         236 244 342 296 267    

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Ceska zbrojovka a.s. is a Czech Republic-based manufacturer of weapons, accessories, and apparel for armed military and police units, as well as for hunting and sporting purposes. Its firearms range includes pistols, centerfire rifles, rimfire rifles, and airguns. The Company also manufactures components, parts, and assemblies for the aircraft and motor industries; and special tooling for machine production. It operates in Africa, Australia, Arabia, Asia, Canada, Europe, Latin America, and the United States. The Company was founded in 1936 and is headquartered in Uhersky Brod, Czech Republic.

Finance

Ceska zbrojovka has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 26.3% a year during that time to total of CZK 895 mil in 2017, or 21.6% of sales. That’s compared to 19.0% average margin seen in last five years.

The company netted CZK 625 mil in 2017 implying ROE of 34.5% and ROCE of 18.4%. Again, the average figures were 44.9% and 20.7%, respectively when looking at the previous 5 years.

Ceska zbrojovka’s net debt amounted to CZK 1,208 mil at the end of 2017, or 60.7% of equity. When compared to EBITDA, net debt was 1.35x, up when compared to average of 1.33x seen in the last 5 years.