CGS Holding

CGS's Cash & Cash Equivalents rose 85.6% yoy to CZK 1,166 mil in 2015

By Helgi Analytics - April 2, 2020

CGS Holding's total assets reached CZK 14,595 mil at the end of 2015, up 3.56% compared to the previous year. Curr...

Profit Statement 2013 2014 2015
Sales CZK mil 16,747 16,803 16,269
Gross Profit CZK mil 5,921 6,507 6,692
EBITDA CZK mil 2,878 3,321 3,267
EBIT CZK mil 2,250 2,689 2,615
Financing Cost CZK mil 181 140 196
Pre-Tax Profit CZK mil 2,053 2,534 2,418
Net Profit CZK mil 1,698 2,109 1,940
Balance Sheet 2013 2014 2015
Total Assets CZK mil 14,054 14,093 14,595
Non-Current Assets CZK mil 7,718 7,932 8,034
Current Assets CZK mil 6,222 6,077 6,441
Working Capital CZK mil 3,541 3,624 3,556
Shareholders' Equity CZK mil 7,045 9,204 10,671
Liabilities CZK mil 7,009 4,889 3,923
Total Debt CZK mil 3,465 2,021 1,315
Net Debt CZK mil 2,953 1,393 149
Ratios 2013 2014 2015
ROE % 26.8 26.0 19.5
ROCE % 17.7 18.5 16.8
Gross Margin % 35.4 38.7 41.1
EBITDA Margin % 17.2 19.8 20.1
EBIT Margin % 13.4 16.0 16.1
Net Margin % 10.1 12.5 11.9
Net Debt/EBITDA 1.03 0.419 0.046
Net Debt/Equity 0.419 0.151 0.014
Cost of Financing % 6.17 5.11 11.8
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 88.0 95.9 98.8
Cash Earnings CZK mil 2,326 2,741 2,592

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales CZK mil                 8,683 10,784 13,858 13,774 16,747    
Gross Profit CZK mil                 3,254 3,585 3,501 4,283 5,921    
EBIT CZK mil                 390 580 446 1,415 2,250    
Net Profit CZK mil ... ... ... ... ... ... ... ... 165 302 448 1,159 1,698    
ROE % ... ... ... ... ... ... ... ... 4.84 8.28 10.6 22.8 26.8    
EBIT Margin %                 4.49 5.38 3.22 10.3 13.4    
Net Margin % ... ... ... ... ... ... ... ... 1.90 2.80 3.23 8.41 10.1    
Employees                 5,430 5,457 5,885 5,331 6,233    
balance sheet                              
Total Assets CZK mil ... ... ... ... ... ... ... ... ... ... 10,417 10,866 14,054    
Non-Current Assets CZK mil ... ... ... ... ... ... ... ... ... ... 5,086 5,615 7,718    
Current Assets CZK mil ... ... ... ... ... ... ... ... ... ... 5,281 5,191 6,222    
Shareholders' Equity CZK mil ... ... ... ... ... ... ... ... 3,410 3,894 4,547 5,628 7,045    
Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 5,870 5,237 7,009    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 704 267 488    
Current Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 2,624 2,418 2,761    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ... ... 2.81 0.798 1.03    
Net Debt/Equity ... ... ... ... ... ... ... ... ... ... 0.565 0.266 0.419    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... 1.76 6.17    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales CZK mil                 8,683 10,784 13,858 13,774 16,747    
Cost of Goods & Services CZK mil                 5,429 7,198 10,356 9,491 10,825    
Gross Profit CZK mil                 3,254 3,585 3,501 4,283 5,921    
Staff Cost CZK mil ... ... ... ... ... ... ... ... 1,893 2,001 2,253 2,097 2,904    
Other Cost CZK mil ... ... ... ... ... ... ... ... 253 293 334 309 140    
EBITDA CZK mil ... ... ... ... ... ... ... ... 1,107 1,291 914 1,877 2,878    
Depreciation CZK mil ... ... ... ... ... ... ... ... 717 711 468 461 629    
EBIT CZK mil                 390 580 446 1,415 2,250    
Financing Cost CZK mil ... ... ... ... ... ... ... ... ... ... -11.4 46.5 181    
Extraordinary Cost CZK mil ... ... ... ... ... ... ... ... ... ... 1.00 0.619 15.8    
Pre-Tax Profit CZK mil ... ... ... ... ... ... ... ... ... ... 457 1,368 2,053    
Tax CZK mil ... ... ... ... ... ... ... ... ... ... 8.45 209 356    
Minorities CZK mil ... ... ... ... ... ... ... ... ... ... 0.023 0 0    
Net Profit CZK mil ... ... ... ... ... ... ... ... 165 302 448 1,159 1,698    
growth rates                              
Total Revenue Growth % ...               -24.4 24.2 28.5 -0.604 21.6    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... 6.90 12.8 -7.01 26.5    
EBITDA Growth % ... ... ... ... ... ... ... ... ... 16.6 -29.2 105 53.4    
EBIT Growth % ...               -45.8 48.6 -23.0 217 59.0    
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ... ... ... ... 200 50.1    
Net Profit Growth % ... ... ... ... ... ... ... ... ... 83.3 48.2 159 46.5    
ratios                              
ROE % ... ... ... ... ... ... ... ... 4.84 8.28 10.6 22.8 26.8    
ROCE % ... ... ... ... ... ... ... ... ... ... ... 14.5 17.7    
Gross Margin %                 37.5 33.2 25.3 31.1 35.4    
EBITDA Margin % ... ... ... ... ... ... ... ... 12.8 12.0 6.60 13.6 17.2    
EBIT Margin %                 4.49 5.38 3.22 10.3 13.4    
Net Margin % ... ... ... ... ... ... ... ... 1.90 2.80 3.23 8.41 10.1    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... 1.76 6.17    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ... ... 2.81 0.798 1.03    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets CZK mil ... ... ... ... ... ... ... ... ... ... 5,086 5,615 7,718    
Property, Plant & Equipment CZK mil ... ... ... ... ... ... ... ... ... ... 3,793 4,332 6,512    
Intangible Assets CZK mil ... ... ... ... ... ... ... ... ... ... 39.4 45.5 49.3    
Current Assets CZK mil ... ... ... ... ... ... ... ... ... ... 5,281 5,191 6,222    
Inventories CZK mil ... ... ... ... ... ... ... ... ... ... 2,065 2,025 2,626    
Receivables CZK mil ... ... ... ... ... ... ... ... ... ... 2,485 1,912 2,631    
Cash & Cash Equivalents CZK mil ... ... ... ... ... ... ... ... ... ... 321 891 512    
Total Assets CZK mil ... ... ... ... ... ... ... ... ... ... 10,417 10,866 14,054    
Shareholders' Equity CZK mil ... ... ... ... ... ... ... ... 3,410 3,894 4,547 5,628 7,045    
Of Which Minority Interest CZK mil ... ... ... ... ... ... ... ... ... ... 3.50 0 0    
Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 5,870 5,237 7,009    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 704 267 488    
Long-Term Debt CZK mil ... ... ... ... ... ... ... ... ... ... 648 953 2,511    
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 76.6 76.5 58.7    
Current Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 2,624 2,418 2,761    
Short-Term Debt CZK mil ... ... ... ... ... ... ... ... ... ... 2,240 1,436 954    
Trade Payables CZK mil ... ... ... ... ... ... ... ... ... ... 1,670 1,584 1,715    
Provisions CZK mil ... ... ... ... ... ... ... ... ... ... 99.5 285 560    
Equity And Liabilities CZK mil ... ... ... ... ... ... ... ... ... ... 10,417 10,866 14,054    
growth rates                              
Total Asset Growth % ... ... ... ... ... ... ... ... ... ... ... 4.30 29.3    
Shareholders' Equity Growth % ... ... ... ... ... ... ... ... ... 14.2 16.8 23.8 25.2    
Net Debt Growth % ... ... ... ... ... ... ... ... ... ... ... -41.7 97.2    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ... ... -17.3 45.0    
ratios                              
Total Debt CZK mil ... ... ... ... ... ... ... ... ... ... 2,888 2,389 3,465    
Net Debt CZK mil ... ... ... ... ... ... ... ... ... ... 2,567 1,498 2,953    
Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... 2,880 2,353 3,541    
Capital Employed CZK mil ... ... ... ... ... ... ... ... ... ... 7,966 7,968 11,259    
Net Debt/Equity ... ... ... ... ... ... ... ... ... ... 0.565 0.266 0.419    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... 1.76 6.17    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit CZK mil ... ... ... ... ... ... ... ... 165 302 448 1,159 1,698    
Depreciation CZK mil ... ... ... ... ... ... ... ... 717 711 468 461 629    
ratios                              
Days Sales Outstanding days ... ... ... ... ... ... ... ... ... ... 65.5 50.7 57.3    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... ... ... 72.8 77.9 88.5    
Days Payable Outstanding days ... ... ... ... ... ... ... ... ... ... 58.8 60.9 57.8    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... ... ... 79.4 67.6 88.0    
Cash Earnings CZK mil ... ... ... ... ... ... ... ... 882 1,013 916 1,620 2,326    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA % ... ... ... ... ... ... ... ... ... ... 4.30 10.9 13.6    
Gross Margin %                 37.5 33.2 25.3 31.1 35.4    
Employees                 5,430 5,457 5,885 5,331 6,233    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... 1,525 1,599 1,804 1,676 1,984    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ... ... ... ... 29,058 30,564 31,904 32,786 38,819    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... 22.8 19.6 16.8 17.0 20.0    
Effective Tax Rate % ... ... ... ... ... ... ... ... ... ... 1.85 15.3 17.3    
Domestic Sales CZK mil ... ... ... ... ... ... ... ... ... ... 2,067 2,198 1,760    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... 11,790 11,503 14,986    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... 85.1 83.5 89.5    

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CGS Holding a.s. is a Czech Republic-based manufacturer of automobile tires for offroad and agricultural use. ČGS is a holding company with a wide portfolio of rubber products. The Company was previously known as BARUM Holding. Through a number of acquisitions, the Company created Česká gumárenská společnost in 1996. The Concern is structured into two divisions - tyre and technical rubber divisions. The core of the tyre division is MITAS a.s., which operates three production plants in the Czech Republic, one in Serbia and one in the US and maintains a global retail and distribution network. The technical rubber division is represented by RUBENA a.s. and SAVATECH d.o.o. RUBENA a.s. operates in Hradec Králové, Náchod, Zlín and in Mexico and produces a wide range of various products from technical rubber. The Company was incorporated in 2011 and is based in Prague, Czech Republic.

Finance

CGS Holding has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 20.4% a year during that time to total of CZK 3,267 mil in 2015, or 20.1% of sales. That’s compared to 15.5% average margin seen in last five years.

The company netted CZK 1,940 mil in 2015 implying ROE of 19.5% and ROCE of 16.8%. Again, the average figures were 21.1% and 16.9%, respectively when looking at the previous 5 years.

CGS Holding’s net debt amounted to CZK 149 mil at the end of 2015, or 0.014 of equity. When compared to EBITDA, net debt was 0.046x, down when compared to average of 1.02x seen in the last 5 years.