CK Fischer

Fischer's Cash & Cash Equivalents fell 68.4% yoy to CZK 50.0 mil in 2015

By Helgi Analytics - April 2, 2020

CK Fischer's total assets reached CZK 2,019 mil at the end of 2015, up 2.87% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales CZK mil 2,111 3,272 3,986
Gross Profit CZK mil 190 242 295
EBITDA CZK mil 92.8 111 153
EBIT CZK mil 63.7 98.8 141
Financing Cost CZK mil 9.72 -4.40 8.75
Pre-Tax Profit CZK mil 54.0 103 132
Net Profit CZK mil 42.1 84.4 106
Balance Sheet 2013 2014 2015
Total Assets CZK mil 776 1,962 2,019
Non-Current Assets CZK mil 411 1,360 1,379
Current Assets CZK mil 365 602 639
Working Capital CZK mil -150 -315 -310
Shareholders' Equity CZK mil 341 805 812
Liabilities CZK mil 434 1,157 1,207
Total Debt CZK mil 0 198 224
Net Debt CZK mil -80.4 39.7 174
Ratios 2013 2014 2015
ROE % 13.2 14.7 13.1
ROCE % 14.5 12.9 10.0
Gross Margin % 8.99 7.39 7.40
EBITDA Margin % 4.40 3.40 3.84
EBIT Margin % 3.02 3.02 3.53
Net Margin % 1.99 2.58 2.65
Net Debt/EBITDA -0.866 0.357 1.13
Net Debt/Equity -0.236 0.049 0.214
Cost of Financing % 25.0 -4.45 4.15
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 29.7 147 103
Total Cash From Investing CZK mil -10.9 -9.66 -15.9
Total Cash From Financing CZK mil 0 -77.5 -74.3
Net Change In Cash CZK mil 18.8 59.9 12.7
Cash Conversion Cycle days -32.3 -41.4 -33.7
Cash Earnings CZK mil 71.2 96.8 118
Free Cash Flow CZK mil 18.8 137 87.0

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         2,578 2,124 2,133 2,013 2,111    
Gross Profit CZK mil ...         198 160 111 90.3 190    
EBIT CZK mil ...         87.9 52.5 29.3 -5.86 63.7    
Net Profit CZK mil ...         67.3 34.1 20.3 7.38 42.1    
ROE % ...         32.8 13.8 7.37 2.54 13.2    
EBIT Margin % ...         3.41 2.47 1.37 -0.291 3.02    
Net Margin % ...         2.61 1.61 0.949 0.367 1.99    
Employees ...         161 166 158 163 143    
balance sheet                        
Total Assets CZK mil           676 662 688 712 776    
Non-Current Assets CZK mil           317 290 383 386 411    
Current Assets CZK mil           266 273 216 257 365    
Shareholders' Equity CZK mil           231 264 285 296 341    
Liabilities CZK mil           445 397 403 417 434    
Non-Current Liabilities CZK mil           30.5 38.1 45.2 42.5 47.8    
Current Liabilities CZK mil           336 298 315 357 387    
Net Debt/EBITDA ...         0.269 0.418 -0.288 -0.669 -0.866    
Net Debt/Equity           0.149 0.134 -0.059 -0.047 -0.236    
Cost of Financing % ...         12.4 17.9 8.10 -29.8 25.0    
cash flow                        
Total Cash From Operations CZK mil ...         ... ... ... ... 29.7    
Total Cash From Investing CZK mil ...         ... ... ... ... -10.9    
Total Cash From Financing CZK mil ...         ... ... ... ... 0    
Net Change In Cash CZK mil ...         ... ... ... ... 18.8    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         2,578 2,124 2,133 2,013 2,111    
Cost of Goods & Services CZK mil ...         2,380 1,964 2,022 1,923 1,921    
Gross Profit CZK mil ...         198 160 111 90.3 190    
Staff Cost CZK mil ...         104 102 98.4 98.3 101    
Other Cost CZK mil ...         -34.0 -26.0 -45.2 -28.9 -3.96    
EBITDA CZK mil ...         128 84.7 58.1 21.0 92.8    
Depreciation CZK mil ...         40.3 32.2 28.8 26.8 29.1    
EBIT CZK mil ...         87.9 52.5 29.3 -5.86 63.7    
Financing Cost CZK mil ...         5.04 9.42 3.24 -16.0 9.72    
Extraordinary Cost CZK mil ...         0 0 0 0 0    
Pre-Tax Profit CZK mil ...         82.9 43.0 26.0 10.2 54.0    
Tax CZK mil ...         15.6 8.92 5.76 2.78 11.9    
Minorities CZK mil ...         0 0 0 0 0    
Net Profit CZK mil ...         67.3 34.1 20.3 7.38 42.1    
growth rates                        
Total Revenue Growth % ... ...       -5.27 -17.6 0.449 -5.62 4.87    
Operating Cost Growth % ... ...       25.4 8.44 -29.6 30.3 40.0    
EBITDA Growth % ... ...       -30.1 -34.0 -31.4 -63.9 343    
EBIT Growth % ... ...       -38.8 -40.3 -44.2 -120 -1,187    
Pre-Tax Profit Growth % ... ...       -5.18 -48.1 -39.5 -61.0 432    
Net Profit Growth % ... ...       -3.25 -49.3 -40.6 -63.6 471    
ratios                        
ROE % ...         32.8 13.8 7.37 2.54 13.2    
ROCE % ...         38.6 16.2 8.10 2.47 14.5    
Gross Margin % ...         7.68 7.54 5.22 4.49 8.99    
EBITDA Margin % ...         4.97 3.99 2.72 1.04 4.40    
EBIT Margin % ...         3.41 2.47 1.37 -0.291 3.02    
Net Margin % ...         2.61 1.61 0.949 0.367 1.99    
Cost of Financing % ...         12.4 17.9 8.10 -29.8 25.0    
Net Debt/EBITDA ...         0.269 0.418 -0.288 -0.669 -0.866    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil           317 290 383 386 411    
Property, Plant & Equipment CZK mil           12.5 10.0 8.58 9.08 11.4    
Intangible Assets CZK mil           304 279 261 244 222    
Current Assets CZK mil           266 273 216 257 365    
Inventories CZK mil           3.96 5.43 4.66 3.35 2.54    
Receivables CZK mil           30.6 43.1 40.7 40.3 222    
Cash & Cash Equivalents CZK mil           20.5 14.6 46.7 91.6 80.4    
Total Assets CZK mil           676 662 688 712 776    
Shareholders' Equity CZK mil           231 264 285 296 341    
Of Which Minority Interest CZK mil           0 0 0 0 0    
Liabilities CZK mil           445 397 403 417 434    
Non-Current Liabilities CZK mil           30.5 38.1 45.2 42.5 47.8    
Long-Term Debt CZK mil           0 0 0 0 0    
Deferred Tax Liabilities CZK mil           30.5 38.1 45.2 42.5 39.3    
Current Liabilities CZK mil           336 298 315 357 387    
Short-Term Debt CZK mil           55.0 50.0 30.0 77.6 0    
Trade Payables CZK mil           153 116 150 111 374    
Provisions CZK mil           12.9 7.11 9.63 12.9 8.50    
Equity And Liabilities CZK mil           676 662 688 712 776    
growth rates                        
Total Asset Growth % ...         -7.00 -2.12 4.00 3.54 8.90    
Shareholders' Equity Growth % ...         28.6 14.3 7.97 3.67 15.4    
Net Debt Growth % ...         86.3 2.53 -147 -16.1 473    
Total Debt Growth % ...         111 -9.09 -40.0 159 -100 ...  
ratios                        
Total Debt CZK mil           55.0 50.0 30.0 77.6 0    
Net Debt CZK mil           34.5 35.4 -16.7 -14.0 -80.4    
Working Capital CZK mil           -118 -67.8 -105 -67.1 -150    
Capital Employed CZK mil           199 222 278 319 261    
Net Debt/Equity           0.149 0.134 -0.059 -0.047 -0.236    
Cost of Financing % ...         12.4 17.9 8.10 -29.8 25.0    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil ...         67.3 34.1 20.3 7.38 42.1    
Depreciation CZK mil ...         40.3 32.2 28.8 26.8 29.1    
Non-Cash Items CZK mil ...         ... ... ... ... -124    
Change in Working Capital CZK mil ...         ... ... ... ... 83.0    
Total Cash From Operations CZK mil ...         ... ... ... ... 29.7    
Capital Expenditures CZK mil ...         ... ... ... ... -9.70    
Other Investments CZK mil ...         ... ... ... ... -1.23    
Total Cash From Investing CZK mil ...         ... ... ... ... -10.9    
Issuance Of Debt CZK mil ...         ... ... ... ... -77.6    
Total Cash From Financing CZK mil ...         ... ... ... ... 0    
Net Change In Cash CZK mil ...         ... ... ... ... 18.8    
ratios                        
Days Sales Outstanding days ...         4.34 7.41 6.96 7.31 38.3    
Days Sales Of Inventory days ...         0.608 1.01 0.842 0.636 0.483    
Days Payable Outstanding days ...         23.4 21.6 27.1 21.0 71.1    
Cash Conversion Cycle days ...         -18.5 -13.2 -19.3 -13.1 -32.3    
Cash Earnings CZK mil ...         108 66.3 49.1 34.2 71.2    
Free Cash Flow CZK mil ...         ... ... ... ... 18.8    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         9.60 5.10 3.00 1.05 5.66    
Gross Margin % ...         7.68 7.54 5.22 4.49 8.99    
Employees ...         161 166 158 163 143    
Cost Per Employee USD per month ...         2,815 2,667 2,934 2,568 3,009    
Cost Per Employee (Local Currency) CZK per month ...         53,645 50,971 51,888 50,233 58,879    
Staff Cost (As % Of Total Cost) % ...         4.16 4.90 4.68 4.87 4.93    
Effective Tax Rate % ...         18.8 20.7 22.1 27.3 22.0    
Domestic Sales CZK mil ...         2,519 2,066 2,090 1,927 2,023    
Capital Expenditures (As % of Sales) % ...         ... ... ... ... 0.460    
Revenues From Abroad CZK mil ...         59.0 57.0 43.0 86.0 88.0    
Revenues From Abroad (As % Of Total) % ...         2.29 2.68 2.02 4.27 4.17    
Sales of Excursion, Groups & Euroweekends CZK mil ...         2,383 1,954 2,018 1,912 1,979    
Sales of Air Tickets CZK mil ...         63.0 51.0 46.0 44.0 67.3    
Fees of Selling Air Tickes, Excursion, Visas & Insurance CZK mil ...         70.0 64.0 32.0 32.0 38.5    
Sales of Advertising CZK mil ...         55.0 52.0 36.0 21.0 23.4    
Sales from Rent CZK mil ... ... ... ... ... 5.00 1.00 1.00 1.00 0.376    
Other Sales CZK mil ...         2.00 1.00 2.00 3.00 2.41    

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Cestovní Kancelář FISCHER is a Czech Republic-based travel agency, one of the biggest in the country. The Company services more than 130,000 customers a year on the stand-alone basis and more than 250,000 customers as a group when Nev-Dama (a specialist in winter ski holidays in the Central European region) is included. Following the acquisition of Nev-Dama in 2011, a business brand Privileq was launched to organize tailor made luxury holidays in 2012. Additionally, the internet travel agency eTravel.cz, one of the biggest e-commerce sites in the Czech market, joined the group. As a result, Fischer Group is now the largest travel agency in the Czech Republic with an annual turnover of CZK 3 bil. The Company is part of KKCG’s financial and investment portfolio.

Finance

CK Fischer has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 12.6% a year during that time to total of CZK 153 mil in 2015, or 3.84% of sales. That’s compared to 3.08% average margin seen in last five years.

The company netted CZK 106 mil in 2015 implying ROE of 13.1% and ROCE of 10.0%. Again, the average figures were 10.2% and 9.60%, respectively when looking at the previous 5 years.

CK Fischer’s net debt amounted to CZK 174 mil at the end of 2015, or 0.214 of equity. When compared to EBITDA, net debt was 1.13x, up when compared to average of -0.066x seen in the last 5 years.