Decro Bzenec

Decro's Cash & Cash Equivalents fell 32.5% yoy to CZK 155 mil in 2015

By Helgi Analytics - April 2, 2020

Decro Bzenec's total assets reached CZK 362 mil at the end of 2015, down 4.95% compared to the previous year. Curr...

Profit Statement 2013 2014 2015
Sales CZK mil 298 315 301
Gross Profit CZK mil 76.1 85.0 73.7
EBITDA CZK mil 9.70 34.6 25.0
EBIT CZK mil 1.45 27.2 18.9
Financing Cost CZK mil 1.20 -0.116 -0.923
Pre-Tax Profit CZK mil 0.455 27.4 19.8
Net Profit CZK mil 0.011 21.9 16.1
Balance Sheet 2013 2014 2015
Total Assets CZK mil 375 381 362
Non-Current Assets CZK mil 53.9 47.2 98.8
Current Assets CZK mil 321 333 263
Working Capital CZK mil 98.2 84.5 94.3
Shareholders' Equity CZK mil 356 358 344
Liabilities CZK mil 18.2 22.9 18.0
Total Debt CZK mil 0 0 0
Net Debt CZK mil -190 -230 -155
Ratios 2013 2014 2015
ROE % 0.003 6.13 4.57
ROCE % 0.007 15.4 9.89
Gross Margin % 25.6 27.0 24.5
EBITDA Margin % 3.25 11.0 8.28
EBIT Margin % 0.486 8.65 6.25
Net Margin % 0.004 6.96 5.33
Net Debt/EBITDA -19.6 -6.63 -6.20
Net Debt/Equity -0.533 -0.640 -0.450
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 7.50 62.9 14.4
Total Cash From Investing CZK mil -3.61 -23.1 -112
Total Cash From Financing CZK mil -0.114 -0.141 23.4
Net Change In Cash CZK mil 3.78 39.7 -74.7
Cash Conversion Cycle days 122 97.1 116
Cash Earnings CZK mil 8.26 29.3 22.2
Free Cash Flow CZK mil 3.90 39.8 -98.0

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             367 402 340 290 298    
Gross Profit CZK mil             118 116 110 79.3 76.1    
EBIT CZK mil             59.3 43.4 46.5 15.7 1.45    
Net Profit CZK mil             50.4 38.1 39.1 14.0 0.011    
ROE %             18.6 12.5 11.7 3.94 0.003    
EBIT Margin %             16.2 10.8 13.7 5.43 0.486    
Net Margin %             13.7 9.48 11.5 4.82 0.004    
Employees             147 151 150 144 134    
balance sheet                          
Total Assets CZK mil             321 344 382 379 375    
Non-Current Assets CZK mil             72.6 66.7 67.8 59.9 53.9    
Current Assets CZK mil             247 277 314 319 321    
Shareholders' Equity CZK mil             295 313 353 356 356    
Liabilities CZK mil             25.3 30.5 29.9 22.9 18.2    
Non-Current Liabilities CZK mil             0.848 0.737 0.515 0.472 0.357    
Current Liabilities CZK mil             23.6 28.7 29.0 22.1 17.7    
Net Debt/EBITDA             -1.88 -2.61 -2.86 -7.16 -19.6    
Net Debt/Equity             -0.438 -0.443 -0.456 -0.522 -0.533    
cash flow                          
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... 37.4 40.3 7.50    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... -15.1 -15.0 -3.61    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... -0.221 -0.044 -0.114    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... 22.0 25.3 3.78    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             367 402 340 290 298    
Cost of Goods & Services CZK mil             248 286 230 210 222    
Gross Profit CZK mil             118 116 110 79.3 76.1    
Staff Cost CZK mil             53.2 55.7 50.8 47.9 47.4    
Other Cost CZK mil             -3.71 6.86 3.01 5.44 19.0    
EBITDA CZK mil             68.8 53.2 56.2 26.0 9.70    
Depreciation CZK mil             9.49 9.77 9.66 10.2 8.25    
EBIT CZK mil             59.3 43.4 46.5 15.7 1.45    
Financing Cost CZK mil             -3.58 -4.78 -1.43 -2.23 1.20    
Extraordinary Cost CZK mil             0 -0.010 -0.041 -0.009 -0.205    
Pre-Tax Profit CZK mil             62.9 48.2 48.0 18.0 0.455    
Tax CZK mil             12.5 10.1 8.93 4.02 0.444    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             50.4 38.1 39.1 14.0 0.011    
growth rates                          
Total Revenue Growth % ...           -19.5 9.61 -15.4 -14.8 2.81    
Operating Cost Growth % ...           -15.2 26.4 -14.0 -0.814 24.5    
EBITDA Growth % ...           -7.35 -22.7 5.67 -53.8 -62.7    
EBIT Growth % ...           -6.35 -26.8 7.20 -66.2 -90.8    
Pre-Tax Profit Growth % ...           -15.6 -23.4 -0.405 -62.5 -97.5    
Net Profit Growth % ...           -14.4 -24.3 2.52 -64.3 -99.9    
ratios                          
ROE %             18.6 12.5 11.7 3.94 0.003    
ROCE % ...           29.2 22.0 21.2 8.18 0.007    
Gross Margin %             32.3 28.8 32.4 27.4 25.6    
EBITDA Margin %             18.8 13.2 16.5 8.97 3.25    
EBIT Margin %             16.2 10.8 13.7 5.43 0.486    
Net Margin %             13.7 9.48 11.5 4.82 0.004    
Net Debt/EBITDA             -1.88 -2.61 -2.86 -7.16 -19.6    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets CZK mil             72.6 66.7 67.8 59.9 53.9    
Property, Plant & Equipment CZK mil             72.6 66.7 67.8 59.9 53.9    
Intangible Assets CZK mil             0.007 0 0 0 0    
Current Assets CZK mil             247 277 314 319 321    
Inventories CZK mil             4.31 12.0 12.1 14.1 16.7    
Receivables CZK mil             103 121 125 95.1 94.1    
Cash & Cash Equivalents CZK mil             129 139 161 186 190    
Total Assets CZK mil             321 344 382 379 375    
Shareholders' Equity CZK mil             295 313 353 356 356    
Of Which Minority Interest CZK mil             0 0 0 0 0    
Liabilities CZK mil             25.3 30.5 29.9 22.9 18.2    
Non-Current Liabilities CZK mil             0.848 0.737 0.515 0.472 0.357    
Long-Term Debt CZK mil             0 0 0 0 0    
Deferred Tax Liabilities CZK mil             0.848 0.737 0.515 0.472 0.357    
Current Liabilities CZK mil             23.6 28.7 29.0 22.1 17.7    
Short-Term Debt CZK mil             0 0 0 0 0    
Trade Payables CZK mil             14.0 18.6 17.1 15.1 12.5    
Provisions CZK mil     ... ... ... ... ... ... ... ... ... ... ...
Equity And Liabilities CZK mil             321 344 382 379 375    
growth rates                          
Total Asset Growth % ...           17.7 7.25 11.2 -0.789 -1.26    
Shareholders' Equity Growth % ...           20.6 6.13 12.5 1.12 0.003    
Net Debt Growth % ...           160 7.38 15.7 15.7 2.03    
ratios                          
Total Debt CZK mil             0 0 0 0 0    
Net Debt CZK mil             -129 -139 -161 -186 -190    
Working Capital CZK mil             93.2 115 120 94.1 98.2    
Capital Employed CZK mil             166 181 187 154 152    
Net Debt/Equity             -0.438 -0.443 -0.456 -0.522 -0.533    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit CZK mil             50.4 38.1 39.1 14.0 0.011    
Depreciation CZK mil             9.49 9.77 9.66 10.2 8.25    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... -6.47 -9.45 3.38    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... -4.87 25.5 -4.14    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... 37.4 40.3 7.50    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... -15.2 -15.6 -3.96    
Other Investments CZK mil ... ... ... ... ... ... ... ... 0.019 0.618 0.353    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... -15.1 -15.0 -3.61    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... 0 0 0    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... -0.221 -0.044 -0.114    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... 22.0 25.3 3.78    
ratios                          
Days Sales Outstanding days             102 110 134 120 115    
Days Sales Of Inventory days             6.33 15.3 19.2 24.4 27.4    
Days Payable Outstanding days             20.6 23.7 27.1 26.2 20.6    
Cash Conversion Cycle days             88.1 102 126 118 122    
Cash Earnings CZK mil             59.9 47.9 48.7 24.2 8.26    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... 22.2 25.3 3.90    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             17.0 11.5 10.8 3.67 0.003    
Gross Margin %             32.3 28.8 32.4 27.4 25.6    
Employees             147 151 150 144 134    
Cost Per Employee USD per month             1,583 1,609 1,595 1,417 1,508    
Cost Per Employee (Local Currency) CZK per month             30,176 30,746 28,211 27,726 29,501    
Staff Cost (As % Of Total Cost) %             17.3 15.5 17.3 17.5 16.0    
Effective Tax Rate %             19.9 20.9 18.6 22.4 97.6    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... 4.46 5.39 1.33    
Revenues From Abroad CZK mil             12.6 9.20 7.53 18.9 16.9    
Revenues From Abroad (As % Of Total) %             3.43 2.29 2.21 6.54 5.67    

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Decro Bzenec, spol. s r.o. is a Czech Republic-based producer and distributor of plastic windows, doors and winder gardens. The Company is involved in sales of aluminium windows, installation of metal door accessories, three-chamber system of aluminium windows, installation of windows with heat insulation standard plastic window profiles, window glazing, insulating inserts for windows, heat insulation of houses, exterior blinds, exterior rolls, vertical shields, interior fabric shields, bamboo blinds and mosquito nets. The Company was founded in 1995 and is based in Bzenec, the Czech Republic.

Finance

Decro Bzenec has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 14% a year during that time to total of CZK 25.0 mil in 2015, or 8.28% of sales. That’s compared to 9.61% average margin seen in last five years.

The company netted CZK 16.1 mil in 2015 implying ROE of 4.57% and ROCE of 9.89%. Again, the average figures were 5.27% and 10.9%, respectively when looking at the previous 5 years.

Decro Bzenec’s net debt amounted to CZK -155 mil at the end of 2015, or -0.450 of equity. When compared to EBITDA, net debt was -6.20x, up when compared to average of -8.49x seen in the last 5 years.