Denso Manufacturing Czech Republic

Denso CR's Cash & Cash Equivalents rose 75.8% yoy to CZK 11.5 mil in 2015

By Helgi Analytics - April 2, 2020

Denso Manufacturing Czech Republic's total assets reached CZK 6,424 mil at the end of 2015, up 1.88% compared to the previous ye...

Profit Statement 2013 2014 2015
Sales CZK mil 10,480 11,570 12,363
Gross Profit CZK mil 1,511 2,096 2,187
EBITDA CZK mil 802 1,219 1,137
EBIT CZK mil 369 726 719
Financing Cost CZK mil 406 152 -71.0
Pre-Tax Profit CZK mil -36.8 574 790
Net Profit CZK mil -60.1 616 623
Balance Sheet 2013 2014 2015
Total Assets CZK mil 5,849 6,305 6,424
Non-Current Assets CZK mil 2,962 3,034 3,289
Current Assets CZK mil 2,429 2,792 2,652
Working Capital CZK mil 1,054 1,452 1,423
Shareholders' Equity CZK mil 965 1,581 2,204
Liabilities CZK mil 4,884 4,725 4,220
Total Debt CZK mil 2,450 2,303 1,704
Net Debt CZK mil 2,436 2,296 1,692
Ratios 2013 2014 2015
ROE % -6.04 48.4 32.9
ROCE % -1.49 14.5 13.5
Gross Margin % 14.4 18.1 17.7
EBITDA Margin % 7.66 10.5 9.19
EBIT Margin % 3.52 6.28 5.82
Net Margin % -0.573 5.33 5.04
Net Debt/EBITDA 3.04 1.88 1.49
Net Debt/Equity 2.53 1.45 0.768
Cost of Financing % 16.5 6.40 -3.55
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 668 759 1,161
Total Cash From Investing CZK mil -493 -611 -587
Total Cash From Financing CZK mil -170 -155 -569
Net Change In Cash CZK mil 5.37 -6.89 4.95
Cash Conversion Cycle days 36.1 46.4 43.2
Cash Earnings CZK mil 374 1,108 1,040
Free Cash Flow CZK mil 175 148 574

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales CZK mil ...             6,562 6,843 8,374 8,623 10,480    
Gross Profit CZK mil ...             1,222 930 1,042 1,274 1,511    
EBIT CZK mil               186 -40.4 169 255 369    
Net Profit CZK mil               264 77.1 69.3 -17.1 -60.1    
ROE %               34.6 8.25 6.88 -1.66 -6.04    
EBIT Margin % ...             2.83 -0.590 2.02 2.96 3.52    
Net Margin % ...             4.02 1.13 0.828 -0.199 -0.573    
Employees ...             1,435 1,373 1,487 1,555 1,573    
balance sheet                            
Total Assets CZK mil               3,933 4,268 4,820 5,428 5,849    
Non-Current Assets CZK mil               2,389 2,420 2,551 2,854 2,962    
Current Assets CZK mil               1,538 1,837 2,044 2,228 2,429    
Shareholders' Equity CZK mil               896 973 1,042 1,025 965    
Liabilities CZK mil               3,037 3,296 3,778 4,403 4,884    
Non-Current Liabilities CZK mil               1,321 1,279 1,303 708 1,321    
Current Liabilities CZK mil               1,229 1,788 2,224 3,518 3,392    
Net Debt/EBITDA               3.53 6.62 3.81 3.80 3.04    
Net Debt/Equity               1.99 1.79 1.83 2.39 2.53    
Cost of Financing % ...             -4.66 -6.86 4.70 10.5 16.5    
cash flow                            
Total Cash From Operations CZK mil               298 343 197 120 668    
Total Cash From Investing CZK mil               -142 -319 -392 -570 -493    
Total Cash From Financing CZK mil               -166 -12.6 185 450 -170    
Net Change In Cash CZK mil               -10.2 11.3 -10.3 0.292 5.37    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales CZK mil ...             6,562 6,843 8,374 8,623 10,480    
Cost of Goods & Services CZK mil               5,340 5,913 7,332 7,348 8,968    
Gross Profit CZK mil ...             1,222 930 1,042 1,274 1,511    
Staff Cost CZK mil               621 619 675 734 770    
Other Cost CZK mil ...             96.3 47.7 -134 -102 -61.5    
EBITDA CZK mil               505 263 501 643 802    
Depreciation CZK mil               319 303 332 388 434    
EBIT CZK mil               186 -40.4 169 255 369    
Financing Cost CZK mil               -89.7 -122 86.4 229 406    
Extraordinary Cost CZK mil               0 0 0 0 0    
Pre-Tax Profit CZK mil               276 81.5 83.0 25.5 -36.8    
Tax CZK mil               11.6 4.45 13.6 42.6 23.3    
Minorities CZK mil               0 0 0 0 0    
Net Profit CZK mil               264 77.1 69.3 -17.1 -60.1    
growth rates                            
Total Revenue Growth % ... ...           5.33 4.28 22.4 2.97 21.5    
Operating Cost Growth % ... ...           8.00 -7.01 -18.8 16.7 12.3    
EBITDA Growth % ...             36.5 -47.9 90.4 28.3 24.8    
EBIT Growth % ...             -201 -122 -519 50.5 44.7    
Pre-Tax Profit Growth % ...             -206 -70.4 1.80 -69.3 -244    
Net Profit Growth % ...             -199 -70.8 -10.0 -125 251    
ratios                            
ROE %               34.6 8.25 6.88 -1.66 -6.04    
ROCE % ...             8.56 2.40 1.99 -0.447 -1.49    
Gross Margin % ...             18.6 13.6 12.4 14.8 14.4    
EBITDA Margin % ...             7.70 3.84 5.98 7.45 7.66    
EBIT Margin % ...             2.83 -0.590 2.02 2.96 3.52    
Net Margin % ...             4.02 1.13 0.828 -0.199 -0.573    
Cost of Financing % ...             -4.66 -6.86 4.70 10.5 16.5    
Net Debt/EBITDA               3.53 6.62 3.81 3.80 3.04    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets CZK mil               2,389 2,420 2,551 2,854 2,962    
Property, Plant & Equipment CZK mil               2,377 2,384 2,514 2,831 3,935    
Intangible Assets CZK mil               11.5 35.4 36.5 22.5 26.5    
Current Assets CZK mil               1,538 1,837 2,044 2,228 2,429    
Inventories CZK mil               621 755 883 752 918    
Receivables CZK mil               738 835 1,030 1,259 1,162    
Cash & Cash Equivalents CZK mil               6.73 18.0 7.75 8.04 13.4    
Total Assets CZK mil               3,933 4,268 4,820 5,428 5,849    
Shareholders' Equity CZK mil               896 973 1,042 1,025 965    
Of Which Minority Interest CZK mil               0 0 0 0 0    
Liabilities CZK mil               3,037 3,296 3,778 4,403 4,884    
Non-Current Liabilities CZK mil               1,321 1,279 1,303 708 1,321    
Long-Term Debt CZK mil               1,291 1,245 1,255 618 1,207    
Deferred Tax Liabilities CZK mil               29.6 34.0 47.7 90.3 114    
Current Liabilities CZK mil               1,229 1,788 2,224 3,518 3,392    
Short-Term Debt CZK mil               500 515 661 1,836 1,242    
Trade Payables CZK mil               649 679 824 838 1,027    
Provisions CZK mil               152 228 227 146 171    
Equity And Liabilities CZK mil               3,933 4,268 4,820 5,428 5,849    
growth rates                            
Total Asset Growth % ...             2.71 8.53 12.9 12.6 7.74    
Shareholders' Equity Growth % ...             41.8 8.61 7.13 -1.64 -5.86    
Net Debt Growth % ...             -12.6 -2.37 9.52 28.1 -0.359    
Total Debt Growth % ... ...           -13.0 -1.73 8.84 28.0 -0.139    
ratios                            
Total Debt CZK mil               1,792 1,761 1,916 2,453 2,450    
Net Debt CZK mil               1,785 1,743 1,909 2,445 2,436    
Working Capital CZK mil               709 911 1,090 1,172 1,054    
Capital Employed CZK mil               3,098 3,331 3,640 4,026 4,015    
Net Debt/Equity               1.99 1.79 1.83 2.39 2.53    
Cost of Financing % ...             -4.66 -6.86 4.70 10.5 16.5    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit CZK mil               264 77.1 69.3 -17.1 -60.1    
Depreciation CZK mil               319 303 332 388 434    
Non-Cash Items CZK mil ...             -94.9 164 -25.9 -169 176    
Change in Working Capital CZK mil ...             -191 -202 -178 -82.6 118    
Total Cash From Operations CZK mil               298 343 197 120 668    
Capital Expenditures CZK mil               -176 -331 -408 -630 -591    
Other Investments CZK mil               34.5 12.6 15.9 60.2 98.6    
Total Cash From Investing CZK mil               -142 -319 -392 -570 -493    
Issuance Of Debt CZK mil ...             -268 -31.0 156 537 -3.40    
Total Cash From Financing CZK mil               -166 -12.6 185 450 -170    
Net Change In Cash CZK mil               -10.2 11.3 -10.3 0.292 5.37    
ratios                            
Days Sales Outstanding days ...             41.0 44.5 44.9 53.3 40.5    
Days Sales Of Inventory days               42.4 46.6 44.0 37.3 37.4    
Days Payable Outstanding days               44.4 41.9 41.0 41.6 41.8    
Cash Conversion Cycle days ...             39.1 49.3 47.9 49.0 36.1    
Cash Earnings CZK mil               583 381 401 371 374    
Free Cash Flow CZK mil               156 23.9 -196 -450 175    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA %               6.80 1.88 1.53 -0.334 -1.07    
Gross Margin % ...             18.6 13.6 12.4 14.8 14.4    
Employees ...             1,435 1,373 1,487 1,555 1,573    
Cost Per Employee USD per month ...             1,892 1,966 2,139 2,010 2,086    
Cost Per Employee (Local Currency) CZK per month ...             36,057 37,581 37,827 39,320 40,818    
Staff Cost (As % Of Total Cost) % ...             9.74 9.00 8.23 8.77 7.62    
Effective Tax Rate %               4.20 5.45 16.4 167 -63.2    
Domestic Sales CZK mil ...             249 374 412 368 682    
Capital Expenditures (As % of Sales) % ...             2.69 4.84 4.88 7.30 5.64    
Revenues From Abroad CZK mil ...             6,133 6,256 7,313 7,390 8,795    
Revenues From Abroad (As % Of Total) % ...             93.5 91.4 87.3 85.7 83.9    
Sales of Tools CZK mil ...             62.0 13.0 74.0 273 155    
Sales of Goods CZK mil ... ... ... ... ...     92.0 96.0 455 554 848    
Sales of Air-Conditioning Units CZK mil ...             6,006 5,204 6,518 6,300 7,768    
Sales of Cooling & Condensing Units CZK mil ... ...           376 1,426 1,207 1,457 1,697    

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DENSO Manufacturing Czech is a Czech Republic-based producer of air-conditioners and their parts for Toyota,VW, Audi, Skoda, Lamborghini, Mercedes-Benz, BMW, Suzuki and other car companies. The Company was established in 2001 and is located in Liberec, in the north of Bohemia. It is a subsidiary of DENSO Corporation, which is a global automotive components manufacturer headquartered in the city of Kariya, Aichi Prefecture, Japan. DENSO is a member of the Toyota Group of companies, which is a leading supplier of advanced automotive technology, systems and components for all the world's major automakers. The Company operates in more than 30 countries and regions, employes approximately 130,000 people and the global consolidated sales totaled USD 38.1 bil for fiscal year ended March 31, 2013

Finance

Denso Manufacturing Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 34% a year during that time to total of CZK 1,137 mil in 2015, or 9.19% of sales. That’s compared to 8.16% average margin seen in last five years.

The company netted CZK 623 mil in 2015 implying ROE of 32.9% and ROCE of 13.5%. Again, the average figures were 16.1% and 5.62%, respectively when looking at the previous 5 years.

Denso Manufacturing Czech Republic’s net debt amounted to CZK 1,692 mil at the end of 2015, or 0.768 of equity. When compared to EBITDA, net debt was 1.49x, down when compared to average of 2.80x seen in the last 5 years.