DEZA

DEZA's Cash & Cash Equivalents rose 58.9% yoy to CZK 260 mil in 2015

By Helgi Analytics - April 2, 2020

DEZA's total assets reached CZK 5,079 mil at the end of 2015, down 7.13% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales CZK mil 10,364 10,109 7,831
Gross Profit CZK mil 1,330 1,256 1,103
EBITDA CZK mil 728 673 563
EBIT CZK mil 393 434 309
Financing Cost CZK mil -207 -307 -294
Pre-Tax Profit CZK mil 601 741 603
Net Profit CZK mil 528 651 542
Dividends CZK mil 600 600 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 5,632 5,469 5,079
Non-Current Assets CZK mil 2,579 2,778 2,745
Current Assets CZK mil 3,041 2,685 2,330
Working Capital CZK mil 2,022 1,777 1,500
Shareholders' Equity CZK mil 2,981 3,026 3,562
Liabilities CZK mil 2,652 2,443 1,517
Total Debt CZK mil 1,474 1,396 640
Net Debt CZK mil 1,369 1,232 380
Ratios 2013 2014 2015
ROE % 16.4 21.7 16.5
ROCE % 10.6 14.2 12.3
Gross Margin % 12.8 12.4 14.1
EBITDA Margin % 7.02 6.65 7.19
EBIT Margin % 3.80 4.30 3.94
Net Margin % 5.09 6.44 6.93
Net Debt/EBITDA 1.88 1.83 0.675
Net Debt/Equity 0.459 0.407 0.107
Cost of Financing % -16.9 -21.4 -28.9
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 703 1,120 ...
Total Cash From Investing CZK mil -238 -391 ...
Total Cash From Financing CZK mil -511 -685 ...
Net Change In Cash CZK mil -45.9 44.2 ...
Cash Conversion Cycle days 75.7 68.2 76.0
Cash Earnings CZK mil 862 890 797
Free Cash Flow CZK mil 465 729 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil ...                   4,805 7,570 9,078 9,919 10,364    
Gross Profit CZK mil ...                   1,144 2,131 2,396 2,177 1,330    
EBIT CZK mil ...                   67.0 1,076 1,090 710 393    
Net Profit CZK mil ...                   487 1,102 1,016 750 528    
ROE % ...                   13.4 35.0 28.5 21.0 16.4    
EBIT Margin % ...                   1.39 14.2 12.0 7.16 3.80    
Net Margin % ...                   10.1 14.6 11.2 7.56 5.09    
Employees ...                   1,011 963 968 983 984    
balance sheet                                  
Total Assets CZK mil ...                   4,411 4,642 5,217 5,515 5,632    
Non-Current Assets CZK mil ...                   2,628 2,663 2,703 2,719 2,579    
Current Assets CZK mil ...                   1,771 1,942 2,510 2,789 3,041    
Shareholders' Equity CZK mil ...                   2,849 3,442 3,695 3,450 2,981    
Liabilities CZK mil ...                   1,562 1,200 1,522 2,065 2,652    
Non-Current Liabilities CZK mil ...                   302 238 208 166 159    
Current Liabilities CZK mil ...                   586 686 794 839 868    
Net Debt/EBITDA ...                   0.642 -0.089 0.057 0.835 1.88    
Net Debt/Equity ...                   0.102 -0.036 0.022 0.254 0.459    
Cost of Financing % ... ...                 -56.2 -78.7 -103 -28.6 -16.9    
cash flow                                  
Total Cash From Operations CZK mil ...                   986 1,288 861 599 703   ...
Total Cash From Investing CZK mil ...                   -725 -466 -290 -357 -238   ...
Total Cash From Financing CZK mil ...                   -310 -755 -591 -284 -511   ...
Net Change In Cash CZK mil ...                   -49.0 67.0 -20.0 -42.0 -45.9   ...
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil ...                   4,805 7,570 9,078 9,919 10,364    
Cost of Goods & Services CZK mil ...                   3,661 5,439 6,682 7,742 9,034    
Gross Profit CZK mil ...                   1,144 2,131 2,396 2,177 1,330    
Staff Cost CZK mil ...                   471 451 471 487 504    
Other Cost CZK mil ...                   218 282 514 640 99.1    
EBITDA CZK mil ...                   455 1,398 1,411 1,050 728    
Depreciation CZK mil ...                   388 322 321 340 334    
EBIT CZK mil ...                   67.0 1,076 1,090 710 393    
Financing Cost CZK mil ...                   -435 -168 -136 -172 -207    
Extraordinary Cost CZK mil ...                   0 -6.00 1.00 1.00 0    
Pre-Tax Profit CZK mil ...                   502 1,250 1,225 881 601    
Tax CZK mil ...                   15.0 148 209 131 73.3    
Minorities CZK mil ...                   0 0 0 0 0    
Net Profit CZK mil ...                   487 1,102 1,016 750 528    
Dividends CZK mil                     500 750 1,000 1,000 600   ...
growth rates                                  
Total Revenue Growth % ... ...                 -48.0 57.5 19.9 9.26 4.49    
Operating Cost Growth % ... ...                 -48.3 6.39 34.4 14.4 -46.5    
EBITDA Growth % ... ...                 -46.0 207 0.930 -25.6 -30.7    
EBIT Growth % ... ...                 -85.0 1,506 1.30 -34.9 -44.6    
Pre-Tax Profit Growth % ... ...                 41.8 149 -2.00 -28.1 -31.8    
Net Profit Growth % ... ...                 55.6 126 -7.80 -26.2 -29.7    
ratios                                  
ROE % ...                   13.4 35.0 28.5 21.0 16.4    
ROCE % ... ...                 9.71 28.8 22.9 14.4 10.6    
Gross Margin % ...                   23.8 28.2 26.4 21.9 12.8    
EBITDA Margin % ...                   9.47 18.5 15.5 10.6 7.02    
EBIT Margin % ...                   1.39 14.2 12.0 7.16 3.80    
Net Margin % ...                   10.1 14.6 11.2 7.56 5.09    
Payout Ratio % ...                   103 68.1 98.4 133 114   ...
Cost of Financing % ... ...                 -56.2 -78.7 -103 -28.6 -16.9    
Net Debt/EBITDA ...                   0.642 -0.089 0.057 0.835 1.88    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets CZK mil ...                   2,628 2,663 2,703 2,719 2,579    
Property, Plant & Equipment CZK mil ...                   2,294 2,324 2,336 2,352 2,246    
Intangible Assets CZK mil ...                   7.00 16.0 73.0 78.0 49.9    
Current Assets CZK mil ...                   1,771 1,942 2,510 2,789 3,041    
Inventories CZK mil ...                   878 831 1,159 1,463 1,631    
Receivables CZK mil ...                   732 867 1,200 1,220 1,151    
Cash & Cash Equivalents CZK mil ...                   96.0 163 144 101 104    
Total Assets CZK mil ...                   4,411 4,642 5,217 5,515 5,632    
Shareholders' Equity CZK mil ...                   2,849 3,442 3,695 3,450 2,981    
Of Which Minority Interest CZK mil ...                   0 0 0 0 0    
Liabilities CZK mil ...                   1,562 1,200 1,522 2,065 2,652    
Non-Current Liabilities CZK mil ...                   302 238 208 166 159    
Long-Term Debt CZK mil ...                   80.0 0 0 0 0    
Deferred Tax Liabilities CZK mil ...                   165 190 178 166 159    
Current Liabilities CZK mil ...                   586 686 794 839 868    
Short-Term Debt CZK mil ...                   308 39.0 225 978 1,474    
Trade Payables CZK mil ...                   394 540 21.0 27.0 761    
Provisions CZK mil ...                   248 214 226 80.0 151    
Equity And Liabilities CZK mil ...                   4,411 4,642 5,217 5,515 5,632    
growth rates                                  
Total Asset Growth % ... ...                 -35.4 5.24 12.4 5.71 2.13    
Shareholders' Equity Growth % ... ...                 -35.5 20.8 7.35 -6.63 -13.6    
Net Debt Growth % ... ...                 -71.2 -142 -165 983 56.1    
Total Debt Growth % ... ...                 -66.6 -89.9 477 335 50.7    
ratios                                  
Total Debt CZK mil ...                   388 39.0 225 978 1,474    
Net Debt CZK mil ...                   292 -124 81.0 877 1,369    
Working Capital CZK mil ...                   1,216 1,158 2,338 2,656 2,022    
Capital Employed CZK mil ...                   3,844 3,821 5,041 5,375 4,601    
Net Debt/Equity ...                   0.102 -0.036 0.022 0.254 0.459    
Cost of Financing % ... ...                 -56.2 -78.7 -103 -28.6 -16.9    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit CZK mil ...                   487 1,102 1,016 750 528    
Depreciation CZK mil ...                   388 322 321 340 334    
Non-Cash Items CZK mil ... ...                 -44.0 -194 704 -173 -793   ...
Change in Working Capital CZK mil ... ...                 155 58.0 -1,180 -318 634    
Total Cash From Operations CZK mil ...                   986 1,288 861 599 703   ...
Capital Expenditures CZK mil ...                   -805 -467 -290 -359 -240   ...
Other Investments CZK mil ...                   80.0 1.00 0 2.00 2.32   ...
Total Cash From Investing CZK mil ...                   -725 -466 -290 -357 -238   ...
Dividends Paid CZK mil                     -500 -750 -1,000 -1,000 -600   ...
Issuance Of Debt CZK mil ... ...                 -773 -349 186 753 496    
Total Cash From Financing CZK mil ...                   -310 -755 -591 -284 -511   ...
Net Change In Cash CZK mil ...                   -49.0 67.0 -20.0 -42.0 -45.9   ...
ratios                                  
Days Sales Outstanding days ...                   55.6 41.8 48.2 44.9 40.6    
Days Sales Of Inventory days ...                   87.5 55.8 63.3 69.0 65.9    
Days Payable Outstanding days ...                   39.3 36.2 1.15 1.27 30.7    
Cash Conversion Cycle days ...                   104 61.3 110 113 75.7    
Cash Earnings CZK mil ...                   875 1,424 1,337 1,090 862    
Free Cash Flow CZK mil ...                   261 822 571 242 465   ...
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA % ...                   8.66 24.3 20.6 14.0 9.46    
Gross Margin % ...                   23.8 28.2 26.4 21.9 12.8    
Employees ...                   1,011 963 968 983 984    
Cost Per Employee USD per month ...                   2,037 2,042 2,293 2,111 2,181    
Cost Per Employee (Local Currency) CZK per month ...                   38,823 39,027 40,548 41,285 42,662    
Staff Cost (As % Of Total Cost) % ...                   9.94 6.94 5.90 5.29 5.05    
Effective Tax Rate % ...                   2.99 11.8 17.1 14.9 12.2    
Domestic Sales CZK mil ...                   1,605 2,972 3,448 3,802 3,679    
Capital Expenditures (As % of Sales) % ...                   16.8 6.17 3.19 3.62 2.32   ...
Revenues From Abroad CZK mil ...                   3,554 4,607 5,441 5,702 6,558    
Revenues From Abroad (As % Of Total) % ...                   74.0 60.9 59.9 57.5 63.3    
Sales of Chemicals CZK mil ... ... ... ...             4,950 7,410 8,691 9,302 10,026    
Sales of Heat CZK mil ... ... ... ...             93.0 104 97.0 102 98.6    
Sales Of Electricity CZK mil ... ... ... ...             58.0 9.00 60.0 57.0 62.9    
Sales Of Services CZK mil ... ... ... ... ... ...         58.0 55.0 40.0 43.0 49.3    
Sales in Italy CZK mil ... ...                 802 1,294 1,770 1,934 1,669    
Sales in Germany CZK mil ... ...                 726 1,279 1,970 1,766 2,643    
Sales in India CZK mil ... ...                 384 833 717 665 746    
Sales in Poland CZK mil ... ...                 447 810 1,135 1,369 1,316    

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Dec 2013
Company Report

DEZA, a. s. is a producer of basic aromatic chemicals designated for further chemical use. Company's products are used as precious raw material in the production of carbon materials, paints and pigments, softeners for plastics, plasticizers for concrete and polyurethanes. The target user segment is the building and automotive industry. Deza's plant is based in Valasske Mezirici, in the East of the Czech Republic and its history can be dated back to 1892, when the plant was known as the Julius Rütgers company for the distillation of tar. In 1999, the Company was incorporated into the Agrofert Group. In Europe, there are only five companies with similar manufacturing capabilities. Apart from the chemicals, Deza also produces electricity and heat

Finance

DEZA has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 16.6% a year during that time to total of CZK 563 mil in 2015, or 7.19% of sales. That’s compared to 9.40% average margin seen in last five years.

The company netted CZK 542 mil in 2015 implying ROE of 16.5% and ROCE of 12.3%. Again, the average figures were 20.8% and 14.9%, respectively when looking at the previous 5 years.

DEZA’s net debt amounted to CZK 380 mil at the end of 2015, or 0.107 of equity. When compared to EBITDA, net debt was 0.675x, down when compared to average of 1.06x seen in the last 5 years.

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