Djuro Djakovic Holding

Profit Statement 2013 2014 2015
Sales HRK mil 612 382 396
Gross Profit HRK mil 154 136 116
EBITDA HRK mil -99.2 -65.7 -25.8
EBIT HRK mil -119 -83.6 -45.7
Financing Cost HRK mil 5.89 12.4 14.0
Pre-Tax Profit HRK mil -124 -96.2 -59.6
Net Profit HRK mil -119 -95.1 -58.4
Balance Sheet 2013 2014 2015
Total Assets HRK mil 607 516 508
Non-Current Assets HRK mil 204 246 273
Current Assets HRK mil 402 270 235
Working Capital HRK mil 49.1 65.9 74.8
Shareholders' Equity HRK mil 80.6 72.6 9.67
Liabilities HRK mil 526 443 498
Total Debt HRK mil 187 225 305
Net Debt HRK mil 43.6 171 267
Ratios 2013 2014 2015
ROE % -85.0 -124 -142
ROCE % -35.6 -33.6 -17.7
Gross Margin % 25.2 35.7 29.2
EBITDA Margin % -16.2 -17.2 -6.50
EBIT Margin % -19.4 -21.9 -11.5
Net Margin % -19.5 -24.9 -14.7
Net Debt/EBITDA -0.440 -2.61 -10.4
Net Debt/Equity 0.541 2.36 27.6
Cost of Financing % 3.52 6.04 5.28
Valuation 2013 2014 2015
Market Capitalisation USD mil 39.6 39.6 31.8
Enterprise Value (EV) USD mil 47.5 66.6 73.9
Number Of Shares mil 3.24 7.60 7.60
Share Price HRK 67.5 33.0 26.5
EV/EBITDA -2.73 -6.02 -17.0
EV/Sales 0.443 1.03 1.11
Price/Earnings (P/E) -1.84 -2.64 -3.45
Price/Book Value (P/BV) 2.71 3.45 20.8

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales HRK mil               468 255 774 1,079 612    
Gross Profit HRK mil ... ... ... ... ... ... ... ... ... ... 180 154    
EBIT HRK mil               -31.9 -33.3 15.4 6.87 -119    
Net Profit HRK mil               -22.1 -50.5 9.40 -4.58 -119    
ROE %               -6.50 -17.8 3.61 -1.98 -85.0    
EBIT Margin %               -6.81 -13.1 1.99 0.637 -19.4    
Net Margin %               -4.72 -19.8 1.21 -0.425 -19.5    
balance sheet                            
Total Assets HRK mil               629 655 772 597 607    
Non-Current Assets HRK mil               281 240 209 225 204    
Current Assets HRK mil               348 415 563 364 402    
Shareholders' Equity HRK mil               308 257 263 200 80.6    
Liabilities HRK mil               320 398 508 397 526    
Non-Current Liabilities HRK mil               150 247 215 157 103    
Current Liabilities HRK mil               170 151 294 241 423    
Net Debt/EBITDA               -12.3 -17.4 4.69 4.84 -0.440    
Net Debt/Equity               0.615 1.12 0.580 0.608 0.541    
Cost of Financing % ...             6.36 4.85 4.82 7.16 3.52    
cash flow                            
Total Cash From Operations HRK mil               -128 -113 81.4 3.78 52.6    
Total Cash From Investing HRK mil               51.1 -7.97 15.2 1.24 9.73    
Total Cash From Financing HRK mil               68.9 107 -62.9 -38.8 55.2    
Net Change In Cash HRK mil               -8.11 -14.6 33.7 -33.7 118    
valuation                            
Market Capitalisation USD mil ... ... ... ...       22.3 18.2 27.9 44.4 39.6    
Number Of Shares mil               3.24 3.24 3.24 3.24 3.24    
Share Price HRK ... ... ... ...       35.1 31.1 50.2 78.7 67.5    
Earnings Per Share (EPS) HRK               -6.83 -15.6 2.90 -1.41 -36.8    
Book Value Per Share HRK               95.3 79.5 81.4 61.7 24.9    
Price/Earnings (P/E) ... ... ... ...       -5.13 -1.99 17.3 -55.6 -1.84    
Price/Book Value (P/BV) ... ... ... ...       0.368 0.391 0.617 1.28 2.71    
Earnings Per Share Growth % ...             -1,392 128 -119 -149 2,498    
Book Value Per Share Growth % ...             -18.3 -16.6 2.32 -24.2 -59.7    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                            
Sales HRK mil               468 255 774 1,079 612    
Cost of Goods & Services HRK mil ... ... ... ... ... ... ... ... ... ... 899 457    
Gross Profit HRK mil ... ... ... ... ... ... ... ... ... ... 180 154    
EBITDA HRK mil               -15.4 -16.5 32.6 25.1 -99.2    
Depreciation HRK mil               16.5 16.8 17.2 18.2 19.4    
EBIT HRK mil               -31.9 -33.3 15.4 6.87 -119    
Financing Cost HRK mil               13.7 12.3 12.2 12.5 5.89    
Extraordinary Cost HRK mil               -22.9 4.69 -8.76 0 -0.120    
Pre-Tax Profit HRK mil               -22.7 -50.3 12.0 -5.67 -124    
Tax HRK mil               -0.127 0.267 2.73 0.250 0    
Minorities HRK mil               -0.426 -0.084 -0.120 -1.35 -5.17    
Net Profit HRK mil               -22.1 -50.5 9.40 -4.58 -119    
growth rates                            
Total Revenue Growth % ...             -44.5 -45.5 203 39.4 -43.3    
EBITDA Growth % ...             -164 7.20 -297 -23.1 -496    
EBIT Growth % ...             -2,063 4.49 -146 -55.4 -1,825    
Pre-Tax Profit Growth % ...             -460 122 -124 -147 2,092    
Net Profit Growth % ...             -1,411 128 -119 -149 2,501    
ratios                            
ROE %               -6.50 -17.8 3.61 -1.98 -85.0    
ROCE % ...             -4.26 -10.1 1.85 -1.01 -35.6    
Gross Margin % ... ... ... ... ... ... ... ... ... ... 16.7 25.2    
EBITDA Margin %               -3.29 -6.46 4.21 2.32 -16.2    
EBIT Margin %               -6.81 -13.1 1.99 0.637 -19.4    
Net Margin %               -4.72 -19.8 1.21 -0.425 -19.5    
Cost of Financing % ...             6.36 4.85 4.82 7.16 3.52    
Net Debt/EBITDA               -12.3 -17.4 4.69 4.84 -0.440    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                            
Non-Current Assets HRK mil               281 240 209 225 204    
Property, Plant & Equipment HRK mil               182 176 173 187 164    
Intangible Assets HRK mil               8.07 5.98 7.28 27.3 24.6    
Current Assets HRK mil               348 415 563 364 402    
Inventories HRK mil               112 220 274 124 122    
Receivables HRK mil               174 149 170 213 136    
Cash & Cash Equivalents HRK mil               15.2 14.7 50.2 25.9 144    
Total Assets HRK mil               629 655 772 597 607    
Shareholders' Equity HRK mil               308 257 263 200 80.6    
Of Which Minority Interest HRK mil               1.98 0.751 0.638 2.07 7.24    
Liabilities HRK mil               320 398 508 397 526    
Non-Current Liabilities HRK mil               150 247 215 157 103    
Long-Term Debt HRK mil               135 232 193 131 78.0    
Current Liabilities HRK mil               170 151 294 241 423    
Short-Term Debt HRK mil               70.0 70.0 9.58 16.5 109    
Trade Payables HRK mil               100 80.0 162 146 209    
Equity And Liabilities HRK mil               629 655 772 597 607    
growth rates                            
Total Asset Growth % ...             -21.4 4.17 17.8 -22.6 1.64    
Shareholders' Equity Growth % ...             -17.1 -16.6 2.32 -24.2 -59.7    
Net Debt Growth % ...             4.74 51.4 -46.8 -20.6 -64.1    
Total Debt Growth % ...             -9.16 47.4 -32.7 -27.5 27.1    
ratios                            
Total Debt HRK mil               205 302 203 147 187    
Net Debt HRK mil               190 287 153 121 43.6    
Working Capital HRK mil               186 288 281 190 49.1    
Capital Employed HRK mil               467 528 490 415 254    
Net Debt/Equity               0.615 1.12 0.580 0.608 0.541    
Cost of Financing % ...             6.36 4.85 4.82 7.16 3.52    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                            
Net Profit HRK mil               -22.1 -50.5 9.40 -4.58 -119    
Depreciation HRK mil               16.5 16.8 17.2 18.2 19.4    
Non-Cash Items HRK mil ...             -175 22.4 47.6 -101 11.2    
Change in Working Capital HRK mil ...             52.9 -102 7.20 90.9 141    
Total Cash From Operations HRK mil               -128 -113 81.4 3.78 52.6    
Capital Expenditures HRK mil               -11.0 -8.13 -8.13 -17.1 -3.62    
Other Investments HRK mil               62.2 0.158 23.3 18.3 13.4    
Total Cash From Investing HRK mil               51.1 -7.97 15.2 1.24 9.73    
Issuance Of Debt HRK mil ...             -20.6 97.0 -98.8 -55.8 39.9    
Total Cash From Financing HRK mil               68.9 107 -62.9 -38.8 55.2    
Net Change In Cash HRK mil               -8.11 -14.6 33.7 -33.7 118    
ratios                            
Days Sales Outstanding days               136 213 80.0 72.0 81.4    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... ... ... 50.2 97.3    
Days Payable Outstanding days ... ... ... ... ... ... ... ... ... ... 59.3 167    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... ... ... 62.8 11.7    
Cash Earnings HRK mil               -5.61 -33.6 26.6 13.6 -99.7    
Cash Earnings Per Share HRK               -1.73 -10.4 8.20 4.20 -30.8    
Price/Cash Earnings (P/CE) ... ... ... ...       -20.2 -2.99 6.11 18.7 -2.19    
Free Cash Flow HRK mil               -77.0 -121 96.6 5.02 62.3    
Free Cash Flow Yield % ... ... ... ...       -65.4 -121 64.7 1.93 27.6    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                            
ROA %               -3.10 -7.86 1.32 -0.669 -19.8    
Gross Margin % ... ... ... ... ... ... ... ... ... ... 16.7 25.2    
Effective Tax Rate %               0.560 -0.531 22.7 -4.41 0    
Enterprise Value (EV) USD mil ... ... ... ...       59.5 70.3 54.2 65.6 47.5    
EV/EBITDA ... ... ... ...       -20.4 -23.5 8.90 15.3 -2.73    
EV/Capital Employed ... ... ... ...       0.649 0.734 0.643 0.906 1.03    
EV/Sales ... ... ... ...       0.671 1.52 0.375 0.356 0.443    
EV/EBIT ... ... ... ...       -9.85 -11.6 18.8 55.9 -2.29    
Capital Expenditures (As % of Sales) %               2.36 3.18 1.05 1.58 0.592    

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May 2016
Statistical Dossier

Djuro Djakovic Holding dd is a Croatia-based metal mechanical engineering group based in Slavonski Brod, Croatia. The Company was privatised in 1991. Today, the Company consists of seven subsidiaries divided into three strategic business units: Defence, Transport and Industry and Energetics, offering for example armored combat vehicles, engineering services and fabricated metal products; construction of buildings; equipment for oil, chemical and petrochemical industry; machining of larger components and production of power transmission gears; or utilities.

Finance

Djuro Djakovic Holding has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 9.33% a year during that time to total of HRK -25.8 mil in 2015, or -6.50% of sales. That’s compared to -6.67% average margin seen in last five years.

The company netted HRK -58.4 mil in 2015 implying ROE of -142% and ROCE of -17.7%. Again, the average figures were -69.9% and -17.2%, respectively when looking at the previous 5 years.

Djuro Djakovic Holding’s net debt amounted to HRK 267 mil at the end of 2015, or 27.6 of equity. When compared to EBITDA, net debt was -10.4x, down when compared to average of -0.776x seen in the last 5 years.

Valuation

Djuro Djakovic Holding stock traded at HRK 26.5 per share at the end of 2015 resulting in a market capitalization of USD 31.8 mil. Over the previous five years, stock price fell by 14.9% or -3.18% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -17.0x and price to earnings (PE) of -3.45x as of 2015.

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