Economia

Economia's Cash & Cash Equivalents fell 36.9% yoy to CZK 68.2 mil in 2015

By Helgi Analytics - April 2, 2020

Economia's total assets reached CZK 452 mil at the end of 2015, down 19.7% compared to the previous year. Current ...

Profit Statement 2013 2014 2015
Sales CZK mil 625 877 788
Gross Profit CZK mil 242 308 303
EBITDA CZK mil -58.7 -65.9 -2.44
EBIT CZK mil -242 -123 -52.2
Financing Cost CZK mil -69.7 35.4 -2.82
Pre-Tax Profit CZK mil -173 -159 -49.4
Net Profit CZK mil -125 -153 -40.5
Balance Sheet 2013 2014 2015
Total Assets CZK mil 1,043 563 452
Non-Current Assets CZK mil 705 285 194
Current Assets CZK mil 340 265 208
Working Capital CZK mil 65.9 -7.37 32.1
Shareholders' Equity CZK mil 222 69.9 29.4
Liabilities CZK mil 821 493 422
Total Debt CZK mil 0.468 31.2 2.67
Net Debt CZK mil -156 -77.0 -65.6
Ratios 2013 2014 2015
ROE % -48.2 -105 -81.5
ROCE % -17.7 -29.2 -16.1
Gross Margin % 38.7 35.1 38.5
EBITDA Margin % -9.38 -7.52 -0.310
EBIT Margin % -38.7 -14.1 -6.62
Net Margin % -20.0 -17.5 -5.14
Net Debt/EBITDA 2.66 1.17 26.8
Net Debt/Equity -0.704 -1.10 -2.23
Cost of Financing % -42.0 223 -16.6
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 5.43 -24.9 -6.63
Cash Earnings CZK mil 58.2 -95.7 9.23

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summary Unit 2011 2012 2013 2014 2015
income statement          
Sales CZK mil 723 660 625    
Gross Profit CZK mil 291 258 242    
EBIT CZK mil -21.2 -62.4 -242    
Net Profit CZK mil -21.2 -54.0 -125    
ROE % -5.61 -16.0 -48.2    
EBIT Margin % -2.93 -9.45 -38.7    
Net Margin % -2.93 -8.18 -20.0    
Employees 349 347 338    
balance sheet          
Total Assets CZK mil 959 1,050 1,043    
Non-Current Assets CZK mil 675 616 705    
Current Assets CZK mil 363 333 340    
Shareholders' Equity CZK mil 378 298 222    
Liabilities CZK mil 580 752 821    
Non-Current Liabilities CZK mil 159 130 0    
Current Liabilities CZK mil 336 373 344    
Net Debt/EBITDA 2.85 -12.1 2.66    
Net Debt/Equity 0.197 0.431 -0.704    
Cost of Financing % ... 1.07 -42.0    
income statement Unit 2011 2012 2013 2014 2015
income statement          
Sales CZK mil 723 660 625    
Cost of Goods & Services CZK mil 432 403 383    
Gross Profit CZK mil 291 258 242    
Staff Cost CZK mil 262 265 273    
Other Cost CZK mil 2.38 2.93 27.1    
EBITDA CZK mil 26.1 -10.6 -58.7    
Depreciation CZK mil 47.3 51.7 184    
EBIT CZK mil -21.2 -62.4 -242    
Financing Cost CZK mil 3.21 3.49 -69.7    
Extraordinary Cost CZK mil 0 0 0    
Pre-Tax Profit CZK mil -24.4 -65.9 -173    
Tax CZK mil -3.18 -11.9 -47.2    
Minorities CZK mil 0 0 0    
Net Profit CZK mil -21.2 -54.0 -125    
growth rates          
Total Revenue Growth % ... -8.64 -5.29    
Operating Cost Growth % ... 1.42 12.0    
EBITDA Growth % ... -141 451    
EBIT Growth % ... 194 288    
Pre-Tax Profit Growth % ... 170 162    
Net Profit Growth % ... 155 132    
ratios          
ROE % -5.61 -16.0 -48.2    
ROCE % ... -8.12 -17.7    
Gross Margin % 40.2 39.0 38.7    
EBITDA Margin % 3.61 -1.61 -9.38    
EBIT Margin % -2.93 -9.45 -38.7    
Net Margin % -2.93 -8.18 -20.0    
Cost of Financing % ... 1.07 -42.0    
Net Debt/EBITDA 2.85 -12.1 2.66    
balance sheet Unit 2011 2012 2013 2014 2015
balance sheet          
Non-Current Assets CZK mil 675 616 705    
Property, Plant & Equipment CZK mil 561 529 270    
Intangible Assets CZK mil 24.8 20.5 20.4    
Current Assets CZK mil 363 333 340    
Inventories CZK mil 2.20 1.44 1.93    
Receivables CZK mil 65.4 86.8 156    
Cash & Cash Equivalents CZK mil 245 203 156    
Total Assets CZK mil 959 1,050 1,043    
Shareholders' Equity CZK mil 378 298 222    
Of Which Minority Interest CZK mil 0 0 0    
Liabilities CZK mil 580 752 821    
Non-Current Liabilities CZK mil 159 130 0    
Long-Term Debt CZK mil 101 84.4 0    
Deferred Tax Liabilities CZK mil 58.0 46.0 0    
Current Liabilities CZK mil 336 373 344    
Short-Term Debt CZK mil 218 247 0.468    
Trade Payables CZK mil 59.8 57.8 91.7    
Provisions CZK mil 11.4 8.57 8.72    
Equity And Liabilities CZK mil 959 1,050 1,043    
growth rates          
Total Asset Growth % ... 9.57 -0.708    
Shareholders' Equity Growth % ... -21.2 -25.7    
Net Debt Growth % ... 72.9 -221    
Total Debt Growth % ... 3.90 -99.9    
ratios          
Total Debt CZK mil 319 332 0.468    
Net Debt CZK mil 74.4 129 -156    
Working Capital CZK mil 7.80 30.4 65.9    
Capital Employed CZK mil 683 646 771    
Net Debt/Equity 0.197 0.431 -0.704    
Cost of Financing % ... 1.07 -42.0    
cash flow Unit 2011 2012 2013 2014 2015
cash flow          
Net Profit CZK mil -21.2 -54.0 -125    
Depreciation CZK mil 47.3 51.7 184    
ratios          
Days Sales Outstanding days 33.0 48.0 90.8    
Days Sales Of Inventory days 1.86 1.30 1.84    
Days Payable Outstanding days 50.5 52.4 87.3    
Cash Conversion Cycle days -15.6 -3.12 5.43    
Cash Earnings CZK mil 26.1 -2.26 58.2    
other data Unit 2011 2012 2013 2014 2015
other data          
ROA % -2.21 -5.38 -12.0    
Gross Margin % 40.2 39.0 38.7    
Employees 349 347 338    
Cost Per Employee USD per month 3,538 3,257 3,445    
Cost Per Employee (Local Currency) CZK per month 62,575 63,706 67,400    
Staff Cost (As % Of Total Cost) % 35.2 36.7 31.5    
Effective Tax Rate % 13.1 18.0 27.4    

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Economia, a.s. is a Czech Republic-based publisher of economic and B2B periodicals in Czech Republic and Slovakia. It publishes daily and weekly newspapers in the areas of economist, respect, business bulletin, and marketing and media; and B2B publications in the areas of banking, financial management, financial advisor, HR management, hotel and spa management, logistics, modern municipality, modern management, waste management, legal advisor, commerce, sign, builder, technology, trend marketing, and sport and wellness management. The Company also organizes professional conferences, seminars, training sessions, and other educational events for firms.

Finance

Economia has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of CZK -2.44 mil in 2015, or -0.310% of sales. That’s compared to -3.04% average margin seen in last five years.

The company netted CZK -40.5 mil in 2015 implying ROE of -81.5% and ROCE of -16.1%. Again, the average figures were -51.3% and -17.8%, respectively when looking at the previous 5 years.

Economia’s net debt amounted to CZK -65.6 mil at the end of 2015, or -2.23 of equity. When compared to EBITDA, net debt was 26.8x, up when compared to average of 4.29x seen in the last 5 years.