ESO travel

ESO's Cash & Cash Equivalents rose 35.9% yoy to CZK 53.7 mil in 2015

By Helgi Analytics - April 2, 2020

ESO travel's total assets reached CZK 116 mil at the end of 2015, up 50.5% compared to the previous year. Current ...

Profit Statement 2013 2014 2015
Sales CZK mil 514 491 454
Gross Profit CZK mil 13.8 12.8 11.9
EBITDA CZK mil 6.63 6.09 6.03
EBIT CZK mil 6.11 5.63 5.57
Financing Cost CZK mil 2.96 3.57 2.47
Pre-Tax Profit CZK mil 3.15 2.06 3.10
Net Profit CZK mil 2.42 1.55 2.35
Balance Sheet 2013 2014 2015
Total Assets CZK mil 79.3 77.1 116
Non-Current Assets CZK mil 1.11 0.710 0.345
Current Assets CZK mil 46.3 50.3 80.1
Working Capital CZK mil -4.05 -8.76 -11.7
Shareholders' Equity CZK mil 7.99 5.54 7.89
Liabilities CZK mil 71.3 71.5 108
Total Debt CZK mil 59.5 50.3 62.9
Net Debt CZK mil 25.4 10.8 9.25
Ratios 2013 2014 2015
ROE % 35.8 23.0 35.1
ROCE % -276 -28.2 -24.3
Gross Margin % 2.68 2.60 2.62
EBITDA Margin % 1.29 1.24 1.33
EBIT Margin % 1.19 1.15 1.23
Net Margin % 0.471 0.316 0.518
Net Debt/EBITDA 3.83 1.78 1.53
Net Debt/Equity 3.18 1.96 1.17
Cost of Financing % 5.44 6.49 4.36
Cash Flow 2013 2014 2015
Cash Conversion Cycle days -3.01 -6.70 -9.66
Cash Earnings CZK mil 2.94 2.02 2.82

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summary Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 323 454 513 551 514    
Gross Profit CZK mil 28.8 34.5 29.8 13.0 13.8    
EBIT CZK mil 13.8 25.4 21.0 4.47 6.11    
Net Profit CZK mil 6.53 17.6 16.8 2.37 2.42    
ROE % 21.3 59.7 71.1 19.2 35.8    
EBIT Margin % 4.26 5.58 4.09 0.811 1.19    
Net Margin % 2.02 3.86 3.28 0.430 0.471    
Employees 32.0 35.0 37.0 37.0 38.0    
balance sheet              
Total Assets CZK mil 117 107 110 82.1 79.3    
Non-Current Assets CZK mil 1.01 0.750 1.80 1.18 1.11    
Current Assets CZK mil 112 84.8 73.1 51.8 46.3    
Shareholders' Equity CZK mil 30.6 28.2 19.2 5.56 7.99    
Liabilities CZK mil 86.8 79.3 91.0 76.6 71.3    
Non-Current Liabilities CZK mil 0 0 0 0 0    
Current Liabilities CZK mil 85.9 77.4 89.4 75.0 71.1    
Net Debt/EBITDA -1.35 -0.156 0.766 2.99 3.83    
Net Debt/Equity -0.621 -0.144 0.864 2.73 3.18    
Cost of Financing % ... 5.92 0.140 2.41 5.44    
income statement Unit 2009 2010 2011 2012 2013 2014 2015
income statement              
Sales CZK mil 323 454 513 551 514    
Cost of Goods & Services CZK mil 294 420 484 538 501    
Gross Profit CZK mil 28.8 34.5 29.8 13.0 13.8    
Staff Cost CZK mil 15.9 11.2 12.3 12.6 10.9    
Other Cost CZK mil -1.15 -2.59 -4.04 -4.67 -3.74    
EBITDA CZK mil 14.0 25.9 21.6 5.09 6.63    
Depreciation CZK mil 0.254 0.568 0.628 0.618 0.517    
EBIT CZK mil 13.8 25.4 21.0 4.47 6.11    
Financing Cost CZK mil 5.39 3.24 0.091 1.43 2.96    
Extraordinary Cost CZK mil 0 0 0 0 0    
Pre-Tax Profit CZK mil 8.38 22.1 20.9 3.05 3.15    
Tax CZK mil 1.85 4.57 4.08 0.673 0.730    
Minorities CZK mil 0 0 0 0 0    
Net Profit CZK mil 6.53 17.6 16.8 2.37 2.42    
growth rates              
Total Revenue Growth % ... 40.7 13.0 7.38 -6.70    
Operating Cost Growth % ... -41.8 -4.49 -3.87 -9.31    
EBITDA Growth % ... 84.9 -16.6 -76.5 30.3    
EBIT Growth % ... 84.2 -17.2 -78.7 36.7    
Pre-Tax Profit Growth % ... 164 -5.49 -85.4 3.51    
Net Profit Growth % ... 169 -4.14 -85.9 2.11    
ratios              
ROE % 21.3 59.7 71.1 19.2 35.8    
ROCE % ... -7,471 2,026 118 -276    
Gross Margin % 8.92 7.60 5.81 2.36 2.68    
EBITDA Margin % 4.34 5.71 4.21 0.923 1.29    
EBIT Margin % 4.26 5.58 4.09 0.811 1.19    
Net Margin % 2.02 3.86 3.28 0.430 0.471    
Cost of Financing % ... 5.92 0.140 2.41 5.44    
Net Debt/EBITDA -1.35 -0.156 0.766 2.99 3.83    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015
balance sheet              
Non-Current Assets CZK mil 1.01 0.750 1.80 1.18 1.11    
Property, Plant & Equipment CZK mil 1.01 0.750 1.70 1.10 1.05    
Intangible Assets CZK mil 0 0 0.103 0.083 0.063    
Current Assets CZK mil 112 84.8 73.1 51.8 46.3    
Inventories CZK mil 0 0 0 0 0    
Receivables CZK mil 23.5 14.2 11.3 5.39 2.65    
Cash & Cash Equivalents CZK mil 66.8 65.7 52.2 34.1 34.2    
Total Assets CZK mil 117 107 110 82.1 79.3    
Shareholders' Equity CZK mil 30.6 28.2 19.2 5.56 7.99    
Of Which Minority Interest CZK mil 0 0 0 0 0    
Liabilities CZK mil 86.8 79.3 91.0 76.6 71.3    
Non-Current Liabilities CZK mil 0 0 0 0 0    
Long-Term Debt CZK mil 0 0 0 0 0.297    
Deferred Tax Liabilities CZK mil 0 0 0 0 0    
Current Liabilities CZK mil 85.9 77.4 89.4 75.0 71.1    
Short-Term Debt CZK mil 47.8 61.6 68.8 49.3 59.2    
Trade Payables CZK mil 23.8 16.2 10.2 5.39 6.70    
Provisions CZK mil 0 0 0 0 0    
Equity And Liabilities CZK mil 117 107 110 82.1 79.3    
growth rates              
Total Asset Growth % ... -8.44 2.53 -25.5 -3.40    
Shareholders' Equity Growth % ... -7.99 -31.9 -71.0 43.6    
Net Debt Growth % ... -78.7 -509 -8.27 67.0    
Total Debt Growth % ... 28.8 11.6 -28.3 20.7    
ratios              
Total Debt CZK mil 47.8 61.6 68.8 49.3 59.5    
Net Debt CZK mil -19.0 -4.05 16.6 15.2 25.4    
Working Capital CZK mil -0.302 -1.93 1.04 0.007 -4.05    
Capital Employed CZK mil 0.711 -1.18 2.84 1.19 -2.95    
Net Debt/Equity -0.621 -0.144 0.864 2.73 3.18    
Cost of Financing % ... 5.92 0.140 2.41 5.44    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015
cash flow              
Net Profit CZK mil 6.53 17.6 16.8 2.37 2.42    
Depreciation CZK mil 0.254 0.568 0.628 0.618 0.517    
ratios              
Days Sales Outstanding days 26.5 11.4 8.02 3.57 1.88    
Days Sales Of Inventory days 0 0 0 0 0    
Days Payable Outstanding days 29.5 14.1 7.73 3.65 4.89    
Cash Conversion Cycle days -2.97 -2.62 0.292 -0.081 -3.01    
Cash Earnings CZK mil 6.78 18.1 17.5 2.99 2.94    
other data Unit 2009 2010 2011 2012 2013 2014 2015
other data              
ROA % 5.56 15.6 15.5 2.47 3.00    
Gross Margin % 8.92 7.60 5.81 2.36 2.68    
Employees 32.0 35.0 37.0 37.0 38.0    
Cost Per Employee USD per month 2,177 1,394 1,560 1,446 1,222    
Cost Per Employee (Local Currency) CZK per month 41,482 26,638 27,597 28,291 23,904    
Staff Cost (As % Of Total Cost) % 5.15 2.61 2.49 2.30 2.14    
Effective Tax Rate % 22.1 20.7 19.5 22.1 23.2    

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ESO Travel a.s. is a Czech Republic-based travel agency. The Company was founded in 1994 and is based in Prague, Czech Republic. ESO Travel operates as a subsidiary of Cedok a.s.

Finance

ESO travel has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 25.3% a year during that time to total of CZK 6.03 mil in 2015, or 1.33% of sales. That’s compared to 1.80% average margin seen in last five years.

The company netted CZK 2.35 mil in 2015 implying ROE of 35.1% and ROCE of -24.3%. Again, the average figures were 36.8% and 363%, respectively when looking at the previous 5 years.

ESO travel’s net debt amounted to CZK 9.25 mil at the end of 2015, or 1.17 of equity. When compared to EBITDA, net debt was 1.53x, down when compared to average of 2.18x seen in the last 5 years.