Farmet

Farmet's Cash & Cash Equivalents fell 18.2% yoy to CZK 45.8 mil in 2015

By Helgi Analytics - April 2, 2020

Farmet's total assets reached CZK 536 mil at the end of 2015, down 5.53% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales CZK mil 610 659 533
Gross Profit CZK mil 180 183 128
EBITDA CZK mil 64.4 64.6 3.62
EBIT CZK mil 40.1 39.2 -24.8
Financing Cost CZK mil 0.412 1.99 1.33
Pre-Tax Profit CZK mil 39.7 37.2 -26.2
Net Profit CZK mil 33.3 31.3 -29.2
Dividends CZK mil 4.98 8.02 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 474 568 536
Non-Current Assets CZK mil 157 232 248
Current Assets CZK mil 307 330 287
Working Capital CZK mil 231 193 187
Shareholders' Equity CZK mil 312 339 302
Liabilities CZK mil 162 229 235
Total Debt CZK mil 258 122 113
Net Debt CZK mil 250 65.7 67.7
Ratios 2013 2014 2015
ROE % 11.1 9.62 -9.12
ROCE % 9.32 7.71 -6.79
Gross Margin % 29.5 27.8 24.1
EBITDA Margin % 10.6 9.81 0.679
EBIT Margin % 6.59 5.95 -4.66
Net Margin % 5.46 4.75 -5.48
Net Debt/EBITDA 3.89 1.02 18.7
Net Debt/Equity 0.802 0.194 0.225
Cost of Financing % 0.287 1.05 1.13
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -14.8 52.0 74.0
Total Cash From Investing CZK mil -33.1 -73.3 -67.9
Total Cash From Financing CZK mil 8.67 69.4 -16.2
Net Change In Cash CZK mil -39.2 48.2 -10.2
Cash Conversion Cycle days 176 132 155
Cash Earnings CZK mil 57.5 56.8 -0.742
Free Cash Flow CZK mil -47.9 -21.3 6.05

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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 ...                   257 335 381 576 610    
Gross Profit CZK mil ...                   101 122 118 211 180    
EBIT CZK mil ...                   16.5 31.2 17.0 82.1 40.1    
Net Profit CZK mil ...                   12.8 27.0 13.7 67.2 33.3    
ROE % ...                   6.97 13.4 6.26 26.2 11.1    
EBIT Margin % ...                   6.41 9.32 4.46 14.2 6.59    
Net Margin % ...                   4.96 8.06 3.60 11.7 5.46    
Employees ... ... ... ... ...           172 173 206 228 241    
balance sheet                                  
Total Assets CZK mil ...                   277 350 384 414 474    
Non-Current Assets CZK mil ...                   99.7 125 144 148 157    
Current Assets CZK mil ...                   175 223 239 262 307    
Shareholders' Equity CZK mil ...                   189 214 224 289 312    
Liabilities CZK mil ...                   88.4 136 159 125 162    
Non-Current Liabilities CZK mil ...               ...   3.20 3.37 4.54 4.11 4.48    
Current Liabilities CZK mil ...                   46.4 78.7 75.5 83.4 102    
Net Debt/EBITDA ...                   0.092 0.545 1.75 -0.170 3.89    
Net Debt/Equity ...                   0.017 0.123 0.287 -0.062 0.802    
Cost of Financing % ... ...                 5.12 -4.12 1.13 0.267 0.287    
cash flow                                  
Total Cash From Operations CZK mil ...                   17.7 6.05 18.4 112 -14.8    
Total Cash From Investing CZK mil ...                   -8.69 -26.1 -53.4 -26.8 -33.1    
Total Cash From Financing CZK mil ...                   13.7 12.2 16.1 -41.6 8.67    
Net Change In Cash CZK mil ...                   22.6 -7.83 -19.0 44.0 -39.2    
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 ...                   257 335 381 576 610    
Cost of Goods & Services CZK mil ...                   156 214 264 365 430    
Gross Profit CZK mil ...                   101 122 118 211 180    
Staff Cost CZK mil ...                   76.5 78.1 94.2 120 129    
Other Cost CZK mil ...                   -11.3 -4.70 -13.6 -13.4 -13.7    
EBITDA CZK mil ...                   35.7 48.2 36.9 105 64.4    
Depreciation CZK mil ...                   19.3 17.0 19.9 22.7 24.2    
EBIT CZK mil ...                   16.5 31.2 17.0 82.1 40.1    
Financing Cost CZK mil ...                   1.33 -1.68 0.654 0.129 0.412    
Extraordinary Cost CZK mil ...                   0 0 0 0 0    
Pre-Tax Profit CZK mil ...                   15.1 32.9 16.3 82.0 39.7    
Tax CZK mil ...                   2.38 5.90 2.63 14.8 6.48    
Minorities CZK mil ...                   0 0 0 0 0    
Net Profit CZK mil ...                   12.8 27.0 13.7 67.2 33.3    
Dividends CZK mil                     2.96 3.19 3.19 9.44 4.98   ...
growth rates                                  
Total Revenue Growth % ... ...                 -41.1 30.5 13.8 51.2 5.74    
Operating Cost Growth % ... ...                 -21.5 12.6 9.91 32.1 8.39    
EBITDA Growth % ... ...                 -40.0 35.0 -23.5 184 -38.6    
EBIT Growth % ... ...                 -61.5 89.6 -45.6 383 -51.1    
Pre-Tax Profit Growth % ... ...                 -62.4 117 -50.3 401 -51.5    
Net Profit Growth % ... ...                 -61.5 112 -49.2 390 -50.5    
ratios                                  
ROE % ...                   6.97 13.4 6.26 26.2 11.1    
ROCE % ... ...                 5.34 11.4 4.92 21.2 9.32    
Gross Margin % ...                   39.3 36.3 30.8 36.7 29.5    
EBITDA Margin % ...                   13.9 14.4 9.68 18.2 10.6    
EBIT Margin % ...                   6.41 9.32 4.46 14.2 6.59    
Net Margin % ...                   4.96 8.06 3.60 11.7 5.46    
Payout Ratio % ...                   23.2 11.8 23.3 14.1 15.0   ...
Cost of Financing % ... ...                 5.12 -4.12 1.13 0.267 0.287    
Net Debt/EBITDA ...                   0.092 0.545 1.75 -0.170 3.89    
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 ...                   99.7 125 144 148 157    
Property, Plant & Equipment CZK mil ...                   98.6 123 142 146 157    
Intangible Assets CZK mil ...                   0.467 0.886 1.37 1.52 2.41    
Current Assets CZK mil ...                   175 223 239 262 307    
Inventories CZK mil ...                   104 97.0 138 146 190    
Receivables CZK mil ...                   33.5 59.3 48.9 56.5 81.1    
Cash & Cash Equivalents CZK mil ...                   29.8 21.9 2.98 46.9 7.73    
Total Assets CZK mil ...                   277 350 384 414 474    
Shareholders' Equity CZK mil ...                   189 214 224 289 312    
Of Which Minority Interest CZK mil ...                   0 0 0 0 0    
Liabilities CZK mil ...                   88.4 136 159 125 162    
Non-Current Liabilities CZK mil ...               ...   3.20 3.37 4.54 4.11 4.48    
Long-Term Debt CZK mil ...                   33.1 48.2 53.7 29.1 23.8    
Deferred Tax Liabilities CZK mil ... ... ...           ...   3.20 3.37 4.54 4.11 4.48    
Current Liabilities CZK mil ...                   46.4 78.7 75.5 83.4 102    
Short-Term Debt CZK mil ...                   0 0 13.8 0 234    
Trade Payables CZK mil ...                   11.6 32.7 21.7 25.6 39.5    
Provisions CZK mil ...     ...             5.79 5.41 5.60 8.79 8.42    
Equity And Liabilities CZK mil ...                   277 350 384 414 474    
growth rates                                  
Total Asset Growth % ... ...                 -11.3 26.2 9.79 7.91 14.5    
Shareholders' Equity Growth % ... ...                 6.27 13.4 4.93 28.7 8.19    
Net Debt Growth % ... ...                 -72.5 700 145 -128 -1,505    
Total Debt Growth % ... ...                 73.3 45.9 39.9 -56.9 787    
ratios                                  
Total Debt CZK mil ...                   33.1 48.2 67.5 29.1 258    
Net Debt CZK mil ...                   3.29 26.3 64.5 -17.8 250    
Working Capital CZK mil ...                   126 124 166 177 231    
Capital Employed CZK mil ...                   226 248 309 326 388    
Net Debt/Equity ...                   0.017 0.123 0.287 -0.062 0.802    
Cost of Financing % ... ...                 5.12 -4.12 1.13 0.267 0.287    
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 ...                   12.8 27.0 13.7 67.2 33.3    
Depreciation CZK mil ...                   19.3 17.0 19.9 22.7 24.2    
Non-Cash Items CZK mil ... ...                 -29.4 -40.5 26.8 33.8 -17.9    
Change in Working Capital CZK mil ... ...                 15.0 2.56 -42.1 -11.3 -54.4    
Total Cash From Operations CZK mil ...                   17.7 6.05 18.4 112 -14.8    
Capital Expenditures CZK mil ...                   -8.71 -26.1 -54.4 -28.7 -33.2    
Other Investments CZK mil ...                   0.019 0.003 1.06 1.97 0.122    
Total Cash From Investing CZK mil ...                   -8.69 -26.1 -53.4 -26.8 -33.1    
Dividends Paid CZK mil                     -2.96 -3.19 -3.19 -9.44 -4.98   ...
Issuance Of Debt CZK mil ... ...                 14.0 15.2 19.2 -38.4 229    
Total Cash From Financing CZK mil ...                   13.7 12.2 16.1 -41.6 8.67    
Net Change In Cash CZK mil ...                   22.6 -7.83 -19.0 44.0 -39.2    
ratios                                  
Days Sales Outstanding days ...                   47.7 64.6 46.8 35.8 48.6    
Days Sales Of Inventory days ...                   244 166 192 146 161    
Days Payable Outstanding days ...                   27.1 55.8 30.0 25.6 33.5    
Cash Conversion Cycle days ...                   265 175 209 156 176    
Cash Earnings CZK mil ...                   32.0 44.0 33.6 89.9 57.5    
Free Cash Flow CZK mil ...                   8.96 -20.0 -35.0 85.5 -47.9    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA % ...                   4.33 8.62 3.74 16.8 7.49    
Gross Margin % ...                   39.3 36.3 30.8 36.7 29.5    
Employees ... ... ... ... ...           172 173 206 228 241    
Cost Per Employee USD per month ... ... ... ... ...           1,945 1,967 2,155 2,241 2,283    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ...           37,065 37,599 38,113 43,839 44,666    
Staff Cost (As % Of Total Cost) % ...                   31.8 25.7 25.9 24.3 22.7    
Effective Tax Rate % ...                   15.7 17.9 16.1 18.0 16.3    
Capital Expenditures (As % of Sales) % ...                   3.39 7.79 14.3 4.98 5.45    
Revenues From Abroad CZK mil ... ... ... ...             180 282 261 425 499    
Revenues From Abroad (As % Of Total) % ... ... ... ...             70.1 84.2 68.5 73.7 81.9    
Sales of Machines CZK mil ... ... ... ...             252 333 333 564 433    
Sales Of Services CZK mil ... ... ... ...             15.0 10.0 15.0 12.0 ...    
Domestic Sales CZK mil ... ... ... ...             87.0 61.0 87.0 151 84.3    

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Feb 2014
Statistical Dossier
Feb 2014
Company Report

Farmet is a small private Czech Republic-based company involved in the development, production, sale and service of agricultural machines for soil processing and sowing and oil processing technologies. The Company was founded in 1992, it now exports into more than 20 countries and employes around 250 persons. In 2012, the Company reached total sales of CZK 576 mil with a net profit of CZK 67 mil

Finance

Farmet has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 40.4% a year during that time to total of CZK 3.62 mil in 2015, or 0.679% of sales. That’s compared to 9.78% average margin seen in last five years.

The company netted CZK -29.2 mil in 2015 implying ROE of -9.12% and ROCE of -6.79%. Again, the average figures were 8.80% and 7.26%, respectively when looking at the previous 5 years.

Farmet’s net debt amounted to CZK 67.7 mil at the end of 2015, or 0.225 of equity. When compared to EBITDA, net debt was 18.7x, up when compared to average of 5.04x seen in the last 5 years.