FTV Prima

FTV Prima's Cash & Cash Equivalents rose 662% yoy to CZK 70.9 mil in 2015

By Helgi Analytics - April 2, 2020

FTV Prima's total assets reached CZK 1,900 mil at the end of 2015, up 4.36% compared to the previous year. Current...

Profit Statement 2013 2014 2015
Sales CZK mil 2,900 2,621 2,796
Gross Profit CZK mil 793 565 716
EBITDA CZK mil 595 327 421
EBIT CZK mil 567 299 389
Financing Cost CZK mil 20.4 47.6 16.1
Pre-Tax Profit CZK mil 547 252 373
Net Profit CZK mil 441 201 298
Balance Sheet 2013 2014 2015
Total Assets CZK mil 2,181 1,821 1,900
Non-Current Assets CZK mil 75.2 71.1 58.2
Current Assets CZK mil 1,147 866 1,067
Working Capital CZK mil 610 563 723
Shareholders' Equity CZK mil 672 416 714
Liabilities CZK mil 1,509 1,405 1,186
Total Debt CZK mil 42.1 359 166
Net Debt CZK mil -227 350 94.6
Ratios 2013 2014 2015
ROE % 63.0 37.0 52.8
ROCE % 66.1 30.5 42.1
Gross Margin % 27.4 21.6 25.6
EBITDA Margin % 20.5 12.5 15.1
EBIT Margin % 19.6 11.4 13.9
Net Margin % 15.2 7.68 10.7
Net Debt/EBITDA -0.382 1.07 0.225
Net Debt/Equity -0.338 0.842 0.132
Cost of Financing % 66.0 23.7 6.15
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 65.8 71.7 88.0
Cash Earnings CZK mil 469 229 330

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     1,878 1,996 2,378 2,599 2,900    
Gross Profit CZK mil     410 388 601 685 793    
EBIT CZK mil     150 148 374 480 567    
Net Profit CZK mil     138 120 312 399 441    
ROE %     15.8 13.5 41.5 58.7 63.0    
EBIT Margin %     7.98 7.43 15.7 18.5 19.6    
Net Margin %     7.35 6.01 13.1 15.4 15.2    
Employees     203 193 188 214 223    
balance sheet                  
Total Assets CZK mil     1,726 1,862 1,789 1,895 2,181    
Non-Current Assets CZK mil     180 112 54.9 67.8 75.2    
Current Assets CZK mil     874 1,064 1,008 946 1,147    
Shareholders' Equity CZK mil     901 869 631 730 672    
Liabilities CZK mil     825 993 1,158 1,164 1,509    
Non-Current Liabilities CZK mil     0 0.001 1.10 1.30 0.153    
Current Liabilities CZK mil     586 654 764 758 1,042    
Net Debt/EBITDA     -0.670 -1.74 -0.337 -0.255 -0.382    
Net Debt/Equity     -0.203 -0.462 -0.237 -0.176 -0.338    
Cost of Financing % ...   -43.4 -11.9 -32.3 -53.2 66.0    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     1,878 1,996 2,378 2,599 2,900    
Cost of Goods & Services CZK mil     1,468 1,609 1,776 1,914 2,106    
Gross Profit CZK mil     410 388 601 685 793    
Staff Cost CZK mil     162 160 161 180 190    
Other Cost CZK mil     -24.2 -3.18 -3.12 -1.28 8.79    
EBITDA CZK mil     273 230 444 506 595    
Depreciation CZK mil     123 82.0 69.7 25.8 27.4    
EBIT CZK mil     150 148 374 480 567    
Financing Cost CZK mil     -24.9 -5.79 -11.3 -14.8 20.4    
Extraordinary Cost CZK mil     0 0 0 0 0    
Pre-Tax Profit CZK mil     175 154 385 495 547    
Tax CZK mil     36.7 34.3 73.5 95.6 106    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     138 120 312 399 441    
growth rates                  
Total Revenue Growth % ...   -16.2 6.30 19.1 9.32 11.6    
Operating Cost Growth % ...   -24.5 14.3 0.393 13.6 10.7    
EBITDA Growth % ...   -62.0 -15.5 92.5 14.1 17.5    
EBIT Growth % ...   -67.4 -0.966 152 28.5 18.1    
Pre-Tax Profit Growth % ...   -60.5 -11.8 150 28.5 10.5    
Net Profit Growth % ...   -60.2 -13.2 160 28.2 10.5    
ratios                  
ROE %     15.8 13.5 41.5 58.7 63.0    
ROCE % ...   22.4 20.8 55.1 64.0 66.1    
Gross Margin %     21.8 19.4 25.3 26.4 27.4    
EBITDA Margin %     14.5 11.5 18.7 19.5 20.5    
EBIT Margin %     7.98 7.43 15.7 18.5 19.6    
Net Margin %     7.35 6.01 13.1 15.4 15.2    
Cost of Financing % ...   -43.4 -11.9 -32.3 -53.2 66.0    
Net Debt/EBITDA     -0.670 -1.74 -0.337 -0.255 -0.382    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     180 112 54.9 67.8 75.2    
Property, Plant & Equipment CZK mil     71.0 58.1 47.1 61.0 64.2    
Intangible Assets CZK mil     109 54.4 7.81 6.81 11.0    
Current Assets CZK mil     874 1,064 1,008 946 1,147    
Inventories CZK mil     2.01 1.13 2.67 2.06 1.59    
Receivables CZK mil     525 527 661 724 842    
Cash & Cash Equivalents CZK mil     246 435 186 148 269    
Total Assets CZK mil     1,726 1,862 1,789 1,895 2,181    
Shareholders' Equity CZK mil     901 869 631 730 672    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     825 993 1,158 1,164 1,509    
Non-Current Liabilities CZK mil     0 0.001 1.10 1.30 0.153    
Long-Term Debt CZK mil     0 0 0 0 0    
Deferred Tax Liabilities CZK mil     0 0.001 1.10 1.30 0    
Current Liabilities CZK mil     586 654 764 758 1,042    
Short-Term Debt CZK mil     63.6 33.9 36.1 19.6 42.1    
Trade Payables CZK mil     87.1 106 122 143 234    
Provisions CZK mil     29.7 21.8 9.73 3.44 5.37    
Equity And Liabilities CZK mil     1,726 1,862 1,789 1,895 2,181    
growth rates                  
Total Asset Growth % ...   -8.30 7.88 -3.92 5.90 15.1    
Shareholders' Equity Growth % ...   6.76 -3.56 -27.4 15.8 -8.04    
Net Debt Growth % ...   -577 120 -62.7 -13.9 76.4    
Total Debt Growth % ...   24.7 -46.8 6.43 -45.5 114    
ratios                  
Total Debt CZK mil     63.6 33.9 36.1 19.6 42.1    
Net Debt CZK mil     -183 -401 -150 -129 -227    
Working Capital CZK mil     440 422 542 583 610    
Capital Employed CZK mil     619 534 597 651 685    
Net Debt/Equity     -0.203 -0.462 -0.237 -0.176 -0.338    
Cost of Financing % ...   -43.4 -11.9 -32.3 -53.2 66.0    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil     138 120 312 399 441    
Depreciation CZK mil     123 82.0 69.7 25.8 27.4    
ratios                  
Days Sales Outstanding days     102 96.3 101 102 106    
Days Sales Of Inventory days     0.499 0.257 0.549 0.392 0.276    
Days Payable Outstanding days     21.7 24.1 25.0 27.3 40.5    
Cash Conversion Cycle days     80.8 72.4 77.0 74.7 65.8    
Cash Earnings CZK mil     261 202 381 425 469    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     7.65 6.68 17.1 21.7 21.7    
Gross Margin %     21.8 19.4 25.3 26.4 27.4    
Employees     203 193 188 214 223    
Cost Per Employee USD per month     3,483 3,622 4,031 3,592 3,621    
Cost Per Employee (Local Currency) CZK per month     66,381 69,213 71,298 70,260 70,839    
Staff Cost (As % Of Total Cost) %     9.36 8.67 8.03 8.51 8.13    
Effective Tax Rate %     21.0 22.2 19.1 19.3 19.3    

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FTV Prima, s.r.o. is a Czech Republic-based owner of TV Prima (or Prima televize), a private television station. Its channel is broadcast from Prague. The channel has been broadcast since 1993. First only in Prague and Central Bohemia under the name FTV Premiéra, later Premiéra TV. It has held a broadcasting licence since 1994 with a condition that a piece of the broadcasting time will be used for local and regional broadcasters. But in fact their total proportion of local programming has been gradually lowered. Since 1997, the name of station has been Prima televize. In 2003, Prima's broadcasting licence was extended until 28 June 2018. The Company is based in Prague, the Czech Republic. It is owned by Modern Times Group.

Finance

FTV Prima has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 12.8% a year during that time to total of CZK 421 mil in 2015, or 15.1% of sales. That’s compared to 17.2% average margin seen in last five years.

The company netted CZK 298 mil in 2015 implying ROE of 52.8% and ROCE of 42.1%. Again, the average figures were 50.6% and 51.6%, respectively when looking at the previous 5 years.

FTV Prima’s net debt amounted to CZK 94.6 mil at the end of 2015, or 0.132 of equity. When compared to EBITDA, net debt was 0.225x, up when compared to average of 0.064x seen in the last 5 years.