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Glucholaskie Zaklady Papiernicze

GZP's net profit rose 366% yoy to PLN 9.57 mil in 2019

By Helgi Analytics - December 6, 2020

GZP made a net profit of PLN 9.57 mil with revenues of PLN 230 mil in 2019, up by 366% and up by 3.46%, respectivel...

GZP's Net Debt/EBITDA fell 43.9% yoy to 0.600 in 2019

By Helgi Analytics - December 6, 2020

GZP's net debt stood at PLN 14.4 mil and accounted for 23.0% of equity at the end of 2019. The ratio is down 11.8 pp ...

GZP's Capital Expenditures fell 21.2% yoy to PLN -11.2 mil in 2019

By Helgi Analytics - December 6, 2020

GZP invested a total of PLN -11.2 mil in 2019, up 21.2% compared to the previous year. Historically, between 2012 - 2019...

Profit Statement 2017 2018 2019
Sales PLN mil 200 222 230
EBITDA PLN mil 16.5 17.4 23.9
EBIT PLN mil 5.68 6.90 13.8
Pre-Tax Profit PLN mil 4.19 3.21 10.9
Net Profit PLN mil 3.34 2.05 9.57
Balance Sheet 2017 2018 2019
Total Assets PLN mil 149 157 152
Non-Current Assets PLN mil 96.3 92.6 91.6
Current Assets PLN mil 52.9 64.5 60.5
Working Capital PLN mil 8.21 14.1 18.7
Shareholders' Equity PLN mil 52.6 53.4 62.4
Liabilities PLN mil 96.6 104 89.6
Total Debt PLN mil 41.5 28.1 25.6
Net Debt PLN mil 31.4 18.6 14.4
Ratios 2017 2018 2019
ROE % 6.47 3.88 16.5
ROCE % 3.55 1.94 8.82
EBITDA Margin % 8.24 7.81 10.4
EBIT Margin % 2.84 3.10 5.99
Net Margin % 1.67 0.923 4.16
Net Debt/EBITDA 1.91 1.07 0.600
Net Debt/Equity % 59.8 34.8 23.0
Cash Flow 2017 2018 2019
Total Cash From Operations PLN mil -26.6 -26.8 -33.8
Total Cash From Investing PLN mil -17.4 14.2 11.2
Total Cash From Financing PLN mil 44.3 12.1 23.0
Net Change In Cash PLN mil 0.365 -0.559 0.383
Cash Earnings PLN mil 14.1 12.5 19.7
Free Cash Flow PLN mil -43.9 -12.7 -22.6

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales PLN mil     154 169 183 202 200    
EBIT PLN mil     13.0 13.2 13.4 10.2 5.68    
Net Profit PLN mil     7.99 8.33 8.68 6.38 3.34    
                     
ROE %     26.6 22.6 19.5 12.9 6.47    
EBIT Margin %     8.47 7.83 7.30 5.04 2.84    
Net Margin %     5.18 4.94 4.74 3.16 1.67    
balance sheet                  
Total Assets PLN mil     88.8 101 114 121 149    
Non-Current Assets PLN mil     46.1 55.9 65.8 68.1 96.3    
Current Assets PLN mil     42.7 45.4 48.1 53.3 52.9    
                     
Shareholders' Equity PLN mil     33.0 40.7 48.5 50.5 52.6    
Liabilities PLN mil     55.8 60.6 65.5 70.9 96.6    
Non-Current Liabilities PLN mil     13.4 13.5 13.6 12.7 19.0    
Current Liabilities PLN mil     42.4 47.1 51.9 58.2 77.6    
                     
Net Debt/EBITDA     0.890 1.02 1.14 0.673 1.91    
Net Debt/Equity %     52.7 49.8 47.9 25.7 59.8    
cash flow                  
Total Cash From Operations PLN mil ...   -31.3 -25.3 -25.6 -31.1 -26.6    
Total Cash From Investing PLN mil ...   3.04 -3.11 -2.81 6.79 -17.4    
Total Cash From Financing PLN mil ...   28.4 28.6 28.6 23.8 44.3    
Net Change In Cash PLN mil ...   0.120 0.193 0.193 -0.429 0.365    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                  
Sales PLN mil     154 169 183 202 200    
Staff Cost PLN mil     15.0 16.2 17.3 17.9 19.2    
EBITDA PLN mil     19.5 20.0 20.4 19.3 16.5    
Depreciation PLN mil     6.46 6.75 7.04 9.10 10.8    
EBIT PLN mil     13.0 13.2 13.4 10.2 5.68    
Net Financing Cost PLN mil     2.97 2.54 2.11 2.00 1.48    
Extraordinary Cost PLN mil     0 0 0 0 0    
Pre-Tax Profit PLN mil     10.1 10.7 11.3 8.17 4.19    
Tax PLN mil     2.09 2.34 2.59 1.79 0.858    
Net Profit PLN mil     7.99 8.33 8.68 6.38 3.34    
Net Profit Avail. to Common PLN mil     7.99 8.33 8.68 6.38 3.34    
growth rates                  
Total Revenue Growth % ...   3.52 9.48 8.65 10.2 -1.18    
Staff Cost Growth % ...   4.99 7.53 7.01 3.18 7.47    
EBITDA Growth % ...   27.3 2.35 2.29 -5.63 -14.6    
EBIT Growth % ...   43.6 1.26 1.25 -23.9 -44.2    
Pre-Tax Profit Growth % ...   81.4 5.88 5.56 -27.4 -48.7    
Net Profit Growth % ...   83.1 4.34 4.16 -26.5 -47.7    
ratios                  
ROE %     26.6 22.6 19.5 12.9 6.47    
ROA %     9.53 8.77 8.06 5.42 2.47    
ROCE % ...   13.6 12.1 10.9 7.59 3.55    
EBITDA Margin %     12.7 11.8 11.1 9.54 8.24    
EBIT Margin %     8.47 7.83 7.30 5.04 2.84    
Net Margin %     5.18 4.94 4.74 3.16 1.67    
Net Debt/EBITDA     0.890 1.02 1.14 0.673 1.91    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                  
Cash & Cash Equivalents PLN mil     0.327 0.520 0.712 0.283 0.648    
Receivables PLN mil     15.7 17.2 18.7 27.6 24.3    
Inventories PLN mil     23.4 24.5 25.7 22.1 23.4    
Other ST Assets PLN mil     3.32 3.20 3.09 3.37 4.59    
Current Assets PLN mil     42.7 45.4 48.1 53.3 52.9    
Property, Plant & Equipment PLN mil     45.0 54.8 64.6 58.4 86.7    
LT Investments & Receivables PLN mil     0.438 0.428 0.417 9.42 9.41    
Intangible Assets PLN mil     0.641 0.702 0.763 0.287 0.201    
Non-Current Assets PLN mil     46.1 55.9 65.8 68.1 96.3    
Total Assets PLN mil     88.8 101 114 121 149    
                     
Trade Payables PLN mil     21.8 23.5 25.2 34.6 39.5    
Short-Term Debt PLN mil     9.70 12.8 15.8 17.1 29.4    
Other ST Liabilities PLN mil     11.0 10.9 10.9 6.54 8.78    
Current Liabilities PLN mil     42.4 47.1 51.9 58.2 77.6    
Long-Term Debt PLN mil     8.43 8.47 8.52 5.57 12.1    
Other LT Liabilities PLN mil     5.00 5.03 5.06 7.11 6.90    
Non-Current Liabilities PLN mil     13.4 13.5 13.6 12.7 19.0    
Liabilities PLN mil     55.8 60.6 65.5 70.9 96.6    
Equity Before Minority Interest PLN mil     33.0 40.7 48.5 50.5 52.6    
Minority Interest PLN mil     0 0 0 0 0    
Equity PLN mil     33.0 40.7 48.5 50.5 52.6    
growth rates                  
Total Asset Growth % ...   12.7 14.2 12.4 6.60 22.8    
Shareholders' Equity Growth % ...   21.6 23.6 19.1 4.25 3.99    
Net Debt Growth % ...   20.4 16.9 14.4 -44.1 142    
Total Debt Growth % ...   18.9 17.2 14.6 -6.83 82.9    
ratios                  
Total Debt PLN mil     18.1 21.2 24.3 22.7 41.5    
Net Debt PLN mil     17.4 20.3 23.2 13.0 31.4    
Working Capital PLN mil     17.3 18.2 19.2 15.1 8.21    
Capital Employed PLN mil     63.4 74.2 85.0 83.2 104    
Net Debt/Equity %     52.7 49.8 47.9 25.7 59.8    
Current Ratio     1.01 0.963 0.928 0.916 0.681    
Quick Ratio     0.378 0.375 0.374 0.479 0.321    
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                  
Net Profit PLN mil     7.99 8.33 8.68 6.38 3.34    
Depreciation PLN mil     6.46 6.75 7.04 9.10 10.8    
Non-Cash Items PLN mil ...   -39.8 -39.4 -40.4 -50.6 -47.6    
Change in Working Capital PLN mil ...   -5.95 -0.946 -0.946 4.09 6.88    
Total Cash From Operations PLN mil ...   -31.3 -25.3 -25.6 -31.1 -26.6    
                     
Capital Expenditures PLN mil ...   3.04 -3.11 -2.81 6.79 -17.4    
Other Investing Activities PLN mil ...   0 0 0 0 0    
Total Cash From Investing PLN mil ...   3.04 -3.11 -2.81 6.79 -17.4    
                     
Dividends Paid PLN mil ...   0 0 0 0 0    
Issuance Of Shares PLN mil ...   25.5 25.5 25.5 25.5 25.5    
Issuance Of Debt PLN mil ...   2.89 3.11 3.11 -1.66 18.8    
Other Financing Activities PLN mil ...   22.5 28.6 28.3 18.7 42.9    
Total Cash From Financing PLN mil ...   28.4 28.6 28.6 23.8 44.3    
Net Change In Cash PLN mil ...   0.120 0.193 0.193 -0.429 0.365    
ratios                  
Days Sales Outstanding days     37.2 37.2 37.2 49.9 44.4    
Cash Earnings PLN mil     14.4 15.1 15.7 15.5 14.1    
Free Cash Flow PLN mil ...   -28.3 -28.4 -28.4 -24.3 -43.9    
Capital Expenditures (As % of Sales) % ...   -1.97 1.84 1.54 -3.36 8.70    
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018 2019
                   
Staff Cost (As % of Sales) %     9.76 9.59 9.44 8.84 9.61    
Effective Tax Rate %     20.8 21.9 22.9 21.9 20.5    
Total Revenue Growth (5-year average) % ... ... ... ... ... 8.21 6.05    

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Download Sample   $19.99

GZP's Net Margin rose 351% yoy to 4.16% in 2019

By Helgi Analytics - December 6, 2020

GZP made a net profit of PLN 9.57 mil with revenues of PLN 230 mil in 2019, up by 366% and up by 3.46%, respectively, compared to the previous year. This translates into a net margin of 4.16%. Historically, between 2011 and 2019, the firm’s net ma...

GZP's ROCE rose 354% yoy to 8.82% in 2019

By Helgi Analytics - December 6, 2020

GZP made a net profit of PLN 9.57 mil in 2019, up 366% compared to the previous year. Historically, between 2011 and 2019, the company's net profit reached a high of PLN 9.57 mil in 2019 and a low of PLN 1.57 mil in 2011. The result implies a return on eq...

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Finance

Glucholaskie Zaklady Papiernicze has been growing its sales by 6.40% a year on average in the last 5 years. EBITDA has grown on average by 3.68% a year during that time to total of PLN 23.9 mil in 2019, or 10.4% of sales. That’s compared to 9.43% average margin seen in last five years.

The company netted PLN 9.57 mil in 2019 implying ROE of 16.5% and ROCE of 8.82%. Again, the average figures were 11.8% and 6.56%, respectively when looking at the previous 5 years.

Glucholaskie Zaklady Papiernicze’s net debt amounted to PLN 14.4 mil at the end of 2019, or 23.0% of equity. When compared to EBITDA, net debt was 0.600x, down when compared to average of 1.08x seen in the last 5 years.

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