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Grupa Azoty

Azoty's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 4Q2015

By Helgi Library - October 12, 2020

Grupa Azoty's total assets reached PLN 10,777 mil at the end of 4Q2015, up 8.33% compared to the previous year. Cu...

Azoty's Cash & Cash Equivalents rose 34.8% yoy to PLN 753 mil in 2015

By Helgi Library - April 2, 2020

Grupa Azoty's total assets reached PLN 10,777 mil at the end of 2015, up 8.33% compared to the previous year. Curr...

Profit Statement 2013 2014 2015
Sales PLN mil 9,821 9,898 10,024
Gross Profit PLN mil 2,768 3,150 3,748
EBITDA PLN mil 1,253 822 1,315
EBIT PLN mil 703 302 830
Financing Cost PLN mil -17.5 12.6 4.67
Pre-Tax Profit PLN mil 733 304 839
Net Profit PLN mil 680 231 609
Dividends PLN mil 171 41.8 25.5
Balance Sheet 2013 2014 2015
Total Assets PLN mil 9,962 9,948 10,777
Non-Current Assets PLN mil 6,636 6,719 7,225
Current Assets PLN mil 3,326 3,229 3,552
Working Capital PLN mil 1,130 1,145 912
Shareholders' Equity PLN mil 6,271 6,488 7,136
Liabilities PLN mil 3,691 3,460 3,641
Total Debt PLN mil 1,239 986 1,166
Net Debt PLN mil 526 428 413
Ratios 2013 2014 2015
ROE % 13.9 3.63 8.95
ROCE % 11.2 2.96 7.62
Gross Margin % 28.2 31.8 37.4
EBITDA Margin % 12.8 8.31 13.1
EBIT Margin % 7.15 3.05 8.28
Net Margin % 6.92 2.34 6.08
Net Debt/EBITDA 0.420 0.520 0.314
Net Debt/Equity 0.084 0.066 0.058
Cost of Financing % -2.03 1.14 0.434
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,027 1,493 2,788
Enterprise Value (EV) USD mil 2,202 1,614 2,905
Number Of Shares mil 97.8 99.2 99.2
Share Price PLN 62.5 53.3 99.5
EV/EBITDA 5.55 6.43 7.24
EV/Sales 0.709 0.534 0.950
Price/Earnings (P/E) 8.99 22.9 16.2
Price/Book Value (P/BV) 0.974 0.815 1.38
Dividend Yield % 2.80 0.790 0.259

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                    
Sales PLN mil       1,215 1,902 5,338 7,099 9,821    
Gross Profit PLN mil       343 507 1,571 1,751 2,768    
EBIT PLN mil       -2.77 124 733 372 703    
Net Profit PLN mil       -4.25 391 462 294 680    
ROE %       -0.374 25.5 18.1 8.86 13.9    
EBIT Margin %       -0.228 6.53 13.7 5.24 7.15    
Net Margin %       -0.350 20.6 8.65 4.15 6.92    
Employees ...     4,230 6,141 9,526 13,879 13,883    
balance sheet                    
Total Assets PLN mil       1,581 3,247 4,946 5,357 9,962    
Non-Current Assets PLN mil       989 2,272 3,308 3,553 6,636    
Current Assets PLN mil       592 974 1,638 1,804 3,326    
Shareholders' Equity PLN mil       1,113 1,950 3,153 3,491 6,271    
Liabilities PLN mil       468 1,297 1,794 1,866 3,691    
Non-Current Liabilities PLN mil       200 367 639 719 1,413    
Current Liabilities PLN mil       268 930 1,155 1,148 2,278    
Net Debt/EBITDA       -1.37 0.165 0.163 0.403 0.420    
Net Debt/Equity       -0.096 0.018 0.048 0.071 0.084    
Cost of Financing % ...     5.31 4.92 7.81 -0.920 -2.03    
cash flow                    
Total Cash From Operations PLN mil       -30.9 112 -200 524 990    
Total Cash From Investing PLN mil       206 -68.2 -342 -596 -689    
Total Cash From Financing PLN mil       26.3 -8.79 498 46.0 169    
Net Change In Cash PLN mil       201 34.8 -43.5 -25.9 471    
valuation                    
Market Capitalisation USD mil ... ...   203 432 387 1,117 2,027    
Number Of Shares mil       43.4 43.4 48.8 64.1 97.8    
Share Price PLN ... ...   13.4 29.5 27.3 53.9 62.5    
Earnings Per Share (EPS) PLN       -0.098 9.01 9.45 4.59 6.95    
Book Value Per Share PLN       25.6 44.9 64.5 54.4 64.1    
Dividend Per Share PLN ... ...   0.978 0.011 0.005 0.139 1.75    
Price/Earnings (P/E) ... ...   -137 3.27 2.88 11.7 8.99    
Price/Book Value (P/BV) ... ...   0.523 0.656 0.422 0.990 0.974    
Dividend Yield % ... ...   7.29 0.038 0.020 0.257 2.80    
Earnings Per Share Growth % ...     -105 -9,301 4.93 -51.4 51.4    
Book Value Per Share Growth % ...     -21.0 75.2 43.7 -15.7 17.8    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                    
Sales PLN mil       1,215 1,902 5,338 7,099 9,821    
Cost of Goods & Services PLN mil       872 1,395 3,767 5,348 7,053    
Gross Profit PLN mil       343 507 1,571 1,751 2,768    
Staff Cost PLN mil ...     180 177 385 702 1,056    
Other Cost PLN mil ...     85.0 113 265 438 459    
EBITDA PLN mil       78.1 217 921 611 1,253    
Depreciation PLN mil       80.8 92.3 189 240 550    
EBIT PLN mil       -2.77 124 733 372 703    
Financing Cost PLN mil       5.62 11.2 27.7 -4.07 -17.5    
Extraordinary Cost PLN mil       -1.27 -304 141 -8.55 -12.4    
Pre-Tax Profit PLN mil       -7.13 417 564 384 733    
Tax PLN mil       -3.39 16.2 64.6 69.0 18.4    
Minorities PLN mil       0.509 9.81 37.4 20.9 33.9    
Net Profit PLN mil       -4.25 391 462 294 680    
Dividends PLN mil ... ...   42.5 0.488 0.265 8.88 171    
growth rates                    
Total Revenue Growth % ...     -10.2 56.6 181 33.0 38.3    
Operating Cost Growth % ... ...   2.55 9.53 124 75.3 32.9    
EBITDA Growth % ...     -50.0 177 326 -33.7 105    
EBIT Growth % ...     -103 -4,581 490 -49.3 89.0    
Pre-Tax Profit Growth % ...     -108 -5,949 35.1 -31.8 90.6    
Net Profit Growth % ...     -106 -9,301 18.1 -36.2 131    
ratios                    
ROE %       -0.374 25.5 18.1 8.86 13.9    
ROCE % ...     -0.352 22.1 14.7 7.10 11.2    
Gross Margin %       28.2 26.6 29.4 24.7 28.2    
EBITDA Margin %       6.43 11.4 17.3 8.61 12.8    
EBIT Margin %       -0.228 6.53 13.7 5.24 7.15    
Net Margin %       -0.350 20.6 8.65 4.15 6.92    
Payout Ratio % ... ...   -999 0.125 0.057 3.02 25.1    
Cost of Financing % ...     5.31 4.92 7.81 -0.920 -2.03    
Net Debt/EBITDA       -1.37 0.165 0.163 0.403 0.420    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                    
Non-Current Assets PLN mil       989 2,272 3,308 3,553 6,636    
Property, Plant & Equipment PLN mil       903 2,038 2,747 2,846 5,791    
Intangible Assets PLN mil       22.2 183 292 192 528    
Goodwill PLN mil ... ...   0 0 9.12 9.12 11.6    
Current Assets PLN mil       592 974 1,638 1,804 3,326    
Inventories PLN mil       181 267 640 840 1,171    
Receivables PLN mil       0 417 723 678 1,273    
Cash & Cash Equivalents PLN mil       246 279 245 243 713    
Total Assets PLN mil       1,581 3,247 4,946 5,357 9,962    
Shareholders' Equity PLN mil       1,113 1,950 3,153 3,491 6,271    
Of Which Minority Interest PLN mil       2.16 448 402 414 709    
Liabilities PLN mil       468 1,297 1,794 1,866 3,691    
Non-Current Liabilities PLN mil       200 367 639 719 1,413    
Long-Term Debt PLN mil       29.4 33.6 226 290 635    
Deferred Tax Liabilities PLN mil ... ...   103 192 126 132 295    
Current Liabilities PLN mil       268 930 1,155 1,148 2,278    
Short-Term Debt PLN mil       110 282 169 200 604    
Trade Payables PLN mil       0 591 754 697 1,314    
Provisions PLN mil ... ...   7.94 39.8 133 134 214    
Equity And Liabilities PLN mil       1,581 3,247 4,946 5,357 9,962    
growth rates                    
Total Asset Growth % ...     -1.43 105 52.3 8.31 86.0    
Shareholders' Equity Growth % ...     -3.80 75.2 61.7 10.7 79.6    
Net Debt Growth % ...     -501 -134 319 64.3 113    
Total Debt Growth % ...     94.0 126 25.2 24.1 153    
ratios                    
Total Debt PLN mil       140 315 395 490 1,239    
Net Debt PLN mil       -107 35.8 150 247 526    
Working Capital PLN mil       181 92.8 609 820 1,130    
Capital Employed PLN mil       1,170 2,365 3,917 4,373 7,766    
Net Debt/Equity       -0.096 0.018 0.048 0.071 0.084    
Cost of Financing % ...     5.31 4.92 7.81 -0.920 -2.03    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                    
Net Profit PLN mil       -4.25 391 462 294 680    
Depreciation PLN mil       80.8 92.3 189 240 550    
Non-Cash Items PLN mil ...     -121 -459 -334 201 70.8    
Change in Working Capital PLN mil ...     13.3 87.9 -516 -211 -310    
Total Cash From Operations PLN mil       -30.9 112 -200 524 990    
Capital Expenditures PLN mil       -75.8 -95.0 -344 -397 -681    
Other Investments PLN mil       282 26.7 2.36 -199 -7.66    
Total Cash From Investing PLN mil       206 -68.2 -342 -596 -689    
Dividends Paid PLN mil ... ...   -42.5 -0.488 -0.265 -8.88 -171    
Issuance Of Debt PLN mil ...     67.6 176 79.5 95.2 749    
Total Cash From Financing PLN mil       26.3 -8.79 498 46.0 169    
Net Change In Cash PLN mil       201 34.8 -43.5 -25.9 471    
ratios                    
Days Sales Outstanding days       0 80.1 49.4 34.9 47.3    
Days Sales Of Inventory days       75.7 69.8 62.0 57.3 60.6    
Days Payable Outstanding days       0 155 73.1 47.6 68.0    
Cash Conversion Cycle days       75.7 -4.81 38.4 44.6 39.9    
Cash Earnings PLN mil       76.6 483 650 534 1,230    
Cash Earnings Per Share PLN       1.76 11.1 13.3 8.33 12.6    
Price/Cash Earnings (P/CE) ... ...   7.61 2.65 2.05 6.47 4.97    
Free Cash Flow PLN mil       175 43.6 -542 -71.9 302    
Free Cash Flow Yield % ... ...   27.6 3.34 -47.3 -1.98 4.71    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                    
ROA %       -0.267 16.2 11.3 5.71 8.87    
Gross Margin %       28.2 26.6 29.4 24.7 28.2    
Employees ...     4,230 6,141 9,526 13,879 13,883    
Cost Per Employee USD per month ...     1,138 797 1,135 1,294 2,005    
Cost Per Employee (Local Currency) PLN per month ...     3,546 2,406 3,366 4,212 6,338    
Staff Cost (As % Of Total Cost) % ...     14.8 9.97 8.36 10.4 11.6    
Effective Tax Rate %       47.5 3.90 11.5 18.0 2.52    
Enterprise Value (EV) USD mil ... ...   166 444 430 1,197 2,202    
EV/EBITDA ... ...   6.63 6.19 1.38 6.37 5.55    
EV/Capital Employed ... ...   0.407 0.556 0.378 0.847 0.854    
EV/Sales ... ...   0.426 0.705 0.239 0.549 0.709    
EV/EBIT ... ...   -187 10.8 1.74 10.5 9.90    
Domestic Sales PLN mil ... ... ... ... ... ... 5,248 5,442    
Capital Expenditures (As % of Sales) %       6.24 4.99 6.44 5.60 6.93    
Revenues From Abroad PLN mil ... ... ... ... ... ... 1,851 4,379    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... 26.1 44.6    
Sales in Poland PLN mil ... ... ... ... ... ... 5,248 5,442    
Sales in Germany PLN mil ... ... ... ... ... ... 952 935    
Sales in Other European Union countries PLN mil ... ... ... ... ... ... 2,127 2,188    
Sales in Asia PLN mil ... ... ... ... ... ... 533 547    
Sales in South America PLN mil ... ... ... ... ... ... 375 364    
Sales in Other Countries PLN mil ... ... ... ... ... ... 355 345    

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Feb 2014
Company Report
Feb 2014
Statistical Dossier

Grupa Azoty SA is a Poland-based producer of chemical products. The Company specializes on the production of mono-volumes of nitrogen fertilizer (ammonium nitrate, urea, UAN, ammonium sulfate) and is one of the world's largest producers of melamine. It also produces caprolactam, hydrogen peroxide, AdBlue and technical gases. The Company was privatized by issuing shares on the Warsaw Stock Exchange in 2005; however, the State Treasury remains the owner of a controlling interest

Finance

Grupa Azoty has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 43.4% a year during that time to total of PLN 1,315 mil in 2015, or 13.1% of sales. That’s compared to 12.0% average margin seen in last five years.

The company netted PLN 609 mil in 2015 implying ROE of 8.95% and ROCE of 7.62%. Again, the average figures were 10.7% and 8.71%, respectively when looking at the previous 5 years.

Grupa Azoty’s net debt amounted to PLN 413 mil at the end of 2015, or 0.058 of equity. When compared to EBITDA, net debt was 0.314x, down when compared to average of 0.364x seen in the last 5 years.

Valuation

Grupa Azoty stock traded at PLN 99.5 per share at the end of 2015 resulting in a market capitalization of USD 2,788 mil. Over the previous five years, stock price grew by 238% or 27.6% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.24x and price to earnings (PE) of 16.2x as of 2015.

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