Hella GmbH & Co KGaA

Hella GmbH & Co KGaA's Cash & Cash Equivalents rose 40.7% yoy to EUR 1,431 mil in 2018

By Helgi Analytics - April 2, 2020

Hella GmbH & Co KGaA's total assets reached EUR 6,410 mil at the end of 2018, up 8.25% compared to the previous year. ...

Profit Statement 2016 2017 2018
Sales EUR mil 6,585 7,060 6,990
Gross Profit EUR mil 3,320 3,599 3,488
EBITDA EUR mil 884 958 1,142
EBIT EUR mil 472 514 758
Financing Cost EUR mil 21.6 33.0 28.2
Pre-Tax Profit EUR mil 463 530 766
Net Profit EUR mil 342 389 630
Dividends EUR mil 103 118 ...
Balance Sheet 2016 2017 2018
Total Assets EUR mil 5,638 5,921 6,410
Non-Current Assets EUR mil 2,627 2,795 2,791
Current Assets EUR mil 3,011 3,126 3,619
Working Capital EUR mil 747 889 793
Shareholders' Equity EUR mil 2,226 2,478 2,968
Liabilities EUR mil 3,412 3,443 3,441
Total Debt EUR mil 1,377 1,208 1,368
Net Debt EUR mil 279 191 -62.9
Ratios 2016 2017 2018
ROE % 16.3 16.5 23.1
ROCE % 10.8 11.0 17.3
Gross Margin % 50.4 51.0 49.9
EBITDA Margin % 13.4 13.6 16.3
EBIT Margin % 7.17 7.28 10.9
Net Margin % 5.19 5.51 9.01
Net Debt/EBITDA 0.315 0.199 -0.055
Net Debt/Equity 0.125 0.077 -0.021
Cost of Financing % 1.71 2.55 2.19
Cash Flow 2016 2017 2018
Total Cash From Operations EUR mil 691 790 730
Total Cash From Investing EUR mil -648 -613 -373
Total Cash From Financing EUR mil 156 -269 -169
Net Change In Cash EUR mil 199 -92.3 189
Cash Conversion Cycle days 23.3 31.0 27.3
Cash Earnings EUR mil 754 832 1,013
Free Cash Flow EUR mil 43.0 177 358

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Sales EUR mil             4,835 5,343 5,835 6,352 6,585    
Gross Profit EUR mil             1,278 1,477 1,554 3,138 3,320    
EBIT EUR mil             281 307 365 386 472    
Net Profit EUR mil             200 223 287 269 342    
ROE %             17.6 17.5 17.7 13.8 16.3    
EBIT Margin %             5.81 5.75 6.25 6.07 7.17    
Net Margin %             4.14 4.17 4.92 4.23 5.19    
Employees             29,030 30,692 31,864 32,708 35,428    
balance sheet                          
Total Assets EUR mil             3,852 4,459 4,917 4,995 5,638    
Non-Current Assets EUR mil             1,855 2,046 2,281 2,360 2,627    
Current Assets EUR mil             1,998 2,412 2,636 2,635 3,011    
Shareholders' Equity EUR mil             1,207 1,342 1,910 1,979 2,226    
Liabilities EUR mil             2,645 3,116 3,007 3,017 3,412    
Non-Current Liabilities EUR mil             1,534 1,671 1,658 1,615 1,602    
Current Liabilities EUR mil             1,111 1,446 1,349 1,402 1,810    
Net Debt/EBITDA             0.765 0.690 0.187 0.305 0.315    
Net Debt/Equity             0.344 0.317 0.069 0.120 0.125    
Cost of Financing % ...           3.45 2.59 2.20 1.92 1.71    
cash flow                          
Total Cash From Operations EUR mil             442 535 560 602 691    
Total Cash From Investing EUR mil             -517 -505 -459 -543 -648    
Total Cash From Financing EUR mil             121 157 -148 -66.8 156    
Net Change In Cash EUR mil             44.9 187 -46.3 -7.67 199    
valuation                          
Number Of Shares mil ... ... ... ... ... ... ... 100 106 111 111    
Earnings Per Share (EPS) EUR ... ... ... ... ... ... ... 2.23 2.70 2.42 3.08    
Book Value Per Share EUR ... ... ... ... ... ... ... 13.4 18.0 17.8 20.0    
Dividend Per Share EUR ... ... ... ... ... ... ... 0.591 0.815 0.781 0.930   ...
Earnings Per Share Growth % ... ... ... ... ... ... ... ... 21.2 -10.5 27.3    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... 33.9 -0.903 12.5    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                          
Sales EUR mil             4,835 5,343 5,835 6,352 6,585    
Cost of Goods & Services EUR mil             3,558 3,866 4,281 3,213 3,264    
Gross Profit EUR mil             1,278 1,477 1,554 3,138 3,320    
Staff Cost EUR mil ... ... ... ... ... ... ... ... ... 1,436 1,518    
Other Cost EUR mil ... ... ... ... ... ... ... ... ... 922 918    
EBITDA EUR mil             542 616 701 781 884    
Depreciation EUR mil             261 309 336 396 412    
EBIT EUR mil             281 307 365 386 472    
Financing Cost EUR mil             31.9 32.3 28.1 22.0 21.6    
Extraordinary Cost EUR mil             -9.60 -33.9 -57.1 -16.8 -12.1    
Pre-Tax Profit EUR mil             259 309 394 380 463    
Tax EUR mil             53.1 79.2 98.2 108 120    
Minorities EUR mil             5.13 6.69 8.46 3.36 1.37    
Net Profit EUR mil             200 223 287 269 342    
Dividends EUR mil             55.3 59.1 86.6 86.8 103   ...
growth rates                          
Total Revenue Growth % ...           0.525 10.5 9.20 8.86 3.67    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... 3.35    
EBITDA Growth % ...           -14.5 13.7 13.7 11.5 13.2    
EBIT Growth % ...           -23.0 9.33 18.7 5.75 22.5    
Pre-Tax Profit Growth % ...           -15.9 19.4 27.5 -3.39 21.7    
Net Profit Growth % ...           -10.0 11.2 28.8 -6.44 27.3    
ratios                          
ROE %             17.6 17.5 17.7 13.8 16.3    
ROCE % ...           8.66 8.63 9.89 8.82 10.8    
Gross Margin %             26.4 27.6 26.6 49.4 50.4    
EBITDA Margin %             11.2 11.5 12.0 12.3 13.4    
EBIT Margin %             5.81 5.75 6.25 6.07 7.17    
Net Margin %             4.14 4.17 4.92 4.23 5.19    
Payout Ratio %             27.6 26.5 30.2 32.3 30.2   ...
Cost of Financing % ...           3.45 2.59 2.20 1.92 1.71    
Net Debt/EBITDA             0.765 0.690 0.187 0.305 0.315    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                          
Non-Current Assets EUR mil             1,855 2,046 2,281 2,360 2,627    
Property, Plant & Equipment EUR mil             1,289 1,430 1,612 1,698 1,907    
Intangible Assets EUR mil             175 190 221 225 255    
Goodwill EUR mil ...           64.7 63.0 61.5 54.6 55.1    
Current Assets EUR mil             1,998 2,412 2,636 2,635 3,011    
Inventories EUR mil             554 578 609 608 664    
Receivables EUR mil             646 692 839 937 1,068    
Cash & Cash Equivalents EUR mil             663 992 1,008 914 1,098    
Total Assets EUR mil             3,852 4,459 4,917 4,995 5,638    
Shareholders' Equity EUR mil             1,207 1,342 1,910 1,979 2,226    
Of Which Minority Interest EUR mil             28.3 29.9 29.5 5.87 4.99    
Liabilities EUR mil             2,645 3,116 3,007 3,017 3,412    
Non-Current Liabilities EUR mil             1,534 1,671 1,658 1,615 1,602    
Long-Term Debt EUR mil             1,038 1,121 1,039 1,065 1,036    
Deferred Tax Liabilities EUR mil ...           61.7 69.0 24.9 25.8 32.4    
Current Liabilities EUR mil             1,111 1,446 1,349 1,402 1,810    
Short-Term Debt EUR mil             40.0 296 100 86.9 340    
Trade Payables EUR mil             584 619 620 929 984    
Equity And Liabilities EUR mil             3,852 4,459 4,917 4,995 5,638    
growth rates                          
Total Asset Growth % ...           16.2 15.7 10.3 1.59 12.9    
Shareholders' Equity Growth % ...           13.3 11.2 42.3 3.61 12.5    
Net Debt Growth % ...           38.5 2.60 -69.1 81.3 17.1    
Total Debt Growth % ...           39.8 31.5 -19.6 1.10 19.5    
ratios                          
Total Debt EUR mil             1,078 1,418 1,139 1,152 1,377    
Net Debt EUR mil             415 425 131 238 279    
Working Capital EUR mil             617 651 829 616 747    
Capital Employed EUR mil             2,471 2,697 3,110 2,976 3,374    
Net Debt/Equity             0.344 0.317 0.069 0.120 0.125    
Cost of Financing % ...           3.45 2.59 2.20 1.92 1.71    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                          
Net Profit EUR mil             200 223 287 269 342    
Depreciation EUR mil             261 309 336 396 412    
Non-Cash Items EUR mil ...           -29.3 37.0 115 -275 68.8    
Change in Working Capital EUR mil ...           9.50 -34.0 -178 213 -131    
Total Cash From Operations EUR mil             442 535 560 602 691    
Capital Expenditures EUR mil             -506 -499 -478 -547 -649    
Other Investments EUR mil             -10.9 -6.02 19.2 3.59 0.867    
Total Cash From Investing EUR mil             -517 -505 -459 -543 -648    
Dividends Paid EUR mil             -61.4 -55.3 -59.1 -86.6 -86.8    
Issuance Of Shares EUR mil ...           -58.5 -88.0 281 -200 -94.6    
Issuance Of Debt EUR mil ...           307 340 -279 12.6 225    
Total Cash From Financing EUR mil             121 157 -148 -66.8 156    
Net Change In Cash EUR mil             44.9 187 -46.3 -7.67 199    
ratios                          
Days Sales Outstanding days             48.8 47.3 52.5 53.9 59.2    
Days Sales Of Inventory days             56.9 54.6 51.9 69.0 74.2    
Days Payable Outstanding days             59.9 58.5 52.8 106 110    
Cash Conversion Cycle days             45.7 43.4 51.6 17.3 23.3    
Cash Earnings EUR mil             461 532 623 664 754    
Cash Earnings Per Share EUR ... ... ... ... ... ... ... 5.32 5.86 5.98 6.78    
Free Cash Flow EUR mil             -75.7 29.9 101 59.1 43.0    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                          
ROA %             5.59 5.36 6.12 5.42 6.43    
Gross Margin %             26.4 27.6 26.6 49.4 50.4    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... 4,193 3,829    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ... ... ... 3,657 3,571    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... 24.1 24.8    
Effective Tax Rate %             20.5 25.6 24.9 28.5 25.9    

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Finance

Hella GmbH & Co KGaA has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 13.1% a year during that time to total of EUR 1,142 mil in 2018, or 16.3% of sales. That’s compared to 13.5% average margin seen in last five years.

The company netted EUR 630 mil in 2018 implying ROE of 23.1% and ROCE of 17.3%. Again, the average figures were 17.5% and 11.6%, respectively when looking at the previous 5 years.

Hella GmbH & Co KGaA’s net debt amounted to EUR -62.9 mil at the end of 2018, or -0.021 of equity. When compared to EBITDA, net debt was -0.055x, down when compared to average of 0.190x seen in the last 5 years.

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