Hochtief Czech Republic

Profit Statement 2013 2014 2015
Sales CZK mil 4,819 5,166 5,632
Gross Profit CZK mil 794 925 1,028
EBITDA CZK mil 99.6 138 136
EBIT CZK mil 73.8 123 122
Financing Cost CZK mil 33.9 35.7 33.0
Pre-Tax Profit CZK mil 39.9 87.4 88.6
Net Profit CZK mil 21.2 63.9 49.5
Dividends CZK mil 15.0 30.0 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 3,854 3,804 3,347
Non-Current Assets CZK mil 211 193 195
Current Assets CZK mil 3,612 3,556 3,123
Working Capital CZK mil 1,022 815 461
Shareholders' Equity CZK mil 1,004 1,048 1,067
Liabilities CZK mil 2,849 2,756 2,280
Total Debt CZK mil 555 491 282
Net Debt CZK mil 120 184 -18.8
Ratios 2013 2014 2015
ROE % 2.12 6.22 4.68
ROCE % 1.45 5.70 5.96
Gross Margin % 16.5 17.9 18.3
EBITDA Margin % 2.07 2.68 2.41
EBIT Margin % 1.53 2.38 2.16
Net Margin % 0.440 1.24 0.880
Net Debt/EBITDA 1.21 1.33 -0.139
Net Debt/Equity 0.120 0.175 -0.018
Cost of Financing % 5.66 6.83 8.55
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 398 228 318
Total Cash From Investing CZK mil -118 -272 -79.4
Total Cash From Financing CZK mil -52.5 -84.3 -245
Net Change In Cash CZK mil 228 -129 -6.37
Cash Conversion Cycle days 72.2 46.6 18.2
Cash Earnings CZK mil 47.0 79.0 63.6
Free Cash Flow CZK mil 280 -44.3 238

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         6,142 5,024 6,966 4,122 4,819    
Gross Profit CZK mil ...         1,146 1,053 2,889 826 794    
EBIT CZK mil ...         58.5 76.1 84.5 112 73.8    
Net Profit CZK mil ...         2.48 6.27 27.8 24.9 21.2    
ROE % ...         0.251 0.651 2.85 2.51 2.12    
EBIT Margin % ...         0.953 1.52 1.21 2.72 1.53    
Net Margin % ...         0.040 0.125 0.399 0.604 0.440    
Employees ...         1,583 1,369 1,183 1,105 1,075    
balance sheet                        
Total Assets CZK mil ...         4,143 4,282 4,381 3,594 3,854    
Non-Current Assets CZK mil ...         554 370 315 250 211    
Current Assets CZK mil ...         3,568 3,886 4,037 3,296 3,612    
Shareholders' Equity CZK mil ...         960 965 987 1,000 1,004    
Liabilities CZK mil ...         3,183 3,317 3,394 2,593 2,849    
Non-Current Liabilities CZK mil ...         304 309 360 289 281    
Current Liabilities CZK mil ...         2,164 2,317 2,479 1,894 2,233    
Net Debt/EBITDA ...         5.04 3.45 1.58 2.88 1.21    
Net Debt/Equity ...         0.648 0.472 0.208 0.435 0.120    
Cost of Financing % ... ...       3.21 6.46 4.33 9.91 5.66    
cash flow                        
Total Cash From Operations CZK mil ...         21.3 137 201 17.3 398    
Total Cash From Investing CZK mil ...         -125 -15.1 92.9 -233 -118    
Total Cash From Financing CZK mil ...         -184 -5.44 -126 -158 -52.5    
Net Change In Cash CZK mil ...         -287 116 168 -374 228    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         6,142 5,024 6,966 4,122 4,819    
Cost of Goods & Services CZK mil ...         4,996 3,971 4,077 3,296 4,026    
Gross Profit CZK mil ...         1,146 1,053 2,889 826 794    
Staff Cost CZK mil ...         857 806 667 691 661    
Other Cost CZK mil ...         165 115 2,092 -16.3 32.5    
EBITDA CZK mil ...         124 132 130 151 99.6    
Depreciation CZK mil ...         65.1 55.8 45.2 39.2 25.8    
EBIT CZK mil ...         58.5 76.1 84.5 112 73.8    
Financing Cost CZK mil ...         39.6 57.8 35.9 70.9 33.9    
Extraordinary Cost CZK mil ...         0 0 0 0 0    
Pre-Tax Profit CZK mil ...         18.9 18.3 48.6 41.2 39.9    
Tax CZK mil ...         16.5 12.1 16.3 23.6 18.7    
Minorities CZK mil ...         0 0 0 0 0    
Net Profit CZK mil ...         2.48 6.27 27.8 24.9 21.2    
Dividends CZK mil           0 5.00 10.0 15.0 15.0   ...
growth rates                        
Total Revenue Growth % ... ...       -21.7 -18.2 38.6 -40.8 16.9    
Operating Cost Growth % ... ...       16.6 -9.86 200 -75.5 2.81    
EBITDA Growth % ... ...       23.8 6.72 -1.74 16.7 -34.2    
EBIT Growth % ... ...       75.2 30.1 11.0 32.7 -34.1    
Pre-Tax Profit Growth % ... ...       -88.5 -3.20 165 -15.2 -3.13    
Net Profit Growth % ... ...       -97.9 153 343 -10.4 -14.8    
ratios                        
ROE % ...         0.251 0.651 2.85 2.51 2.12    
ROCE % ... ...       0.098 0.333 1.45 1.40 1.45    
Gross Margin % ...         18.7 21.0 41.5 20.0 16.5    
EBITDA Margin % ...         2.01 2.63 1.86 3.67 2.07    
EBIT Margin % ...         0.953 1.52 1.21 2.72 1.53    
Net Margin % ...         0.040 0.125 0.399 0.604 0.440    
Payout Ratio % ...         0 79.7 36.0 60.2 70.7   ...
Cost of Financing % ... ...       3.21 6.46 4.33 9.91 5.66    
Net Debt/EBITDA ...         5.04 3.45 1.58 2.88 1.21    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil ...         554 370 315 250 211    
Property, Plant & Equipment CZK mil ...         249 202 162 134 112    
Intangible Assets CZK mil ...         184 109 107 96.4 80.5    
Goodwill CZK mil ...         0 0 0 0 0    
Current Assets CZK mil ...         3,568 3,886 4,037 3,296 3,612    
Inventories CZK mil ...         384 341 300 773 874    
Receivables CZK mil ...         2,022 2,297 2,454 1,582 1,366    
Cash & Cash Equivalents CZK mil ...         297 414 582 208 435    
Total Assets CZK mil ...         4,143 4,282 4,381 3,594 3,854    
Shareholders' Equity CZK mil ...         960 965 987 1,000 1,004    
Of Which Minority Interest CZK mil ...         0 0 0 0 0    
Liabilities CZK mil ...         3,183 3,317 3,394 2,593 2,849    
Non-Current Liabilities CZK mil ...         304 309 360 289 281    
Long-Term Debt CZK mil ...         304 309 360 289 281    
Deferred Tax Liabilities CZK mil ...         0 0 0 0 0    
Current Liabilities CZK mil ...         2,164 2,317 2,479 1,894 2,233    
Short-Term Debt CZK mil ...         616 560 427 354 275    
Trade Payables CZK mil ...         1,175 1,030 1,207 904 1,219    
Provisions CZK mil ...         111 129 133 91.4 71.4    
Equity And Liabilities CZK mil ...         4,143 4,282 4,381 3,594 3,854    
growth rates                        
Total Asset Growth % ... ...       -27.2 3.36 2.31 -18.0 7.23    
Shareholders' Equity Growth % ... ...       -5.55 0.539 2.21 1.39 0.363    
Net Debt Growth % ... ...       -35.3 -26.8 -54.9 112 -72.4    
Total Debt Growth % ... ...       -40.6 -5.50 -9.48 -18.3 -13.6    
ratios                        
Total Debt CZK mil ...         920 869 787 643 555    
Net Debt CZK mil ...         623 456 205 435 120    
Working Capital CZK mil ...         1,231 1,608 1,547 1,451 1,022    
Capital Employed CZK mil ...         1,785 1,978 1,862 1,701 1,233    
Net Debt/Equity ...         0.648 0.472 0.208 0.435 0.120    
Cost of Financing % ... ...       3.21 6.46 4.33 9.91 5.66    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil ...         2.48 6.27 27.8 24.9 21.2    
Depreciation CZK mil ...         65.1 55.8 45.2 39.2 25.8    
Non-Cash Items CZK mil ... ...       -1,494 452 66.9 -143 -78.3    
Change in Working Capital CZK mil ... ...       1,447 -377 60.9 96.0 430    
Total Cash From Operations CZK mil ...         21.3 137 201 17.3 398    
Capital Expenditures CZK mil ...         -4.20 -9.89 -6.22 -10.8 -4.04    
Other Investments CZK mil ...         -121 -5.19 99.1 -222 -114    
Total Cash From Investing CZK mil ...         -125 -15.1 92.9 -233 -118    
Dividends Paid CZK mil           0 -5.00 -10.0 -15.0 -15.0   ...
Issuance Of Debt CZK mil ... ...       -628 -50.6 -82.4 -144 -87.6    
Total Cash From Financing CZK mil ...         -184 -5.44 -126 -158 -52.5    
Net Change In Cash CZK mil ...         -287 116 168 -374 228    
ratios                        
Days Sales Outstanding days ...         120 167 129 140 103    
Days Sales Of Inventory days ...         28.1 31.4 26.9 85.6 79.3    
Days Payable Outstanding days ...         85.9 94.7 108 100 110    
Cash Conversion Cycle days ...         62.4 104 47.4 126 72.2    
Cash Earnings CZK mil ...         67.6 62.1 73.0 64.1 47.0    
Free Cash Flow CZK mil ...         -103 122 294 -216 280    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         0.050 0.149 0.642 0.625 0.570    
Gross Margin % ...         18.7 21.0 41.5 20.0 16.5    
Employees ...         1,583 1,369 1,183 1,105 1,075    
Cost Per Employee USD per month ...         2,367 2,567 2,657 2,665 2,621    
Cost Per Employee (Local Currency) CZK per month ...         45,105 49,051 46,991 52,136 51,278    
Staff Cost (As % Of Total Cost) % ...         14.1 16.3 9.69 17.2 13.9    
Effective Tax Rate % ...         86.9 65.8 33.5 57.3 46.8    
Domestic Sales CZK mil ... ... ...     6,091 5,009 5,045 4,121 4,785    
Capital Expenditures (As % of Sales) % ...         0.068 0.197 0.089 0.262 0.084    
Revenues From Abroad CZK mil ... ... ...     37.5 6.43 8.37 0 23.5    
Revenues From Abroad (As % Of Total) % ... ... ...     0.610 0.128 0.120 0 0.487    

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Hochtief Czech Republic (or Hochtief CZ) is a Czech Republic-based construction company and a developer. The Company focused on residential, commercial, administrative and institutional developments, as well as industrial, ecological and water management projects, also covering traffic and pipeline infrastructure. The Company employs some 1,100 staff and is a part of the supranational concern HOCHTIEF.