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JSW

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

By Helgi Library - October 12, 2020

JSW's total assets reached PLN 11,971 mil at the end of 4Q2015, down 22.1% compared to the previous year. Current ...

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

By Helgi Library - October 12, 2020

JSW's total assets reached PLN 11,971 mil at the end of 4Q2015, down 22.1% compared to the previous year. Current ...

JSW's Cash & Cash Equivalents fell 67.7% yoy to PLN 236 mil in 2015

By Helgi Library - April 2, 2020

JSW's total assets reached PLN 11,971 mil at the end of 2015, down 22.1% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales PLN mil 7,632 6,815 6,935
Gross Profit PLN mil 5,998 4,942 4,830
EBITDA PLN mil 1,403 529 -2,384
EBIT PLN mil 202 -775 -3,747
Financing Cost PLN mil 88.3 128 149
Pre-Tax Profit PLN mil 110 -882 -3,897
Net Profit PLN mil 77.3 -659 -3,144
Dividends PLN mil 0 0 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 13,862 15,369 11,971
Non-Current Assets PLN mil 10,300 13,086 9,952
Current Assets PLN mil 3,562 2,283 2,019
Working Capital PLN mil 1,026 -50.5 -261
Shareholders' Equity PLN mil 8,352 7,268 4,055
Liabilities PLN mil 5,510 8,102 7,916
Total Debt PLN mil 281 354 154
Net Debt PLN mil -1,767 -378 -82.7
Ratios 2013 2014 2015
ROE % 0.913 -8.44 -55.5
ROCE % 0.742 -5.41 -27.7
Gross Margin % 78.6 72.5 69.7
EBITDA Margin % 18.4 7.76 -34.4
EBIT Margin % 2.65 -11.4 -54.0
Net Margin % 1.01 -9.67 -45.3
Net Debt/EBITDA -1.26 -0.714 0.035
Net Debt/Equity -0.212 -0.052 -0.020
Cost of Financing % 32.3 40.2 58.8
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,070 555 321
Enterprise Value (EV) USD mil 1,484 449 299
Number Of Shares mil 117 117 117
Share Price EUR 53.1 16.8 10.7
EV/EBITDA 3.34 2.78 -0.467
EV/Sales 0.614 0.216 0.161
Price/Earnings (P/E) 80.7 -2.98 -0.398
Price/Book Value (P/BV) 0.747 0.271 0.308
Dividend Yield % 0 0 ...

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summary Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales PLN mil   4,470 7,289 9,377 8,821 7,632    
Gross Profit PLN mil   2,729 5,750 7,454 7,064 5,998    
EBIT PLN mil   -694 1,978 2,659 1,308 202    
Net Profit PLN mil   -646 1,454 2,087 985 77.3    
ROE %   -12.6 26.7 28.7 11.6 0.913    
EBIT Margin %   -15.5 27.1 28.4 14.8 2.65    
Net Margin %   -14.5 20.0 22.3 11.2 1.01    
Employees   25,901 26,627 29,565 29,785 ... ... ...
balance sheet                
Total Assets PLN mil   9,134 10,611 13,617 14,067 13,862    
Non-Current Assets PLN mil   7,162 7,210 8,874 9,792 10,300    
Current Assets PLN mil   1,972 3,401 4,743 4,275 3,562    
Shareholders' Equity PLN mil   4,799 6,103 8,443 8,574 8,352    
Liabilities PLN mil   4,335 4,509 5,174 5,493 5,510    
Non-Current Liabilities PLN mil   2,193 2,287 2,660 3,036 3,189    
Current Liabilities PLN mil   2,142 2,222 2,514 2,457 2,488    
Net Debt/EBITDA   -8.02 -0.623 -0.617 -0.916 -1.26    
Net Debt/Equity   -0.094 -0.286 -0.256 -0.254 -0.212    
Cost of Financing % ... 59.5 72.7 66.8 62.8 32.3    
cash flow                
Total Cash From Operations PLN mil   1.70 2,295 2,947 2,359 1,630    
Total Cash From Investing PLN mil   185 -857 -1,779 -2,634 -804    
Total Cash From Financing PLN mil   164 -371 -437 -823 -280    
Net Change In Cash PLN mil   350 1,067 731 -1,098 546    
valuation                
Market Capitalisation USD mil   5,168 5,003 2,766 3,524 2,070    
Number Of Shares mil   109 109 113 118 117    
Share Price EUR   136 136 84.1 92.4 53.1    
Earnings Per Share (EPS) PLN   -5.94 13.4 18.4 8.35 0.658    
Book Value Per Share PLN   44.1 56.1 74.6 72.7 71.1    
Dividend Per Share PLN   0 2.36 5.58 2.51 0   ...
Price/Earnings (P/E)   -22.9 10.2 4.56 11.1 80.7    
Price/Book Value (P/BV)   3.08 2.43 1.13 1.27 0.747    
Dividend Yield %   0 1.74 6.63 2.72 0   ...
Earnings Per Share Growth % ... -181 -325 37.9 -54.7 -92.1    
Book Value Per Share Growth % ... -12.5 27.2 33.0 -2.54 -2.12    
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales PLN mil   4,470 7,289 9,377 8,821 7,632    
Cost of Goods & Services PLN mil   1,741 1,539 1,923 1,757 1,635    
Gross Profit PLN mil   2,729 5,750 7,454 7,064 5,998    
Staff Cost PLN mil   2,131 2,365 3,194 3,563 3,643    
Other Cost PLN mil   542 584 757 1,127 951    
EBITDA PLN mil   56.0 2,801 3,503 2,375 1,403    
Depreciation PLN mil   750 824 844 1,067 1,202    
EBIT PLN mil   -694 1,978 2,659 1,308 202    
Financing Cost PLN mil   147 163 180 218 88.3    
Extraordinary Cost PLN mil   -39.8 -52.0 -220 -187 3.90    
Pre-Tax Profit PLN mil   -802 1,866 2,699 1,277 110    
Tax PLN mil   -133 365 594 289 27.5    
Minorities PLN mil   -22.8 47.7 18.9 3.00 4.90    
Net Profit PLN mil   -646 1,454 2,087 985 77.3    
Dividends PLN mil   0 257 632 296 0   ...
growth rates                
Total Revenue Growth % ... -41.5 63.1 28.6 -5.93 -13.5    
Operating Cost Growth % ... -14.2 10.3 34.0 18.7 -2.04    
EBITDA Growth % ... -97.0 4,902 25.0 -32.2 -40.9    
EBIT Growth % ... -161 -385 34.4 -50.8 -84.6    
Pre-Tax Profit Growth % ... -179 -333 44.6 -52.7 -91.4    
Net Profit Growth % ... -181 -325 43.5 -52.8 -92.2    
ratios                
ROE %   -12.6 26.7 28.7 11.6 0.913    
ROCE % ... -9.05 21.0 26.6 10.8 0.742    
Gross Margin %   61.0 78.9 79.5 80.1 78.6    
EBITDA Margin %   1.25 38.4 37.4 26.9 18.4    
EBIT Margin %   -15.5 27.1 28.4 14.8 2.65    
Net Margin %   -14.5 20.0 22.3 11.2 1.01    
Payout Ratio %   0 17.7 30.3 30.0 0   ...
Cost of Financing % ... 59.5 72.7 66.8 62.8 32.3    
Net Debt/EBITDA   -8.02 -0.623 -0.617 -0.916 -1.26    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                
Non-Current Assets PLN mil   7,162 7,210 8,874 9,792 10,300    
Property, Plant & Equipment PLN mil   6,616 6,718 8,459 9,231 9,726    
Intangible Assets PLN mil   34.3 41.8 64.9 77.3 77.9    
Current Assets PLN mil   1,972 3,401 4,743 4,275 3,562    
Inventories PLN mil   328 517 740 806 541    
Receivables PLN mil   645 766 919 705 536    
Cash & Cash Equivalents PLN mil   788 1,856 2,589 2,440 2,048    
Total Assets PLN mil   9,134 10,611 13,617 14,067 13,862    
Shareholders' Equity PLN mil   4,799 6,103 8,443 8,574 8,352    
Of Which Minority Interest PLN mil   211 253 207 171 167    
Liabilities PLN mil   4,335 4,509 5,174 5,493 5,510    
Non-Current Liabilities PLN mil   2,193 2,287 2,660 3,036 3,189    
Long-Term Debt PLN mil   10.0 8.20 241 190 193    
Deferred Tax Liabilities PLN mil ... ... ... ... 47.4 47.2    
Current Liabilities PLN mil   2,142 2,222 2,514 2,457 2,488    
Short-Term Debt PLN mil   329 102 188 75.7 87.8    
Trade Payables PLN mil   1,286 1,508 1,836 1,784 51.3    
Provisions PLN mil ... ... ... 683 790 ... ... ...
Equity And Liabilities PLN mil   9,134 10,611 13,617 14,067 13,862    
growth rates                
Total Asset Growth % ... -6.66 16.2 28.3 3.31 -1.46    
Shareholders' Equity Growth % ... -12.5 27.2 38.4 1.55 -2.59    
Net Debt Growth % ... 60.8 289 23.8 0.639 -18.7    
Total Debt Growth % ... 116 -67.4 288 -38.1 5.80    
ratios                
Total Debt PLN mil   339 111 429 266 281    
Net Debt PLN mil   -449 -1,745 -2,160 -2,174 -1,767    
Working Capital PLN mil   -313 -226 -177 -273 1,026    
Capital Employed PLN mil   6,849 6,985 8,697 9,519 11,326    
Net Debt/Equity   -0.094 -0.286 -0.256 -0.254 -0.212    
Cost of Financing % ... 59.5 72.7 66.8 62.8 32.3    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                
Net Profit PLN mil   -646 1,454 2,087 985 77.3    
Depreciation PLN mil   750 824 844 1,067 1,202    
Non-Cash Items PLN mil ... -246 105 64.3 212 1,650    
Change in Working Capital PLN mil ... 144 -87.5 -48.4 95.8 -1,298    
Total Cash From Operations PLN mil   1.70 2,295 2,947 2,359 1,630    
Capital Expenditures PLN mil   -940 -770 -1,272 -1,830 -1,872    
Other Investments PLN mil   1,124 -87.4 -507 -805 1,067    
Total Cash From Investing PLN mil   185 -857 -1,779 -2,634 -804    
Dividends Paid PLN mil   0 -257 -632 -296 0   ...
Issuance Of Debt PLN mil ... 182 -228 318 -163 15.4    
Total Cash From Financing PLN mil   164 -371 -437 -823 -280    
Net Change In Cash PLN mil   350 1,067 731 -1,098 546    
ratios                
Days Sales Outstanding days   52.6 38.3 35.8 29.2 25.6    
Days Sales Of Inventory days   68.8 123 140 167 121    
Days Payable Outstanding days   270 358 348 371 11.5    
Cash Conversion Cycle days   -148 -197 -172 -174 135    
Cash Earnings PLN mil   104 2,278 2,931 2,052 1,279    
Cash Earnings Per Share PLN   0.955 20.9 25.9 17.4 10.9    
Price/Cash Earnings (P/CE)   142 6.50 3.25 5.31 4.88    
Free Cash Flow PLN mil   186 1,438 1,168 -275 826    
Free Cash Flow Yield %   1.16 9.53 14.2 -2.40 12.6    
other data Unit 2008 2009 2010 2011 2012 2013 2014 2015
other data                
ROA %   -6.83 14.7 17.2 7.12 0.554    
Gross Margin %   61.0 78.9 79.5 80.1 78.6    
Employees   25,901 26,627 29,565 29,785 ... ... ...
Cost Per Employee USD per month   2,201 2,453 3,037 3,063 ... ... ...
Cost Per Employee (Local Currency) PLN per month   6,857 7,401 9,003 9,968 ... ... ...
Staff Cost (As % Of Total Cost) %   41.3 44.5 47.5 47.4 49.0    
Effective Tax Rate %   16.6 19.5 22.0 22.6 25.1    
Enterprise Value (EV) USD mil   5,012 4,413 2,139 2,821 1,484    
EV/EBITDA   279 4.75 1.81 3.87 3.34    
EV/Capital Employed   2.10 1.87 0.847 0.917 0.395    
EV/Sales   3.49 1.83 0.676 1.04 0.614    
EV/EBIT   -22.5 6.73 2.38 7.02 23.2    
Capital Expenditures (As % of Sales) %   21.0 10.6 13.6 20.7 24.5    
Sales from Coal PLN mil   2,857 4,026 4,943 4,135 3,559    
Sales from Coke and Coal derivates PLN mil ... ... ... 4,220 4,308 3,704    
Sales from Other business PLN mil   214 198 214 378 369    
EBIT from Coal PLN mil   -498 1,470 2,736 1,269 70.1    
EBIT from Coke and Coal derivates PLN mil   -237 424 171 -97.8 62.0    
EBIT from Other business PLN mil   18.3 52.3 20.4 73.7 82.9    
Selling Price Of Coking Coal EUR ... ... ... 197 150 114    
Selling Price Of Steam Coal EUR ... ... ... 64.8 75.4 64.4    
Selling Avg. Price Of Coal EUR ... ... ... 157 128 100    
Coal Mining Cash Cost EUR   71.4 74.5 89.5 83.2 80.4    
Selling Avg. Price Of Coke EUR/t ... ... ... 291 232 183    
Coke Mining Cash Cost EUR/t   27.1 29.4 33.6 36.3 35.6    
Production of Coal Total (kt) kt   11,400 13,300 12,610 13,462 13,627    
Production of Coking Coal (kt) kt   6,700 9,100 8,810 9,469 9,837    
Production of Steam Coal (kt) kt   4,700 4,200 3,800 3,993 3,790    
Production of Coke (kt) kt   1,800 2,600 4,242 3,849 3,943    
Sales of Coal Total (kt) kt ... ... ... ... 8,197 9,175    
Sales of Coking Coal (kt) kt ... ... ... ... 4,902 5,315    
Sales of Steam Coal (kt) kt ... ... ... ... 3,295 3,860    
Sales of Coke (kt) kt ... ... ... ... 3,753 3,940    
Inventory of Coking Coal (kt) kt ... ... ... ... 994 592    
Inventory of Steam Coal (kt) kt ... ... ... ... 521 235    
Inventory of Coke (kt) kt ... ... ... ... 367 317    

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Jan 2014
Company Report

JSW's Cash & Cash Equivalents fell 67.7% yoy to PLN 236 mil in 2015

By Helgi Library - April 2, 2020

JSW's total assets reached PLN 11,971 mil at the end of 2015, down 22.1% compared to the previous year. Current assets amounted to PLN 2,019 mil, or 16.9% of total assets while cash stood at PLN 236 mil at the end of 2015. ...

More News

Jastrzebska Spolka Weglowa (JSW) is a Poland-based coking coal producer. Apart from the production of coal, coke and their derivatives, the Company is engaged in natural gas mining and generation and distribution of electricity. JSW Group conducts its business on the Upper and Lower Silesia in Poland. Major external customers for the coking coal offered by the Group include ArcelorMittal Poland, voestalpine, Moravia Steel , U.S. Steel and Koksownia Częstochowa Nowa. JSW is composed of four hard coal mines: Borynia-Zofiówka-Jastrzębie, Budryk, Krupiński, and Pniówek, where coking coal and steam coal is excavated. In 2012, some 9.5 mil tonnes of coking coal and 4.0 mil tonnes of steam coal were excavated at JSW mines. Also, 3.8 mil tonnes of coke was produced at JSW coke plants. JSW mines contain approximately 560 mil tonnes of documented recoverable reserves of coal

Finance

JSW has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 185% during that time to total of PLN -2,384 mil in 2015, or -34.4% of sales. That’s compared to 11.2% average margin seen in last five years.

The company netted PLN -3,144 mil in 2015 implying ROE of -55.5% and ROCE of -27.7%. Again, the average figures were -4.56% and 1.02%, respectively when looking at the previous 5 years.

JSW’s net debt amounted to PLN -82.7 mil at the end of 2015, or -0.020 of equity. When compared to EBITDA, net debt was 0.035x, up when compared to average of -0.694x seen in the last 5 years.

Valuation

JSW stock traded at EUR 10.7 per share at the end of 2015 resulting in a market capitalization of USD 321 mil. Over the previous five years, stock price fell by 92.2% or -39.9% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -0.467x and price to earnings (PE) of -0.398x as of 2015.

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