Lesy Ceske republiky

Lesy's Cash & Cash Equivalents fell 33.6% yoy to CZK 6,684 mil in 2015

By Helgi Analytics - April 2, 2020

Lesy Ceske republiky's total assets reached CZK 70,338 mil at the end of 2015, down 7.63% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 11,522 12,118 11,848
Gross Profit CZK mil 6,842 7,877 7,832
EBITDA CZK mil 5,319 8,350 7,015
EBIT CZK mil 4,599 7,662 6,357
Financing Cost CZK mil -357 -302 -137
Pre-Tax Profit CZK mil 4,957 7,963 6,494
Net Profit CZK mil 3,990 6,818 5,395
Balance Sheet 2013 2014 2015
Total Assets CZK mil 79,853 76,147 70,338
Non-Current Assets CZK mil 67,680 64,369 62,153
Current Assets CZK mil 12,056 11,684 8,123
Working Capital CZK mil 908 844 527
Shareholders' Equity CZK mil 74,804 73,022 67,906
Liabilities CZK mil 5,049 3,124 2,432
Total Debt CZK mil 110 109 53.1
Net Debt CZK mil -9,959 -9,954 -6,631
Ratios 2013 2014 2015
ROE % 5.26 9.22 7.66
ROCE % 5.74 10.2 8.44
Gross Margin % 59.4 65.0 66.1
EBITDA Margin % 46.2 68.9 59.2
EBIT Margin % 39.9 63.2 53.7
Net Margin % 34.6 56.3 45.5
Net Debt/EBITDA -1.87 -1.19 -0.945
Net Debt/Equity -0.133 -0.136 -0.098
Cost of Financing % -652 -275 -169
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 7,529 7,740 5,767
Total Cash From Investing CZK mil -910 -925 -1,173
Total Cash From Financing CZK mil -6,010 -6,504 -8,197
Net Change In Cash CZK mil 609 311 -3,602
Cash Conversion Cycle days -3.46 -3.95 -23.8
Cash Earnings CZK mil 4,709 7,507 6,053
Free Cash Flow CZK mil 6,619 6,815 4,595

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil                   7,650 9,741 11,718 11,641 11,522    
Gross Profit CZK mil                   2,359 4,268 7,070 7,356 6,842    
EBIT CZK mil                   497 2,893 5,054 5,093 4,599    
Net Profit CZK mil                   582 2,558 4,225 4,408 3,990    
ROE %                   0.897 3.85 6.03 5.89 5.26    
EBIT Margin %                   6.50 29.7 43.1 43.8 39.9    
Net Margin %                   7.61 26.3 36.1 37.9 34.6    
Employees                   3,547 3,242 3,177 3,213 3,271    
balance sheet                                
Total Assets CZK mil                   69,714 72,470 78,222 81,830 79,853    
Non-Current Assets CZK mil                   62,117 62,984 65,597 69,352 67,680    
Current Assets CZK mil                   7,516 9,452 12,519 12,393 12,056    
Shareholders' Equity CZK mil                   65,167 67,576 72,643 76,964 74,804    
Liabilities CZK mil                   4,548 4,894 5,580 4,866 5,049    
Non-Current Liabilities CZK mil                   133 146 126 141 156    
Current Liabilities CZK mil                   1,230 1,562 1,883 1,207 1,229    
Net Debt/EBITDA                   -5.24 -2.05 -1.79 -1.84 -1.87    
Net Debt/Equity                   -0.080 -0.104 -0.141 -0.138 -0.133    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -652    
cash flow                                
Total Cash From Operations CZK mil                   1,725 840 4,106 1,712 7,529    
Total Cash From Investing CZK mil                   -490 -472 -447 -1,048 -910    
Total Cash From Financing CZK mil                   -51.0 -25.2 -55.8 12.6 -6,010    
Net Change In Cash CZK mil                   1,184 343 3,604 677 609    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil                   7,650 9,741 11,718 11,641 11,522    
Cost of Goods & Services CZK mil                   5,291 5,474 4,649 4,285 4,680    
Gross Profit CZK mil                   2,359 4,268 7,070 7,356 6,842    
Staff Cost CZK mil                   1,584 1,496 1,505 1,601 1,656    
Other Cost CZK mil                   -220 -644 -151 -26.0 -133    
EBITDA CZK mil                   995 3,415 5,716 5,782 5,319    
Depreciation CZK mil                   498 522 662 688 720    
EBIT CZK mil                   497 2,893 5,054 5,093 4,599    
Financing Cost CZK mil                   -286 -267 -221 -385 -357    
Extraordinary Cost CZK mil                   0 0 0 0 0    
Pre-Tax Profit CZK mil                   784 3,160 5,275 5,478 4,957    
Tax CZK mil                   202 601 1,050 1,070 967    
Minorities CZK mil                   0 0 0 0 0    
Net Profit CZK mil                   582 2,558 4,225 4,408 3,990    
growth rates                                
Total Revenue Growth % ...                 -8.96 27.3 20.3 -0.660 -1.02    
Operating Cost Growth % ...                 -13.6 -37.5 58.8 16.3 -3.26    
EBITDA Growth % ...                 -17.7 243 67.4 1.15 -8.01    
EBIT Growth % ...                 -32.2 482 74.7 0.777 -9.70    
Pre-Tax Profit Growth % ...                 10.9 303 67.0 3.85 -9.52    
Net Profit Growth % ...                 26.2 339 65.2 4.33 -9.49    
ratios                                
ROE %                   0.897 3.85 6.03 5.89 5.26    
ROCE % ...                 0.917 4.01 6.45 6.43 5.74    
Gross Margin %                   30.8 43.8 60.3 63.2 59.4    
EBITDA Margin %                   13.0 35.1 48.8 49.7 46.2    
EBIT Margin %                   6.50 29.7 43.1 43.8 39.9    
Net Margin %                   7.61 26.3 36.1 37.9 34.6    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -652    
Net Debt/EBITDA                   -5.24 -2.05 -1.79 -1.84 -1.87    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets CZK mil                   62,117 62,984 65,597 69,352 67,680    
Property, Plant & Equipment CZK mil                   61,186 61,240 62,225 62,361 62,623    
Intangible Assets CZK mil                   257 409 510 542 424    
Current Assets CZK mil                   7,516 9,452 12,519 12,393 12,056    
Inventories CZK mil                   352 273 191 194 160    
Receivables CZK mil                   1,753 1,814 1,890 1,419 1,604    
Cash & Cash Equivalents CZK mil                   5,219 7,012 10,252 10,634 10,068    
Total Assets CZK mil                   69,714 72,470 78,222 81,830 79,853    
Shareholders' Equity CZK mil                   65,167 67,576 72,643 76,964 74,804    
Of Which Minority Interest CZK mil                   0 0 0 0 0    
Liabilities CZK mil                   4,548 4,894 5,580 4,866 5,049    
Non-Current Liabilities CZK mil                   133 146 126 141 156    
Long-Term Debt CZK mil                   0 0 0 0 0    
Deferred Tax Liabilities CZK mil                   133 146 126 141 156    
Current Liabilities CZK mil                   1,230 1,562 1,883 1,207 1,229    
Short-Term Debt CZK mil                   0 0 0 0 110    
Trade Payables CZK mil                   773 794 895 665 855    
Provisions CZK mil                   3,105 3,111 3,496 3,432 3,571    
Equity And Liabilities CZK mil                   69,714 72,470 78,222 81,830 79,853    
growth rates                                
Total Asset Growth % ...                 0.682 3.95 7.94 4.61 -2.42    
Shareholders' Equity Growth % ...                 0.748 3.70 7.50 5.95 -2.81    
Net Debt Growth % ...                 17.0 34.4 46.2 3.73 -6.35    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
ratios                                
Total Debt CZK mil                   0 0 0 0 110    
Net Debt CZK mil                   -5,219 -7,012 -10,252 -10,634 -9,959    
Working Capital CZK mil                   1,332 1,292 1,186 948 908    
Capital Employed CZK mil                   63,448 64,276 66,783 70,300 68,588    
Net Debt/Equity                   -0.080 -0.104 -0.141 -0.138 -0.133    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... -652    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit CZK mil                   582 2,558 4,225 4,408 3,990    
Depreciation CZK mil                   498 522 662 688 720    
Non-Cash Items CZK mil ...                 822 -2,279 -887 -3,622 2,779    
Change in Working Capital CZK mil ...                 -177 39.7 106 238 40.4    
Total Cash From Operations CZK mil                   1,725 840 4,106 1,712 7,529    
Capital Expenditures CZK mil                   -1,106 -1,221 -1,215 -1,280 -1,170    
Other Investments CZK mil                   615 749 768 232 260    
Total Cash From Investing CZK mil                   -490 -472 -447 -1,048 -910    
Issuance Of Debt CZK mil ...                 0 0 0 0 110    
Total Cash From Financing CZK mil                   -51.0 -25.2 -55.8 12.6 -6,010    
Net Change In Cash CZK mil                   1,184 343 3,604 677 609    
ratios                                
Days Sales Outstanding days                   83.6 68.0 58.9 44.5 50.8    
Days Sales Of Inventory days                   24.3 18.2 15.0 16.5 12.4    
Days Payable Outstanding days                   53.3 53.0 70.2 56.6 66.7    
Cash Conversion Cycle days                   54.6 33.2 3.59 4.40 -3.46    
Cash Earnings CZK mil                   1,080 3,080 4,887 5,096 4,709    
Free Cash Flow CZK mil                   1,235 368 3,660 664 6,619    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA %                   0.838 3.60 5.61 5.51 4.94    
Gross Margin %                   30.8 43.8 60.3 63.2 59.4    
Employees                   3,547 3,242 3,177 3,213 3,271    
Cost Per Employee USD per month                   1,953 2,013 2,233 2,122 2,157    
Cost Per Employee (Local Currency) CZK per month                   37,222 38,464 39,487 41,514 42,195    
Staff Cost (As % Of Total Cost) %                   22.1 21.9 22.6 24.4 23.9    
Effective Tax Rate %                   25.7 19.0 19.9 19.5 19.5    
Capital Expenditures (As % of Sales) %                   14.5 12.5 10.4 11.0 10.2    
Cultivation Of Young Forest Stands ha                   41,562 43,792 45,823 40,152 40,072    
Reforestation ha                   12,839 13,657 13,731 13,100 13,910    
Annual Extraction '000 m3                   7,723 8,052 8,024 7,844 8,040    
Area Of Forest Land '000 m3                   1,354 1,343 1,342 1,338 1,337    
Stand Area '000 m3                   1,308 1,306 1,306 1,300 1,300    

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Lesy České republiky s.p. is the Czech Republic-based state-owned company, which was established by the Ministry of Agriculture in 1992. The Company's main business activities are related to the management of 1.3 mil hectares of forest (approximately 86% of total area of forest in the ownership of the Czech State) and more than 39,000 km of rivers and creeks. The Company processes approximately 7 mil cubic metres of wood per year, which is roughly 72% of the annual addition of the forest. The Company is based in Hradec Kralove, a town with the highest-quality life in the Czech republic, according to a number of polls

Finance

Lesy Ceske republiky has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 15.5% a year during that time to total of CZK 7,015 mil in 2015, or 59.2% of sales. That’s compared to 54.5% average margin seen in last five years.

The company netted CZK 5,395 mil in 2015 implying ROE of 7.66% and ROCE of 8.44%. Again, the average figures were 6.81% and 7.45%, respectively when looking at the previous 5 years.

Lesy Ceske republiky’s net debt amounted to CZK -6,631 mil at the end of 2015, or -0.098 of equity. When compared to EBITDA, net debt was -0.945x, up when compared to average of -1.53x seen in the last 5 years.

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