Lesy Ceske republiky

Lesy's net profit fell 1,242% yoy to CZK -788 mil in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky made a net profit of CZK -788 mil with revenues of CZK 7,195 mil in 2019, down by 1% and down by 5.2...

Lesy's employees fell 2.49% yoy to 3,450 in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky employed 3,450 employees in 2019, down 2.49% compared to the previous year. Historically, between ...

Lesy's Net Debt/EBITDA rose 1,190% yoy to 30.7 in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky's net debt stood at CZK -1,699 mil and accounted for -2.75% of equity at the end of 2019. The ratio is ...

Profit Statement 2017 2018 2019
Sales CZK mil 10,161 7,596 7,195
Gross Profit CZK mil 6,141 3,075 1,199
EBITDA CZK mil 4,463 1,012 -55.2
EBIT CZK mil 3,690 158 -923
Financing Cost CZK mil 0 0 0.012
Pre-Tax Profit CZK mil 3,744 238 -863
Net Profit CZK mil 3,084 69.0 -788
Balance Sheet 2017 2018 2019
Total Assets CZK mil 67,408 65,373 64,814
Non-Current Assets CZK mil 62,144 60,398 60,259
Current Assets CZK mil 5,160 4,885 4,441
Working Capital CZK mil 638 1,050 1,443
Shareholders' Equity CZK mil 64,985 62,412 61,699
Liabilities CZK mil 2,423 2,961 3,115
Total Debt CZK mil 239 78.0 88.4
Net Debt CZK mil -5,482 -2,853 -1,699
Ratios 2017 2018 2019
ROE % 4.74 0.108 -1.27
ROCE % 4.94 0.111 -1.28
Gross Margin % 60.4 40.5 16.7
EBITDA Margin % 43.9 13.3 -0.768
EBIT Margin % 36.3 2.08 -12.8
Net Margin % 30.4 0.908 -11.0
Net Debt/EBITDA -1.23 -2.82 30.7
Net Debt/Equity % -8.44 -4.57 -2.75
Cost of Financing % 0 0 0.014
Cash Flow 2017 2018 2019
Total Cash From Operations CZK mil 4,895 3,034 135
Total Cash From Investing CZK mil -1,823 -1,199 -760
Total Cash From Financing CZK mil -3,065 -2,539 18.0
Net Change In Cash CZK mil 7.00 -704 -607
Cash Conversion Cycle days -16.3 39.6 74.4
Cash Earnings CZK mil 3,856 922 79.5
Free Cash Flow CZK mil 3,072 1,835 -625

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overview Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                        
Sales CZK mil                           11,522 12,118 11,848 10,881 10,161    
Gross Profit CZK mil                           6,842 7,877 7,832 6,874 6,141    
EBIT CZK mil                           4,599 7,662 6,357 4,846 3,690    
Net Profit CZK mil                           3,990 6,818 5,395 4,159 3,084    
                                           
ROE %                           5.26 9.22 7.66 6.25 4.74    
EBIT Margin %                           39.9 63.2 53.7 44.5 36.3    
Net Margin %                           34.6 56.3 45.5 38.2 30.4    
Employees                           3,271 3,335 3,376 3,475 3,563    
balance sheet                                        
Total Assets CZK mil                           79,853 76,147 70,338 67,513 67,408    
Non-Current Assets CZK mil                           67,680 64,369 62,153 61,284 62,144    
Current Assets CZK mil                           12,056 11,684 8,123 6,128 5,160    
                                           
Shareholders' Equity CZK mil                           74,804 73,022 67,906 65,216 64,985    
Liabilities CZK mil                           5,049 3,124 2,432 2,297 2,423    
Non-Current Liabilities CZK mil                           156 166 181 108 69.0    
Current Liabilities CZK mil                           1,229 1,171 1,138 1,271 1,332    
                                           
Net Debt/EBITDA                           -2.74 -1.56 -1.31 -0.825 -1.23    
Net Debt/Equity %                           -19.5 -17.9 -13.6 -7.01 -8.44    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
cash flow                                        
Total Cash From Operations CZK mil                           7,529 7,740 5,767 4,409 4,895    
Total Cash From Investing CZK mil                           -910 -925 -1,173 -1,293 -1,823    
Total Cash From Financing CZK mil                           -6,010 -6,504 -8,197 -5,630 -3,065    
Net Change In Cash CZK mil                           609 311 -3,602 -2,514 7.00    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                        
Sales CZK mil                           11,522 12,118 11,848 10,881 10,161    
Cost of Goods & Services CZK mil                           4,680 4,241 4,016 4,007 4,020    
Gross Profit CZK mil                           6,842 7,877 7,832 6,874 6,141    
Staff Cost CZK mil                           1,656 1,713 1,735 1,802 1,911    
Other Operating Cost (Income) CZK mil                           -133 -2,186 -918 -468 -233    
EBITDA CZK mil                           5,319 8,350 7,015 5,540 4,463    
Depreciation CZK mil                           720 689 658 694 772    
EBIT CZK mil                           4,599 7,662 6,357 4,846 3,690    
Net Financing Cost CZK mil                           -357 -302 -137 -138 -53.2    
Financing Cost CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Extraordinary Cost CZK mil                           0 0 0 0 0    
Pre-Tax Profit CZK mil                           4,957 7,963 6,494 4,984 3,744    
Tax CZK mil                           967 1,145 1,099 825 660    
Minorities CZK mil                           0 0 0 0 0    
Net Profit CZK mil                           3,990 6,818 5,395 4,159 3,084    
Net Profit Avail. to Common CZK mil                           3,990 6,818 5,395 4,159 3,084    
growth rates                                        
Total Revenue Growth % ...                         -1.02 5.17 -2.23 -8.16 -6.61    
Staff Cost Growth % ...                         3.47 3.41 1.32 3.84 6.05    
EBITDA Growth % ...                         -8.01 57.0 -16.0 -21.0 -19.5    
EBIT Growth % ...                         -9.70 66.6 -17.0 -23.8 -23.8    
Pre-Tax Profit Growth % ...                         -9.52 60.7 -18.5 -23.2 -24.9    
Net Profit Growth % ...                         -9.49 70.9 -20.9 -22.9 -25.8    
ratios                                        
ROE %                           5.26 9.22 7.66 6.25 4.74    
ROA %                           4.94 8.74 7.37 6.03 4.57    
ROCE % ...                         5.74 10.2 8.44 6.67 4.94    
Gross Margin %                           59.4 65.0 66.1 63.2 60.4    
EBITDA Margin %                           46.2 68.9 59.2 50.9 43.9    
EBIT Margin %                           39.9 63.2 53.7 44.5 36.3    
Net Margin %                           34.6 56.3 45.5 38.2 30.4    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Net Debt/EBITDA                           -2.74 -1.56 -1.31 -0.825 -1.23    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                        
Cash & Cash Equivalents CZK mil                           10,068 10,064 6,684 2,563 3,644    
Receivables CZK mil                           1,604 1,369 1,193 1,517 1,353    
Inventories CZK mil                           160 160 152 159 154    
Other ST Assets CZK mil                           225 91.5 93.0 1,888 9.00    
Current Assets CZK mil                           12,056 11,684 8,123 6,128 5,160    
Property, Plant & Equipment CZK mil                           62,623 60,961 59,287 58,915 59,736    
LT Investments & Receivables CZK mil                           4,633 3,091 2,573 2,077 2,077    
Intangible Assets CZK mil                           424 317 292 292 331    
Goodwill CZK mil                           0 0 0 0 0    
Non-Current Assets CZK mil                           67,680 64,369 62,153 61,284 62,144    
Total Assets CZK mil                           79,853 76,147 70,338 67,513 67,408    
                                           
Trade Payables CZK mil                           855 685 818 911 869    
Short-Term Debt CZK mil                           110 109 53.1 70.9 239    
Other ST Liabilities CZK mil                           264 377 267 289 225    
Current Liabilities CZK mil                           1,229 1,171 1,138 1,271 1,332    
Long-Term Debt CZK mil                           0 0 0 0 0    
Other LT Liabilities CZK mil                           156 166 181 108 69.0    
Non-Current Liabilities CZK mil                           156 166 181 108 69.0    
Liabilities CZK mil                           5,049 3,124 2,432 2,297 2,423    
Equity Before Minority Interest CZK mil                           74,804 73,022 67,906 65,216 64,985    
Minority Interest CZK mil                           0 0 0 0 0    
Equity CZK mil                           74,804 73,022 67,906 65,216 64,985    
growth rates                                        
Total Asset Growth % ...                         -2.42 -4.64 -7.63 -4.02 -0.156    
Shareholders' Equity Growth % ...                         -2.81 -2.38 -7.01 -3.96 -0.354    
Net Debt Growth % ...                         -14.6 -10.6 -29.4 -50.4 20.0    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... -0.213 -51.5 33.4 237    
ratios                                        
Total Debt CZK mil                           110 109 53.1 70.9 239    
Net Debt CZK mil                           -14,591 -13,045 -9,204 -4,569 -5,482    
Working Capital CZK mil                           908 844 527 766 638    
Capital Employed CZK mil                           68,588 65,213 62,680 62,050 62,782    
Net Debt/Equity %                           -19.5 -17.9 -13.6 -7.01 -8.44    
Current Ratio                           9.81 9.98 7.14 4.82 3.87    
Quick Ratio                           9.50 9.76 6.92 3.21 3.75    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                        
Net Profit CZK mil                           3,990 6,818 5,395 4,159 3,084    
Depreciation CZK mil                           720 689 658 694 772    
Non-Cash Items CZK mil ...                         2,779 170 -603 -206 912    
Change in Working Capital CZK mil ...                         40.4 63.6 317 -239 127    
Total Cash From Operations CZK mil                           7,529 7,740 5,767 4,409 4,895    
                                           
Capital Expenditures CZK mil                           -1,170 -1,082 -1,394 -1,293 -1,823    
Other Investing Activities CZK mil                           260 157 222 0 0    
Total Cash From Investing CZK mil                           -910 -925 -1,173 -1,293 -1,823    
Issuance Of Shares CZK mil                           0 0 0 ... ... ... ...
Issuance Of Debt CZK mil ...                         110 -0.234 -56.4 17.8 168    
Total Cash From Financing CZK mil                           -6,010 -6,504 -8,197 -5,630 -3,065    
Net Change In Cash CZK mil                           609 311 -3,602 -2,514 7.00    
ratios                                        
Days Sales Outstanding days                           50.8 41.2 36.8 50.9 48.6    
Days Sales Of Inventory days                           12.4 13.7 13.8 14.5 14.0    
Days Payable Outstanding days                           66.7 58.9 74.4 83.0 78.9    
Cash Conversion Cycle days                           -3.46 -3.95 -23.8 -17.6 -16.3    
Cash Earnings CZK mil                           4,709 7,507 6,053 4,853 3,856    
Free Cash Flow CZK mil                           6,619 6,815 4,595 3,116 3,072    
Capital Expenditures (As % of Sales) %                           10.2 8.93 11.8 11.9 17.9    
other ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                         
Employees                           3,271 3,335 3,376 3,475 3,563    
Cost Per Employee USD per month                           2,157 2,002 1,795 1,713 1,905    
Cost Per Employee (Local Currency) CZK per month                           42,195 42,795 42,834 43,213 44,696    
Material & Energy (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.06 3.65    
Services (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 33.8 35.9    
Staff Cost (As % of Sales) %                           14.4 14.1 14.6 16.6 18.8    
Effective Tax Rate %                           19.5 14.4 16.9 16.6 17.6    
Total Revenue Growth (5-year average) % ... ... ... ... ...                 6.52 9.63 3.99 -1.47 -2.68    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...       9.78 10.1 6.63 0.823 -0.082    

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Lesy's ROCE fell 1,252% yoy to -1.28% in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky made a net profit of CZK -788 mil in 2019, down 1% compared to the previous year. Historically, between 2000 and 2019, the company's net profit reached a high of CZK 6,818 mil in 2014 and a low of CZK -788 mil in 2019. The result impl...

Lesy's Cash & Cash Equivalents fell 38.2% yoy to CZK 1,763 mil in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky's total assets reached CZK 64,814 mil at the end of 2019, down 0.855% compared to the previous year. Current assets amounted to CZK 4,441 mil, or 6.85% of total assets while cash stood at CZK 1,763 mil at the end of 201...

Lesy's Net Margin fell 1,306% yoy to -11.0% in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky made a net profit of CZK -788 mil with revenues of CZK 7,195 mil in 2019, down by 1.00% and down by 5.28%, respectively, compared to the previous year. This translates into a net margin of -11.0%. Historically, between 2000 and 2019...

Lesy's Capital Expenditures rose 36.6% yoy to CZK 760 mil in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky invested a total of CZK 760 mil in 2019, down 36.6% compared to the previous year. Historically, between 2000 - 2019, the company's investments stood at a high of CZK 1,823 mil in 2017 and a low of CZK 617 mil in 2001. ...

Lesy's Total Cash From Operations fell 95.6% yoy to CZK 135 mil in 2019

By Helgi Analytics - December 4, 2020

Lesy Ceske republiky's operating cash flow stood at CZK 135 mil in 2019, down 95.6% when compared to the previous year. Historically, between 2000 - 2019, the firm’s operating cash flow reached a high of CZK 7,740 mil in 2014 and a low of CZK -877 mil ...

More News

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

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Finance

Lesy Ceske republiky has been growing its sales by -9.90% a year on average in the last 5 years. EBITDA has fallen by 101% during that time to total of CZK -55.2 mil in 2019, or -0.768% of sales. That’s compared to 33.3% average margin seen in last five years.

The company netted CZK -788 mil in 2019 implying ROE of -1.27% and ROCE of -1.28%. Again, the average figures were 3.50% and 3.78%, respectively when looking at the previous 5 years.

Lesy Ceske republiky’s net debt amounted to CZK -1,699 mil at the end of 2019, or -2.75% of equity. When compared to EBITDA, net debt was 30.7x, up when compared to average of 4.91x seen in the last 5 years.