Linde Gas Czech Republic

Linde CR's Cash & Cash Equivalents rose 267% yoy to CZK 34.6 mil in 2015

By Helgi Analytics - April 2, 2020

Linde Gas Czech Republic's total assets reached CZK 5,658 mil at the end of 2015, up 2.17% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 5,241 5,272 5,363
Gross Profit CZK mil 2,670 2,700 2,800
EBITDA CZK mil 1,828 1,834 1,920
EBIT CZK mil 1,513 1,533 1,570
Financing Cost CZK mil -323 -245 -338
Pre-Tax Profit CZK mil 1,835 1,778 1,908
Net Profit CZK mil 1,538 1,479 1,610
Balance Sheet 2013 2014 2015
Total Assets CZK mil 5,573 5,538 5,658
Non-Current Assets CZK mil 3,828 4,017 3,882
Current Assets CZK mil 1,706 1,488 1,752
Working Capital CZK mil 328 285 293
Shareholders' Equity CZK mil 4,726 4,699 4,783
Liabilities CZK mil 847 839 876
Total Debt CZK mil 2.10 0.715 0.673
Net Debt CZK mil 2.06 -8.70 -33.9
Ratios 2013 2014 2015
ROE % 32.6 31.4 34.0
ROCE % 38.6 35.0 38.0
Gross Margin % 50.9 51.2 52.2
EBITDA Margin % 34.9 34.8 35.8
EBIT Margin % 28.9 29.1 29.3
Net Margin % 29.3 28.1 30.0
Net Debt/EBITDA 0.001 -0.005 -0.018
Net Debt/Equity < 0.001 -0.002 -0.007
Cost of Financing % -30,657 -17,369 -48,717
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 1,935 1,793 1,932
Total Cash From Investing CZK mil -393 -483 -208
Total Cash From Financing CZK mil -1,563 -1,300 -1,699
Net Change In Cash CZK mil -20.9 9.37 25.2
Cash Conversion Cycle days 1.55 -3.31 -3.15
Cash Earnings CZK mil 1,854 1,781 1,959
Free Cash Flow CZK mil 1,542 1,310 1,725

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil ...   4,722 4,924 5,120 5,318 5,241    
Gross Profit CZK mil ...   2,479 2,523 2,567 2,644 2,670    
EBIT CZK mil ...   1,106 1,256 1,365 1,400 1,513    
Net Profit CZK mil ...   1,263 1,614 1,294 1,523 1,538    
ROE % ...   26.9 34.1 27.9 33.2 32.6    
EBIT Margin % ...   23.4 25.5 26.6 26.3 28.9    
Net Margin % ...   26.7 32.8 25.3 28.6 29.3    
Employees ...   632 636 645 650 630    
balance sheet                  
Total Assets CZK mil     5,284 5,574 5,294 5,458 5,573    
Non-Current Assets CZK mil     3,952 3,668 3,538 3,418 3,828    
Current Assets CZK mil     1,290 1,869 1,724 2,008 1,706    
Shareholders' Equity CZK mil     4,671 4,784 4,478 4,701 4,726    
Liabilities CZK mil     613 789 816 757 847    
Non-Current Liabilities CZK mil     52.3 48.5 47.5 39.6 48.1    
Current Liabilities CZK mil     399 524 565 527 603    
Net Debt/EBITDA ...   -0.003 0.019 0.006 -0.012 0.001    
Net Debt/Equity     -0.001 0.007 0.002 -0.004 < 0.001    
Cost of Financing % ...   -15,642 -3,669 -905 -7,773 -30,657    
cash flow                  
Total Cash From Operations CZK mil ... ... 1,789 2,158 1,612 1,793 1,935    
Total Cash From Investing CZK mil ... ... -485 -668 -16.5 -463 -393    
Total Cash From Financing CZK mil ... ... -1,303 -1,493 -1,597 -1,310 -1,563    
Net Change In Cash CZK mil ... ... 0.115 -3.02 -1.27 20.3 -20.9    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil ...   4,722 4,924 5,120 5,318 5,241    
Cost of Goods & Services CZK mil ...   2,243 2,401 2,554 2,674 2,571    
Gross Profit CZK mil ...   2,479 2,523 2,567 2,644 2,670    
Staff Cost CZK mil ...   506 485 488 498 504    
Other Cost CZK mil ...   429 380 362 399 338    
EBITDA CZK mil ...   1,545 1,658 1,717 1,746 1,828    
Depreciation CZK mil ...   439 402 353 346 316    
EBIT CZK mil ...   1,106 1,256 1,365 1,400 1,513    
Financing Cost CZK mil ...   -384 -613 -197 -397 -323    
Extraordinary Cost CZK mil ...   0 0 0 0 0    
Pre-Tax Profit CZK mil ...   1,490 1,869 1,562 1,797 1,835    
Tax CZK mil ...   227 255 268 274 297    
Minorities CZK mil ...   0 0 0 0 0    
Net Profit CZK mil ...   1,263 1,614 1,294 1,523 1,538    
growth rates                  
Total Revenue Growth % ... ... -13.6 4.27 3.99 3.85 -1.44    
Operating Cost Growth % ... ... -2.18 -7.50 -1.76 5.70 -6.27    
EBITDA Growth % ... ... -14.3 7.35 3.56 1.68 4.71    
EBIT Growth % ... ... -18.6 13.6 8.65 2.59 8.05    
Pre-Tax Profit Growth % ... ... -12.8 25.4 -16.4 15.0 2.15    
Net Profit Growth % ... ... -10.9 27.8 -19.8 17.7 1.00    
ratios                  
ROE % ...   26.9 34.1 27.9 33.2 32.6    
ROCE % ...   27.3 38.0 32.5 39.6 38.6    
Gross Margin % ...   52.5 51.2 50.1 49.7 50.9    
EBITDA Margin % ...   32.7 33.7 33.5 32.8 34.9    
EBIT Margin % ...   23.4 25.5 26.6 26.3 28.9    
Net Margin % ...   26.7 32.8 25.3 28.6 29.3    
Cost of Financing % ...   -15,642 -3,669 -905 -7,773 -30,657    
Net Debt/EBITDA ...   -0.003 0.019 0.006 -0.012 0.001    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     3,952 3,668 3,538 3,418 3,828    
Property, Plant & Equipment CZK mil     2,486 2,207 2,074 1,954 2,366    
Intangible Assets CZK mil     2.86 5.32 8.63 9.21 6.64    
Current Assets CZK mil     1,290 1,869 1,724 2,008 1,706    
Inventories CZK mil     138 146 132 132 115    
Receivables CZK mil     574 596 618 639 623    
Cash & Cash Equivalents CZK mil     4.95 1.93 0.668 21.0 0.039    
Total Assets CZK mil     5,284 5,574 5,294 5,458 5,573    
Shareholders' Equity CZK mil     4,671 4,784 4,478 4,701 4,726    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     613 789 816 757 847    
Non-Current Liabilities CZK mil     52.3 48.5 47.5 39.6 48.1    
Long-Term Debt CZK mil     0 0 0 0 0.350    
Deferred Tax Liabilities CZK mil     52.3 48.5 47.5 39.3 47.8    
Current Liabilities CZK mil     399 524 565 527 603    
Short-Term Debt CZK mil     0.010 33.4 10.2 0.003 1.75    
Trade Payables CZK mil     238 336 405 375 410    
Provisions CZK mil     42.3 89.0 60.2 44.9 51.1    
Equity And Liabilities CZK mil     5,284 5,574 5,294 5,458 5,573    
growth rates                  
Total Asset Growth % ...   -3.06 5.49 -5.01 3.09 2.12    
Shareholders' Equity Growth % ...   -0.785 2.44 -6.40 4.97 0.542    
Net Debt Growth % ...   -7,700 -737 -69.7 -320 -110    
Total Debt Growth % ...   -99.8 333,680 -69.4 -100.0 69,967    
ratios                  
Total Debt CZK mil     0.010 33.4 10.2 0.003 2.10    
Net Debt CZK mil     -4.94 31.4 9.54 -21.0 2.06    
Working Capital CZK mil     474 406 345 396 328    
Capital Employed CZK mil     4,427 4,074 3,883 3,814 4,156    
Net Debt/Equity     -0.001 0.007 0.002 -0.004 < 0.001    
Cost of Financing % ...   -15,642 -3,669 -905 -7,773 -30,657    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil ...   1,263 1,614 1,294 1,523 1,538    
Depreciation CZK mil ...   439 402 353 346 316    
Non-Cash Items CZK mil ... ... 98.0 74.0 -95.4 -24.3 13.9    
Change in Working Capital CZK mil ...   -11.2 68.2 61.0 -51.3 68.1    
Total Cash From Operations CZK mil ... ... 1,789 2,158 1,612 1,793 1,935    
Capital Expenditures CZK mil ... ... -120 -136 -208 -233 -727    
Other Investments CZK mil ... ... -365 -532 192 -230 334    
Total Cash From Investing CZK mil ... ... -485 -668 -16.5 -463 -393    
Issuance Of Debt CZK mil ...   -4.89 33.4 -23.2 -10.2 2.10    
Total Cash From Financing CZK mil ... ... -1,303 -1,493 -1,597 -1,310 -1,563    
Net Change In Cash CZK mil ... ... 0.115 -3.02 -1.27 20.3 -20.9    
ratios                  
Days Sales Outstanding days ...   44.3 44.2 44.1 43.8 43.4    
Days Sales Of Inventory days ...   22.5 22.2 18.8 18.1 16.4    
Days Payable Outstanding days ...   38.7 51.1 57.9 51.1 58.2    
Cash Conversion Cycle days ...   28.2 15.3 5.03 10.7 1.55    
Cash Earnings CZK mil ...   1,702 2,016 1,646 1,869 1,854    
Free Cash Flow CZK mil ... ... 1,303 1,490 1,595 1,330 1,542    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA % ...   23.5 29.7 23.8 28.3 27.9    
Gross Margin % ...   52.5 51.2 50.1 49.7 50.9    
Employees ...   632 636 645 650 630    
Cost Per Employee USD per month ...   3,502 3,324 3,563 3,266 3,406    
Cost Per Employee (Local Currency) CZK per month ...   66,737 63,529 63,012 63,890 66,646    
Staff Cost (As % Of Total Cost) % ...   14.0 13.2 13.0 12.7 13.5    
Effective Tax Rate % ...   15.2 13.6 17.2 15.3 16.2    
Capital Expenditures (As % of Sales) % ... ... 2.55 2.76 4.07 4.38 13.9    

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Linde Gas a.s. is a Czech Republic-based gas distributor. The Company manages the biggest sales network for industrial gases and accessories in the Czech Republic with more than 300 sales places. The Czech Company is a subsidiary of the German Linde concern. The concern history started in the year 1879 when Carl von Linde founded the Company for development and production of refrigeration equipment in Wiesbaden. Following a merger with the British BOC company in 2006, Linde Group become the largest industrial gas distributor in the world with a turnover of about EUR 12.5 bil.

Finance

Linde Gas Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 2.97% a year during that time to total of CZK 1,920 mil in 2015, or 35.8% of sales. That’s compared to 34.4% average margin seen in last five years.

The company netted CZK 1,610 mil in 2015 implying ROE of 34.0% and ROCE of 38.0%. Again, the average figures were 31.8% and 36.7%, respectively when looking at the previous 5 years.

Linde Gas Czech Republic’s net debt amounted to CZK -33.9 mil at the end of 2015, or -0.007 of equity. When compared to EBITDA, net debt was -0.018x, down when compared to average of -0.006x seen in the last 5 years.