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Lovochemie

Lovochemie's Cash & Cash Equivalents rose 117% yoy to CZK 89.7 mil in 2015

By Helgi Library - April 2, 2020

Lovochemie's total assets reached CZK 5,146 mil at the end of 2015, up 20.2% compared to the previous year. Curren...

Profit Statement 2013 2014 2015
Sales CZK mil 5,273 5,651 5,352
Gross Profit CZK mil 794 910 927
EBITDA CZK mil 532 533 526
EBIT CZK mil 329 406 374
Financing Cost CZK mil 9.50 2.46 79.4
Pre-Tax Profit CZK mil 319 404 365
Net Profit CZK mil 258 329 294
Dividends CZK mil 0 100 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 4,025 4,281 5,146
Non-Current Assets CZK mil 2,096 2,620 3,530
Current Assets CZK mil 1,927 1,657 1,612
Working Capital CZK mil 1,035 923 388
Shareholders' Equity CZK mil 2,695 3,022 3,213
Liabilities CZK mil 1,330 1,259 1,932
Total Debt CZK mil 359 416 778
Net Debt CZK mil 287 375 688
Ratios 2013 2014 2015
ROE % 10.1 11.5 9.45
ROCE % 8.90 9.87 7.89
Gross Margin % 15.1 16.1 17.3
EBITDA Margin % 10.1 9.44 9.84
EBIT Margin % 6.23 7.19 6.99
Net Margin % 4.90 5.83 5.50
Net Debt/EBITDA 0.539 0.703 1.31
Net Debt/Equity 0.106 0.124 0.214
Cost of Financing % 5.29 0.634 13.3
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 229 707 569
Total Cash From Investing CZK mil -417 -791 -790
Total Cash From Financing CZK mil -153 53.3 269
Net Change In Cash CZK mil -341 -30.4 48.3
Cash Conversion Cycle days 70.4 60.6 24.9
Cash Earnings CZK mil 462 457 447
Free Cash Flow CZK mil -188 -83.6 -221

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil                     3,672 3,799 5,427 5,750 5,273    
Gross Profit CZK mil                     907 792 1,444 1,392 794    
EBIT CZK mil                     200 206 686 492 329    
Net Profit CZK mil                     145 407 546 405 258    
ROE %                     6.27 18.0 22.6 16.3 10.1    
EBIT Margin %                     5.45 5.42 12.6 8.56 6.23    
Net Margin %                     3.95 10.7 10.1 7.04 4.90    
Employees ...                   626 618 628 643 647    
balance sheet                                  
Total Assets CZK mil                     2,908 2,911 3,889 3,664 4,025    
Non-Current Assets CZK mil                     1,623 1,538 1,634 1,640 2,096    
Current Assets CZK mil                     1,277 1,365 2,246 2,021 1,927    
Shareholders' Equity CZK mil                     2,232 2,300 2,538 2,440 2,695    
Liabilities CZK mil                     676 611 1,351 1,224 1,330    
Non-Current Liabilities CZK mil                     67.0 73.0 82.0 89.8 84.0    
Current Liabilities CZK mil                     447 426 683 1,125 883    
Net Debt/EBITDA                     0.123 -0.475 0.487 -0.600 0.539    
Net Debt/Equity                     0.022 -0.083 0.168 -0.169 0.106    
Cost of Financing % ...                   14.8 -618 3.21 -1.20 5.29    
cash flow                                  
Total Cash From Operations CZK mil                     515 670 243 750 229    
Total Cash From Investing CZK mil                     -180 -129 -556 91.0 -417    
Total Cash From Financing CZK mil                     -422 -332 148 -453 -153    
Net Change In Cash CZK mil                     -87.0 209 -165 388 -341    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales CZK mil                     3,672 3,799 5,427 5,750 5,273    
Cost of Goods & Services CZK mil                     2,765 3,007 3,983 4,358 4,479    
Gross Profit CZK mil                     907 792 1,444 1,392 794    
Staff Cost CZK mil                     262 279 303 323 340    
Other Cost CZK mil                     255 113 266 381 -77.8    
EBITDA CZK mil                     390 400 875 688 532    
Depreciation CZK mil                     190 194 189 196 203    
EBIT CZK mil                     200 206 686 492 329    
Financing Cost CZK mil                     17.0 -247 8.00 -3.00 9.50    
Extraordinary Cost CZK mil                     0 0 0 0 -0.010    
Pre-Tax Profit CZK mil                     183 453 678 495 319    
Tax CZK mil                     38.0 46.0 132 90.0 61.1    
Minorities CZK mil                     0 0 0 0 0    
Net Profit CZK mil                     145 407 546 405 258    
Dividends CZK mil                     300 300 0 500 0   ...
growth rates                                  
Total Revenue Growth % ...                   -23.8 3.46 42.9 5.95 -8.29    
Operating Cost Growth % ...                   -18.5 -24.2 45.2 23.7 -62.8    
EBITDA Growth % ...                   -55.0 2.56 119 -21.4 -22.7    
EBIT Growth % ...                   -69.6 3.00 233 -28.3 -33.2    
Pre-Tax Profit Growth % ...                   -72.5 148 49.7 -27.0 -35.5    
Net Profit Growth % ...                   -72.4 181 34.2 -25.8 -36.2    
ratios                                  
ROE %                     6.27 18.0 22.6 16.3 10.1    
ROCE % ...                   5.40 17.2 21.7 14.7 8.90    
Gross Margin %                     24.7 20.8 26.6 24.2 15.1    
EBITDA Margin %                     10.6 10.5 16.1 12.0 10.1    
EBIT Margin %                     5.45 5.42 12.6 8.56 6.23    
Net Margin %                     3.95 10.7 10.1 7.04 4.90    
Payout Ratio %                     207 73.7 0 123 0   ...
Cost of Financing % ...                   14.8 -618 3.21 -1.20 5.29    
Net Debt/EBITDA                     0.123 -0.475 0.487 -0.600 0.539    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets CZK mil                     1,623 1,538 1,634 1,640 2,096    
Property, Plant & Equipment CZK mil                     1,616 1,535 1,598 1,609 2,087    
Intangible Assets CZK mil                     5.00 2.00 34.0 30.0 7.56    
Current Assets CZK mil                     1,277 1,365 2,246 2,021 1,927    
Inventories CZK mil                     469 597 1,145 742 625    
Receivables CZK mil                     753 404 651 839 1,133    
Cash & Cash Equivalents CZK mil                     32.0 190 73.0 413 71.8    
Total Assets CZK mil                     2,908 2,911 3,889 3,664 4,025    
Shareholders' Equity CZK mil                     2,232 2,300 2,538 2,440 2,695    
Of Which Minority Interest CZK mil                     0 0 0 0 0    
Liabilities CZK mil                     676 611 1,351 1,224 1,330    
Non-Current Liabilities CZK mil                     67.0 73.0 82.0 89.8 84.0    
Long-Term Debt CZK mil                     0 0 0 0 8.71    
Deferred Tax Liabilities CZK mil                     67.0 73.0 79.0 82.0 75.3    
Current Liabilities CZK mil                     447 426 683 1,125 883    
Short-Term Debt CZK mil                     80.0 0 499 0 350    
Trade Payables CZK mil                     314 340 600 548 724    
Provisions CZK mil                     77.0 107 70.0 6.00 7.15    
Equity And Liabilities CZK mil                     2,908 2,911 3,889 3,664 4,025    
growth rates                                  
Total Asset Growth % ...                   -12.4 0.103 33.6 -5.79 9.85    
Shareholders' Equity Growth % ...                   -6.73 3.05 10.3 -3.86 10.5    
Net Debt Growth % ...                   -41.5 -496 -324 -197 -169    
Total Debt Growth % ...                   -46.7 -100 ... -100 ...    
ratios                                  
Total Debt CZK mil                     80.0 0 499 0 359    
Net Debt CZK mil                     48.0 -190 426 -413 287    
Working Capital CZK mil                     908 661 1,196 1,033 1,035    
Capital Employed CZK mil                     2,531 2,199 2,830 2,673 3,131    
Net Debt/Equity                     0.022 -0.083 0.168 -0.169 0.106    
Cost of Financing % ...                   14.8 -618 3.21 -1.20 5.29    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit CZK mil                     145 407 546 405 258    
Depreciation CZK mil                     190 194 189 196 203    
Non-Cash Items CZK mil ...                   -33.0 -178 43.0 -14.0 -231    
Change in Working Capital CZK mil ...                   213 247 -535 163 -1.70    
Total Cash From Operations CZK mil                     515 670 243 750 229    
Capital Expenditures CZK mil                     -180 -130 -258 -210 -419    
Other Investments CZK mil                     0 1.00 -298 301 2.41    
Total Cash From Investing CZK mil                     -180 -129 -556 91.0 -417    
Dividends Paid CZK mil                     -300 -300 0 -500 0   ...
Issuance Of Debt CZK mil ...                   -70.0 -80.0 499 -499 359    
Total Cash From Financing CZK mil                     -422 -332 148 -453 -153    
Net Change In Cash CZK mil                     -87.0 209 -165 388 -341    
ratios                                  
Days Sales Outstanding days                     74.8 38.8 43.8 53.3 78.4    
Days Sales Of Inventory days                     61.9 72.5 105 62.1 51.0    
Days Payable Outstanding days                     41.5 41.3 55.0 45.9 59.0    
Cash Conversion Cycle days                     95.3 70.0 93.7 69.5 70.4    
Cash Earnings CZK mil                     335 601 735 601 462    
Free Cash Flow CZK mil                     335 541 -313 841 -188    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     4.66 14.0 16.1 10.7 6.72    
Gross Margin %                     24.7 20.8 26.6 24.2 15.1    
Employees ...                   626 618 628 643 647    
Cost Per Employee USD per month ...                   1,830 1,969 2,273 2,140 2,238    
Cost Per Employee (Local Currency) CZK per month ...                   34,878 37,621 40,207 41,861 43,791    
Staff Cost (As % Of Total Cost) %                     7.55 7.77 6.39 6.14 6.88    
Effective Tax Rate %                     20.8 10.2 19.5 18.2 19.1    
Domestic Sales CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... 3,946 3,208    
Capital Expenditures (As % of Sales) %                     4.90 3.42 4.75 3.65 7.95    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... 2,142 2,084    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... 37.3 39.5    
Sales of Mineral Fertilizers CZK mil ...                   3,686 3,304 4,442 5,633 4,834    
Sales of Energy CZK mil ...                   185 358 371 367 367    
Sales of Lovosa CZK mil ...                   44.0 40.0 39.0 39.0 37.0    
Production of Electricity (GWh) GWh ...                   94.7 85.6 92.4 95.1 86.1    
Production Of Nitrogen Fertilizers tN ...                   181,485 150,723 213,637 203,877 201,996    
Production Of Calcium Fertilizers tP2O5 ...                   2,438 4,320 5,624 4,986 2,149    
Production Of Phosphorus Fertilizers tK2O ...                   1,166 3,786 3,703 3,823 1,229    

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Dec 2013
Company Report

Lovochemie, a.s. is a Czech company, located in Lovosice, which produces mineral fertilizers, especially ammonium nitrate and calcium nitrate. Fertilizer production started here in 1904, when businessman Adolf Schram built a factory for the production of sulphuric acid. The plant merged with Česká továrna na umělé hedvábí (Czech Factory for Synthetic Silk) in 1958, and became Severočeské chemické závody, or SCHZ Lovosice (North Bohemian Chemical Works). Since the establishment of SCHZ, acids, potassium nitrate, NPK-1 fertilizers, calcium nitrate, or sulfuric acid have been produced here. After many organizational changes, the joint-stock company Lovochemie was established in 1993. Its privatisation was finished in 1996, when the Proferta company became the major shareholder. Lovochemie was incorporated into a group of companies called Agrofert and Unipetrol after the major shareholders changed in 1997

Finance

Lovochemie has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.65% a year during that time to total of CZK 526 mil in 2015, or 9.84% of sales. That’s compared to 11.5% average margin seen in last five years.

The company netted CZK 294 mil in 2015 implying ROE of 9.45% and ROCE of 7.89%. Again, the average figures were 14.0% and 12.6%, respectively when looking at the previous 5 years.

Lovochemie’s net debt amounted to CZK 688 mil at the end of 2015, or 0.214 of equity. When compared to EBITDA, net debt was 1.31x, up when compared to average of 0.487x seen in the last 5 years.

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