Mafra

Mafra's Cash & Cash Equivalents fell 14.2% yoy to CZK 217 mil in 2015

By Helgi Analytics - April 2, 2020

Mafra's total assets reached CZK 2,408 mil at the end of 2015, up 9.94% compared to the previous year. Current ass...

Profit Statement 2013 2014 2015
Sales CZK mil 2,481 2,469 2,609
Gross Profit CZK mil 922 1,035 1,119
EBITDA CZK mil -163 362 283
EBIT CZK mil -339 149 168
Financing Cost CZK mil 472 -3.88 -1.12
Pre-Tax Profit CZK mil -815 157 169
Net Profit CZK mil -887 137 136
Balance Sheet 2013 2014 2015
Total Assets CZK mil 2,548 2,191 2,408
Non-Current Assets CZK mil 1,613 1,562 1,551
Current Assets CZK mil 915 607 749
Working Capital CZK mil 287 273 348
Shareholders' Equity CZK mil 1,636 1,595 1,728
Liabilities CZK mil 912 596 680
Total Debt CZK mil 284 113 8.90
Net Debt CZK mil -209 -140 -208
Ratios 2013 2014 2015
ROE % -40.2 8.50 8.19
ROCE % -36.1 7.36 7.29
Gross Margin % 37.1 41.9 42.9
EBITDA Margin % -6.57 14.6 10.8
EBIT Margin % -13.7 6.01 6.43
Net Margin % -35.7 5.56 5.22
Net Debt/EBITDA 1.29 -0.386 -0.735
Net Debt/Equity -0.128 -0.088 -0.120
Cost of Financing % 243 -1.95 -1.83
Cash Flow 2013 2014 2015
Cash Conversion Cycle days 39.2 39.6 46.8
Cash Earnings CZK mil -711 351 251

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     2,894 2,860 2,718 2,587 2,481    
Gross Profit CZK mil     1,055 1,157 1,024 943 922    
EBIT CZK mil     169 159 72.8 -16.9 -339    
Net Profit CZK mil     216 130 88.6 -168 -887    
ROE %     7.18 4.27 2.92 -5.82 -40.2    
EBIT Margin %     5.85 5.57 2.68 -0.655 -13.7    
Net Margin %     7.46 4.55 3.26 -6.51 -35.7    
Employees ...   1,072 1,160 1,068 1,091 1,027    
balance sheet                  
Total Assets CZK mil     4,041 3,867 3,562 3,344 2,548    
Non-Current Assets CZK mil     3,020 2,821 2,716 2,688 1,613    
Current Assets CZK mil     997 1,020 825 638 915    
Shareholders' Equity CZK mil     3,042 3,052 3,011 2,775 1,636    
Liabilities CZK mil     999 815 552 569 912    
Non-Current Liabilities CZK mil     90.0 80.2 79.5 58.0 129    
Current Liabilities CZK mil     589 529 439 474 713    
Net Debt/EBITDA     -0.166 -0.483 -0.688 -0.547 1.29    
Net Debt/Equity     -0.023 -0.066 -0.070 -0.039 -0.128    
Cost of Financing % ...   -21.8 -13.2 -17.4 133 243    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     2,894 2,860 2,718 2,587 2,481    
Cost of Goods & Services CZK mil     1,839 1,703 1,694 1,644 1,560    
Gross Profit CZK mil     1,055 1,157 1,024 943 922    
Staff Cost CZK mil     616 707 688 703 693    
Other Cost CZK mil     22.3 33.4 31.9 44.9 392    
EBITDA CZK mil     417 417 304 196 -163    
Depreciation CZK mil     248 258 231 213 176    
EBIT CZK mil     169 159 72.8 -16.9 -339    
Financing Cost CZK mil     -59.2 -50.3 -38.8 152 472    
Extraordinary Cost CZK mil     0 0 0 0 4.62    
Pre-Tax Profit CZK mil     228 210 112 -169 -815    
Tax CZK mil     12.6 79.4 23.0 -0.650 71.1    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     216 130 88.6 -168 -887    
growth rates                  
Total Revenue Growth % ...   -14.9 -1.19 -4.97 -4.81 -4.09    
Operating Cost Growth % ...   -20.4 15.9 -2.78 3.90 45.1    
EBITDA Growth % ...   -15.5 0.040 -27.1 -35.7 -183    
EBIT Growth % ...   -28.7 -5.87 -54.3 -123 1,900    
Pre-Tax Profit Growth % ...   -30.8 -8.24 -46.8 -252 382    
Net Profit Growth % ...   -2.14 -39.7 -31.9 -290 426    
ratios                  
ROE %     7.18 4.27 2.92 -5.82 -40.2    
ROCE % ...   6.67 4.03 2.83 -5.51 -36.1    
Gross Margin %     36.5 40.5 37.7 36.5 37.1    
EBITDA Margin %     14.4 14.6 11.2 7.56 -6.57    
EBIT Margin %     5.85 5.57 2.68 -0.655 -13.7    
Net Margin %     7.46 4.55 3.26 -6.51 -35.7    
Cost of Financing % ...   -21.8 -13.2 -17.4 133 243    
Net Debt/EBITDA     -0.166 -0.483 -0.688 -0.547 1.29    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     3,020 2,821 2,716 2,688 1,613    
Property, Plant & Equipment CZK mil     2,304 2,136 2,011 1,819 1,373    
Intangible Assets CZK mil     70.8 64.0 62.7 66.0 52.3    
Current Assets CZK mil     997 1,020 825 638 915    
Inventories CZK mil     86.8 86.0 88.0 83.0 50.3    
Receivables CZK mil     327 370 363 326 321    
Cash & Cash Equivalents CZK mil     511 522 335 211 493    
Total Assets CZK mil     4,041 3,867 3,562 3,344 2,548    
Shareholders' Equity CZK mil     3,042 3,052 3,011 2,775 1,636    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     999 815 552 569 912    
Non-Current Liabilities CZK mil     90.0 80.2 79.5 58.0 129    
Long-Term Debt CZK mil     184 133 0 0 0    
Deferred Tax Liabilities CZK mil     90.0 80.2 79.5 58.0 129    
Current Liabilities CZK mil     589 529 439 474 713    
Short-Term Debt CZK mil     258 188 125 104 284    
Trade Payables CZK mil     138 117 63.1 87.2 85.0    
Provisions CZK mil     1.60 1.60 1.60 5.60 36.8    
Equity And Liabilities CZK mil     4,041 3,867 3,562 3,344 2,548    
growth rates                  
Total Asset Growth % ...   8.68 -4.30 -7.89 -6.12 -23.8    
Shareholders' Equity Growth % ...   2.30 0.334 -1.36 -7.82 -41.0    
Net Debt Growth % ...   -68.3 191 3.88 -48.8 95.6    
Total Debt Growth % ...   334 -27.5 -60.9 -16.9 173    
ratios                  
Total Debt CZK mil     442 320 125 104 284    
Net Debt CZK mil     -69.3 -201 -209 -107 -209    
Working Capital CZK mil     277 339 388 322 287    
Capital Employed CZK mil     3,296 3,160 3,104 3,010 1,900    
Net Debt/Equity     -0.023 -0.066 -0.070 -0.039 -0.128    
Cost of Financing % ...   -21.8 -13.2 -17.4 133 243    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil     216 130 88.6 -168 -887    
Depreciation CZK mil     248 258 231 213 176    
ratios                  
Days Sales Outstanding days     41.3 47.2 48.8 46.1 47.3    
Days Sales Of Inventory days     17.2 18.4 19.0 18.4 11.8    
Days Payable Outstanding days     27.3 25.0 13.6 19.4 19.9    
Cash Conversion Cycle days     31.2 40.6 54.2 45.1 39.2    
Cash Earnings CZK mil     463 388 320 44.1 -711    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     5.56 3.29 2.39 -4.88 -30.1    
Gross Margin %     36.5 40.5 37.7 36.5 37.1    
Employees ...   1,072 1,160 1,068 1,091 1,027    
Cost Per Employee USD per month ...   2,514 2,657 3,032 2,744 2,872    
Cost Per Employee (Local Currency) CZK per month ...   47,903 50,780 53,630 53,682 56,198    
Staff Cost (As % Of Total Cost) %     22.6 26.2 26.0 27.0 24.6    
Effective Tax Rate %     5.50 37.9 20.6 0.384 -8.72    
Domestic Sales CZK mil ... ... ... ... ... ... 2,428    
Revenues From Abroad CZK mil ... ... ... ... ... ... 25.4    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... 1.02    

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Mafra, a.s., is a Czech Republic-based media company, engages in newspaper publishing, television and radio broadcasting, online media, and printing. The Company owns and operates various television and radio stations. The Company was incorporated in 1992 and is based in Prague, Czech Republic. As of August 26, 2013, Mafra, a.s. operates as a subsidiary of Agrofert Holding.

Finance

Mafra has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 7.47% a year during that time to total of CZK 283 mil in 2015, or 10.8% of sales. That’s compared to 7.53% average margin seen in last five years.

The company netted CZK 136 mil in 2015 implying ROE of 8.19% and ROCE of 7.29%. Again, the average figures were -5.28% and -4.83%, respectively when looking at the previous 5 years.

Mafra’s net debt amounted to CZK -208 mil at the end of 2015, or -0.120 of equity. When compared to EBITDA, net debt was -0.735x, down when compared to average of -0.214x seen in the last 5 years.