Meopta-optika

Profit Statement 2013 2014 2015
Sales CZK mil 2,106 2,059 2,216
Gross Profit CZK mil 1,036 1,034 1,184
EBITDA CZK mil 218 185 189
EBIT CZK mil 76.8 25.5 46.3
Financing Cost CZK mil 14.9 19.5 23.5
Pre-Tax Profit CZK mil 61.9 5.97 22.8
Net Profit CZK mil 58.8 4.09 21.6
Balance Sheet 2013 2014 2015
Total Assets CZK mil 2,665 2,607 2,588
Non-Current Assets CZK mil 1,368 1,272 1,232
Current Assets CZK mil 1,278 1,318 1,335
Working Capital CZK mil 991 1,152 1,112
Shareholders' Equity CZK mil 1,966 1,973 2,000
Liabilities CZK mil 699 634 588
Total Debt CZK mil 412 364 287
Net Debt CZK mil 353 294 181
Ratios 2013 2014 2015
ROE % 3.04 0.208 1.09
ROCE % 2.61 0.171 0.907
Gross Margin % 49.2 50.2 53.4
EBITDA Margin % 10.3 9.00 8.51
EBIT Margin % 3.64 1.24 2.09
Net Margin % 2.79 0.199 0.976
Net Debt/EBITDA 1.62 1.59 0.962
Net Debt/Equity 0.180 0.149 0.091
Cost of Financing % 4.71 5.03 7.20
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 15.9 120 215
Total Cash From Investing CZK mil -219 -61.0 -102
Total Cash From Financing CZK mil 191 -47.7 -76.9
Net Change In Cash CZK mil -11.6 10.9 36.1
Cash Conversion Cycle days 301 366 338
Cash Earnings CZK mil 200 164 164
Free Cash Flow CZK mil -203 58.5 113

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             1,163 1,722 2,147 1,974 2,106    
Gross Profit CZK mil             675 879 1,080 976 1,036    
EBIT CZK mil             -33.8 38.4 145 32.5 76.8    
Net Profit CZK mil             -44.0 26.2 139 66.9 58.8    
ROE %             -2.64 1.57 7.88 3.58 3.04    
EBIT Margin %             -2.90 2.23 6.73 1.65 3.64    
Net Margin %             -3.78 1.52 6.47 3.39 2.79    
Employees ...           2,134 2,209 2,398 2,293 2,251    
balance sheet                          
Total Assets CZK mil             1,979 2,289 2,406 2,338 2,665    
Non-Current Assets CZK mil             1,187 1,289 1,332 1,286 1,368    
Current Assets CZK mil             753 961 1,039 1,020 1,278    
Shareholders' Equity CZK mil             1,650 1,694 1,833 1,903 1,966    
Liabilities CZK mil             329 595 573 435 699    
Non-Current Liabilities CZK mil             18.1 19.6 21.7 23.2 23.0    
Current Liabilities CZK mil             179 341 202 154 222    
Net Debt/EBITDA             1.51 1.16 0.681 0.884 1.62    
Net Debt/Equity             0.061 0.098 0.095 0.079 0.180    
Cost of Financing % ...           6.97 3.12 0.661 2.35 4.71    
cash flow                          
Total Cash From Operations CZK mil ...           82.7 144 142 112 15.9    
Total Cash From Investing CZK mil ...           -44.9 -202 -150 -102 -219    
Total Cash From Financing CZK mil ...           -23.9 87.2 89.0 -82.8 191    
Net Change In Cash CZK mil ...           13.8 28.9 81.0 -72.6 -11.6    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             1,163 1,722 2,147 1,974 2,106    
Cost of Goods & Services CZK mil             488 842 1,067 998 1,071    
Gross Profit CZK mil             675 879 1,080 976 1,036    
Staff Cost CZK mil             595 693 795 787 794    
Other Cost CZK mil             13.6 43.2 30.0 19.1 23.8    
EBITDA CZK mil             66.8 143 256 170 218    
Depreciation CZK mil             101 105 111 137 141    
EBIT CZK mil             -33.8 38.4 145 32.5 76.8    
Financing Cost CZK mil             13.2 5.65 1.80 6.30 14.9    
Extraordinary Cost CZK mil             0 0 0 -42.5 0    
Pre-Tax Profit CZK mil             -47.0 32.7 143 68.7 61.9    
Tax CZK mil             -2.98 8.56 3.75 1.78 3.09    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             -44.0 26.2 139 66.9 58.8    
growth rates                          
Total Revenue Growth % ...           -19.0 48.0 24.7 -8.07 6.70    
Operating Cost Growth % ...           -12.8 21.1 12.0 -2.26 1.46    
EBITDA Growth % ...           -21.2 114 78.6 -33.6 28.5    
EBIT Growth % ...           78.1 -214 277 -77.5 136    
Pre-Tax Profit Growth % ...           548 -170 336 -51.9 -9.94    
Net Profit Growth % ...           415 -159 431 -51.9 -12.2    
ratios                          
ROE %             -2.64 1.57 7.88 3.58 3.04    
ROCE % ...           -2.33 1.39 6.84 3.12 2.61    
Gross Margin %             58.0 51.1 50.3 49.4 49.2    
EBITDA Margin %             5.75 8.31 11.9 8.59 10.3    
EBIT Margin %             -2.90 2.23 6.73 1.65 3.64    
Net Margin %             -3.78 1.52 6.47 3.39 2.79    
Cost of Financing % ...           6.97 3.12 0.661 2.35 4.71    
Net Debt/EBITDA             1.51 1.16 0.681 0.884 1.62    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets CZK mil             1,187 1,289 1,332 1,286 1,368    
Property, Plant & Equipment CZK mil             1,175 1,249 1,278 1,240 1,317    
Intangible Assets CZK mil             1.53 0.705 10.2 12.7 14.6    
Current Assets CZK mil             753 961 1,039 1,020 1,278    
Inventories CZK mil             565 664 713 771 888    
Receivables CZK mil             147 209 172 166 223    
Cash & Cash Equivalents CZK mil             33.1 62.0 143 70.4 58.7    
Total Assets CZK mil             1,979 2,289 2,406 2,338 2,665    
Shareholders' Equity CZK mil             1,650 1,694 1,833 1,903 1,966    
Of Which Minority Interest CZK mil             0 0 0 0 0    
Liabilities CZK mil             329 595 573 435 699    
Non-Current Liabilities CZK mil             18.1 19.6 21.7 23.2 23.0    
Long-Term Debt CZK mil             57.4 89.2 172 137 240    
Deferred Tax Liabilities CZK mil             13.1 19.6 21.7 21.7 23.0    
Current Liabilities CZK mil             179 341 202 154 222    
Short-Term Debt CZK mil             76.5 139 145 83.1 172    
Trade Payables CZK mil             67.0 236 77.5 72.4 120    
Provisions CZK mil             9.78 17.4 23.1 22.5 21.5    
Equity And Liabilities CZK mil             1,979 2,289 2,406 2,338 2,665    
growth rates                          
Total Asset Growth % ...           -6.26 15.6 5.14 -2.82 14.0    
Shareholders' Equity Growth % ...           -1.98 2.64 8.19 3.82 3.32    
Net Debt Growth % ...           -55.5 64.8 4.75 -13.8 135    
Total Debt Growth % ...           -45.5 70.3 39.0 -30.5 86.8    
ratios                          
Total Debt CZK mil             134 228 317 220 412    
Net Debt CZK mil             101 166 174 150 353    
Working Capital CZK mil             644 637 808 865 991    
Capital Employed CZK mil             1,831 1,926 2,139 2,151 2,359    
Net Debt/Equity             0.061 0.098 0.095 0.079 0.180    
Cost of Financing % ...           6.97 3.12 0.661 2.35 4.71    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit CZK mil             -44.0 26.2 139 66.9 58.8    
Depreciation CZK mil             101 105 111 137 141    
Non-Cash Items CZK mil ...           -26.7 5.73 62.8 -34.9 -57.4    
Change in Working Capital CZK mil ...           52.7 7.43 -171 -56.9 -127    
Total Cash From Operations CZK mil ...           82.7 144 142 112 15.9    
Capital Expenditures CZK mil ...           -51.9 -238 -180 -102 -219    
Other Investments CZK mil ...           7.00 36.1 29.8 0.309 0.245    
Total Cash From Investing CZK mil ...           -44.9 -202 -150 -102 -219    
Issuance Of Debt CZK mil ...           -112 94.2 88.9 -96.7 191    
Total Cash From Financing CZK mil ...           -23.9 87.2 89.0 -82.8 191    
Net Change In Cash CZK mil ...           13.8 28.9 81.0 -72.6 -11.6    
ratios                          
Days Sales Outstanding days             46.0 44.3 29.3 30.7 38.6    
Days Sales Of Inventory days             422 288 244 282 303    
Days Payable Outstanding days             50.1 102 26.5 26.5 40.8    
Cash Conversion Cycle days             418 230 247 286 301    
Cash Earnings CZK mil             56.6 131 250 204 200    
Free Cash Flow CZK mil ...           37.8 -58.3 -7.97 10.2 -203    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             -2.15 1.23 5.92 2.82 2.35    
Gross Margin %             58.0 51.1 50.3 49.4 49.2    
Employees ...           2,134 2,209 2,398 2,293 2,251    
Cost Per Employee USD per month ...           1,218 1,368 1,562 1,462 1,503    
Cost Per Employee (Local Currency) CZK per month ...           23,219 26,151 27,619 28,602 29,397    
Staff Cost (As % Of Total Cost) %             49.7 41.2 39.7 40.5 39.1    
Effective Tax Rate %             6.35 26.1 2.63 2.59 4.99    
Capital Expenditures (As % of Sales) % ...           4.46 13.9 8.37 5.19 10.4    
Sales of Sports Optics CZK mil ... ...         255 251 342 385 363    
Sales of Telescopes Meopta CZK mil ... ...         202 193 236 278 ... ... ...
Sales of OEM Telescopes CZK mil ... ...         52.7 57.3 106 107 ... ... ...
Sales of Fototechnology CZK mil ... ...         1.42 0.419 0.421 0.273 ... ... ...
Sales of Projectors CZK mil ... ...         3.11 1.43 0.682 0.461 ... ... ...
Sales of Measuring technology CZK mil ... ...         0.112 0.176 0.069 0.026 ... ... ...
Sales of Army Technology CZK mil ... ...         129 91.6 156 129 108    
Sales of Strategic Systems CZK mil ... ...         388 861 1,017 962 1,048    
Sales of Optics CZK mil ... ...         262 263 337 251 252    
Sales from Cooperation CZK mil ... ...         45.0 40.4 51.0 48.1 43.9    
Sales From Services CZK mil ... ...         67.3 73.6 102 84.7 87.6    

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Feb 2014
Statistical Dossier
Mar 2014
Company Report

Meopta is a Czech Republic-based company involved in developing, manufacturing and assembling optical, opto-mechanical and optoelectronic products. Meopta's product portfolio include precision medical and scientific instruments, digital cinematic projectors, aerospace technologies, military weapon systems or consumer sports optics, for example. More specifically, Meopra produces cameras, enlargers, projectors, telescopes, binoculars, and spotting scopes or sport optics products, such as riflescopes, binoculars, and spotting scopes; military optics, including day/night sights and scopes, night driverscope, fire control systems, and many others. The Company was founded in 1933 and is based in Prerov, the Czech Republic. It has operations in the Czech Republic, the United States, and Switzerland and employes over 2,200 highly skilled associates