Mitas

Profit Statement 2013 2014 2015
Sales CZK mil 8,922 8,776 7,975
Gross Profit CZK mil 2,516 2,918 2,780
EBITDA CZK mil 1,421 1,702 1,501
EBIT CZK mil 1,163 1,486 1,308
Financing Cost CZK mil 68.8 129 116
Pre-Tax Profit CZK mil 1,095 1,357 1,191
Net Profit CZK mil 893 1,108 953
Dividends CZK mil 300 400 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 7,029 7,061 7,606
Non-Current Assets CZK mil 3,646 3,880 4,052
Current Assets CZK mil 3,357 3,164 3,545
Working Capital CZK mil 1,434 1,513 1,435
Shareholders' Equity CZK mil 4,359 5,312 5,964
Liabilities CZK mil 2,670 1,748 1,642
Total Debt CZK mil 522 9.27 13.1
Net Debt CZK mil 510 -1.09 -0.225
Ratios 2013 2014 2015
ROE % 20.5 22.9 16.9
ROCE % ... 21.2 17.5
Gross Margin % 28.2 33.2 34.9
EBITDA Margin % 15.9 19.4 18.8
EBIT Margin % 13.0 16.9 16.4
Net Margin % 10.0 12.6 11.9
Net Debt/EBITDA 0.359 < -0.001 < -0.001
Net Debt/Equity 0.117 < -0.001 < -0.001
Cost of Financing % ... 48.5 1,041
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 875 825 1,212
Total Cash From Investing CZK mil -868 -527 -809
Total Cash From Financing CZK mil 0 300 400
Net Change In Cash CZK mil 7.00 598 803
Cash Conversion Cycle days 55.6 66.7 68.8
Cash Earnings CZK mil 1,150 1,325 1,146
Free Cash Flow CZK mil 7.00 298 403

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil           5,670 7,374 9,906 ... 8,922    
Gross Profit CZK mil           1,703 1,659 1,731 ... 2,516    
EBIT CZK mil           395 290 289 ... 1,163    
Net Profit CZK mil           164 83.0 182 ... 893    
ROE %           6.36 3.05 6.79 ... 20.5    
EBIT Margin %           6.97 3.93 2.92 ... 13.0    
Net Margin %           2.89 1.13 1.84 ... 10.0    
Employees ... ...       2,177 2,243 2,476 ... 2,433    
balance sheet                        
Total Assets CZK mil           5,656 5,871 6,482 ... 7,029    
Non-Current Assets CZK mil           2,667 2,669 2,736 ... 3,646    
Current Assets CZK mil           2,923 3,182 3,734 ... 3,357    
Shareholders' Equity CZK mil           2,644 2,793 2,567 ... 4,359    
Liabilities CZK mil           3,012 3,078 3,915 ... 2,670    
Non-Current Liabilities CZK mil           115 108 102 ... 80.7    
Current Liabilities CZK mil           1,119 1,637 2,057 ... 1,640    
Net Debt/EBITDA           1.73 2.10 3.16 ... 0.359    
Net Debt/Equity           0.567 0.541 0.738 ... 0.117    
Cost of Financing % ...         12.9 13.5 5.83 ... ...    
cash flow                        
Total Cash From Operations CZK mil ... ... ... ...   2,588 95.9 373 ... 875    
Total Cash From Investing CZK mil ... ... ... ...   -330 60.8 -144 ... -868    
Total Cash From Financing CZK mil ... ... ... ...   -2,230 -155 -225 ... 0    
Net Change In Cash CZK mil ... ... ... ...   28.6 1.91 3.36 ... 7.00    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil           5,670 7,374 9,906 ... 8,922    
Cost of Goods & Services CZK mil           3,967 5,715 8,175 ... 6,406    
Gross Profit CZK mil           1,703 1,659 1,731 ... 2,516    
Staff Cost CZK mil           853 942 1,088 ... 1,074    
Other Cost CZK mil           -18.0 -1.00 44.0 ... 21.6    
EBITDA CZK mil           868 718 599 ... 1,421    
Depreciation CZK mil           473 428 310 ... 257    
EBIT CZK mil           395 290 289 ... 1,163    
Financing Cost CZK mil           230 205 100 ... 68.8    
Extraordinary Cost CZK mil           0 1.00 -1.00 ... 0    
Pre-Tax Profit CZK mil           165 84.0 190 ... 1,095    
Tax CZK mil           0 1.00 8.00 ... 202    
Minorities CZK mil           0 0 0 ... 0    
Net Profit CZK mil           164 83.0 182 ... 893    
Dividends CZK mil ... ... ...     155 ... ... ... 300   ...
growth rates                        
Total Revenue Growth % ...         -24.0 30.1 34.3 ... ...    
Operating Cost Growth % ...         -7.63 12.7 20.3 ... ...    
EBITDA Growth % ...         15.9 -17.3 -16.6 ... ...    
EBIT Growth % ...         32.6 -26.6 -0.345 ... ...    
Pre-Tax Profit Growth % ...         -13.2 -49.1 126 ... ...    
Net Profit Growth % ...         -20.8 -49.4 119 ... ...    
ratios                        
ROE %           6.36 3.05 6.79 ... 20.5    
ROCE % ...         4.26 2.20 4.45 ... ...    
Gross Margin %           30.0 22.5 17.5 ... 28.2    
EBITDA Margin %           15.3 9.74 6.05 ... 15.9    
EBIT Margin %           6.97 3.93 2.92 ... 13.0    
Net Margin %           2.89 1.13 1.84 ... 10.0    
Payout Ratio % ... ... ...     94.5 ... ... ... 33.6   ...
Cost of Financing % ...         12.9 13.5 5.83 ... ...    
Net Debt/EBITDA           1.73 2.10 3.16 ... 0.359    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil           2,667 2,669 2,736 ... 3,646    
Property, Plant & Equipment CZK mil           2,400 2,214 2,034 ... 2,606    
Intangible Assets CZK mil           88.5 7.33 12.3 ... 3.29    
Current Assets CZK mil           2,923 3,182 3,734 ... 3,357    
Inventories CZK mil           803 785 930 ... 1,028    
Receivables CZK mil           1,125 1,552 2,099 ... 1,620    
Cash & Cash Equivalents CZK mil           9.91 13.3 15.2 ... 12.4    
Total Assets CZK mil           5,656 5,871 6,482 ... 7,029    
Shareholders' Equity CZK mil           2,644 2,793 2,567 ... 4,359    
Of Which Minority Interest CZK mil           0 0 0 ... 0    
Liabilities CZK mil           3,012 3,078 3,915 ... 2,670    
Non-Current Liabilities CZK mil           115 108 102 ... 80.7    
Long-Term Debt CZK mil           0 0 0 ... 0    
Deferred Tax Liabilities CZK mil           115 108 102 ... 80.7    
Current Liabilities CZK mil           1,119 1,637 2,057 ... 1,640    
Short-Term Debt CZK mil           1,509 1,524 1,910 ... 522    
Trade Payables CZK mil           843 1,201 1,384 ... 1,215    
Provisions CZK mil           14.7 11.0 17.2 ... 369    
Equity And Liabilities CZK mil           5,656 5,871 6,482 ... 7,029    
growth rates                        
Total Asset Growth % ...         -11.5 3.81 10.4 ... ...    
Shareholders' Equity Growth % ...         5.17 5.63 -8.07 ... ...    
Net Debt Growth % ...         -24.3 0.791 25.4 ... ...    
Total Debt Growth % ...         -26.9 1.01 25.3 ... ...    
ratios                        
Total Debt CZK mil           1,509 1,524 1,910 ... 522    
Net Debt CZK mil           1,499 1,511 1,894 ... 510    
Working Capital CZK mil           1,086 1,137 1,644 ... 1,434    
Capital Employed CZK mil           3,752 3,806 4,380 ... 5,079    
Net Debt/Equity           0.567 0.541 0.738 ... 0.117    
Cost of Financing % ...         12.9 13.5 5.83 ... ...    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil           164 83.0 182 ... 893    
Depreciation CZK mil           473 428 310 ... 257    
Non-Cash Items CZK mil ... ... ... ... ... 1,961 -364 388 ... ...    
Change in Working Capital CZK mil ... ... ... ... ... -9.38 -51.2 -508 ... ...    
Total Cash From Operations CZK mil ... ... ... ...   2,588 95.9 373 ... 875    
Capital Expenditures CZK mil ... ... ... ...   -269 -349 -376 ... -945    
Other Investments CZK mil ... ... ... ...   -60.8 410 232 ... 76.9    
Total Cash From Investing CZK mil ... ... ... ...   -330 60.8 -144 ... -868    
Dividends Paid CZK mil ... ... ... ...   -155 ... ... ... -300   ...
Issuance Of Debt CZK mil ... ... ... ... ... -556 15.2 386 ... ...    
Total Cash From Financing CZK mil ... ... ... ...   -2,230 -155 -225 ... 0    
Net Change In Cash CZK mil ... ... ... ...   28.6 1.91 3.36 ... 7.00    
ratios                        
Days Sales Outstanding days           72.4 76.8 77.3 ... 66.3    
Days Sales Of Inventory days           73.9 50.1 41.5 ... 58.6    
Days Payable Outstanding days           77.5 76.7 61.8 ... 69.2    
Cash Conversion Cycle days           68.8 50.3 57.0 ... 55.6    
Cash Earnings CZK mil           637 511 492 ... 1,150    
Free Cash Flow CZK mil ... ... ... ...   2,259 157 228 ... 7.00    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA %           2.72 1.44 2.95 ... 12.7    
Gross Margin %           30.0 22.5 17.5 ... 28.2    
Employees ... ...       2,177 2,243 2,476 ... 2,433    
Cost Per Employee USD per month ... ...       1,713 1,831 2,070 ... 1,880    
Cost Per Employee (Local Currency) CZK per month ... ...       32,652 34,998 36,618 ... 36,786    
Staff Cost (As % Of Total Cost) %           16.2 13.3 11.3 ... 13.8    
Effective Tax Rate %           0 1.19 4.21 ... 18.4    
Domestic Sales CZK mil ... ...       634 989 1,228 ... 975    
Capital Expenditures (As % of Sales) % ... ... ... ...   4.74 4.73 3.80 ... 10.6    
Revenues From Abroad CZK mil ... ...       5,125 6,351 8,564 ... 8,060    
Revenues From Abroad (As % Of Total) % ... ...       90.4 86.1 86.5 ... 90.3    

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Mar 2014
Statistical Dossier
Mar 2014
Company Report

MITAS a.s is a Czech Republic-based producer of agricultural tyres. Mitas manufactures and sells tyres under three brand names: the company’s own Mitas and Cultor, and Continental under licence. In addition, the Company produces and distributes a wide range of Mitas-branded industrial and motorcycle tyres. Mitas is a member of ČGS Holding and operates three production plants in the Czech Republic, one in Serbia and one in the USA, and maintains a global sales and distribution network. The Company was founded in 1933 as a subsidiary of France's Michelin