Ness Czech Republic

Ness CR's Cash & Cash Equivalents rose 12.1% yoy to CZK 123 mil in 2017

By Helgi Analytics - April 2, 2020

Ness Czech Republic's total assets reached CZK 523 mil at the end of 2017, down 13.1% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 1,048 943 916
Gross Profit CZK mil 515 412 413
EBITDA CZK mil 78.7 42.6 42.5
EBIT CZK mil 68.1 40.4 39.0
Financing Cost CZK mil 3.98 -0.730 7.21
Pre-Tax Profit CZK mil 64.2 41.2 31.8
Net Profit CZK mil 45.6 28.9 25.1
Dividends CZK mil 86.2 47.0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 586 602 523
Non-Current Assets CZK mil 10.3 26.2 11.1
Current Assets CZK mil 470 514 428
Working Capital CZK mil 276 367 266
Shareholders' Equity CZK mil 325 268 246
Liabilities CZK mil 191 287 209
Total Debt CZK mil 1.17 14.6 13.6
Net Debt CZK mil -172 -95.4 -110
Ratios 2015 2016 2017
ROE % 15.1 9.74 9.79
ROCE % 15.4 8.49 7.50
Gross Margin % 49.1 43.7 45.0
EBITDA Margin % 7.52 4.52 4.64
EBIT Margin % 6.50 4.29 4.25
Net Margin % 4.35 3.06 2.74
Net Debt/EBITDA -2.19 -2.24 -2.58
Net Debt/Equity % -53.1 -35.7 -44.6
Cost of Financing % 394 -9.24 51.1
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 48.3 36.5
Total Cash From Investing CZK mil ... -39.1 25.9
Total Cash From Financing CZK mil ... -72.7 -49.2
Net Change In Cash CZK mil ... -63.6 13.3
Cash Conversion Cycle days 106 148 119
Cash Earnings CZK mil 56.2 31.0 28.6
Free Cash Flow CZK mil ... 9.15 62.4

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CZK mil             1,560 1,388 1,261 1,163 1,048    
Gross Profit CZK mil             785 661 541 553 515    
EBIT CZK mil             92.2 18.2 -39.4 36.4 68.1    
Net Profit CZK mil             84.6 17.7 -36.8 24.8 45.6    
ROE %             29.7 6.28 -13.5 9.28 15.1    
EBIT Margin %             5.91 1.31 -3.13 3.13 6.50    
Net Margin %             5.42 1.28 -2.92 2.13 4.35    
Employees             551 551 510 461 460    
balance sheet                          
Total Assets CZK mil             741 741 646 557 586    
Non-Current Assets CZK mil             103 64.6 35.1 17.1 10.3    
Current Assets CZK mil             596 522 493 411 470    
Shareholders' Equity CZK mil             274 291 254 279 325    
Liabilities CZK mil             294 305 304 198 191    
Non-Current Liabilities CZK mil             0 0 0 0 0    
Current Liabilities CZK mil             294 305 304 198 191    
Net Debt/EBITDA             -0.548 -0.912 12.7 -0.427 -2.19    
Net Debt/Equity %             -26.5 -17.3 -38.9 -8.72 -53.1    
Cost of Financing % ...           -92.4 10.5 ... 521 394    
cash flow                          
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ...    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                          
Sales CZK mil             1,560 1,388 1,261 1,163 1,048    
Cost of Goods & Services CZK mil             776 727 721 610 533    
Gross Profit CZK mil             785 661 541 553 515    
Staff Cost CZK mil             643 618 617 491 434    
Other Cost CZK mil             9.88 -12.3 -68.7 5.49 2.00    
EBITDA CZK mil             132 55.3 -7.77 57.0 78.7    
Depreciation CZK mil             40.0 37.1 31.7 20.6 10.6    
EBIT CZK mil             92.2 18.2 -39.4 36.4 68.1    
Financing Cost CZK mil             -2.60 0.296 0.626 2.22 3.98    
Extraordinary Cost CZK mil             0 0 0 0 -0.020    
Pre-Tax Profit CZK mil             94.8 17.9 -40.1 34.2 64.2    
Tax CZK mil             10.1 0.193 -3.28 9.46 18.6    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             84.6 17.7 -36.8 24.8 45.6    
Dividends CZK mil             0 0 0 0 86.2   ...
growth rates                          
Total Revenue Growth % ...           7.95 -11.1 -9.12 -7.79 -9.91    
Operating Cost Growth % ...           -9.70 -7.19 -9.45 -9.49 -12.1    
EBITDA Growth % ...           159 -58.1 -114 -835 38.0    
EBIT Growth % ...           282 -80.2 -316 -192 87.0    
Pre-Tax Profit Growth % ...           308 -81.1 -323 -185 87.5    
Net Profit Growth % ...           560 -79.0 -307 -167 84.1    
ratios                          
ROE %             29.7 6.28 -13.5 9.28 15.1    
ROCE %             17.4 4.07 -12.1 9.28 15.4    
Gross Margin %             50.3 47.6 42.9 47.6 49.1    
EBITDA Margin %             8.47 3.99 -0.616 4.91 7.52    
EBIT Margin %             5.91 1.31 -3.13 3.13 6.50    
Net Margin %             5.42 1.28 -2.92 2.13 4.35    
Payout Ratio %             0 0 0 0 189   ...
Cost of Financing % ...           -92.4 10.5 ... 521 394    
Net Debt/EBITDA             -0.548 -0.912 12.7 -0.427 -2.19    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                          
Non-Current Assets CZK mil             103 64.6 35.1 17.1 10.3    
Property, Plant & Equipment CZK mil             100 64.3 35.1 16.1 7.12    
Intangible Assets CZK mil             3.20 0.295 0.038 0.980 3.18    
Current Assets CZK mil             596 522 493 411 470    
Inventories CZK mil             130 134 120 112 48.7    
Receivables CZK mil             351 280 219 215 248    
Cash & Cash Equivalents CZK mil             78.1 50.5 98.9 25.2 174    
Total Assets CZK mil             741 741 646 557 586    
Shareholders' Equity CZK mil             274 291 254 279 325    
Of Which Minority Interest CZK mil             0 0 0 0 1.00    
Liabilities CZK mil             294 305 304 198 191    
Non-Current Liabilities CZK mil             0 0 0 0 0    
Long-Term Debt CZK mil             0 0 0 0 0    
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ... ... 0 0 0    
Current Liabilities CZK mil             294 305 304 198 191    
Short-Term Debt CZK mil             5.62 0 0 0.852 1.17    
Trade Payables CZK mil             91.4 99.6 146 37.2 20.3    
Provisions CZK mil             151 131 60.7 45.9 30.9    
Equity And Liabilities CZK mil             741 741 646 557 586    
growth rates                          
Total Asset Growth % ...           -3.63 0.066 -12.8 -13.8 5.24    
Shareholders' Equity Growth % ...           -7.69 6.49 -12.6 9.73 16.3    
Net Debt Growth % ...           -54.1 -30.3 95.9 -75.4 608    
Total Debt Growth % ... ...         ... -100 ... ... 37.0    
ratios                          
Total Debt CZK mil             5.62 0 0 0.852 1.17    
Net Debt CZK mil             -72.5 -50.5 -98.9 -24.4 -172    
Working Capital CZK mil             390 314 193 289 276    
Capital Employed CZK mil             494 379 228 306 287    
Net Debt/Equity %             -26.5 -17.3 -38.9 -8.72 -53.1    
Cost of Financing % ...           -92.4 10.5 ... 521 394    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                          
Net Profit CZK mil             84.6 17.7 -36.8 24.8 45.6    
Depreciation CZK mil             40.0 37.1 31.7 20.6 10.6    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ...    
ratios                          
Days Sales Outstanding days             82.2 73.7 63.3 67.4 86.3    
Days Sales Of Inventory days             61.2 67.2 60.9 66.9 33.4    
Days Payable Outstanding days             43.0 50.0 74.1 22.3 13.9    
Cash Conversion Cycle days             100 90.9 50.1 112 106    
Cash Earnings CZK mil             125 54.8 -5.11 45.4 56.2    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ...    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                          
ROA %             11.2 2.39 -5.30 4.12 7.98    
Gross Margin %             50.3 47.6 42.9 47.6 49.1    
Cost Per Employee USD per month             5,495 4,778 5,153 4,151 3,294    
Cost Per Employee (Local Currency) CZK per month             97,182 93,450 100,817 88,719 78,630    
Staff Cost (As % Of Total Cost) %             43.8 45.1 47.4 43.6 44.3    
Effective Tax Rate %             10.7 1.08 8.19 27.6 29.0    
Domestic Sales CZK mil             1,490 1,310 1,185 1,040 ... ... ...
Revenues From Abroad CZK mil             52.8 73.7 90.8 130 ... ... ...
Revenues From Abroad (As % Of Total) %             3.39 5.31 7.20 11.2 ... ... ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ...    

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Ness Czech Republic (or Ness Czech, s.r.o.) designs and delivers information technology solutions in the Central and East European market. It develops technologies based on SAP’s ERP and CRM systems, as well as on Microsoft and BEA products. The company serves customers in utilities, manufacturing, banking, insurance, telecommunications, and retail, as well as public, government, and defense sectors. Ness Czech was formerly known as APP Group. The company is based in Prague, the Czech Republic. Ness Czech operates as a subsidiary of Ness Technologies, Inc.

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Finance

Ness Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.13% a year during that time to total of CZK 42.5 mil in 2017, or 4.64% of sales. That’s compared to 4.19% average margin seen in last five years.

The company netted CZK 25.1 mil in 2017 implying ROE of 9.79% and ROCE of 7.50%. Again, the average figures were 6.09% and 5.70%, respectively when looking at the previous 5 years.

Ness Czech Republic’s net debt amounted to CZK -110 mil at the end of 2017, or -44.6% of equity. When compared to EBITDA, net debt was -2.58x, down when compared to average of 1.06x seen in the last 5 years.