NET4GAS

NET4GAS's Cash & Cash Equivalents rose 60.5% yoy to CZK 1,593 mil in 2014

By Helgi Analytics - April 2, 2020

NET4GAS's total assets reached CZK 52,608 mil at the end of 2014, down 8.67% compared to the previous year. Curren...

Profit Statement 2012 2013 2014
Sales CZK mil 10,224 9,131 8,868
Gross Profit CZK mil 9,316 7,645 6,786
EBITDA CZK mil 8,547 6,962 6,300
EBIT CZK mil 5,982 4,373 3,897
Financing Cost CZK mil 327 577 274
Pre-Tax Profit CZK mil 5,655 3,796 3,623
Net Profit CZK mil 6,775 3,067 2,966
Dividends CZK mil 4,126 7,491 ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 58,268 57,601 52,608
Non-Current Assets CZK mil 51,798 50,078 48,281
Current Assets CZK mil 5,966 7,411 4,152
Working Capital CZK mil -114 -41.0 -475
Shareholders' Equity CZK mil 40,373 39,757 5,088
Liabilities CZK mil 17,895 17,844 47,521
Total Debt CZK mil 11,464 11,385 39,646
Net Debt CZK mil 11,103 10,393 38,053
Ratios 2012 2013 2014
ROE % 17.2 7.65 13.2
ROCE % 13.2 6.03 6.06
Gross Margin % 91.1 83.7 76.5
EBITDA Margin % 83.6 76.2 71.0
EBIT Margin % 58.5 47.9 43.9
Net Margin % 66.3 33.6 33.4
Net Debt/EBITDA 1.30 1.49 6.04
Net Debt/Equity 0.275 0.261 7.48
Cost of Financing % 2.86 5.05 1.08
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 9,293 4,875 5,838
Total Cash From Investing CZK mil -3,827 -5,702 4,831
Total Cash From Financing CZK mil -4,801 -4,127 -8,875
Net Change In Cash CZK mil 665 -4,955 1,794
Cash Conversion Cycle days -141 -79.9 -85.3
Cash Earnings CZK mil 9,340 5,655 5,369
Free Cash Flow CZK mil 5,466 -827 10,669

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summary Unit 2008 2009 2010 2011 2012 2013 2014
income statement              
Sales CZK mil ... 9,959 10,298 9,896 10,224    
Gross Profit CZK mil ... 8,574 8,779 8,460 9,316    
EBIT CZK mil ... 5,439 5,981 5,667 5,982    
Net Profit CZK mil ... 4,647 5,026 5,001 6,775    
ROE % ... 8.85 9.52 10.9 17.2    
EBIT Margin % ... 54.6 58.1 57.3 58.5    
Net Margin % ... 46.7 48.8 50.5 66.3    
Employees ... 502 519 544 565    
balance sheet              
Total Assets CZK mil ... 62,036 62,820 59,198 58,268    
Non-Current Assets CZK mil ... 49,522 48,053 50,831 51,798    
Current Assets CZK mil ... 12,474 14,732 8,271 5,966    
Shareholders' Equity CZK mil ... 52,510 53,122 38,348 40,373    
Liabilities CZK mil ... 9,526 9,698 20,850 17,895    
Non-Current Liabilities CZK mil ... 8,240 7,981 18,607 16,118    
Current Liabilities CZK mil ... 1,017 1,378 2,005 1,469    
Net Debt/EBITDA ... 0.049 0.043 1.42 1.30    
Net Debt/Equity ... 0.007 0.007 0.296 0.275    
Cost of Financing % ... ... -56.3 0.530 2.86    
cash flow              
Total Cash From Operations CZK mil ... 5,390 5,992 13,248 9,293    
Total Cash From Investing CZK mil ... -389 -612 -4,798 -3,827    
Total Cash From Financing CZK mil ... -4,285 -4,414 -8,731 -4,801    
Net Change In Cash CZK mil ... 716 966 -281 665    
income statement Unit 2008 2009 2010 2011 2012 2013 2014
income statement              
Sales CZK mil ... 9,959 10,298 9,896 10,224    
Cost of Goods & Services CZK mil ... 1,385 1,519 1,436 908    
Gross Profit CZK mil ... 8,574 8,779 8,460 9,316    
Staff Cost CZK mil ... 411 431 497 554    
Other Cost CZK mil ... 266 127 -34.4 215    
EBITDA CZK mil ... 7,897 8,222 7,997 8,547    
Depreciation CZK mil ... 2,458 2,241 2,330 2,564    
EBIT CZK mil ... 5,439 5,981 5,667 5,982    
Financing Cost CZK mil ... -386 -223 31.2 327    
Extraordinary Cost CZK mil ... 0 0 0 0    
Pre-Tax Profit CZK mil ... 5,825 6,204 5,636 5,655    
Tax CZK mil ... 1,178 1,178 635 -1,120    
Minorities CZK mil ... 0 0 0 0    
Net Profit CZK mil ... 4,647 5,026 5,001 6,775    
Dividends CZK mil 4,283 4,414 4,775 4,751 4,126   ...
growth rates              
Total Revenue Growth % ... ... 3.41 -3.91 3.32    
Operating Cost Growth % ... ... -17.7 -17.0 66.2    
EBITDA Growth % ... ... 4.12 -2.74 6.88    
EBIT Growth % ... ... 9.97 -5.25 5.57    
Pre-Tax Profit Growth % ... ... 6.52 -9.17 0.348    
Net Profit Growth % ... ... 8.16 -0.499 35.5    
ratios              
ROE % ... 8.85 9.52 10.9 17.2    
ROCE % ... ... 10.3 10.2 13.2    
Gross Margin % ... 86.1 85.3 85.5 91.1    
EBITDA Margin % ... 79.3 79.8 80.8 83.6    
EBIT Margin % ... 54.6 58.1 57.3 58.5    
Net Margin % ... 46.7 48.8 50.5 66.3    
Payout Ratio % ... 95.0 95.0 95.0 60.9   ...
Cost of Financing % ... ... -56.3 0.530 2.86    
Net Debt/EBITDA ... 0.049 0.043 1.42 1.30    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014
balance sheet              
Non-Current Assets CZK mil ... 49,522 48,053 50,831 51,798    
Property, Plant & Equipment CZK mil ... 49,427 47,912 50,531 51,502    
Intangible Assets CZK mil ... 94.6 139 299 294    
Goodwill CZK mil ... 1.44 2.53 1.81 3.23    
Current Assets CZK mil ... 12,474 14,732 8,271 5,966    
Inventories CZK mil ... 43.3 32.2 38.8 39.2    
Receivables CZK mil ... 328 262 481 260    
Cash & Cash Equivalents CZK mil ... 1.38 56.2 22.2 361    
Total Assets CZK mil ... 62,036 62,820 59,198 58,268    
Shareholders' Equity CZK mil ... 52,510 53,122 38,348 40,373    
Of Which Minority Interest CZK mil ... 0 0 0 0    
Liabilities CZK mil ... 9,526 9,698 20,850 17,895    
Non-Current Liabilities CZK mil ... 8,240 7,981 18,607 16,118    
Long-Term Debt CZK mil ... 0 0 11,000 11,000    
Deferred Tax Liabilities CZK mil ... 8,237 7,978 7,552 5,123    
Current Liabilities CZK mil ... 1,017 1,378 2,005 1,469    
Short-Term Debt CZK mil ... 385 408 369 464    
Trade Payables CZK mil ... 307 495 731 412    
Provisions CZK mil ... 269 322 223 296    
Equity And Liabilities CZK mil ... 62,036 62,820 59,198 58,268    
growth rates              
Total Asset Growth % ... ... 1.26 -5.77 -1.57    
Shareholders' Equity Growth % ... ... 1.16 -27.8 5.28    
Net Debt Growth % ... ... -8.34 3,130 -2.16    
Total Debt Growth % ... ... 5.94 2,690 0.827    
ratios              
Total Debt CZK mil ... 385 408 11,370 11,464    
Net Debt CZK mil ... 383 351 11,347 11,103    
Working Capital CZK mil ... 64.5 -200 -212 -114    
Capital Employed CZK mil ... 49,587 47,853 50,620 51,685    
Net Debt/Equity ... 0.007 0.007 0.296 0.275    
Cost of Financing % ... ... -56.3 0.530 2.86    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014
cash flow              
Net Profit CZK mil ... 4,647 5,026 5,001 6,775    
Depreciation CZK mil ... 2,458 2,241 2,330 2,564    
Non-Cash Items CZK mil ... ... -1,539 5,905 51.5    
Change in Working Capital CZK mil ... ... 264 12.0 -98.4    
Total Cash From Operations CZK mil ... 5,390 5,992 13,248 9,293    
Capital Expenditures CZK mil ... -438 -625 -4,801 -3,842    
Other Investments CZK mil ... 49.4 12.9 3.53 15.3    
Total Cash From Investing CZK mil ... -389 -612 -4,798 -3,827    
Dividends Paid CZK mil ... -4,283 -4,414 -4,775 -4,751    
Issuance Of Debt CZK mil ... ... 22.9 10,962 94.0    
Total Cash From Financing CZK mil ... -4,285 -4,414 -8,731 -4,801    
Net Change In Cash CZK mil ... 716 966 -281 665    
ratios              
Days Sales Outstanding days ... 12.0 9.30 17.7 9.27    
Days Sales Of Inventory days ... 11.4 7.73 9.87 15.8    
Days Payable Outstanding days ... 80.9 119 186 166    
Cash Conversion Cycle days ... -57.4 -102 -158 -141    
Cash Earnings CZK mil ... 7,105 7,267 7,331 9,340    
Free Cash Flow CZK mil ... 5,001 5,380 8,450 5,466    
other data Unit 2008 2009 2010 2011 2012 2013 2014
other data              
ROA % ... 7.49 8.05 8.20 11.5    
Gross Margin % ... 86.1 85.3 85.5 91.1    
Cost Per Employee USD per month ... 3,583 3,621 4,306 4,179    
Cost Per Employee (Local Currency) CZK per month ... 68,288 69,200 76,164 81,732    
Staff Cost (As % Of Total Cost) % ... 9.10 9.98 11.8 13.1    
Effective Tax Rate % ... 20.2 19.0 11.3 -19.8    
Employees ... 502 519 544 565    
Capital Expenditures (As % of Sales) % ... 4.40 6.07 48.5 37.6    

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NET4GAS, s.r.o. is a Czech Republic-based natural gas transmission system operator. The Company engages in the international transit of natural gas; national transmission of natural gas to its partners; and operation of a transmission system and the provision of associated commercial and technical services. It also provides repair, maintenance, and dispatching services for gas infrastructure operators, as well as diagnostics services. It owns and operates approximately 3,800 kilometers of gas pipelines. The company was formerly known as RWE Transgas Net, s.r.o. and changed its name to NET4GAS, s.r.o. in March 2010. The company was incorporated in 2005 and is headquartered in Prague, the Czech Republic.

Finance

NET4GAS has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 4.42% a year during that time to total of CZK 6,300 mil in 2014, or 71.0% of sales. That’s compared to 78.3% average margin seen in last five years.

The company netted CZK 2,966 mil in 2014 implying ROE of 13.2% and ROCE of 6.06%. Again, the average figures were 11.7% and 9.16%, respectively when looking at the previous 5 years.

NET4GAS’s net debt amounted to CZK 38,053 mil at the end of 2014, or 7.48 of equity. When compared to EBITDA, net debt was 6.04x, up when compared to average of 2.06x seen in the last 5 years.