Panasonic AVC Networks Czech

Panasonic CR's Cash & Cash Equivalents fell 7.83% yoy to CZK 15.6 mil in 2015

By Helgi Analytics - April 2, 2020

Panasonic AVC Networks Czech's total assets reached CZK 9,572 mil at the end of 2015, down 14.8% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales CZK mil 24,781 22,229 17,165
Gross Profit CZK mil 2,097 2,130 634
EBITDA CZK mil 521 1,618 534
EBIT CZK mil 296 1,412 310
Financing Cost CZK mil -34.5 203 32.5
Pre-Tax Profit CZK mil 330 1,209 277
Net Profit CZK mil 330 1,209 277
Balance Sheet 2013 2014 2015
Total Assets CZK mil 9,568 11,231 9,572
Non-Current Assets CZK mil 1,231 1,071 1,061
Current Assets CZK mil 8,321 10,148 8,494
Working Capital CZK mil 1,205 344 751
Shareholders' Equity CZK mil 4,952 8,156 5,643
Liabilities CZK mil 4,616 3,074 3,929
Total Debt CZK mil 0 0 0
Net Debt CZK mil -20.5 -16.9 -15.6
Ratios 2013 2014 2015
ROE % 6.82 18.4 4.02
ROCE % 11.5 62.8 17.2
Gross Margin % 8.46 9.58 3.69
EBITDA Margin % 2.10 7.28 3.11
EBIT Margin % 1.19 6.35 1.81
Net Margin % 1.33 5.44 1.62
Net Debt/EBITDA -0.039 -0.010 -0.029
Net Debt/Equity -0.004 -0.002 -0.003
Cost of Financing % ... ... ...
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil ... ... ...
Total Cash From Investing CZK mil ... ... ...
Total Cash From Financing CZK mil ... ... ...
Net Change In Cash CZK mil ... ... ...
Cash Conversion Cycle days 16.7 3.28 15.6
Cash Earnings CZK mil 556 1,414 501
Free Cash Flow CZK mil ... ... ...

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil                   38,507 42,417 29,021 29,426 24,781    
Gross Profit CZK mil                   -4,642 -3,525 -2,160 930 2,097    
EBIT CZK mil                   -6,287 -4,689 -4,377 95.0 296    
Net Profit CZK mil                   -6,235 -4,010 -5,032 60.0 330    
ROE %                   73.0 29.0 27.5 -0.743 6.82    
EBIT Margin %                   -16.3 -11.1 -15.1 0.323 1.19    
Net Margin %                   -16.2 -9.45 -17.3 0.204 1.33    
Employees                   2,078 2,053 1,793 1,425 1,180    
balance sheet                                
Total Assets CZK mil                   8,152 5,974 6,275 8,825 9,568    
Non-Current Assets CZK mil                   1,489 1,558 1,241 1,179 1,231    
Current Assets CZK mil                   6,298 4,160 4,873 7,646 8,321    
Shareholders' Equity CZK mil                   -11,867 -15,777 -20,872 4,727 4,952    
Liabilities CZK mil                   20,019 21,751 27,147 4,098 4,616    
Non-Current Liabilities CZK mil                   0 0 0 0 0    
Current Liabilities CZK mil                   19,810 21,482 26,176 3,154 2,487    
Net Debt/EBITDA                   -2.84 -4.66 -6.26 -0.403 -0.039    
Net Debt/Equity                   -1.20 -1.09 -1.06 -0.048 -0.004    
Cost of Financing % ...     ...           -0.424 -4.29 4.30 0.305 ... ... ...
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 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                
Sales CZK mil                   38,507 42,417 29,021 29,426 24,781    
Cost of Goods & Services CZK mil                   43,149 45,942 31,181 28,496 22,684    
Gross Profit CZK mil                   -4,642 -3,525 -2,160 930 2,097    
Staff Cost CZK mil                   893 902 816 693 587    
Other Cost CZK mil                   -514 -723 572 -329 988    
EBITDA CZK mil                   -5,021 -3,704 -3,548 566 521    
Depreciation CZK mil                   1,266 985 829 471 225    
EBIT CZK mil                   -6,287 -4,689 -4,377 95.0 296    
Financing Cost CZK mil                   -51.0 -679 852 34.0 -34.5    
Extraordinary Cost CZK mil                   -1.00 0 -200 0 0    
Pre-Tax Profit CZK mil                   -6,235 -4,010 -5,029 61.0 330    
Tax CZK mil                   0 0 3.00 0.869 0.106    
Minorities CZK mil                   0 0 0 0 0    
Net Profit CZK mil                   -6,235 -4,010 -5,032 60.0 330    
growth rates                                
Total Revenue Growth % ...                 -25.6 10.2 -31.6 1.40 -15.8    
Operating Cost Growth % ...                 -86.3 -52.8 675 -73.8 333    
EBITDA Growth % ...                 12.8 -26.2 -4.21 -116 -7.93    
EBIT Growth % ...                 20.0 -25.4 -6.65 -102 211    
Pre-Tax Profit Growth % ...                 -0.874 -35.7 25.4 -101 442    
Net Profit Growth % ...                 -0.874 -35.7 25.5 -101 450    
ratios                                
ROE %                   73.0 29.0 27.5 -0.743 6.82    
ROCE % ...                 -143 -116 -155 1.73 11.5    
Gross Margin %                   -12.1 -8.31 -7.44 3.16 8.46    
EBITDA Margin %                   -13.0 -8.73 -12.2 1.92 2.10    
EBIT Margin %                   -16.3 -11.1 -15.1 0.323 1.19    
Net Margin %                   -16.2 -9.45 -17.3 0.204 1.33    
Cost of Financing % ...     ...           -0.424 -4.29 4.30 0.305 ... ... ...
Net Debt/EBITDA                   -2.84 -4.66 -6.26 -0.403 -0.039    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                
Non-Current Assets CZK mil                   1,489 1,558 1,241 1,179 1,231    
Property, Plant & Equipment CZK mil                   1,430 1,452 1,241 1,179 1,230    
Intangible Assets CZK mil                   60.0 106 0 0 0.868    
Current Assets CZK mil                   6,298 4,160 4,873 7,646 8,321    
Inventories CZK mil                   1,938 603 2,006 1,335 1,170    
Receivables CZK mil                   3,802 2,852 2,576 2,122 1,946    
Cash & Cash Equivalents CZK mil                   62.0 69.0 102 228 20.5    
Total Assets CZK mil                   8,152 5,974 6,275 8,825 9,568    
Shareholders' Equity CZK mil                   -11,867 -15,777 -20,872 4,727 4,952    
Of Which Minority Interest CZK mil                   0 0 0 0 0    
Liabilities CZK mil                   20,019 21,751 27,147 4,098 4,616    
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 0 0    
Current Liabilities CZK mil                   19,810 21,482 26,176 3,154 2,487    
Short-Term Debt CZK mil                   14,322 17,326 22,321 0 0    
Trade Payables CZK mil                   3,214 2,128 2,224 1,309 1,911    
Provisions CZK mil                   200 260 949 944 2,126    
Equity And Liabilities CZK mil                   8,152 5,974 6,275 8,825 9,568    
growth rates                                
Total Asset Growth % ...                 -15.9 -26.7 5.04 40.6 8.42    
Shareholders' Equity Growth % ...                 127 32.9 32.3 -123 4.76    
Net Debt Growth % ...                 47.0 21.0 28.8 -101 -91.0    
Total Debt Growth % ... ...   ... ...         47.3 21.0 28.8 -100 ... ... ...
ratios                                
Total Debt CZK mil                   14,322 17,326 22,321 0 0    
Net Debt CZK mil                   14,260 17,257 22,219 -228 -20.5    
Working Capital CZK mil                   2,526 1,327 2,358 2,148 1,205    
Capital Employed CZK mil                   4,015 2,885 3,599 3,327 2,436    
Net Debt/Equity                   -1.20 -1.09 -1.06 -0.048 -0.004    
Cost of Financing % ...     ...           -0.424 -4.29 4.30 0.305 ... ... ...
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                
Net Profit CZK mil                   -6,235 -4,010 -5,032 60.0 330    
Depreciation CZK mil                   1,266 985 829 471 225    
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                   ... ... ... ... ... ... ...
Issuance Of Debt CZK mil ...                 ... ... ... ... ... ... ...
Total Cash From Financing CZK mil                   ... ... ... ... ... ... ...
Net Change In Cash CZK mil                   ... ... ... ... ... ... ...
ratios                                
Days Sales Outstanding days                   36.0 24.5 32.4 26.3 28.7    
Days Sales Of Inventory days                   16.4 4.79 23.5 17.1 18.8    
Days Payable Outstanding days                   27.2 16.9 26.0 16.8 30.8    
Cash Conversion Cycle days                   25.2 12.4 29.8 26.7 16.7    
Cash Earnings CZK mil                   -4,969 -3,025 -4,203 531 556    
Free Cash Flow CZK mil                   ... ... ... ... ... ... ...
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                
ROA %                   -69.9 -56.8 -82.2 0.795 3.59    
Gross Margin %                   -12.1 -8.31 -7.44 3.16 8.46    
Employees                   2,078 2,053 1,793 1,425 1,180    
Cost Per Employee USD per month                   1,879 1,916 2,144 2,072 2,120    
Cost Per Employee (Local Currency) CZK per month                   35,812 36,613 37,925 40,526 41,482    
Staff Cost (As % Of Total Cost) %                   1.99 1.91 2.44 2.36 2.40    
Effective Tax Rate %                   0 0 -0.060 1.42 0.032    
Domestic Sales CZK mil ... ... ... ...           1,345 1,547 950 1,016 2,362    
Capital Expenditures (As % of Sales) %                   ... ... ... ... ... ... ...
Revenues From Abroad CZK mil ... ... ... ...           35,173 39,077 27,128 27,645 22,391    
Revenues From Abroad (As % Of Total) % ... ... ... ...           91.3 92.1 93.5 93.9 90.4    

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Panasonic AVC Networks Czech, s.r.o. belongs to the Panasonic Corporation with headquarters in Osaka, Japan. The Czech subsidiary was establishedin 1996 with first television 14inch (36cm) assembled a year after in 1997. Panasonic AVC Networks Czech produces a wide range of products such as LCD and Plasma television from basic specifications 19inch (48cm) to 103inch (262cm) products which can be plugged into home network, connected to the internet or watched 3D programmes. The Company is based in Pilsen and its products are exported to all European countries and to Russia. Panasonic Corporation is a Japanese multinational electronics corporation. The Company was founded in 1918 and is the world's fourth-largest television manufacturer by market share

Finance

Panasonic AVC Networks Czech has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 114% during that time to total of CZK 534 mil in 2015, or 3.11% of sales. That’s compared to 0.437% average margin seen in last five years.

The company netted CZK 277 mil in 2015 implying ROE of 4.02% and ROCE of 17.2%. Again, the average figures were 11.2% and -12.4%, respectively when looking at the previous 5 years.

Panasonic AVC Networks Czech’s net debt amounted to CZK -15.6 mil at the end of 2015, or -0.003 of equity. When compared to EBITDA, net debt was -0.029x, up when compared to average of -1.35x seen in the last 5 years.