Petrof

Profit Statement 2013 2014 2015
Sales CZK mil 231 224 229
Gross Profit CZK mil 116 117 118
EBITDA CZK mil 13.7 14.1 19.0
EBIT CZK mil 6.49 7.00 11.6
Financing Cost CZK mil -1.82 -2.44 1.96
Pre-Tax Profit CZK mil 8.35 9.52 9.63
Net Profit CZK mil 8.06 7.23 6.73
Balance Sheet 2013 2014 2015
Total Assets CZK mil 392 395 401
Non-Current Assets CZK mil 138 142 142
Current Assets CZK mil 251 251 256
Working Capital CZK mil 228 222 233
Shareholders' Equity CZK mil 315 321 328
Liabilities CZK mil 77.2 74.4 72.5
Total Debt CZK mil 51.7 44.7 41.9
Net Debt CZK mil 45.2 33.7 40.9
Ratios 2013 2014 2015
ROE % 2.59 2.27 2.07
ROCE % 2.22 1.98 1.82
Gross Margin % 50.1 52.3 51.2
EBITDA Margin % 5.93 6.29 8.28
EBIT Margin % 2.81 3.12 5.05
Net Margin % 3.49 3.22 2.93
Net Debt/EBITDA 3.31 2.39 2.16
Net Debt/Equity 0.144 0.105 0.125
Cost of Financing % -3.57 -5.06 4.52
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 10.8 22.8 -1.75
Total Cash From Investing CZK mil -11.3 -3.25 -5.48
Total Cash From Financing CZK mil -5.46 -7.04 -2.78
Net Change In Cash CZK mil -5.97 12.5 -10.0
Cash Conversion Cycle days 656 674 660
Cash Earnings CZK mil 15.2 14.3 14.1
Free Cash Flow CZK mil -0.512 19.6 -7.23

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales CZK mil                 112 178 207 226 231    
Gross Profit CZK mil                 43.7 86.7 108 115 116    
EBIT CZK mil                 -124 6.78 20.5 10.9 6.49    
Net Profit CZK mil                 -137 -2.31 27.6 8.99 8.06    
ROE %                 -39.5 -0.830 9.66 2.96 2.59    
EBIT Margin %                 -111 3.82 9.95 4.83 2.81    
Net Margin %                 -122 -1.30 13.3 3.98 3.49    
Employees                 186 243 195 213 219    
balance sheet                              
Total Assets CZK mil                 423 399 404 397 392    
Non-Current Assets CZK mil                 164 147 135 142 138    
Current Assets CZK mil                 257 249 266 253 251    
Shareholders' Equity CZK mil                 284 272 299 308 315    
Liabilities CZK mil                 140 127 105 89.0 77.2    
Non-Current Liabilities CZK mil                 6.49 0 0 0 6.14    
Current Liabilities CZK mil                 61.4 47.5 41.6 33.2 23.8    
Net Debt/EBITDA                 -0.651 4.21 1.77 2.48 3.31    
Net Debt/Equity                 0.259 0.251 0.170 0.148 0.144    
Cost of Financing % ...               16.5 12.3 10.2 3.81 -3.57    
cash flow                              
Total Cash From Operations CZK mil                 -1.51 5.08 19.0 9.29 10.8    
Total Cash From Investing CZK mil                 0.198 6.88 -13.9 8.10 -11.3    
Total Cash From Financing CZK mil                 5.95 -12.3 -2.41 -23.2 -5.46    
Net Change In Cash CZK mil                 4.64 -0.384 2.79 -5.83 -5.97    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales CZK mil                 112 178 207 226 231    
Cost of Goods & Services CZK mil                 68.3 90.9 98.7 111 115    
Gross Profit CZK mil                 43.7 86.7 108 115 116    
Staff Cost CZK mil                 87.9 69.7 73.4 79.8 85.5    
Other Cost CZK mil                 68.6 0.742 5.72 16.5 16.4    
EBITDA CZK mil                 -113 16.2 28.8 18.4 13.7    
Depreciation CZK mil                 11.5 9.42 8.25 7.50 7.18    
EBIT CZK mil                 -124 6.78 20.5 10.9 6.49    
Financing Cost CZK mil                 13.1 9.35 6.56 1.95 -1.82    
Extraordinary Cost CZK mil                 -0.250 -0.264 -13.6 -0.052 -0.038    
Pre-Tax Profit CZK mil                 -137 -2.31 27.6 8.99 8.35    
Tax CZK mil                 0 0 0 0 0.241    
Minorities CZK mil                 0 0 0 0 0    
Net Profit CZK mil                 -137 -2.31 27.6 8.99 8.06    
growth rates                              
Total Revenue Growth % ...               -66.0 58.4 16.3 9.24 2.25    
Operating Cost Growth % ...               32.1 -55.0 12.3 21.7 5.81    
EBITDA Growth % ...               -610 -114 77.7 -36.1 -25.7    
EBIT Growth % ...               -1,574 -105 203 -47.0 -40.4    
Pre-Tax Profit Growth % ...               -929 -98.3 -1,295 -67.4 -7.16    
Net Profit Growth % ...               -929 -98.3 -1,295 -67.4 -10.4    
ratios                              
ROE %                 -39.5 -0.830 9.66 2.96 2.59    
ROCE % ...               -30.1 -0.600 7.36 2.44 2.22    
Gross Margin %                 39.0 48.8 52.2 50.8 50.1    
EBITDA Margin %                 -101 9.12 13.9 8.15 5.93    
EBIT Margin %                 -111 3.82 9.95 4.83 2.81    
Net Margin %                 -122 -1.30 13.3 3.98 3.49    
Cost of Financing % ...               16.5 12.3 10.2 3.81 -3.57    
Net Debt/EBITDA                 -0.651 4.21 1.77 2.48 3.31    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets CZK mil                 164 147 135 142 138    
Property, Plant & Equipment CZK mil                 152 143 132 138 134    
Intangible Assets CZK mil                 0.395 1.44 2.47 2.21 2.19    
Current Assets CZK mil                 257 249 266 253 251    
Inventories CZK mil                 149 145 150 163 196    
Receivables CZK mil                 101 91.0 105 75.6 41.7    
Cash & Cash Equivalents CZK mil                 2.79 7.42 1.59 4.38 6.47    
Total Assets CZK mil                 423 399 404 397 392    
Shareholders' Equity CZK mil                 284 272 299 308 315    
Of Which Minority Interest CZK mil                 0 0 0 0 0    
Liabilities CZK mil                 140 127 105 89.0 77.2    
Non-Current Liabilities CZK mil                 6.49 0 0 0 6.14    
Long-Term Debt CZK mil                 6.49 0 0 25.4 26.1    
Deferred Tax Liabilities CZK mil                 0 0 0 0 0    
Current Liabilities CZK mil                 61.4 47.5 41.6 33.2 23.8    
Short-Term Debt CZK mil                 69.7 75.7 52.4 24.6 25.6    
Trade Payables CZK mil                 17.6 9.23 15.2 19.7 10.00    
Provisions CZK mil                 2.01 3.43 9.30 4.00 0    
Equity And Liabilities CZK mil                 423 399 404 397 392    
growth rates                              
Total Asset Growth % ...               -25.9 -5.82 1.28 -1.82 -1.16    
Shareholders' Equity Growth % ...               -31.0 -4.09 9.92 2.93 2.31    
Net Debt Growth % ...               -6.94 -7.04 -25.5 -10.2 -0.892    
Total Debt Growth % ...               -7.14 -0.702 -30.7 -4.59 3.37    
ratios                              
Total Debt CZK mil                 76.2 75.7 52.4 50.0 51.7    
Net Debt CZK mil                 73.4 68.2 50.8 45.6 45.2    
Working Capital CZK mil                 232 227 241 219 228    
Capital Employed CZK mil                 396 374 376 361 365    
Net Debt/Equity                 0.259 0.251 0.170 0.148 0.144    
Cost of Financing % ...               16.5 12.3 10.2 3.81 -3.57    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit CZK mil                 -137 -2.31 27.6 8.99 8.06    
Depreciation CZK mil                 11.5 9.42 8.25 7.50 7.18    
Non-Cash Items CZK mil ...               15.9 -6.94 -3.10 -28.7 4.32    
Change in Working Capital CZK mil ...               108 4.91 -13.7 21.5 -8.76    
Total Cash From Operations CZK mil                 -1.51 5.08 19.0 9.29 10.8    
Capital Expenditures CZK mil                 -1.56 0.130 -14.2 -2.52 -3.00    
Other Investments CZK mil                 1.76 6.75 0.359 10.6 -8.31    
Total Cash From Investing CZK mil                 0.198 6.88 -13.9 8.10 -11.3    
Issuance Of Debt CZK mil ...               -5.86 -0.535 -23.2 -2.41 1.68    
Total Cash From Financing CZK mil                 5.95 -12.3 -2.41 -23.2 -5.46    
Net Change In Cash CZK mil                 4.64 -0.384 2.79 -5.83 -5.97    
ratios                              
Days Sales Outstanding days                 328 187 186 122 66.0    
Days Sales Of Inventory days                 794 583 556 536 621    
Days Payable Outstanding days                 94.1 37.0 56.4 64.8 31.7    
Cash Conversion Cycle days                 1,028 733 686 594 656    
Cash Earnings CZK mil                 -126 7.12 35.8 16.5 15.2    
Free Cash Flow CZK mil                 -1.32 12.0 5.20 17.4 -0.512    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA %                 -27.5 -0.561 6.87 2.25 2.04    
Gross Margin %                 39.0 48.8 52.2 50.8 50.1    
Employees                 186 243 195 213 219    
Cost Per Employee USD per month                 2,065 1,251 1,773 1,596 1,663    
Cost Per Employee (Local Currency) CZK per month                 39,362 23,906 31,358 31,227 32,531    
Staff Cost (As % Of Total Cost) %                 37.2 40.8 39.4 37.2 38.1    
Effective Tax Rate %                 0 0 0 0 2.89    
Domestic Sales CZK mil                 5.09 25.6 22.6 33.6 43.6    
Capital Expenditures (As % of Sales) %                 1.39 -0.073 6.88 1.12 1.30    
Revenues From Abroad CZK mil                 107 152 184 192 187    
Revenues From Abroad (As % Of Total) %                 95.5 85.6 89.1 85.1 81.1    
Sales Of Keyboard Instruments CZK mil                 124 158 175 207 189    
Sales of Goods CZK mil                 8.00 9.00 26.0 4.00 5.48    
Sales Of Services CZK mil ... ... ... ... ... ... ... ... ... ... 12.0 10.0 15.7    

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Feb 2014
Statistical Dossier

Petrof is a Czech Republic-based piano manufacturer. The Company was founded in 1864 in Hradec Králové by Antonín Petrof, who had studied piano making in Vienna. The Company makes grand pianos and upright pianos in many sizes and types for professionals as well as beginners. Petrof is a family-owned and run Company led by Mgr. Zuzana Ceralová Petrofová, the representative of the 5th generation. Petrof pianos are produced in a factory in Hradec Králové, Czech Republic. Some 90% production is exported to more than 70 countries in the world