Polymer Group

Polymer's Cash & Cash Equivalents rose 107% yoy to USD 178 mil in 2014

By Helgi Analytics - April 2, 2020

Polymer Group's total assets reached USD 2,035 mil at the end of 2014, up 41.4% compared to the previous year. Cur...

Profit Statement 2012 2013 2014
Sales USD mil 1,155 1,215 1,860
Gross Profit USD mil 197 196 334
EBITDA USD mil 104 83.8 136
EBIT USD mil 37.2 7.29 18.2
Financing Cost USD mil 55.5 68.2 139
Pre-Tax Profit USD mil -18.4 -60.9 -121
Net Profit USD mil -26.0 -24.9 -126
Balance Sheet 2012 2013 2014
Total Assets USD mil 1,022 1,439 2,035
Non-Current Assets USD mil 660 940 1,329
Current Assets USD mil 362 499 706
Working Capital USD mil 29.6 43.5 100
Shareholders' Equity USD mil 139 160 -23.8
Liabilities USD mil 883 1,279 2,059
Total Debt USD mil 600 897 1,483
Net Debt USD mil 502 811 1,304
Ratios 2012 2013 2014
ROE % -15.9 -16.6 -186
ROCE % -3.60 -2.97 -10.5
Gross Margin % 17.1 16.2 17.9
EBITDA Margin % 8.99 6.90 7.34
EBIT Margin % 3.22 0.600 0.978
Net Margin % -2.25 -2.05 -6.79
Net Debt/EBITDA 4.83 9.68 9.56
Net Debt/Equity 3.60 5.07 -54.8
Cost of Financing % 9.26 9.11 11.7
Cash Flow 2012 2013 2014
Total Cash From Operations USD mil 75.5 16.9 49.1
Total Cash From Investing USD mil -50.2 -338 -437
Total Cash From Financing USD mil -0.042 308 487
Net Change In Cash USD mil 25.2 -12.7 99.8
Cash Conversion Cycle days 2.73 4.31 13.3
Cash Earnings USD mil 40.7 51.6 -7.97
Free Cash Flow USD mil 25.2 -321 -388

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summary Unit 2009 2010 2011 2012 2013 2014
income statement            
Sales USD mil 851 1,106 1,188 1,155    
Gross Profit USD mil 183 210 186 197    
EBIT USD mil 52.2 49.5 -23.8 37.2    
Net Profit USD mil 11.2 20.2 -93.7 -26.0    
ROE % ... 14.1 -56.7 -15.9    
EBIT Margin % 6.14 4.48 -2.00 3.22    
Net Margin % 1.31 1.83 -7.89 -2.25    
Employees ... ... 3,065 2,800    
balance sheet            
Total Assets USD mil ... 732 1,061 1,022    
Non-Current Assets USD mil ... 367 702 660    
Current Assets USD mil ... 365 358 362    
Shareholders' Equity USD mil ... 143 187 139    
Liabilities USD mil ... 589 873 883    
Non-Current Liabilities USD mil ... 402 667 661    
Current Liabilities USD mil ... 186 206 222    
Net Debt/EBITDA ... 2.73 14.3 4.83    
Net Debt/Equity ... 1.83 2.82 3.60    
Cost of Financing % ... ... 14.4 9.26    
cash flow            
Total Cash From Operations USD mil 99.0 63.2 -1.15 75.5    
Total Cash From Investing USD mil -14.6 -41.3 -476 -50.2    
Total Cash From Financing USD mil -72.7 -8.09 477 -0.042    
Net Change In Cash USD mil 11.8 13.9 -0.874 25.2    
income statement Unit 2009 2010 2011 2012 2013 2014
income statement            
Sales USD mil 851 1,106 1,188 1,155    
Cost of Goods & Services USD mil 667 896 1,001 958    
Gross Profit USD mil 183 210 186 197    
Staff Cost USD mil 66.3 74.1 74.1 76.1    
Other Cost USD mil 14.4 39.9 75.4 17.3    
EBITDA USD mil 103 95.9 37.0 104    
Depreciation USD mil 50.4 46.4 60.8 66.7    
EBIT USD mil 52.2 49.5 -23.8 37.2    
Financing Cost USD mil 34.6 33.2 67.0 55.5    
Extraordinary Cost USD mil 0 0 0 0    
Pre-Tax Profit USD mil 17.6 16.3 -90.9 -18.4    
Tax USD mil 8.58 -4.53 2.72 7.66    
Minorities USD mil -2.14 0.623 0.142 0    
Net Profit USD mil 11.2 20.2 -93.7 -26.0    
growth rates            
Total Revenue Growth % ... 30.0 7.35 -2.73    
Operating Cost Growth % ... 41.2 31.1 -37.5    
EBITDA Growth % ... -6.55 -61.4 181    
EBIT Growth % ... -5.18 -148 -256    
Pre-Tax Profit Growth % ... -7.23 -656 -79.8    
Net Profit Growth % ... 81.4 -563 -72.2    
ratios            
ROE % ... 14.1 -56.7 -15.9    
ROCE % ... ... -15.9 -3.60    
Gross Margin % 21.6 19.0 15.7 17.1    
EBITDA Margin % 12.1 8.67 3.12 8.99    
EBIT Margin % 6.14 4.48 -2.00 3.22    
Net Margin % 1.31 1.83 -7.89 -2.25    
Cost of Financing % ... ... 14.4 9.26    
Net Debt/EBITDA ... 2.73 14.3 4.83    
balance sheet Unit 2009 2010 2011 2012 2013 2014
balance sheet            
Non-Current Assets USD mil ... 367 702 660    
Property, Plant & Equipment USD mil ... 323 493 479    
Intangible Assets USD mil ... 2.25 83.8 75.7    
Goodwill USD mil ... 5.28 80.5 80.6    
Current Assets USD mil ... 365 358 362    
Inventories USD mil ... 105 104 95.0    
Receivables USD mil ... 122 141 132    
Cash & Cash Equivalents USD mil ... 72.4 72.7 97.9    
Total Assets USD mil ... 732 1,061 1,022    
Shareholders' Equity USD mil ... 143 187 139    
Of Which Minority Interest USD mil ... 8.92 0 0    
Liabilities USD mil ... 589 873 883    
Non-Current Liabilities USD mil ... 402 667 661    
Long-Term Debt USD mil ... 328 588 579    
Deferred Tax Liabilities USD mil ... 20.1 34.8 33.2    
Current Liabilities USD mil ... 186 206 222    
Short-Term Debt USD mil ... 5.72 12.6 20.3    
Trade Payables USD mil ... 174 191 197    
Equity And Liabilities USD mil ... 732 1,061 1,022    
growth rates            
Total Asset Growth % ... ... 44.9 -3.63    
Shareholders' Equity Growth % ... ... 30.7 -25.7    
Net Debt Growth % ... ... 102 -4.91    
Total Debt Growth % ... ... 79.8 -0.126    
ratios            
Total Debt USD mil ... 334 600 600    
Net Debt USD mil ... 262 528 502    
Working Capital USD mil ... 53.1 54.6 29.6    
Capital Employed USD mil ... 420 757 690    
Net Debt/Equity ... 1.83 2.82 3.60    
Cost of Financing % ... ... 14.4 9.26    
cash flow Unit 2009 2010 2011 2012 2013 2014
cash flow            
Net Profit USD mil 11.2 20.2 -93.7 -26.0    
Depreciation USD mil 50.4 46.4 60.8 66.7    
Non-Cash Items USD mil ... ... 33.3 9.86    
Change in Working Capital USD mil ... ... -1.50 24.9    
Total Cash From Operations USD mil 99.0 63.2 -1.15 75.5    
Capital Expenditures USD mil -43.5 -45.2 -76.8 -51.6    
Other Investments USD mil 28.9 3.91 -399 1.39    
Total Cash From Investing USD mil -14.6 -41.3 -476 -50.2    
Issuance Of Debt USD mil ... ... 267 -0.756    
Total Cash From Financing USD mil -72.7 -8.09 477 -0.042    
Net Change In Cash USD mil 11.8 13.9 -0.874 25.2    
ratios            
Days Sales Outstanding days ... 40.2 43.4 41.6    
Days Sales Of Inventory days ... 42.8 37.9 36.2    
Days Payable Outstanding days ... 70.8 69.5 75.0    
Cash Conversion Cycle days ... 12.2 11.8 2.73    
Cash Earnings USD mil 61.5 66.6 -32.9 40.7    
Free Cash Flow USD mil 84.4 22.0 -477 25.2    
other data Unit 2009 2010 2011 2012 2013 2014
other data            
ROA % ... 2.77 -10.5 -2.50    
Gross Margin % 21.6 19.0 15.7 17.1    
Employees ... ... 3,065 2,800    
Cost Per Employee USD per month ... ... 2,014 2,266    
Cost Per Employee (Local Currency) USD per month ... ... 2,014 2,266    
Staff Cost (As % Of Total Cost) % 8.31 7.01 6.12 6.81    
Effective Tax Rate % 48.7 -27.8 -3.00 -41.6    
Domestic Sales USD mil 43.0 56.9 55.5 57.3    
Capital Expenditures (As % of Sales) % 5.11 4.08 6.47 4.47    
Revenues From Abroad USD mil ... 794 1,051 1,130    
Revenues From Abroad (As % Of Total) % ... 71.8 88.5 97.8    
Sales to the United States USD mil 305 333 357 357    
Sales to Canada USD mil 43.0 56.9 55.5 57.3    
Sales to Europe USD mil 159 281 322 294    
Sales to Asia USD mil 109 129 145 157    
Sales to Latin America USD mil 234 306 308 290    

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Sep 2014
Statistical Dossier

Polymer Group Inc. (PGI) is a US-based manufacturer of nonwovens for the hygiene, healthcare, wipes, technical specialties, building, and geosynthetics markets. The Company develops, produces, and markets engineered materials in the United States, Canada, Europe, Asia, and Latin America. PGI offers nonwoven products, including top sheets, transfer layers, or backsheet fabrics, absorbent pads for hygiene applications, nonwoven healthcare products for use in disposable surgical packs, or nonwoven products for consumer wipes applications. In addition, the Company provides nonwovens, such as various specialty materials for industrial applications in the building and construction markets. Polymer Group, Inc. was founded 1994 and is headquartered in Charlotte, North Carolina.

Finance

Polymer Group has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.87% a year during that time to total of USD 136 mil in 2014, or 7.34% of sales. That’s compared to 7.00% average margin seen in last five years.

The company netted USD -126 mil in 2014 implying ROE of -186% and ROCE of -10.5%. Again, the average figures were -52.2% and -8.24%, respectively when looking at the previous 5 years.

Polymer Group’s net debt amounted to USD 1,304 mil at the end of 2014, or -54.8 of equity. When compared to EBITDA, net debt was 9.56x, up when compared to average of 8.21x seen in the last 5 years.