By Helgi Analytics - April 2, 2020
Sava's total assets reached EUR 285 mil at the end of 2014, down 12.5% compared to the previous year. Current asse...
| Profit Statement | 2012 | 2013 | 2014 | |
| Sales | 192 | 67.2 | 63.0 | |
| Gross Profit | EUR mil | 74.6 | 30.8 | 30.3 |
| EBITDA | 21.5 | 0.289 | 6.37 | |
| EBIT | 8.04 | -7.77 | -1.23 | |
| Financing Cost | EUR mil | 21.5 | -0.179 | 7.65 |
| Pre-Tax Profit | EUR mil | -93.4 | -45.7 | -36.0 |
| Net Profit | EUR mil | -99.2 | -55.6 | -47.0 |
| Dividends | EUR mil | 0 | 0 | ... |
| Balance Sheet | 2012 | 2013 | 2014 | |
| Total Assets | EUR mil | 481 | 326 | 285 |
| Non-Current Assets | EUR mil | 350 | 291 | 255 |
| Current Assets | EUR mil | 131 | 35.6 | 30.5 |
| Working Capital | EUR mil | 9.82 | 5.93 | 6.09 |
| Shareholders' Equity | EUR mil | 67.3 | 16.2 | -21.2 |
| Liabilities | EUR mil | 414 | 310 | 307 |
| Total Debt | EUR mil | 345 | 295 | 299 |
| Net Debt | EUR mil | 344 | 294 | 298 |
| Ratios | 2012 | 2013 | 2014 | |
| ROE | % | -85.1 | -133 | 1,860 |
| ROCE | % | -22.3 | -16.9 | -16.8 |
| Gross Margin | % | 38.8 | 45.8 | 48.1 |
| EBITDA Margin | % | 11.2 | 0.430 | 10.1 |
| EBIT Margin | % | 4.18 | -11.6 | -1.95 |
| Net Margin | % | -51.6 | -82.7 | -74.5 |
| Net Debt/EBITDA | 16.0 | 1,017 | 46.7 | |
| Net Debt/Equity | 5.11 | 18.2 | -14.0 | |
| Cost of Financing | % | 6.00 | -0.056 | 2.57 |
| Valuation | 2012 | 2013 | 2014 | |
| Market Capitalisation | USD mil | 9.00 | 0.553 | 1.21 |
| Enterprise Value (EV) | USD mil | 463 | 406 | 361 |
| Number Of Shares | mil | 2.01 | 2.01 | 2.01 |
| Share Price | EUR | 3.40 | 0.200 | 0.500 |
| EV/EBITDA | 16.7 | 1,057 | 44.0 | |
| EV/Sales | 1.88 | 4.55 | 4.45 | |
| Price/Earnings (P/E) | -0.069 | -0.007 | -0.021 | |
| Price/Book Value (P/BV) | 0.101 | 0.025 | -0.047 | |
| Dividend Yield | % | 0 | 0 | ... |
Get all company financials in excel:
| summary | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| income statement | |||||||||||||||||
| Sales | 232 | 173 | 177 | 194 | 192 | ||||||||||||
| Gross Profit | EUR mil | 75.1 | 75.2 | 51.5 | 75.9 | 74.6 | |||||||||||
| EBIT | 4.79 | 6.25 | 7.29 | 5.75 | 8.04 | ||||||||||||
| Net Profit | EUR mil | 2.35 | 23.6 | -99.8 | -157 | -99.2 | |||||||||||
| ROE | % | 0.456 | 4.92 | -25.0 | -64.2 | -85.1 | |||||||||||
| EBIT Margin | % | 2.07 | 3.62 | 4.12 | 2.97 | 4.18 | |||||||||||
| Net Margin | % | 1.01 | 13.6 | -56.5 | -81.0 | -51.6 | |||||||||||
| Employees | ... | 2,370 | 2,107 | 2,256 | 2,256 | 2,107 | |||||||||||
| balance sheet | |||||||||||||||||
| Total Assets | EUR mil | 922 | 941 | 761 | 611 | 481 | |||||||||||
| Non-Current Assets | EUR mil | 815 | 777 | 643 | 492 | 350 | |||||||||||
| Current Assets | EUR mil | 106 | 165 | 118 | 119 | 131 | |||||||||||
| Shareholders' Equity | EUR mil | 482 | 475 | 323 | 166 | 67.3 | |||||||||||
| Liabilities | EUR mil | 439 | 466 | 437 | 445 | 414 | |||||||||||
| Non-Current Liabilities | EUR mil | 219 | 179 | 233 | 81.4 | 70.3 | |||||||||||
| Current Liabilities | EUR mil | 221 | 287 | 205 | 364 | 343 | |||||||||||
| Net Debt/EBITDA | 18.2 | 19.2 | 16.5 | 18.3 | 16.0 | ||||||||||||
| Net Debt/Equity | 0.776 | 0.866 | 1.15 | 2.17 | 5.11 | ||||||||||||
| Cost of Financing | % | ... | 5.68 | 4.21 | 5.36 | 5.97 | 6.00 | ||||||||||
| cash flow | |||||||||||||||||
| Total Cash From Operations | EUR mil | ... | 25.5 | 20.9 | 31.9 | 0.875 | -1.62 | ||||||||||
| Total Cash From Investing | EUR mil | ... | -95.1 | -57.7 | 23.4 | -0.475 | 1.19 | ||||||||||
| Total Cash From Financing | EUR mil | ... | 70.3 | 36.9 | -51.4 | 2.55 | -3.10 | ||||||||||
| Net Change In Cash | EUR mil | ... | 0.686 | 0.054 | 3.86 | 2.95 | -3.53 | ||||||||||
| valuation | |||||||||||||||||
| Market Capitalisation | USD mil | ... | 714 | 678 | 238 | 31.2 | 9.00 | ||||||||||
| Number Of Shares | mil | 2.00 | 2.00 | 2.01 | 2.01 | 2.01 | |||||||||||
| Share Price | EUR | ... | 256 | 236 | 89.5 | 12.0 | 3.40 | ||||||||||
| Earnings Per Share (EPS) | EUR | 1.17 | 11.8 | -49.7 | -78.2 | -49.4 | |||||||||||
| Book Value Per Share | EUR | 241 | 237 | 161 | 82.6 | 33.5 | |||||||||||
| Dividend Per Share | EUR | 3.08 | 3.20 | 0.005 | 0 | 0 | ... | ||||||||||
| Price/Earnings (P/E) | ... | 219 | 20.1 | -1.80 | -0.153 | -0.069 | |||||||||||
| Price/Book Value (P/BV) | ... | 1.06 | 0.995 | 0.556 | 0.145 | 0.101 | |||||||||||
| Dividend Yield | % | ... | 1.20 | 1.36 | 0.006 | 0 | 0 | ... | |||||||||
| Earnings Per Share Growth | % | ... | -94.0 | 905 | -523 | 57.3 | -36.8 | ||||||||||
| Book Value Per Share Growth | % | ... | -11.5 | -1.46 | -32.1 | -48.7 | -59.4 |
| income statement | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| income statement | |||||||||||||||||
| Sales | 232 | 173 | 177 | 194 | 192 | ||||||||||||
| Cost of Goods & Services | EUR mil | 157 | 97.7 | 125 | 118 | 118 | |||||||||||
| Gross Profit | EUR mil | 75.1 | 75.2 | 51.5 | 75.9 | 74.6 | |||||||||||
| Staff Cost | EUR mil | 57.2 | 52.8 | 52.2 | 57.0 | 52.7 | |||||||||||
| Other Cost | EUR mil | -2.67 | 0.957 | -23.4 | -0.833 | 0.337 | |||||||||||
| EBITDA | 20.5 | 21.5 | 22.6 | 19.7 | 21.5 | ||||||||||||
| Depreciation | EUR mil | 15.7 | 15.2 | 15.4 | 14.0 | 13.5 | |||||||||||
| EBIT | 4.79 | 6.25 | 7.29 | 5.75 | 8.04 | ||||||||||||
| Financing Cost | EUR mil | 19.2 | 16.7 | 21.4 | 22.4 | 21.5 | |||||||||||
| Extraordinary Cost | EUR mil | -14.7 | -33.0 | 91.0 | 152 | 79.9 | |||||||||||
| Pre-Tax Profit | EUR mil | 0.304 | 22.5 | -105 | -169 | -93.4 | |||||||||||
| Tax | EUR mil | -1.62 | -0.909 | -5.22 | -11.9 | 5.91 | |||||||||||
| Minorities | EUR mil | -0.426 | -0.130 | -0.051 | -0.147 | -0.098 | |||||||||||
| Net Profit | EUR mil | 2.35 | 23.6 | -99.8 | -157 | -99.2 | |||||||||||
| Dividends | EUR mil | 6.17 | 6.42 | 0.011 | 0 | 0 | ... | ||||||||||
| growth rates | |||||||||||||||||
| Total Revenue Growth | % | ... | 23.1 | -25.4 | 2.22 | 9.65 | -0.824 | ||||||||||
| Operating Cost Growth | % | ... | 17.5 | -1.43 | -46.4 | 95.0 | -5.66 | ||||||||||
| EBITDA Growth | % | ... | -13.0 | 4.54 | 5.55 | -12.9 | 9.30 | ||||||||||
| EBIT Growth | % | ... | -42.9 | 30.5 | 16.5 | -21.1 | 39.9 | ||||||||||
| Pre-Tax Profit Growth | % | ... | -99.3 | 7,314 | -566 | 60.8 | -44.8 | ||||||||||
| Net Profit Growth | % | ... | -94.0 | 905 | -523 | 57.3 | -36.8 | ||||||||||
| ratios | |||||||||||||||||
| ROE | % | 0.456 | 4.92 | -25.0 | -64.2 | -85.1 | |||||||||||
| ROCE | % | ... | 0.269 | 2.81 | -13.1 | -25.5 | -22.3 | ||||||||||
| Gross Margin | % | 32.4 | 43.5 | 29.1 | 39.2 | 38.8 | |||||||||||
| EBITDA Margin | % | 8.85 | 12.4 | 12.8 | 10.2 | 11.2 | |||||||||||
| EBIT Margin | % | 2.07 | 3.62 | 4.12 | 2.97 | 4.18 | |||||||||||
| Net Margin | % | 1.01 | 13.6 | -56.5 | -81.0 | -51.6 | |||||||||||
| Payout Ratio | % | 263 | 27.2 | -0.011 | 0 | 0 | ... | ||||||||||
| Cost of Financing | % | ... | 5.68 | 4.21 | 5.36 | 5.97 | 6.00 | ||||||||||
| Net Debt/EBITDA | 18.2 | 19.2 | 16.5 | 18.3 | 16.0 |
| balance sheet | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| balance sheet | |||||||||||||||||
| Non-Current Assets | EUR mil | 815 | 777 | 643 | 492 | 350 | |||||||||||
| Property, Plant & Equipment | EUR mil | 252 | 239 | 228 | 215 | 165 | |||||||||||
| Intangible Assets | EUR mil | 0.974 | 1.02 | 0.951 | 0.459 | 0.565 | |||||||||||
| Current Assets | EUR mil | 106 | 165 | 118 | 119 | 131 | |||||||||||
| Inventories | EUR mil | 42.3 | 42.6 | 58.8 | 29.3 | 11.7 | |||||||||||
| Receivables | EUR mil | 22.8 | 18.1 | 19.9 | 21.8 | 4.24 | |||||||||||
| Cash & Cash Equivalents | EUR mil | 3.20 | 4.43 | 8.29 | 10.6 | 0.551 | |||||||||||
| Total Assets | EUR mil | 922 | 941 | 761 | 611 | 481 | |||||||||||
| Shareholders' Equity | EUR mil | 482 | 475 | 323 | 166 | 67.3 | |||||||||||
| Of Which Minority Interest | EUR mil | 2.25 | 2.11 | 1.87 | 1.72 | 1.57 | |||||||||||
| Liabilities | EUR mil | 439 | 466 | 437 | 445 | 414 | |||||||||||
| Non-Current Liabilities | EUR mil | 219 | 179 | 233 | 81.4 | 70.3 | |||||||||||
| Long-Term Debt | EUR mil | 193 | 160 | 213 | 62.5 | 57.7 | |||||||||||
| Deferred Tax Liabilities | EUR mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ||
| Current Liabilities | EUR mil | 221 | 287 | 205 | 364 | 343 | |||||||||||
| Short-Term Debt | EUR mil | 184 | 256 | 168 | 308 | 287 | |||||||||||
| Trade Payables | EUR mil | 22.4 | 15.4 | 18.9 | 14.6 | 6.13 | |||||||||||
| Equity And Liabilities | EUR mil | 922 | 941 | 761 | 611 | 481 | |||||||||||
| growth rates | |||||||||||||||||
| Total Asset Growth | % | ... | -3.16 | 2.14 | -19.2 | -19.7 | -21.3 | ||||||||||
| Shareholders' Equity Growth | % | ... | -11.5 | -1.46 | -32.0 | -48.7 | -59.4 | ||||||||||
| Net Debt Growth | % | ... | 26.5 | 9.94 | -9.39 | -3.50 | -4.37 | ||||||||||
| Total Debt Growth | % | ... | 26.5 | 10.2 | -8.36 | -2.80 | -6.97 | ||||||||||
| ratios | |||||||||||||||||
| Total Debt | EUR mil | 378 | 416 | 381 | 371 | 345 | |||||||||||
| Net Debt | EUR mil | 374 | 412 | 373 | 360 | 344 | |||||||||||
| Working Capital | EUR mil | 42.8 | 45.2 | 59.9 | 36.6 | 9.82 | |||||||||||
| Capital Employed | EUR mil | 858 | 822 | 703 | 528 | 360 | |||||||||||
| Net Debt/Equity | 0.776 | 0.866 | 1.15 | 2.17 | 5.11 | ||||||||||||
| Cost of Financing | % | ... | 5.68 | 4.21 | 5.36 | 5.97 | 6.00 |
| cash flow | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| cash flow | |||||||||||||||||
| Net Profit | EUR mil | 2.35 | 23.6 | -99.8 | -157 | -99.2 | |||||||||||
| Depreciation | EUR mil | 15.7 | 15.2 | 15.4 | 14.0 | 13.5 | |||||||||||
| Non-Cash Items | EUR mil | ... | 13.2 | -15.5 | 131 | 121 | 57.3 | ||||||||||
| Change in Working Capital | EUR mil | ... | -5.80 | -2.43 | -14.7 | 23.3 | 26.8 | ||||||||||
| Total Cash From Operations | EUR mil | ... | 25.5 | 20.9 | 31.9 | 0.875 | -1.62 | ||||||||||
| Capital Expenditures | EUR mil | ... | -20.8 | -5.91 | -6.40 | -7.29 | -6.85 | ||||||||||
| Other Investments | EUR mil | ... | -74.3 | -51.8 | 29.8 | 6.82 | 8.04 | ||||||||||
| Total Cash From Investing | EUR mil | ... | -95.1 | -57.7 | 23.4 | -0.475 | 1.19 | ||||||||||
| Dividends Paid | EUR mil | -6.17 | -6.42 | -0.011 | 0 | 0 | ... | ||||||||||
| Issuance Of Debt | EUR mil | ... | 79.1 | 38.4 | -34.8 | -10.7 | -25.8 | ||||||||||
| Total Cash From Financing | EUR mil | ... | 70.3 | 36.9 | -51.4 | 2.55 | -3.10 | ||||||||||
| Net Change In Cash | EUR mil | ... | 0.686 | 0.054 | 3.86 | 2.95 | -3.53 | ||||||||||
| ratios | |||||||||||||||||
| Days Sales Outstanding | days | 36.0 | 38.1 | 41.1 | 41.1 | 8.05 | |||||||||||
| Days Sales Of Inventory | days | 98.7 | 159 | 171 | 90.9 | 36.3 | |||||||||||
| Days Payable Outstanding | days | 52.3 | 57.7 | 55.0 | 45.1 | 19.0 | |||||||||||
| Cash Conversion Cycle | days | 82.4 | 139 | 158 | 86.8 | 25.4 | |||||||||||
| Cash Earnings | EUR mil | 18.1 | 38.8 | -84.5 | -143 | -85.7 | |||||||||||
| Cash Earnings Per Share | EUR | 9.02 | 19.4 | -42.1 | -71.3 | -42.7 | |||||||||||
| Price/Cash Earnings (P/CE) | ... | 28.4 | 12.2 | -2.13 | -0.168 | -0.080 | |||||||||||
| Free Cash Flow | EUR mil | ... | -69.6 | -36.9 | 55.3 | 0.400 | -0.432 | ||||||||||
| Free Cash Flow Yield | % | ... | -14.3 | -7.57 | 30.7 | 1.78 | -6.16 |
| other data | Unit | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
| other data | |||||||||||||||||
| ROA | % | 0.250 | 2.53 | -11.7 | -22.9 | -18.2 | |||||||||||
| Gross Margin | % | 32.4 | 43.5 | 29.1 | 39.2 | 38.8 | |||||||||||
| Employees | ... | 2,370 | 2,107 | 2,256 | 2,256 | 2,107 | |||||||||||
| Cost Per Employee | USD per month | ... | 2,944 | 2,906 | 2,551 | 2,930 | 2,676 | ||||||||||
| Cost Per Employee (Local Currency) | EUR per month | ... | 2,012 | 2,089 | 1,928 | 2,107 | 2,084 | ||||||||||
| Staff Cost (As % Of Total Cost) | % | 25.2 | 31.7 | 30.8 | 30.3 | 28.6 | |||||||||||
| Effective Tax Rate | % | -532 | -4.03 | 4.97 | 7.04 | -6.33 | |||||||||||
| Enterprise Value (EV) | USD mil | ... | 1,236 | 1,268 | 733 | 498 | 463 | ||||||||||
| EV/EBITDA | ... | 41.2 | 42.5 | 24.5 | 18.2 | 16.7 | |||||||||||
| EV/Capital Employed | ... | 1.03 | 1.08 | 0.786 | 0.727 | 0.976 | |||||||||||
| EV/Sales | ... | 3.64 | 5.27 | 3.14 | 1.85 | 1.88 | |||||||||||
| EV/EBIT | ... | 176 | 146 | 76.1 | 62.3 | 44.9 | |||||||||||
| Domestic Sales | EUR mil | ... | ... | ... | ... | ... | 129 | 102 | 93.0 | 92.0 | 87.0 | ||||||
| Capital Expenditures (As % of Sales) | % | ... | 8.96 | 3.42 | 3.62 | 3.76 | 3.56 | ||||||||||
| Revenues From Abroad | EUR mil | ... | ... | ... | ... | ... | 103 | 71.0 | 84.0 | 102 | 105 | ||||||
| Revenues From Abroad (As % Of Total) | % | ... | ... | ... | ... | ... | 44.4 | 41.1 | 47.5 | 52.6 | 54.6 |
Get all company financials in excel:
Sava has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 21.6% a year during that time to total of 6.37 in 2014, or 10.1% of sales. That’s compared to 8.95% average margin seen in last five years.
The company netted EUR -47.0 mil in 2014 implying ROE of 1,860% and ROCE of -16.8%. Again, the average figures were 310% and -18.9%, respectively when looking at the previous 5 years.
Sava’s net debt amounted to EUR 298 mil at the end of 2014, or -14.0 of equity. When compared to EBITDA, net debt was 46.7x, down when compared to average of 223x seen in the last 5 years.
Sava stock traded at EUR 0.500 per share at the end of 2014 resulting in a market capitalization of USD 1.21 mil. Over the previous five years, stock price fell by 99.8% or -70.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 44.0x and price to earnings (PE) of -0.021x as of 2014.
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