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Sava

Profit Statement 2012 2013 2014
Sales EUR mil 192 67.2 63.0
Gross Profit EUR mil 74.6 30.8 30.3
EBITDA EUR mil 21.5 0.289 6.37
EBIT EUR mil 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 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   232 173 177 194 192    
Gross Profit EUR mil                   75.1 75.2 51.5 75.9 74.6    
EBIT EUR mil                   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 EUR mil                   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 EUR mil                   20.5 21.5 22.6 19.7 21.5    
Depreciation EUR mil                   15.7 15.2 15.4 14.0 13.5    
EBIT EUR mil                   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    

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Finance

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 EUR 6.37 mil 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.

Valuation

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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