SEAT

Profit Statement 2015 2016 2017
Sales EUR mil 8,332 8,597 9,552
Gross Profit EUR mil 1,957 2,036 2,462
EBITDA EUR mil 304 467 577
EBIT EUR mil -7.30 144 116
Financing Cost EUR mil -3.00 -54.4 -91.1
Pre-Tax Profit EUR mil -4.30 875 232
Net Profit EUR mil 6.00 903 281
Dividends EUR mil 0 250 ...
Balance Sheet 2015 2016 2017
Total Assets EUR mil 4,000 4,877 5,044
Non-Current Assets EUR mil 2,939 3,069 3,144
Current Assets EUR mil 1,061 1,809 1,889
Working Capital EUR mil -1,238 -712 -804
Shareholders' Equity EUR mil 536 1,488 1,516
Liabilities EUR mil 3,464 3,389 3,528
Total Debt EUR mil 668 278 264
Net Debt EUR mil 668 278 264
Ratios 2015 2016 2017
ROE % 1.12 89.3 18.7
ROCE % 0.320 44.5 12.0
Gross Margin % 23.5 23.7 25.8
EBITDA Margin % 3.65 5.43 6.04
EBIT Margin % -0.088 1.67 1.21
Net Margin % 0.072 10.5 2.94
Net Debt/EBITDA 2.20 0.595 0.458
Net Debt/Equity % 125 18.7 17.4
Cost of Financing % -0.372 -11.5 -33.6
Cash Flow 2015 2016 2017
Total Cash From Operations EUR mil 781 761 947
Total Cash From Investing EUR mil -470 -472 694
Total Cash From Financing EUR mil -269 -294 -278
Net Change In Cash EUR mil 41.9 -5.50 1,362
Cash Conversion Cycle days -71.8 -48.8 -52.1
Cash Earnings EUR mil 318 1,227 742
Free Cash Flow EUR mil 311 289 1,640

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                        
Sales EUR mil ... ...                       5,049 6,087 6,473 7,497 8,332    
Gross Profit EUR mil ... ...                       947 1,359 1,415 1,769 1,957    
EBIT EUR mil ... ...                       -232 -134 -217 -167 -7.30    
Net Profit EUR mil ... ...                       -61.5 -29.6 -149 -65.7 6.00    
ROE % ... ...                       -8.95 -4.61 -26.9 -13.0 1.12    
EBIT Margin % ... ...                       -4.59 -2.21 -3.35 -2.22 -0.088    
Net Margin % ... ...                       -1.22 -0.486 -2.30 -0.876 0.072    
Employees                           11,394 11,465 11,458 12,444 12,671    
balance sheet                                        
Total Assets EUR mil ... ...                       4,131 4,342 4,059 3,831 4,000    
Non-Current Assets EUR mil ... ...                       3,094 3,390 3,252 2,949 2,939    
Current Assets EUR mil ... ...                       1,037 952 807 882 1,061    
Shareholders' Equity EUR mil ... ...                       656 627 478 533 536    
Liabilities EUR mil ... ...                       3,475 3,715 3,581 3,298 3,464    
Non-Current Liabilities EUR mil ... ...                       322 297 295 384 391    
Current Liabilities EUR mil ... ...                       3,138 3,403 3,273 2,914 3,072    
Net Debt/EBITDA ... ...                       17.8 11.0 12.2 4.84 2.20    
Net Debt/Equity % ... ...                       188 237 306 177 125    
Cost of Financing % ... ... ...                     -7.22 -4.04 -4.90 -2.32 -0.372    
cash flow                                        
Total Cash From Operations EUR mil ... ... ... ... ... ... ... ... ... ...       178 211 358 523 781    
Total Cash From Investing EUR mil ... ... ... ... ... ... ... ... ... ...       -440 -547 -308 -121 -470    
Total Cash From Financing EUR mil ... ... ... ... ... ... ... ... ... ...       269 366 -48.7 -388 -269    
Net Change In Cash EUR mil ... ... ... ... ... ... ... ... ... ...       7.50 29.2 1.70 13.7 41.9    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                        
Sales EUR mil ... ...                       5,049 6,087 6,473 7,497 8,332    
Cost of Goods & Services EUR mil ... ...                       4,102 4,728 5,058 5,728 6,375    
Gross Profit EUR mil ... ...                       947 1,359 1,415 1,769 1,957    
Staff Cost EUR mil ... ...                       528 566 587 670 719    
Other Cost EUR mil ... ...                       350 658 708 904 934    
EBITDA EUR mil ... ...                       69.3 135 120 195 304    
Depreciation EUR mil ... ...                       301 269 337 362 312    
EBIT EUR mil ... ...                       -232 -134 -217 -167 -7.30    
Financing Cost EUR mil ... ...                       -77.7 -54.9 -72.3 -27.9 -3.00    
Extraordinary Cost EUR mil ... ...                       0 0 0 0 0    
Pre-Tax Profit EUR mil ... ...                       -154 -79.4 -144 -139 -4.30    
Tax EUR mil ... ...                       -92.7 -49.8 4.30 -73.1 -10.3    
Minorities EUR mil ... ...                       0 0 0 0 0    
Net Profit EUR mil ... ...                       -61.5 -29.6 -149 -65.7 6.00    
Dividends EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
growth rates                                        
Total Revenue Growth % ... ... ...                     8.28 20.6 6.34 15.8 11.1    
Operating Cost Growth % ... ... ...                     -26.4 39.4 5.77 21.5 5.03    
EBITDA Growth % ... ... ...                     -411 94.2 -11.0 62.9 55.9    
EBIT Growth % ... ... ...                     -29.7 -42.1 61.4 -23.1 -95.6    
Pre-Tax Profit Growth % ... ... ...                     -42.8 -48.5 81.9 -3.88 -96.9    
Net Profit Growth % ... ... ...                     -40.8 -51.9 402 -55.8 -109    
ratios                                        
ROE % ... ...                       -8.95 -4.61 -26.9 -13.0 1.12    
ROCE % ... ... ...                     -2.97 -1.30 -6.15 -2.95 0.320    
Gross Margin % ... ...                       18.8 22.3 21.9 23.6 23.5    
EBITDA Margin % ... ...                       1.37 2.21 1.85 2.60 3.65    
EBIT Margin % ... ...                       -4.59 -2.21 -3.35 -2.22 -0.088    
Net Margin % ... ...                       -1.22 -0.486 -2.30 -0.876 0.072    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
Cost of Financing % ... ... ...                     -7.22 -4.04 -4.90 -2.32 -0.372    
Net Debt/EBITDA ... ...                       17.8 11.0 12.2 4.84 2.20    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                        
Non-Current Assets EUR mil ... ...                       3,094 3,390 3,252 2,949 2,939    
Property, Plant & Equipment EUR mil ... ...                       1,010 1,118 1,128 1,003 967    
Intangible Assets EUR mil ... ...                       576 740 639 572 647    
Current Assets EUR mil ... ...                       1,037 952 807 882 1,061    
Inventories EUR mil ... ...                       365 332 280 366 362    
Receivables EUR mil ... ...                       69.7 93.7 85.8 92.3 71.9    
Cash & Cash Equivalents EUR mil ... ...                       0 0.100 0 0 0.100    
Total Assets EUR mil ... ...                       4,131 4,342 4,059 3,831 4,000    
Shareholders' Equity EUR mil ... ...                       656 627 478 533 536    
Of Which Minority Interest EUR mil ... ...                       0 0 0 0 0    
Liabilities EUR mil ... ...                       3,475 3,715 3,581 3,298 3,464    
Non-Current Liabilities EUR mil ... ...                       322 297 295 384 391    
Long-Term Debt EUR mil ... ...                       95.6 90.4 85.7 97.5 86.9    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...       30.2 24.0 12.4 12.4 10.6    
Current Liabilities EUR mil ... ...                       3,138 3,403 3,273 2,914 3,072    
Short-Term Debt EUR mil ... ...                       1,140 1,395 1,378 848 582    
Trade Payables EUR mil ... ...                       1,417 1,385 1,210 1,359 1,672    
Provisions EUR mil ... ...                       789 768 653 692 799    
Equity And Liabilities EUR mil ... ...                       4,131 4,342 4,059 3,831 4,000    
growth rates                                        
Total Asset Growth % ... ... ...                     7.36 5.10 -6.52 -5.62 4.40    
Shareholders' Equity Growth % ... ... ...                     -8.57 -4.51 -23.7 11.6 0.487    
Net Debt Growth % ... ... ...                     34.9 20.2 -1.43 -35.4 -29.3    
Total Debt Growth % ... ... ...                     34.9 20.2 -1.43 -35.4 -29.3    
ratios                                        
Total Debt EUR mil ... ...                       1,236 1,485 1,464 945 668    
Net Debt EUR mil ... ...                       1,236 1,485 1,464 945 668    
Working Capital EUR mil ... ...                       -982 -959 -844 -900 -1,238    
Capital Employed EUR mil ... ...                       2,112 2,431 2,408 2,049 1,701    
Net Debt/Equity % ... ...                       188 237 306 177 125    
Cost of Financing % ... ... ...                     -7.22 -4.04 -4.90 -2.32 -0.372    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                        
Net Profit EUR mil ... ...                       -61.5 -29.6 -149 -65.7 6.00    
Depreciation EUR mil ... ...                       301 269 337 362 312    
Non-Cash Items EUR mil ... ... ... ... ... ... ... ... ... ...       34.0 -5.80 286 170 126    
Change in Working Capital EUR mil ... ... ... ... ... ... ... ... ... ...       -95.6 -23.0 -116 56.4 338    
Total Cash From Operations EUR mil ... ... ... ... ... ... ... ... ... ...       178 211 358 523 781    
Capital Expenditures EUR mil ... ... ... ... ... ... ... ... ... ...       -231 -554 -315 -224 -472    
Other Investments EUR mil ... ... ... ... ... ... ... ... ... ...       -209 6.80 6.80 104 1.80    
Total Cash From Investing EUR mil ... ... ... ... ... ... ... ... ... ...       -440 -547 -308 -121 -470    
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
Issuance Of Debt EUR mil ... ... ... ... ... ... ... ... ... ...       320 249 -21.3 -518 -277    
Total Cash From Financing EUR mil ... ... ... ... ... ... ... ... ... ...       269 366 -48.7 -388 -269    
Net Change In Cash EUR mil ... ... ... ... ... ... ... ... ... ...       7.50 29.2 1.70 13.7 41.9    
ratios                                        
Days Sales Outstanding days ... ...                       5.04 5.62 4.84 4.49 3.15    
Days Sales Of Inventory days ... ...                       32.5 25.6 20.2 23.3 20.7    
Days Payable Outstanding days ... ...                       126 107 87.3 86.6 95.7    
Cash Conversion Cycle days ... ...                       -88.6 -75.7 -62.2 -58.8 -71.8    
Cash Earnings EUR mil ... ...                       240 239 188 296 318    
Free Cash Flow EUR mil ... ... ... ... ... ... ... ... ... ...       -262 -336 50.4 402 311    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                        
ROA % ... ...                       -1.54 -0.699 -3.54 -1.67 0.153    
Gross Margin % ... ...                       18.8 22.3 21.9 23.6 23.5    
Employees                           11,394 11,465 11,458 12,444 12,671    
Cost Per Employee USD per month ... ...                       5,369 5,284 5,667 5,780 5,418    
Cost Per Employee (Local Currency) EUR per month ... ...                       3,862 4,115 4,269 4,484 4,727    
Staff Cost (As % Of Total Cost) % ... ...                       10.00 9.10 8.77 8.74 8.62    
Effective Tax Rate % ... ...                       60.1 62.7 -2.98 52.7 240    
Domestic Sales EUR mil                           1,261 1,006 1,081 1,335 1,404    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ...       4.57 9.09 4.86 2.99 5.66    
Revenues From Abroad EUR mil ... ...                       3,788 5,081 5,392 6,162 6,928    
Revenues From Abroad (As % Of Total) % ... ...                       75.0 83.5 83.3 82.2 83.1    
Price Per Vehicle Sold EUR ... ...                       14,800 19,704 18,233 19,197 20,828    
EBIT Per Vehicle Sold EUR ... ...                       -680 -435 -610 -427 -18.2    
Net Profit Per Vehicle Sold EUR ... ...                       -180 -95.8 -419 -168 15.0    
Price Per Vehicle Sold (USD) USD ... ...                       20,578 25,298 24,205 24,745 23,876    
EBIT Per Vehicle Sold (USD) USD ... ...                       -945 -558 -810 -550 -20.9    
Net Profit Per Vehicle Sold (USD) USD ... ...                       -251 -123 -556 -217 17.2    
Sales From Automotive EUR mil ... ... ... ...                   4,363 5,448 5,815 6,572 7,388    
Sales From Vehicles (As % Of Total) % ... ... ... ...                   86.4 89.5 89.8 87.7 88.7    
Production of Vehicles vehicles ... ...                       372,549 377,343 352,824 394,860 415,076    
Sales of Vehicles vehicles ... ...                       341,157 308,923 355,004 390,505 400,037    
Production of Vehicles (At Home) vehicles ... ... ... ...                   331,848 285,063 285,574 329,862 342,907    
Domestic Production (As % Of Total) % ... ... ... ...                   89.1 75.5 80.9 83.5 82.6    
Sales of Vehicles At Home vehicles ... ...                       73,591 54,756 58,945 67,481 77,156    
Exports Of Vehicles vehicles ... ...                       267,566 254,167 296,059 323,024 322,881    
Exports (As % Of Total Vehicles Sold) % ... ...                       78.4 82.3 83.4 82.7 80.7    
Employees in Martorell (Year-End) ... ...                       10,129 10,257 10,233 10,298 10,422    
Production of Ibiza ... ... ... ...                   191,183 160,887 145,041 153,633 160,451 ... ...
Production of Leon ... ... ... ...                   80,736 71,295 114,568 157,087 169,455 ... ...
Production of Altea/Toledo ... ... ... ...                   42,329 27,478 21,284 19,142 13,001 ... ...
Production of Exeo ... ... ... ... ... ... ... ... ... ...       19,559 10,854 4,681 ... ... ... ...
Production of Alhambra ... ... ... ...                   18,139 ... ... ... ... ... ...
Production of Cordoba ... ... ... ... ... ... ... ...         ... ... ... ... ... ... ... ...
Sales of Arona ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales of Mii ... ... ... ... ... ... ... ... ... ... ... ... ... 614 25,604 25,315 25,707 24,291    
Sales of Ibiza ... ...                       186,769 155,037 141,560 145,753 152,433    
Sales of Cordoba ... ...                     ... ... ... ... ... ... ... ...
Sales of Altea ... ... ... ... ... ...               40,573 25,726 20,563 18,584 12,385    
Sales of Leon ... ...                       77,075 69,755 108,595 150,133 161,981    
Sales of Toledo ... ...                     ... ... 3,550 20,974 16,105 18,375    
Sales of Exeo ... ... ... ... ... ... ... ... ... ... ...     18,486 10,240 4,554 21.0 0    
Sales of Alhambra ... ...                       17,639 19,011 19,841 22,283 27,304    
Production in Portugal ... ... ... ...                   17,360 20,080 19,990 22,612 27,925    
Production in Slovakia ... ... ... ... ... ... ... ... ... ... ... ... ... 982 36,947 25,489 25,845 24,516    
Production Czechia ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,866 21,771 16,541 19,728    
Sales in Mexico ... ... ... ... ... ...               18,115 21,114 21,189 21,330 ... ...  
Sales in Austria ... ... ... ... ... ...               16,405 14,316 14,703 14,080 13,018    
Sales in Belgium ... ... ... ... ... ...               10,389 5,964 ... ... ... ... ...
Sales in Czech Republic ... ... ... ... ... ...               3,272 2,665 ... ... ... ... ...
Sales in France ... ... ... ... ... ...               33,268 24,031 21,787 22,003 22,384    
Sales in Germany ... ... ... ... ... ...               58,975 68,051 76,622 84,562 87,787    
Sales in Italy ... ... ... ... ... ...               16,295 10,709 10,150 13,000 15,875    
Sales in Netherlands ... ... ... ... ... ...               18,555 12,667 10,075 10,572 8,947 ... ...
Sales in Poland ... ... ... ... ... ...               3,001 1,756 ... ... ...    
Sales in Portugal ... ... ... ... ... ...               8,434 2,559 ... ... ...   ...
Sales in United Kingdom ... ... ... ... ... ...               36,089 38,798 45,676 53,365 47,209    
Sales in Algeria ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 20,501 16,250 8,517 ... ...
Sales in Turkey ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11,062 12,047 13,891    

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SEAT S.A. is a Spanish automobile manufacturer with its head office in Martorell, Spain. It was founded in 1950 and currently it is a wholly owned subsidiary of the Germany's Volkswagen Group. The company's brand names include Alhambra, Altea, Cordoba, Exeo, Ibiza, Leon, and Toledo. As a member of the now-defunct Audi Brand Group (together with Audi and Lamborghini) Seat is marketed as a car maker with a youthful sporty profile. The company sells around 400,000 cars a year with three-quarters of the annual production being exported to over seventy countries worldwide. The name SEAT previously stood for the acronym Sociedad Española de Automóviles de Turismo (Spanish Touring Car Company).

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