SEAT

SEAT's employees rose 0.246% yoy to 14,663 in 2019

By Helgi Analytics - September 28, 2020

SEAT employed 14,663 employees in 2019, up 0.246% compared to the previous year. Historically, between 1998 and 2019, ...

SEAT's net profit rose 17.5% yoy to EUR 346 mil in 2019

By Helgi Analytics - September 28, 2020

SEAT made a net profit of EUR 346 mil with revenues of EUR 11,157 mil in 2019, up by 17.5% and up by 11.7%, respectiv...

SEAT's Total Cash From Operations rose 56.2% yoy to EUR 1,092 mil in 2019

By Helgi Analytics - September 28, 2020

SEAT's operating cash flow stood at EUR 1,092 mil in 2019, up 56.2% when compared to the previous year. Historically, be...

Profit Statement 2017 2018 2019
Sales EUR mil 9,552 9,991 11,157
Gross Profit EUR mil 2,462 2,753 2,899
EBITDA EUR mil 577 645 747
EBIT EUR mil 116 223 352
Financing Cost EUR mil ... 5.40 6.30
Pre-Tax Profit EUR mil 232 286 453
Net Profit EUR mil 281 294 346
Dividends EUR mil 141 0 ...
Balance Sheet 2017 2018 2019
Total Assets EUR mil 5,044 5,064 5,843
Non-Current Assets EUR mil 3,144 3,464 4,085
Current Assets EUR mil 1,889 1,599 1,759
Working Capital EUR mil -804 -599 -861
Shareholders' Equity EUR mil 1,516 1,664 1,991
Liabilities EUR mil 3,528 3,400 3,852
Total Debt EUR mil 264 216 227
Net Debt EUR mil -932 -966 -823
Ratios 2017 2018 2019
ROE % 18.7 18.5 18.9
ROCE % 12.0 11.3 11.4
Gross Margin % 25.8 27.6 26.0
EBITDA Margin % 6.04 6.46 6.69
EBIT Margin % 1.21 2.24 3.15
Net Margin % 2.94 2.94 3.10
Net Debt/EBITDA -1.62 -1.50 -1.10
Net Debt/Equity % -61.5 -58.0 -41.3
Cost of Financing % ... 2.25 2.84
Cash Flow 2017 2018 2019
Total Cash From Operations EUR mil 947 699 1,092
Total Cash From Investing EUR mil 694 -529 -1,068
Total Cash From Financing EUR mil -278 -169 -24.8
Net Change In Cash EUR mil 1,362 0.300 -0.500
Cash Conversion Cycle days -52.1 -42.0 -45.6
Cash Earnings EUR mil 742 716 741
Free Cash Flow EUR mil 1,640 170 24.3

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overview Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Sales EUR mil ... ...                           6,473 7,497 8,332 8,597 9,552    
Gross Profit EUR mil ... ...                           1,415 1,769 1,957 2,036 2,462    
EBIT EUR mil ... ...                           -217 -167 -7.30 144 116    
Net Profit EUR mil ... ...                           -149 -65.7 6.00 903 281    
                                               
ROE % ... ...                           -26.9 -13.0 1.12 89.3 18.7    
EBIT Margin % ... ...                           -3.35 -2.22 -0.088 1.67 1.21    
Net Margin % ... ...                           -2.30 -0.876 0.072 10.5 2.94    
Employees                               11,458 12,444 12,671 13,968 14,106    
balance sheet                                            
Total Assets EUR mil ... ...                           4,059 3,831 4,000 4,877 5,044    
Non-Current Assets EUR mil ... ...                           3,252 2,949 2,939 3,069 3,144    
Current Assets EUR mil ... ...                           807 882 1,061 1,809 1,889    
                                               
Shareholders' Equity EUR mil ... ...                           478 533 536 1,488 1,516    
Liabilities EUR mil ... ...                           3,581 3,298 3,464 3,389 3,528    
Non-Current Liabilities EUR mil ... ...                           295 384 391 501 489    
Current Liabilities EUR mil ... ...                           3,273 2,914 3,072 2,889 3,039    
                                               
Net Debt/EBITDA ... ...                           -0.174 -2.20 -2.16 -1.75 -1.62    
Net Debt/Equity % ... ...                           -4.37 -80.5 -122 -54.8 -61.5    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
cash flow                                            
Total Cash From Operations EUR mil ... ... ... ... ... ... ... ... ... ...           358 523 781 761 947    
Total Cash From Investing EUR mil ... ... ... ... ... ... ... ... ... ...           -308 -121 -470 -472 694    
Total Cash From Financing EUR mil ... ... ... ... ... ... ... ... ... ...           -48.7 -388 -269 -294 -278    
Net Change In Cash EUR mil ... ... ... ... ... ... ... ... ... ...           1.70 13.7 41.9 -5.50 1,362    
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                            
Sales EUR mil ... ...                           6,473 7,497 8,332 8,597 9,552    
Cost of Goods & Services EUR mil ... ...                           5,058 5,728 6,375 6,562 7,090    
Gross Profit EUR mil ... ...                           1,415 1,769 1,957 2,036 2,462    
Staff Cost EUR mil ... ...                           587 670 719 824 842    
EBITDA EUR mil ... ...                           120 195 304 467 577    
Depreciation EUR mil ... ...                           337 362 312 323 461    
EBIT EUR mil ... ...                           -217 -167 -7.30 144 116    
Net Financing Cost EUR mil ... ...                           -72.3 -27.9 -3.00 -54.4 -91.1    
Financing Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Financing Income EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
FX (Gain) Loss EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Extraordinary Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Pre-Tax Profit EUR mil ... ...                           -144 -139 -4.30 875 232    
Tax EUR mil ... ...                           4.30 -73.1 -10.3 -28.5 -49.5    
Minorities EUR mil ... ...                           0 0 0 0 0    
Net Profit EUR mil ... ...                           -149 -65.7 6.00 903 281    
Net Profit Avail. to Common EUR mil ... ...                           -149 -65.7 6.00 903 281    
Dividends EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 250 141   ...
growth rates                                            
Total Revenue Growth % ... ... ...                         6.34 15.8 11.1 3.18 11.1    
Staff Cost Growth % ... ... ...                         3.67 14.1 7.33 14.6 2.26    
EBITDA Growth % ... ... ...                         -11.0 62.9 55.9 53.4 23.5    
EBIT Growth % ... ... ...                         61.4 -23.1 -95.6 -2,066 -19.4    
Pre-Tax Profit Growth % ... ... ...                         81.9 -3.88 -96.9 -20,442 -73.5    
Net Profit Growth % ... ... ...                         402 -55.8 -109 14,953 -68.9    
ratios                                            
ROE % ... ...                           -26.9 -13.0 1.12 89.3 18.7    
ROA % ... ...                           -3.54 -1.67 0.153 20.3 5.67    
ROCE % ... ...                           -6.15 -2.95 0.320 44.5 12.0    
Gross Margin % ... ...                           21.9 23.6 23.5 23.7 25.8    
EBITDA Margin % ... ...                           1.85 2.60 3.65 5.43 6.04    
EBIT Margin % ... ...                           -3.35 -2.22 -0.088 1.67 1.21    
Net Margin % ... ...                           -2.30 -0.876 0.072 10.5 2.94    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 27.7 50.0   ...
Cost of Financing % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Net Debt/EBITDA ... ...                           -0.174 -2.20 -2.16 -1.75 -1.62    
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                            
Cash & Cash Equivalents EUR mil ... ...                           0 0 0.100 0 0    
Receivables EUR mil ... ...                           85.8 92.3 71.9 698 808    
Inventories EUR mil ... ...                           280 366 362 382 382    
Other ST Assets EUR mil ... ...                           442 423 627 729 700    
Current Assets EUR mil ... ...                           807 882 1,061 1,809 1,889    
Property, Plant & Equipment EUR mil ... ...                           1,128 1,003 967 1,236 1,390    
LT Investments & Receivables EUR mil ... ...                           1,485 1,375 1,325 1,093 1,196    
Intangible Assets EUR mil ... ...                           639 572 647 739 558    
Goodwill EUR mil ... ...                           0 0 0 0 0    
Non-Current Assets EUR mil ... ...                           3,252 2,949 2,939 3,069 3,144    
Total Assets EUR mil ... ...                           4,059 3,831 4,000 4,877 5,044    
                                               
Trade Payables EUR mil ... ...                           1,210 1,359 1,672 1,792 1,994    
Short-Term Debt EUR mil ... ...                           1,378 848 582 145 155    
Other ST Liabilities EUR mil ... ...                           685 707 819 952 890    
Current Liabilities EUR mil ... ...                           3,273 2,914 3,072 2,889 3,039    
Long-Term Debt EUR mil ... ...                           85.7 97.5 86.9 133 109    
Other LT Liabilities EUR mil ... ...                           209 286 304 368 380    
Non-Current Liabilities EUR mil ... ...                           295 384 391 501 489    
Liabilities EUR mil ... ...                           3,581 3,298 3,464 3,389 3,528    
Equity Before Minority Interest EUR mil ... ...                           478 533 536 1,488 1,516    
Minority Interest EUR mil ... ...                           0 0 0 0 0    
Equity EUR mil ... ...                           478 533 536 1,488 1,516    
growth rates                                            
Total Asset Growth % ... ... ...                         -6.52 -5.62 4.40 21.9 3.41    
Shareholders' Equity Growth % ... ... ...                         -23.7 11.6 0.487 178 1.88    
Net Debt Growth % ... ... ...                         -56.1 1,954 52.9 24.3 14.3    
Total Debt Growth % ... ... ...                         -1.43 -35.4 -29.3 -58.5 -4.94    
ratios                                            
Total Debt EUR mil ... ...                           1,464 945 668 278 264    
Net Debt EUR mil ... ...                           -20.9 -429 -656 -816 -932    
Working Capital EUR mil ... ...                           -844 -900 -1,238 -712 -804    
Capital Employed EUR mil ... ...                           2,408 2,049 1,701 2,356 2,340    
Net Debt/Equity % ... ...                           -4.37 -80.5 -122 -54.8 -61.5    
Current Ratio ... ...                           0.247 0.303 0.345 0.626 0.622    
Quick Ratio ... ...                           0.026 0.032 0.023 0.241 0.266    
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                            
Net Profit EUR mil ... ...                           -149 -65.7 6.00 903 281    
Depreciation EUR mil ... ...                           337 362 312 323 461    
Non-Cash Items EUR mil ... ... ... ... ... ... ... ... ... ...           286 170 126 60.1 113    
Change in Working Capital EUR mil ... ... ...                         -116 56.4 338 -526 91.8    
Total Cash From Operations EUR mil ... ... ... ... ... ... ... ... ... ...           358 523 781 761 947    
                                               
Capital Expenditures EUR mil ... ... ... ... ... ... ... ... ... ...           -315 -224 -472 -1,281 -702    
Other Investing Activities EUR mil ... ... ... ... ... ... ... ... ... ...           -192 -177 -808 53.2 602    
Total Cash From Investing EUR mil ... ... ... ... ... ... ... ... ... ...           -308 -121 -470 -472 694    
                                               
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 -250    
Issuance Of Debt EUR mil ... ... ...                         -21.3 -518 -277 -391 -13.7    
Total Cash From Financing EUR mil ... ... ... ... ... ... ... ... ... ...           -48.7 -388 -269 -294 -278    
                                               
Effect of FX Rates EUR mil ... ... ... ... ... ... ... ... ... ...           0 0 0 0 0    
Net Change In Cash EUR mil ... ... ... ... ... ... ... ... ... ...           1.70 13.7 41.9 -5.50 1,362    
ratios                                            
Days Sales Outstanding days ... ...                           4.84 4.49 3.15 29.6 30.9    
Days Sales Of Inventory days ... ...                           20.2 23.3 20.7 21.3 19.7    
Days Payable Outstanding days ... ...                           87.3 86.6 95.7 99.7 103    
Cash Conversion Cycle days ... ...                           -62.2 -58.8 -71.8 -48.8 -52.1    
Cash Earnings EUR mil ... ...                           188 296 318 1,227 742    
Free Cash Flow EUR mil ... ... ... ... ... ... ... ... ... ...           50.4 402 311 289 1,640    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ...           4.86 2.99 5.66 14.9 7.35    
other ratios Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                             
Employees                               11,458 12,444 12,671 13,968 14,106    
Cost Per Employee USD per month ... ...                           5,667 5,780 5,418 5,267 5,586    
Cost Per Employee (Local Currency) EUR per month ... ...                           4,269 4,484 4,727 4,913 4,975    
Staff Cost (As % of Sales) % ... ...                           9.07 8.93 8.63 9.58 8.82    
Effective Tax Rate % ... ...                           -2.98 52.7 240 -3.26 -21.4    
Total Revenue Growth (5-year average) % ... ... ... ... ... ... ...                 6.09 12.8 12.3 11.2 9.43    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ... ...       1.60 2.49 4.69 4.48 5.54    
sales of vehicles Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                             
Sales From Automotive EUR mil ... ... ... ...                       5,815 6,572 7,388 7,543 8,487    
Price Per Vehicle Sold EUR ... ...                           16,380 16,829 18,469 18,456 18,117    
EBIT Per Vehicle Sold EUR ... ...                           -610 -427 -18.2 351 247    
Net Profit Per Vehicle Sold EUR ... ...                           -419 -168 15.0 2,210 600    
Price Per Vehicle Sold (USD) USD ... ...                           21,745 21,693 21,172 19,786 20,343    
EBIT Per Vehicle Sold (USD) USD ... ...                           -810 -550 -20.9 376 277    
Net Profit Per Vehicle Sold (USD) USD ... ...                           -556 -217 17.2 2,369 674    
Production of Vehicles vehicles ... ...                           352,824 394,860 415,076 416,784 479,302    
Production of Vehicles (At Home) vehicles ... ... ... ...                       285,574 329,862 342,907 313,216 341,210    
Domestic Production (As % Of Total) % ... ... ... ...                       80.9 83.5 82.6 75.2 71.2    
Sales of Vehicles vehicles ... ...                           355,004 390,505 400,037 408,703 468,431    
vehicles by brand Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                             
Sales of Arona vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 16,024    
Sales of Mii vehicles ... ... ... ... ... ... ... ... ... ... ... ... ...     25,315 25,707 24,291 18,227 13,775    
Sales of Ibiza vehicles ... ...                           141,560 145,753 152,433 144,961 150,622    
Sales of Cordoba vehicles ... ...                           0 0 0 0 0    
Sales of Altea vehicles ... ... ... ... ... ...                   20,563 18,584 12,385 294 431    
Sales of Leon vehicles ... ...                           108,595 150,133 161,981 156,212 160,223    
Sales of Toledo vehicles ... ...                     ... ...   20,974 16,105 18,375 17,350 13,510    
Sales of Exeo vehicles ... ... ... ... ... ... ... ... ... ... ...         4,554 21.0 0 0 0    
Sales of Alhambra vehicles ... ...                           19,841 22,283 27,304 30,734 32,727    
Sales of Tarraco vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Sales of Ateca vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
sales geography Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                             
Sales in Spain EUR mil                               1,081 1,335 1,404 1,516 1,806 ... ...
Sales in Spain (As % of Total) % ... ...                           16.7 17.8 16.9 17.6 18.9 ... ...
Sales of Vehicles in the UK vehicles ... ... ... ... ... ...                   45,676 53,365 47,209 47,445 56,151    
Sales of Vehicles in France vehicles ... ... ... ... ... ...                   21,787 22,003 22,384 20,958 24,225    
Sales of Vehicles in Germany vehicles ... ... ... ... ... ...                   76,622 84,562 87,787 90,003 102,100    
Sales of Vehicles in Italy vehicles ... ... ... ... ... ...                   10,150 13,000 15,875 16,500 18,068    
Sales of Vehicles in Spain vehicles ... ...                           58,945 67,481 77,156 77,243 95,063    
Sales of Vehicles in Poland vehicles ... ... ... ... ... ...                   ... ... ... 8,912 11,124 ... ...
Sales of Vehicles in Turkey vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 11,062 12,047 13,891 19,657 20,718 ... ...
Sales of Vehicles in Mexico vehicles ... ... ... ... ... ...                   21,189 21,330 ... ... 24,681    

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SEAT's Capital Expenditures fell 16.0% yoy to EUR 1,068 mil in 2019

By Helgi Analytics - September 28, 2020

SEAT invested a total of EUR 1,068 mil in 2019, up 16% compared to the previous year. Historically, between 2008 - 2019, the company's investments stood at a high of EUR 1,281 mil in 2016 and a low of EUR 201 mil in 2010. As a percent...

SEAT's Net Debt/EBITDA rose 26.3% yoy to -1.10 in 2019

By Helgi Analytics - September 28, 2020

SEAT's net debt stood at EUR -823 mil and accounted for -41.3% of equity at the end of 2019. The ratio is up 16.7 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 121% in 2004 and a low of -122% ...

SEAT's ROCE rose 0.425% yoy to 11.4% in 2019

By Helgi Analytics - September 28, 2020

SEAT made a net profit of EUR 346 mil in 2019, up 17.5% compared to the previous year. Historically, between 2000 and 2019, the company's net profit reached a high of EUR 903 mil in 2016 and a low of EUR -187 mil in 2009. The result implies a return on eq...

SEAT's Cash & Cash Equivalents fell 38.5% yoy to EUR 0.800 mil in 2019

By Helgi Analytics - September 28, 2020

SEAT's total assets reached EUR 5,843 mil at the end of 2019, up 15.4% compared to the previous year. Current assets amounted to EUR 1,759 mil, or 30.1% of total assets while cash stood at EUR 0.800 mil at the end of 2019. ...

SEAT's Net Margin rose 5.19% yoy to 3.10% in 2019

By Helgi Analytics - September 28, 2020

SEAT made a net profit of EUR 346 mil with revenues of EUR 11,157 mil in 2019, up by 17.5% and up by 11.7%, respectively, compared to the previous year. This translates into a net margin of 3.10%. Historically, between 2000 and 2019, the firm’s ne...

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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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Finance

SEAT has been growing its sales by 8.28% a year on average in the last 5 years. EBITDA has grown on average by 30.8% a year during that time to total of EUR 747 mil in 2019, or 6.69% of sales. That’s compared to 5.65% average margin seen in last five years.

The company netted EUR 346 mil in 2019 implying ROE of 18.9% and ROCE of 11.4%. Again, the average figures were 29.3% and 15.9%, respectively when looking at the previous 5 years.

SEAT’s net debt amounted to EUR -823 mil at the end of 2019, or -41.3% of equity. When compared to EBITDA, net debt was -1.10x, up when compared to average of -1.62x seen in the last 5 years.