Severoceske doly

Severoceske doly's Cash & Cash Equivalents rose 25.7% yoy to CZK 3,711 mil in 2014

By Helgi Analytics - April 2, 2020

Severoceske doly's total assets reached CZK 33,064 mil at the end of 2014, up 3.1% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales CZK mil 11,361 12,352 10,672
Gross Profit CZK mil 7,427 8,978 7,611
EBITDA CZK mil 4,957 6,082 5,166
EBIT CZK mil 2,608 3,406 2,599
Financing Cost CZK mil -67.0 -25.0 18.0
Pre-Tax Profit CZK mil 2,675 3,431 2,581
Net Profit CZK mil 2,137 2,745 2,080
Dividends CZK mil 1,707 1,707 ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 33,069 32,071 33,064
Non-Current Assets CZK mil 27,299 26,977 27,482
Current Assets CZK mil 5,770 5,094 5,582
Working Capital CZK mil 1,107 -403 -585
Shareholders' Equity CZK mil 21,141 21,968 22,747
Liabilities CZK mil 11,928 10,103 10,317
Total Debt CZK mil 1,771 0 0
Net Debt CZK mil -745 -2,953 -3,711
Ratios 2012 2013 2014
ROE % 10.2 12.7 9.30
ROCE % 7.83 9.99 7.78
Gross Margin % 65.4 72.7 71.3
EBITDA Margin % 43.6 49.2 48.4
EBIT Margin % 23.0 27.6 24.4
Net Margin % 18.8 22.2 19.5
Net Debt/EBITDA -0.150 -0.486 -0.718
Net Debt/Equity -0.035 -0.134 -0.163
Cost of Financing % -5.30 -2.82 ...
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 4,515 6,543 4,936
Total Cash From Investing CZK mil -2,367 -2,613 -2,487
Total Cash From Financing CZK mil -699 -3,493 -1,691
Net Change In Cash CZK mil 1,449 437 758
Cash Conversion Cycle days -26.1 -147 -163
Cash Earnings CZK mil 4,486 5,421 4,647
Free Cash Flow CZK mil 2,148 3,930 2,449

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                              
Sales CZK mil ... ... ...           10,702 10,231 9,710 11,231 11,361    
Gross Profit CZK mil ... ... ...           7,331 7,918 7,077 7,728 7,427    
EBIT CZK mil ... ... ...           3,741 4,013 2,827 3,229 2,608    
Net Profit CZK mil ... ... ...           3,164 5,771 2,574 311 2,137    
ROE % ... ... ...           17.0 28.8 12.3 1.48 10.2    
EBIT Margin % ... ... ...           35.0 39.2 29.1 28.8 23.0    
Net Margin % ... ... ...           29.6 56.4 26.5 2.77 18.8    
Employees                 4,965 5,037 4,999 5,064 5,198    
balance sheet                              
Total Assets CZK mil ... ... ...           33,737 33,925 33,477 31,979 33,069    
Non-Current Assets CZK mil ... ... ...           22,380 25,527 28,340 26,066 27,299    
Current Assets CZK mil ... ... ...           11,357 8,398 5,137 5,913 5,770    
Shareholders' Equity CZK mil ... ... ...           19,308 20,704 21,283 20,694 21,141    
Liabilities CZK mil ... ... ...           14,429 13,221 12,194 11,285 11,928    
Non-Current Liabilities CZK mil ... ... ...           6,877 7,668 8,014 7,406 7,955    
Current Liabilities CZK mil ... ... ...           7,552 5,553 4,180 3,879 3,973    
Net Debt/EBITDA ... ... ...           0.971 0.535 0.370 -0.059 -0.150    
Net Debt/Equity ... ... ...           0.259 0.145 0.081 -0.015 -0.035    
Cost of Financing % ... ... ... ... ... ... ...   -4.14 -66.5 -10.7 201 -5.30   ...
cash flow                              
Total Cash From Operations CZK mil ... ... ...           4,420 4,134 4,317 6,018 4,515    
Total Cash From Investing CZK mil ... ... ...           -1,587 2,366 -1,076 -2,471 -2,367    
Total Cash From Financing CZK mil ... ... ...           -2,182 -6,439 -3,643 -2,870 -699    
Net Change In Cash CZK mil ... ... ...           651 61.0 -402 677 1,449    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                              
Sales CZK mil ... ... ...           10,702 10,231 9,710 11,231 11,361    
Cost of Goods & Services CZK mil ... ... ...           3,371 2,313 2,633 3,503 3,934    
Gross Profit CZK mil ... ... ...           7,331 7,918 7,077 7,728 7,427    
Staff Cost CZK mil ... ... ...           2,188 2,290 2,417 2,435 2,470    
Other Cost CZK mil ... ... ...           0 0 0 0 0    
EBITDA CZK mil ... ... ...           5,143 5,628 4,660 5,293 4,957    
Depreciation CZK mil ... ... ...           1,402 1,615 1,833 2,064 2,349    
EBIT CZK mil ... ... ...           3,741 4,013 2,827 3,229 2,608    
Financing Cost CZK mil ... ... ...           -240 -3,166 -315 2,883 -67.0    
Extraordinary Cost CZK mil ... ... ...           0 0 0 0 0    
Pre-Tax Profit CZK mil ... ... ...           3,981 7,179 3,142 346 2,675    
Tax CZK mil ... ... ...           817 1,408 568 35.0 538    
Minorities CZK mil ... ... ...           0 0 0 0 0    
Net Profit CZK mil ... ... ...           3,164 5,771 2,574 311 2,137    
Dividends CZK mil ... ...             4,450 1,908 1,507 1,707 1,707   ...
growth rates                              
Total Revenue Growth % ... ... ... ...         2.25 -4.40 -5.09 15.7 1.16    
Operating Cost Growth % ... ... ... ...         8.53 4.66 5.55 0.745 1.44    
EBITDA Growth % ... ... ... ...         2.25 9.43 -17.2 13.6 -6.35    
EBIT Growth % ... ... ... ...         -1.68 7.27 -29.6 14.2 -19.2    
Pre-Tax Profit Growth % ... ... ... ...         2.95 80.3 -56.2 -89.0 673    
Net Profit Growth % ... ... ... ...         3.87 82.4 -55.4 -87.9 587    
ratios                              
ROE % ... ... ...           17.0 28.8 12.3 1.48 10.2    
ROCE % ... ... ... ...         14.4 22.9 9.12 1.12 7.83    
Gross Margin % ... ... ...           68.5 77.4 72.9 68.8 65.4    
EBITDA Margin % ... ... ...           48.1 55.0 48.0 47.1 43.6    
EBIT Margin % ... ... ...           35.0 39.2 29.1 28.8 23.0    
Net Margin % ... ... ...           29.6 56.4 26.5 2.77 18.8    
Payout Ratio % ... ... ...           141 33.1 58.5 549 79.9   ...
Cost of Financing % ... ... ... ... ... ... ...   -4.14 -66.5 -10.7 201 -5.30   ...
Net Debt/EBITDA ... ... ...           0.971 0.535 0.370 -0.059 -0.150    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                              
Non-Current Assets CZK mil ... ... ...           22,380 25,527 28,340 26,066 27,299    
Property, Plant & Equipment CZK mil ... ... ...           13,497 15,007 17,713 19,973 21,588    
Intangible Assets CZK mil ... ... ...           62.0 26.0 26.0 41.0 29.0    
Current Assets CZK mil ... ... ...           11,357 8,398 5,137 5,913 5,770    
Inventories CZK mil ... ... ...           710 1,264 921 737 652    
Receivables CZK mil ... ... ...           1,517 1,361 1,753 1,924 2,124    
Cash & Cash Equivalents CZK mil ... ... ...           731 792 390 1,067 2,516    
Total Assets CZK mil ... ... ...           33,737 33,925 33,477 31,979 33,069    
Shareholders' Equity CZK mil ... ... ...           19,308 20,704 21,283 20,694 21,141    
Of Which Minority Interest CZK mil ... ... ...           22.0 23.0 20.0 14.0 14.0    
Liabilities CZK mil ... ... ...           14,429 13,221 12,194 11,285 11,928    
Non-Current Liabilities CZK mil ... ... ...           6,877 7,668 8,014 7,406 7,955    
Long-Term Debt CZK mil ... ... ...           0 0 0 0 0    
Deferred Tax Liabilities CZK mil ... ... ...           461 1,163 1,331 896 1,002    
Current Liabilities CZK mil ... ... ...           7,552 5,553 4,180 3,879 3,973    
Short-Term Debt CZK mil ... ... ...           5,723 3,802 2,113 757 1,771    
Trade Payables CZK mil ... ... ...           1,239 1,217 1,519 2,555 1,669    
Provisions CZK mil ... ... ...           6,391 6,475 6,648 6,473 6,915    
Equity And Liabilities CZK mil ... ... ...           33,737 33,925 33,477 31,979 33,069    
growth rates                              
Total Asset Growth % ... ... ... ...         4.51 0.557 -1.32 -4.47 3.41    
Shareholders' Equity Growth % ... ... ... ...         8.23 7.23 2.80 -2.77 2.16    
Net Debt Growth % ... ... ... ...         -14.0 -39.7 -42.8 -118 140    
Total Debt Growth % ... ... ... ... ... ... ... ... -2.72 -33.6 -44.4 -64.2 134   ...
ratios                              
Total Debt CZK mil ... ... ...           5,723 3,802 2,113 757 1,771    
Net Debt CZK mil ... ... ...           4,992 3,010 1,723 -310 -745    
Working Capital CZK mil ... ... ...           988 1,408 1,155 106 1,107    
Capital Employed CZK mil ... ... ...           23,368 26,935 29,495 26,172 28,406    
Net Debt/Equity ... ... ...           0.259 0.145 0.081 -0.015 -0.035    
Cost of Financing % ... ... ... ... ... ... ...   -4.14 -66.5 -10.7 201 -5.30   ...
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                              
Net Profit CZK mil ... ... ...           3,164 5,771 2,574 311 2,137    
Depreciation CZK mil ... ... ...           1,402 1,615 1,833 2,064 2,349    
Non-Cash Items CZK mil ... ... ... ...         299 -2,832 -343 2,594 1,030    
Change in Working Capital CZK mil ... ... ... ...         -445 -420 253 1,049 -1,001    
Total Cash From Operations CZK mil ... ... ...           4,420 4,134 4,317 6,018 4,515    
Capital Expenditures CZK mil ... ... ...           -3,386 -3,203 -4,229 -4,526 -3,913    
Other Investments CZK mil ... ... ...           1,799 5,569 3,153 2,055 1,546    
Total Cash From Investing CZK mil ... ... ...           -1,587 2,366 -1,076 -2,471 -2,367    
Dividends Paid CZK mil ... ... ...           -1,815 -4,450 -1,908 -1,507 -1,707    
Issuance Of Debt CZK mil ... ... ... ...         -160 -1,921 -1,689 -1,356 1,014    
Total Cash From Financing CZK mil ... ... ...           -2,182 -6,439 -3,643 -2,870 -699    
Net Change In Cash CZK mil ... ... ...           651 61.0 -402 677 1,449    
ratios                              
Days Sales Outstanding days ... ... ...           51.7 48.6 65.9 62.5 68.2    
Days Sales Of Inventory days ... ... ...           76.9 199 128 76.8 60.5    
Days Payable Outstanding days ... ... ...           134 192 211 266 155    
Cash Conversion Cycle days ... ... ...           -5.54 56.0 -17.0 -127 -26.1    
Cash Earnings CZK mil ... ... ...           4,566 7,386 4,407 2,375 4,486    
Free Cash Flow CZK mil ... ... ...           2,833 6,500 3,241 3,547 2,148    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                              
ROA % ... ... ...           9.59 17.1 7.64 0.950 6.57    
Gross Margin % ... ... ...           68.5 77.4 72.9 68.8 65.4    
Cost Per Employee USD per month ... ... ...           2,156 1,988 2,108 2,266 2,024    
Cost Per Employee (Local Currency) CZK per month ... ... ...           36,724 37,886 40,291 40,070 39,599    
Staff Cost (As % Of Total Cost) % ... ... ...           31.4 36.8 35.1 30.4 28.2    
Effective Tax Rate % ... ... ...           20.5 19.6 18.1 10.1 20.1    
Sales of Coal CZK mil ... ... ... ... ... ... ...   9,570 10,231 9,710 10,425 10,105    
Sales from Engineering CZK mil ... ... ... ... ... ... ... ... ... ... 622 ... ... ... ...
Sales from Transport of Coal CZK mil ... ... ... ... ... ... ...   488 495 516 ... ... ... ...
Sales from Railway Transport CZK mil ... ... ... ... ... ... ...   80.0 131 168 ... ... ... ...
Sales from Road Transport CZK mil ... ... ... ... ... ... ...   21.0 24.0 50.0 ... ... ... ...
Mining Costs per Tonne EUR ... ... ...           6.02 3.91 4.81 5.65 6.75    
Production of Coal (kt) kt                 22,453 22,364 21,629 25,211 23,173    
Sales of Coal (kt) kt                 22,272 22,029 21,757 25,144 22,789    
Sales of Coal to CEZ (kt) kt ... ... ... ...         16,660 16,471 17,167 19,696 17,273    
Sales of Coal to CEZ (As % of Total) % ... ... ... ...         74.8 74.8 78.9 78.3 75.8    
Sales Price of Coal per Tonne EUR ... ... ... ... ... ... ...   17.2 17.6 17.6 16.9 17.6    
EBITDA per Tonne of Coal Mined EUR ... ... ...           9.18 9.52 8.52 8.54 8.51    
EBIT per Tonne of Coal Mined EUR ... ... ...           6.68 6.79 5.17 5.21 4.48    
Net Profit per Tonne of Coal Mined EUR ... ... ...           5.65 9.76 4.71 0.502 3.67    
Capital Expenditures (As % of Sales) % ... ... ...           31.6 31.3 43.6 40.3 34.4    

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Feb 2014
Statistical Dossier

Severočeské doly (SED) is a Czech Republic-based brown coal mining company. The Company is engaged in mining, processing and selling brown coal (lignite) and its by-products. It operates in the north-western part of the Northern Bohemian Brown Coal Basin, to the east of the town of Most. The company operates two separate mines, namely, the Nástup Tušimice mine and the Bílina mine. In 2012, Severočeské doly produced a total of 22.8 mil metric tonnes of brown coal, which is nearly a half of the Czech Republic's brown coal production. Since 2006, the Company is a wholly-owned subsidiary of the state-owned ČEZ Group. ČEZ is also the largest customer of the Company taking around 70% of Severočeské doly's annual coal production

Finance

Severoceske doly has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 1.7% a year during that time to total of CZK 5,166 mil in 2014, or 48.4% of sales. That’s compared to 47.3% average margin seen in last five years.

The company netted CZK 2,080 mil in 2014 implying ROE of 9.30% and ROCE of 7.78%. Again, the average figures were 9.20% and 7.17%, respectively when looking at the previous 5 years.

Severoceske doly’s net debt amounted to CZK -3,711 mil at the end of 2014, or -0.163 of equity. When compared to EBITDA, net debt was -0.718x, down when compared to average of -0.209x seen in the last 5 years.