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Sfinks Polska

Sfinks Polska's net profit fell 272% yoy to PLN -61.1 mil in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska made a net profit of PLN -61.1 mil with revenues of PLN 77.3 mil in 2020, down by 272% and down by 54.6%,...

Sfinks Polska's employees fell 7.22% yoy to 90.0 in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska employed 90.0 employees in 2020, down 7.22% compared to the previous year. Historically, between 2005 and...

Sfinks Polska's Net Margin fell 720% yoy to -79.0% in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska made a net profit of PLN -61.1 mil with revenues of PLN 77.3 mil in 2020, down by 272% and down by 54.6%, resp...

Profit Statement 2018 2019 2020
Sales PLN mil 182 170 77.3
Gross Profit PLN mil 26.5 31.7 6.71
EBITDA PLN mil 10.3 29.2 -11.1
EBIT PLN mil 1.27 -3.19 -35.0
Financing Cost PLN mil 5.16 6.47 6.87
Pre-Tax Profit PLN mil -4.66 -18.7 -55.1
Net Profit PLN mil -4.68 -16.4 -61.1
Dividends PLN mil 0 0 0
Balance Sheet 2018 2019 2020
Total Assets PLN mil 142 269 158
Non-Current Assets PLN mil 112 244 141
Current Assets PLN mil 30.3 25.2 17.3
Working Capital PLN mil -12.0 -15.4 -20.2
Shareholders' Equity PLN mil 2.18 -18.2 -80.1
Liabilities PLN mil 140 288 238
Total Debt PLN mil 87.7 222 177
Net Debt PLN mil 76.1 215 176
Ratios 2018 2019 2020
ROE % -105 204 124
ROCE % -4.86 -9.98 -35.0
Gross Margin % 14.6 18.6 8.67
EBITDA Margin % 5.67 17.1 -14.3
EBIT Margin % 0.701 -1.87 -45.3
Net Margin % -2.58 -9.63 -79.0
Net Debt/EBITDA 7.39 7.35 -15.9
Net Debt/Equity % 3,498 -1,178 -220
Cost of Financing % 6.27 4.18 3.44
Valuation 2018 2019 2020
Market Capitalisation USD mil 6.67 4.84 3.86
Enterprise Value (EV) USD mil 26.9 61.4 50.7
Number Of Shares mil 31.0 31.1 32.2
Share Price PLN 0.810 0.590 0.450
EV/EBITDA 9.47 7.94 -17.8
EV/Sales 0.536 1.36 2.55
Price/Earnings (P/E) -5.36 -1.12 -0.237
Price/Book Value (P/BV) 11.5 -1.01 -0.181
Dividend Yield % 0 0 0

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overview Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                    
Sales PLN mil ... ...                   171 ... 192 187 182    
Gross Profit PLN mil ... ...                   28.8 ... 25.6 23.5 26.5    
EBIT PLN mil ... ...                   19.8 ... 6.33 -5.21 1.27    
Net Profit PLN mil ... ...                   34.6 ... 4.67 -9.22 -4.68    
                                       
ROE % ... ...                   -102 ... ... -109 -105    
EBIT Margin % ... ...                   11.6 ... 3.30 -2.79 0.701    
Net Margin % ... ...                   20.2 ... 2.43 -4.93 -2.58    
Employees ... ...   ...         ...   ... 98.0 ... 111 100 96.0    
balance sheet                                    
Total Assets PLN mil ... ...                   98.3 ... 123 132 142    
Non-Current Assets PLN mil ... ... ... ...       ... ...     78.4 ... 93.4 102 112    
Current Assets PLN mil ... ...                   19.9 ... 30.1 29.9 30.3    
                                       
Shareholders' Equity PLN mil ... ...                   -15.4 ... 10.2 6.74 2.18    
Liabilities PLN mil ... ...                   114 ... 113 125 140    
Non-Current Liabilities PLN mil ... ...                   88.8 0 74.0 74.2 33.7    
Current Liabilities PLN mil ... ...                   24.9 ... 39.3 50.7 106    
                                       
Net Debt/EBITDA ... ...                   3.17 ... 4.24 12.0 7.39    
Net Debt/Equity % ... ...                   -587 ... 703 988 3,498    
Cost of Financing % ... ...   ...               3.57 ... ... 5.56 6.27    
cash flow                                    
Total Cash From Operations PLN mil ... ...                   12.1 ... 19.1 9.93 14.1    
Total Cash From Investing PLN mil ... ...                   -12.1 ... -23.4 -7.00 -7.35    
Total Cash From Financing PLN mil ... ...                   -2.69 ... -46.3 -6.23 -5.48    
Net Change In Cash PLN mil ... ...                   -2.69 ... -50.6 -3.30 1.22    
valuation                                    
Market Capitalisation USD mil ... ... ...                 13.6 26.3 20.5 13.1 6.67    
Enterprise Value (EV) USD mil ... ... ...                 39.2 ... 37.7 32.2 26.9    
Number Of Shares mil                       26.8 26.8 32.0 31.4 31.0    
Share Price PLN ... ... ...                 1.80 3.83 2.68 1.45 0.810    
Price/Earnings (P/E) ... ... ...                 1.39 ... 18.4 -4.93 -5.36    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 1.12 ... 5.81 54.4 7.30    
EV/EBITDA ... ... ...                 4.50 ... 9.00 22.3 9.47    
Price/Book Value (P/BV) ... ... ...                 -3.13 ... 8.42 6.75 11.5    
Dividend Yield % ... ... ...       ... ... ... ... ... ... ... ... 0 0    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                                    
Sales PLN mil ... ...                   171 ... 192 187 182    
Cost of Goods & Services PLN mil ... ...                   142 ... 166 164 155    
Gross Profit PLN mil ... ...                   28.8 ... 25.6 23.5 26.5    
Selling, General & Admin PLN mil ... ... ... ... ... ... ... ... ... ... ... 21.0 ... 25.3 23.3 21.3    
Research & Development PLN mil ... ... ... ... ... ... ... ... ...   ... ... ... ... 0 0    
Other Operating Expense PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 9.26 4.25    
Staff Cost PLN mil ... ...   ...             ... 12.6 ... 15.2 14.6 11.8    
Other Operating Cost (Income) PLN mil ... ...                   0.575 ... 6.78 3.74 0.729    
EBITDA PLN mil ... ...                   28.5 ... 16.9 5.54 10.3    
Depreciation PLN mil ... ... ... ... ... ... ... ... ... ... ... 8.43 ... 10.1 10.1 8.12    
EBIT PLN mil ... ...                   19.8 ... 6.33 -5.21 1.27    
Net Financing Cost PLN mil ... ... ... ... ... ... ... ... ...   ... 3.12 ... 5.01 3.90 4.72    
Financing Cost PLN mil ... ...   ...               3.47 ... 5.22 4.47 5.16    
Financing Income PLN mil ... ...   ...             ... 0.357 ... 0.214 0.568 0.441    
FX (Gain) Loss PLN mil ... ...   ... ... ...         ... 0.004 ... 0.023 0.008 0.017    
Extraordinary Cost PLN mil ... ...                   0 ... 0 0 0    
Pre-Tax Profit PLN mil ... ...                   16.0 ... 9.84 -9.96 -4.66    
Tax PLN mil ... ...                   -18.5 ... 5.18 -0.740 0.020    
Minorities PLN mil ... ...                   -0.050 ... 0 0 0    
Net Profit PLN mil ... ...                   34.6 ... 4.67 -9.22 -4.68    
Net Profit Avail. to Common PLN mil ... ...                   34.6 ... 4.67 -9.22 -4.68    
Dividends PLN mil ... ...         ... ... ... ... ... ... ... ... 0 0    
growth rates                                    
Total Revenue Growth % ... ... ...                 -3.28 ... ... -2.57 -2.92    
Operating Cost Growth % ... ... ...                 -61.5 ... ... 24.8 -20.0    
Staff Cost Growth % ... ... ... ... ...           ... ... ... ... -4.12 -19.3    
EBITDA Growth % ... ... ...                 124 ... ... -67.3 85.9    
EBIT Growth % ... ... ...                 459 ... ... -182 -124    
Pre-Tax Profit Growth % ... ... ...                 -3,215 ... ... -201 -53.2    
Net Profit Growth % ... ... ...                 -1,018 ... ... -298 -49.2    
ratios                                    
ROE % ... ...                   -102 ... ... -109 -105    
ROA % ... ...                   40.8 ... ... -7.22 -3.42    
ROCE % ... ... ... ... ...     ... ... ... ... ... ... ... ... -4.86    
Gross Margin % ... ...                   16.9 ... 13.3 12.6 14.6    
EBITDA Margin % ... ...                   16.7 ... 8.81 2.96 5.67    
EBIT Margin % ... ...                   11.6 ... 3.30 -2.79 0.701    
Net Margin % ... ...                   20.2 ... 2.43 -4.93 -2.58    
Payout Ratio % ... ...         ... ... ... ... ... ... ... ... 0 0    
Cost of Financing % ... ...   ...               3.57 ... ... 5.56 6.27    
Net Debt/EBITDA ... ...                   3.17 ... 4.24 12.0 7.39    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                                    
Cash & Cash Equivalents PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 10.4 11.7    
Receivables PLN mil ... ...                   3.86 ... 3.80 6.95 7.14    
Inventories PLN mil ... ...                   2.38 ... 3.14 2.63 2.46    
Other ST Assets PLN mil ... ...   ... ... ...           7.34 ... 11.1 9.92 9.01    
Current Assets PLN mil ... ...                   19.9 ... 30.1 29.9 30.3    
Property, Plant & Equipment PLN mil ... ...                   31.7 ... 54.7 53.5 51.6    
LT Investments & Receivables PLN mil ... ... ... ...       ... ...     7.47 ... 6.45 1.38 9.38    
Intangible Assets PLN mil ... ...                   17.0 ... 20.0 29.4 30.2    
Goodwill PLN mil ... ... ... ...               1.04 ... 1.04 1.04 1.04    
Non-Current Assets PLN mil ... ... ... ...       ... ...     78.4 ... 93.4 102 112    
Total Assets PLN mil ... ...                   98.3 ... 123 132 142    
                                       
Trade Payables PLN mil ... ...                 ... 10.1 ... ... 18.4 21.6    
Short-Term Debt PLN mil ... ...                   8.29 ... 10.4 18.4 78.1    
Other ST Liabilities PLN mil ... ...                   6.54 ... 28.8 11.2 5.51    
Current Liabilities PLN mil ... ...                   24.9 ... 39.3 50.7 106    
Long-Term Debt PLN mil ... ...                   88.5 ... 73.4 58.7 9.68    
Other LT Liabilities PLN mil ... ...                   0.281 ... 0.680 15.6 24.0    
Non-Current Liabilities PLN mil ... ...                   88.8 0 74.0 74.2 33.7    
Liabilities PLN mil ... ...                   114 ... 113 125 140    
Preferred Equity and Hybrid Capital PLN mil ... ...                   0 ... 0 0 0    
Share Capital PLN mil ... ...                   138 ... 30.7 31.7 32.1    
Treasury Stock PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Equity Before Minority Interest PLN mil ... ...                   -15.5 ... 10.2 6.74 2.18    
Minority Interest PLN mil ... ...                   0.096 ... 0 0 0    
Equity PLN mil ... ...                   -15.4 ... 10.2 6.74 2.18    
growth rates                                    
Total Asset Growth % ... ... ...                 38.2 ... ... 6.67 7.95    
Shareholders' Equity Growth % ... ... ...                 -70.4 ... ... -33.9 -67.7    
Net Debt Growth % ... ... ...                 2.00 ... ... -7.07 14.2    
Total Debt Growth % ... ... ...                 -0.997 ... ... -8.04 13.9    
ratios                                    
Total Debt PLN mil ... ...                   96.8 ... 83.8 77.0 87.7    
Net Debt PLN mil ... ...                   90.5 ... 71.7 66.6 76.1    
Working Capital PLN mil ... ...                 ... -3.82 ... ... -8.87 -12.0    
Capital Employed PLN mil ... ... ... ...       ... ...   ... 74.5 ... ... 92.9 99.9    
Net Debt/Equity % ... ...                   -587 ... 703 988 3,498    
Current Ratio ... ...                   0.802 ... 0.767 0.590 0.285    
Quick Ratio ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0.343 0.177    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
cash flow                                    
Net Profit PLN mil ... ...                   34.6 ... 4.67 -9.22 -4.68    
Depreciation PLN mil ... ... ... ... ... ... ... ... ... ... ... 8.43 ... 10.1 10.1 8.12    
Non-Cash Items PLN mil ... ...                   -24.5 ... -2.55 9.29 2.15    
Change in Working Capital PLN mil ... ...                   -6.60 ... 6.36 -0.896 7.57    
Total Cash From Operations PLN mil ... ...                   12.1 ... 19.1 9.93 14.1    
                                       
Capital Expenditures PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... -11.1 -7.40    
Net Change in LT Investment PLN mil ... ...                   -2.24 ... 1.26 4.20 0.193    
Net Cash From Acquisitions PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Other Investing Activities PLN mil ... ...                   0 ... 0 -0.113 -0.144    
Total Cash From Investing PLN mil ... ...                   -12.1 ... -23.4 -7.00 -7.35    
                                       
Dividends Paid PLN mil ... ...                   0 ... 0 0 0    
Issuance Of Shares PLN mil ... ...                   0 ... 0.413 0 0.433    
Issuance Of Debt PLN mil ... ...                   -2.69 ... -46.1 -6.18 -5.92    
Other Financing Activities PLN mil ... ...                   -0.003 ... -0.529 -0.049 0    
Total Cash From Financing PLN mil ... ...                   -2.69 ... -46.3 -6.23 -5.48    
                                       
Effect of FX Rates PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0    
Net Change In Cash PLN mil ... ...                   -2.69 ... -50.6 -3.30 1.22    
ratios                                    
Days Sales Outstanding days ... ...                   8.25 ... 7.23 13.6 14.3    
Days Sales Of Inventory days ... ...                   6.10 ... 6.88 5.86 5.80    
Days Payable Outstanding days ... ...                 ... 25.8 ... ... 41.1 50.8    
Cash Conversion Cycle days ... ...                 ... -11.5 ... ... -21.7 -30.7    
Cash Earnings PLN mil ... ... ... ... ... ... ... ... ... ... ... 43.0 ... 14.8 0.836 3.44    
Free Cash Flow PLN mil ... ...                   0.003 ... -4.34 2.93 6.71    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 5.93 4.08    
other ratios Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                     
Employees ... ...   ...         ...   ... 98.0 ... 111 100 96.0    
Cost Per Employee USD per month ... ...   ...         ...   ... 3,273 ... 2,832 3,179 2,827    
Cost Per Employee (Local Currency) PLN per month ... ...   ...         ...   ... 10,725 ... 11,441 12,176 10,236    
Operating Cost (As % of Sales) % ... ...                   5.60 ... 13.5 17.4 14.3    
Research & Development (As % of Sales) % ... ... ... ... ... ... ... ... ...   ... ... ... ... 0 0    
Staff Cost (As % of Sales) % ... ...   ...             ... 7.38 ... 7.94 7.81 6.49    
Effective Tax Rate % ... ...                   -115 ... 52.6 7.43 -0.429    
Total Revenue Growth (5-year average) % ... ... ... ... ... ... ...         -0.305 ... 2.26 1.80 0.556   ...
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ... ... ... 2.11 -0.072 -1.62    
valuation Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                                     
Market Capitalisation USD mil ... ... ...                 13.6 26.3 20.5 13.1 6.67    
Enterprise Value (EV) USD mil ... ... ...                 39.2 ... 37.7 32.2 26.9    
Number Of Shares mil                       26.8 26.8 32.0 31.4 31.0    
Share Price PLN ... ... ...                 1.80 3.83 2.68 1.45 0.810    
EV/EBITDA ... ... ...                 4.50 ... 9.00 22.3 9.47    
Price/Earnings (P/E) ... ... ...                 1.39 ... 18.4 -4.93 -5.36    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ... ... ... ... ... 1.12 ... 5.81 54.4 7.30    
P/FCF ... ... ...                 16,052 ... -19.8 15.5 3.74    
Price/Book Value (P/BV) ... ... ...                 -3.13 ... 8.42 6.75 11.5    
Dividend Yield % ... ... ...       ... ... ... ... ... ... ... ... 0 0    
Free Cash Flow Yield % ... ... ...                 0.007 ... -5.23 5.85 27.8    
Earnings Per Share (EPS) PLN                       1.29 ... 0.146 -0.294 -0.151    
Cash Earnings Per Share PLN ... ... ... ... ... ... ... ... ... ... ... 1.61 ... 0.461 0.027 0.111    
Free Cash Flow Per Share PLN ... ...                   < 0.001 ... -0.135 0.093 0.216    
Book Value Per Share PLN ... ...                   -0.576 ... 0.318 0.215 0.070    
Dividend Per Share PLN ... ...         ... ... ... ... ... ... ... ... 0 0    
EV/Sales ... ... ...                 0.751 ... 0.793 0.659 0.536    
EV/EBIT ... ... ...                 6.47 ... 24.1 -23.7 76.5    
EV/Free Cash Flow ... ... ...                 42,768 ... -35.1 42.1 14.5    
EV/Capital Employed ... ... ... ...       ... ...   ... 1.86 ... ... 1.21 1.01    
Earnings Per Share Growth % ...                     -1,018 ... ... -302 -48.6    
Cash Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... -94.2 316    
Book Value Per Share Growth % ... ... ...                 -70.4 ... ... -32.5 -67.3    

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Sfinks Polska's price/earnings (P/E) rose 78.8% yoy to -0.237 in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska stock traded at PLN 0.450 per share at the end 2020 translating into a market capitalization of USD 3.86 mil. Since the end of 2015, stock has depreciated by 88.3% representing an annual average growth of -34.8%. In absolute terms, the val...

Sfinks Polska's Net Debt/EBITDA fell 316% yoy to -15.9 in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska's net debt stood at PLN 176 mil and accounted for -220% of equity at the end of 2020. The ratio is up 958 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 3,498% in 2018 and a low of ...

Sfinks Polska's P/FCF rose 282% yoy to 2.77 in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska stock traded at PLN 0.450 per share at the end 2020 translating into a market capitalization of USD 3.86 mil. Since the end of 2015, the stock has depreciated by 88.3% representing an annual average growth of -34.8%. At the end of 2020, the...

Sfinks Polska's ROCE fell 250% yoy to -35.0% in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska made a net profit of PLN -61.1 mil in 2020, down 272% compared to the previous year. Historically, between 2005 and 2020, the company's net profit reached a high of PLN 34.6 mil in 2014 and a low of PLN -70.5 mil in 2008. The result implies ...

Sfinks Polska's Share Price fell 23.7% yoy to PLN 0.450 in 2020

By Helgi Analytics - May 11, 2022

Sfinks Polska stock traded at PLN 0.450 per share at the end 2020 implying a market capitalization of USD 3.86 mil. Since the end of 2015, stock has appreciated by -88.3% implying an annual average growth of -34.8% In absolute terms, the value of the company ...

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Finance

Sfinks Polska has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of PLN -11.1 mil in 2020, or -14.3% of sales. That’s compared to 4.05% average margin seen in last five years.

The company netted PLN -61.1 mil in 2020 implying ROE of 124% and ROCE of -35.0%. Again, the average figures were 28.7% and -16.6%, respectively when looking at the previous 5 years.

Sfinks Polska’s net debt amounted to PLN 176 mil at the end of 2020, or -220% of equity. When compared to EBITDA, net debt was -15.9x, down when compared to average of 3.03x seen in the last 5 years.

Valuation

Sfinks Polska stock traded at PLN 0.450 per share at the end of 2020 resulting in a market capitalization of USD 3.86 mil. Over the previous five years, stock price fell by 88.3% or -34.8% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of -17.8x and price to earnings (PE) of -0.237x as of 2020.

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