Slovenska Posta

Profit Statement 2012 2013 2014
Sales EUR mil 296 315 305
Gross Profit EUR mil 207 202 199
EBITDA EUR mil 38.2 43.9 40.4
EBIT EUR mil -1.04 6.28 6.98
Financing Cost EUR mil 1.50 1.88 2.08
Pre-Tax Profit EUR mil -2.54 4.40 4.90
Net Profit EUR mil < -0.001 2.14 3.31
Balance Sheet 2012 2013 2014
Total Assets EUR mil 382 384 391
Non-Current Assets EUR mil 235 223 222
Current Assets EUR mil 147 162 169
Working Capital EUR mil 5.26 -12.9 -9.70
Shareholders' Equity EUR mil 211 212 215
Liabilities EUR mil 171 172 176
Total Debt EUR mil ... 58.6 64.8
Net Debt EUR mil ... 5.88 19.8
Ratios 2012 2013 2014
ROE % < -0.001 1.01 1.55
ROCE % < -0.001 0.950 1.57
Gross Margin % 69.9 64.0 65.1
EBITDA Margin % 12.9 13.9 13.2
EBIT Margin % -0.352 1.99 2.29
Net Margin % < -0.001 0.678 1.08
Net Debt/EBITDA ... 0.134 0.490
Net Debt/Equity ... 0.028 0.092
Cost of Financing % ... ... 3.37
Cash Flow 2012 2013 2014
Total Cash From Operations EUR mil 29.2 50.5 24.1
Total Cash From Investing EUR mil -10.9 -23.2 -32.0
Total Cash From Financing EUR mil -9.67 -9.66 0
Net Change In Cash EUR mil 8.64 17.7 -7.81
Cash Conversion Cycle days -88.7 -119 -130
Cash Earnings EUR mil 39.2 39.8 36.8
Free Cash Flow EUR mil 18.3 27.3 -7.81

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil       321 309 308 298 296    
Gross Profit EUR mil       220 213 215 208 207    
EBIT EUR mil       6.06 6.99 -9.37 -7.94 -1.04    
Net Profit EUR mil       2.52 0.132 -12.1 -9.12 < -0.001    
ROE %       1.08 0.054 -5.04 -3.97 < -0.001    
EBIT Margin %       1.89 2.26 -3.04 -2.66 -0.352    
Net Margin %       0.785 0.043 -3.93 -3.06 < -0.001    
Employees ... ... ... ... ... 14,601 14,240 13,740    
balance sheet                    
Total Assets EUR mil       380 388 431 403 382    
Non-Current Assets EUR mil       305 324 308 277 235    
Current Assets EUR mil       75.2 63.7 123 126 147    
Shareholders' Equity EUR mil       246 246 234 225 211    
Liabilities EUR mil       134 142 196 178 171    
Non-Current Liabilities EUR mil       54.2 76.7 60.9 44.9 32.8    
Current Liabilities EUR mil       134 142 136 133 138    
Net Debt/EBITDA ... ... ... ... ... ... ... ...    
Net Debt/Equity ... ... ... ... ... ... ... ...    
Cost of Financing % ... ... ... ... ... ... ... ... ...  
cash flow                    
Total Cash From Operations EUR mil       18.3 15.3 30.7 45.3 29.2    
Total Cash From Investing EUR mil       -68.7 -49.9 -27.4 -17.4 -10.9    
Total Cash From Financing EUR mil       17.1 22.2 -12.7 -19.6 -9.67    
Net Change In Cash EUR mil       -33.3 -12.5 -9.28 8.35 8.64    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil       321 309 308 298 296    
Cost of Goods & Services EUR mil       101 95.7 93.6 90.3 88.9    
Gross Profit EUR mil       220 213 215 208 207    
Staff Cost EUR mil       169 160 161 159 153    
Other Cost EUR mil       15.5 15.0 19.5 9.59 15.9    
EBITDA EUR mil       35.4 37.9 34.2 39.2 38.2    
Depreciation EUR mil       29.4 30.9 43.5 47.1 39.2    
EBIT EUR mil       6.06 6.99 -9.37 -7.94 -1.04    
Financing Cost EUR mil       1.52 4.45 3.58 1.81 1.50    
Extraordinary Cost EUR mil       0 0 0 0 0    
Pre-Tax Profit EUR mil       4.54 2.54 -12.9 -9.75 -2.54    
Tax EUR mil       1.95 2.41 -0.830 -0.628 -0.198    
Minorities EUR mil       0 0 0 0 0    
Net Profit EUR mil       2.52 0.132 -12.1 -9.12 < -0.001    
growth rates                    
Total Revenue Growth % ...     21.2 -3.75 -0.144 -3.31 -0.845    
Operating Cost Growth % ...     17.5 -5.23 3.09 -6.61 -0.056    
EBITDA Growth % ...     1.77 6.92 -9.84 14.7 -2.61    
EBIT Growth % ...     -41.0 15.4 -234 -15.3 -86.9    
Pre-Tax Profit Growth % ...     -50.8 -44.1 -610 -24.7 -74.0    
Net Profit Growth % ...     -59.9 -94.8 -9,279 -24.7 -100    
ratios                    
ROE %       1.08 0.054 -5.04 -3.97 < -0.001    
ROCE % ...     0.975 0.043 -3.77 -3.11 < -0.001    
Gross Margin %       68.6 69.0 69.6 69.7 69.9    
EBITDA Margin %       11.1 12.3 11.1 13.2 12.9    
EBIT Margin %       1.89 2.26 -3.04 -2.66 -0.352    
Net Margin %       0.785 0.043 -3.93 -3.06 < -0.001    
Cost of Financing % ... ... ... ... ... ... ... ... ...  
Net Debt/EBITDA ... ... ... ... ... ... ... ...    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                    
Non-Current Assets EUR mil       305 324 308 277 235    
Property, Plant & Equipment EUR mil       271 284 267 244 214    
Intangible Assets EUR mil       30.2 36.6 37.2 28.9 17.2    
Current Assets EUR mil       75.2 63.7 123 126 147    
Inventories EUR mil       2.48 2.75 2.41 2.69 2.69    
Receivables EUR mil       25.7 31.6 33.7 31.4 38.4    
Cash & Cash Equivalents EUR mil       25.6 13.2 18.1 26.5 35.1    
Total Assets EUR mil       380 388 431 403 382    
Shareholders' Equity EUR mil       246 246 234 225 211    
Of Which Minority Interest EUR mil       0 0 0 0 0    
Liabilities EUR mil       134 142 196 178 171    
Non-Current Liabilities EUR mil       54.2 76.7 60.9 44.9 32.8    
Long-Term Debt EUR mil ... ... ... ... ... ... ... ...    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil       134 142 136 133 138    
Short-Term Debt EUR mil ... ... ... ... ... ... ... ...    
Trade Payables EUR mil       42.8 31.8 28.6 39.3 35.8    
Provisions EUR mil ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil       380 388 431 403 382    
growth rates                    
Total Asset Growth % ...     17.8 2.12 11.0 -6.38 -5.24    
Shareholders' Equity Growth % ...     11.8 0.088 -4.92 -3.90 -6.18    
Net Debt Growth % ... ... ... ... ... ... ... ... ...  
Total Debt Growth % ... ... ... ... ... ... ... ... ...  
ratios                    
Total Debt EUR mil ... ... ... ... ... ... ... ...    
Net Debt EUR mil ... ... ... ... ... ... ... ...    
Working Capital EUR mil       -14.7 2.57 7.46 -5.17 5.26    
Capital Employed EUR mil       290 327 315 272 240    
Net Debt/Equity ... ... ... ... ... ... ... ...    
Cost of Financing % ... ... ... ... ... ... ... ... ...  
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                    
Net Profit EUR mil       2.52 0.132 -12.1 -9.12 < -0.001    
Depreciation EUR mil       29.4 30.9 43.5 47.1 39.2    
Non-Cash Items EUR mil ...     -21.4 1.45 4.20 -5.31 0.426    
Change in Working Capital EUR mil ...     7.79 -17.2 -4.89 12.6 -10.4    
Total Cash From Operations EUR mil       18.3 15.3 30.7 45.3 29.2    
Capital Expenditures EUR mil       -68.7 -49.9 -27.4 -17.4 -10.9    
Other Investments EUR mil       0 0 0 0 0    
Total Cash From Investing EUR mil       -68.7 -49.9 -27.4 -17.4 -10.9    
Issuance Of Debt EUR mil ... ... ... ... ... ... ... ... ...  
Total Cash From Financing EUR mil       17.1 22.2 -12.7 -19.6 -9.67    
Net Change In Cash EUR mil       -33.3 -12.5 -9.28 8.35 8.64    
ratios                    
Days Sales Outstanding days       29.2 37.4 39.9 38.5 47.4    
Days Sales Of Inventory days       9.01 10.5 9.38 10.9 11.1    
Days Payable Outstanding days       156 121 112 159 147    
Cash Conversion Cycle days       -117 -73.4 -62.4 -109 -88.7    
Cash Earnings EUR mil       31.9 31.0 31.4 38.0 39.2    
Free Cash Flow EUR mil       -50.4 -34.6 3.38 28.0 18.3    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                    
ROA %       0.717 0.034 -2.96 -2.19 < -0.001    
Gross Margin %       68.6 69.0 69.6 69.7 69.9    
Employees ... ... ... ... ... 14,601 14,240 13,740    
Cost Per Employee USD per month ... ... ... ... ... 1,216 1,293 1,188    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... 919 930 925    
Staff Cost (As % Of Total Cost) %       53.8 53.1 50.7 52.0 51.4    
Effective Tax Rate %       42.9 94.8 6.41 6.44 7.81    
Capital Expenditures (As % of Sales) %       21.4 16.2 8.87 5.82 3.69    

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Slovenská pošta (literally Slovak Post) is a state-owned company responsible for providing postal service in Slovakia. Following the split of Czechoslovakia, the company was established on January 1, 1993. It operates over 1,500 post offices throughout the country and is the third largest employer in Slovakia giving job to 14,000 people). Since 1996, the headquarters are located in Banská Bystrica

Finance

Slovenska Posta has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.3% a year during that time to total of EUR 40.4 mil in 2014, or 13.2% of sales. That’s compared to 12.9% average margin seen in last five years.

The company netted EUR 3.31 mil in 2014 implying ROE of 1.55% and ROCE of 1.57%. Again, the average figures were -1.29% and -0.873%, respectively when looking at the previous 5 years.

Slovenska Posta’s net debt amounted to EUR 19.8 mil at the end of 2014, or 0.092 of equity. When compared to EBITDA, net debt was 0.490x, up when compared to average of 0.312x seen in the last 5 years.