Software602

Profit Statement 2014 2015 2016
Sales CZK mil 185 216 203
Gross Profit CZK mil 123 153 139
EBITDA CZK mil 33.7 58.8 24.5
EBIT CZK mil 24.0 47.3 11.1
Financing Cost CZK mil -0.794 -1.70 -1.16
Pre-Tax Profit CZK mil 24.8 49.0 12.3
Net Profit CZK mil 20.8 40.9 11.0
Dividends CZK mil ... 14.6 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 173 207 200
Non-Current Assets CZK mil 47.5 77.1 78.6
Current Assets CZK mil 115 118 119
Working Capital CZK mil 45.6 57.1 48.5
Shareholders' Equity CZK mil 114 144 139
Liabilities CZK mil 51.3 57.6 53.8
Total Debt CZK mil 0 0 0
Net Debt CZK mil -54.9 -51.6 -61.9
Ratios 2014 2015 2016
ROE % 19.6 31.7 7.81
ROCE % 25.3 36.0 8.44
Gross Margin % 66.5 70.6 68.5
EBITDA Margin % 18.2 27.2 12.1
EBIT Margin % 13.0 21.9 5.46
Net Margin % 11.3 18.9 5.42
Net Debt/EBITDA -1.63 -0.877 -2.52
Net Debt/Equity % -48.0 -35.9 -44.6
Cost of Financing % -16.8 ... ...
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil ... ... 41.0
Total Cash From Investing CZK mil ... ... -16.0
Total Cash From Financing CZK mil ... ... 10.4
Net Change In Cash CZK mil ... ... 35.4
Cash Conversion Cycle days 42.6 64.0 52.9
Cash Earnings CZK mil 30.5 52.5 24.5
Free Cash Flow CZK mil ... ... 25.0

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                      
Sales CZK mil         122 192 216 183 185    
Gross Profit CZK mil         80.3 115 129 113 123    
EBIT CZK mil         12.9 15.4 32.5 27.6 24.0    
Net Profit CZK mil         6.07 8.48 26.4 23.0 20.8    
ROE %         8.59 11.3 33.3 25.4 19.6    
EBIT Margin %         10.6 8.02 15.0 15.1 13.0    
Net Margin %         4.96 4.42 12.2 12.6 11.3    
Employees ... ... ... ... ... ... 85.0 93.0 97.0    
balance sheet                      
Total Assets CZK mil         121 133 129 150 173    
Non-Current Assets CZK mil         51.6 25.7 43.7 45.5 47.5    
Current Assets CZK mil         68.8 107 82.5 97.8 115    
Shareholders' Equity CZK mil         74.0 75.9 82.6 98.2 114    
Liabilities CZK mil         32.0 40.3 37.1 47.1 51.3    
Non-Current Liabilities CZK mil         0 0 0 0 0    
Current Liabilities CZK mil         32.0 40.3 37.1 47.1 51.3    
Net Debt/EBITDA         0.026 -2.16 -1.17 -1.65 -1.63    
Net Debt/Equity %         0.765 -67.4 -57.0 -58.2 -48.0    
Cost of Financing %         42.2 -3.02 12.4 -2.32 -16.8 ... ...
cash flow                      
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ...  
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ...  
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ...  
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ...  
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                      
Sales CZK mil         122 192 216 183 185    
Cost of Goods & Services CZK mil         42.2 76.9 87.1 70.0 62.0    
Gross Profit CZK mil         80.3 115 129 113 123    
Staff Cost CZK mil         48.7 65.7 93.4 81.3 91.4    
Other Cost CZK mil         9.51 25.8 -4.66 -2.75 -2.10    
EBITDA CZK mil         22.0 23.7 40.2 34.6 33.7    
Depreciation CZK mil         9.11 8.28 7.76 6.98 9.71    
EBIT CZK mil         12.9 15.4 32.5 27.6 24.0    
Financing Cost CZK mil         2.90 -0.139 0.686 -0.183 -0.794    
Extraordinary Cost CZK mil         0 0 0 0 0    
Pre-Tax Profit CZK mil         10.0 15.5 31.8 27.8 24.8    
Tax CZK mil         3.95 7.07 5.41 4.80 3.98    
Minorities CZK mil         0 0 0 0 0    
Net Profit CZK mil         6.07 8.48 26.4 23.0 20.8    
Dividends CZK mil ... ... ... ... ... ... ... ... ...   ...
growth rates                      
Total Revenue Growth % ...       -20.3 56.9 12.5 -15.2 1.03    
Operating Cost Growth % ...       32.4 57.0 -2.88 -11.6 13.7    
EBITDA Growth % ...       7.26 7.52 69.8 -14.0 -2.50    
EBIT Growth % ...       6.45 19.3 111 -15.0 -13.0    
Pre-Tax Profit Growth % ...       -3.58 55.2 104 -12.6 -10.7    
Net Profit Growth % ...       -32.5 39.7 211 -12.8 -9.40    
ratios                      
ROE %         8.59 11.3 33.3 25.4 19.6    
ROCE %         7.20 9.99 37.9 32.4 25.3    
Gross Margin %         65.6 59.9 59.7 61.8 66.5    
EBITDA Margin %         18.0 12.3 18.6 18.9 18.2    
EBIT Margin %         10.6 8.02 15.0 15.1 13.0    
Net Margin %         4.96 4.42 12.2 12.6 11.3    
Payout Ratio % ... ... ... ... ... ... ... ... ...   ...
Cost of Financing %         42.2 -3.02 12.4 -2.32 -16.8 ... ...
Net Debt/EBITDA         0.026 -2.16 -1.17 -1.65 -1.63    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                      
Non-Current Assets CZK mil         51.6 25.7 43.7 45.5 47.5    
Property, Plant & Equipment CZK mil         2.01 0.299 15.1 14.8 14.6    
Intangible Assets CZK mil         11.4 14.0 17.9 21.1 22.0    
Current Assets CZK mil         68.8 107 82.5 97.8 115    
Inventories CZK mil         0 0 0 0 0    
Receivables CZK mil         59.6 50.7 28.7 28.7 57.7    
Cash & Cash Equivalents CZK mil         3.92 55.8 53.4 66.7 54.9    
Total Assets CZK mil         121 133 129 150 173    
Shareholders' Equity CZK mil         74.0 75.9 82.6 98.2 114    
Of Which Minority Interest CZK mil         0 0 0 0 0    
Liabilities CZK mil         32.0 40.3 37.1 47.1 51.3    
Non-Current Liabilities CZK mil         0 0 0 0 0    
Long-Term Debt CZK mil         0 0 0 0 0    
Deferred Tax Liabilities CZK mil         0 0 0 0 0    
Current Liabilities CZK mil         32.0 40.3 37.1 47.1 51.3    
Short-Term Debt CZK mil         4.48 4.72 6.35 9.45 0    
Trade Payables CZK mil         10.6 7.40 2.01 2.64 12.1    
Equity And Liabilities CZK mil         121 133 129 150 173    
growth rates                      
Total Asset Growth % ...       4.25 10.2 -3.36 16.2 15.6    
Shareholders' Equity Growth % ...       9.82 2.57 8.84 19.0 16.4    
Net Debt Growth % ...       -106 -9,130 -7.95 21.6 -4.04    
Total Debt Growth % ...       -51.5 5.35 34.5 48.8 -100 ... ...
ratios                      
Total Debt CZK mil         4.48 4.72 6.35 9.45 0    
Net Debt CZK mil         0.566 -51.1 -47.0 -57.2 -54.9    
Working Capital CZK mil         49.1 43.3 26.7 26.1 45.6    
Capital Employed CZK mil         101 69.0 70.3 71.6 93.1    
Net Debt/Equity %         0.765 -67.4 -57.0 -58.2 -48.0    
Cost of Financing %         42.2 -3.02 12.4 -2.32 -16.8 ... ...
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                      
Net Profit CZK mil         6.07 8.48 26.4 23.0 20.8    
Depreciation CZK mil         9.11 8.28 7.76 6.98 9.71    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ...  
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ...  
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ...  
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ...  
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ...  
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ...  
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ...  
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ...  
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ...  
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ...  
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ...  
ratios                      
Days Sales Outstanding days         178 96.4 48.4 57.2 114    
Days Sales Of Inventory days         0 0 0 0 0    
Days Payable Outstanding days         91.4 35.1 8.44 13.8 71.2    
Cash Conversion Cycle days         86.4 61.3 40.0 43.5 42.6    
Cash Earnings CZK mil         15.2 16.8 34.1 30.0 30.5    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ...  
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                      
ROA %         5.13 6.68 20.1 16.5 12.9    
Gross Margin %         65.6 59.9 59.7 61.8 66.5    
Cost Per Employee USD per month ... ... ... ... ... ... 4,683 3,721 3,674    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ... ... 4,683 3,721 3,674    
Staff Cost (As % Of Total Cost) %         44.5 37.2 50.9 52.2 56.8    
Effective Tax Rate %         39.4 45.4 17.0 17.3 16.0    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ...  

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Software602 is a Czech Republic-based IT software Company. The Company was founded in 1991 and profiled itself on the market with a text editor Text602. Despite a launch of a few other products (such as M602, or Calc602), succesful spread of Microsoft Office has practically killed the origonal business of the Company. Since 2004, the Company has been focusing on interactive formulars and electronic documents, especially, in the PDF/A format.

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Finance

Software602 has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 0.709% a year during that time to total of CZK 24.5 mil in 2016, or 12.1% of sales. That’s compared to 19.0% average margin seen in last five years.

The company netted CZK 11.0 mil in 2016 implying ROE of 7.81% and ROCE of 8.44%. Again, the average figures were 23.6% and 28.0%, respectively when looking at the previous 5 years.

Software602’s net debt amounted to CZK -61.9 mil at the end of 2016, or -44.6% of equity. When compared to EBITDA, net debt was -2.52x, down when compared to average of -1.57x seen in the last 5 years.