Spolchemie

Profit Statement 2012 2013 2014
Sales CZK mil 5,455 5,574 6,179
Gross Profit CZK mil 1,225 1,313 1,362
EBITDA CZK mil 258 307 -67.2
EBIT CZK mil -56.5 25.9 -332
Financing Cost CZK mil 141 264 -79.9
Pre-Tax Profit CZK mil -198 -238 -252
Net Profit CZK mil -191 -219 -256
Balance Sheet 2012 2013 2014
Total Assets CZK mil 5,655 5,517 4,763
Non-Current Assets CZK mil 4,061 3,913 3,490
Current Assets CZK mil 1,594 1,604 1,272
Working Capital CZK mil -235 -357 104
Shareholders' Equity CZK mil 1,355 1,088 828
Liabilities CZK mil 4,300 4,429 3,935
Total Debt CZK mil 2,199 2,002 1,950
Net Debt CZK mil 2,079 1,926 1,854
Ratios 2012 2013 2014
ROE % -13.2 -18.0 -26.7
ROCE % -4.74 -5.94 -7.15
Gross Margin % 22.5 23.6 22.0
EBITDA Margin % 4.74 5.51 -1.09
EBIT Margin % -1.04 0.464 -5.37
Net Margin % -3.50 -3.93 -4.14
Net Debt/EBITDA 8.04 6.27 -27.6
Net Debt/Equity 1.53 1.77 2.24
Cost of Financing % 5.91 12.6 -4.04
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 263 293 -215
Total Cash From Investing CZK mil -14.1 -64.0 -161
Total Cash From Financing CZK mil -213 -279 397
Net Change In Cash CZK mil 36.2 -49.5 20.6
Cash Conversion Cycle days -33.4 -47.1 -3.91
Cash Earnings CZK mil 124 62.1 8.70
Free Cash Flow CZK mil 249 229 -376

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     4,011 5,253 6,303 5,455 5,574   ...
Gross Profit CZK mil     1,148 1,778 1,869 1,225 1,313   ...
EBIT CZK mil     -418 175 277 -56.5 25.9   ...
Net Profit CZK mil     -510 70.6 73.2 -191 -219   ...
ROE %     -32.9 5.08 4.86 -13.2 -18.0   ...
EBIT Margin %     -10.4 3.34 4.39 -1.04 0.464   ...
Net Margin %     -12.7 1.34 1.16 -3.50 -3.93   ...
Employees     1,285 1,289 1,221 1,102 1,106   ...
balance sheet                  
Total Assets CZK mil     6,587 6,450 5,883 5,655 5,517   ...
Non-Current Assets CZK mil     5,301 4,967 4,406 4,061 3,913   ...
Current Assets CZK mil     1,286 1,483 1,478 1,594 1,604   ...
Shareholders' Equity CZK mil     1,308 1,468 1,543 1,355 1,088   ...
Liabilities CZK mil     5,279 4,982 4,340 4,300 4,429   ...
Non-Current Liabilities CZK mil     977 742 272 1,462 1,210   ...
Current Liabilities CZK mil     4,302 4,240 4,068 2,838 3,220   ...
Net Debt/EBITDA     -58.7 4.71 4.11 8.04 6.27   ...
Net Debt/Equity     2.19 1.71 1.61 1.53 1.77   ...
Cost of Financing % ...   3.43 2.50 6.14 5.91 12.6   ...
cash flow                  
Total Cash From Operations CZK mil     528 149 492 263 293   ...
Total Cash From Investing CZK mil     -194 -173 -232 -14.1 -64.0   ...
Total Cash From Financing CZK mil     -341 68.0 -337 -213 -279   ...
Net Change In Cash CZK mil     -6.62 43.4 -77.8 36.2 -49.5   ...
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     4,011 5,253 6,303 5,455 5,574   ...
Cost of Goods & Services CZK mil     2,863 3,475 4,434 4,230 4,261   ...
Gross Profit CZK mil     1,148 1,778 1,869 1,225 1,313   ...
Staff Cost CZK mil     465 484 484 468 450   ...
Other Cost CZK mil     732 761 782 498 556   ...
EBITDA CZK mil     -48.7 533 604 258 307   ...
Depreciation CZK mil     370 358 327 315 281   ...
EBIT CZK mil     -418 175 277 -56.5 25.9   ...
Financing Cost CZK mil     106 70.7 161 141 264   ...
Extraordinary Cost CZK mil     0 0 0 0.218 0   ...
Pre-Tax Profit CZK mil     -524 105 116 -198 -238   ...
Tax CZK mil     -19.3 40.0 42.1 -9.88 -20.7   ...
Minorities CZK mil     5.52 -5.78 0.811 3.38 1.99   ...
Net Profit CZK mil     -510 70.6 73.2 -191 -219   ...
growth rates                  
Total Revenue Growth % ...   -26.3 31.0 20.0 -13.5 2.18   ...
Operating Cost Growth % ...   -3.42 4.08 1.65 -23.6 4.07    
EBITDA Growth % ...   -114 -1,194 13.3 -57.2 18.9   ...
EBIT Growth % ...   -1,496 -142 57.9 -120 -146   ...
Pre-Tax Profit Growth % ...   175 -120 10.8 -270 20.5   ...
Net Profit Growth % ...   136 -114 3.74 -361 14.8   ...
ratios                  
ROE %     -32.9 5.08 4.86 -13.2 -18.0   ...
ROCE % ...   -10.3 1.54 1.65 -4.74 -5.94   ...
Gross Margin %     28.6 33.9 29.7 22.5 23.6   ...
EBITDA Margin %     -1.21 10.1 9.58 4.74 5.51   ...
EBIT Margin %     -10.4 3.34 4.39 -1.04 0.464   ...
Net Margin %     -12.7 1.34 1.16 -3.50 -3.93   ...
Cost of Financing % ...   3.43 2.50 6.14 5.91 12.6   ...
Net Debt/EBITDA     -58.7 4.71 4.11 8.04 6.27   ...
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     5,301 4,967 4,406 4,061 3,913   ...
Property, Plant & Equipment CZK mil     4,141 3,897 3,588 3,330 3,221   ...
Intangible Assets CZK mil     132 116 270 243 264   ...
Current Assets CZK mil     1,286 1,483 1,478 1,594 1,604   ...
Inventories CZK mil     386 469 426 553 517   ...
Receivables CZK mil     486 619 720 675 820   ...
Cash & Cash Equivalents CZK mil     121 164 84.7 120 75.3   ...
Total Assets CZK mil     6,587 6,450 5,883 5,655 5,517   ...
Shareholders' Equity CZK mil     1,308 1,468 1,543 1,355 1,088   ...
Of Which Minority Interest CZK mil     31.2 42.7 43.7 46.9 48.9   ...
Liabilities CZK mil     5,279 4,982 4,340 4,300 4,429   ...
Non-Current Liabilities CZK mil     977 742 272 1,462 1,210   ...
Long-Term Debt CZK mil     403 173 0 1,069 831   ...
Deferred Tax Liabilities CZK mil     17.7 53.6 95.1 81.9 48.2   ...
Current Liabilities CZK mil     4,302 4,240 4,068 2,838 3,220   ...
Short-Term Debt CZK mil     2,576 2,504 2,563 1,131 1,171   ...
Trade Payables CZK mil     1,676 1,416 1,314 1,463 1,693   ...
Provisions CZK mil     501 416 40.1 14.2 14.8   ...
Equity And Liabilities CZK mil     6,587 6,450 5,883 5,655 5,517   ...
growth rates                  
Total Asset Growth % ...   -14.3 -2.07 -8.79 -3.88 -2.43   ...
Shareholders' Equity Growth % ...   -27.1 12.3 5.09 -12.2 -19.7   ...
Net Debt Growth % ...   -7.14 -12.1 -1.37 -16.1 -7.33   ...
Total Debt Growth % ...   -7.07 -10.1 -4.25 -14.2 -8.97   ...
ratios                  
Total Debt CZK mil     2,979 2,677 2,563 2,199 2,002   ...
Net Debt CZK mil     2,858 2,512 2,478 2,079 1,926   ...
Working Capital CZK mil     -804 -328 -168 -235 -357   ...
Capital Employed CZK mil     4,496 4,639 4,238 3,825 3,557   ...
Net Debt/Equity     2.19 1.71 1.61 1.53 1.77   ...
Cost of Financing % ...   3.43 2.50 6.14 5.91 12.6   ...
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil     -510 70.6 73.2 -191 -219   ...
Depreciation CZK mil     370 358 327 315 281   ...
Non-Cash Items CZK mil ...   164 197 252 71.8 109   ...
Change in Working Capital CZK mil ...   505 -477 -160 67.6 122   ...
Total Cash From Operations CZK mil     528 149 492 263 293   ...
Capital Expenditures CZK mil     -168 -175 -238 -36.6 -114   ...
Other Investments CZK mil     -26.0 1.64 5.13 22.5 49.8   ...
Total Cash From Investing CZK mil     -194 -173 -232 -14.1 -64.0   ...
Issuance Of Debt CZK mil ...   -227 -302 -114 -364 -197   ...
Total Cash From Financing CZK mil     -341 68.0 -337 -213 -279   ...
Net Change In Cash CZK mil     -6.62 43.4 -77.8 36.2 -49.5   ...
ratios                  
Days Sales Outstanding days     44.3 43.0 41.7 45.2 53.7   ...
Days Sales Of Inventory days     49.1 49.2 35.1 47.7 44.3   ...
Days Payable Outstanding days     214 149 108 126 145   ...
Cash Conversion Cycle days     -120 -56.4 -31.4 -33.4 -47.1   ...
Cash Earnings CZK mil     -141 428 400 124 62.1   ...
Free Cash Flow CZK mil     334 -24.6 260 249 229   ...
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     -7.15 1.08 1.19 -3.31 -3.93   ...
Gross Margin %     28.6 33.9 29.7 22.5 23.6   ...
Employees     1,285 1,289 1,221 1,102 1,106   ...
Cost Per Employee USD per month     1,581 1,638 1,866 1,810 1,733   ...
Cost Per Employee (Local Currency) CZK per month     30,135 31,305 33,004 35,412 33,916   ...
Staff Cost (As % Of Total Cost) %     10.5 9.54 8.02 8.50 8.11   ...
Effective Tax Rate %     3.69 38.2 36.3 5.00 8.69   ...
Domestic Sales CZK mil     981 1,353 1,314 847 734   ...
Capital Expenditures (As % of Sales) %     4.18 3.33 3.77 0.671 2.04   ...
Revenues From Abroad CZK mil     3,030 3,900 4,989 4,608 4,425   ...
Revenues From Abroad (As % Of Total) %     75.6 74.2 79.2 84.5 79.4   ...
Sales of Inorganic Chemistry CZK mil ... ... ... ... 1,657 1,474 1,375   ...
Sales of Commodity Resins CZK mil ... ... ... ... 3,386 2,831 2,049   ...
Sales of Special Resins CZK mil ... ... ... ... ... ... 825   ...
Sales of Oleo-chemistry CZK mil ... ... ... ... 660 652 607   ...
Sales of Applied Chemistry CZK mil ... ... ... ... 393 317 303   ...

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Spolchemie a.s. is a Czech Republic-based manufacturer of synthetic resins. The Company offers environmental friendly products, epoxy resins, alkyd resins, hardeners and reactive diluents, other synthetic resins, systems for construction, hydroxides, chlorine chemical substances, for example. The Company offers its products for coatings and paints, composites, adhesives, electro, construction and civil engineering, and printing ink applications. More than two thirds of its production is exported. The Company was founded in 1856 and is based in Usti nad Labem, Czech Republic.

Finance

Spolchemie has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2015, or of sales. That’s compared to 4.68% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were -13.2% and -4.05%, respectively when looking at the previous 5 years.

Spolchemie’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -2.29x seen in the last 5 years.

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