Tescan

Tescan's Cash & Cash Equivalents rose 14.1% yoy to CZK 365 mil in 2014

By Helgi Analytics - April 2, 2020

Tescan's total assets reached CZK 3,067 mil at the end of 2014, up 123% compared to the previous year. Current ass...

Profit Statement 2012 2013 2014
Sales CZK mil 1,139 1,309 1,445
Gross Profit CZK mil 443 525 523
EBITDA CZK mil 300 312 181
EBIT CZK mil 274 310 133
Financing Cost CZK mil -24.0 -8.41 52.1
Pre-Tax Profit CZK mil 298 318 81.4
Net Profit CZK mil 245 263 31.1
Dividends CZK mil ... 58.2 ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 1,080 1,376 3,067
Non-Current Assets CZK mil 284 474 1,778
Current Assets CZK mil 795 887 1,263
Working Capital CZK mil 405 332 456
Shareholders' Equity CZK mil 693 938 2,234
Liabilities CZK mil 387 438 834
Total Debt CZK mil 78.0 202 280
Net Debt CZK mil -219 -117 -84.1
Ratios 2012 2013 2014
ROE % 43.9 32.2 1.96
ROCE % 40.9 35.1 2.04
Gross Margin % 38.9 40.1 36.2
EBITDA Margin % 26.3 23.8 12.5
EBIT Margin % 24.1 23.7 9.24
Net Margin % 21.5 20.1 2.15
Net Debt/EBITDA -0.730 -0.376 -0.465
Net Debt/Equity -0.316 -0.125 -0.038
Cost of Financing % -24.0 -6.01 21.6
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 229 422 34.5
Total Cash From Investing CZK mil -15.0 -680 -124
Total Cash From Financing CZK mil -56.0 106 20.2
Net Change In Cash CZK mil 158 -152 -68.9
Cash Conversion Cycle days 169 155 181
Cash Earnings CZK mil 271 265 78.4
Free Cash Flow CZK mil 214 -258 -89.1

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales CZK mil                       323 415 681 1,139 1,309   ...
Gross Profit CZK mil                       110 137 248 443 525   ...
EBIT CZK mil                       55.0 82.0 164 274 310   ...
Net Profit CZK mil ...                     62.0 72.0 129 245 263   ...
ROE % ...                     24.1 22.5 33.0 43.9 32.2   ...
EBIT Margin %                       17.0 19.8 24.1 24.1 23.7   ...
Net Margin % ...                     19.2 17.3 18.9 21.5 20.1   ...
Employees ... ... ...                 99.0 111 150 216 258   ...
balance sheet                                    
Total Assets CZK mil                       376 529 643 1,080 1,376   ...
Non-Current Assets CZK mil                       149 262 256 284 474   ...
Current Assets CZK mil                       226 266 387 795 887   ...
Shareholders' Equity CZK mil                       281 359 422 693 938   ...
Liabilities CZK mil                       95.0 170 221 387 438   ...
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ...   ...   1.00 1.00 1.00 1.00 1.49   ...
Current Liabilities CZK mil                       50.0 55.0 97.0 208 131   ...
Net Debt/EBITDA                       -0.141 0.684 0.158 -0.730 -0.376   ...
Net Debt/Equity                       -0.036 0.187 0.069 -0.316 -0.125   ...
Cost of Financing % ... ... ...                 -39.6 -7.19 6.56 -24.0 -6.01   ...
cash flow                                    
Total Cash From Operations CZK mil ... ... ... ... ... ...           60.0 77.0 109 229 422   ...
Total Cash From Investing CZK mil ... ... ... ... ... ...           -51.0 -155 -63.0 -15.0 -680   ...
Total Cash From Financing CZK mil ... ... ... ... ... ...           -31.0 78.0 -8.00 -56.0 106   ...
Net Change In Cash CZK mil ... ... ... ... ... ...           -22.0 0 38.0 158 -152   ...
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales CZK mil                       323 415 681 1,139 1,309   ...
Cost of Goods & Services CZK mil                       213 278 433 696 784   ...
Gross Profit CZK mil                       110 137 248 443 525   ...
Staff Cost CZK mil                       52.0 63.0 82.0 114 204   ...
Other Cost CZK mil                       -13.0 -24.0 -17.0 29.0 8.31   ...
EBITDA CZK mil                       71.0 98.0 183 300 312   ...
Depreciation CZK mil                       16.0 16.0 19.0 26.0 2.46   ...
EBIT CZK mil                       55.0 82.0 164 274 310   ...
Financing Cost CZK mil ... ... ...                 -21.0 -6.00 8.00 -24.0 -8.41   ...
Extraordinary Cost CZK mil ... ... ...                 0 0 1.00 0 0   ...
Pre-Tax Profit CZK mil                       76.0 88.0 155 298 318   ...
Tax CZK mil ... ...                   14.0 16.0 26.0 54.0 56.4   ...
Minorities CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.00 -1.01   ...
Net Profit CZK mil ...                     62.0 72.0 129 245 263   ...
Dividends CZK mil ... ... ... ... ...         ...   ... 8.00 56.0 ... 58.2 ... ...
growth rates                                    
Total Revenue Growth % ...                     10.6 28.5 64.1 67.3 14.9   ...
Operating Cost Growth % ...                     5.41 0 66.7 120 48.8    
EBITDA Growth % ...                     18.3 38.0 86.7 63.9 4.06   ...
EBIT Growth % ...                     10.0 49.1 100 67.1 13.0   ...
Pre-Tax Profit Growth % ...                     76.7 15.8 76.1 92.3 6.76   ...
Net Profit Growth % ... ...                   72.2 16.1 79.2 89.9 7.24   ...
ratios                                    
ROE % ...                     24.1 22.5 33.0 43.9 32.2   ...
ROCE % ...       ... ...           24.2 20.5 27.2 40.9 35.1   ...
Gross Margin %                       34.1 33.0 36.4 38.9 40.1   ...
EBITDA Margin %                       22.0 23.6 26.9 26.3 23.8   ...
EBIT Margin %                       17.0 19.8 24.1 24.1 23.7   ...
Net Margin % ...                     19.2 17.3 18.9 21.5 20.1   ...
Payout Ratio % ... ... ... ... ...         ...   ... 11.1 43.4 ... 22.1 ... ...
Cost of Financing % ... ... ...                 -39.6 -7.19 6.56 -24.0 -6.01   ...
Net Debt/EBITDA                       -0.141 0.684 0.158 -0.730 -0.376   ...
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets CZK mil                       149 262 256 284 474   ...
Property, Plant & Equipment CZK mil ... ...                   133 200 19.0 226 424   ...
Intangible Assets CZK mil ... ... ... ...               3.00 4.00 4.00 4.00 5.30   ...
Current Assets CZK mil                       226 266 387 795 887   ...
Inventories CZK mil                       93.0 126 172 279 334   ...
Receivables CZK mil                       41.0 85.0 120 212 0   ...
Cash & Cash Equivalents CZK mil                       55.0 55.0 93.0 297 320   ...
Total Assets CZK mil                       376 529 643 1,080 1,376   ...
Shareholders' Equity CZK mil                       281 359 422 693 938   ...
Of Which Minority Interest CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.00 2.80   ...
Liabilities CZK mil                       95.0 170 221 387 438   ...
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ...   ...   1.00 1.00 1.00 1.00 1.49   ...
Long-Term Debt CZK mil                       45.0 122 122 78.0 135   ...
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ... ...   ...   1.00 1.00 1.00 1.00 ... ... ...
Current Liabilities CZK mil                       50.0 55.0 97.0 208 131   ...
Short-Term Debt CZK mil                       0 0 0 0 66.8   ...
Trade Payables CZK mil         ...             19.0 34.0 39.0 86.0 1.70   ...
Provisions CZK mil       ... ... ... ... ... ... ... ... ... ... 1.00 1.00 53.3   ...
Equity And Liabilities CZK mil                       376 529 643 1,080 1,376   ...
growth rates                                    
Total Asset Growth % ...                     3.01 40.7 21.6 68.0 27.4   ...
Shareholders' Equity Growth % ...                     20.6 27.8 17.5 64.2 35.3   ...
Net Debt Growth % ...                     -225 -770 -56.7 -855 -46.3   ...
Total Debt Growth % ...                   ... -26.2 171 0 -36.1 159   ...
ratios                                    
Total Debt CZK mil                       45.0 122 122 78.0 202   ...
Net Debt CZK mil                       -10.0 67.0 29.0 -219 -117   ...
Working Capital CZK mil         ...             115 177 253 405 332   ...
Capital Employed CZK mil         ...             264 439 509 689 806   ...
Net Debt/Equity                       -0.036 0.187 0.069 -0.316 -0.125   ...
Cost of Financing % ... ... ...                 -39.6 -7.19 6.56 -24.0 -6.01   ...
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit CZK mil ...                     62.0 72.0 129 245 263   ...
Depreciation CZK mil                       16.0 16.0 19.0 26.0 2.46   ...
Non-Cash Items CZK mil ... ... ... ... ... ...           -18.0 51.0 37.0 110 83.7   ...
Change in Working Capital CZK mil ...       ... ...           0 -62.0 -76.0 -152 73.0   ...
Total Cash From Operations CZK mil ... ... ... ... ... ...           60.0 77.0 109 229 422   ...
Capital Expenditures CZK mil ... ... ... ... ... ...           -40.0 -108 -8.00 -1.00 -681   ...
Other Investments CZK mil ... ... ... ... ... ...           -11.0 -47.0 -55.0 -14.0 1.32   ...
Total Cash From Investing CZK mil ... ... ... ... ... ...           -51.0 -155 -63.0 -15.0 -680   ...
Dividends Paid CZK mil ... ... ... ... ...         ...   ... -8.00 -56.0 ... -58.2 ... ...
Issuance Of Debt CZK mil ...                     -16.0 77.0 0 -44.0 124   ...
Total Cash From Financing CZK mil ... ... ... ... ... ...           -31.0 78.0 -8.00 -56.0 106   ...
Net Change In Cash CZK mil ... ... ... ... ... ...           -22.0 0 38.0 158 -152   ...
ratios                                    
Days Sales Outstanding days                       46.3 74.8 64.3 67.9 0   ...
Days Sales Of Inventory days                       159 165 145 146 155   ...
Days Payable Outstanding days         ...             32.6 44.6 32.9 45.1 0.789   ...
Cash Conversion Cycle days         ...             173 196 176 169 155   ...
Cash Earnings CZK mil ...                     78.0 88.0 148 271 265   ...
Free Cash Flow CZK mil ... ... ... ... ... ...           9.00 -78.0 46.0 214 -258   ...
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ...                     16.7 15.9 22.0 28.4 21.4   ...
Gross Margin %                       34.1 33.0 36.4 38.9 40.1   ...
Employees ... ... ...                 99.0 111 150 216 258   ...
Cost Per Employee USD per month ... ... ...                 2,297 2,475 2,576 2,249 3,375   ...
Cost Per Employee (Local Currency) CZK per month ... ... ...                 43,771 47,297 45,556 43,982 66,030   ...
Staff Cost (As % Of Total Cost) %                       19.4 18.9 15.9 13.2 20.5   ...
Effective Tax Rate % ... ...                   18.4 18.2 16.8 18.1 17.7   ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ...           12.4 26.0 1.17 0.088 52.0   ...
Revenues From Abroad CZK mil ...                     277 362 624 893 1,099   ...
Revenues From Abroad (As % Of Total) % ...                     85.8 87.2 91.6 78.4 84.0   ...
Number of Microscopes Sold ... ... ... ... ... ...           94.0 138 206 ... ... ... ...
Sales in the Czech Republic CZK mil ...                     31.0 14.0 35.0 102 118   ...
Price per Microscope CZK mil ... ... ... ... ... ...           3.44 3.01 3.31 ... ... ... ...
EBIT per Microscope CZK mil ... ... ... ... ... ...           0.585 0.594 0.796 ... ... ... ...
Net Profit per Microscope CZK mil ... ... ... ... ... ...           0.660 0.522 0.626 ... ... ... ...
Price per Microscope (USD) USD ... ... ... ... ... ...           180,310 157,357 186,917 ... ... ... ...
EBIT per Microscope (USD) USD ... ... ... ... ... ...           30,703 31,092 45,014 ... ... ... ...
Net Profit per Microscope (USD) USD ... ... ... ... ... ...           34,611 27,301 35,407 ... ... ... ...

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Nov 2013
Company Report

TESCAN, a.s. is one of the global suppliers of scientific instruments such as scanning electron microscopes (SEM). It is based in Brno, in the Czech Republic. Founded as a small company for manufacturing programmable control units for general purposes, upgrading analogue scanning electron microscopes and manufacturing accessories for them in 1991, the TESCAN is today one of the global suppliers of scanning electron microscopes and solutions for materials science, industry, biology and life sciences, forensic science and others. Since its start, the company has produced over 1,200 SEM installations selling them to more than 60 countries in the world

Finance

Tescan 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 22.4% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 27.8% and 26.3%, respectively when looking at the previous 5 years.

Tescan’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 -0.353x seen in the last 5 years.