Travel Service

Travel Service's Cash & Cash Equivalents rose 3.05% yoy to CZK 188 mil in 2015

By Helgi Analytics - April 2, 2020

Travel Service's total assets reached CZK 3,726 mil at the end of 2015, up 24.5% compared to the previous year. Cu...

Profit Statement 2013 2014 2015
Sales CZK mil 14,059 15,746 14,849
Gross Profit CZK mil 1,270 1,270 1,316
EBITDA CZK mil 167 288 504
EBIT CZK mil 150 274 488
Financing Cost CZK mil -69.2 204 240
Pre-Tax Profit CZK mil 219 70.5 248
Net Profit CZK mil 158 60.1 192
Dividends CZK mil ... ... ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 2,798 2,993 3,726
Non-Current Assets CZK mil 511 558 761
Current Assets CZK mil 1,908 1,990 2,657
Working Capital CZK mil -163 -88.5 408
Shareholders' Equity CZK mil 735 777 983
Liabilities CZK mil 2,063 2,216 2,743
Total Debt CZK mil 683 876 1,178
Net Debt CZK mil 502 693 990
Ratios 2013 2014 2015
ROE % 24.2 7.94 21.9
ROCE % 44.2 14.7 23.5
Gross Margin % 9.03 8.06 8.86
EBITDA Margin % 1.19 1.83 3.39
EBIT Margin % 1.06 1.74 3.29
Net Margin % 1.13 0.381 1.30
Net Debt/EBITDA 3.01 2.40 1.97
Net Debt/Equity 0.683 0.892 1.01
Cost of Financing % -9.21 26.1 23.4
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 233 -109 -262
Total Cash From Investing CZK mil -172 -57.9 -34.5
Total Cash From Financing CZK mil 86.2 169 302
Net Change In Cash CZK mil 147 2.05 5.57
Cash Conversion Cycle days -5.55 -2.85 10.1
Cash Earnings CZK mil 176 74.2 208
Free Cash Flow CZK mil 60.4 -167 -296

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             7,006 8,838 10,350 10,700 14,059    
Gross Profit CZK mil             972 728 651 922 1,270    
EBIT CZK mil             344 43.0 26.0 86.0 150    
Net Profit CZK mil             212 1.00 -4.00 48.0 158    
ROE %             74.8 0.212 -0.755 8.72 24.2    
EBIT Margin %             4.91 0.487 0.251 0.804 1.06    
Net Margin %             3.03 0.011 -0.039 0.449 1.13    
Employees             624 668 766 802 989    
balance sheet                          
Total Assets CZK mil             1,653 1,794 1,605 1,998 2,798    
Non-Current Assets CZK mil             547 82.0 196 233 511    
Current Assets CZK mil             1,034 1,200 1,067 1,401 1,908    
Shareholders' Equity CZK mil             409 533 526 575 735    
Liabilities CZK mil             1,244 1,261 1,079 1,423 2,063    
Non-Current Liabilities CZK mil ...           2.00 4.00 7.00 5.00 3.90    
Current Liabilities CZK mil             527 642 587 798 1,311    
Net Debt/EBITDA             1.13 8.81 15.1 7.87 3.01    
Net Debt/Equity             0.985 0.942 1.12 1.37 0.683    
Cost of Financing % ...           12.1 6.41 3.92 3.04 -9.21    
cash flow                          
Total Cash From Operations CZK mil       ... ...   -171 153 -51.0 -76.0 233    
Total Cash From Investing CZK mil       ... ...   -19.0 -9.00 -129 -50.0 -172    
Total Cash From Financing CZK mil       ... ...   119 -121 23.0 120 86.2    
Net Change In Cash CZK mil       ... ...   -71.0 23.0 -157 -6.00 147    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil             7,006 8,838 10,350 10,700 14,059    
Cost of Goods & Services CZK mil             6,034 8,110 9,699 9,778 12,789    
Gross Profit CZK mil             972 728 651 922 1,270    
Staff Cost CZK mil             579 625 735 754 889    
Other Cost CZK mil             35.0 46.0 -123 68.0 214    
EBITDA CZK mil             358 57.0 39.0 100 167    
Depreciation CZK mil             14.0 14.0 13.0 14.0 17.2    
EBIT CZK mil             344 43.0 26.0 86.0 150    
Financing Cost CZK mil             72.0 41.0 26.0 22.0 -69.2    
Extraordinary Cost CZK mil             0 0 0 0 0    
Pre-Tax Profit CZK mil             272 2.00 0 64.0 219    
Tax CZK mil             60.0 0 5.00 16.0 60.4    
Minorities CZK mil             0 0 0 0 0    
Net Profit CZK mil             212 1.00 -4.00 48.0 158    
Dividends CZK mil ... ... ...   ... ... ... ... ... ... ... ... ...
growth rates                          
Total Revenue Growth % ...           7.60 26.1 17.1 3.38 31.4    
Operating Cost Growth % ...           9.25 9.28 -8.79 34.3 34.2    
EBITDA Growth % ...           -9.60 -84.1 -31.6 156 66.7    
EBIT Growth % ...           -10.4 -87.5 -39.5 231 73.9    
Pre-Tax Profit Growth % ...           2,373 -99.3 -100 ... 242    
Net Profit Growth % ...           5,200 -99.5 -500 -1,300 230    
ratios                          
ROE %             74.8 0.212 -0.755 8.72 24.2    
ROCE % ...           25.2 0.263 -2.29 15.2 44.2    
Gross Margin %             13.9 8.24 6.29 8.62 9.03    
EBITDA Margin %             5.11 0.645 0.377 0.935 1.19    
EBIT Margin %             4.91 0.487 0.251 0.804 1.06    
Net Margin %             3.03 0.011 -0.039 0.449 1.13    
Payout Ratio % ... ... ...   ... ... ... ... ... ... ... ... ...
Cost of Financing % ...           12.1 6.41 3.92 3.04 -9.21    
Net Debt/EBITDA             1.13 8.81 15.1 7.87 3.01    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets CZK mil             547 82.0 196 233 511    
Property, Plant & Equipment CZK mil             512 47.0 38.0 48.0 137    
Intangible Assets CZK mil             3.00 4.00 6.00 11.0 15.5    
Current Assets CZK mil             1,034 1,200 1,067 1,401 1,908    
Inventories CZK mil             136 144 146 156 182    
Receivables CZK mil             254 232 260 378 343    
Cash & Cash Equivalents CZK mil             176 198 40.0 34.0 181    
Total Assets CZK mil             1,653 1,794 1,605 1,998 2,798    
Shareholders' Equity CZK mil             409 533 526 575 735    
Of Which Minority Interest CZK mil             0 0 0 0 0    
Liabilities CZK mil             1,244 1,261 1,079 1,423 2,063    
Non-Current Liabilities CZK mil ...           2.00 4.00 7.00 5.00 3.90    
Long-Term Debt CZK mil             0 0 0 0 0    
Deferred Tax Liabilities CZK mil ...           2.00 4.00 7.00 5.00 3.90    
Current Liabilities CZK mil             527 642 587 798 1,311    
Short-Term Debt CZK mil             579 700 627 821 683    
Trade Payables CZK mil             264 371 339 399 689    
Provisions CZK mil ... ... ... ... ... ... 1.00 2.00 3.00 16.0 51.3    
Equity And Liabilities CZK mil             1,653 1,794 1,605 1,998 2,798    
growth rates                          
Total Asset Growth % ...           -25.7 8.53 -10.5 24.5 40.1    
Shareholders' Equity Growth % ...           159 30.3 -1.31 9.32 27.9    
Net Debt Growth % ...           9.81 24.6 16.9 34.1 -36.2    
Total Debt Growth % ...           -5.55 20.9 -10.4 30.9 -16.8    
ratios                          
Total Debt CZK mil             579 700 627 821 683    
Net Debt CZK mil             403 502 587 787 502    
Working Capital CZK mil             126 5.00 67.0 135 -163    
Capital Employed CZK mil             673 87.0 263 368 348    
Net Debt/Equity             0.985 0.942 1.12 1.37 0.683    
Cost of Financing % ...           12.1 6.41 3.92 3.04 -9.21    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit CZK mil             212 1.00 -4.00 48.0 158    
Depreciation CZK mil             14.0 14.0 13.0 14.0 17.2    
Non-Cash Items CZK mil ...     ... ...   -717 17.0 2.00 -70.0 -241    
Change in Working Capital CZK mil ...     ... ...   320 121 -62.0 -68.0 298    
Total Cash From Operations CZK mil       ... ...   -171 153 -51.0 -76.0 233    
Capital Expenditures CZK mil       ... ...   -19.0 -9.00 -129 -30.0 -933    
Other Investments CZK mil       ... ...   0 0 0 -20.0 760    
Total Cash From Investing CZK mil       ... ...   -19.0 -9.00 -129 -50.0 -172    
Issuance Of Debt CZK mil ...     ... ...   -34.0 121 -73.0 194 -138    
Total Cash From Financing CZK mil       ... ...   119 -121 23.0 120 86.2    
Net Change In Cash CZK mil       ... ...   -71.0 23.0 -157 -6.00 147    
ratios                          
Days Sales Outstanding days             13.2 9.58 9.17 12.9 8.91    
Days Sales Of Inventory days             8.23 6.48 5.49 5.82 5.21    
Days Payable Outstanding days             16.0 16.7 12.8 14.9 19.7    
Cash Conversion Cycle days             5.49 -0.635 1.91 3.82 -5.55    
Cash Earnings CZK mil             226 15.0 9.00 62.0 176    
Free Cash Flow CZK mil       ... ...   -190 144 -180 -126 60.4    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             10.9 0.058 -0.235 2.66 6.60    
Gross Margin %             13.9 8.24 6.29 8.62 9.03    
Employees             624 668 766 802 989    
Cost Per Employee USD per month             4,058 4,080 4,521 4,005 3,828    
Cost Per Employee (Local Currency) CZK per month             77,324 77,969 79,961 78,346 74,901    
Staff Cost (As % Of Total Cost) %             8.69 7.11 7.12 7.10 6.39    
Effective Tax Rate %             22.1 0 ... 25.0 27.6    
Capital Expenditures (As % of Sales) %       ... ...   0.271 0.102 1.25 0.280 6.63    
Sales from Air Transport Charters CZK mil ... ... ... ...     4,963 6,478 7,581 6,973 8,479    
Sales from Regular Passenger Transport CZK mil ... ... ... ...     969 1,471 1,888 2,059 3,291    
Sales from Renting Airplanes CZK mil ... ... ... ...     628 585 568 963 1,725    

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Feb 2014
Statistical Dossier
Mar 2014
Company Report

Travel Service Airlines is a Czech Republic-based airline with its home at the Václav Havel Airport Prague in Ruzyně, in Prague, Czech Republic. The Company operates charter flights and also wet and dry leases aircraft to other airlines. It has a number of subsidiaries, in Poland, Hungary and Slovakia. It also has a low cost scheduled airline, SmartWings. Following the poblems of the national carrier Czech Airlines, Travel Service is the biggest Czech airline company now. Since its founding in 1997 it has experienced a huge expansion and currently is present on market not only in the Czech Republic, but also in Slovakia, Hungary, Poland, Switzerland, France and Canary Islands. Travel Service planes are flying to more than 300 airports on 4 continents

Finance

Travel Service has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 54.6% a year during that time to total of CZK 504 mil in 2015, or 3.39% of sales. That’s compared to 1.54% average margin seen in last five years.

The company netted CZK 192 mil in 2015 implying ROE of 21.9% and ROCE of 23.5%. Again, the average figures were 12.4% and 19.1%, respectively when looking at the previous 5 years.

Travel Service’s net debt amounted to CZK 990 mil at the end of 2015, or 1.01 of equity. When compared to EBITDA, net debt was 1.97x, down when compared to average of 6.06x seen in the last 5 years.