Institutional Sign In

Go

TVN

TVN's Cash & Cash Equivalents fell 21.0% yoy to PLN 315 mil in 2014

By Helgi Library - April 2, 2020

TVN's total assets reached PLN 3,815 mil at the end of 2014, down 2.17% compared to the previous year. Current ass...

Profit Statement 2012 2013 2014
Sales PLN mil 1,584 1,539 1,594
Gross Profit PLN mil 824 804 708
EBITDA PLN mil 479 151 532
EBIT PLN mil 384 75.9 461
Financing Cost PLN mil 367 333 254
Pre-Tax Profit PLN mil 268 -270 197
Net Profit PLN mil 486 -198 195
Dividends PLN mil 220 0 ...
Balance Sheet 2012 2013 2014
Total Assets PLN mil 4,966 3,899 3,815
Non-Current Assets PLN mil 2,946 2,841 2,833
Current Assets PLN mil 2,020 1,058 982
Working Capital PLN mil 379 441 404
Shareholders' Equity PLN mil 1,359 957 968
Liabilities PLN mil 3,607 2,942 2,847
Total Debt PLN mil 3,200 2,522 2,347
Net Debt PLN mil 2,841 2,124 2,032
Ratios 2012 2013 2014
ROE % 42.6 -17.1 20.2
ROCE % 16.0 -5.99 5.98
Gross Margin % 52.0 52.3 44.4
EBITDA Margin % 30.2 9.82 33.4
EBIT Margin % 24.2 4.93 28.9
Net Margin % 30.7 -12.9 12.2
Net Debt/EBITDA 5.93 14.1 3.82
Net Debt/Equity 2.09 2.22 2.10
Cost of Financing % 11.2 11.6 10.4
Valuation 2012 2013 2014
Market Capitalisation USD mil 1,103 1,680 1,588
Enterprise Value (EV) USD mil 2,021 2,384 2,162
Number Of Shares mil 344 344 347
Share Price PLN 9.92 14.7 16.2
EV/EBITDA 13.7 49.9 13.3
EV/Sales 4.15 4.90 4.45
Price/Earnings (P/E) 7.02 -25.6 28.9
Price/Book Value (P/BV) 2.51 5.29 5.81
Dividend Yield % 6.45 0 ...

Get all company financials in excel:

Download Sample   $19.99

summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                            
Sales PLN mil               1,897 2,115 2,491 1,718 1,584    
Gross Profit PLN mil               1,058 987 1,715 936 824    
EBIT PLN mil               632 336 585 503 384    
Net Profit PLN mil               364 421 42.8 -317 486    
ROE %               23.6 28.7 3.39 -29.4 42.6    
EBIT Margin %               33.3 15.9 23.5 29.3 24.2    
Net Margin %               19.2 19.9 1.72 -18.5 30.7    
Employees ... ...           2,308 3,048 3,218 3,241 1,521    
balance sheet                            
Total Assets PLN mil               3,753 4,984 5,191 5,112 4,966    
Non-Current Assets PLN mil               2,552 3,721 3,632 2,291 2,946    
Current Assets PLN mil               1,201 1,263 1,559 2,821 2,020    
Shareholders' Equity PLN mil               1,647 1,285 1,239 923 1,359    
Liabilities PLN mil               2,106 3,698 3,953 4,188 3,607    
Non-Current Liabilities PLN mil               1,638 3,023 3,261 3,478 3,204    
Current Liabilities PLN mil               468 675 692 710 403    
Net Debt/EBITDA               1.88 4.38 3.83 4.34 5.93    
Net Debt/Equity               0.811 1.77 2.13 2.89 2.09    
Cost of Financing % ...             9.75 9.50 9.92 10.7 11.2    
cash flow                            
Total Cash From Operations PLN mil ... ...           615 340 504 139 386    
Total Cash From Investing PLN mil ... ...           -813 -562 -231 20.6 530    
Total Cash From Financing PLN mil ... ...           272 273 -174 4.56 -1,208    
Net Change In Cash PLN mil ... ...           73.5 50.8 98.6 164 -291    
valuation                            
Market Capitalisation USD mil ... ... ...         1,586 1,692 1,978 1,017 1,103    
Number Of Shares mil               353 343 346 343 344    
Share Price PLN ... ... ...         13.3 14.2 16.9 10.2 9.92    
Earnings Per Share (EPS) PLN               1.03 1.23 0.124 -0.924 1.41    
Book Value Per Share PLN               4.66 3.75 3.59 2.69 3.95    
Dividend Per Share PLN ... ... ... ... ... ...   0.485 0.566 0.306 0.100 0.640   ...
Price/Earnings (P/E) ... ... ...         12.9 11.5 137 -11.0 7.02    
Price/Book Value (P/BV) ... ... ...         2.86 3.77 4.73 3.79 2.51    
Dividend Yield % ... ... ... ... ... ...   3.64 4.00 1.81 0.982 6.45   ...
Earnings Per Share Growth % ...             49.2 19.3 -89.9 -847 -253    
Book Value Per Share Growth % ...             15.0 -19.6 -4.44 -25.0 46.9    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                            
Sales PLN mil               1,897 2,115 2,491 1,718 1,584    
Cost of Goods & Services PLN mil               839 1,128 775 782 760    
Gross Profit PLN mil               1,058 987 1,715 936 824    
Staff Cost PLN mil ...             128 195 256 160 156   ...
Other Cost PLN mil ...             219 272 772 160 189   ...
EBITDA PLN mil               711 519 688 615 479    
Depreciation PLN mil               79.5 183 102 113 95.6    
EBIT PLN mil               632 336 585 503 384    
Financing Cost PLN mil               113 198 286 344 367    
Extraordinary Cost PLN mil               71.6 -243 -19.6 297 -251    
Pre-Tax Profit PLN mil               448 381 319 -138 268    
Tax PLN mil               83.9 34.6 59.9 -48.0 -252    
Minorities PLN mil               0 -74.7 3.11 0 -15.8    
Net Profit PLN mil               364 421 42.8 -317 486    
Dividends PLN mil ... ... ... ... ... ...   171 194 106 34.4 220   ...
growth rates                            
Total Revenue Growth % ...             22.0 11.5 17.8 -31.0 -7.79    
Operating Cost Growth % ... ...           17.4 35.1 120 -68.8 7.66   ...
EBITDA Growth % ...             28.4 -27.1 32.6 -10.5 -22.1    
EBIT Growth % ...             31.1 -46.8 74.2 -14.1 -23.7    
Pre-Tax Profit Growth % ...             50.6 -14.9 -16.3 -143 -294    
Net Profit Growth % ...             49.5 15.7 -89.8 -842 -253    
ratios                            
ROE %               23.6 28.7 3.39 -29.4 42.6    
ROCE % ...             13.5 12.2 1.07 -9.46 16.0    
Gross Margin %               55.8 46.7 68.9 54.5 52.0    
EBITDA Margin %               37.5 24.5 27.6 35.8 30.2    
EBIT Margin %               33.3 15.9 23.5 29.3 24.2    
Net Margin %               19.2 19.9 1.72 -18.5 30.7    
Payout Ratio % ... ... ... ... ... ...   47.1 46.1 247 -10.8 45.3   ...
Cost of Financing % ...             9.75 9.50 9.92 10.7 11.2    
Net Debt/EBITDA               1.88 4.38 3.83 4.34 5.93    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                            
Non-Current Assets PLN mil               2,552 3,721 3,632 2,291 2,946    
Property, Plant & Equipment PLN mil               347 799 763 340 415    
Intangible Assets PLN mil               1,858 2,719 2,724 1,901 406    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... 953 144    
Current Assets PLN mil               1,201 1,263 1,559 2,821 2,020    
Inventories PLN mil               193 231 247 241 259    
Receivables PLN mil               306 309 324 376 290    
Cash & Cash Equivalents PLN mil               185 382 480 667 359    
Total Assets PLN mil               3,753 4,984 5,191 5,112 4,966    
Shareholders' Equity PLN mil               1,647 1,285 1,239 923 1,359    
Of Which Minority Interest PLN mil               0 -360 0 -0.558 -16.4    
Liabilities PLN mil               2,106 3,698 3,953 4,188 3,607    
Non-Current Liabilities PLN mil               1,638 3,023 3,261 3,478 3,204    
Long-Term Debt PLN mil               1,464 2,633 3,075 3,295 3,152    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... 158 15.2    
Current Liabilities PLN mil               468 675 692 710 403    
Short-Term Debt PLN mil               56.4 22.0 38.4 42.8 48.2    
Trade Payables PLN mil               142 266 240 164 170    
Equity And Liabilities PLN mil               3,753 4,984 5,191 5,112 4,966    
growth rates                            
Total Asset Growth % ...             36.7 32.8 4.17 -1.53 -2.85    
Shareholders' Equity Growth % ...             15.2 -22.0 -3.62 -25.4 47.2    
Net Debt Growth % ...             95.4 70.2 15.8 1.43 6.39    
Total Debt Growth % ...             91.5 74.6 17.3 7.21 -4.13    
ratios                            
Total Debt PLN mil               1,520 2,655 3,113 3,338 3,200    
Net Debt PLN mil               1,335 2,273 2,633 2,671 2,841    
Working Capital PLN mil               357 273 331 454 379    
Capital Employed PLN mil               2,908 3,994 3,964 2,745 3,325    
Net Debt/Equity               0.811 1.77 2.13 2.89 2.09    
Cost of Financing % ...             9.75 9.50 9.92 10.7 11.2    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                            
Net Profit PLN mil               364 421 42.8 -317 486    
Depreciation PLN mil               79.5 183 102 113 95.6    
Non-Cash Items PLN mil ... ...           161 -347 417 466 -271    
Change in Working Capital PLN mil ... ...           11.4 83.4 -58.0 -123 75.1    
Total Cash From Operations PLN mil ... ...           615 340 504 139 386    
Capital Expenditures PLN mil ... ...           -136 -298 -236 -161 -366    
Other Investments PLN mil ... ...           -678 -264 5.35 181 896    
Total Cash From Investing PLN mil ... ...           -813 -562 -231 20.6 530    
Dividends Paid PLN mil ... ... ... ... ... ...   -171 -194 -106 -34.4 -220   ...
Issuance Of Debt PLN mil ... ...           727 1,134 459 224 -138    
Total Cash From Financing PLN mil ... ...           272 273 -174 4.56 -1,208    
Net Change In Cash PLN mil ... ...           73.5 50.8 98.6 164 -291    
ratios                            
Days Sales Outstanding days               58.8 53.2 47.4 80.0 66.8    
Days Sales Of Inventory days               83.8 74.6 116 113 124    
Days Payable Outstanding days               61.7 86.0 113 76.3 81.6    
Cash Conversion Cycle days               80.9 41.8 51.0 116 110    
Cash Earnings PLN mil               443 604 145 -205 582    
Cash Earnings Per Share PLN               1.26 1.76 0.420 -0.596 1.69    
Price/Cash Earnings (P/CE) ... ... ...         10.6 8.03 40.3 -17.1 5.86    
Free Cash Flow PLN mil ... ...           -198 -222 273 159 916    
Free Cash Flow Yield % ... ... ...         -5.19 -4.21 4.57 5.29 25.5    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                            
ROA %               11.2 9.63 0.840 -6.16 9.65    
Gross Margin %               55.8 46.7 68.9 54.5 52.0    
Employees ... ...           2,308 3,048 3,218 3,241 1,521    
Cost Per Employee USD per month ... ...           1,915 1,715 2,198 1,390 2,627   ...
Cost Per Employee (Local Currency) PLN per month ... ...           4,611 5,344 6,633 4,120 8,548   ...
Staff Cost (As % Of Total Cost) % ...             10.1 11.0 13.4 13.2 13.0   ...
Effective Tax Rate %               18.7 9.10 18.8 34.8 -94.2    
Enterprise Value (EV) USD mil ... ... ...         2,036 2,486 2,868 1,793 2,021    
EV/EBITDA ... ... ...         6.89 14.9 12.6 8.64 13.7    
EV/Capital Employed ... ... ...         2.08 1.78 2.14 2.25 1.88    
EV/Sales ... ... ...         2.58 3.66 3.47 3.09 4.15    
EV/EBIT ... ... ...         7.76 23.0 14.8 10.6 17.1    
Capital Expenditures (As % of Sales) % ... ...           7.16 14.1 9.49 9.35 23.1    
Sales from Television Broadcasting & Production PLN mil ... ... ... ... ... ...   1,707 1,523 1,622 1,682 1,552   ...
Sales from Digital Satellite Pay Television PLN mil ... ... ... ... ... ... ... ... 362 613 739 788 ... ...
Sales from Online Segment PLN mil ... ... ... ... ... ...   206 208 244 271 205 ... ...
Sales from Teleshopping PLN mil ... ... ... ... ... ... ... ... 121 126 48.5 37.0   ...
EBIT from Television Broadcasting & Production PLN mil ... ... ... ... ... ...   636 566 598 578 472 ... ...
EBIT from Digital Satellite Pay Television PLN mil ... ... ... ... ... ... ... ... -213 -216 -170 -171 ... ...
EBIT from Online Segment PLN mil ... ... ... ... ... ...   34.9 22.7 38.1 46.8 -191 ... ...
EBIT from Teleshopping PLN mil ... ... ... ... ... ... ... ... 19.1 2.36 -1.47 -8.60 ... ...
EBITDA from Television Broadcasting & Production PLN mil ... ... ... ... ... ...   696 628 662 640 554 ... ...
EBITDA from Digital Satellite Pay Television PLN mil ... ... ... ... ... ... ... ... -127 -71.1 0.611 -11.5 ... ...
EBITDA from Online Segment PLN mil ... ... ... ... ... ...   55.5 51.9 72.3 96.2 71.5 ... ...
EBITDA from Teleshopping PLN mil ... ... ... ... ... ... ... ... 23.7 6.64 -1.15 -8.36 ... ...
Sales from Advertising Spot Sales PLN mil ... ... ... ... ... ...   1,475 1,299 1,424 1,222 1,119   ...
Sales from Subscription Fees PLN mil ... ... ... ... ... ...   150 531 755 201 217   ...
Sales from Sponsoring PLN mil ... ... ... ... ... ...   137 120 142 140 135   ...
Sales from Goods PLN mil ... ... ... ... ... ...   41.7 58.4 68.6 38.7 30.7   ...
Nationwide Peak Time Audience Share - TVN % ... ... ... ... ... ...   20.4 19.5 18.8 18.1 16.4 ... ...
Nationwide Peak Time Audience Share - TVN Thematics % ... ... ... ... ... ...   4.30 4.40 4.90 5.10 5.60 ... ...
Nationwide Peak Time Audience Share - Polsat Group % ... ... ... ... ... ...   19.0 18.1 17.0 18.6 19.1 ... ...
Nationwide Peak Time Audience Share - TVP Group % ... ... ... ... ... ...   43.9 42.8 41.7 38.9 37.7 ... ...
Number of Subscribers - N' '000 ... ... ... ... ... ...   493 692 805 929 1,001 ... ...
Number of Subscribers - TNK '000 ... ... ... ... ... ... ... 92.0 262 322 345 279 ... ...
Number of Subscribers - Cyfrowy Polsat '000 ... ... ... ... ... ...   2,727 3,200 3,434 3,506 3,558 ... ...
Number of Subscribers - Cyfra '000 ... ... ... ... ... ...   1,380 1,500 1,550 1,550 1,550 ... ...
Number of Subscribers - TP '000 ... ... ... ... ... ...   113 283 497 636 706 ... ...
Number of Subscribers - Total '000 ... ... ... ... ... ...   4,805 5,937 6,608 6,966 7,094 ... ...

Get all company financials in excel:

Download Sample   $19.99

May 2016
Statistical Dossier
Mar 2014
Company Report
Mar 2014
Company Report

TVN SA is a Poland-based media group. The Company owns and operates ten television channels - three free to air (FTA) channels: TVN, its principal channel for broadcasting entertainment, news and affairs programs, TVN 7 and TTV, as well as seven thematic pay channels: TVN 24, TVN Style, TVN Turbo, TVN CNBC, TVN Meteo, ITVN and local NTL Radomsko. Additionally, the Company operates TVN Player (VoD), TVN Media (advertising sales house), Telezakupy Mango 24 (a teleshopping channel) and also holds interests in Grupa Onet.pl SA. The Company's major shareholder is International Investments Holdings SA, based in Luxembourg. The broadcaster was co-founded by Polish businessmen Mariusz Walter and Jan Wejchert in 1997

Finance

TVN has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 0.522% a year during that time to total of PLN 532 mil in 2014, or 33.4% of sales. That’s compared to 27.4% average margin seen in last five years.

The company netted PLN 195 mil in 2014 implying ROE of 20.2% and ROCE of 5.98%. Again, the average figures were 3.96% and 1.52%, respectively when looking at the previous 5 years.

TVN’s net debt amounted to PLN 2,032 mil at the end of 2014, or 2.10 of equity. When compared to EBITDA, net debt was 3.82x, down when compared to average of 6.39x seen in the last 5 years.

Valuation

TVN stock traded at PLN 16.2 per share at the end of 2014 resulting in a market capitalization of USD 1,588 mil. Over the previous five years, stock price grew by 14.5% or 2.74% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.3x and price to earnings (PE) of 28.9x as of 2014.

More Companies in Polish Media & Entertainment Sector