UPC Czech Republic

UPC CR's Cash & Cash Equivalents rose 292% yoy to CZK 104 mil in 2017

By Helgi Analytics - April 2, 2020

UPC Czech Republic's total assets reached CZK 3,778 mil at the end of 2017, down 10% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 3,886 3,955 4,313
Gross Profit CZK mil 1,358 1,200 1,111
EBITDA CZK mil 823 700 651
EBIT CZK mil -7.37 -218 -220
Financing Cost CZK mil 137 88.7 63.4
Pre-Tax Profit CZK mil -144 -307 -283
Net Profit CZK mil -117 -251 -224
Balance Sheet 2015 2016 2017
Total Assets CZK mil 4,271 4,199 3,778
Non-Current Assets CZK mil 3,763 3,458 3,062
Current Assets CZK mil 411 643 630
Working Capital CZK mil -285 126 -35.2
Shareholders' Equity CZK mil 927 697 537
Liabilities CZK mil 3,344 3,502 3,241
Total Debt CZK mil 1,742 1,556 980
Net Debt CZK mil 1,728 1,529 876
Ratios 2015 2016 2017
ROE % -11.8 -30.9 -36.2
ROCE % -3.22 -7.09 -6.76
Gross Margin % 34.9 30.3 25.8
EBITDA Margin % 21.2 17.7 15.1
EBIT Margin % -0.190 -5.51 -5.10
Net Margin % -3.01 -6.33 -5.18
Net Debt/EBITDA 2.10 2.18 1.35
Net Debt/Equity % 186 220 163
Cost of Financing % 7.63 5.38 5.00
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 871 1,125
Total Cash From Investing CZK mil ... -558 -406
Total Cash From Financing CZK mil ... -300 -642
Net Change In Cash CZK mil ... 12.9 77.3
Cash Conversion Cycle days -46.0 -1.96 -15.8
Cash Earnings CZK mil 713 668 648
Free Cash Flow CZK mil ... 313 719

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil                     4,508 4,383 4,282 3,657 3,886    
Gross Profit CZK mil                     2,603 2,572 2,464 1,533 1,358    
EBIT CZK mil                     363 520 362 378 -7.37    
Net Profit CZK mil                     -136 -2.00 -84.2 245 -117    
ROE %                     -5.30 -0.078 -5.04 27.3 -11.8    
EBIT Margin %                     8.05 11.9 8.45 10.3 -0.190    
Net Margin %                     -3.02 -0.046 -1.97 6.70 -3.01    
Employees                     661 917 985 963 992    
balance sheet                                  
Total Assets CZK mil                     11,911 11,150 4,338 4,465 4,271    
Non-Current Assets CZK mil                     11,368 10,504 3,898 3,950 3,763    
Current Assets CZK mil                     435 595 338 424 411    
Shareholders' Equity CZK mil                     2,530 2,613 731 1,061 927    
Liabilities CZK mil                     9,381 8,537 3,607 3,404 3,344    
Non-Current Liabilities CZK mil                     8,425 7,360 6,456 2,302 2,135    
Current Liabilities CZK mil                     813 891 725 953 1,097    
Net Debt/EBITDA                     3.52 3.24 1.22 1.75 2.10    
Net Debt/Equity %                     300 256 316 170 186    
Cost of Financing % ...                   7.27 7.21 10.3 6.40 7.63    
cash flow                                  
Total Cash From Operations CZK mil                     1,077 ... ... ... ...    
Total Cash From Investing CZK mil                     -1,023 ... ... ... ...    
Total Cash From Financing CZK mil                     -112 ... ... ... ...    
Net Change In Cash CZK mil                     -58.0 ... ... ... ...    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CZK mil                     4,508 4,383 4,282 3,657 3,886    
Cost of Goods & Services CZK mil                     1,905 1,811 1,818 2,124 2,528    
Gross Profit CZK mil                     2,603 2,572 2,464 1,533 1,358    
Staff Cost CZK mil                     429 499 574 533 565    
Other Cost CZK mil                     21.0 13.0 -3.58 -30.6 -29.4    
EBITDA CZK mil                     2,153 2,060 1,894 1,031 823    
Depreciation CZK mil                     1,790 1,540 1,532 653 830    
EBIT CZK mil                     363 520 362 378 -7.37    
Financing Cost CZK mil                     542 520 467 133 137    
Extraordinary Cost CZK mil                     -1.00 0 -0.222 -0.096 -0.164    
Pre-Tax Profit CZK mil                     -178 0 -105 245 -144    
Tax CZK mil ... ...   ... ... ...         -42.0 2.00 -20.6 74.6 -27.3    
Minorities CZK mil                     0 0 0 0 0    
Net Profit CZK mil                     -136 -2.00 -84.2 245 -117    
growth rates                                  
Total Revenue Growth % ...                   -2.51 -2.77 -2.30 -14.6 6.28    
Operating Cost Growth % ...                   -53.5 13.8 11.4 -12.0 6.63    
EBITDA Growth % ...                   33.2 -4.32 -8.08 -45.6 -20.2    
EBIT Growth % ...                   163 43.3 -30.4 4.60 -102    
Pre-Tax Profit Growth % ...                   -36.2 -100 ... -334 -159    
Net Profit Growth % ...                   -50.9 -98.5 4,111 -391 -148    
ratios                                  
ROE %                     -5.30 -0.078 -5.04 27.3 -11.8    
ROCE % ... ...                 -1.23 -0.019 -1.18 6.44 -3.22    
Gross Margin %                     57.7 58.7 57.5 41.9 34.9    
EBITDA Margin %                     47.8 47.0 44.2 28.2 21.2    
EBIT Margin %                     8.05 11.9 8.45 10.3 -0.190    
Net Margin %                     -3.02 -0.046 -1.97 6.70 -3.01    
Cost of Financing % ...                   7.27 7.21 10.3 6.40 7.63    
Net Debt/EBITDA                     3.52 3.24 1.22 1.75 2.10    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Non-Current Assets CZK mil                     11,368 10,504 3,898 3,950 3,763    
Property, Plant & Equipment CZK mil                     10,789 9,846 3,130 2,991 2,821    
Intangible Assets CZK mil                     25.0 20.0 23.4 54.4 54.4    
Current Assets CZK mil                     435 595 338 424 411    
Inventories CZK mil                     106 104 81.5 85.1 100    
Receivables CZK mil                     104 291 84.3 142 96.8    
Cash & Cash Equivalents CZK mil                     96.0 67.0 3.94 48.2 13.7    
Total Assets CZK mil                     11,911 11,150 4,338 4,465 4,271    
Shareholders' Equity CZK mil                     2,530 2,613 731 1,061 927    
Of Which Minority Interest CZK mil                     0 0 0 0 0    
Liabilities CZK mil                     9,381 8,537 3,607 3,404 3,344    
Non-Current Liabilities CZK mil                     8,425 7,360 6,456 2,302 2,135    
Long-Term Debt CZK mil                     7,675 6,745 2,317 1,852 1,742    
Deferred Tax Liabilities CZK mil ... ... ... ... ... ...         718 592 453 443 390    
Current Liabilities CZK mil                     813 891 725 953 1,097    
Short-Term Debt CZK mil                     0 0 0 0 0    
Trade Payables CZK mil ...                   444 489 251 380 482    
Provisions CZK mil ... ... ... ... ... ... ... ... ... ... ... 113 22.2 64.3 14.6    
Equity And Liabilities CZK mil                     11,911 11,150 4,338 4,465 4,271    
growth rates                                  
Total Asset Growth % ...                   0.830 -6.39 -61.1 2.92 -4.35    
Shareholders' Equity Growth % ...                   -2.69 3.28 -72.0 45.2 -12.7    
Net Debt Growth % ...                   5.50 -11.9 -65.4 -22.0 -4.17    
Total Debt Growth % ...                   5.95 -12.1 -65.7 -20.1 -5.92    
ratios                                  
Total Debt CZK mil                     7,675 6,745 2,317 1,852 1,742    
Net Debt CZK mil                     7,579 6,678 2,313 1,803 1,728    
Working Capital CZK mil ...                   -234 -94.0 -84.9 -153 -285    
Capital Employed CZK mil ...                   11,134 10,410 3,813 3,797 3,478    
Net Debt/Equity %                     300 256 316 170 186    
Cost of Financing % ...                   7.27 7.21 10.3 6.40 7.63    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                  
Net Profit CZK mil                     -136 -2.00 -84.2 245 -117    
Depreciation CZK mil                     1,790 1,540 1,532 653 830    
Non-Cash Items CZK mil ... ...                 -267 ... ... ... ...    
Change in Working Capital CZK mil ... ...                 -310 ... ... ... ...    
Total Cash From Operations CZK mil                     1,077 ... ... ... ...    
Capital Expenditures CZK mil                     -1,026 ... ... ... ...    
Other Investments CZK mil                     3.00 ... ... ... ...    
Total Cash From Investing CZK mil                     -1,023 ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ...                   431 ... ... ... ...    
Total Cash From Financing CZK mil                     -112 ... ... ... ...    
Net Change In Cash CZK mil                     -58.0 ... ... ... ...    
ratios                                  
Days Sales Outstanding days                     8.42 24.2 7.18 14.2 9.09    
Days Sales Of Inventory days                     20.3 21.0 16.3 14.6 14.5    
Days Payable Outstanding days ...                   85.1 98.6 50.3 65.3 69.6    
Cash Conversion Cycle days ...                   -56.3 -53.4 -26.8 -36.5 -46.0    
Cash Earnings CZK mil                     1,654 1,538 1,448 898 713    
Free Cash Flow CZK mil                     54.0 ... ... ... ...    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
ROA %                     -1.15 -0.017 -1.09 5.57 -2.68    
Gross Margin %                     57.7 58.7 57.5 41.9 34.9    
Employees                     661 917 985 963 992    
Cost Per Employee USD per month                     3,058 2,318 2,481 2,156 1,988    
Cost Per Employee (Local Currency) CZK per month                     54,085 45,347 48,546 46,087 47,442    
Staff Cost (As % Of Total Cost) %                     10.3 12.9 14.6 16.2 14.5    
Effective Tax Rate % ... ...   ... ... ...         23.6 ... 19.6 30.4 18.9    
Capital Expenditures (As % of Sales) %                     22.8 ... ... ... ...    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... ... 24.3 23.3 30.8 63.1    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... 0.555 0.545 0.842 1.62    
Sales of Cable TV Services CZK mil                     1,987 1,817 1,685 1,371 1,389    
Sales of Internet and Voice Services CZK mil                     2,159 2,321 2,301 2,039 2,256    
Cable TV (As % Of Sales) %                     44.1 41.5 39.3 37.5 35.8    
Internet and Voice (As % Of Sales) %                     47.9 53.0 53.7 55.8 58.0    
Clients mil ... ... ... ... ... ... ...       1.09 1.07 ... ... ... ... ...
TV Clients mil ... ... ... ... ... ... ...       0.585 0.584 ... ... ... ... ...
UPC Digital Clients mil ... ... ... ... ... ... ...       0.422 0.406 ... ... ... ... ...
UPC Analog Clients mil ... ... ... ... ... ... ...       0.082 0.076 ... ... ... ... ...
FreeSat Clients mil ... ... ... ... ... ... ...       0.081 0.102 ... ... ... ... ...

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UPC Czech Republic is one of the largest provider of telecommunications services in the Czech Republic. It is owned by Liberty Global, which utilises its means of distribution to provide households and businesses with TV programmes, Internet and telephone services. Based in London, the UK, Liberty Global plc is an international telecommunications and television company formed in 2005 by the merger of the international arm of Liberty Media and UnitedGlobalCom. In the Czech Republic, the company was established in 1991 under the name Cable Plus. It started as a supplier of analog television programmes and consequently it added Internet to its services in 2000 and telecommunications services in 2007. At the end of 2012, UPC Czech Republic had over 584,300 TV clients

Finance

UPC Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 20.6% a year during that time to total of CZK 651 mil in 2017, or 15.1% of sales. That’s compared to 25.3% average margin seen in last five years.

The company netted CZK -224 mil in 2017 implying ROE of -36.2% and ROCE of -6.76%. Again, the average figures were -11.3% and -2.36%, respectively when looking at the previous 5 years.

UPC Czech Republic’s net debt amounted to CZK 876 mil at the end of 2017, or 163% of equity. When compared to EBITDA, net debt was 1.35x, down when compared to average of 1.72x seen in the last 5 years.