Varroc Lighting Systems Czech Republic

Varroc CR's employees rose 20.1% yoy to 3,199 in 2018

By Helgi Analytics - September 17, 2020

Varroc Lighting Systems Czech Republic employed 3,199 employees in 2018, up 20.1% compared to the previous year. Historicall...

Varroc CR's net profit fell 25.4% yoy to CZK 369 mil in 2018

By Helgi Analytics - September 17, 2020

Varroc Lighting Systems Czech Republic made a net profit of CZK 369 mil in 2018, down 25.4% compared to the previous year. Total sal...

Varroc CR's Net Debt/EBITDA rose 1,219% yoy to 2.91 in 2018

By Helgi Analytics - September 20, 2020

Varroc Lighting Systems Czech Republic's net debt stood at CZK 2,121 mil and accounted for 55.0% of equity at the end of 2018. T...

Profit Statement 2016 2017 2018
Sales CZK mil 20,509 12,875 15,282
Gross Profit CZK mil 3,305 4,549 5,651
EBITDA CZK mil 1,165 650 730
EBIT CZK mil 759 318 324
Pre-Tax Profit CZK mil 721 346 264
Net Profit CZK mil 772 495 369
Balance Sheet 2016 2017 2018
Total Assets CZK mil 10,572 10,645 13,577
Non-Current Assets CZK mil 2,400 3,417 4,610
Current Assets CZK mil 7,568 6,188 6,739
Working Capital CZK mil 3,049 2,586 3,397
Shareholders' Equity CZK mil 3,516 3,593 3,856
Liabilities CZK mil 7,057 7,051 9,721
Total Debt CZK mil 2,000 1,004 2,978
Net Debt CZK mil 836 -169 2,121
Ratios 2016 2017 2018
ROE % 24.8 13.9 9.90
ROCE % 15.1 8.64 5.27
Gross Margin % 16.1 35.3 37.0
EBITDA Margin % 5.68 5.05 4.78
EBIT Margin % 3.70 2.47 2.12
Net Margin % 3.76 3.84 2.41
Net Debt/EBITDA 0.718 -0.260 2.91
Net Debt/Equity % 23.8 -4.69 55.0
Cash Flow 2016 2017 2018
Total Cash From Operations CZK mil ... 1,326 -1,049
Total Cash From Investing CZK mil ... -1,392 -111
Total Cash From Financing CZK mil ... -465 1,795
Net Change In Cash CZK mil ... -531 635
Cash Conversion Cycle days 49.5 69.6 79.3
Cash Earnings CZK mil 1,177 827 775
Free Cash Flow CZK mil ... -66.1 -1,160

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overview Unit 2011 2012 2013 2014 2015 2016 2017 2018
income statement                
Sales CZK mil ... 6,103 8,872 9,549 15,839 20,509    
Gross Profit CZK mil ... 1,254 2,213 2,292 2,782 3,305    
EBIT CZK mil ... 233 545 675 823 759    
Net Profit CZK mil ... 193 292 708 684 772    
                   
ROE % ... 22.3 22.9 39.2 28.0 24.8    
EBIT Margin % ... 3.82 6.15 7.07 5.20 3.70    
Net Margin % ... 3.16 3.29 7.42 4.32 3.76    
Employees ... 2,327 2,308 2,263 2,479 2,617    
balance sheet                
Total Assets CZK mil   4,387 4,593 5,561 7,325 10,572    
Non-Current Assets CZK mil   1,463 1,362 1,621 1,580 2,400    
Current Assets CZK mil   2,620 2,944 3,575 5,275 7,568    
                   
Shareholders' Equity CZK mil   1,109 1,441 2,173 2,714 3,516    
Liabilities CZK mil   3,279 3,152 3,387 4,611 7,057    
Non-Current Liabilities CZK mil   939 700 56.7 554 1,062    
Current Liabilities CZK mil   1,578 2,097 1,652 3,173 5,031    
                   
Net Debt/EBITDA ... 2.72 0.507 0.471 0.664 0.718    
Net Debt/Equity %   105 30.2 21.2 29.4 23.8    
cash flow                
Total Cash From Operations CZK mil ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ...    
income statement Unit 2011 2012 2013 2014 2015 2016 2017 2018
income statement                
Sales CZK mil ... 6,103 8,872 9,549 15,839 20,509    
Cost of Goods & Services CZK mil ... 4,849 6,659 7,257 13,057 17,203    
Gross Profit CZK mil ... 1,254 2,213 2,292 2,782 3,305    
Staff Cost CZK mil ... 796 1,269 1,331 1,911 2,170    
Other Operating Cost (Income) CZK mil ... 27.7 85.7 -17.2 -333 -29.2    
EBITDA CZK mil ... 430 858 978 1,204 1,165    
Depreciation CZK mil ... 197 313 302 381 406    
EBIT CZK mil ... 233 545 675 823 759    
Net Financing Cost CZK mil ... 41.5 162 -117 45.4 38.1    
Extraordinary Cost CZK mil ... 0 0 0 0 0    
Pre-Tax Profit CZK mil ... 191 383 793 778 721    
Tax CZK mil ... -1.37 91.5 84.1 94.1 -50.9    
Minorities CZK mil ... 0 0 0 0 0    
Net Profit CZK mil ... 193 292 708 684 772    
Net Profit Avail. to Common CZK mil ... 193 292 708 684 772    
growth rates                
Total Revenue Growth % ... ... 45.4 7.63 65.9 29.5    
Staff Cost Growth % ... ... 59.3 4.94 43.5 13.6    
EBITDA Growth % ... ... 99.6 13.9 23.1 -3.25    
EBIT Growth % ... ... 134 23.8 21.9 -7.82    
Pre-Tax Profit Growth % ... ... 100 107 -1.88 -7.34    
Net Profit Growth % ... ... 51.2 143 -3.51 12.9    
ratios                
ROE % ... 22.3 22.9 39.2 28.0 24.8    
ROA % ... 4.42 6.49 14.0 10.6 8.62    
ROCE % ... 7.74 13.1 30.7 17.8 15.1    
Gross Margin % ... 20.5 24.9 24.0 17.6 16.1    
EBITDA Margin % ... 7.05 9.67 10.2 7.60 5.68    
EBIT Margin % ... 3.82 6.15 7.07 5.20 3.70    
Net Margin % ... 3.16 3.29 7.42 4.32 3.76    
Net Debt/EBITDA ... 2.72 0.507 0.471 0.664 0.718    
balance sheet Unit 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                
Cash & Cash Equivalents CZK mil   258 521 55.6 495 1,163    
Receivables CZK mil   1,512 965 1,377 3,181 4,437    
Inventories CZK mil   543 805 1,182 1,599 1,968    
Other ST Assets CZK mil   307 653 960 < -0.001 0    
Current Assets CZK mil   2,620 2,944 3,575 5,275 7,568    
Property, Plant & Equipment CZK mil   909 782 837 1,199 2,089    
LT Investments & Receivables CZK mil   213 206 482 0.724 0.844    
Intangible Assets CZK mil   341 373 303 380 311    
Goodwill CZK mil   0 0 0 0 0    
Non-Current Assets CZK mil   1,463 1,362 1,621 1,580 2,400    
Total Assets CZK mil   4,387 4,593 5,561 7,325 10,572    
                   
Trade Payables CZK mil   744 1,448 1,251 1,609 3,356    
Short-Term Debt CZK mil   737 511 349 772 939    
Other ST Liabilities CZK mil   96.9 138 51.3 791 736    
Current Liabilities CZK mil   1,578 2,097 1,652 3,173 5,031    
Long-Term Debt CZK mil   903 651 649 522 1,061    
Other LT Liabilities CZK mil   36.1 49.0 -592 32.3 0.852    
Non-Current Liabilities CZK mil   939 700 56.7 554 1,062    
Liabilities CZK mil   3,279 3,152 3,387 4,611 7,057    
Equity Before Minority Interest CZK mil   1,109 1,441 2,173 2,714 3,516    
Minority Interest CZK mil   0 0 0 0 0    
Equity CZK mil   1,109 1,441 2,173 2,714 3,516    
growth rates                
Total Asset Growth % ... 1.20 4.68 21.1 31.7 44.3    
Shareholders' Equity Growth % ... 78.1 30.0 50.8 24.9 29.5    
Net Debt Growth % ... -106,008 -62.8 5.99 73.3 4.68    
Total Debt Growth % ... 42.3 -29.1 -14.1 29.7 54.5    
ratios                
Total Debt CZK mil   1,639 1,162 998 1,294 2,000    
Net Debt CZK mil   1,168 435 461 799 836    
Working Capital CZK mil   1,311 322 1,308 3,171 3,049    
Capital Employed CZK mil   2,774 1,683 2,929 4,751 5,449    
Net Debt/Equity %   105 30.2 21.2 29.4 23.8    
Current Ratio   1.66 1.40 2.16 1.66 1.50    
Quick Ratio   1.12 0.709 0.867 1.16 1.11    
cash flow Unit 2011 2012 2013 2014 2015 2016 2017 2018
cash flow                
Net Profit CZK mil ... 193 292 708 684 772    
Depreciation CZK mil ... 197 313 302 381 406    
Non-Cash Items CZK mil ... ... ... ... ... ...    
Change in Working Capital CZK mil ... ... ... ... ... ...    
Total Cash From Operations CZK mil ... ... ... ... ... ...    
                   
Capital Expenditures CZK mil ... ... ... ... ... ...    
Other Investing Activities CZK mil ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ...    
                   
Dividends Paid CZK mil ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ...    
Other Financing Activities CZK mil ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ...    
ratios                
Days Sales Outstanding days ... 90.4 39.7 52.6 73.3 79.0    
Days Sales Of Inventory days ... 40.9 44.1 59.4 44.7 41.7    
Days Payable Outstanding days ... 56.0 79.4 62.9 45.0 71.2    
Cash Conversion Cycle days ... 75.3 4.44 49.2 73.0 49.5    
Cash Earnings CZK mil ... 390 604 1,011 1,064 1,177    
Free Cash Flow CZK mil ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ...    
other ratios Unit 2011 2012 2013 2014 2015 2016 2017 2018
                 
Employees ... 2,327 2,308 2,263 2,479 2,617    
Cost Per Employee USD per month ... 1,458 2,342 2,294 2,691 2,739    
Cost Per Employee (Local Currency) CZK per month ... 28,522 45,814 49,031 64,235 69,102    
Staff Cost (As % of Sales) % ... 13.0 14.3 13.9 12.1 10.6    
Effective Tax Rate % ... -0.715 23.9 10.6 12.1 -7.07    
Revenues From Abroad CZK mil ... 5,198 8,142 8,799 15,055 19,463    
Domestic Revenues CZK mil ... 906 729 750 784 1,045    
Revenues From Abroad (As % Of Total) % ... 85.2 91.8 92.1 95.0 94.9    
Total Revenue Growth (5-year average) % ... ... ... ... ... ...    
sales geography Unit 2011 2012 2013 2014 2015 2016 2017 2018
                 
Sales in Czechia CZK mil ... 906 729 750 784 1,045    
Sales in Czechia (As % of Total) % ... 14.8 8.22 7.85 4.95 5.10    

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Varroc CR's Cash & Cash Equivalents fell 69.5% yoy to CZK 161 mil in 2018

By Helgi Analytics - September 18, 2020

Varroc Lighting Systems Czech Republic's total assets reached CZK 13,577 mil at the end of 2018, up 27.5% compared to the previous year. Current assets amounted to CZK 6,739 mil, or 49.6% of total assets while cash stood at CZK 161 mil at t...

Varroc CR's ROCE fell 39.0% yoy to 5.27% in 2018

By Helgi Analytics - September 18, 2020

Varroc Lighting Systems Czech Republic made a net profit of CZK 369 mil in 2018, down 25.4% compared to the previous year. Historically, between 2012 and 2018, the company's net profit reached a high of CZK 772 mil in 2016 and a low of CZK 193 mil in 2012. ...

Varroc CR's Net Margin fell 37.2% yoy to 2.41% in 2018

By Helgi Analytics - September 18, 2020

Varroc Lighting Systems Czech Republic made a net profit of CZK 369 mil with revenues of CZK 15,282 mil in 2018, down by 25.4% and up by 18.7%, respectively, compared to the previous year. This translates into a net margin of 2.41%. Historically, between ...

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Varroc Lighting Systems, s.r.o. is a Czech Republic-based subsidiary of Varroc Group, which operates branches in Asia, Europe and North America. The Company provides headlamps and rear lighting assemblies to customers including major automotive brands such as Bentley, Ford, Jaguar, Land Rover, Škoda and Tesla. The Company employs more than 2,300 people in the Czech Republic. This history of the Czech branch dates back to 1879; it was originally known under the name Autopal. Varroc is headquartered in Plymouth, Michigan, USA, and operates in Asia, Europe and North America, with nearly 5,000 employees. In the Czech Republic, the Company operates manufacturing plants in Rychvald and Novy Jicin.

Varroc Lighting Systems Czech Republic Logo

Finance

Varroc Lighting Systems Czech Republic has been growing its sales by 11.5% a year on average in the last 5 years. EBITDA has fallen on average by 3.18% a year during that time to total of CZK 730 mil in 2018, or 4.78% of sales. That’s compared to 6.67% average margin seen in last five years.

The company netted CZK 369 mil in 2018 implying ROE of 9.90% and ROCE of 5.27%. Again, the average figures were 23.2% and 15.5%, respectively when looking at the previous 5 years.

Varroc Lighting Systems Czech Republic’s net debt amounted to CZK 2,121 mil at the end of 2018, or 55.0% of equity. When compared to EBITDA, net debt was 2.91x, up when compared to average of 0.900x seen in the last 5 years.