VCES

Profit Statement 2012 2013 2014
Sales CZK mil 3,447 2,114 1,775
Gross Profit CZK mil 392 305 62.0
EBITDA CZK mil 91.5 21.1 -48.1
EBIT CZK mil 72.8 2.45 -65.2
Financing Cost CZK mil 9.30 0.604 11.3
Pre-Tax Profit CZK mil 63.5 1.85 -76.5
Net Profit CZK mil 53.9 0.133 -62.4
Dividends CZK mil 50.0 0 ...
Balance Sheet 2012 2013 2014
Total Assets CZK mil 2,265 2,247 1,870
Non-Current Assets CZK mil 261 233 227
Current Assets CZK mil 1,738 1,673 1,529
Working Capital CZK mil 361 414 431
Shareholders' Equity CZK mil 340 290 228
Liabilities CZK mil 1,925 1,957 1,642
Total Debt CZK mil 355 719 540
Net Debt CZK mil 76.3 321 68.4
Ratios 2012 2013 2014
ROE % 17.2 0.042 -24.1
ROCE % 9.85 0.021 -9.56
Gross Margin % 11.4 14.4 3.49
EBITDA Margin % 2.66 0.999 -2.71
EBIT Margin % 2.11 0.116 -3.67
Net Margin % 1.56 0.006 -3.52
Net Debt/EBITDA 0.833 15.2 -1.42
Net Debt/Equity 0.224 1.10 0.300
Cost of Financing % 2.85 0.113 1.79
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil -170 181 106
Total Cash From Investing CZK mil 5.69 29.3 -9.73
Total Cash From Financing CZK mil 115 -90.6 -23.6
Net Change In Cash CZK mil -49.5 119 73.2
Cash Conversion Cycle days 29.1 59.6 86.9
Cash Earnings CZK mil 72.7 18.8 -45.3
Free Cash Flow CZK mil -165 210 96.7

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         2,338 1,897 1,982 3,447 2,114   ...
Gross Profit CZK mil ...         499 376 325 392 305   ...
EBIT CZK mil ...         15.5 21.1 40.7 72.8 2.45   ...
Net Profit CZK mil ...         4.21 3.01 25.5 53.9 0.133   ...
ROE % ...         1.64 1.16 9.31 17.2 0.042   ...
EBIT Margin % ...         0.663 1.11 2.05 2.11 0.116   ...
Net Margin % ...         0.180 0.159 1.29 1.56 0.006   ...
Employees           717 550 549 581 521   ...
balance sheet                        
Total Assets CZK mil ...         1,184 1,177 1,756 2,265 2,247   ...
Non-Current Assets CZK mil ...         317 293 283 261 233   ...
Current Assets CZK mil ...         860 854 1,323 1,738 1,673   ...
Shareholders' Equity CZK mil ...         258 261 286 340 290   ...
Liabilities CZK mil ...         926 917 1,470 1,925 1,957   ...
Non-Current Liabilities CZK mil ...         105 50.9 135 228 164   ...
Current Liabilities CZK mil ...         553 661 1,126 1,488 1,547   ...
Net Debt/EBITDA ...         2.05 1.85 -0.500 0.833 15.2   ...
Net Debt/Equity ...         0.353 0.301 -0.103 0.224 1.10   ...
Cost of Financing % ... ...       2.08 6.47 4.39 2.85 0.113   ...
cash flow                        
Total Cash From Operations CZK mil ...         -48.5 238 46.5 -170 181   ...
Total Cash From Investing CZK mil ...         -7.12 8.09 -5.11 5.69 29.3   ...
Total Cash From Financing CZK mil ...         67.3 -112 83.7 115 -90.6   ...
Net Change In Cash CZK mil ...         11.7 134 125 -49.5 119   ...
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         2,338 1,897 1,982 3,447 2,114   ...
Cost of Goods & Services CZK mil ...         1,839 1,521 1,657 3,055 1,809   ...
Gross Profit CZK mil ...         499 376 325 392 305   ...
Staff Cost CZK mil ...         396 304 281 310 263   ...
Other Cost CZK mil ...         58.1 29.3 -14.5 -9.92 20.5   ...
EBITDA CZK mil ...         44.3 42.5 59.0 91.5 21.1   ...
Depreciation CZK mil ...         28.8 21.4 18.3 18.8 18.7   ...
EBIT CZK mil ...         15.5 21.1 40.7 72.8 2.45   ...
Financing Cost CZK mil ...         4.70 14.6 12.7 9.30 0.604   ...
Extraordinary Cost CZK mil ...         0 0 0 0 0   ...
Pre-Tax Profit CZK mil ...         10.8 6.48 27.9 63.5 1.85   ...
Tax CZK mil ...         6.60 3.47 2.44 9.57 1.71   ...
Minorities CZK mil ...         0 0 0 0 0   ...
Net Profit CZK mil ...         4.21 3.01 25.5 53.9 0.133   ...
Dividends CZK mil ...         0 0 0 50.0 0 ... ...
growth rates                        
Total Revenue Growth % ... ...       -19.6 -18.9 4.51 73.9 -38.7   ...
Operating Cost Growth % ... ...       8.83 -26.6 -20.1 12.8 -5.60    
EBITDA Growth % ... ...       -9.25 -4.18 38.9 55.2 -76.9   ...
EBIT Growth % ... ...       -15.9 36.1 92.8 78.9 -96.6   ...
Pre-Tax Profit Growth % ... ...       -1.78 -40.0 331 127 -97.1   ...
Net Profit Growth % ... ...       153 -28.3 746 112 -99.8   ...
ratios                        
ROE % ...         1.64 1.16 9.31 17.2 0.042   ...
ROCE % ... ...       0.719 0.545 5.15 9.85 0.021   ...
Gross Margin % ...         21.3 19.8 16.4 11.4 14.4   ...
EBITDA Margin % ...         1.90 2.24 2.98 2.66 0.999   ...
EBIT Margin % ...         0.663 1.11 2.05 2.11 0.116   ...
Net Margin % ...         0.180 0.159 1.29 1.56 0.006   ...
Payout Ratio % ...         0 0 0 92.8 0 ... ...
Cost of Financing % ... ...       2.08 6.47 4.39 2.85 0.113   ...
Net Debt/EBITDA ...         2.05 1.85 -0.500 0.833 15.2   ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil ...         317 293 283 261 233   ...
Property, Plant & Equipment CZK mil ...         313 292 280 258 232   ...
Intangible Assets CZK mil ...         3.90 1.60 2.64 2.52 1.12   ...
Goodwill CZK mil ...         0 0 0 0 0   ...
Current Assets CZK mil ...         860 854 1,323 1,738 1,673   ...
Inventories CZK mil ...         46.8 54.8 89.7 159 92.1   ...
Receivables CZK mil ...         625 476 772 1,029 823   ...
Cash & Cash Equivalents CZK mil ...         79.4 203 328 279 398   ...
Total Assets CZK mil ...         1,184 1,177 1,756 2,265 2,247   ...
Shareholders' Equity CZK mil ...         258 261 286 340 290   ...
Of Which Minority Interest CZK mil ...         0 0 0 0 0   ...
Liabilities CZK mil ...         926 917 1,470 1,925 1,957   ...
Non-Current Liabilities CZK mil ...         105 50.9 135 228 164   ...
Long-Term Debt CZK mil ...         105 50.9 135 228 164   ...
Deferred Tax Liabilities CZK mil ...         0.420 0 0 0 0   ...
Current Liabilities CZK mil ...         553 661 1,126 1,488 1,547   ...
Short-Term Debt CZK mil ...         64.9 231 163 127 554   ...
Trade Payables CZK mil ...         400 306 672 827 501   ...
Provisions CZK mil ...         186 205 203 208 244   ...
Equity And Liabilities CZK mil ...         1,184 1,177 1,756 2,265 2,247   ...
growth rates                        
Total Asset Growth % ... ...       -21.6 -0.528 49.1 29.0 -0.782   ...
Shareholders' Equity Growth % ... ...       1.66 1.17 9.77 18.8 -14.7   ...
Net Debt Growth % ... ...       -49.1 -13.6 -138 -359 320   ...
Total Debt Growth % ... ...       -39.3 65.3 6.05 18.8 102   ...
ratios                        
Total Debt CZK mil ...         170 282 299 355 719   ...
Net Debt CZK mil ...         90.9 78.5 -29.5 76.3 321   ...
Working Capital CZK mil ...         272 225 190 361 414   ...
Capital Employed CZK mil ...         589 518 473 622 647   ...
Net Debt/Equity ...         0.353 0.301 -0.103 0.224 1.10   ...
Cost of Financing % ... ...       2.08 6.47 4.39 2.85 0.113   ...
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil ...         4.21 3.01 25.5 53.9 0.133   ...
Depreciation CZK mil ...         28.8 21.4 18.3 18.8 18.7   ...
Non-Cash Items CZK mil ... ...       -50.3 166 -31.9 -72.0 215   ...
Change in Working Capital CZK mil ... ...       -31.3 47.5 34.5 -171 -53.1   ...
Total Cash From Operations CZK mil ...         -48.5 238 46.5 -170 181   ...
Capital Expenditures CZK mil ...         -10.7 -2.96 -9.22 -12.7 -6.24   ...
Other Investments CZK mil ...         3.55 11.0 4.11 18.4 35.5   ...
Total Cash From Investing CZK mil ...         -7.12 8.09 -5.11 5.69 29.3   ...
Dividends Paid CZK mil ...         0 0 0 -50.0 0 ... ...
Issuance Of Debt CZK mil ... ...       -110 111 17.0 56.3 364   ...
Total Cash From Financing CZK mil ...         67.3 -112 83.7 115 -90.6   ...
Net Change In Cash CZK mil ...         11.7 134 125 -49.5 119   ...
ratios                        
Days Sales Outstanding days ...         97.6 91.5 142 109 142   ...
Days Sales Of Inventory days ...         9.28 13.1 19.8 18.9 18.6   ...
Days Payable Outstanding days ...         79.4 73.4 148 98.8 101   ...
Cash Conversion Cycle days ...         27.5 31.3 13.9 29.1 59.6   ...
Cash Earnings CZK mil ...         33.0 24.4 43.8 72.7 18.8   ...
Free Cash Flow CZK mil ...         -55.6 246 41.4 -165 210   ...
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         0.312 0.255 1.74 2.68 0.006   ...
Gross Margin % ...         21.3 19.8 16.4 11.4 14.4   ...
Employees           717 550 549 581 521   ...
Cost Per Employee USD per month ...         2,418 2,412 2,410 2,276 2,151   ...
Cost Per Employee (Local Currency) CZK per month ...         46,073 46,088 42,627 44,527 42,093   ...
Staff Cost (As % Of Total Cost) % ...         17.1 16.2 14.5 9.20 12.5   ...
Effective Tax Rate % ...         61.1 53.5 8.75 15.1 92.8   ...
Sales from Construction CZK mil ... ... ...     2,231 1,815 1,842 3,259 2,162   ...
Domestic Sales CZK mil ... ... ...     2,245 1,831 1,863 3,277 2,083   ...
Capital Expenditures (As % of Sales) % ...         0.456 0.156 0.465 0.368 0.295   ...
Revenues From Abroad CZK mil ... ... ...     140 52.4 85.9 102 105   ...
Revenues From Abroad (As % Of Total) % ... ... ...     5.98 2.76 4.33 2.96 4.96   ...

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VCES a.s. is a Czech Republic-based general building contractor providing comprehensive construction services from project and paperwork preparation to implementation. Key construction projects are in the sphere of structural engineering (civic and housing projects, social and hospital facilities, industrial buildings and reconstruction), water management and water structures, environmental and engineering projects and road construction. VCES’s share of the Czech construction market ranks it among the top ten building companies in the Czech Republic. Since 2006, VCES is the Czech subsidiary of the Bouygues Construction Group.