Vema

Vema's Cash & Cash Equivalents rose 28.4% yoy to CZK 35.8 mil in 2017

By Helgi Analytics - April 2, 2020

Vema's total assets reached CZK 83.9 mil at the end of 2017, up 7.3% compared to the previous year. Current assets...

Profit Statement 2015 2016 2017
Sales CZK mil 122 122 137
Gross Profit CZK mil 47.0 46.6 51.7
EBITDA CZK mil 25.0 20.8 22.6
EBIT CZK mil 20.1 17.9 19.7
Financing Cost CZK mil -4.47 -3.96 -3.52
Pre-Tax Profit CZK mil 24.5 21.9 23.3
Net Profit CZK mil 20.5 18.3 19.3
Balance Sheet 2015 2016 2017
Total Assets CZK mil 68.3 78.2 83.9
Non-Current Assets CZK mil 17.1 25.1 22.4
Current Assets CZK mil 48.0 49.6 59.8
Working Capital CZK mil 21.5 14.5 15.7
Shareholders' Equity CZK mil 9.29 17.6 24.9
Liabilities CZK mil 59.0 60.6 59.0
Total Debt CZK mil 0 0 0
Net Debt CZK mil -22.0 -27.9 -35.8
Ratios 2015 2016 2017
ROE % 109 136 90.9
ROCE % 61.8 46.8 49.7
Gross Margin % 38.7 38.2 37.8
EBITDA Margin % 20.6 17.1 16.5
EBIT Margin % 16.5 14.7 14.4
Net Margin % 16.8 15.0 14.1
Net Debt/EBITDA -0.879 -1.34 -1.59
Net Debt/Equity % -236 -159 -144
Cost of Financing % -88.6 ... ...
Cash Flow 2015 2016 2017
Cash Conversion Cycle days 63.3 30.6 28.9
Cash Earnings CZK mil 25.3 21.2 22.2

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales CZK mil                   139 142 138 130 122    
Gross Profit CZK mil                   42.5 51.5 46.0 56.9 47.0    
EBIT CZK mil                   20.9 27.7 13.4 29.5 20.1    
Net Profit CZK mil                   16.7 22.4 10.9 39.0 20.5    
ROE %                   19.5 23.4 10.9 61.3 109    
EBIT Margin %                   15.1 19.5 9.71 22.8 16.5    
Net Margin %                   12.0 15.8 7.94 30.1 16.8    
Employees                   39.0 46.0 55.0 53.0 51.0    
balance sheet                                
Total Assets CZK mil                   132 152 144 86.0 68.3    
Non-Current Assets CZK mil                   35.6 38.9 37.7 18.2 17.1    
Current Assets CZK mil                   93.4 116 104 63.5 48.0    
Shareholders' Equity CZK mil                   89.8 102 99.1 28.3 9.29    
Liabilities CZK mil                   41.7 49.9 45.1 57.6 59.0    
Non-Current Liabilities CZK mil                   0.686 0.553 0.568 10.4 5.72    
Current Liabilities CZK mil                   11.6 11.6 8.29 17.0 22.4    
Net Debt/EBITDA                   -2.52 -2.49 -4.08 -0.724 -0.879    
Net Debt/Equity %                   -81.0 -86.8 -84.4 -88.9 -236    
Cost of Financing % ...                 -42.5 -424 -1,458 -308 -88.6 ... ...
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales CZK mil                   139 142 138 130 122    
Cost of Goods & Services CZK mil                   96.2 90.5 92.0 72.7 74.5    
Gross Profit CZK mil                   42.5 51.5 46.0 56.9 47.0    
Staff Cost CZK mil                   11.1 17.7 23.2 23.8 23.1    
Other Cost CZK mil                   2.65 -1.64 2.32 -1.65 -1.08    
EBITDA CZK mil                   28.8 35.4 20.5 34.8 25.0    
Depreciation CZK mil                   7.91 7.70 7.12 5.27 4.89    
EBIT CZK mil                   20.9 27.7 13.4 29.5 20.1    
Financing Cost CZK mil                   -0.818 -0.502 -1.40 -15.6 -4.47    
Extraordinary Cost CZK mil                   0 0.021 0 0 0.115    
Pre-Tax Profit CZK mil                   21.7 28.2 14.8 45.1 24.5    
Tax CZK mil                   5.05 5.80 3.85 6.04 4.01    
Minorities CZK mil                   0 0 0 0 0    
Net Profit CZK mil                   16.7 22.4 10.9 39.0 20.5    
growth rates                                
Total Revenue Growth % ...                 9.76 2.33 -2.81 -6.03 -6.24    
Operating Cost Growth % ...                 18.8 17.5 58.2 -13.1 -0.416    
EBITDA Growth % ...                 -1.41 22.8 -42.0 69.6 -28.1    
EBIT Growth % ...                 1.08 32.4 -51.6 120 -31.9    
Pre-Tax Profit Growth % ...                 10.8 29.6 -47.5 205 -45.7    
Net Profit Growth % ...                 7.81 34.1 -51.1 257 -47.6    
ratios                                
ROE %                   19.5 23.4 10.9 61.3 109    
ROCE % ...                 35.0 45.5 20.9 99.9 61.8    
Gross Margin %                   30.7 36.3 33.3 43.9 38.7    
EBITDA Margin %                   20.8 24.9 14.9 26.8 20.6    
EBIT Margin %                   15.1 19.5 9.71 22.8 16.5    
Net Margin %                   12.0 15.8 7.94 30.1 16.8    
Cost of Financing % ...                 -42.5 -424 -1,458 -308 -88.6 ... ...
Net Debt/EBITDA                   -2.52 -2.49 -4.08 -0.724 -0.879    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                
Non-Current Assets CZK mil                   35.6 38.9 37.7 18.2 17.1    
Property, Plant & Equipment CZK mil                   3.25 5.47 4.27 3.93 2.87    
Intangible Assets CZK mil                   10.2 7.86 4.74 4.48 3.48    
Current Assets CZK mil                   93.4 116 104 63.5 48.0    
Inventories CZK mil                   1.18 1.60 0.719 1.09 1.25    
Receivables CZK mil                   15.6 16.3 13.8 12.2 22.3    
Cash & Cash Equivalents CZK mil                   72.8 88.4 83.6 35.2 22.0    
Total Assets CZK mil                   132 152 144 86.0 68.3    
Shareholders' Equity CZK mil                   89.8 102 99.1 28.3 9.29    
Of Which Minority Interest CZK mil                   0 0 0 0 0    
Liabilities CZK mil                   41.7 49.9 45.1 57.6 59.0    
Non-Current Liabilities CZK mil                   0.686 0.553 0.568 10.4 5.72    
Long-Term Debt CZK mil                   0 0 0 9.98 0    
Deferred Tax Liabilities CZK mil                   0.686 0.553 0.568 0.473 0.365    
Current Liabilities CZK mil                   11.6 11.6 8.29 17.0 22.4    
Short-Term Debt CZK mil                   0.068 0.169 0.023 0.102 0    
Trade Payables CZK mil                   8.02 2.79 1.73 3.89 1.97    
Provisions CZK mil                   0 0 0 0 0    
Equity And Liabilities CZK mil                   132 152 144 86.0 68.3    
growth rates                                
Total Asset Growth % ...                 11.4 15.2 -4.84 -40.4 -20.6    
Shareholders' Equity Growth % ...                 10.5 13.2 -2.55 -71.4 -67.2    
Net Debt Growth % ...                 37.5 21.3 -5.22 -69.9 -12.7    
Total Debt Growth % ... ...               -98.2 149 -86.4 43,717 -100 ... ...
ratios                                
Total Debt CZK mil                   0.068 0.169 0.023 10.1 0    
Net Debt CZK mil                   -72.7 -88.2 -83.6 -25.2 -22.0    
Working Capital CZK mil                   8.71 15.1 12.8 9.43 21.5    
Capital Employed CZK mil                   44.3 54.0 50.5 27.6 38.6    
Net Debt/Equity %                   -81.0 -86.8 -84.4 -88.9 -236    
Cost of Financing % ...                 -42.5 -424 -1,458 -308 -88.6 ... ...
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                
Net Profit CZK mil                   16.7 22.4 10.9 39.0 20.5    
Depreciation CZK mil                   7.91 7.70 7.12 5.27 4.89    
ratios                                
Days Sales Outstanding days                   40.9 42.0 36.6 34.4 66.8    
Days Sales Of Inventory days                   4.46 6.43 2.85 5.45 6.10    
Days Payable Outstanding days                   30.4 11.3 6.88 19.5 9.63    
Cash Conversion Cycle days                   14.9 37.2 32.6 20.4 63.3    
Cash Earnings CZK mil                   24.6 30.1 18.1 44.3 25.3    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                
ROA %                   13.4 15.8 7.41 33.9 26.5    
Gross Margin %                   30.7 36.3 33.3 43.9 38.7    
Employees                   39.0 46.0 55.0 53.0 51.0    
Cost Per Employee USD per month                   1,336 1,643 1,793 1,750 1,583    
Cost Per Employee (Local Currency) CZK per month                   23,630 32,141 35,085 37,395 37,776    
Staff Cost (As % Of Total Cost) %                   9.39 15.5 18.6 23.7 22.8    
Effective Tax Rate %                   23.2 20.6 26.0 13.4 16.4    

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Vema is a Czech Republic-based IT software Company founded in 1990. It is among the leading HR information systems for all types of sizes of organizations in the Czech and Slovak Republics. It is also one of the largest providers of ERP solutions in the cloud. Its software is used by over 7,200 organizations. In 2014 it became part of the holding Solitea.

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Finance

Vema has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 8.59% a year during that time to total of CZK 22.6 mil in 2017, or 16.5% of sales. That’s compared to 19.2% average margin seen in last five years.

The company netted CZK 19.3 mil in 2017 implying ROE of 90.9% and ROCE of 49.7%. Again, the average figures were 81.6% and 55.8%, respectively when looking at the previous 5 years.

Vema’s net debt amounted to CZK -35.8 mil at the end of 2017, or -144% of equity. When compared to EBITDA, net debt was -1.59x, up when compared to average of -1.72x seen in the last 5 years.