Vemex

Vemex's Cash & Cash Equivalents rose 116% yoy to CZK 214 mil in 2014

By Helgi Analytics - April 2, 2020

Vemex's total assets reached CZK 2,296 mil at the end of 2014, down 13.6% compared to the previous year. Current a...

Profit Statement 2012 2013 2014
Sales CZK mil 9,916 10,944 10,758
Gross Profit CZK mil 77.7 61.9 -4.23
EBITDA CZK mil -116 -79.6 -126
EBIT CZK mil -123 -86.8 -133
Financing Cost CZK mil 5.28 -0.040 22.1
Pre-Tax Profit CZK mil -128 -86.8 -155
Net Profit CZK mil -159 -67.0 -124
Balance Sheet 2012 2013 2014
Total Assets CZK mil 2,019 2,657 2,296
Non-Current Assets CZK mil 72.2 90.1 110
Current Assets CZK mil 1,935 2,026 1,757
Working Capital CZK mil 1,189 1,238 692
Shareholders' Equity CZK mil 102 -61.4 -220
Liabilities CZK mil 1,917 2,718 2,516
Total Debt CZK mil 376 713 557
Net Debt CZK mil 262 614 343
Ratios 2012 2013 2014
ROE % -99.8 -328 87.8
ROCE % -18.9 -5.18 -11.6
Gross Margin % 0.784 0.566 -0.039
EBITDA Margin % -1.17 -0.727 -1.17
EBIT Margin % -1.24 -0.794 -1.24
Net Margin % -1.60 -0.613 -1.15
Net Debt/EBITDA -2.25 -7.72 -2.72
Net Debt/Equity 2.56 -10.0 -1.56
Cost of Financing % 2.21 -0.007 3.49
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil -428 -569 173
Total Cash From Investing CZK mil -25.8 -27.3 -29.6
Total Cash From Financing CZK mil 169 527 -179
Net Change In Cash CZK mil -285 -68.8 -35.7
Cash Conversion Cycle days 43.7 41.2 23.5
Cash Earnings CZK mil -152 -59.8 -116
Free Cash Flow CZK mil -454 -596 143

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summary Unit 2008 2009 2010 2011 2012 2013 2014
income statement              
Sales CZK mil 5,996 5,132 4,493 4,817 9,916    
Gross Profit CZK mil 43.3 206 163 163 77.7    
EBIT CZK mil -3.68 164 107 90.0 -123    
Net Profit CZK mil -171 79.7 106 49.3 -159    
ROE % 80.6 -56.0 258 26.6 -99.8    
EBIT Margin % -0.061 3.19 2.38 1.87 -1.24    
Net Margin % -2.86 1.55 2.36 1.02 -1.60    
Employees ... ... ... ... ...    
balance sheet              
Total Assets CZK mil 842 659 953 1,105 2,019    
Non-Current Assets CZK mil 2.96 3.66 25.0 98.4 72.2    
Current Assets CZK mil 836 653 611 697 1,935    
Shareholders' Equity CZK mil -213 -71.9 154 217 102    
Liabilities CZK mil 1,054 731 799 889 1,917    
Non-Current Liabilities CZK mil 0.311 0 2.31 1.64 0.571    
Current Liabilities CZK mil 939 563 787 866 1,775    
Net Debt/EBITDA -25.7 0.327 -0.825 -0.980 -2.25    
Net Debt/Equity -0.366 -0.749 -0.580 -0.419 2.56    
Cost of Financing % ... 57.6 -4.62 13.3 2.21    
cash flow              
Total Cash From Operations CZK mil -48.3 -44.3 132 91.0 -428    
Total Cash From Investing CZK mil -1.04 -1.60 -22.8 -177 -25.8    
Total Cash From Financing CZK mil 89.6 93.9 -32.0 98.4 169    
Net Change In Cash CZK mil 40.3 48.0 77.3 12.0 -285    
income statement Unit 2008 2009 2010 2011 2012 2013 2014
income statement              
Sales CZK mil 5,996 5,132 4,493 4,817 9,916    
Cost of Goods & Services CZK mil 5,953 4,925 4,330 4,654 9,838    
Gross Profit CZK mil 43.3 206 163 163 77.7    
Staff Cost CZK mil 19.5 38.1 65.3 72.8 126    
Other Cost CZK mil 26.8 3.41 -10.7 -2.45 67.8    
EBITDA CZK mil -3.03 165 108 92.6 -116    
Depreciation CZK mil 0.651 0.736 1.43 2.52 6.63    
EBIT CZK mil -3.68 164 107 90.0 -123    
Financing Cost CZK mil 168 84.2 -5.78 12.9 5.28    
Extraordinary Cost CZK mil 0 0 0 12.8 0    
Pre-Tax Profit CZK mil -171 79.7 113 64.3 -128    
Tax CZK mil 0 0 6.55 15.0 10.0    
Minorities CZK mil 0 0 0 0 20.9    
Net Profit CZK mil -171 79.7 106 49.3 -159    
growth rates              
Total Revenue Growth % ... -14.4 -12.4 7.21 106    
Operating Cost Growth % ... -10.4 31.5 29.0 176    
EBITDA Growth % ... -5,543 -34.1 -14.6 -226    
EBIT Growth % ... -4,559 -34.7 -15.9 -236    
Pre-Tax Profit Growth % ... -146 41.5 -43.0 -299    
Net Profit Growth % ... -146 33.3 -53.6 -423    
ratios              
ROE % 80.6 -56.0 258 26.6 -99.8    
ROCE % ... 61.6 -343 40.2 -18.9    
Gross Margin % 0.722 4.02 3.63 3.38 0.784    
EBITDA Margin % -0.050 3.21 2.41 1.92 -1.17    
EBIT Margin % -0.061 3.19 2.38 1.87 -1.24    
Net Margin % -2.86 1.55 2.36 1.02 -1.60    
Cost of Financing % ... 57.6 -4.62 13.3 2.21    
Net Debt/EBITDA -25.7 0.327 -0.825 -0.980 -2.25    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014
balance sheet              
Non-Current Assets CZK mil 2.96 3.66 25.0 98.4 72.2    
Property, Plant & Equipment CZK mil 2.75 3.37 7.15 7.13 28.0    
Intangible Assets CZK mil 0.205 0.289 0.552 0.795 3.67    
Goodwill CZK mil 0 0 0 0 0    
Current Assets CZK mil 836 653 611 697 1,935    
Inventories CZK mil 96.4 0.692 2.53 3.28 14.3    
Receivables CZK mil 629 509 360 333 1,369    
Cash & Cash Equivalents CZK mil 56.3 104 182 194 114    
Total Assets CZK mil 842 659 953 1,105 2,019    
Shareholders' Equity CZK mil -213 -71.9 154 217 102    
Of Which Minority Interest CZK mil 0 0 0 0 56.6    
Liabilities CZK mil 1,054 731 799 889 1,917    
Non-Current Liabilities CZK mil 0.311 0 2.31 1.64 0.571    
Long-Term Debt CZK mil 0.311 0 0 0 0.571    
Deferred Tax Liabilities CZK mil 0 0 0 0 0    
Current Liabilities CZK mil 939 563 787 866 1,775    
Short-Term Debt CZK mil 134 158 92.1 103 375    
Trade Payables CZK mil 581 402 561 16.1 194    
Provisions CZK mil 1.68 21.1 8.72 21.3 3.56    
Equity And Liabilities CZK mil 842 659 953 1,105 2,019    
growth rates              
Total Asset Growth % ... -21.7 44.7 16.0 82.7    
Shareholders' Equity Growth % ... -66.2 -315 40.4 -52.8    
Net Debt Growth % ... -30.7 -266 1.32 -389    
Total Debt Growth % ... 18.0 -41.8 11.8 265    
ratios              
Total Debt CZK mil 134 158 92.1 103 376    
Net Debt CZK mil 77.8 53.9 -89.5 -90.7 262    
Working Capital CZK mil 144 108 -199 320 1,189    
Capital Employed CZK mil 147 112 -174 419 1,261    
Net Debt/Equity -0.366 -0.749 -0.580 -0.419 2.56    
Cost of Financing % ... 57.6 -4.62 13.3 2.21    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014
cash flow              
Net Profit CZK mil -171 79.7 106 49.3 -159    
Depreciation CZK mil 0.651 0.736 1.43 2.52 6.63    
Non-Cash Items CZK mil ... -161 -283 558 593    
Change in Working Capital CZK mil ... 36.0 307 -519 -869    
Total Cash From Operations CZK mil -48.3 -44.3 132 91.0 -428    
Capital Expenditures CZK mil -1.06 -1.60 -22.8 -83.0 -25.9    
Other Investments CZK mil 0.023 0 0 -94.4 0.179    
Total Cash From Investing CZK mil -1.04 -1.60 -22.8 -177 -25.8    
Issuance Of Debt CZK mil ... 24.1 -66.1 10.8 273    
Total Cash From Financing CZK mil 89.6 93.9 -32.0 98.4 169    
Net Change In Cash CZK mil 40.3 48.0 77.3 12.0 -285    
ratios              
Days Sales Outstanding days 38.3 36.2 29.3 25.2 50.4    
Days Sales Of Inventory days 5.91 0.051 0.214 0.257 0.530    
Days Payable Outstanding days 35.6 29.8 47.3 1.26 7.19    
Cash Conversion Cycle days 8.56 6.50 -17.9 24.2 43.7    
Cash Earnings CZK mil -171 80.4 108 51.8 -152    
Free Cash Flow CZK mil -49.3 -45.9 109 -86.4 -454    
other data Unit 2008 2009 2010 2011 2012 2013 2014
other data              
ROA % -20.4 10.6 13.2 4.79 -10.2    
Gross Margin % 0.722 4.02 3.63 3.38 0.784    
Cost Per Employee USD per month ... ... ... ... ...    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ...    
Staff Cost (As % Of Total Cost) % 0.325 0.767 1.49 1.54 1.26    
Effective Tax Rate % 0 0 5.81 23.3 -7.82    
Employees ... ... ... ... ...    
Sales of Natural Gas CZK mil 5,655 4,687 4,493 4,813 9,133    
Sales Of Electricity CZK mil ... ... ... ... 783    

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Vemex is a Czech Republic-based supplier of natural gas. The Company serves mainly large and middle-sized customers in the chemical and energy industries, construction and food proceeding industries, steelworks, or glass factories. Prague gas utility Pražská plynárenská, the Spolana chemical producer, and the steel manufacturer Vitkovice belong among the largest customers of the Company. In addition to the Czech Republic, Vemex also operates in Slovakia through a subsidiary Vemex Energo. Vemex is controlled by Russia's Gazprom.

Finance

Vemex has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 177% during that time to total of CZK -126 mil in 2014, or -1.17% of sales. That’s compared to 0.253% average margin seen in last five years.

The company netted CZK -124 mil in 2014 implying ROE of 87.8% and ROCE of -11.6%. Again, the average figures were -11.1% and -67.7%, respectively when looking at the previous 5 years.

Vemex’s net debt amounted to CZK 343 mil at the end of 2014, or -1.56 of equity. When compared to EBITDA, net debt was -2.72x, up when compared to average of -2.90x seen in the last 5 years.