Vitkovice Steel

Profit Statement 2013 2014 2015
Sales CZK mil 8,699 8,426 7,148
Gross Profit CZK mil 538 941 601
EBITDA CZK mil -117 56.3 -288
EBIT CZK mil -587 -516 -1,178
Financing Cost CZK mil 305 926 865
Pre-Tax Profit CZK mil -887 -1,442 -2,043
Net Profit CZK mil -887 -1,442 -2,043
Dividends CZK mil ... ... ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 6,704 6,742 5,119
Non-Current Assets CZK mil 4,485 4,048 3,335
Current Assets CZK mil 2,198 2,674 1,765
Working Capital CZK mil 1,075 1,087 892
Shareholders' Equity CZK mil 1,538 95.8 -1,948
Liabilities CZK mil 5,166 6,646 7,066
Total Debt CZK mil 3,661 4,562 5,611
Net Debt CZK mil 3,550 4,257 5,472
Ratios 2013 2014 2015
ROE % -44.8 -177 221
ROCE % -15.0 -27.0 -43.6
Gross Margin % 6.18 11.2 8.41
EBITDA Margin % -1.35 0.668 -4.03
EBIT Margin % -6.75 -6.12 -16.5
Net Margin % -10.2 -17.1 -28.6
Net Debt/EBITDA -30.3 75.7 -19.0
Net Debt/Equity 2.31 44.4 -2.81
Cost of Financing % 12.7 22.5 17.0
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -21.9 -1,080 -417
Total Cash From Investing CZK mil -49.6 -40.4 -155
Total Cash From Financing CZK mil 73.0 1,306 405
Net Change In Cash CZK mil 1.49 185 -167
Cash Conversion Cycle days 45.6 48.4 47.7
Cash Earnings CZK mil -417 -870 -1,153
Free Cash Flow CZK mil -71.5 -1,120 -572

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     6,991 11,767 15,273 9,790 8,699    
Gross Profit CZK mil     -728 4.00 1,149 538 538    
EBIT CZK mil     -1,490 -527 -298 -918 -587    
Net Profit CZK mil     -1,463 -495 -713 -1,021 -887    
ROE %     -27.2 -11.2 -18.8 -34.8 -44.8    
EBIT Margin %     -21.3 -4.48 -1.95 -9.38 -6.75    
Net Margin %     -20.9 -4.21 -4.67 -10.4 -10.2    
Employees     1,373 1,286 1,397 1,187 1,095    
balance sheet                  
Total Assets CZK mil     9,934 10,600 9,871 7,858 6,704    
Non-Current Assets CZK mil     5,613 5,546 5,219 4,916 4,485    
Current Assets CZK mil     4,113 5,044 4,656 2,938 2,198    
Shareholders' Equity CZK mil     4,653 4,158 3,445 2,425 1,538    
Liabilities CZK mil     5,281 6,442 6,426 5,433 5,166    
Non-Current Liabilities CZK mil     2,640 2,344 2,506 1,683 2,211    
Current Liabilities CZK mil     2,641 3,129 3,045 3,750 1,122    
Net Debt/EBITDA     -2.40 -17.1 1.33 -2.24 -30.3    
Net Debt/Equity     0.523 0.197 0.074 0.416 2.31    
Cost of Financing % ...   6.73 1.13 47.5 -34.5 12.7    
cash flow                  
Total Cash From Operations CZK mil     301 -290 674 -954 -21.9    
Total Cash From Investing CZK mil     798 -30.0 -104 199 -49.6    
Total Cash From Financing CZK mil     -1,636 292 -377 636 73.0    
Net Change In Cash CZK mil     -537 -28.0 193 -119 1.49    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil     6,991 11,767 15,273 9,790 8,699    
Cost of Goods & Services CZK mil     7,719 11,763 14,124 9,252 8,161    
Gross Profit CZK mil     -728 4.00 1,149 538 538    
Staff Cost CZK mil     701 639 757 709 620    
Other Cost CZK mil     -414 -587 200 279 35.0    
EBITDA CZK mil     -1,015 -48.0 192 -450 -117    
Depreciation CZK mil     475 479 490 468 470    
EBIT CZK mil     -1,490 -527 -298 -918 -587    
Financing Cost CZK mil     224 19.0 322 -279 305    
Extraordinary Cost CZK mil     0 0 -1.00 0 -5.00    
Pre-Tax Profit CZK mil     -1,714 -546 -619 -639 -887    
Tax CZK mil     -251 -51.0 94.0 382 0    
Minorities CZK mil     0 0 0 0 0    
Net Profit CZK mil     -1,463 -495 -713 -1,021 -887    
Dividends CZK mil   ... ... ... ... ... ... ... ...
growth rates                  
Total Revenue Growth % ...   -65.4 68.3 29.8 -35.9 -11.1    
Operating Cost Growth % ...   -71.6 -81.9 1,740 3.24 -33.7    
EBITDA Growth % ...   -152 -95.3 -500 -334 -74.0    
EBIT Growth % ...   -218 -64.6 -43.5 208 -36.1    
Pre-Tax Profit Growth % ...   -307 -68.1 13.4 3.23 38.8    
Net Profit Growth % ...   -347 -66.2 44.0 43.2 -13.1    
ratios                  
ROE %     -27.2 -11.2 -18.8 -34.8 -44.8    
ROCE % ...   -19.6 -7.05 -10.5 -16.3 -15.0    
Gross Margin %     -10.4 0.034 7.52 5.50 6.18    
EBITDA Margin %     -14.5 -0.408 1.26 -4.60 -1.35    
EBIT Margin %     -21.3 -4.48 -1.95 -9.38 -6.75    
Net Margin %     -20.9 -4.21 -4.67 -10.4 -10.2    
Payout Ratio %   ... ... ... ... ... ... ... ...
Cost of Financing % ...   6.73 1.13 47.5 -34.5 12.7    
Net Debt/EBITDA     -2.40 -17.1 1.33 -2.24 -30.3    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     5,613 5,546 5,219 4,916 4,485    
Property, Plant & Equipment CZK mil     5,748 5,480 5,158 4,885 4,456    
Intangible Assets CZK mil     26.0 19.0 12.0 21.0 20.3    
Current Assets CZK mil     4,113 5,044 4,656 2,938 2,198    
Inventories CZK mil     1,992 2,917 2,031 1,409 1,137    
Receivables CZK mil     1,467 1,483 1,658 1,074 911    
Cash & Cash Equivalents CZK mil     72.0 44.0 237 118 111    
Total Assets CZK mil     9,934 10,600 9,871 7,858 6,704    
Shareholders' Equity CZK mil     4,653 4,158 3,445 2,425 1,538    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     5,281 6,442 6,426 5,433 5,166    
Non-Current Liabilities CZK mil     2,640 2,344 2,506 1,683 2,211    
Long-Term Debt CZK mil     1,297 0 0 0 2,198    
Current Liabilities CZK mil     2,641 3,129 3,045 3,750 1,122    
Short-Term Debt CZK mil     1,208 863 492 1,127 1,463    
Trade Payables CZK mil     2,417 2,562 2,651 1,131 973    
Provisions CZK mil     115 63.0 257 299 39.1    
Equity And Liabilities CZK mil     9,934 10,600 9,871 7,858 6,704    
growth rates                  
Total Asset Growth % ...   -27.4 6.70 -6.88 -20.4 -14.7    
Shareholders' Equity Growth % ...   -23.9 -10.6 -17.1 -29.6 -36.6    
Net Debt Growth % ...   -31.3 -66.3 -68.9 296 252    
Total Debt Growth % ...   -39.6 -65.5 -43.0 129 225    
ratios                  
Total Debt CZK mil     2,505 863 492 1,127 3,661    
Net Debt CZK mil     2,433 819 255 1,009 3,550    
Working Capital CZK mil     1,042 1,838 1,038 1,352 1,075    
Capital Employed CZK mil     6,655 7,384 6,257 6,268 5,560    
Net Debt/Equity     0.523 0.197 0.074 0.416 2.31    
Cost of Financing % ...   6.73 1.13 47.5 -34.5 12.7    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil     -1,463 -495 -713 -1,021 -887    
Depreciation CZK mil     475 479 490 468 470    
Non-Cash Items CZK mil ...   14.0 522 97.0 -87.0 118    
Change in Working Capital CZK mil ...   1,275 -796 800 -314 277    
Total Cash From Operations CZK mil     301 -290 674 -954 -21.9    
Capital Expenditures CZK mil     -248 -117 -210 -188 -51.7    
Other Investments CZK mil     1,046 87.0 106 387 2.15    
Total Cash From Investing CZK mil     798 -30.0 -104 199 -49.6    
Dividends Paid CZK mil   ... ... ... ... ... ... ... ...
Issuance Of Debt CZK mil ...   -1,643 -1,642 -371 635 2,534    
Total Cash From Financing CZK mil     -1,636 292 -377 636 73.0    
Net Change In Cash CZK mil     -537 -28.0 193 -119 1.49    
ratios                  
Days Sales Outstanding days     76.6 46.0 39.6 40.0 38.2    
Days Sales Of Inventory days     94.2 90.5 52.5 55.6 50.8    
Days Payable Outstanding days     114 79.5 68.5 44.6 43.5    
Cash Conversion Cycle days     56.5 57.0 23.6 51.0 45.6    
Cash Earnings CZK mil     -988 -16.0 -223 -553 -417    
Free Cash Flow CZK mil     1,099 -320 570 -755 -71.5    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA %     -12.4 -4.82 -6.97 -11.5 -12.2    
Gross Margin %     -10.4 0.034 7.52 5.50 6.18    
Employees     1,373 1,286 1,397 1,187 1,095    
Cost Per Employee USD per month     2,233 2,167 2,553 2,545 2,412    
Cost Per Employee (Local Currency) CZK per month     42,547 41,408 45,156 49,775 47,187    
Staff Cost (As % Of Total Cost) %     8.27 5.20 4.86 6.62 6.68    
Effective Tax Rate %     14.6 9.34 -15.2 -59.8 0    
Sales From Metallurgical Production CZK mil     7,756 11,905 15,137 10,328 ...    
Sales From Services CZK mil     13.0 11.0 11.0 10.0 ...    
Sales From Others CZK mil     9.00 15.0 10.9 4.00 ...    
Production Of Steel (kt) kt     481 350 776 454 388    
Production Of Sections (kt) kt     100 152 137 70.4 82.5    
Production Of Plates (kt) kt     455 607 666 527 484    
Production Of Flame-Cut Shapes (kt) kt     17.0 15.3 21.9 18.6 16.2    

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Vítkovice Steel (formerly Evraz Vitkovice Steel), a.s. is a leading Czech manufacturer of rolled steel products. The history of the Company dates back to the first heat of ductile iron, tapped in Rudolf's smelter in 1830, Vítkovice's early predecessor. In 2002, the Company was saved from the bancruptcy by the Czech Government and since 2005, the Company has been a part of vertically-integrated steel and mining group Evraz Group, which is partly owned by the Russian billionaire Roman Abramovič. In 2014, Evraz Vítkovice Steel was sold to new owners and renamed back to Vitkovice Steel. In 2015, the Company announced a shutdown of steel production and lay-offs of 350 staff.