Window Holding

Window Holding's Cash & Cash Equivalents fell 63.8% yoy to CZK 26.4 mil in 2015

By Helgi Analytics - April 2, 2020

Window Holding's total assets reached CZK 868 mil at the end of 2015, up 6.28% compared to the previous year. Curr...

Profit Statement 2013 2014 2015
Sales CZK mil 1,192 1,394 1,567
Gross Profit CZK mil 323 377 406
EBITDA CZK mil 53.8 93.4 27.7
EBIT CZK mil -60.0 6.61 -16.5
Financing Cost CZK mil 43.9 13.2 -8.75
Pre-Tax Profit CZK mil -104 -6.62 -7.74
Net Profit CZK mil -104 -6.62 -7.87
Balance Sheet 2013 2014 2015
Total Assets CZK mil 860 817 868
Non-Current Assets CZK mil 505 316 346
Current Assets CZK mil 341 488 506
Working Capital CZK mil 186 186 207
Shareholders' Equity CZK mil 2.60 65.4 72.0
Liabilities CZK mil 857 751 796
Total Debt CZK mil 654 574 110
Net Debt CZK mil 621 501 83.2
Ratios 2013 2014 2015
ROE % -195 -19.5 -11.4
ROCE % -14.2 -1.11 -1.49
Gross Margin % 27.1 27.0 25.9
EBITDA Margin % 4.51 6.70 1.77
EBIT Margin % -5.04 0.474 -1.05
Net Margin % -8.72 -0.475 -0.502
Net Debt/EBITDA 11.5 5.36 3.01
Net Debt/Equity 239 7.65 1.16
Cost of Financing % 6.38 2.15 -2.56
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -2.88 49.6 -53.1
Total Cash From Investing CZK mil -6.51 -0.698 -65.6
Total Cash From Financing CZK mil -70.9 -8.90 77.8
Net Change In Cash CZK mil -80.3 40.0 -40.9
Cash Conversion Cycle days 59.2 47.9 48.9
Cash Earnings CZK mil 9.93 80.2 36.3
Free Cash Flow CZK mil -9.39 48.9 -119

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil ...   2,202 1,827 1,813 1,379 1,192    
Gross Profit CZK mil ...   730 487 546 423 323    
EBIT CZK mil ...   73.9 -268 -131 -409 -60.0    
Net Profit CZK mil ...   8.90 -307 -169 -342 -104    
ROE % ...   1.81 -61.9 -65.8 -247 -195    
EBIT Margin % ...   3.36 -14.6 -7.25 -29.7 -5.04    
Net Margin % ...   0.404 -16.8 -9.31 -24.8 -8.72    
Employees ... ... 984 969 914 712 662    
balance sheet                  
Total Assets CZK mil     2,347 1,829 1,684 1,025 860    
Non-Current Assets CZK mil     1,473 1,213 1,030 576 505    
Current Assets CZK mil     845 603 643 442 341    
Shareholders' Equity CZK mil     650 340 173 104 2.60    
Liabilities CZK mil     1,697 1,489 1,511 922 857    
Non-Current Liabilities CZK mil     409 411 416 631 573    
Current Liabilities CZK mil     375 332 338 221 240    
Net Debt/EBITDA ...   3.39 -10.4 26.0 -2.16 11.5    
Net Debt/Equity     1.32 2.68 5.20 5.87 239    
Cost of Financing % ...   5.42 7.37 7.03 1.04 6.38    
cash flow                  
Total Cash From Operations CZK mil ...   116 -32.0 11.1 15.6 -2.88    
Total Cash From Investing CZK mil ...   -71.1 -39.3 94.7 -5.63 -6.51    
Total Cash From Financing CZK mil ...   -108 -118 -2.20 -50.6 -70.9    
Net Change In Cash CZK mil ...   -63.4 -190 104 -40.6 -80.3    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                  
Sales CZK mil ...   2,202 1,827 1,813 1,379 1,192    
Cost of Goods & Services CZK mil ...   1,472 1,341 1,267 956 869    
Gross Profit CZK mil ...   730 487 546 423 323    
Staff Cost CZK mil ...   450 450 408 346 311    
Other Cost CZK mil ...   25.7 125 104 359 -41.3    
EBITDA CZK mil ...   254 -88.1 34.5 -281 53.8    
Depreciation CZK mil ...   180 179 166 128 114    
EBIT CZK mil ...   73.9 -268 -131 -409 -60.0    
Financing Cost CZK mil ...   51.9 76.0 70.8 9.19 43.9    
Extraordinary Cost CZK mil ...   -0.431 0 0 0 0    
Pre-Tax Profit CZK mil ...   22.4 -344 -202 -419 -104    
Tax CZK mil ...   13.5 -36.9 -33.3 -77.2 0.006    
Minorities CZK mil ...   0 0 0 0 0    
Net Profit CZK mil ...   8.90 -307 -169 -342 -104    
growth rates                  
Total Revenue Growth % ... ... 94.4 -17.0 -0.751 -24.0 -13.5    
Operating Cost Growth % ... ... 88.3 20.7 -10.9 37.6 -61.8    
EBITDA Growth % ... ... 275 -135 -139 -915 -119    
EBIT Growth % ... ... -576 -462 -50.9 212 -85.3    
Pre-Tax Profit Growth % ... ... -119 -1,631 -41.2 107 -75.2    
Net Profit Growth % ... ... -109 -3,548 -44.9 102 -69.6    
ratios                  
ROE % ...   1.81 -61.9 -65.8 -247 -195    
ROCE % ...   0.577 -18.6 -12.0 -32.6 -14.2    
Gross Margin % ...   33.1 26.6 30.1 30.7 27.1    
EBITDA Margin % ...   11.5 -4.82 1.90 -20.4 4.51    
EBIT Margin % ...   3.36 -14.6 -7.25 -29.7 -5.04    
Net Margin % ...   0.404 -16.8 -9.31 -24.8 -8.72    
Cost of Financing % ...   5.42 7.37 7.03 1.04 6.38    
Net Debt/EBITDA ...   3.39 -10.4 26.0 -2.16 11.5    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                  
Non-Current Assets CZK mil     1,473 1,213 1,030 576 505    
Property, Plant & Equipment CZK mil     1,336 1,135 996 564 503    
Intangible Assets CZK mil     128 77.8 31.4 10.3 1.41    
Goodwill CZK mil     0 0 0 0 0    
Current Assets CZK mil     845 603 643 442 341    
Inventories CZK mil     131 138 90.3 73.8 79.3    
Receivables CZK mil     352 301 296 184 168    
Cash & Cash Equivalents CZK mil     240 50.2 154 113 32.8    
Total Assets CZK mil     2,347 1,829 1,684 1,025 860    
Shareholders' Equity CZK mil     650 340 173 104 2.60    
Of Which Minority Interest CZK mil     0 0 0 0 0    
Liabilities CZK mil     1,697 1,489 1,511 922 857    
Non-Current Liabilities CZK mil     409 411 416 631 573    
Long-Term Debt CZK mil     834 847 826 631 573    
Deferred Tax Liabilities CZK mil     146 110 77.2 0 0    
Current Liabilities CZK mil     375 332 338 221 240    
Short-Term Debt CZK mil     265 116 226 90.8 80.7    
Trade Payables CZK mil     149 156 88.2 65.5 60.9    
Provisions CZK mil     38.7 38.4 43.6 37.4 33.1    
Equity And Liabilities CZK mil     2,347 1,829 1,684 1,025 860    
growth rates                  
Total Asset Growth % ...   46.2 -22.1 -7.95 -39.1 -16.1    
Shareholders' Equity Growth % ...   95.3 -47.6 -49.3 -39.9 -97.5    
Net Debt Growth % ...   25.0 6.14 -1.58 -32.2 2.06    
Total Debt Growth % ...   34.5 -12.5 9.26 -31.4 -9.39    
ratios                  
Total Debt CZK mil     1,099 962 1,051 722 654    
Net Debt CZK mil     859 912 898 609 621    
Working Capital CZK mil     335 283 298 192 186    
Capital Employed CZK mil     1,807 1,496 1,328 768 691    
Net Debt/Equity     1.32 2.68 5.20 5.87 239    
Cost of Financing % ...   5.42 7.37 7.03 1.04 6.38    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                  
Net Profit CZK mil ...   8.90 -307 -169 -342 -104    
Depreciation CZK mil ...   180 179 166 128 114    
Non-Cash Items CZK mil ...   182 43.2 29.5 124 -19.0    
Change in Working Capital CZK mil ...   -255 52.0 -15.5 106 6.17    
Total Cash From Operations CZK mil ...   116 -32.0 11.1 15.6 -2.88    
Capital Expenditures CZK mil ...   -106 -42.0 81.3 -6.52 -11.9    
Other Investments CZK mil ...   34.6 2.67 13.3 0.888 5.44    
Total Cash From Investing CZK mil ...   -71.1 -39.3 94.7 -5.63 -6.51    
Issuance Of Debt CZK mil ...   282 -137 89.1 -330 -67.8    
Total Cash From Financing CZK mil ...   -108 -118 -2.20 -50.6 -70.9    
Net Change In Cash CZK mil ...   -63.4 -190 104 -40.6 -80.3    
ratios                  
Days Sales Outstanding days ...   58.4 60.2 59.6 48.8 51.4    
Days Sales Of Inventory days ...   32.6 37.5 26.0 28.2 33.3    
Days Payable Outstanding days ...   37.0 42.5 25.4 25.0 25.6    
Cash Conversion Cycle days ...   54.0 55.1 60.2 51.9 59.2    
Cash Earnings CZK mil ...   189 -127 -2.89 -213 9.93    
Free Cash Flow CZK mil ...   44.9 -71.4 106 9.99 -9.39    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                  
ROA % ...   0.450 -14.7 -9.61 -25.2 -11.0    
Gross Margin % ...   33.1 26.6 30.1 30.7 27.1    
Employees ... ... 984 969 914 712 662    
Cost Per Employee USD per month ... ... 2,002 2,023 2,103 2,068 2,000    
Cost Per Employee (Local Currency) CZK per month ... ... 38,151 38,663 37,201 40,442 39,126    
Staff Cost (As % Of Total Cost) % ...   21.2 21.5 21.0 19.3 24.8    
Effective Tax Rate % ...   60.4 10.7 16.5 18.4 -0.006    
Domestic Sales CZK mil ...   1,794 2,133 1,332 1,786 1,141    
Capital Expenditures (As % of Sales) % ...   4.80 2.30 -4.48 0.473 1.00    
Revenues From Abroad CZK mil ...   37.7 38.3 52.0 49.0 42.1    
Revenues From Abroad (As % Of Total) % ...   1.71 2.09 2.87 3.55 3.53    

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Window Holding a.s. is a Czech Republic-based manufacturer of doors and windows. The Company emerged as the largest producer of windows in the Czech Republic through a connection and merger of the most dominant producers of windows and doors in the Czech Republic such as Vekra and Otherm. The Company manufactures windows and doors made of plastic, wood, aluminum, and wood/aluminum combination in five specialized production plants throughout the Czech Republic and employs almost 800 staff. The Company sells its products through representatives and trading partners in Czech Republic. The company also exports its products to Western and Eastern European countries. The company was founded in 1993 and is based in Prague, Czech Republic.

Finance

Window Holding has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 131% during that time to total of CZK 27.7 mil in 2015, or 1.77% of sales. That’s compared to -1.11% average margin seen in last five years.

The company netted CZK -7.87 mil in 2015 implying ROE of -11.4% and ROCE of -1.49%. Again, the average figures were -108% and -12.3%, respectively when looking at the previous 5 years.

Window Holding’s net debt amounted to CZK 83.2 mil at the end of 2015, or 1.16 of equity. When compared to EBITDA, net debt was 3.01x, down when compared to average of 8.75x seen in the last 5 years.