WITTE Nejdek

WITTE's Cash & Cash Equivalents fell 38.6% yoy to CZK 41.4 mil in 2014

By Helgi Analytics - April 2, 2020

WITTE Nejdek's total assets reached CZK 2,761 mil at the end of 2014, up 9.83% compared to the previous year. Curr...

Profit Statement 2012 2013 2014
Sales CZK mil 6,118 6,797 9,465
Gross Profit CZK mil 804 852 1,223
EBITDA CZK mil 265 213 436
EBIT CZK mil 122 94.3 260
Financing Cost CZK mil 21.0 11.1 28.6
Pre-Tax Profit CZK mil 101 83.2 231
Net Profit CZK mil 97.7 78.1 201
Dividends CZK mil 76.0 0 1.09
Balance Sheet 2012 2013 2014
Total Assets CZK mil 2,345 2,514 2,761
Non-Current Assets CZK mil 794 792 926
Current Assets CZK mil 1,512 1,651 1,733
Working Capital CZK mil 847 882 925
Shareholders' Equity CZK mil 1,136 1,130 1,324
Liabilities CZK mil 1,209 1,384 1,437
Total Debt CZK mil 419 417 416
Net Debt CZK mil 290 350 374
Ratios 2012 2013 2014
ROE % 8.69 6.89 16.4
ROCE % 6.05 4.71 11.4
Gross Margin % 13.1 12.5 12.9
EBITDA Margin % 4.33 3.14 4.60
EBIT Margin % 1.99 1.39 2.75
Net Margin % 1.60 1.15 2.12
Net Debt/EBITDA 1.09 1.64 0.859
Net Debt/Equity 0.255 0.310 0.283
Cost of Financing % 5.90 2.66 6.86
Cash Flow 2012 2013 2014
Total Cash From Operations CZK mil 212 137 210
Total Cash From Investing CZK mil -183 -116 -315
Total Cash From Financing CZK mil 50.0 -82.8 79.0
Net Change In Cash CZK mil 78.4 -61.2 -26.0
Cash Conversion Cycle days 50.4 46.7 34.7
Cash Earnings CZK mil 241 197 377
Free Cash Flow CZK mil 28.5 21.6 -105

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summary Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales CZK mil   ... 7,983 5,403 6,118 6,797   ...
Gross Profit CZK mil   ... 1,293 706 804 852   ...
EBIT CZK mil   ... 321 136 122 94.3   ...
Net Profit CZK mil   ... 188 78.7 97.7 78.1   ...
ROE %   ... 16.5 6.99 8.69 6.89   ...
EBIT Margin %   ... 4.02 2.52 1.99 1.39   ...
Net Margin %   ... 2.35 1.46 1.60 1.15   ...
Employees   ... 1,121 1,327 1,467 1,556   ...
balance sheet                
Total Assets CZK mil   ... 2,024 2,014 2,345 2,514   ...
Non-Current Assets CZK mil   ... 714 729 794 792   ...
Current Assets CZK mil   ... 1,296 1,258 1,512 1,651   ...
Shareholders' Equity CZK mil   ... 1,137 1,114 1,136 1,130   ...
Liabilities CZK mil   ... 887 900 1,209 1,384   ...
Non-Current Liabilities CZK mil   ... 0 0 0 0   ...
Current Liabilities CZK mil   ... 453 499 650 876   ...
Net Debt/EBITDA   ... 0.188 0.928 1.09 1.64   ...
Net Debt/Equity   ... 0.092 0.218 0.255 0.310   ...
Cost of Financing % ... ... ... 9.05 5.90 2.66   ...
cash flow                
Total Cash From Operations CZK mil   ... 341 97.3 212 137   ...
Total Cash From Investing CZK mil   ... -125 -139 -183 -116   ...
Total Cash From Financing CZK mil   ... -149 -82.2 50.0 -82.8   ...
Net Change In Cash CZK mil   ... 66.6 -124 78.4 -61.2   ...
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015
income statement                
Sales CZK mil   ... 7,983 5,403 6,118 6,797   ...
Cost of Goods & Services CZK mil   ... 6,690 4,697 5,314 5,945   ...
Gross Profit CZK mil   ... 1,293 706 804 852   ...
Staff Cost CZK mil   ... 776 518 578 624   ...
Other Cost CZK mil   ... -38.5 -73.6 -39.4 14.7   ...
EBITDA CZK mil   ... 556 261 265 213   ...
Depreciation CZK mil   ... 234 125 143 119   ...
EBIT CZK mil   ... 321 136 122 94.3   ...
Financing Cost CZK mil   ... 123 25.8 21.0 11.1   ...
Extraordinary Cost CZK mil   ... 0 0 0 0   ...
Pre-Tax Profit CZK mil   ... 198 110 101 83.2   ...
Tax CZK mil   ... 10.4 31.5 3.09 5.08   ...
Minorities CZK mil   ... 0 0 0 0   ...
Net Profit CZK mil   ... 188 78.7 97.7 78.1   ...
Dividends CZK mil   ... 161 98.5 76.0 0   ...
growth rates                
Total Revenue Growth % ... ... ... -32.3 13.2 11.1   ...
Operating Cost Growth % ... ... ... -39.7 21.3 18.5    
EBITDA Growth % ... ... ... -53.0 1.50 -19.5   ...
EBIT Growth % ... ... ... -57.6 -10.5 -22.6   ...
Pre-Tax Profit Growth % ... ... ... -44.4 -8.53 -17.5   ...
Net Profit Growth % ... ... ... -58.1 24.1 -20.1   ...
ratios                
ROE %   ... 16.5 6.99 8.69 6.89   ...
ROCE % ... ... ... 4.98 6.05 4.71   ...
Gross Margin %   ... 16.2 13.1 13.1 12.5   ...
EBITDA Margin %   ... 6.96 4.83 4.33 3.14   ...
EBIT Margin %   ... 4.02 2.52 1.99 1.39   ...
Net Margin %   ... 2.35 1.46 1.60 1.15   ...
Payout Ratio %   ... 85.8 125 77.8 0   ...
Cost of Financing % ... ... ... 9.05 5.90 2.66   ...
Net Debt/EBITDA   ... 0.188 0.928 1.09 1.64   ...
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                
Non-Current Assets CZK mil   ... 714 729 794 792   ...
Property, Plant & Equipment CZK mil   ... 713 670 716 726   ...
Intangible Assets CZK mil   ... 1.05 59.0 77.8 65.6   ...
Current Assets CZK mil   ... 1,296 1,258 1,512 1,651   ...
Inventories CZK mil   ... 437 421 416 493   ...
Receivables CZK mil   ... 626 738 867 971   ...
Cash & Cash Equivalents CZK mil   ... 174 50.1 129 67.3   ...
Total Assets CZK mil   ... 2,024 2,014 2,345 2,514   ...
Shareholders' Equity CZK mil   ... 1,137 1,114 1,136 1,130   ...
Of Which Minority Interest CZK mil   ... 0 0 0 0   ...
Liabilities CZK mil   ... 887 900 1,209 1,384   ...
Non-Current Liabilities CZK mil   ... 0 0 0 0   ...
Long-Term Debt CZK mil   ... 116 103 280 157   ...
Deferred Tax Liabilities CZK mil   ... 0 0 0 0   ...
Current Liabilities CZK mil   ... 453 499 650 876   ...
Short-Term Debt CZK mil   ... 163 189 138 261   ...
Trade Payables CZK mil   ... 203 298 436 582   ...
Provisions CZK mil   ... 129 101 129 154   ...
Equity And Liabilities CZK mil   ... 2,024 2,014 2,345 2,514   ...
growth rates                
Total Asset Growth % ... ... ... -0.497 16.4 7.21   ...
Shareholders' Equity Growth % ... ... ... -2.08 2.00 -0.575   ...
Net Debt Growth % ... ... ... 132 19.6 20.7   ...
Total Debt Growth % ... ... ... 5.14 43.1 -0.298   ...
ratios                
Total Debt CZK mil   ... 278 293 419 417   ...
Net Debt CZK mil   ... 105 242 290 350   ...
Working Capital CZK mil   ... 860 860 847 882   ...
Capital Employed CZK mil   ... 1,574 1,589 1,641 1,674   ...
Net Debt/Equity   ... 0.092 0.218 0.255 0.310   ...
Cost of Financing % ... ... ... 9.05 5.90 2.66   ...
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                
Net Profit CZK mil   ... 188 78.7 97.7 78.1   ...
Depreciation CZK mil   ... 234 125 143 119   ...
Non-Cash Items CZK mil ... ... ... -106 -41.9 -25.3   ...
Change in Working Capital CZK mil ... ... ... -0.248 12.7 -34.6   ...
Total Cash From Operations CZK mil   ... 341 97.3 212 137   ...
Capital Expenditures CZK mil   ... -166 -189 -201 -132   ...
Other Investments CZK mil   ... 41.0 50.6 17.9 16.6   ...
Total Cash From Investing CZK mil   ... -125 -139 -183 -116   ...
Dividends Paid CZK mil   ... -161 -98.5 -76.0 0   ...
Issuance Of Debt CZK mil ... ... ... 14.3 126 -1.25   ...
Total Cash From Financing CZK mil   ... -149 -82.2 50.0 -82.8   ...
Net Change In Cash CZK mil   ... 66.6 -124 78.4 -61.2   ...
ratios                
Days Sales Outstanding days   ... 28.6 49.8 51.7 52.2   ...
Days Sales Of Inventory days   ... 23.8 32.7 28.6 30.2   ...
Days Payable Outstanding days   ... 11.1 23.2 30.0 35.7   ...
Cash Conversion Cycle days   ... 41.4 59.3 50.4 46.7   ...
Cash Earnings CZK mil   ... 422 204 241 197   ...
Free Cash Flow CZK mil   ... 216 -41.3 28.5 21.6   ...
other data Unit 2008 2009 2010 2011 2012 2013 2014 2015
other data                
ROA %   ... 9.28 3.90 4.48 3.21   ...
Gross Margin %   ... 16.2 13.1 13.1 12.5   ...
Employees   ... 1,121 1,327 1,467 1,556   ...
Cost Per Employee USD per month   ... 3,017 1,839 1,680 1,708   ...
Cost Per Employee (Local Currency) CZK per month   ... 57,657 32,531 32,860 33,413   ...
Staff Cost (As % Of Total Cost) %   ... 10.1 9.84 9.65 9.31   ...
Effective Tax Rate %   ... 5.25 28.6 3.07 6.11   ...
Domestic Sales CZK mil   ... 340 228 206 128   ...
Capital Expenditures (As % of Sales) %   ... 2.09 3.50 3.29 1.95   ...
Revenues From Abroad CZK mil   ... 7,346 5,133 5,892 5,857   ...
Revenues From Abroad (As % Of Total) %   ... 92.0 95.0 96.3 86.2   ...

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WITTE Nejdek, spol. s r.o. is a Czech Republic-based manufacturer of locking systems, primarily for the automobile industry and a subsidiary of WITTE Automotive Group. With approx. 2,000 employees, the Czech plant in Nejdek is the biggest location within the WITTE Group. The series assembly includes polymer processing, tool and fixture construction, as well as in-house development round off the range of services. Components also from other WITTE Automotive locations are assembled into locking systems at Nejdek.

Finance

WITTE Nejdek has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2015, or of sales. That’s compared to 4.23% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 9.74% and 6.78%, respectively when looking at the previous 5 years.

WITTE Nejdek’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 1.13x seen in the last 5 years.