By Helgi Library - April 2, 2020
AERO Vodochody AEROSPACE's total assets reached CZK 5,385 mil at the end of 2017, down 10.6% compared to the previous year. ...
By Helgi Library - April 2, 2020
AERO Vodochody AEROSPACE's total assets reached CZK 5,385 mil at the end of 2017, down 10.6% compared to the previous year. ...
| Profit Statement | 2015 | 2016 | 2017 | |
| Sales | CZK mil | 4,197 | 5,100 | 3,789 |
| Gross Profit | CZK mil | 1,589 | 2,190 | 868 |
| EBITDA | CZK mil | 414 | 649 | 216 |
| EBIT | CZK mil | 291 | 306 | 103 |
| Financing Cost | CZK mil | 230 | 116 | 126 |
| Pre-Tax Profit | CZK mil | 61.0 | 190 | -23.4 |
| Net Profit | CZK mil | 37.8 | 39.2 | -5.90 |
| Dividends | CZK mil | 0 | 0 | ... |
| Balance Sheet | 2015 | 2016 | 2017 | |
| Total Assets | CZK mil | 6,082 | 6,021 | 5,385 |
| Non-Current Assets | CZK mil | 1,679 | 1,574 | 1,918 |
| Current Assets | CZK mil | 3,973 | 3,389 | 2,954 |
| Working Capital | CZK mil | 2,986 | 699 | 2,134 |
| Shareholders' Equity | CZK mil | 1,483 | 1,480 | 1,523 |
| Liabilities | CZK mil | 4,599 | 4,541 | 3,862 |
| Total Debt | CZK mil | 2,141 | 1,998 | 2,169 |
| Net Debt | CZK mil | 1,642 | 1,805 | 2,016 |
| Ratios | 2015 | 2016 | 2017 | |
| ROE | % | 2.59 | 2.64 | -0.393 |
| ROCE | % | 0.832 | 1.13 | -0.187 |
| Gross Margin | % | 37.9 | 42.9 | 22.9 |
| EBITDA Margin | % | 9.86 | 12.7 | 5.70 |
| EBIT Margin | % | 6.94 | 6.00 | 2.72 |
| Net Margin | % | 0.901 | 0.768 | -0.156 |
| Net Debt/EBITDA | 3.97 | 2.78 | 9.33 | |
| Net Debt/Equity | % | 111 | 122 | 132 |
| Cost of Financing | % | 9.36 | 5.59 | 6.07 |
| Cash Flow | 2015 | 2016 | 2017 | |
| Total Cash From Operations | CZK mil | 529 | 99.6 | 234 |
| Total Cash From Investing | CZK mil | 160 | -228 | -434 |
| Total Cash From Financing | CZK mil | -485 | -179 | 161 |
| Net Change In Cash | CZK mil | 204 | -307 | -39.8 |
| Cash Conversion Cycle | days | 386 | 35.3 | 243 |
| Cash Earnings | CZK mil | 160 | 382 | 107 |
| Free Cash Flow | CZK mil | 689 | -128 | -201 |
Get all company financials in excel:
| summary | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| income statement | ||||||||||||||||
| Sales | CZK mil | 2,278 | 3,413 | 3,413 | 4,552 | 4,197 | ||||||||||
| Gross Profit | CZK mil | 837 | 1,200 | 1,200 | 1,654 | 1,589 | ||||||||||
| EBIT | CZK mil | 158 | 340 | 340 | 505 | 291 | ||||||||||
| Net Profit | CZK mil | 175 | 272 | 272 | 226 | 37.8 | ||||||||||
| ROE | % | 6.12 | 12.3 | 16.9 | 14.8 | 2.59 | ||||||||||
| EBIT Margin | % | 6.94 | 9.97 | 9.97 | 11.1 | 6.94 | ||||||||||
| Net Margin | % | 7.66 | 7.98 | 7.98 | 4.98 | 0.901 | ||||||||||
| Employees | 1,225 | 1,439 | 1,439 | 1,848 | 1,839 | |||||||||||
| balance sheet | ||||||||||||||||
| Total Assets | CZK mil | 5,343 | 4,528 | 4,528 | 5,687 | 6,082 | ||||||||||
| Non-Current Assets | CZK mil | 1,699 | 1,577 | 1,577 | 1,886 | 1,679 | ||||||||||
| Current Assets | CZK mil | 3,554 | 2,767 | 2,767 | 3,535 | 3,973 | ||||||||||
| Shareholders' Equity | CZK mil | 2,828 | 1,608 | 1,608 | 1,442 | 1,483 | ||||||||||
| Liabilities | CZK mil | 2,515 | 2,920 | 2,920 | 4,245 | 4,599 | ||||||||||
| Non-Current Liabilities | CZK mil | 196 | 12.0 | 12.0 | 65.6 | 64.3 | ||||||||||
| Current Liabilities | CZK mil | 591 | 1,032 | 1,032 | 1,029 | 2,013 | ||||||||||
| Net Debt/EBITDA | 6.00 | 3.54 | 3.54 | 4.08 | 3.97 | |||||||||||
| Net Debt/Equity | % | 54.2 | 96.3 | 96.3 | 171 | 111 | ||||||||||
| Cost of Financing | % | ... | -0.988 | 3.89 | 3.86 | 12.3 | 9.36 | |||||||||
| cash flow | ||||||||||||||||
| Total Cash From Operations | CZK mil | 295 | -77.4 | -77.4 | -434 | 529 | ||||||||||
| Total Cash From Investing | CZK mil | -224 | -456 | -456 | -368 | 160 | ||||||||||
| Total Cash From Financing | CZK mil | -140 | 849 | 449 | 864 | -485 | ||||||||||
| Net Change In Cash | CZK mil | -68.3 | 315 | -84.6 | 61.9 | 204 |
| income statement | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| income statement | ||||||||||||||||
| Sales | CZK mil | 2,278 | 3,413 | 3,413 | 4,552 | 4,197 | ||||||||||
| Cost of Goods & Services | CZK mil | 1,441 | 2,212 | 2,212 | 2,898 | 2,608 | ||||||||||
| Gross Profit | CZK mil | 837 | 1,200 | 1,200 | 1,654 | 1,589 | ||||||||||
| Staff Cost | CZK mil | 669 | 794 | 794 | 1,037 | 1,020 | ||||||||||
| Other Cost | CZK mil | -87.5 | -30.6 | -30.6 | 12.3 | 156 | ||||||||||
| EBITDA | CZK mil | 255 | 437 | 437 | 604 | 414 | ||||||||||
| Depreciation | CZK mil | 97.2 | 97.2 | 97.2 | 99.9 | 123 | ||||||||||
| EBIT | CZK mil | 158 | 340 | 340 | 505 | 291 | ||||||||||
| Financing Cost | CZK mil | -16.8 | 68.7 | 68.7 | 279 | 230 | ||||||||||
| Extraordinary Cost | CZK mil | 0.950 | -0.855 | -0.855 | -0.734 | 0.642 | ||||||||||
| Pre-Tax Profit | CZK mil | 174 | 272 | 272 | 226 | 61.0 | ||||||||||
| Tax | CZK mil | -0.562 | 0 | 0 | 0 | 23.2 | ||||||||||
| Minorities | CZK mil | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Net Profit | CZK mil | 175 | 272 | 272 | 226 | 37.8 | ||||||||||
| Dividends | CZK mil | 0 | 0 | 400 | ... | 0 | ... | |||||||||
| growth rates | ||||||||||||||||
| Total Revenue Growth | % | ... | -13.4 | 49.8 | 0 | 33.4 | -7.79 | |||||||||
| Operating Cost Growth | % | ... | -0.482 | 31.1 | 0 | 37.5 | 12.1 | |||||||||
| EBITDA Growth | % | ... | -48.9 | 71.3 | 0 | 38.2 | -31.6 | |||||||||
| EBIT Growth | % | ... | -61.4 | 115 | 0 | 48.3 | -42.3 | |||||||||
| Pre-Tax Profit Growth | % | ... | -59.7 | 56.5 | 0 | -16.8 | -73.1 | |||||||||
| Net Profit Growth | % | ... | -59.5 | 56.0 | 0 | -16.8 | -83.3 | |||||||||
| ratios | ||||||||||||||||
| ROE | % | 6.12 | 12.3 | 16.9 | 14.8 | 2.59 | ||||||||||
| ROCE | % | ... | 5.55 | 8.24 | 7.99 | 5.79 | 0.832 | |||||||||
| Gross Margin | % | 36.7 | 35.2 | 35.2 | 36.3 | 37.9 | ||||||||||
| EBITDA Margin | % | 11.2 | 12.8 | 12.8 | 13.3 | 9.86 | ||||||||||
| EBIT Margin | % | 6.94 | 9.97 | 9.97 | 11.1 | 6.94 | ||||||||||
| Net Margin | % | 7.66 | 7.98 | 7.98 | 4.98 | 0.901 | ||||||||||
| Payout Ratio | % | 0 | 0 | 147 | ... | 0 | ... | |||||||||
| Cost of Financing | % | ... | -0.988 | 3.89 | 3.86 | 12.3 | 9.36 | |||||||||
| Net Debt/EBITDA | 6.00 | 3.54 | 3.54 | 4.08 | 3.97 |
| balance sheet | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| balance sheet | ||||||||||||||||
| Non-Current Assets | CZK mil | 1,699 | 1,577 | 1,577 | 1,886 | 1,679 | ||||||||||
| Property, Plant & Equipment | CZK mil | 939 | 1,253 | 1,253 | 1,483 | 1,471 | ||||||||||
| Intangible Assets | CZK mil | 187 | 323 | 323 | 402 | 207 | ||||||||||
| Goodwill | CZK mil | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Current Assets | CZK mil | 3,554 | 2,767 | 2,767 | 3,535 | 3,973 | ||||||||||
| Inventories | CZK mil | 1,321 | 1,524 | 1,524 | 2,245 | 2,797 | ||||||||||
| Receivables | CZK mil | 567 | 903 | 903 | 877 | 593 | ||||||||||
| Cash & Cash Equivalents | CZK mil | 215 | 233 | 233 | 295 | 499 | ||||||||||
| Total Assets | CZK mil | 5,343 | 4,528 | 4,528 | 5,687 | 6,082 | ||||||||||
| Shareholders' Equity | CZK mil | 2,828 | 1,608 | 1,608 | 1,442 | 1,483 | ||||||||||
| Of Which Minority Interest | CZK mil | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Liabilities | CZK mil | 2,515 | 2,920 | 2,920 | 4,245 | 4,599 | ||||||||||
| Non-Current Liabilities | CZK mil | 196 | 12.0 | 12.0 | 65.6 | 64.3 | ||||||||||
| Long-Term Debt | CZK mil | 1,512 | 1,496 | 1,496 | 2,552 | 816 | ||||||||||
| Deferred Tax Liabilities | CZK mil | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Current Liabilities | CZK mil | 591 | 1,032 | 1,032 | 1,029 | 2,013 | ||||||||||
| Short-Term Debt | CZK mil | 234 | 286 | 286 | 209 | 1,325 | ||||||||||
| Trade Payables | CZK mil | 386 | 596 | 596 | 588 | 404 | ||||||||||
| Provisions | CZK mil | 161 | 253 | 253 | 225 | 335 | ||||||||||
| Equity And Liabilities | CZK mil | 5,343 | 4,528 | 4,528 | 5,687 | 6,082 | ||||||||||
| growth rates | ||||||||||||||||
| Total Asset Growth | % | ... | 5.15 | -15.3 | 0 | 25.6 | 6.95 | |||||||||
| Shareholders' Equity Growth | % | ... | -1.74 | -43.1 | 0 | -10.3 | 2.81 | |||||||||
| Net Debt Growth | % | ... | 12.5 | 1.14 | 0 | 59.2 | -33.4 | |||||||||
| Total Debt Growth | % | ... | ... | 6.19 | 2.04 | 0 | 54.9 | -22.5 | ||||||||
| ratios | ||||||||||||||||
| Total Debt | CZK mil | 1,746 | 1,782 | 1,782 | 2,761 | 2,141 | ||||||||||
| Net Debt | CZK mil | 1,532 | 1,549 | 1,549 | 2,466 | 1,642 | ||||||||||
| Working Capital | CZK mil | 1,502 | 1,831 | 1,831 | 2,534 | 2,986 | ||||||||||
| Capital Employed | CZK mil | 3,201 | 3,408 | 3,408 | 4,420 | 4,665 | ||||||||||
| Net Debt/Equity | % | 54.2 | 96.3 | 96.3 | 171 | 111 | ||||||||||
| Cost of Financing | % | ... | -0.988 | 3.89 | 3.86 | 12.3 | 9.36 |
| cash flow | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| cash flow | ||||||||||||||||
| Net Profit | CZK mil | 175 | 272 | 272 | 226 | 37.8 | ||||||||||
| Depreciation | CZK mil | 97.2 | 97.2 | 97.2 | 99.9 | 123 | ||||||||||
| Non-Cash Items | CZK mil | ... | -98.0 | -117 | -447 | -57.5 | 821 | |||||||||
| Change in Working Capital | CZK mil | ... | 122 | -330 | 0 | -703 | -452 | |||||||||
| Total Cash From Operations | CZK mil | 295 | -77.4 | -77.4 | -434 | 529 | ||||||||||
| Capital Expenditures | CZK mil | -344 | -461 | -461 | -502 | -325 | ||||||||||
| Other Investments | CZK mil | 121 | 4.56 | 4.56 | 134 | 485 | ||||||||||
| Total Cash From Investing | CZK mil | -224 | -456 | -456 | -368 | 160 | ||||||||||
| Dividends Paid | CZK mil | 0 | 0 | -400 | ... | 0 | ... | |||||||||
| Issuance Of Debt | CZK mil | ... | 102 | ... | ... | 979 | -620 | |||||||||
| Total Cash From Financing | CZK mil | -140 | 849 | 449 | 864 | -485 | ||||||||||
| Net Change In Cash | CZK mil | -68.3 | 315 | -84.6 | 61.9 | 204 | ||||||||||
| ratios | ||||||||||||||||
| Days Sales Outstanding | days | 90.8 | 96.6 | 96.6 | 70.3 | 51.6 | ||||||||||
| Days Sales Of Inventory | days | 335 | 251 | 251 | 283 | 391 | ||||||||||
| Days Payable Outstanding | days | 97.8 | 98.4 | 98.4 | 74.1 | 56.5 | ||||||||||
| Cash Conversion Cycle | days | 328 | 250 | 250 | 279 | 386 | ||||||||||
| Cash Earnings | CZK mil | 272 | 370 | 370 | 326 | 160 | ||||||||||
| Free Cash Flow | CZK mil | 71.9 | -533 | -533 | -802 | 689 |
| other data | Unit | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
| other data | ||||||||||||||||
| ROA | % | 3.35 | 5.52 | 6.02 | 4.43 | 0.643 | ||||||||||
| Gross Margin | % | 36.7 | 35.2 | 35.2 | 36.3 | 37.9 | ||||||||||
| Employees | 1,225 | 1,439 | 1,439 | 1,848 | 1,839 | |||||||||||
| Cost Per Employee | USD per month | 2,574 | 2,349 | 2,349 | 2,188 | 1,874 | ||||||||||
| Cost Per Employee (Local Currency) | CZK per month | 45,533 | 45,953 | 45,953 | 46,753 | 46,202 | ||||||||||
| Staff Cost (As % Of Total Cost) | % | 31.6 | 25.8 | 25.8 | 25.6 | 26.1 | ||||||||||
| Effective Tax Rate | % | -0.323 | 0 | 0 | 0 | 38.0 | ||||||||||
| Sales from Aircraft Production | CZK mil | 2,147 | ... | 6,485 | 3,892 | 3,932 | ||||||||||
| Non-Aircraft Production | CZK mil | 24.0 | ... | 108 | 37.4 | 39.3 | ||||||||||
| Domestic Sales | CZK mil | 707 | ... | 1,300 | 484 | 461 | ||||||||||
| Capital Expenditures (As % of Sales) | % | 15.1 | 13.5 | 13.5 | 11.0 | 7.74 | ||||||||||
| Revenues From Abroad | CZK mil | 1,464 | ... | 5,293 | 3,445 | 3,736 | ||||||||||
| Revenues From Abroad (As % Of Total) | % | 64.3 | ... | 155 | 75.7 | 89.0 |
Get all company financials in excel:
AERO Vodochody AEROSPACE a.s. is the largest aerospace manufacturer in the Czech Republic based in Odolena Voda. The Company focuses on cooperation with leading aerospace manufacturers in international aerostructures projects – Sikorsky Aircraft Corporation (S-76C helicopter), Alenia Aeronautica (C-27J Spartan center wing box), Sonaca (Bombardier CSeries Fixed Leading Edge Development & Production), Latecoere (Embraer 170/190 subassemblies), Saab (JAS-39 Gripen pylons), Spirit Aerosystems (B767 fixed leading edge kits), EADS (A320/340 subassemblies), etc. The Military Program of Aero is historically the largest producer of jet training aircraft and a partner to several air forces, particularly the Czech Air Force. The sole shareholder of the Company is private equity group Penta Investments
AERO Vodochody AEROSPACE has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 13.2% a year during that time to total of CZK 216 mil in 2017, or 5.70% of sales. That’s compared to 10.9% average margin seen in last five years.
The company netted CZK -5.90 mil in 2017 implying ROE of -0.393% and ROCE of -0.187%. Again, the average figures were 7.32% and 3.11%, respectively when looking at the previous 5 years.
AERO Vodochody AEROSPACE’s net debt amounted to CZK 2,016 mil at the end of 2017, or 132% of equity. When compared to EBITDA, net debt was 9.33x, up when compared to average of 4.74x seen in the last 5 years.
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