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Aerodrom Ljubljana

AL's Cash & Cash Equivalents fell 83.5% yoy to EUR 0.063 mil in 2014

By Helgi Library - April 2, 2020

Aerodrom Ljubljana's total assets reached EUR 106 mil at the end of 2014, down 19% compared to the previous year. ...

AL's Cash & Cash Equivalents fell 83.5% yoy to EUR 0.063 mil in 2014

By Helgi Library - April 2, 2020

Aerodrom Ljubljana's total assets reached EUR 106 mil at the end of 2014, down 19% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales EUR mil 30.7 31.3 32.0
Gross Profit EUR mil 22.9 22.9 23.7
EBITDA EUR mil 10.9 10.7 11.2
EBIT EUR mil 5.55 6.13 6.70
Financing Cost EUR mil 0.026 0.065 1.72
Pre-Tax Profit EUR mil 6.62 6.07 4.98
Net Profit EUR mil 5.19 5.19 3.59
Dividends EUR mil 2.58 34.9 ...
Balance Sheet 2012 2013 2014
Total Assets EUR mil 130 131 106
Non-Current Assets EUR mil 91.7 91.9 92.2
Current Assets EUR mil 38.5 39.1 13.8
Working Capital EUR mil 3.70 2.12 2.43
Shareholders' Equity EUR mil 124 125 92.8
Liabilities EUR mil 5.85 6.24 13.3
Total Debt EUR mil 0 0 0
Net Debt EUR mil -0.225 -0.382 -0.063
Ratios 2012 2013 2014
ROE % 4.20 4.17 3.30
ROCE % 5.29 5.48 3.81
Gross Margin % 74.5 73.2 73.8
EBITDA Margin % 35.4 34.1 34.9
EBIT Margin % 18.1 19.6 20.9
Net Margin % 16.9 16.6 11.2
Net Debt/EBITDA -0.021 -0.036 -0.006
Net Debt/Equity -0.002 -0.003 < -0.001
Cost of Financing % ... ... ...
Valuation 2012 2013 2014
Market Capitalisation USD mil 30.7 73.7 138
Enterprise Value (EV) USD mil 30.4 73.1 138
Number Of Shares mil 1.94 1.94 1.94
Share Price EUR 12.0 27.6 59.0
EV/EBITDA 2.18 5.17 9.59
EV/Sales 0.771 1.76 3.35
Price/Earnings (P/E) 4.47 10.3 31.8
Price/Book Value (P/BV) 0.187 0.428 1.23
Dividend Yield % 11.1 65.4 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   38.6 33.5 33.4 33.2 30.7    
Gross Profit EUR mil ...                 30.2 25.4 25.4 25.9 22.9    
EBIT EUR mil                   13.1 7.49 5.87 7.59 5.55    
Net Profit EUR mil                   11.8 5.11 3.28 5.26 5.19    
ROE %                   10.4 4.34 2.72 4.31 4.20    
EBIT Margin %                   33.9 22.4 17.6 22.8 18.1    
Net Margin %                   30.5 15.3 9.82 15.8 16.9    
Employees ... ... ...             446 397 412 410 400    
balance sheet                                
Total Assets EUR mil                   124 128 128 129 130    
Non-Current Assets EUR mil                   103 106 107 97.6 91.7    
Current Assets EUR mil                   20.7 22.0 20.7 31.2 38.5    
Shareholders' Equity EUR mil                   116 120 121 123 124    
Liabilities EUR mil                   7.94 8.34 6.83 6.07 5.85    
Non-Current Liabilities EUR mil                   3.64 3.26 3.13 2.33 2.14    
Current Liabilities EUR mil                   4.30 5.08 3.70 3.74 3.71    
Net Debt/EBITDA                   -0.027 -0.021 -0.020 -0.011 -0.021    
Net Debt/Equity                   -0.004 -0.002 -0.002 -0.001 -0.002    
Cost of Financing % ...       ... ... ... ... ... ... ... ... ... ... ... ...
cash flow                                
Total Cash From Operations EUR mil ...                 12.4 12.3 14.0 12.4 9.73    
Total Cash From Investing EUR mil ...                 -7.83 -10.9 -11.5 -10.6 -7.04    
Total Cash From Financing EUR mil ...                 -4.26 -1.63 -2.59 -1.83 -2.63    
Net Change In Cash EUR mil ...                 0.283 -0.213 -0.034 -0.088 0.062    
valuation                                
Market Capitalisation USD mil                   132 89.1 48.3 25.8 30.7    
Number Of Shares mil                   3.80 1.94 1.94 1.94 1.94    
Share Price EUR                   25.0 32.1 18.8 10.3 12.0    
Earnings Per Share (EPS) EUR                   3.10 2.64 1.69 2.72 2.68    
Book Value Per Share EUR                   30.6 61.8 62.6 63.4 64.3    
Dividend Per Share EUR                   0.430 1.34 0.945 1.36 1.34   ...
Price/Earnings (P/E)                   8.05 12.2 11.1 3.79 4.47    
Price/Book Value (P/BV)                   0.817 0.519 0.300 0.162 0.187    
Dividend Yield %                   1.72 4.16 5.02 13.2 11.1   ...
Earnings Per Share Growth % ...                 -29.4 -15.0 -35.9 60.3 -1.22    
Book Value Per Share Growth % ...                 5.27 102 1.30 1.19 1.39    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   38.6 33.5 33.4 33.2 30.7    
Cost of Goods & Services EUR mil ...                 8.39 8.07 8.00 7.32 7.81    
Gross Profit EUR mil ...                 30.2 25.4 25.4 25.9 22.9    
Staff Cost EUR mil ...                 12.1 11.1 11.5 11.6 11.5    
Other Cost EUR mil ...                 -0.540 0.559 1.20 -0.397 0.475    
EBITDA EUR mil                   18.7 13.7 12.7 14.7 10.9    
Depreciation EUR mil                   5.59 6.22 6.80 7.16 5.31    
EBIT EUR mil                   13.1 7.49 5.87 7.59 5.55    
Financing Cost EUR mil                   -1.84 -0.172 0.619 1.10 0.026    
Extraordinary Cost EUR mil                   0 0 < 0.001 0 -1.10    
Pre-Tax Profit EUR mil                   14.9 7.66 5.25 6.48 6.62    
Tax EUR mil                   3.16 1.56 0.978 1.23 1.43    
Minorities EUR mil                   0 0 0 0 0    
Net Profit EUR mil                   11.8 5.11 3.28 5.26 5.19    
Dividends EUR mil                   1.63 2.59 1.83 2.63 2.58   ...
growth rates                                
Total Revenue Growth % ...                 6.33 -13.3 -0.213 -0.508 -7.69    
Operating Cost Growth % ... ...               -0.665 1.38 8.83 -12.3 7.57    
EBITDA Growth % ...                 7.88 -26.7 -7.53 16.3 -26.4    
EBIT Growth % ...                 2.00 -42.8 -21.6 29.2 -26.9    
Pre-Tax Profit Growth % ...                 -30.9 -48.7 -31.5 23.4 2.07    
Net Profit Growth % ...                 -29.4 -56.6 -35.9 60.3 -1.22    
ratios                                
ROE %                   10.4 4.34 2.72 4.31 4.20    
ROCE % ...                 11.2 4.77 3.00 4.98 5.29    
Gross Margin % ...                 78.3 75.9 76.1 78.0 74.5    
EBITDA Margin %                   48.4 41.0 38.0 44.4 35.4    
EBIT Margin %                   33.9 22.4 17.6 22.8 18.1    
Net Margin %                   30.5 15.3 9.82 15.8 16.9    
Payout Ratio %                   13.8 50.6 55.8 50.0 49.8   ...
Cost of Financing % ...       ... ... ... ... ... ... ... ... ... ... ... ...
Net Debt/EBITDA                   -0.027 -0.021 -0.020 -0.011 -0.021    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets EUR mil                   103 106 107 97.6 91.7    
Property, Plant & Equipment EUR mil                   77.7 85.8 85.0 79.6 75.7    
Intangible Assets EUR mil                   0.853 0.986 1.10 2.19 2.15    
Current Assets EUR mil                   20.7 22.0 20.7 31.2 38.5    
Inventories EUR mil                   0.267 0.286 0.237 0.290 0.284    
Receivables EUR mil                   4.72 6.45 4.84 4.95 5.23    
Cash & Cash Equivalents EUR mil                   0.499 0.286 0.252 0.163 0.225    
Total Assets EUR mil                   124 128 128 129 130    
Shareholders' Equity EUR mil                   116 120 121 123 124    
Of Which Minority Interest EUR mil                   0 0 0 0 0    
Liabilities EUR mil                   7.94 8.34 6.83 6.07 5.85    
Non-Current Liabilities EUR mil                   3.64 3.26 3.13 2.33 2.14    
Long-Term Debt EUR mil                   0 0 0 0 0    
Current Liabilities EUR mil                   4.30 5.08 3.70 3.74 3.71    
Short-Term Debt EUR mil                   0 0 0 0 0    
Trade Payables EUR mil                   2.89 3.94 2.45 1.86 1.81    
Equity And Liabilities EUR mil                   124 128 128 129 130    
growth rates                                
Total Asset Growth % ...                 0.698 3.25 0.028 0.538 1.15    
Shareholders' Equity Growth % ...                 5.27 3.12 1.30 1.19 1.39    
Net Debt Growth % ...                 131 -42.7 -12.1 -35.1 38.1    
Total Debt Growth % ...       ... ... ... ... ... ... ... ... ... ... ... ...
ratios                                
Total Debt EUR mil                   0 0 0 0 0    
Net Debt EUR mil                   -0.499 -0.286 -0.252 -0.163 -0.225    
Working Capital EUR mil                   2.09 2.79 2.63 3.38 3.70    
Capital Employed EUR mil                   105 109 110 101 95.4    
Net Debt/Equity                   -0.004 -0.002 -0.002 -0.001 -0.002    
Cost of Financing % ...       ... ... ... ... ... ... ... ... ... ... ... ...
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit EUR mil                   11.8 5.11 3.28 5.26 5.19    
Depreciation EUR mil                   5.59 6.22 6.80 7.16 5.31    
Non-Cash Items EUR mil ...                 -3.85 1.67 3.78 0.713 -0.447    
Change in Working Capital EUR mil ...                 -1.17 -0.702 0.169 -0.751 -0.326    
Total Cash From Operations EUR mil ...                 12.4 12.3 14.0 12.4 9.73    
Capital Expenditures EUR mil ...                 -8.61 -14.4 -6.15 -0.895 -2.08    
Other Investments EUR mil ...                 0.785 3.50 -5.33 -9.74 -4.96    
Total Cash From Investing EUR mil ...                 -7.83 -10.9 -11.5 -10.6 -7.04    
Dividends Paid EUR mil ...                 -1.63 -2.59 -1.83 -2.63 -2.58   ...
Issuance Of Debt EUR mil ...                 0 0 0 0 0    
Total Cash From Financing EUR mil ...                 -4.26 -1.63 -2.59 -1.83 -2.63    
Net Change In Cash EUR mil ...                 0.283 -0.213 -0.034 -0.088 0.062    
ratios                                
Days Sales Outstanding days                   44.6 70.3 52.8 54.3 62.2    
Days Sales Of Inventory days ...                 11.6 13.0 10.8 14.5 13.3    
Days Payable Outstanding days ...                 126 178 112 92.8 84.7    
Cash Conversion Cycle days ...                 -69.8 -95.0 -48.0 -23.9 -9.15    
Cash Earnings EUR mil                   17.4 11.3 10.1 12.4 10.5    
Cash Earnings Per Share EUR                   4.58 5.85 5.21 6.41 5.42    
Price/Cash Earnings (P/CE)                   5.46 5.49 3.61 1.61 2.21    
Free Cash Flow EUR mil ...                 4.54 1.42 2.55 1.74 2.69    
Free Cash Flow Yield % ...                 5.03 2.22 7.00 9.36 11.3    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   9.54 4.06 2.56 4.09 4.01    
Gross Margin % ...                 78.3 75.9 76.1 78.0 74.5    
Employees ... ... ...             446 397 412 410 400    
Cost Per Employee USD per month ... ... ...             3,301 3,251 3,086 3,267 3,085    
Cost Per Employee (Local Currency) EUR per month ... ... ...             2,256 2,337 2,332 2,350 2,403    
Staff Cost (As % Of Total Cost) % ...                 47.3 42.9 41.9 45.1 45.9    
Effective Tax Rate %                   21.1 20.3 18.6 18.9 21.5    
Enterprise Value (EV) USD mil                   131 88.7 48.0 25.6 30.4    
EV/EBITDA                   4.80 4.65 2.86 1.25 2.18    
EV/Capital Employed                   0.896 0.569 0.329 0.196 0.241    
EV/Sales                   2.33 1.90 1.09 0.555 0.771    
EV/EBIT                   6.85 8.51 6.17 2.43 4.26    
Domestic Sales EUR mil ...                 27.8 24.7 25.1 24.3 21.5    
Capital Expenditures (As % of Sales) % ...                 22.3 43.0 18.4 2.69 6.77    
Revenues From Abroad EUR mil ...                 10.9 8.75 8.31 8.95 9.16    
Revenues From Abroad (As % Of Total) % ...                 28.1 26.1 24.9 26.9 29.9    
Domestic Sales of Services EUR mil ...                 27.8 24.7 25.1 24.3 21.5    
Sales Of Services to the Rest of the World EUR mil ...                 10.9 8.75 8.31 8.95 9.16    
Domestic Sales of Materials EUR mil ...                 < 0.001 < 0.001 < 0.001 < 0.001 0.002    
Sales from Airport Services Segment EUR mil ... ... ... ... ... ... ... ... ... 21.4 17.7 17.5 17.4 15.6    
Sales from Ground Handling Services Segment EUR mil ... ... ... ... ... ... ... ... ... 7.65 6.57 6.63 6.40 5.83    
Sales from Commercial Services Segment EUR mil ... ... ... ... ... ... ... ... ... 9.24 8.99 8.81 9.03 8.84    
Sales from Other Segments EUR mil ... ... ... ... ... ... ... ... ... 1.66 0.720 0.901 1.13 0.534    
Number of Passengers Total mil ...                 1.67 1.43 1.39 1.37 1.20    
Number of Passengers - Public Traffic Total mil ...                 1.66 1.43 1.38 1.36 1.17    
Number of Passengers - Public Traffic: Domestic Carriers mil ...                 1.25 1.09 1.07 0.998 0.833    
Number of Passengers - Public Traffic: Foreign Carriers mil ...                 0.416 0.340 0.308 0.361 0.335    
Number of Passengers - General Aviation mil ... ... ...             0.010 0.006 0.006 0.005 0.004    
Number of Passengers - Other mil ... ... ...             < 0.001 0.001 < 0.001 0.005 0.027    
Aircraft Movements Total '000 ...                 47.9 45.5 42.6 39.3 35.0    
Aircraft Movements - Public Traffic '000 ...                 35.5 32.2 28.8 27.8 24.5    
Aircraft Movements - Public Traffic: Domestic Carriers '000 ...                 25.2 24.0 21.8 20.7 18.3    
Aircraft Movements - Public Traffic: Foreign Carriers '000 ...                 10.3 8.16 7.01 7.11 6.19    
Aircraft Movements - General Aviation '000 ... ... ...             11.0 12.3 12.5 10.1 8.94    
Aircraft Movements - Other '000 ... ... ...             1.48 0.981 1.27 1.45 1.59    
Cargo Transport Total tonnes ...                 17,188 14,333 17,310 19,659 17,031    
Cargo Transport - Aircraft tonnes ...                 9,118 6,465 6,577 7,416 7,907    
Cargo Transport - Truck tonnes ...                 7,211 7,054 8,354 9,231 8,035    
Cargo Transport - Mail tonnes ...                 859 814 722 842 814    
Cargo Transport - Ship & Road Break-Bulk Cargo tonnes ... ... ... ... ... ... ... ... ... ... ... 1,657 2,170 275    
Cargo Transport - Other tonnes ...                 ... ... ... ... ... ... ...

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Jun 2014
Statistical Dossier

Aerodrom Ljubljana is a Slovenia-based airport operator. The Company provides air connections and services for both, passenger and cargo transport. The Company comprises a range of business lines: airport management, including aircraft take-offs, landings, the use of infrastructure and the passenger terminal; ground operations for aircraft, passengers and cargo; the marketing of passenger and cargo transport; other commercial activities, such as relevant retail, catering, car parking for passengers and airport visitors, the leasing of commercial and advertising space and warehousing and logistical services. At the end of 2013, Republic of Slovenia was the single largest shareholder holding a 50.7% stake in the Company.

Finance

Aerodrom Ljubljana has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 3.99% a year during that time to total of EUR 11.2 mil in 2014, or 34.9% of sales. That’s compared to 37.3% average margin seen in last five years.

The company netted EUR 3.59 mil in 2014 implying ROE of 3.30% and ROCE of 3.81%. Again, the average figures were 3.74% and 4.51%, respectively when looking at the previous 5 years.

Aerodrom Ljubljana’s net debt amounted to EUR -0.063 mil at the end of 2014, or < -0.001 of equity. When compared to EBITDA, net debt was -0.006x, up when compared to average of -0.019x seen in the last 5 years.

Valuation

Aerodrom Ljubljana stock traded at EUR 59.0 per share at the end of 2014 resulting in a market capitalization of USD 138 mil. Over the previous five years, stock price grew by 83.90000000000001% or 13.0% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 9.59x and price to earnings (PE) of 31.8x as of 2014.

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