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ArcelorMittal Czech Republic

Arcelor CR's Cash & Cash Equivalents fell 14.2% yoy to CZK 179 mil in 2015

By Helgi Library - April 2, 2020

ArcelorMittal Czech Republic's total assets reached CZK 32,982 mil at the end of 2015, down 42% compared to the previous year. ...

Arcelor CR's Cash & Cash Equivalents fell 14.2% yoy to CZK 179 mil in 2015

By Helgi Library - April 2, 2020

ArcelorMittal Czech Republic's total assets reached CZK 32,982 mil at the end of 2015, down 42% compared to the previous year. ...

Annual Quarterly
Profit Statement 2013 2014 2015
Sales CZK mil 35,377 39,140 34,916
Gross Profit CZK mil 6,170 7,765 5,816
EBITDA CZK mil 1,483 3,182 1,628
EBIT CZK mil 122 2,131 628
Financing Cost CZK mil -2,442 -868 -33.8
Pre-Tax Profit CZK mil 2,585 3,001 662
Net Profit CZK mil 2,051 2,456 536
Dividends CZK mil 8,245 23,000 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 62,217 56,823 32,982
Non-Current Assets CZK mil 28,173 15,238 16,015
Current Assets CZK mil 34,024 41,565 16,951
Working Capital CZK mil 5,333 5,835 3,957
Shareholders' Equity CZK mil 51,515 45,727 23,460
Liabilities CZK mil 10,702 11,097 9,523
Total Debt CZK mil 42.3 150 29.6
Net Debt CZK mil -315 -59.6 -150
Ratios 2013 2014 2015
ROE % 3.89 5.05 1.55
ROCE % 7.64 9.00 2.61
Gross Margin % 17.4 19.8 16.7
EBITDA Margin % 4.19 8.13 4.66
EBIT Margin % 0.344 5.44 1.80
Net Margin % 5.80 6.28 1.53
Net Debt/EBITDA -0.213 -0.019 -0.092
Net Debt/Equity -0.006 -0.001 -0.006
Cost of Financing % -11,545 -905 -37.7
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil 17,774 4,047 1,786
Total Cash From Investing CZK mil -14,607 -4,692 15,857
Total Cash From Financing CZK mil -8,386 -8,245 -23,000
Net Change In Cash CZK mil -5,220 -8,890 -5,357
Cash Conversion Cycle days 59.6 59.5 45.6
Cash Earnings CZK mil 3,412 3,507 1,536
Free Cash Flow CZK mil 3,167 -645 17,643

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil ...           20,657 31,037 35,151 32,256 35,377    
Gross Profit CZK mil ...           2,343 4,117 3,457 3,523 6,170    
EBIT CZK mil ...           -2,037 565 -848 -52.0 122    
Net Profit CZK mil ...           -993 758 671 626 2,051    
ROE % ...           -1.90 1.45 1.27 1.17 3.89    
EBIT Margin % ...           -9.86 1.82 -2.41 -0.161 0.344    
Net Margin % ...           -4.81 2.44 1.91 1.94 5.80    
Employees ...           6,450 5,660 4,777 4,191 7,348    
balance sheet                          
Total Assets CZK mil ...           58,927 61,894 62,925 61,930 62,217    
Non-Current Assets CZK mil ...           31,305 17,514 30,833 16,624 28,173    
Current Assets CZK mil ...           27,604 44,350 32,067 45,288 34,024    
Shareholders' Equity CZK mil ...           51,890 52,648 53,319 54,043 51,515    
Liabilities CZK mil ...           7,037 9,246 9,606 7,887 10,702    
Non-Current Liabilities CZK mil ...           616 654 656 651 642    
Current Liabilities CZK mil ...           5,493 7,976 7,970 6,587 9,193    
Net Debt/EBITDA ...           3.17 -0.215 -0.878 -0.100 -0.213    
Net Debt/Equity ...           -0.038 -0.007 -0.004 -0.002 -0.006    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... -11,545    
cash flow                          
Total Cash From Operations CZK mil ...           -409 959 2,357 1,402 17,774    
Total Cash From Investing CZK mil ...           -669 11,252 -322 -103 -14,607    
Total Cash From Financing CZK mil ...           -3,778 0 0 0 -8,386    
Net Change In Cash CZK mil ...           -4,856 12,211 2,035 1,299 -5,220    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales CZK mil ...           20,657 31,037 35,151 32,256 35,377    
Cost of Goods & Services CZK mil ...           18,314 26,920 31,694 28,733 29,207    
Gross Profit CZK mil ...           2,343 4,117 3,457 3,523 6,170    
Staff Cost CZK mil ...           3,647 2,939 2,665 2,934 4,166    
Other Cost CZK mil ...           -686 -581 555 -443 521    
EBITDA CZK mil ...           -618 1,759 237 1,032 1,483    
Depreciation CZK mil ...           1,419 1,194 1,085 1,084 1,361    
EBIT CZK mil ...           -2,037 565 -848 -52.0 122    
Financing Cost CZK mil ...           -722 -344 -1,583 -768 -2,442    
Extraordinary Cost CZK mil ...           0 0 0 -1.00 -20.3    
Pre-Tax Profit CZK mil ...           -1,315 909 735 717 2,585    
Tax CZK mil ...           -321 151 64.0 91.0 533    
Minorities CZK mil ...           0 0 0 0 0    
Net Profit CZK mil ...           -993 758 671 626 2,051    
Dividends CZK mil             0 0 0 8,386 8,245   ...
growth rates                          
Total Revenue Growth % ... ...         -44.0 50.2 13.3 -8.24 9.68    
Operating Cost Growth % ... ...         -31.8 -20.4 36.6 -22.6 88.2    
EBITDA Growth % ... ...         -112 -385 -86.5 335 43.7    
EBIT Growth % ... ...         -151 -128 -250 -93.9 -334    
Pre-Tax Profit Growth % ... ...         -121 -169 -19.1 -2.45 260    
Net Profit Growth % ... ...         -120 -176 -11.5 -6.71 228    
ratios                          
ROE % ...           -1.90 1.45 1.27 1.17 3.89    
ROCE % ... ...         -3.28 2.58 2.31 2.26 7.64    
Gross Margin % ...           11.3 13.3 9.83 10.9 17.4    
EBITDA Margin % ...           -2.99 5.67 0.674 3.20 4.19    
EBIT Margin % ...           -9.86 1.82 -2.41 -0.161 0.344    
Net Margin % ...           -4.81 2.44 1.91 1.94 5.80    
Payout Ratio % ...           0 0 0 1,340 402   ...
Cost of Financing % ... ... ... ... ... ... ... ... ... ... -11,545    
Net Debt/EBITDA ...           3.17 -0.215 -0.878 -0.100 -0.213    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets CZK mil ...           31,305 17,514 30,833 16,624 28,173    
Property, Plant & Equipment CZK mil ...           12,538 11,124 10,856 10,012 13,768    
Intangible Assets CZK mil ...           821 1,621 1,186 1,412 516    
Current Assets CZK mil ...           27,604 44,350 32,067 45,288 34,024    
Inventories CZK mil ...           3,722 5,673 4,165 3,875 6,970    
Receivables CZK mil ...           3,129 3,764 4,272 2,837 3,234    
Cash & Cash Equivalents CZK mil ...           1,956 378 208 103 358    
Total Assets CZK mil ...           58,927 61,894 62,925 61,930 62,217    
Shareholders' Equity CZK mil ...           51,890 52,648 53,319 54,043 51,515    
Of Which Minority Interest CZK mil ...           0 0 0 0 0    
Liabilities CZK mil ...           7,037 9,246 9,606 7,887 10,702    
Non-Current Liabilities CZK mil ...           616 654 656 651 642    
Long-Term Debt CZK mil ...           0 0 0 0 1.77    
Deferred Tax Liabilities CZK mil ...           614 654 655 650 640    
Current Liabilities CZK mil ...           5,493 7,976 7,970 6,587 9,193    
Short-Term Debt CZK mil ...           0 0 0 0 40.5    
Trade Payables CZK mil ...           2,501 3,923 4,121 3,170 4,871    
Provisions CZK mil ...           928 616 980 648 867    
Equity And Liabilities CZK mil ...           58,927 61,894 62,925 61,930 62,217    
growth rates                          
Total Asset Growth % ... ...         -12.7 5.04 1.67 -1.58 0.463    
Shareholders' Equity Growth % ... ...         -1.88 1.46 1.27 1.36 -4.68    
Net Debt Growth % ... ...         -85.7 -80.7 -45.0 -50.5 206    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ... ...    
ratios                          
Total Debt CZK mil ...           0 0 0 0 42.3    
Net Debt CZK mil ...           -1,956 -378 -208 -103 -315    
Working Capital CZK mil ...           4,350 5,514 4,316 3,542 5,333    
Capital Employed CZK mil ...           35,655 23,028 35,149 20,166 33,506    
Net Debt/Equity ...           -0.038 -0.007 -0.004 -0.002 -0.006    
Cost of Financing % ... ... ... ... ... ... ... ... ... ... -11,545    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit CZK mil ...           -993 758 671 626 2,051    
Depreciation CZK mil ...           1,419 1,194 1,085 1,084 1,361    
Non-Cash Items CZK mil ... ...         -3,066 171 -597 -1,082 16,153    
Change in Working Capital CZK mil ... ...         2,231 -1,164 1,198 774 -1,791    
Total Cash From Operations CZK mil ...           -409 959 2,357 1,402 17,774    
Capital Expenditures CZK mil ...           -720 -361 -823 -1,339 -1,310    
Other Investments CZK mil ...           51.0 11,613 501 1,236 -13,298    
Total Cash From Investing CZK mil ...           -669 11,252 -322 -103 -14,607    
Dividends Paid CZK mil             0 0 0 -8,386 -8,245   ...
Issuance Of Debt CZK mil ... ...         0 0 0 0 42.3    
Total Cash From Financing CZK mil ...           -3,778 0 0 0 -8,386    
Net Change In Cash CZK mil ...           -4,856 12,211 2,035 1,299 -5,220    
ratios                          
Days Sales Outstanding days ...           55.3 44.3 44.4 32.1 33.4    
Days Sales Of Inventory days ...           74.2 76.9 48.0 49.2 87.1    
Days Payable Outstanding days ...           49.8 53.2 47.5 40.3 60.9    
Cash Conversion Cycle days ...           79.6 68.0 44.9 41.1 59.6    
Cash Earnings CZK mil ...           426 1,952 1,756 1,710 3,412    
Free Cash Flow CZK mil ...           -1,078 12,211 2,035 1,299 3,167    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA % ...           -1.57 1.25 1.08 1.00 3.30    
Gross Margin % ...           11.3 13.3 9.83 10.9 17.4    
Employees ...           6,450 5,660 4,777 4,191 7,348    
Cost Per Employee USD per month ...           2,473 2,264 2,629 2,983 2,415    
Cost Per Employee (Local Currency) CZK per month ...           47,119 43,272 46,490 58,339 47,246    
Staff Cost (As % Of Total Cost) % ...           16.1 9.64 7.40 9.08 11.8    
Effective Tax Rate % ...           24.4 16.6 8.71 12.7 20.6    
Sales From Smelting (Primary Production) CZK mil ...           2,875 3,467 7,299 4,588 ... ... ...
Sales from Coke & Chemical Coking Products CZK mil ... ... ...       452 516 954 683 ... ... ...
Sales from Producing of Crude Iron and Ferro Alloy CZK mil ... ... ...       2,423 2,951 6,345 3,906 ... ... ...
Sales from Steel Products CZK mil ...           15,205 21,715 24,047 22,740 ... ... ...
Sales Of Energy, Services, etc. CZK mil ...           2,875 3,289 3,071 3,096 ... ... ...
Domestic Sales CZK mil ...           9,715 12,162 17,979 15,395 10,395    
Capital Expenditures (As % of Sales) % ...           3.49 1.16 2.34 4.15 3.70    
Revenues From Abroad CZK mil ...           11,239 16,309 16,438 15,030 23,884    
Revenues From Abroad (As % Of Total) % ...           54.4 52.5 46.8 46.6 67.5    

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ArcelorMittal Ostrava (previously known as Nová Huť) is the largest metallurgical company in the Czech Republic. The Company was created as Vítkovice Steelworks in 1942 in Kunčice, a part of Ostrava town in the North-East of the Czech Republic. Following a partial privatisation at the beginning of 1990's, the declining steelworks were sold to Lakshmi Mittal in 2003. When Arcelor merged Mittal Steel in 2006, the Ostrava based company was re-named again to ArcelorMittal Ostrava. ArcelorMittal is the world's largest steel producer, with an annual crude steel production of nearly 94 mil tonnes as of 2012. Production activities of the company are focusing mainly on production and processing of hot metal and steel and rolled products production. The largest share of rolled products is represented by long and flat rolled products.

Finance

ArcelorMittal Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 1.53% a year during that time to total of CZK 1,628 mil in 2015, or 4.66% of sales. That’s compared to 4.17% average margin seen in last five years.

The company netted CZK 536 mil in 2015 implying ROE of 1.55% and ROCE of 2.61%. Again, the average figures were 2.58% and 4.76%, respectively when looking at the previous 5 years.

ArcelorMittal Czech Republic’s net debt amounted to CZK -150 mil at the end of 2015, or -0.006 of equity. When compared to EBITDA, net debt was -0.092x, up when compared to average of -0.260x seen in the last 5 years.

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