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Austrian Post

Austrian Post's Cash & Cash Equivalents rose 9.95% yoy to EUR 264 mil in 2014

By Helgi Library - April 2, 2020

Austrian Post's total assets reached EUR 1,671 mil at the end of 2014, up 1.88% compared to the previous year. Cur...

Austrian Post's Cash & Cash Equivalents rose 9.95% yoy to EUR 264 mil in 2014

By Helgi Library - April 2, 2020

Austrian Post's total assets reached EUR 1,671 mil at the end of 2014, up 1.88% compared to the previous year. Cur...

Profit Statement 2012 2013 2014
Sales EUR mil 2,366 2,367 2,371
Gross Profit EUR mil 1,599 1,614 1,626
EBITDA EUR mil 271 311 334
EBIT EUR mil 182 193 197
Financing Cost EUR mil 44.7 18.8 7.10
Pre-Tax Profit EUR mil 152 171 194
Net Profit EUR mil 123 123 147
Dividends EUR mil 123 0.900 0.400
Balance Sheet 2012 2013 2014
Total Assets EUR mil 1,701 1,640 1,671
Non-Current Assets EUR mil 1,048 1,066 1,025
Current Assets EUR mil 653 572 645
Working Capital EUR mil -44.4 -59.2 7.50
Shareholders' Equity EUR mil 709 699 703
Liabilities EUR mil 992 941 968
Total Debt EUR mil 43.1 21.1 17.7
Net Debt EUR mil -272 -219 -246
Ratios 2012 2013 2014
ROE % 17.5 17.5 20.9
ROCE % 12.3 12.3 14.4
Gross Margin % 67.6 68.2 68.6
EBITDA Margin % 11.5 13.1 14.1
EBIT Margin % 7.71 8.13 8.31
Net Margin % 5.21 5.21 6.18
Net Debt/EBITDA -1.00 -0.705 -0.738
Net Debt/Equity -0.384 -0.313 -0.351
Cost of Financing % 91.7 58.6 36.6
Valuation 2012 2013 2014
Market Capitalisation USD mil 2,781 3,239 3,302
Enterprise Value (EV) USD mil 2,422 2,937 3,003
Number Of Shares mil 67.6 67.6 67.6
Share Price EUR 31.2 34.8 40.4
EV/EBITDA 6.95 7.11 6.98
EV/Sales 0.797 0.935 0.983
Price/Earnings (P/E) 17.1 19.1 18.6
Price/Book Value (P/BV) 2.97 3.36 3.88
Dividend Yield % 5.82 0.038 0.015

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales EUR mil ...               2,357 2,351 2,349 2,366 2,367   ...
Gross Profit EUR mil ...               1,591 1,580 1,589 1,599 1,614   ...
EBIT EUR mil ...               149 157 168 182 193   ...
Net Profit EUR mil ...               79.7 118 123 123 123   ...
ROE % ...               11.3 17.4 17.7 17.5 17.5   ...
EBIT Margin % ...               6.34 6.67 7.13 7.71 8.13   ...
Net Margin % ...               3.38 5.04 5.25 5.21 5.21   ...
Employees ...               25,921 24,969 23,369 23,181 24,211   ...
balance sheet                              
Total Assets EUR mil ...               1,775 1,715 1,668 1,701 1,640   ...
Non-Current Assets EUR mil ...               1,141 1,068 1,005 1,048 1,066   ...
Current Assets EUR mil ...               634 648 660 653 572   ...
Shareholders' Equity EUR mil ...               674 691 702 709 699   ...
Liabilities EUR mil ...               1,102 1,024 966 992 941   ...
Non-Current Liabilities EUR mil ...               514 479 453 445 423   ...
Current Liabilities EUR mil ...               588 545 503 547 518   ...
Net Debt/EBITDA ...               -0.573 -0.794 -0.909 -1.00 -0.705   ...
Net Debt/Equity ...               -0.229 -0.301 -0.365 -0.384 -0.313   ...
Cost of Financing % ... ...             12.8 5.89 20.1 91.7 58.6   ...
cash flow                              
Total Cash From Operations EUR mil ...               230 179 228 247 250   ...
Total Cash From Investing EUR mil ...               6.90 -25.3 -65.8 -115 -190   ...
Total Cash From Financing EUR mil ...               -191 -134 -165 -127 -135   ...
Net Change In Cash EUR mil ...     ... ... ... ... ... ... ... ... ... ... ... ...
valuation                              
Market Capitalisation USD mil ... ... ... ... ...       1,841 2,217 2,040 2,781 3,239   ...
Number Of Shares mil ... ... ...           67.6 67.6 67.6 67.6 67.6   ...
Share Price EUR ... ... ... ... ...       19.0 24.7 23.3 31.2 34.8   ...
Earnings Per Share (EPS) EUR ... ... ...           1.18 1.75 1.82 1.82 1.82   ...
Book Value Per Share EUR ... ... ...           9.97 10.2 10.4 10.5 10.4   ...
Dividend Per Share EUR ... ... ...           2.50 1.60 1.70 1.81 0.013   ...
Price/Earnings (P/E) ... ... ... ... ...       16.1 14.1 12.8 17.1 19.1   ...
Price/Book Value (P/BV) ... ... ... ... ...       1.91 2.42 2.24 2.97 3.36   ...
Dividend Yield % ... ... ... ... ...       13.1 6.47 7.29 5.82 0.038   ...
Earnings Per Share Growth % ... ... ... ...         -33.0 48.6 4.05 0 0   ...
Book Value Per Share Growth % ... ... ... ...         -9.14 2.54 1.62 0.940 -1.30   ...
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales EUR mil ...               2,357 2,351 2,349 2,366 2,367   ...
Cost of Goods & Services EUR mil ...               766 771 760 767 753   ...
Gross Profit EUR mil ...               1,591 1,580 1,589 1,599 1,614   ...
Staff Cost EUR mil ...               1,139 1,121 1,051 1,091 1,074   ...
Other Cost EUR mil ...               182 197 256 237 229   ...
EBITDA EUR mil ...               269 262 282 271 311   ...
Depreciation EUR mil ...               120 105 114 88.8 119   ...
EBIT EUR mil ...               149 157 168 182 193   ...
Financing Cost EUR mil ...               19.5 7.20 16.0 44.7 18.8   ...
Extraordinary Cost EUR mil ...               5.10 1.00 -10.8 -13.9 2.60   ...
Pre-Tax Profit EUR mil ...               125 149 162 152 171   ...
Tax EUR mil ...               45.1 30.3 39.1 28.4 47.2   ...
Minorities EUR mil ...               0 0 0 0 0   ...
Net Profit EUR mil ...               79.7 118 123 123 123   ...
Dividends EUR mil                 169 108 115 123 0.900   ...
growth rates                              
Total Revenue Growth % ... ...             -3.46 -0.246 -0.102 0.741 0.030   ...
Operating Cost Growth % ... ...             -1.48 -0.272 -0.835 1.61 -1.92    
EBITDA Growth % ... ...             -16.3 -2.64 7.55 -3.80 14.7   ...
EBIT Growth % ... ...             -11.9 5.02 6.76 8.90 5.54   ...
Pre-Tax Profit Growth % ... ...             -21.1 19.2 9.15 -6.59 12.9   ...
Net Profit Growth % ... ...             -33.0 48.6 4.05 0 0   ...
ratios                              
ROE % ...               11.3 17.4 17.7 17.5 17.5   ...
ROCE % ... ...             6.62 10.7 11.9 12.3 12.3   ...
Gross Margin % ...               67.5 67.2 67.7 67.6 68.2   ...
EBITDA Margin % ...               11.4 11.1 12.0 11.5 13.1   ...
EBIT Margin % ...               6.34 6.67 7.13 7.71 8.13   ...
Net Margin % ...               3.38 5.04 5.25 5.21 5.21   ...
Payout Ratio % ...               212 91.3 93.2 99.5 0.731   ...
Cost of Financing % ... ...             12.8 5.89 20.1 91.7 58.6   ...
Net Debt/EBITDA ...               -0.573 -0.794 -0.909 -1.00 -0.705   ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets EUR mil ...               1,141 1,068 1,005 1,048 1,066   ...
Property, Plant & Equipment EUR mil ...               696 611 588 600 616   ...
Intangible Assets EUR mil ...               66.7 58.9 58.2 66.2 63.3   ...
Goodwill EUR mil ...               182 184 166 184 161   ...
Current Assets EUR mil ...               634 648 660 653 572   ...
Inventories EUR mil ...               22.3 16.3 14.4 16.1 17.1   ...
Receivables EUR mil ...               318 318 323 322 296   ...
Cash & Cash Equivalents EUR mil ...               294 313 311 315 240   ...
Total Assets EUR mil ...               1,775 1,715 1,668 1,701 1,640   ...
Shareholders' Equity EUR mil ...               674 691 702 709 699   ...
Of Which Minority Interest EUR mil ...         ...   ... ... ... ... ... 2.30   ...
Liabilities EUR mil ...               1,102 1,024 966 992 941   ...
Non-Current Liabilities EUR mil ...               514 479 453 445 423   ...
Long-Term Debt EUR mil ...               45.1 50.5 43.8 40.0 17.2   ...
Deferred Tax Liabilities EUR mil ...               15.4 14.2 12.4 12.2 8.10   ...
Current Liabilities EUR mil ...               588 545 503 547 518   ...
Short-Term Debt EUR mil ...               94.5 54.5 10.6 3.10 3.90   ...
Trade Payables EUR mil ...               342 330 347 382 372   ...
Provisions EUR mil ...               604 575 542 555 517   ...
Equity And Liabilities EUR mil ...               1,775 1,715 1,668 1,701 1,640   ...
growth rates                              
Total Asset Growth % ... ...             -5.30 -3.39 -2.73 1.95 -3.56   ...
Shareholders' Equity Growth % ... ...             -9.14 2.54 1.62 0.940 -1.30   ...
Net Debt Growth % ... ...             84.0 35.0 23.1 6.13 -19.4   ...
Total Debt Growth % ... ...             -15.0 -24.8 -48.2 -20.8 -51.0   ...
ratios                              
Total Debt EUR mil ...               140 105 54.4 43.1 21.1   ...
Net Debt EUR mil ...               -154 -208 -256 -272 -219   ...
Working Capital EUR mil ...               -2.10 3.90 -9.00 -44.4 -59.2   ...
Capital Employed EUR mil ...               1,139 1,072 996 1,003 1,007   ...
Net Debt/Equity ...               -0.229 -0.301 -0.365 -0.384 -0.313   ...
Cost of Financing % ... ...             12.8 5.89 20.1 91.7 58.6   ...
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit EUR mil ...               79.7 118 123 123 123   ...
Depreciation EUR mil ...               120 105 114 88.8 119   ...
Non-Cash Items EUR mil ... ...             13.3 -38.7 -22.3 -0.700 -6.10   ...
Change in Working Capital EUR mil ... ...             17.2 -6.00 12.9 35.4 14.8   ...
Total Cash From Operations EUR mil ...               230 179 228 247 250   ...
Capital Expenditures EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 106   ...
Other Investments EUR mil ... ... ... ... ... ... ... ... ... ... ... ... -296   ...
Total Cash From Investing EUR mil ...               6.90 -25.3 -65.8 -115 -190   ...
Dividends Paid EUR mil                 -168 -169 -108 -115 -123   ...
Issuance Of Debt EUR mil ... ...             -24.7 -34.6 -50.6 -11.3 -22.0   ...
Total Cash From Financing EUR mil ...               -191 -134 -165 -127 -135   ...
Net Change In Cash EUR mil ...     ... ... ... ... ... ... ... ... ... ... ... ...
ratios                              
Days Sales Outstanding days ...               49.2 49.4 50.2 49.7 45.6   ...
Days Sales Of Inventory days ...               10.6 7.72 6.92 7.66 8.29   ...
Days Payable Outstanding days ...               163 156 167 182 180   ...
Cash Conversion Cycle days ...               -103 -99.3 -109 -125 -126   ...
Cash Earnings EUR mil ...               200 224 238 212 242   ...
Cash Earnings Per Share EUR ... ... ...           2.95 3.31 3.52 3.14 3.58   ...
Price/Cash Earnings (P/CE) ... ... ... ... ...       6.44 7.47 6.62 9.94 9.72   ...
Free Cash Flow EUR mil ...               237 154 162 131 60.5   ...
Free Cash Flow Yield % ... ... ... ... ...       17.9 9.17 11.1 6.07 2.48   ...
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA % ...               4.37 6.78 7.28 7.31 7.38   ...
Gross Margin % ...               67.5 67.2 67.7 67.6 68.2   ...
Employees ...               25,921 24,969 23,369 23,181 24,211   ...
Cost Per Employee USD per month ...               5,094 4,948 5,211 5,042 4,905   ...
Cost Per Employee (Local Currency) EUR per month ...               3,663 3,740 3,747 3,923 3,695   ...
Staff Cost (As % Of Total Cost) % ...               51.6 51.1 48.2 50.0 49.4   ...
Effective Tax Rate % ...               36.1 20.4 24.1 18.7 27.6   ...
Enterprise Value (EV) USD mil ... ... ... ... ...       1,620 1,941 1,708 2,422 2,937   ...
EV/EBITDA ... ... ... ... ...       4.33 5.60 4.36 6.95 7.11   ...
EV/Capital Employed ... ... ... ... ...       0.992 1.36 1.32 1.83 2.12   ...
EV/Sales ... ... ... ... ...       0.494 0.624 0.523 0.797 0.935   ...
EV/EBIT ... ... ... ... ...       7.80 9.35 7.33 10.3 11.5   ...
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... -4.50   ...
Sales from Mail & Branch Network EUR mil ... ... ...           1,586 1,449 1,501 1,508 1,510   ...
Sales from Parcel & Logistics EUR mil ... ... ...           768 802 847 858 856   ...
EBIT from Mail & Branch Network EUR mil ... ... ...           212 216 277 273 282   ...
EBIT from Parcel & Logistics EUR mil ... ... ...           -9.30 10.5 -28.0 25.3 -4.90   ...
Mail Shipments mil ... ... ... ... ... ... ...   5,942 6,232 6,119 5,967 5,668   ...
Parcel Shipments mil ... ... ... ... ... ... ...   110 120 124 129 136   ...

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Austrian Post (Oesterreichische Post) is an Austria-based provider of mail shipping services. Its main business activities include the transport and delivery of letters, direct mail items, print media and parcels. The company was established in 1999 after its split-off from the mail corporate division of the former telecommunications Austrian concern Post und Telekom Austria. The company operates through three main business divisions - The Mail, The Parcel and Logistics and The Branch Network Division. Austrian Post Office runs nearly 1,900 postal service points and employes over 23,000 people.

Finance

Austrian Post has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to 12.7% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 18.4% and 12.7%, respectively when looking at the previous 5 years.

Austrian Post’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -0.838x seen in the last 5 years.

Valuation

Austrian Post stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.

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