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Conwert

Conwert's Cash & Cash Equivalents fell 24.0% yoy to EUR 55.2 mil in 2015

By Helgi Library - April 2, 2020

Conwert's total assets reached EUR 2,888 mil at the end of 2015, down 2.88% compared to the previous year. Current...

Conwert's Cash & Cash Equivalents fell 24.0% yoy to EUR 55.2 mil in 2015

By Helgi Library - April 2, 2020

Conwert's total assets reached EUR 2,888 mil at the end of 2015, down 2.88% compared to the previous year. Current...

Profit Statement 2013 2014 2015
Sales EUR mil 516 381 506
Gross Profit EUR mil 184 172 175
EBITDA EUR mil 124 123 183
EBIT EUR mil 123 122 181
Financing Cost EUR mil 74.7 132 80.6
Pre-Tax Profit EUR mil 48.7 -9.92 101
Net Profit EUR mil 7.50 -12.0 79.5
Dividends EUR mil 0 8.28 0
Balance Sheet 2013 2014 2015
Total Assets EUR mil 3,166 2,974 2,888
Non-Current Assets EUR mil 2,666 2,536 2,542
Current Assets EUR mil 499 438 347
Working Capital EUR mil 8.70 21.4 29.6
Shareholders' Equity EUR mil 1,129 1,105 1,265
Liabilities EUR mil 2,037 1,869 1,624
Total Debt EUR mil 1,752 1,581 1,466
Net Debt EUR mil 1,623 1,508 1,411
Ratios 2013 2014 2015
ROE % 0.697 -1.07 6.71
ROCE % 0.302 -0.458 3.10
Gross Margin % 35.6 45.2 34.6
EBITDA Margin % 24.1 32.2 36.1
EBIT Margin % 23.9 31.9 35.8
Net Margin % 1.45 -3.14 15.7
Net Debt/EBITDA 13.0 12.3 7.73
Net Debt/Equity 1.44 1.37 1.12
Cost of Financing % 4.57 7.89 5.29
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,061 978 1,504
Enterprise Value (EV) USD mil 3,298 2,804 3,211
Number Of Shares mil 82.9 82.8 88.5
Share Price EUR 9.29 9.76 14.0
EV/EBITDA 20.0 17.7 13.6
EV/Sales 4.81 5.71 4.92
Price/Earnings (P/E) 103 -67.4 15.6
Price/Book Value (P/BV) 0.855 0.731 0.982
Dividend Yield % 0 1.02 0

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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 ... ... ...           560 547 853 625 516    
Gross Profit EUR mil ... ... ...           163 175 401 172 184    
EBIT EUR mil ... ... ...           94.9 103 120 -58.5 123    
Net Profit EUR mil ... ... ...           23.8 23.9 23.3 -168 7.50    
ROE % ... ... ...           1.86 1.83 1.81 -14.8 0.697    
EBIT Margin % ... ... ...           16.9 18.9 14.0 -9.36 23.9    
Net Margin % ... ... ...           4.25 4.37 2.73 -26.8 1.45    
Employees ... ... ... ... ... ... ...   573 656 660 651 560    
balance sheet                              
Total Assets EUR mil                 2,963 3,551 3,176 2,850 3,166    
Non-Current Assets EUR mil ... ... ...           2,429 2,848 2,580 2,262 2,666    
Current Assets EUR mil ... ... ... ...         534 703 596 588 499    
Shareholders' Equity EUR mil                 1,280 1,330 1,248 1,025 1,129    
Liabilities EUR mil                 1,683 2,221 1,928 1,825 2,037    
Non-Current Liabilities EUR mil                 1,306 1,642 1,465 1,440 1,532    
Current Liabilities EUR mil                 377 578 463 384 505    
Net Debt/EBITDA ... ... ... ... ... ... ...   13.4 11.2 12.7 23.0 13.0    
Net Debt/Equity                 1.12 1.45 1.28 1.35 1.44    
Cost of Financing % ... ... ...           4.14 5.23 5.22 6.00 4.57    
cash flow                              
Total Cash From Operations EUR mil   ...             152 83.4 190 175 159    
Total Cash From Investing EUR mil                 90.0 4.70 262 169 -49.1    
Total Cash From Financing EUR mil                 -251 -84.4 -422 -303 -119    
Net Change In Cash EUR mil   ...             -8.60 3.70 30.6 41.3 -8.60    
valuation                              
Market Capitalisation USD mil ...               975 1,157 902 1,032 1,061    
Number Of Shares mil ...               81.1 82.5 82.8 81.5 82.9    
Share Price EUR ...               8.39 10.6 8.40 9.60 9.29    
Earnings Per Share (EPS) EUR ... ... ...           0.294 0.290 0.281 -2.06 0.091    
Book Value Per Share EUR ...               15.8 16.1 15.1 9.81 10.9    
Dividend Per Share EUR ... ... ... ... ... ... ... ... ... 0.288 0.197 0.152 0    
Price/Earnings (P/E) ... ... ...           28.6 36.5 29.9 -4.66 103    
Price/Book Value (P/BV) ...               0.531 0.655 0.557 0.979 0.855    
Dividend Yield % ... ... ... ... ... ... ... ... ... 2.73 2.34 1.59 0    
Earnings Per Share Growth % ... ... ... ...         -180 -1.29 -2.84 -832 -104    
Book Value Per Share Growth % ... ...             2.24 2.15 -6.47 -35.0 10.8    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales EUR mil ... ... ...           560 547 853 625 516    
Cost of Goods & Services EUR mil ... ... ...           397 372 452 453 333    
Gross Profit EUR mil ... ... ...           163 175 401 172 184    
Staff Cost EUR mil ... ... ... ... ... ... ...   33.6 38.2 35.3 35.8 32.3    
Other Cost EUR mil ... ... ... ... ... ... ...   22.6 -35.7 241 76.6 27.2    
EBITDA EUR mil ... ... ... ... ... ... ...   107 172 125 60.0 124    
Depreciation EUR mil ... ... ... ... ... ... ...   11.7 69.2 5.30 119 1.00    
EBIT EUR mil ... ... ...           94.9 103 120 -58.5 123    
Financing Cost EUR mil ... ... ...           63.0 91.1 96.2 96.1 74.7    
Extraordinary Cost EUR mil ... ... ...           -0.100 -0.100 0 0 0    
Pre-Tax Profit EUR mil ... ... ...           32.0 12.2 23.6 -155 48.7    
Tax EUR mil ... ... ...           8.20 -13.5 5.10 17.5 35.4    
Minorities EUR mil ... ... ...           -0.100 1.80 -4.80 -4.30 5.70    
Net Profit EUR mil ... ... ...           23.8 23.9 23.3 -168 7.50    
Dividends EUR mil ... ... ... ... ... ... ... ... ... 23.8 16.3 12.4 0    
growth rates                              
Total Revenue Growth % ... ... ... ...         43.2 -2.30 55.9 -26.7 -17.4    
Operating Cost Growth % ... ... ... ... ... ... ... ... -4.86 -95.6 10,940 -59.3 -47.1    
EBITDA Growth % ... ... ... ... ... ... ... ... 15.6 61.7 -27.4 -52.0 107    
EBIT Growth % ... ... ... ...         35.6 8.75 16.1 -149 -311    
Pre-Tax Profit Growth % ... ... ... ...         -211 -61.9 93.4 -755 -132    
Net Profit Growth % ... ... ... ...         -179 0.420 -2.51 -820 -104    
ratios                              
ROE % ... ... ...           1.86 1.83 1.81 -14.8 0.697    
ROCE % ... ... ... ...         0.960 0.897 0.853 -6.87 0.302    
Gross Margin % ... ... ...           29.1 32.0 47.0 27.6 35.6    
EBITDA Margin % ... ... ... ... ... ... ...   19.0 31.5 14.7 9.60 24.1    
EBIT Margin % ... ... ...           16.9 18.9 14.0 -9.36 23.9    
Net Margin % ... ... ...           4.25 4.37 2.73 -26.8 1.45    
Payout Ratio % ... ... ... ... ... ... ... ... ... 99.6 70.0 -7.39 0    
Cost of Financing % ... ... ...           4.14 5.23 5.22 6.00 4.57    
Net Debt/EBITDA ... ... ... ... ... ... ...   13.4 11.2 12.7 23.0 13.0    
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 ... ... ...           2,429 2,848 2,580 2,262 2,666    
Property, Plant & Equipment EUR mil                 2,143 2,701 2,424 2,207 2,617    
Intangible Assets EUR mil                 42.7 4.60 3.70 1.30 2.10    
Current Assets EUR mil ... ... ... ...         534 703 596 588 499    
Inventories EUR mil                 0 0 0 0 0    
Receivables EUR mil                 69.2 56.8 30.9 40.3 37.2    
Cash & Cash Equivalents EUR mil                 61.6 66.2 95.8 137 129    
Total Assets EUR mil                 2,963 3,551 3,176 2,850 3,166    
Shareholders' Equity EUR mil                 1,280 1,330 1,248 1,025 1,129    
Of Which Minority Interest EUR mil                 10.0 19.1 11.8 6.60 61.9    
Liabilities EUR mil                 1,683 2,221 1,928 1,825 2,037    
Non-Current Liabilities EUR mil                 1,306 1,642 1,465 1,440 1,532    
Long-Term Debt EUR mil                 1,170 1,488 1,280 1,209 1,352    
Deferred Tax Liabilities EUR mil ... ... ... ...         50.0 35.7 22.7 34.4 46.5    
Current Liabilities EUR mil                 377 578 463 384 505    
Short-Term Debt EUR mil                 321 506 409 308 400    
Trade Payables EUR mil                 32.7 40.7 13.5 13.8 28.5    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 3.30    
Equity And Liabilities EUR mil                 2,963 3,551 3,176 2,850 3,166    
growth rates                              
Total Asset Growth % ...               -1.78 19.9 -10.5 -10.3 11.1    
Shareholders' Equity Growth % ...               0.447 3.92 -6.15 -17.9 10.1    
Net Debt Growth % ...               -3.35 34.8 -17.4 -13.4 17.6    
Total Debt Growth % ...               -3.74 33.7 -15.3 -10.2 15.5    
ratios                              
Total Debt EUR mil                 1,491 1,994 1,689 1,517 1,752    
Net Debt EUR mil                 1,430 1,928 1,593 1,380 1,623    
Working Capital EUR mil                 36.5 16.1 17.4 26.5 8.70    
Capital Employed EUR mil ... ... ...           2,465 2,864 2,597 2,289 2,675    
Net Debt/Equity                 1.12 1.45 1.28 1.35 1.44    
Cost of Financing % ... ... ...           4.14 5.23 5.22 6.00 4.57    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit EUR mil ... ... ...           23.8 23.9 23.3 -168 7.50    
Depreciation EUR mil ... ... ... ... ... ... ...   11.7 69.2 5.30 119 1.00    
Non-Cash Items EUR mil ... ... ... ... ... ... ...   99.2 -30.1 163 234 133    
Change in Working Capital EUR mil ...               17.6 20.4 -1.30 -9.10 17.8    
Total Cash From Operations EUR mil   ...             152 83.4 190 175 159    
Capital Expenditures EUR mil                 -129 -112 -55.6 -79.9 -37.7    
Other Investments EUR mil                 219 117 318 249 -11.4    
Total Cash From Investing EUR mil                 90.0 4.70 262 169 -49.1    
Dividends Paid EUR mil ... ... ... ... ... ... ... ... ... -23.8 -16.3 -12.4 0    
Issuance Of Shares EUR mil                 -0.800 -26.7 -30.9 0 -24.4 ... ...
Issuance Of Debt EUR mil ...               -57.9 503 -305 -172 235    
Total Cash From Financing EUR mil                 -251 -84.4 -422 -303 -119    
Net Change In Cash EUR mil   ...             -8.60 3.70 30.6 41.3 -8.60    
ratios                              
Days Sales Outstanding days ... ... ...           45.1 37.9 13.2 23.5 26.3    
Days Sales Of Inventory days ... ... ...           0 0 0 0 0    
Days Payable Outstanding days ... ... ...           30.0 39.9 10.9 11.1 31.3    
Cash Conversion Cycle days ... ... ...           15.1 -2.01 2.32 12.4 -4.99    
Cash Earnings EUR mil ... ... ... ... ... ... ...   35.5 93.1 28.6 -49.3 8.50    
Cash Earnings Per Share EUR ... ... ... ... ... ... ...   0.438 1.13 0.345 -0.605 0.103    
Price/Cash Earnings (P/CE) ... ... ... ... ... ... ...   19.2 9.36 24.3 -15.9 90.6    
Free Cash Flow EUR mil   ...             242 88.1 453 345 110    
Free Cash Flow Yield % ... ...             34.6 10.1 69.8 42.9 13.8    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA % ... ... ...           0.796 0.734 0.693 -5.57 0.249    
Gross Margin % ... ... ...           29.1 32.0 47.0 27.6 35.6    
Employees ... ... ... ... ... ... ...   573 656 660 651 560    
Cost Per Employee USD per month ... ... ... ... ... ... ...   6,797 6,420 6,197 5,887 6,382    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ... ...   4,887 4,853 4,457 4,585 4,807    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ...   7.22 8.60 4.82 5.24 8.22    
Effective Tax Rate % ... ... ...           25.6 -111 21.6 -11.3 72.7    
Enterprise Value (EV) USD mil ...               3,024 3,714 2,966 2,853 3,298    
EV/EBITDA ... ... ... ... ... ... ...   20.4 16.3 17.1 37.0 20.0    
EV/Capital Employed ... ... ...           0.856 0.977 0.881 0.945 0.894    
EV/Sales ... ... ...           3.88 5.13 2.50 3.55 4.81    
EV/EBIT ... ... ...           22.9 27.2 17.8 -38.0 20.1    
Domestic Sales EUR mil ... ... ... ...         337 346 429 398 237    
Capital Expenditures (As % of Sales) % ... ... ...           23.0 20.4 6.52 12.8 7.30    
Revenues From Abroad EUR mil ... ... ... ...         223 201 424 227 279    
Revenues From Abroad (As % Of Total) % ... ... ... ...         39.8 36.8 49.7 36.3 54.1    
Sales from Rental Income EUR mil ...               162 188 210 188 227    
Sales from the Sale of Properties EUR mil ...               361 325 613 410 274    
Sales from Property Services EUR mil ... ... ... ... ... ...     37.0 34.0 30.0 27.0 15.0    
Sales from Rental Income (Residential) EUR mil ... ... ...           139 122 123 101 149    
Sales from Rental Income (Office & Commercial) EUR mil ... ... ...           22.0 63.0 84.0 84.0 76.0    
Sales from Rental Income (Parking) EUR mil ... ... ... ...         1.00 3.00 3.00 3.00 3.00    
Sales in Austria EUR mil ... ... ... ...         337 346 429 398 237    
Sales in Germany EUR mil ... ... ... ...         246 246 471 277 311    
Sales to Other Countries EUR mil ... ... ... ...         12.0 8.00 19.0 9.00 16.0    
EBIT from Austria EUR mil ... ... ... ...         40.0 69.0 49.0 -58.0 43.0    
EBIT from Germany EUR mil ... ... ... ...         25.0 13.0 82.0 38.0 94.0    
EBIT from Other Countries EUR mil ... ... ... ...         1.00 -3.00 -4.00 -38.0 -13.0    
Total Rental Units Units ... ... ... ...         24,931 25,203 22,923 20,479 32,120    
Rental Units in Austria Units ... ... ... ...         6,780 7,299 6,146 5,059 4,540    
Rental Units in Germany Units ... ... ... ...         16,799 16,906 15,676 14,329 26,569    
Rental Units in Other Countries Units ... ... ... ...         922 998 1,101 1,091 1,011    
Average Rent per sqm EUR per sqm ... ... ... ... ... ... ... ... ... ... 6.57 6.60 6.12    
Average Rent per sqm in Austria EUR per sqm ... ... ... ... ...       6.40 7.20 7.50 7.90 8.00    
Average Rent per sqm in Germany EUR per sqm ... ... ... ... ...       5.40 6.00 6.10 6.10 6.20    
Average Rent per sqm in Other Countries EUR per sqm ... ... ... ... ...       7.30 8.30 8.80 8.70 7.80    
Vacancies in Austria % ... ... ... ... ... ...     11.0 11.0 19.0 13.0 11.0    
Vacancies in Germany % ... ... ... ... ... ...     18.0 12.0 9.00 7.00 9.00    
Vacancies in Other Countries % ... ... ... ... ... ...     25.0 27.0 42.0 41.0 28.0    
Net Rental Income Austria EUR mil ... ... ... ... ... ... ... ... ... 41.0 47.0 42.0 42.0    
Net Rental Income Germany EUR mil ... ... ... ... ... ... ... ... ... 53.0 63.0 59.0 88.0    
Net Rental Income Other Countries EUR mil ... ... ... ... ... ... ... ... ... 4.00 3.00 4.00 6.00    
Number of Parking Spaces Units ... ... ...           7,701 11,894 11,213 10,795 14,187    
Number of Properties Units ... ... ...           1,752 1,811 1,666 1,502 ... ... ...
Total Usable Space '000 sqm ... ... ... ... ... ... ... ... ... ... ... 2,120 2,604    
Total Usable Space in Austria '000 sqm ... ... ... ... ... ... ... ... ... ... ... 658 578    
Total Usable Space in Germany '000 sqm ... ... ... ... ... ... ... ... ... ... ... 1,178 1,941    
Net Asset Value EUR mil ... ... ... ...         1,361 1,349 1,410 1,287 1,276    
Gross Asset Value EUR mil ... ... ... ...         2,790 3,276 3,003 2,510 2,870    
Net Asset Value per Share EUR ... ... ... ...         16.8 16.4 17.0 15.8 15.4    
P/NAV EUR ... ... ... ...         0.550 0.570 0.550 0.590 0.603    
Loan To Value Ratio % ... ... ... ... ... ... ...   55.2 59.0 57.3 54.4 55.9    

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Apr 2016
Statistical Dossier
Jun 2014
Statistical Dossier

Conwert Immobilien Invest SE is an Austria-based real estate company. The Company focuses on residential properties and apartment buildings in Germany, Austria and Central and Eastern Europe. It develops, lets and sells properties predominantly in fast growing metropolitan regions .Its core activity is development of older residential properties. The Company's business includes acquisitions, development and letting of residential and commercial properties, the sale of these properties and provision of property-related services for asset management, facility management, property insurance and property brokering. Conwert was founded in the year 2001 and listed on the Vienna Stock Exchange in 2002.

Finance

Conwert has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.15% a year during that time to total of EUR 183 mil in 2015, or 36.1% of sales. That’s compared to 23.3% average margin seen in last five years.

The company netted EUR 79.5 mil in 2015 implying ROE of 6.71% and ROCE of 3.10%. Again, the average figures were -1.32% and -0.614%, respectively when looking at the previous 5 years.

Conwert’s net debt amounted to EUR 1,411 mil at the end of 2015, or 1.12 of equity. When compared to EBITDA, net debt was 7.73x, down when compared to average of 13.8x seen in the last 5 years.

Valuation

Conwert stock traded at EUR 14.0 per share at the end of 2015 resulting in a market capitalization of USD 1,504 mil. Over the previous five years, stock price grew by 32.9% or 5.85% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 13.6x and price to earnings (PE) of 15.6x as of 2015.

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