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Cyfrowy Polsat

Polsat's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

Cyfrowy Polsat's total assets reached PLN 28,356 mil at the end of 1Q2016, up 4.68% compared to the previous year. ...

Polsat's Cash & Cash Equivalents remain unchanged yoy at PLN mil in 1Q2016

By Helgi Library - October 12, 2020

Cyfrowy Polsat's total assets reached PLN 28,356 mil at the end of 1Q2016, up 4.68% compared to the previous year. ...

Polsat's Cash & Cash Equivalents fell 12.9% yoy to PLN 1,512 mil in 2015

By Helgi Library - April 2, 2020

Cyfrowy Polsat's total assets reached PLN 26,490 mil at the end of 2015, down 3.1% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales PLN mil 2,911 7,410 9,823
Gross Profit PLN mil 1,728 4,968 6,616
EBITDA PLN mil 1,046 2,738 3,685
EBIT PLN mil 790 1,442 1,986
Financing Cost PLN mil 200 1,131 656
Pre-Tax Profit PLN mil 593 314 1,332
Net Profit PLN mil 525 293 1,163
Dividends PLN mil 0 103 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 5,676 27,339 26,490
Non-Current Assets PLN mil 4,456 23,356 22,261
Current Assets PLN mil 1,220 3,983 4,229
Working Capital PLN mil 108 232 415
Shareholders' Equity PLN mil 3,001 9,078 10,250
Liabilities PLN mil 2,675 18,261 16,240
Total Debt PLN mil 1,925 14,021 12,363
Net Debt PLN mil 1,582 12,285 10,851
Ratios 2013 2014 2015
ROE % 19.2 4.84 12.0
ROCE % 11.6 2.08 5.03
Gross Margin % 59.3 67.0 67.4
EBITDA Margin % 35.9 37.0 37.5
EBIT Margin % 27.1 19.5 20.2
Net Margin % 18.1 3.95 11.8
Net Debt/EBITDA 1.51 4.49 2.94
Net Debt/Equity 0.527 1.35 1.06
Cost of Financing % 9.50 14.2 4.97
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,289 3,578 3,423
Enterprise Value (EV) USD mil 2,814 7,048 6,205
Number Of Shares mil 348 539 640
Share Price EUR 19.8 23.5 20.9
EV/EBITDA 8.50 8.44 6.26
EV/Sales 3.06 3.12 2.35
Price/Earnings (P/E) 13.1 43.3 11.5
Price/Book Value (P/BV) 2.30 1.40 1.30
Dividend Yield % 0 0.812 ...

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales PLN mil ... ...       1,266 1,482 2,366 2,778 2,911    
Gross Profit PLN mil ... ...       648 782 1,119 1,426 1,728    
EBIT PLN mil ... ...       287 357 560 789 790    
Net Profit PLN mil ... ...       230 258 160 598 525    
ROE % ... ...       74.8 68.9 13.8 27.4 19.2    
EBIT Margin % ... ...       22.6 24.1 23.7 28.4 27.1    
Net Margin % ... ...       18.2 17.4 6.77 21.5 18.1    
Employees ... ...       569 864 1,267 1,454 1,443    
balance sheet                        
Total Assets PLN mil ... ...       775 1,015 5,349 5,561 5,676    
Non-Current Assets PLN mil ... ...       341 545 4,278 4,476 4,456    
Current Assets PLN mil ... ...       434 470 1,070 1,085 1,220    
Shareholders' Equity PLN mil ... ...       322 428 1,896 2,468 3,001    
Liabilities PLN mil ... ...       452 587 3,453 3,093 2,675    
Non-Current Liabilities PLN mil ... ...       28.8 68.8 2,484 2,026 1,700    
Current Liabilities PLN mil ... ...       424 518 968 1,067 975    
Net Debt/EBITDA ... ...       -0.073 -0.018 2.71 1.95 1.51    
Net Debt/Equity ... ...       -0.074 -0.019 1.29 0.815 0.527    
Cost of Financing % ... ... ...     5.10 7.41 13.7 3.84 9.50    
cash flow                        
Total Cash From Operations PLN mil ... ...       179 195 58.5 781 803    
Total Cash From Investing PLN mil ... ...       -61.5 -77.5 -2,428 -133 -134    
Total Cash From Financing PLN mil ... ...       -265 -190 2,617 -653 -596    
Net Change In Cash PLN mil ... ...       -147 -71.7 248 -5.41 72.4    
valuation                        
Market Capitalisation USD mil ... ... ... ...   1,274 1,496 1,271 1,848 2,289    
Number Of Shares mil ... ...       268 268 324 348 348    
Share Price EUR ... ... ... ...   13.6 16.5 13.5 16.4 19.8    
Earnings Per Share (EPS) PLN ... ...       0.858 0.963 0.494 1.72 1.51    
Book Value Per Share PLN ... ...       1.20 1.59 5.85 7.09 8.62    
Dividend Per Share PLN ... ... ...     0.570 0 0 0 0   ...
Price/Earnings (P/E) ... ... ... ...   15.8 17.1 27.3 9.55 13.1    
Price/Book Value (P/BV) ... ... ... ...   11.3 10.3 2.31 2.32 2.30    
Dividend Yield % ... ... ... ...   4.19 0 0 0 0   ...
Earnings Per Share Growth % ... ... ...     -14.6 12.2 -48.7 248 -12.2    
Book Value Per Share Growth % ... ... ...     9.91 32.7 267 21.2 21.6    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales PLN mil ... ...       1,266 1,482 2,366 2,778 2,911    
Cost of Goods & Services PLN mil ... ...       618 700 1,247 1,352 1,183    
Gross Profit PLN mil ... ...       648 782 1,119 1,426 1,728    
Staff Cost PLN mil ... ...       72.8 88.3 149 178 179    
Other Cost PLN mil ... ...       247 255 65.1 216 503    
EBITDA PLN mil ... ...       329 439 905 1,032 1,046    
Depreciation PLN mil ... ...       41.9 81.2 344 243 256    
EBIT PLN mil ... ...       287 357 560 789 790    
Financing Cost PLN mil ... ...       4.11 2.53 188 96.3 200    
Extraordinary Cost PLN mil ... ...       -1.83 33.6 180 -2.77 -2.90    
Pre-Tax Profit PLN mil ... ...       284 321 192 696 593    
Tax PLN mil ... ...       54.0 62.8 31.9 97.3 67.4    
Minorities PLN mil ... ...       0 0.023 0 0 0    
Net Profit PLN mil ... ...       230 258 160 598 525    
Dividends PLN mil ... ... ...     153 0 0 0 0   ...
growth rates                        
Total Revenue Growth % ... ... ...     15.3 17.1 59.6 17.4 4.77    
Operating Cost Growth % ... ... ...     12.5 7.61 -37.8 84.3 72.9    
EBITDA Growth % ... ... ...     -5.43 33.5 106 14.1 1.37    
EBIT Growth % ... ... ...     -11.5 24.7 56.8 40.8 0.089    
Pre-Tax Profit Growth % ... ... ...     -14.8 13.0 -40.2 262 -14.8    
Net Profit Growth % ... ... ...     -14.6 12.2 -38.0 273 -12.2    
ratios                        
ROE % ... ...       74.8 68.9 13.8 27.4 19.2    
ROCE % ... ... ...     58.9 41.0 5.91 13.1 11.6    
Gross Margin % ... ...       51.2 52.8 47.3 51.3 59.3    
EBITDA Margin % ... ...       26.0 29.6 38.2 37.2 35.9    
EBIT Margin % ... ...       22.6 24.1 23.7 28.4 27.1    
Net Margin % ... ...       18.2 17.4 6.77 21.5 18.1    
Payout Ratio % ... ... ...     66.4 0 0 0 0   ...
Cost of Financing % ... ... ...     5.10 7.41 13.7 3.84 9.50    
Net Debt/EBITDA ... ...       -0.073 -0.018 2.71 1.95 1.51    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets PLN mil ... ...       341 545 4,278 4,476 4,456    
Property, Plant & Equipment PLN mil ... ...       269 428 672 696 659    
Intangible Assets PLN mil ... ...       14.2 75.3 3,306 3,497 3,631    
Goodwill PLN mil ... ... ... ... ... ... 52.0 2,412 2,568 2,603    
Current Assets PLN mil ... ...       434 470 1,070 1,085 1,220    
Inventories PLN mil ... ...       116 179 178 162 147    
Receivables PLN mil ... ...       131 182 271 335 374    
Cash & Cash Equivalents PLN mil ... ...       72.7 27.6 278 270 342    
Total Assets PLN mil ... ...       775 1,015 5,349 5,561 5,676    
Shareholders' Equity PLN mil ... ...       322 428 1,896 2,468 3,001    
Of Which Minority Interest PLN mil ... ...       0 0 0 0 0    
Liabilities PLN mil ... ...       452 587 3,453 3,093 2,675    
Non-Current Liabilities PLN mil ... ...       28.8 68.8 2,484 2,026 1,700    
Long-Term Debt PLN mil ... ...       1.15 1.10 2,377 1,909 1,580    
Deferred Tax Liabilities PLN mil ... ... ...     26.1 65.3 87.1 94.3 108    
Current Liabilities PLN mil ... ...       424 518 968 1,067 975    
Short-Term Debt PLN mil ... ...       47.6 18.5 352 373 345    
Trade Payables PLN mil ... ...       86.6 147 62.7 472 413    
Equity And Liabilities PLN mil ... ...       775 1,015 5,349 5,561 5,676    
growth rates                        
Total Asset Growth % ... ... ...     2.34 31.0 427 3.98 2.07    
Shareholders' Equity Growth % ... ... ...     9.91 32.7 343 30.2 21.6    
Net Debt Growth % ... ... ...     -82.2 -66.6 -30,789 -17.9 -21.3    
Total Debt Growth % ... ... ...     -56.6 -59.7 13,804 -16.4 -15.7    
ratios                        
Total Debt PLN mil ... ...       48.8 19.6 2,729 2,282 1,925    
Net Debt PLN mil ... ...       -23.9 -7.99 2,451 2,012 1,582    
Working Capital PLN mil ... ...       160 213 387 24.6 108    
Capital Employed PLN mil ... ...       501 759 4,665 4,501 4,564    
Net Debt/Equity ... ...       -0.074 -0.019 1.29 0.815 0.527    
Cost of Financing % ... ... ...     5.10 7.41 13.7 3.84 9.50    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit PLN mil ... ...       230 258 160 598 525    
Depreciation PLN mil ... ...       41.9 81.2 344 243 256    
Non-Cash Items PLN mil ... ... ...     -12.0 -91.2 -273 -422 104    
Change in Working Capital PLN mil ... ... ...     -81.1 -53.0 -173 362 -83.4    
Total Cash From Operations PLN mil ... ...       179 195 58.5 781 803    
Capital Expenditures PLN mil ... ...       -26.5 -28.7 -39.2 -91.2 -123    
Other Investments PLN mil ... ...       -35.0 -48.8 -2,389 -42.3 -11.0    
Total Cash From Investing PLN mil ... ...       -61.5 -77.5 -2,428 -133 -134    
Dividends Paid PLN mil ... ... ...     -153 0 0 0 0   ...
Issuance Of Debt PLN mil ... ... ...     -63.6 -29.1 2,709 -447 -358    
Total Cash From Financing PLN mil ... ...       -265 -190 2,617 -653 -596    
Net Change In Cash PLN mil ... ...       -147 -71.7 248 -5.41 72.4    
ratios                        
Days Sales Outstanding days ... ...       37.6 44.8 41.8 44.0 47.0    
Days Sales Of Inventory days ... ...       68.7 93.1 52.1 43.7 45.3    
Days Payable Outstanding days ... ...       51.1 76.6 18.3 127 127    
Cash Conversion Cycle days ... ...       55.2 61.2 75.6 -39.8 -35.2    
Cash Earnings PLN mil ... ...       272 340 505 841 782    
Cash Earnings Per Share PLN ... ...       1.01 1.27 1.56 2.42 2.24    
Price/Cash Earnings (P/CE) ... ... ... ...   13.4 13.0 8.68 6.79 8.82    
Free Cash Flow PLN mil ... ...       118 118 -2,370 648 669    
Free Cash Flow Yield % ... ... ... ...   2.97 2.61 -62.9 10.8 9.25    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ... ...       30.1 28.9 5.03 11.0 9.35    
Gross Margin % ... ...       51.2 52.8 47.3 51.3 59.3    
Employees ... ...       569 864 1,267 1,454 1,443    
Cost Per Employee USD per month ... ...       3,421 2,824 3,301 3,142 3,264    
Cost Per Employee (Local Currency) PLN per month ... ...       10,660 8,521 9,788 10,223 10,314    
Staff Cost (As % Of Total Cost) % ... ...       7.43 7.85 8.24 8.97 8.42    
Effective Tax Rate % ... ...       19.0 19.6 16.6 14.0 11.4    
Enterprise Value (EV) USD mil ... ... ... ...   1,266 1,493 1,983 2,498 2,814    
EV/EBITDA ... ... ... ...   12.0 10.3 6.50 7.88 8.50    
EV/Capital Employed ... ... ... ...   7.23 5.83 1.46 1.72 1.86    
EV/Sales ... ... ... ...   3.11 3.04 2.49 2.93 3.06    
EV/EBIT ... ... ... ...   13.8 12.6 10.5 10.3 11.3    
Capital Expenditures (As % of Sales) % ... ...       2.09 1.94 1.66 3.28 4.22    
Number Of Pay TV Subscribers (Total) '000           3,202 3,436 3,552 3,995 4,212    
Number Of Pay TV Subscribers (Family Package) '000           2,610 2,720 2,785 2,761 ... ... ...
Number Of Pay TV Subscribers (Mini Package) '000 ... ...       593 716 767 805 ... ... ...
ARPU Total (per Month) PLN           34.6 35.9 37.3 39.3 ... ... ...
ARPU per Family Package (per Month) PLN           40.3 42.1 44.2 46.6 ... ... ...
ARPU per Mini Package (per Month) PLN ... ...       9.20 11.1 12.7 13.4 ... ... ...
CHURN Rate Subscribers %           10.7 10.3 9.80 8.43 9.16    
Sales from Retail PLN mil ... ... ... ... ... ... ... ... 1,732 1,830    
Sales from Wholesale PLN mil ... ... ... ... ... ... ... ... 992 1,010    
Sales from Sale Of Equipment PLN mil ... ... ... ... ... ... ... ... 18.7 41.7    
Sales from Other PLN mil ... ... ... ... ... ... ... ... 35.7 28.8    
Audience Share - Main Channel % ... ... ... ...   17.3 16.8 17.0 14.7 12.8    
Audience Share - Thematic Channels % ... ... ... ...   2.88 3.47 4.08 5.36 10.2    
Audience share - Total % ... ... ... ...   20.2 20.2 21.1 20.0 23.0    
Total Number of RGUs (Contract+Prepaid) '000 ... ... ... ... ... ... ... ... ... 16,447    
Number of Contract Customers '000 ... ... ... ... ... ... ... ... 6,313 6,288    
ARPU per Contract Customer PLN ... ... ... ... ... ... ... ... 93.6 88.5    

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Feb 2014
Statistical Dossier

Polsat's Cash & Cash Equivalents fell 12.9% yoy to PLN 1,512 mil in 2015

By Helgi Library - April 2, 2020

Cyfrowy Polsat's total assets reached PLN 26,490 mil at the end of 2015, down 3.1% compared to the previous year. Current assets amounted to PLN 4,229 mil, or 16.0% of total assets while cash stood at PLN 1,512 mil at the end of 2015. ...

More News

Cyfrowy Polsat SA is a Poland-based pay digital television platform operator. It is composed of Cyfrowy Polsat, direct-to-home (DTH) platform, and Telewizja Polsat, commercial television (TV) broadcaster. It operates through one business segment: Retail business, comprising DTH, broadband Internet in High Speed Packet Access (HSPA) and Long Term Evolution (LTE) technologies, as well as mobile telephony services in a mobile virtual network operator (MVNO) model; and Broadcasting and television production, offering TV channels consisting of general entertainment, sports, news, business, lifestyle, movie and children's channels. The Company has a 20.5% audience market share and 23.2% share of the TV advertising market and nearly 3.6 mil subcribers

Finance

Cyfrowy Polsat has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 53.1% a year during that time to total of PLN 3,685 mil in 2015, or 37.5% of sales. That’s compared to 37.2% average margin seen in last five years.

The company netted PLN 1,163 mil in 2015 implying ROE of 12.0% and ROCE of 5.03%. Again, the average figures were 15.5% and 7.53%, respectively when looking at the previous 5 years.

Cyfrowy Polsat’s net debt amounted to PLN 10,851 mil at the end of 2015, or 1.06 of equity. When compared to EBITDA, net debt was 2.94x, up when compared to average of 2.72x seen in the last 5 years.

Valuation

Cyfrowy Polsat stock traded at EUR 20.9 per share at the end of 2015 resulting in a market capitalization of USD 3,423 mil. Over the previous five years, stock price grew by 26.5% or 4.82% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.26x and price to earnings (PE) of 11.5x as of 2015.

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