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Ericsson Nikola Tesla

Ericsson Nikola Tesl's Cash & Cash Equivalents rose 24.3% yoy to HRK 287 mil in 2015

By Helgi Library - April 2, 2020

Ericsson Nikola Tesla's total assets reached HRK 724 mil at the end of 2015, up 3.47% compared to the previous year. ...

Ericsson Nikola Tesl's Cash & Cash Equivalents rose 24.3% yoy to HRK 287 mil in 2015

By Helgi Library - April 2, 2020

Ericsson Nikola Tesla's total assets reached HRK 724 mil at the end of 2015, up 3.47% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales HRK mil 1,345 1,315 1,364
Gross Profit HRK mil 220 180 177
EBITDA HRK mil 168 128 143
EBIT HRK mil 127 81.4 91.4
Financing Cost HRK mil -17.1 -6.89 -1.56
Pre-Tax Profit HRK mil 144 88.3 92.9
Net Profit HRK mil 144 87.4 91.4
Dividends HRK mil 425 120 ...
Balance Sheet 2013 2014 2015
Total Assets HRK mil 1,048 700 724
Non-Current Assets HRK mil 153 160 163
Current Assets HRK mil 896 539 560
Working Capital HRK mil 257 222 198
Shareholders' Equity HRK mil 671 335 308
Liabilities HRK mil 377 364 416
Total Debt HRK mil 0.380 0.390 0.030
Net Debt HRK mil -521 -231 -287
Ratios 2013 2014 2015
ROE % 20.3 17.4 28.4
ROCE % 37.5 22.1 24.5
Gross Margin % 16.4 13.7 13.0
EBITDA Margin % 12.5 9.71 10.5
EBIT Margin % 9.46 6.19 6.70
Net Margin % 10.7 6.64 6.70
Net Debt/EBITDA -3.11 -1.81 -2.00
Net Debt/Equity -0.776 -0.688 -0.932
Cost of Financing % -1,630 -1,790 -743
Valuation 2013 2014 2015
Market Capitalisation USD mil 352 274 218
Enterprise Value (EV) USD mil 257 237 172
Number Of Shares mil 1.33 1.33 1.33
Share Price HRK 1,459 1,303 1,036
EV/EBITDA 8.77 11.0 7.14
EV/Sales 1.09 1.07 0.750
Price/Earnings (P/E) 13.5 19.9 15.1
Price/Book Value (P/BV) 2.89 5.17 4.48
Dividend Yield % 21.9 6.90 ...

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil             1,400 1,219 1,166 1,913 1,345    
Gross Profit HRK mil ... ... ... ... ...   186 206 ... 212 220    
EBIT HRK mil             65.7 -15.2 -12.0 117 127    
Net Profit HRK mil             128 24.1 28.0 127 144    
ROE %             10.9 2.12 2.91 15.8 20.3    
EBIT Margin %             4.69 -1.25 -1.03 6.09 9.46    
Net Margin %             9.17 1.97 2.40 6.63 10.7    
balance sheet                          
Total Assets HRK mil             1,552 1,425 1,191 1,170 1,048    
Non-Current Assets HRK mil             442 153 202 152 153    
Current Assets HRK mil             1,110 1,272 989 1,018 896    
Shareholders' Equity HRK mil             1,200 1,071 851 754 671    
Liabilities HRK mil             352 354 340 416 377    
Non-Current Liabilities HRK mil             10.1 8.24 177 4.45 4.76    
Current Liabilities HRK mil             342 346 163 410 372    
Net Debt/EBITDA             -3.13 -16.1 -14.3 -4.07 -3.11    
Net Debt/Equity             -0.340 -0.625 -0.613 -0.869 -0.776    
Cost of Financing % ...           -791 -708 -807 -939 -1,630    
cash flow                          
Total Cash From Operations HRK mil             323 392 154 298 141    
Total Cash From Investing HRK mil             -45.9 -39.7 -59.8 -79.9 -10.1    
Total Cash From Financing HRK mil             -180 -93.0 -243 -230 -233    
Net Change In Cash HRK mil             96.6 259 -149 -12.0 -102    
valuation                          
Market Capitalisation USD mil             344 324 247 320 352    
Number Of Shares mil             1.31 1.31 1.33 1.33 1.33    
Share Price HRK             1,340 1,361 1,080 1,379 1,459    
Earnings Per Share (EPS) HRK             98.1 18.3 21.0 95.3 108    
Book Value Per Share HRK             917 815 639 566 504    
Dividend Per Share HRK             121 191 173 170 319   ...
Price/Earnings (P/E)             13.7 74.4 51.4 14.5 13.5    
Price/Book Value (P/BV)             1.46 1.67 1.69 2.43 2.89    
Dividend Yield %             9.02 14.0 16.0 12.3 21.9   ...
Earnings Per Share Growth % ...           -36.7 -81.3 14.8 354 13.7    
Book Value Per Share Growth % ...           3.61 -11.1 -21.6 -11.4 -11.0    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil             1,400 1,219 1,166 1,913 1,345    
Cost of Goods & Services HRK mil ... ... ... ... ...   1,214 1,013 ... 1,702 1,125    
Gross Profit HRK mil ... ... ... ... ...   186 206 ... 212 220    
EBITDA HRK mil             130 41.6 36.5 161 168    
Depreciation HRK mil             64.8 56.8 48.4 44.6 40.3    
EBIT HRK mil             65.7 -15.2 -12.0 117 127    
Financing Cost HRK mil             -61.1 -41.2 -34.3 -24.4 -17.1    
Extraordinary Cost HRK mil             0 0 0 0 0    
Pre-Tax Profit HRK mil             127 26.0 22.4 141 144    
Tax HRK mil             -1.63 1.91 -5.63 14.1 0.010    
Minorities HRK mil             0 0 0 0 0    
Net Profit HRK mil             128 24.1 28.0 127 144    
Dividends HRK mil             158 251 230 226 425   ...
growth rates                          
Total Revenue Growth % ...           -22.2 -12.9 -4.36 64.1 -29.7    
EBITDA Growth % ...           -44.8 -68.1 -12.2 342 3.94    
EBIT Growth % ...           -59.8 -123 -21.6 -1,076 9.12    
Pre-Tax Profit Growth % ...           -43.9 -79.5 -13.9 531 2.37    
Net Profit Growth % ...           -37.1 -81.3 16.3 354 13.7    
ratios                          
ROE %             10.9 2.12 2.91 15.8 20.3    
ROCE % ...           13.1 3.18 5.29 30.4 37.5    
Gross Margin % ... ... ... ... ...   13.3 16.9 ... 11.1 16.4    
EBITDA Margin %             9.32 3.41 3.13 8.42 12.5    
EBIT Margin %             4.69 -1.25 -1.03 6.09 9.46    
Net Margin %             9.17 1.97 2.40 6.63 10.7    
Payout Ratio %             123 1,044 822 178 294   ...
Cost of Financing % ...           -791 -708 -807 -939 -1,630    
Net Debt/EBITDA             -3.13 -16.1 -14.3 -4.07 -3.11    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets HRK mil             442 153 202 152 153    
Property, Plant & Equipment HRK mil             146 129 134 117 132    
Intangible Assets HRK mil             4.43 4.81 3.42 4.31 2.11    
Goodwill HRK mil ... ... ... ... ... ... ... ... ... ... ...    
Current Assets HRK mil             1,110 1,272 989 1,018 896    
Inventories HRK mil             24.1 44.8 22.7 33.3 51.5    
Receivables HRK mil             510 422 361 324 322    
Cash & Cash Equivalents HRK mil             415 674 525 657 521    
Total Assets HRK mil             1,552 1,425 1,191 1,170 1,048    
Shareholders' Equity HRK mil             1,200 1,071 851 754 671    
Of Which Minority Interest HRK mil             0 0 0 0 0    
Liabilities HRK mil             352 354 340 416 377    
Non-Current Liabilities HRK mil             10.1 8.24 177 4.45 4.76    
Long-Term Debt HRK mil             4.97 3.35 1.43 0.010 0.070    
Current Liabilities HRK mil             342 346 163 410 372    
Short-Term Debt HRK mil             1.66 1.67 2.05 1.71 0.310    
Trade Payables HRK mil             43.4 38.5 110 150 116    
Equity And Liabilities HRK mil             1,552 1,425 1,191 1,170 1,048    
growth rates                          
Total Asset Growth % ...           2.07 -8.20 -16.4 -1.79 -10.4    
Shareholders' Equity Growth % ...           2.92 -10.8 -20.6 -11.4 -11.0    
Net Debt Growth % ...           31.9 63.8 -22.0 25.6 -20.5    
Total Debt Growth % ...           -25.1 -24.2 -30.6 -50.6 -77.9    
ratios                          
Total Debt HRK mil             6.62 5.02 3.48 1.72 0.380    
Net Debt HRK mil             -408 -669 -522 -655 -521    
Working Capital HRK mil             491 429 274 207 257    
Capital Employed HRK mil             933 582 476 359 410    
Net Debt/Equity             -0.340 -0.625 -0.613 -0.869 -0.776    
Cost of Financing % ...           -791 -708 -807 -939 -1,630    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit HRK mil             128 24.1 28.0 127 144    
Depreciation HRK mil             64.8 56.8 48.4 44.6 40.3    
Non-Cash Items HRK mil ...           123 249 -77.5 59.8 6.20    
Change in Working Capital HRK mil ...           6.13 62.1 155 66.5 -49.7    
Total Cash From Operations HRK mil             323 392 154 298 141    
Capital Expenditures HRK mil             -46.1 -39.7 -54.2 -33.0 -63.8    
Other Investments HRK mil             0.151 0.043 -5.54 -46.8 53.8    
Total Cash From Investing HRK mil             -45.9 -39.7 -59.8 -79.9 -10.1    
Dividends Paid HRK mil             -158 -251 -230 -226 -425   ...
Issuance Of Debt HRK mil ...           -2.21 -1.60 -1.54 -1.76 -1.34    
Total Cash From Financing HRK mil             -180 -93.0 -243 -230 -233    
Net Change In Cash HRK mil             96.6 259 -149 -12.0 -102    
ratios                          
Days Sales Outstanding days             133 126 113 61.8 87.3    
Days Sales Of Inventory days ... ... ... ... ...   7.23 16.1 ... 7.14 16.7    
Days Payable Outstanding days ... ... ... ... ...   13.1 13.9 ... 32.1 37.7    
Cash Conversion Cycle days ... ... ... ... ...   127 129 ... 36.8 66.3    
Cash Earnings HRK mil             193 80.9 76.4 171 185    
Cash Earnings Per Share HRK             148 61.5 57.4 129 139    
Price/Cash Earnings (P/CE)             9.08 22.1 18.8 10.7 10.5    
Free Cash Flow HRK mil             277 352 93.8 218 131    
Free Cash Flow Yield %             15.2 19.7 7.10 11.6 6.53    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA %             8.36 1.62 2.14 10.8 13.0    
Gross Margin % ... ... ... ... ...   13.3 16.9 ... 11.1 16.4    
Effective Tax Rate %             -1.29 7.34 -25.2 10.0 0.007    
Enterprise Value (EV) USD mil             264 203 158 206 257    
EV/EBITDA             10.7 26.9 23.1 7.48 8.77    
EV/Capital Employed             1.44 1.93 1.93 3.29 3.47    
EV/Sales             0.996 0.917 0.723 0.630 1.09    
EV/EBIT             21.2 -73.3 -70.5 10.3 11.5    
Capital Expenditures (As % of Sales) %             3.29 3.26 4.65 1.73 4.74    

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May 2016
Statistical Dossier
Jun 2014
Statistical Dossier

Ericsson Nikola Tesla dd is a Croatia-based company primarily engaged in the telecommunications business. The Company is the Croatian affiliate of the Swedish telecommunications equipment manufacturer Ericsson. The Company is named after the inventor Nikola Tesla and is the largest specialized provider of modern telecommunications products, solutions and services in central and eastern Europe. Ericsson Nikola Tesla traces its roots back to the state-owned Nikola Tesla Corporation founded in 1949 in Zagreb, then SFR Yugoslavia. It became a licence partner of Ericsson of Sweden in 1953, selling large volumes of Ericsson systems into the USSR and other markets from 1958. In 1994, the Company was privatised and then largely integrated into Ericsson's operations afterwards.

Finance

Ericsson Nikola Tesla has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 28.1% a year during that time to total of HRK 143 mil in 2015, or 10.5% of sales. That’s compared to 8.84% average margin seen in last five years.

The company netted HRK 91.4 mil in 2015 implying ROE of 28.4% and ROCE of 24.5%. Again, the average figures were 16.9% and 24.0%, respectively when looking at the previous 5 years.

Ericsson Nikola Tesla’s net debt amounted to HRK -287 mil at the end of 2015, or -0.932 of equity. When compared to EBITDA, net debt was -2.00x, up when compared to average of -5.06x seen in the last 5 years.

Valuation

Ericsson Nikola Tesla stock traded at HRK 1,036 per share at the end of 2015 resulting in a market capitalization of USD 218 mil. Over the previous five years, stock price fell by 23.9% or -5.31% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.14x and price to earnings (PE) of 15.1x as of 2015.

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