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. ...
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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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.
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.
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.