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Hrvatski Telekom

Hrvatski Telekom's Cash & Cash Equivalents rose 8.12% yoy to HRK 4,033 mil in 2015

By Helgi Library - April 2, 2020

Hrvatski Telekom's total assets reached HRK 14,079 mil at the end of 2015, up 1.72% compared to the previous year. ...

Hrvatski Telekom's Cash & Cash Equivalents rose 8.12% yoy to HRK 4,033 mil in 2015

By Helgi Library - April 2, 2020

Hrvatski Telekom's total assets reached HRK 14,079 mil at the end of 2015, up 1.72% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales HRK mil 7,179 7,032 7,017
Gross Profit HRK mil 5,378 5,175 5,123
EBITDA HRK mil 2,946 2,607 2,668
EBIT HRK mil 1,632 1,225 1,199
Financing Cost HRK mil 3.00 40.0 3.00
Pre-Tax Profit HRK mil 1,629 1,185 1,168
Net Profit HRK mil 1,441 1,143 925
Dividends HRK mil 737 573 ...
Balance Sheet 2013 2014 2015
Total Assets HRK mil 12,827 13,841 14,079
Non-Current Assets HRK mil 7,736 8,206 8,443
Current Assets HRK mil 5,091 5,635 5,636
Working Capital HRK mil 212 356 52.0
Shareholders' Equity HRK mil 10,700 11,110 11,464
Liabilities HRK mil 2,127 2,731 2,615
Total Debt HRK mil 5.00 315 294
Net Debt HRK mil -3,365 -3,415 -3,739
Ratios 2013 2014 2015
ROE % 13.3 10.5 8.20
ROCE % 18.3 13.8 10.8
Gross Margin % 74.9 73.6 73.0
EBITDA Margin % 41.0 37.1 38.0
EBIT Margin % 22.7 17.4 17.1
Net Margin % 20.1 16.3 13.2
Net Debt/EBITDA -1.14 -1.31 -1.40
Net Debt/Equity -0.314 -0.307 -0.326
Cost of Financing % 9.49 25.0 0.985
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,629 1,982 1,867
Enterprise Value (EV) USD mil 2,020 1,442 1,277
Number Of Shares mil 81.9 81.9 81.9
Share Price HRK 177 153 144
EV/EBITDA 3.91 3.28 2.84
EV/Sales 1.61 1.22 1.08
Price/Earnings (P/E) 10.1 11.0 12.8
Price/Book Value (P/BV) 1.36 1.13 1.03
Dividend Yield % 5.07 4.57 ...

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil ...           8,517 8,375 8,067 7,456 7,179    
Gross Profit HRK mil ... ... ... ... ... ... ... ... 5,803 5,436 5,378    
EBIT HRK mil ...           2,460 2,445 2,379 2,189 1,632    
Net Profit HRK mil ...           2,024 1,831 1,811 1,696 1,441    
ROE % ...           16.6 15.9 16.4 15.5 13.3    
EBIT Margin % ...           28.9 29.2 29.5 29.4 22.7    
Net Margin % ...           23.8 21.9 22.5 22.7 20.1    
balance sheet                          
Total Assets HRK mil ...           14,472 13,585 13,136 13,113 12,827    
Non-Current Assets HRK mil ...           8,174 8,008 7,462 7,858 7,736    
Current Assets HRK mil ...           6,298 5,577 5,675 5,254 5,091    
Shareholders' Equity HRK mil ...           12,012 11,054 11,019 10,899 10,700    
Liabilities HRK mil ...           2,460 2,531 2,117 2,214 2,127    
Non-Current Liabilities HRK mil ...           549 410 625 547 281    
Current Liabilities HRK mil ...           1,911 2,121 1,492 1,667 1,846    
Net Debt/EBITDA ...           -1.09 -0.850 -0.963 -0.878 -1.14    
Net Debt/Equity ...           -0.347 -0.292 -0.331 -0.283 -0.314    
Cost of Financing % ... ...         164 134 73.8 103 9.49    
cash flow                          
Total Cash From Operations HRK mil ...           3,020 3,266 3,050 3,058 2,131    
Total Cash From Investing HRK mil ...           -1,593 -1,389 -754 -1,791 -1,477    
Total Cash From Financing HRK mil ...           -2,455 -2,790 -1,874 -1,825 -1,763    
Net Change In Cash HRK mil ...           -1,028 -913 422 -558 -1,109    
valuation                          
Market Capitalisation USD mil ... ... ... ...     4,416 4,286 3,401 2,836 2,629    
Number Of Shares mil ... ... ... ...     81.9 81.9 81.9 81.9 81.9    
Share Price HRK ... ... ... ...     275 289 242 199 177    
Earnings Per Share (EPS) HRK ... ... ... ...     24.7 22.4 22.1 20.7 17.6    
Book Value Per Share HRK ... ... ... ...     147 135 135 133 131    
Dividend Per Share HRK ... ... ... ...     34.0 22.8 22.1 20.5 9.00   ...
Price/Earnings (P/E) ... ... ... ...     11.1 12.9 10.9 9.59 10.1    
Price/Book Value (P/BV) ... ... ... ...     1.87 2.14 1.80 1.49 1.36    
Dividend Yield % ... ... ... ...     12.4 7.88 9.17 10.3 5.07   ...
Earnings Per Share Growth % ... ... ... ... ...   -12.4 -9.54 -1.08 -6.38 -15.0    
Book Value Per Share Growth % ... ... ... ... ...   -3.44 -7.98 -0.320 -1.09 -1.82    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                          
Sales HRK mil ...           8,517 8,375 8,067 7,456 7,179    
Cost of Goods & Services HRK mil ... ... ... ... ... ... ... ... 2,265 2,020 1,801    
Gross Profit HRK mil ... ... ... ... ... ... ... ... 5,803 5,436 5,378    
EBITDA HRK mil ...           3,825 3,795 3,794 3,515 2,946    
Depreciation HRK mil ...           1,365 1,350 1,415 1,326 1,314    
EBIT HRK mil ...           2,460 2,445 2,379 2,189 1,632    
Financing Cost HRK mil ...           41.0 55.0 39.5 56.4 3.00    
Extraordinary Cost HRK mil ...           -147 115 84.3 40.6 0    
Pre-Tax Profit HRK mil ...           2,566 2,275 2,255 2,092 1,629    
Tax HRK mil ...           542 444 444 396 188    
Minorities HRK mil ...           0 0 0 0 0    
Net Profit HRK mil ...           2,024 1,831 1,811 1,696 1,441    
Dividends HRK mil             2,788 1,863 1,813 1,679 737   ...
growth rates                          
Total Revenue Growth % ... ...         -3.39 -1.67 -3.67 -7.58 -3.72    
EBITDA Growth % ... ...         -4.73 -0.784 -0.037 -7.35 -16.2    
EBIT Growth % ... ...         -7.83 -0.610 -2.70 -7.99 -25.4    
Pre-Tax Profit Growth % ... ...         -12.8 -11.3 -0.871 -7.24 -22.1    
Net Profit Growth % ... ...         -12.4 -9.54 -1.08 -6.38 -15.0    
ratios                          
ROE % ...           16.6 15.9 16.4 15.5 13.3    
ROCE % ... ...         24.5 21.7 22.6 21.9 18.3    
Gross Margin % ... ... ... ... ... ... ... ... 71.9 72.9 74.9    
EBITDA Margin % ...           44.9 45.3 47.0 47.1 41.0    
EBIT Margin % ...           28.9 29.2 29.5 29.4 22.7    
Net Margin % ...           23.8 21.9 22.5 22.7 20.1    
Payout Ratio % ...           138 102 100 99.0 51.1   ...
Cost of Financing % ... ...         164 134 73.8 103 9.49    
Net Debt/EBITDA ...           -1.09 -0.850 -0.963 -0.878 -1.14    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                          
Non-Current Assets HRK mil ...           8,174 8,008 7,462 7,858 7,736    
Property, Plant & Equipment HRK mil ...           6,507 6,336 5,953 5,734 5,516    
Intangible Assets HRK mil ...           1,021 1,000 999 1,142 1,365    
Goodwill HRK mil ... ... ... ... ... ... ... ... ... ... 162    
Current Assets HRK mil ...           6,298 5,577 5,675 5,254 5,091    
Inventories HRK mil ...           255 216 175 155 115    
Receivables HRK mil ...           1,466 1,479 1,231 1,143 1,457    
Cash & Cash Equivalents HRK mil ...           4,195 3,282 3,704 3,146 3,370    
Total Assets HRK mil ...           14,472 13,585 13,136 13,113 12,827    
Shareholders' Equity HRK mil ...           12,012 11,054 11,019 10,899 10,700    
Of Which Minority Interest HRK mil ...           0 0 0.959 0 0    
Liabilities HRK mil ...           2,460 2,531 2,117 2,214 2,127    
Non-Current Liabilities HRK mil ...           549 410 625 547 281    
Long-Term Debt HRK mil ...           25.0 43.0 32.2 52.2 0    
Current Liabilities HRK mil ...           1,911 2,121 1,492 1,667 1,846    
Short-Term Debt HRK mil ...           1.00 13.0 18.9 5.99 5.00    
Trade Payables HRK mil ...           1,355 1,381 1,170 1,384 1,360    
Equity And Liabilities HRK mil ...           14,472 13,585 13,136 13,113 12,827    
growth rates                          
Total Asset Growth % ... ...         -4.66 -6.13 -3.30 -0.178 -2.18    
Shareholders' Equity Growth % ... ...         -3.44 -7.98 -0.320 -1.09 -1.82    
Net Debt Growth % ... ...         -19.8 -22.6 13.2 -15.5 8.98    
Total Debt Growth % ... ...         8.33 115 -8.76 13.9 -91.4    
ratios                          
Total Debt HRK mil ...           26.0 56.0 51.1 58.2 5.00    
Net Debt HRK mil ...           -4,169 -3,226 -3,653 -3,088 -3,365    
Working Capital HRK mil ...           366 314 236 -85.7 212    
Capital Employed HRK mil ...           8,540 8,322 7,697 7,773 7,948    
Net Debt/Equity ...           -0.347 -0.292 -0.331 -0.283 -0.314    
Cost of Financing % ... ...         164 134 73.8 103 9.49    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                          
Net Profit HRK mil ...           2,024 1,831 1,811 1,696 1,441    
Depreciation HRK mil ...           1,365 1,350 1,415 1,326 1,314    
Non-Cash Items HRK mil ... ...         -7.00 33.0 -254 -285 -326    
Change in Working Capital HRK mil ... ...         -362 52.0 78.3 321 -298    
Total Cash From Operations HRK mil ...           3,020 3,266 3,050 3,058 2,131    
Capital Expenditures HRK mil ...           -1,553 -1,153 -877 -1,180 -1,132    
Other Investments HRK mil ...           -40.0 -236 123 -610 -345    
Total Cash From Investing HRK mil ...           -1,593 -1,389 -754 -1,791 -1,477    
Dividends Paid HRK mil             -2,788 -1,863 -1,813 -1,679 -737   ...
Issuance Of Debt HRK mil ... ...         2.00 30.0 -4.91 7.11 -53.2    
Total Cash From Financing HRK mil ...           -2,455 -2,790 -1,874 -1,825 -1,763    
Net Change In Cash HRK mil ...           -1,028 -913 422 -558 -1,109    
ratios                          
Days Sales Outstanding days ...           62.8 64.5 55.7 55.9 74.1    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... 28.2 28.1 23.3    
Days Payable Outstanding days ... ... ... ... ... ... ... ... 189 250 276    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... -105 -166 -178    
Cash Earnings HRK mil ...           3,389 3,181 3,226 3,022 2,755    
Cash Earnings Per Share HRK ... ... ... ...     41.4 38.8 39.4 36.9 33.6    
Price/Cash Earnings (P/CE) ... ... ... ...     6.64 7.43 6.13 5.38 5.27    
Free Cash Flow HRK mil ...           1,427 1,877 2,296 1,268 654    
Free Cash Flow Yield % ... ... ... ...     6.12 7.96 12.6 7.64 4.36    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                          
ROA % ...           13.7 13.1 13.6 12.9 11.1    
Gross Margin % ... ... ... ... ... ... ... ... 71.9 72.9 74.9    
Effective Tax Rate % ...           21.1 19.5 19.7 18.9 11.5    
Enterprise Value (EV) USD mil ... ... ... ...     3,597 3,701 2,773 2,297 2,020    
EV/EBITDA ... ... ... ...     4.97 5.37 3.91 3.82 3.91    
EV/Capital Employed ... ... ... ...     2.15 2.45 2.10 1.69 1.40    
EV/Sales ... ... ... ...     2.23 2.43 1.84 1.80 1.61    
EV/EBIT ... ... ... ...     7.72 8.33 6.23 6.14 7.07    
Capital Expenditures (As % of Sales) % ...           18.2 13.8 10.9 15.8 15.8    

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May 2016
Statistical Dossier
Jun 2014
Statistical Dossier

Hrvatski Telekom d.d. is a Croatia-based provider of telecommunications services. The Company combines the services of fixed and mobile telephony, data transmission, Internet and international communications. The Company is the leading provider of telecommunications services in Croatia, serving more than 1.3 million fixed lines, nearly 2.5 million mobile subscribers and 648,000 broadband connections. Hrvatski Telekom provides telecommunications services, design and construction of telecommunications networks. In addition to the provision of fixed telephony services (fixed-line access and traffic, as well as fixed-network supplementary services), the Group also provides Internet services, including IPTV, data transmission services and GSM and UMTS mobile telephone networks. Hrvatski Telekom is owned by T-Mobile Global Holding.

Finance

Hrvatski Telekom has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 6.8% a year during that time to total of HRK 2,668 mil in 2015, or 38.0% of sales. That’s compared to 42.1% average margin seen in last five years.

The company netted HRK 925 mil in 2015 implying ROE of 8.20% and ROCE of 10.8%. Again, the average figures were 12.8% and 17.5%, respectively when looking at the previous 5 years.

Hrvatski Telekom’s net debt amounted to HRK -3,739 mil at the end of 2015, or -0.326 of equity. When compared to EBITDA, net debt was -1.40x, down when compared to average of -1.14x seen in the last 5 years.

Valuation

Hrvatski Telekom stock traded at HRK 144 per share at the end of 2015 resulting in a market capitalization of USD 1,867 mil. Over the previous five years, stock price fell by 50% or -12.9% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 2.84x and price to earnings (PE) of 12.8x as of 2015.

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