By Helgi Library - April 2, 2020
Koncar Group's total assets reached HRK 3,683 mil at the end of 2015, down 6% compared to the previous year. Curre...
By Helgi Library - April 2, 2020
Koncar Group's total assets reached HRK 3,683 mil at the end of 2015, down 6% compared to the previous year. Curre...
Profit Statement | 2013 | 2014 | 2015 | |
Sales | HRK mil | 2,509 | 2,649 | 3,049 |
Gross Profit | HRK mil | 766 | 751 | 926 |
EBITDA | HRK mil | 199 | 193 | 213 |
EBIT | HRK mil | 116 | 104 | 124 |
Financing Cost | HRK mil | -63.2 | -72.1 | -42.0 |
Pre-Tax Profit | HRK mil | 179 | 176 | 166 |
Net Profit | HRK mil | 135 | 129 | 125 |
Dividends | HRK mil | 45.3 | 49.4 | ... |
Balance Sheet | 2013 | 2014 | 2015 | |
Total Assets | HRK mil | 3,467 | 3,918 | 3,683 |
Non-Current Assets | HRK mil | 1,485 | 1,501 | 1,533 |
Current Assets | HRK mil | 1,982 | 2,418 | 2,150 |
Working Capital | HRK mil | 1,212 | 1,593 | 1,417 |
Shareholders' Equity | HRK mil | 1,932 | 2,028 | 2,124 |
Liabilities | HRK mil | 1,535 | 1,891 | 1,559 |
Total Debt | HRK mil | 301 | 305 | 231 |
Net Debt | HRK mil | -148 | -86.2 | -116 |
Ratios | 2013 | 2014 | 2015 | |
ROE | % | 7.18 | 6.53 | 6.04 |
ROCE | % | 5.13 | 4.46 | 4.15 |
Gross Margin | % | 30.5 | 28.4 | 30.4 |
EBITDA Margin | % | 7.92 | 7.30 | 6.99 |
EBIT Margin | % | 4.63 | 3.93 | 4.05 |
Net Margin | % | 5.38 | 4.88 | 4.11 |
Net Debt/EBITDA | -0.747 | -0.446 | -0.546 | |
Net Debt/Equity | -0.077 | -0.043 | -0.055 | |
Cost of Financing | % | -16.2 | -23.8 | -15.7 |
Valuation | 2013 | 2014 | 2015 | |
Market Capitalisation | USD mil | 307 | 280 | 266 |
Enterprise Value (EV) | USD mil | 281 | 266 | 248 |
Number Of Shares | mil | 2.57 | 2.57 | 2.57 |
Share Price | HRK | 660 | 690 | 655 |
EV/EBITDA | 8.06 | 8.17 | 6.89 | |
EV/Sales | 0.638 | 0.596 | 0.482 | |
Price/Earnings (P/E) | 12.6 | 13.7 | 13.4 | |
Price/Book Value (P/BV) | 0.879 | 0.875 | 0.793 | |
Dividend Yield | % | 2.67 | 2.78 | ... |
Get all company financials in excel:
summary | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
income statement | ||||||||||||||||
Sales | HRK mil | 2,675 | 2,434 | 2,348 | 2,442 | 2,509 | ||||||||||
Gross Profit | HRK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 710 | 766 | ||
EBIT | HRK mil | 246 | 208 | 125 | 94.9 | 116 | ||||||||||
Net Profit | HRK mil | 113 | 144 | 154 | 151 | 135 | ||||||||||
ROE | % | 7.31 | 8.47 | 8.29 | 8.01 | 7.18 | ||||||||||
EBIT Margin | % | 9.20 | 8.56 | 5.31 | 3.89 | 4.63 | ||||||||||
Net Margin | % | 4.22 | 5.92 | 6.57 | 6.17 | 5.38 | ||||||||||
balance sheet | ||||||||||||||||
Total Assets | HRK mil | 3,271 | 3,294 | 3,480 | 3,531 | 3,467 | ||||||||||
Non-Current Assets | HRK mil | 1,173 | 1,188 | 1,338 | 1,500 | 1,485 | ||||||||||
Current Assets | HRK mil | 2,097 | 2,107 | 2,141 | 2,031 | 1,982 | ||||||||||
Shareholders' Equity | HRK mil | 1,610 | 1,794 | 1,925 | 1,833 | 1,932 | ||||||||||
Liabilities | HRK mil | 1,661 | 1,500 | 1,555 | 1,698 | 1,535 | ||||||||||
Non-Current Liabilities | HRK mil | 719 | 715 | 741 | 755 | 789 | ||||||||||
Current Liabilities | HRK mil | 941 | 785 | 814 | 732 | 746 | ||||||||||
Net Debt/EBITDA | -0.115 | -0.822 | 0.729 | 0.413 | -0.747 | |||||||||||
Net Debt/Equity | -0.023 | -0.130 | 0.076 | 0.037 | -0.077 | |||||||||||
Cost of Financing | % | ... | 21.8 | 0 | -14.3 | -21.7 | -16.2 | |||||||||
cash flow | ||||||||||||||||
Total Cash From Operations | HRK mil | ... | 116 | 381 | 102 | -85.6 | 294 | |||||||||
Total Cash From Investing | HRK mil | ... | -45.3 | -42.5 | -69.8 | -42.7 | -55.9 | |||||||||
Total Cash From Financing | HRK mil | ... | -133 | -68.6 | -293 | 221 | -203 | |||||||||
Net Change In Cash | HRK mil | ... | -62.1 | 270 | -261 | 92.2 | 34.6 | |||||||||
valuation | ||||||||||||||||
Market Capitalisation | USD mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 227 | 287 | 307 | ||
Number Of Shares | mil | 2.57 | 2.57 | 2.57 | 2.57 | 2.57 | ||||||||||
Share Price | HRK | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 514 | 639 | 660 | ||
Earnings Per Share (EPS) | HRK | 43.9 | 56.1 | 60.0 | 58.5 | 52.5 | ||||||||||
Book Value Per Share | HRK | 626 | 698 | 748 | 713 | 751 | ||||||||||
Dividend Per Share | HRK | 6.69 | 19.1 | 12.0 | 12.0 | 17.6 | ... | |||||||||
Price/Earnings (P/E) | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 8.57 | 10.9 | 12.6 | |||
Price/Book Value (P/BV) | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 0.686 | 0.896 | 0.879 | |||
Dividend Yield | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 2.33 | 1.87 | 2.67 | ... | |
Earnings Per Share Growth | % | ... | 7.16 | 27.8 | 6.95 | -2.38 | -10.2 | |||||||||
Book Value Per Share Growth | % | ... | 7.49 | 11.5 | 7.29 | -4.77 | 5.40 |
income statement | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
income statement | ||||||||||||||||
Sales | HRK mil | 2,675 | 2,434 | 2,348 | 2,442 | 2,509 | ||||||||||
Cost of Goods & Services | HRK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 1,732 | 1,743 | ||
Gross Profit | HRK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 710 | 766 | ||
EBITDA | HRK mil | 323 | 285 | 201 | 165 | 199 | ||||||||||
Depreciation | HRK mil | 76.5 | 76.4 | 75.8 | 70.1 | 82.6 | ||||||||||
EBIT | HRK mil | 246 | 208 | 125 | 94.9 | 116 | ||||||||||
Financing Cost | HRK mil | 61.5 | 0 | -57.9 | -103 | -63.2 | ||||||||||
Extraordinary Cost | HRK mil | 26.2 | 20.1 | -20.2 | -2.52 | 0.010 | ||||||||||
Pre-Tax Profit | HRK mil | 158 | 188 | 203 | 200 | 179 | ||||||||||
Tax | HRK mil | 13.3 | 15.3 | 18.8 | 21.7 | 15.7 | ||||||||||
Minorities | HRK mil | 32.3 | 28.8 | 29.8 | 27.8 | 28.6 | ||||||||||
Net Profit | HRK mil | 113 | 144 | 154 | 151 | 135 | ||||||||||
Dividends | HRK mil | 17.2 | 49.0 | 30.8 | 30.8 | 45.3 | ... | |||||||||
growth rates | ||||||||||||||||
Total Revenue Growth | % | ... | -6.94 | -9.00 | -3.55 | 3.99 | 2.77 | |||||||||
EBITDA Growth | % | ... | 4.31 | -11.7 | -29.6 | -17.7 | 20.4 | |||||||||
EBIT Growth | % | ... | 3.31 | -15.3 | -40.1 | -24.0 | 22.4 | |||||||||
Pre-Tax Profit Growth | % | ... | 8.35 | 18.9 | 7.72 | -1.38 | -10.3 | |||||||||
Net Profit Growth | % | ... | 8.66 | 27.8 | 6.95 | -2.38 | -10.2 | |||||||||
ratios | ||||||||||||||||
ROE | % | 7.31 | 8.47 | 8.29 | 8.01 | 7.18 | ||||||||||
ROCE | % | ... | 5.17 | 6.67 | 6.97 | 6.22 | 5.13 | |||||||||
Gross Margin | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 29.1 | 30.5 | ||
EBITDA Margin | % | 12.1 | 11.7 | 8.54 | 6.76 | 7.92 | ||||||||||
EBIT Margin | % | 9.20 | 8.56 | 5.31 | 3.89 | 4.63 | ||||||||||
Net Margin | % | 4.22 | 5.92 | 6.57 | 6.17 | 5.38 | ||||||||||
Payout Ratio | % | 15.2 | 34.0 | 20.0 | 20.5 | 33.5 | ... | |||||||||
Cost of Financing | % | ... | 21.8 | 0 | -14.3 | -21.7 | -16.2 | |||||||||
Net Debt/EBITDA | -0.115 | -0.822 | 0.729 | 0.413 | -0.747 |
balance sheet | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
balance sheet | ||||||||||||||||
Non-Current Assets | HRK mil | 1,173 | 1,188 | 1,338 | 1,500 | 1,485 | ||||||||||
Property, Plant & Equipment | HRK mil | 800 | 890 | 1,000 | 1,065 | 1,052 | ||||||||||
Intangible Assets | HRK mil | 29.0 | 25.0 | 46.6 | 33.9 | 37.0 | ||||||||||
Goodwill | HRK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 7.50 | 7.65 | ||
Current Assets | HRK mil | 2,097 | 2,107 | 2,141 | 2,031 | 1,982 | ||||||||||
Inventories | HRK mil | 552 | 493 | 488 | 476 | 445 | ||||||||||
Receivables | HRK mil | 866 | 878 | 849 | 941 | 1,075 | ||||||||||
Cash & Cash Equivalents | HRK mil | 310 | 580 | 319 | 412 | 449 | ||||||||||
Total Assets | HRK mil | 3,271 | 3,294 | 3,480 | 3,531 | 3,467 | ||||||||||
Shareholders' Equity | HRK mil | 1,610 | 1,794 | 1,925 | 1,833 | 1,932 | ||||||||||
Of Which Minority Interest | HRK mil | 200 | 214 | 224 | 235 | 243 | ||||||||||
Liabilities | HRK mil | 1,661 | 1,500 | 1,555 | 1,698 | 1,535 | ||||||||||
Non-Current Liabilities | HRK mil | 719 | 715 | 741 | 755 | 789 | ||||||||||
Long-Term Debt | HRK mil | 74.4 | 71.4 | 134 | 246 | 207 | ||||||||||
Deferred Tax Liabilities | HRK mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | |
Current Liabilities | HRK mil | 941 | 785 | 814 | 732 | 746 | ||||||||||
Short-Term Debt | HRK mil | 199 | 275 | 331 | 234 | 94.2 | ||||||||||
Trade Payables | HRK mil | 419 | 410 | 401 | 350 | 308 | ||||||||||
Equity And Liabilities | HRK mil | 3,271 | 3,294 | 3,480 | 3,531 | 3,467 | ||||||||||
growth rates | ||||||||||||||||
Total Asset Growth | % | ... | -0.806 | 0.719 | 5.63 | 1.48 | -1.82 | |||||||||
Shareholders' Equity Growth | % | ... | 8.99 | 11.5 | 7.29 | -4.77 | 5.40 | |||||||||
Net Debt Growth | % | ... | -53.6 | 529 | -162 | -53.4 | -318 | |||||||||
Total Debt Growth | % | ... | -6.51 | 26.8 | 34.4 | 3.05 | -37.3 | |||||||||
ratios | ||||||||||||||||
Total Debt | HRK mil | 273 | 346 | 466 | 480 | 301 | ||||||||||
Net Debt | HRK mil | -37.2 | -234 | 146 | 68.2 | -148 | ||||||||||
Working Capital | HRK mil | 1,000 | 960 | 936 | 1,067 | 1,212 | ||||||||||
Capital Employed | HRK mil | 2,174 | 2,148 | 2,274 | 2,567 | 2,698 | ||||||||||
Net Debt/Equity | -0.023 | -0.130 | 0.076 | 0.037 | -0.077 | |||||||||||
Cost of Financing | % | ... | 21.8 | 0 | -14.3 | -21.7 | -16.2 |
cash flow | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
cash flow | ||||||||||||||||
Net Profit | HRK mil | 113 | 144 | 154 | 151 | 135 | ||||||||||
Depreciation | HRK mil | 76.5 | 76.4 | 75.8 | 70.1 | 82.6 | ||||||||||
Non-Cash Items | HRK mil | ... | -154 | 121 | -153 | -175 | 222 | |||||||||
Change in Working Capital | HRK mil | ... | 80.5 | 39.6 | 24.8 | -131 | -145 | |||||||||
Total Cash From Operations | HRK mil | ... | 116 | 381 | 102 | -85.6 | 294 | |||||||||
Capital Expenditures | HRK mil | ... | -48.1 | -50.0 | -71.3 | -123 | -59.7 | |||||||||
Other Investments | HRK mil | ... | 2.81 | 7.41 | 1.44 | 80.1 | 3.81 | |||||||||
Total Cash From Investing | HRK mil | ... | -45.3 | -42.5 | -69.8 | -42.7 | -55.9 | |||||||||
Dividends Paid | HRK mil | ... | -17.2 | -49.0 | -30.8 | -30.8 | -45.3 | ... | ||||||||
Issuance Of Debt | HRK mil | ... | -19.0 | 73.3 | 119 | 14.2 | -179 | |||||||||
Total Cash From Financing | HRK mil | ... | -133 | -68.6 | -293 | 221 | -203 | |||||||||
Net Change In Cash | HRK mil | ... | -62.1 | 270 | -261 | 92.2 | 34.6 | |||||||||
ratios | ||||||||||||||||
Days Sales Outstanding | days | 118 | 132 | 132 | 141 | 156 | ||||||||||
Days Sales Of Inventory | days | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 100 | 93.2 | ||
Days Payable Outstanding | days | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 73.7 | 64.5 | ||
Cash Conversion Cycle | days | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 167 | 185 | ||
Cash Earnings | HRK mil | 189 | 221 | 230 | 221 | 218 | ||||||||||
Cash Earnings Per Share | HRK | 73.6 | 85.7 | 89.4 | 85.8 | 84.6 | ||||||||||
Price/Cash Earnings (P/CE) | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 5.75 | 7.44 | 7.80 | |||
Free Cash Flow | HRK mil | ... | 70.9 | 339 | 32.3 | -128 | 238 | |||||||||
Free Cash Flow Yield | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 2.66 | -7.65 | 13.6 |
other data | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
other data | ||||||||||||||||
ROA | % | 3.44 | 4.39 | 4.55 | 4.29 | 3.86 | ||||||||||
Gross Margin | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 29.1 | 30.5 | ||
Effective Tax Rate | % | 8.37 | 8.15 | 9.28 | 10.8 | 8.73 | ||||||||||
Enterprise Value (EV) | USD mil | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 252 | 298 | 281 | ||
EV/EBITDA | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 6.73 | 10.6 | 8.06 | |||
EV/Capital Employed | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 0.645 | 0.666 | 0.575 | |||
EV/Sales | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 0.575 | 0.715 | 0.638 | |||
EV/EBIT | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | 10.8 | 18.4 | 13.8 | |||
Capital Expenditures (As % of Sales) | % | ... | 1.80 | 2.05 | 3.04 | 5.03 | 2.38 |
Get all company financials in excel:
The Končar Group is a Croatia-based electrical, transport and energy company based in Zagreb. The Company consists of some 20 dependent companies, employing a staff of 4,000. The Company produces and distributes medium power and special transformers up to 100 megavolt ampere (MVA) and 170 kilovolt (kV). The Company's product range includes oil immersed distribution transformers, dry type distribution transformers, medium power transformers and special transformers, furnace transformers, autotransformers and reactors for different applications, among others. The Company exports around a half of its production, mostly to other EU countries. Končar was founded in 1921 and is named after World War II resistance fighter Rade Končar. The largest shareholder (28.2%) of the Company is Hrvatska poštanska banka.
Koncar Group has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 5.63% a year during that time to total of HRK 213 mil in 2015, or 6.99% of sales. That’s compared to 7.50% average margin seen in last five years.
The company netted HRK 125 mil in 2015 implying ROE of 6.04% and ROCE of 4.15%. Again, the average figures were 7.21% and 5.39%, respectively when looking at the previous 5 years.
Koncar Group’s net debt amounted to HRK -116 mil at the end of 2015, or -0.055 of equity. When compared to EBITDA, net debt was -0.546x, down when compared to average of -0.119x seen in the last 5 years.
Koncar Group stock traded at HRK 655 per share at the end of 2015 resulting in a market capitalization of USD 266 mil. Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 6.89x and price to earnings (PE) of 13.4x as of 2015.