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Netia

Netia's Cash & Cash Equivalents fell 60.1% yoy to PLN 82.7 mil in 2015

By Helgi Library - April 2, 2020

Netia's total assets reached PLN 2,689 mil at the end of 2015, down 6.98% compared to the previous year. Current a...

Netia's Cash & Cash Equivalents fell 60.1% yoy to PLN 82.7 mil in 2015

By Helgi Library - April 2, 2020

Netia's total assets reached PLN 2,689 mil at the end of 2015, down 6.98% compared to the previous year. Current a...

Profit Statement 2013 2014 2015
Sales PLN mil 1,876 1,674 1,572
Gross Profit PLN mil 1,061 968 908
EBITDA PLN mil 533 582 449
EBIT PLN mil 92.8 158 27.9
Financing Cost PLN mil 28.0 21.7 7.20
Pre-Tax Profit PLN mil 64.4 126 20.7
Net Profit PLN mil 46.3 175 2.21
Dividends PLN mil 146 209 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 2,938 2,891 2,689
Non-Current Assets PLN mil 2,621 2,408 2,399
Current Assets PLN mil 317 483 290
Working Capital PLN mil -37.8 -76.2 -41.6
Shareholders' Equity PLN mil 2,205 2,243 2,036
Liabilities PLN mil 733 648 653
Total Debt PLN mil 384 301 335
Net Debt PLN mil 291 93.2 252
Ratios 2013 2014 2015
ROE % 2.06 7.86 0.103
ROCE % 1.73 7.11 0.094
Gross Margin % 56.5 57.8 57.8
EBITDA Margin % 28.4 34.7 28.6
EBIT Margin % 4.94 9.42 1.78
Net Margin % 2.47 10.4 0.141
Net Debt/EBITDA 0.546 0.160 0.562
Net Debt/Equity 0.132 0.042 0.124
Cost of Financing % 5.99 6.32 2.27
Valuation 2013 2014 2015
Market Capitalisation USD mil 620 550 483
Enterprise Value (EV) USD mil 717 576 548
Number Of Shares mil 355 349 349
Share Price PLN 5.27 5.58 5.40
EV/EBITDA 4.25 3.25 4.54
EV/Sales 1.21 1.13 1.30
Price/Earnings (P/E) 40.4 11.1 853
Price/Book Value (P/BV) 0.848 0.868 0.926
Dividend Yield % 7.82 10.7 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     1,506 1,569 1,619 2,121 1,876    
Gross Profit PLN mil                     1,207 1,269 1,310 1,137 1,061    
EBIT PLN mil                     -7.71 43.4 69.6 -21.0 92.8    
Net Profit PLN mil                     88.7 264 249 -87.7 46.3    
ROE %                     4.49 12.2 10.4 -3.66 2.06    
EBIT Margin %                     -0.512 2.76 4.30 -0.988 4.94    
Net Margin %                     5.89 16.8 15.4 -4.13 2.47    
Employees ... ... ... ... ... ... ... ... ... ... 231 ... ... ... ... ...  
balance sheet                                  
Total Assets PLN mil                     2,342 2,569 3,553 3,233 2,938    
Non-Current Assets PLN mil                     1,899 1,974 3,100 2,777 2,621    
Current Assets PLN mil                     443 595 453 456 317    
Shareholders' Equity PLN mil                     2,026 2,298 2,500 2,296 2,205    
Liabilities PLN mil                     315 271 1,053 937 733    
Non-Current Liabilities PLN mil                     21.7 27.4 552 451 317    
Current Liabilities PLN mil                     294 244 501 486 416    
Net Debt/EBITDA                     -0.630 -0.511 1.42 0.884 0.546    
Net Debt/Equity                     -0.090 -0.076 0.215 0.178 0.132    
Cost of Financing % ...       ... ... ... ...     84.9 225 0.088 6.01 5.99    
cash flow                                  
Total Cash From Operations PLN mil ...     ...             331 386 380 541 575    
Total Cash From Investing PLN mil ...     ...             -303 -289 -1,073 -270 -279    
Total Cash From Financing PLN mil ...     ...             -7.04 -7.93 645 -304 -327    
Net Change In Cash PLN mil ...     ...             20.8 89.0 -48.0 -32.6 -30.6    
valuation                                  
Market Capitalisation USD mil ... ... ... ...             667 690 602 524 620    
Number Of Shares mil ... ... ... ...             390 393 391 379 355    
Share Price PLN ... ... ... ...             4.90 5.20 5.30 4.28 5.27    
Earnings Per Share (EPS) PLN ... ... ... ...             0.228 0.672 0.636 -0.231 0.131    
Book Value Per Share PLN ... ... ... ...             5.20 5.85 6.39 6.06 6.22    
Dividend Per Share PLN ... ... ... ...             0 0 0 0 0.412   ...
Price/Earnings (P/E) ... ... ... ...             21.5 7.74 8.34 -18.5 40.4    
Price/Book Value (P/BV) ... ... ... ...             0.942 0.889 0.830 0.706 0.848    
Dividend Yield % ... ... ... ...             0 0 0 0 7.82   ...
Earnings Per Share Growth % ... ... ... ... ...           -61.6 195 -5.37 -136 -156    
Book Value Per Share Growth % ... ... ... ... ...           4.95 12.5 9.24 -5.17 2.62    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales PLN mil                     1,506 1,569 1,619 2,121 1,876    
Cost of Goods & Services PLN mil                     299 301 309 985 815    
Gross Profit PLN mil                     1,207 1,269 1,310 1,137 1,061    
Staff Cost PLN mil ...                   19.9 21.5 10.2 11.6 9.38    
Other Cost PLN mil ...                   897 903 922 664 519    
EBITDA PLN mil                     291 344 378 462 533    
Depreciation PLN mil                     299 301 309 482 440    
EBIT PLN mil                     -7.71 43.4 69.6 -21.0 92.8    
Financing Cost PLN mil                     1.86 0.425 0.307 37.5 28.0    
Extraordinary Cost PLN mil                     -10.7 -246 -248 2.49 0.360    
Pre-Tax Profit PLN mil                     1.13 289 317 -60.9 64.4    
Tax PLN mil                     -87.6 24.9 68.5 26.8 18.1    
Minorities PLN mil                     0 0 0 0 0    
Net Profit PLN mil                     88.7 264 249 -87.7 46.3    
Dividends PLN mil                     0 0 0 0 146   ...
growth rates                                  
Total Revenue Growth % ...                   34.3 4.21 3.15 31.0 -11.6    
Operating Cost Growth % ... ...                 31.0 0.885 0.776 -27.5 -21.8    
EBITDA Growth % ...                   92.4 18.3 9.96 22.0 15.4    
EBIT Growth % ...                   -93.5 -663 60.4 -130 -543    
Pre-Tax Profit Growth % ...                   -99.5 25,568 9.87 -119 -206    
Net Profit Growth % ...                   -61.5 198 -5.73 -135 -153    
ratios                                  
ROE %                     4.49 12.2 10.4 -3.66 2.06    
ROCE % ...                   4.94 14.1 9.92 -2.99 1.73    
Gross Margin %                     80.2 80.8 80.9 53.6 56.5    
EBITDA Margin %                     19.3 21.9 23.4 21.8 28.4    
EBIT Margin %                     -0.512 2.76 4.30 -0.988 4.94    
Net Margin %                     5.89 16.8 15.4 -4.13 2.47    
Payout Ratio %                     0 0 0 0 316   ...
Cost of Financing % ...       ... ... ... ...     84.9 225 0.088 6.01 5.99    
Net Debt/EBITDA                     -0.630 -0.511 1.42 0.884 0.546    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets PLN mil                     1,899 1,974 3,100 2,777 2,621    
Property, Plant & Equipment PLN mil                     1,387 1,476 2,185 2,066 1,957    
Intangible Assets PLN mil                     389 389 765 597 538    
Goodwill PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 281 281    
Current Assets PLN mil                     443 595 453 456 317    
Inventories PLN mil                     3.14 11.4 5.31 2.09 2.66    
Receivables PLN mil                     174 140 256 248 191    
Cash & Cash Equivalents PLN mil                     184 176 159 143 93.4    
Total Assets PLN mil                     2,342 2,569 3,553 3,233 2,938    
Shareholders' Equity PLN mil                     2,026 2,298 2,500 2,296 2,205    
Of Which Minority Interest PLN mil                     0 0 0.005 0 0    
Liabilities PLN mil                     315 271 1,053 937 733    
Non-Current Liabilities PLN mil                     21.7 27.4 552 451 317    
Long-Term Debt PLN mil                     0 0 515 384 257    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... 17.7 17.8    
Current Liabilities PLN mil                     294 244 501 486 416    
Short-Term Debt PLN mil                     0.347 0.031 181 166 127    
Trade Payables PLN mil                     249 207 263 260 232    
Equity And Liabilities PLN mil                     2,342 2,569 3,553 3,233 2,938    
growth rates                                  
Total Asset Growth % ...                   2.58 9.69 38.3 -9.01 -9.13    
Shareholders' Equity Growth % ...                   5.07 13.4 8.83 -8.16 -4.00    
Net Debt Growth % ...                   -2.90 -4.09 -405 -24.0 -28.7    
Total Debt Growth % ...       ... ... ... ... ...   -91.4 -91.1 2,242,410 -20.8 -30.2    
ratios                                  
Total Debt PLN mil                     0.347 0.031 695 551 384    
Net Debt PLN mil                     -183 -176 536 408 291    
Working Capital PLN mil                     -72.1 -55.7 -2.32 -9.77 -37.8    
Capital Employed PLN mil                     1,827 1,918 3,098 2,767 2,583    
Net Debt/Equity                     -0.090 -0.076 0.215 0.178 0.132    
Cost of Financing % ...       ... ... ... ...     84.9 225 0.088 6.01 5.99    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit PLN mil                     88.7 264 249 -87.7 46.3    
Depreciation PLN mil                     299 301 309 482 440    
Non-Cash Items PLN mil ...     ...             -6.21 -162 -124 139 60.9    
Change in Working Capital PLN mil ...     ...             -49.9 -16.4 -53.4 7.45 28.0    
Total Cash From Operations PLN mil ...     ...             331 386 380 541 575    
Capital Expenditures PLN mil ...     ...             -238 -193 -263 -263 -282    
Other Investments PLN mil ...     ...             -65.5 -95.8 -810 -7.53 3.06    
Total Cash From Investing PLN mil ...     ...             -303 -289 -1,073 -270 -279    
Dividends Paid PLN mil ...     ...             0 0 0 0 -146   ...
Issuance Of Debt PLN mil ...     ...             -3.68 -0.316 695 -145 -167    
Total Cash From Financing PLN mil ...     ...             -7.04 -7.93 645 -304 -327    
Net Change In Cash PLN mil ...     ...             20.8 89.0 -48.0 -32.6 -30.6    
ratios                                  
Days Sales Outstanding days                     42.1 32.5 57.6 42.7 37.2    
Days Sales Of Inventory days                     3.84 13.8 6.28 0.776 1.19    
Days Payable Outstanding days                     304 251 311 96.4 104    
Cash Conversion Cycle days                     -258 -205 -247 -52.9 -65.3    
Cash Earnings PLN mil                     387 565 558 395 486    
Cash Earnings Per Share PLN ... ... ... ...             0.994 1.44 1.42 1.04 1.37    
Price/Cash Earnings (P/CE) ... ... ... ...             4.93 3.62 3.72 4.11 3.84    
Free Cash Flow PLN mil ...     ...             27.8 96.9 -693 271 297    
Free Cash Flow Yield % ... ... ... ...             1.34 4.65 -38.8 15.9 15.1    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     3.84 10.7 8.13 -2.58 1.50    
Gross Margin %                     80.2 80.8 80.9 53.6 56.5    
Employees ... ... ... ... ... ... ... ... ... ... 231 ... ... ... ... ...  
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... 2,303 ... ... ... ... ...  
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ... ... ... ... 7,177 ... ... ... ... ...  
Staff Cost (As % Of Total Cost) % ...                   1.31 1.41 0.661 0.541 0.526    
Effective Tax Rate %                     -7,784 8.61 21.6 -44.0 28.1    
Enterprise Value (EV) USD mil ... ... ... ...             603 631 758 656 717    
EV/EBITDA ... ... ... ...             6.46 5.53 5.94 4.63 4.25    
EV/Capital Employed ... ... ... ...             0.945 0.973 0.843 0.734 0.836    
EV/Sales ... ... ... ...             1.25 1.21 1.39 1.01 1.21    
EV/EBIT ... ... ... ...             -244 43.9 32.3 -102 24.4    
Capital Expenditures (As % of Sales) % ...     ...             15.8 12.3 16.2 12.4 15.0    
Sales from Direct Voice PLN mil ... ... ... ...             743 742 737 948 809 ... ...
Sales from Direct Voice - Monthly Fees PLN mil ... ... ... ...             458 485 517 663 588 ... ...
Sales from Direct Voice - Calling Charges PLN mil ... ... ... ...             286 256 220 285 220 ... ...
Sales from Direct Voice - Other PLN mil ... ... ... ... ... ... ... ... ... ... ... ... 0.615 0.743 0.568 ... ...
Sales from Indirect Voice PLN mil ... ... ... ...             65.7 37.4 22.5 35.0 19.2 ... ...
Sales from Data PLN mil ... ... ... ...             520 580 604 766 725 ... ...
Sales from Interconnection PLN mil ... ... ... ...             66.9 68.4 77.6 110 85.3 ... ...
Sales from Wholesale Services PLN mil ... ... ... ...             81.6 116 124 136 107 ... ...
Sales from Other Telecommunication Service PLN mil ... ... ... ...             22.5 21.6 48.0 114 122 ... ...
Sales from Radio Communication Service PLN mil ... ... ... ...     ... ...     5.36 4.86 4.35 3.54 2.86 ... ...
Sales from Other Services PLN mil ... ... ... ... ... ... ... ... ... ... ... ... 0.430 9.11 5.56 ... ...
Subscribers Total mil ... ... ... ... ... ... ... ...     0.675 0.812 1.09 1.04 ... ... ...
Broadband Subscribers mil ... ... ... ... ... ... ... ...     0.559 0.690 0.912 0.875 ... ... ...
Fixed Voice Subscribers mil ... ... ... ... ... ... ... ...     0.116 0.122 0.175 0.164 ... ... ...
ARPU Total PLN per month ... ... ... ... ... ... ... ...     191 176 142 166 ... ... ...
ARPU - Fixed-Lines PLN per month ... ... ... ... ... ... ... ...     45.9 40.1 32.1 91.8 77.7 ... ...
ARPU - Data Transmission PLN per month ... ... ... ... ... ... ... ...     376 407 340 377 367 ... ...
Market Share - Fixed Broadband % ... ... ... ... ... ... ... ... ...   10.0 11.5 14.4 13.3 12.7 ... ...
Market Share - Fixed Voice % ... ... ... ... ... ... ... ... ...   11.5 13.0 19.9 19.8 18.8 ... ...

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Feb 2014
Company Report
Feb 2014
Statistical Dossier

Netia SA is a Poland-based integrated telecommunication services provider. The Company is the owner of the second-largest fixed-line network in Poland. Netia's products and services include switched, fixed-line voice telephone, integrated service digital network, voice over internet protocol, voice mail, dial-up and fixed-access internet, leased lines and frame relay and MPLS services. The company also offers wholesale services, including the wholesale termination of in-bound traffic, ducts, dark fiber and co-location services based upon intelligent networks and provide broadband Internet access with ADSL technology. The Company's offer is organized into four segments: Home, SOHO/SME, Corporate and Carriers

Finance

Netia has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.47% a year during that time to total of PLN 449 mil in 2015, or 28.6% of sales. That’s compared to 27.4% average margin seen in last five years.

The company netted PLN 2.21 mil in 2015 implying ROE of 0.103% and ROCE of 0.094%. Again, the average figures were 3.35% and 3.17%, respectively when looking at the previous 5 years.

Netia’s net debt amounted to PLN 252 mil at the end of 2015, or 0.124 of equity. When compared to EBITDA, net debt was 0.562x, down when compared to average of 0.714x seen in the last 5 years.

Valuation

Netia stock traded at PLN 5.40 per share at the end of 2015 resulting in a market capitalization of USD 483 mil. Over the previous five years, stock price grew by 3.85% or 0.758% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.54x and price to earnings (PE) of 853x as of 2015.

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