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OKD

OKD's Cash & Cash Equivalents rose 8.13% yoy to CZK 1,259 mil in 2015

By Helgi Library - April 2, 2020

OKD's total assets reached CZK 7,022 mil at the end of 2015, down 46.4% compared to the previous year. Current ass...

OKD's Cash & Cash Equivalents rose 8.13% yoy to CZK 1,259 mil in 2015

By Helgi Library - April 2, 2020

OKD's total assets reached CZK 7,022 mil at the end of 2015, down 46.4% compared to the previous year. Current ass...

Annual Quarterly
Profit Statement 2013 2014 2015
Sales CZK mil 25,017 19,223 16,941
Gross Profit CZK mil 7,514 7,722 6,733
EBITDA CZK mil -17,847 -6,296 -5,734
EBIT CZK mil -21,878 -8,448 -6,870
Financing Cost CZK mil 1,980 706 -42.0
Pre-Tax Profit CZK mil -23,857 -9,153 -6,828
Net Profit CZK mil -19,659 -10,093 -6,828
Dividends CZK mil 0 0 ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 22,110 13,106 7,022
Non-Current Assets CZK mil 15,717 9,040 3,257
Current Assets CZK mil 6,354 4,044 3,750
Working Capital CZK mil 578 492 325
Shareholders' Equity CZK mil 861 -1,912 -848
Liabilities CZK mil 21,249 15,017 7,869
Total Debt CZK mil 12,968 5,701 62.2
Net Debt CZK mil 10,980 4,538 -1,196
Ratios 2013 2014 2015
ROE % -188 1,922 495
ROCE % -74.0 -78.2 -104
Gross Margin % 30.0 40.2 39.7
EBITDA Margin % -71.3 -32.8 -33.8
EBIT Margin % -87.5 -43.9 -40.6
Net Margin % -78.6 -52.5 -40.3
Net Debt/EBITDA -0.615 -0.721 0.209
Net Debt/Equity 12.8 -2.37 1.41
Cost of Financing % 15.9 7.57 -1.46
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -160 -393 204
Total Cash From Investing CZK mil -110 -1,114 -892
Total Cash From Financing CZK mil 0 712 841
Net Change In Cash CZK mil -269 -795 153
Cash Conversion Cycle days -0.401 -2.85 -4.06
Cash Earnings CZK mil -15,627 -7,941 -5,691
Free Cash Flow CZK mil -269 -1,507 -688

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         31,472 44,160 44,966 37,546 25,017    
Gross Profit CZK mil ...         14,519 20,046 21,432 15,968 7,514    
EBIT CZK mil ...         2,675 7,890 8,326 2,179 -21,878    
Net Profit CZK mil ...         1,480 6,323 6,095 1,204 -19,659    
ROE % ...         5.58 24.4 25.6 5.43 -188    
EBIT Margin % ...         8.50 17.9 18.5 5.80 -87.5    
Net Margin % ...         4.70 14.3 13.6 3.21 -78.6    
Employees ... ... ... ...   14,331 13,693 13,305 13,068 12,367    
balance sheet                        
Total Assets CZK mil           50,497 47,266 47,848 43,203 22,110    
Non-Current Assets CZK mil           32,262 32,363 33,179 35,006 15,717    
Current Assets CZK mil           18,026 14,838 14,593 8,133 6,354    
Shareholders' Equity CZK mil           28,552 23,350 24,297 20,048 861    
Liabilities CZK mil           21,946 23,917 23,552 23,154 21,249    
Non-Current Liabilities CZK mil           3,570 14,621 12,803 13,511 13,060    
Current Liabilities CZK mil           5,777 6,379 8,023 7,474 6,021    
Net Debt/EBITDA ...         -0.509 0.732 0.745 1.62 -0.615    
Net Debt/Equity           -0.109 0.360 0.370 0.495 12.8    
Cost of Financing % ...         6.00 6.16 6.91 5.47 15.9    
cash flow                        
Total Cash From Operations CZK mil ... ... ... ...   8,459 8,246 4,470 9,261 -160    
Total Cash From Investing CZK mil ... ... ... ...   -7,129 -2,310 898 -3,875 -110    
Total Cash From Financing CZK mil ... ... ... ...   -11,249 -2,848 -5,380 -6,595 0    
Net Change In Cash CZK mil ... ... ... ...   -9,919 3,088 -11.9 -1,208 -269    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                        
Sales CZK mil ...         31,472 44,160 44,966 37,546 25,017    
Cost of Goods & Services CZK mil ...         16,953 24,114 23,534 21,577 17,502    
Gross Profit CZK mil ...         14,519 20,046 21,432 15,968 7,514    
Staff Cost CZK mil ...         7,731 8,328 8,594 8,670 8,097    
Other Cost CZK mil ...         673 225 774 1,177 17,264    
EBITDA CZK mil ...         6,115 11,492 12,064 6,121 -17,847    
Depreciation CZK mil ...         3,440 3,603 3,738 1,204 -19,659    
EBIT CZK mil ...         2,675 7,890 8,326 2,179 -21,878    
Financing Cost CZK mil ...         670 678 793 631 1,980    
Extraordinary Cost CZK mil ...         14.5 108 1.03 -0.919 -1.33    
Pre-Tax Profit CZK mil ...         1,991 7,104 7,533 1,549 -23,857    
Tax CZK mil ...         511 781 1,438 345 -4,198    
Minorities CZK mil           0 0 0 0 0    
Net Profit CZK mil ...         1,480 6,323 6,095 1,204 -19,659    
Dividends CZK mil ... ... ... ...   1,008 6,095 6,011 0 0   ...
growth rates                        
Total Revenue Growth % ... ...       -37.1 40.3 1.82 -16.5 -33.4    
Operating Cost Growth % ... ...       -10.5 1.78 9.51 5.13 158    
EBITDA Growth % ... ...       -63.4 87.9 4.98 -49.3 -392    
EBIT Growth % ... ...       -80.3 195 5.54 -73.8 -1,104    
Pre-Tax Profit Growth % ... ...       -84.6 257 6.03 -79.4 -1,640    
Net Profit Growth % ... ...       -85.3 327 -3.61 -80.2 -1,733    
ratios                        
ROE % ...         5.58 24.4 25.6 5.43 -188    
ROCE % ...         4.58 19.1 17.5 3.34 -74.0    
Gross Margin % ...         46.1 45.4 47.7 42.5 30.0    
EBITDA Margin % ...         19.4 26.0 26.8 16.3 -71.3    
EBIT Margin % ...         8.50 17.9 18.5 5.80 -87.5    
Net Margin % ...         4.70 14.3 13.6 3.21 -78.6    
Payout Ratio % ... ... ... ...   68.1 96.4 98.6 0 0   ...
Cost of Financing % ...         6.00 6.16 6.91 5.47 15.9    
Net Debt/EBITDA ...         -0.509 0.732 0.745 1.62 -0.615    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                        
Non-Current Assets CZK mil           32,262 32,363 33,179 35,006 15,717    
Property, Plant & Equipment CZK mil           31,196 32,102 32,862 34,446 15,210    
Intangible Assets CZK mil           962 157 213 266 191    
Goodwill CZK mil           0 0 0 0 0    
Current Assets CZK mil           18,026 14,838 14,593 8,133 6,354    
Inventories CZK mil           1,095 922 1,200 2,489 763    
Receivables CZK mil           2,251 4,839 4,971 3,064 1,987    
Cash & Cash Equivalents CZK mil           13,360 3,348 2,186 1,959 1,988    
Total Assets CZK mil           50,497 47,266 47,848 43,203 22,110    
Shareholders' Equity CZK mil           28,552 23,350 24,297 20,048 861    
Of Which Minority Interest CZK mil           0 0 0 0 0    
Liabilities CZK mil           21,946 23,917 23,552 23,154 21,249    
Non-Current Liabilities CZK mil           3,570 14,621 12,803 13,511 13,060    
Long-Term Debt CZK mil           8,016 10,892 9,070 10,008 12,941    
Deferred Tax Liabilities CZK mil           3,105 3,455 3,515 3,329 0    
Current Liabilities CZK mil           5,777 6,379 8,023 7,474 6,021    
Short-Term Debt CZK mil           2,229 868 2,106 1,872 26.6    
Trade Payables CZK mil           3,666 3,715 4,011 3,697 2,172    
Provisions CZK mil           2,390 2,891 2,702 2,126 2,088    
Equity And Liabilities CZK mil           50,497 47,266 47,848 43,203 22,110    
growth rates                        
Total Asset Growth % ...         6.05 -6.40 1.23 -9.71 -48.8    
Shareholders' Equity Growth % ...         16.6 -18.2 4.05 -17.5 -95.7    
Net Debt Growth % ...         -310 -370 6.87 10.4 10.7    
Total Debt Growth % ...         -15.2 14.8 -4.97 6.30 9.15    
ratios                        
Total Debt CZK mil           10,245 11,761 11,176 11,881 12,968    
Net Debt CZK mil           -3,115 8,413 8,990 9,922 10,980    
Working Capital CZK mil           -321 2,046 2,159 1,856 578    
Capital Employed CZK mil           31,941 34,409 35,338 36,862 16,294    
Net Debt/Equity           -0.109 0.360 0.370 0.495 12.8    
Cost of Financing % ...         6.00 6.16 6.91 5.47 15.9    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                        
Net Profit CZK mil ...         1,480 6,323 6,095 1,204 -19,659    
Depreciation CZK mil ...         3,440 3,603 3,738 1,204 -19,659    
Non-Cash Items CZK mil ... ... ... ...   216 687 -5,250 3,811 14,189    
Change in Working Capital CZK mil ... ... ... ...   3,323 -2,367 -113 303 1,278    
Total Cash From Operations CZK mil ... ... ... ...   8,459 8,246 4,470 9,261 -160    
Capital Expenditures CZK mil ... ... ... ...   -2,239 -2,336 -4,366 -3,273 -1,998    
Other Investments CZK mil ... ... ... ...   -4,890 26.6 5,264 -601 1,889    
Total Cash From Investing CZK mil ... ... ... ...   -7,129 -2,310 898 -3,875 -110    
Dividends Paid CZK mil ... ... ... ... ... -12,803 -1,008 -6,095 -6,011 0    
Issuance Of Debt CZK mil ... ... ... ...   -1,839 1,515 -585 704 1,087    
Total Cash From Financing CZK mil ... ... ... ...   -11,249 -2,848 -5,380 -6,595 0    
Net Change In Cash CZK mil ... ... ... ...   -9,919 3,088 -11.9 -1,208 -269    
ratios                        
Days Sales Outstanding days ...         26.1 40.0 40.4 29.8 29.0    
Days Sales Of Inventory days ...         23.6 14.0 18.6 42.1 15.9    
Days Payable Outstanding days ...         78.9 56.2 62.2 62.5 45.3    
Cash Conversion Cycle days ...         -29.3 -2.28 -3.25 9.35 -0.401    
Cash Earnings CZK mil ...         4,920 9,926 9,833 5,146 -15,627    
Free Cash Flow CZK mil ... ... ... ...   1,330 5,936 5,368 5,387 -269    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                        
ROA % ...         3.02 12.9 12.8 2.65 -60.2    
Gross Margin % ...         46.1 45.4 47.7 42.5 30.0    
Cost Per Employee USD per month ... ... ... ...   2,359 2,652 3,043 2,827 2,789    
Cost Per Employee (Local Currency) CZK per month ... ... ... ...   44,957 50,686 53,824 55,287 54,562    
Staff Cost (As % Of Total Cost) % ...         26.8 23.0 23.5 24.5 17.3    
Effective Tax Rate % ...         25.7 11.0 19.1 22.2 17.6    
Sales of Coking Coal CZK mil ... ... ...     15,425 23,104 23,460 17,661 11,698    
Sales of Thermal Coal CZK mil ... ... ...     11,000 10,078 12,396 11,049 9,449    
Sales of Coke & Other Coal CZK mil ... ... ...     3,839 10,086 7,649 6,045 4,669    
Mining Costs per Tonne EUR ... ... ...     58.3 83.3 85.1 76.6 72.7    
Production of Coal (kt) kt ... ... ...     11,001 11,443 11,247 11,206 8,800    
Production of Coking Coal (kt) kt ... ... ...     5,900 6,013 5,168 4,991 4,273    
Production of PCI Coal (kt) kt ... ... ... ... ... ... 342 382 350 342    
Production of Thermal Coal (kt) kt ... ... ...     5,101 5,088 5,698 5,865 4,185    
Sales of Coal (kt) kt ... ... ... ... ... 10,939 11,515 11,196 10,245 9,710    
Sales of Coking Coal (kt) kt ... ... ... ... ... 5,999 6,037 4,965 5,168 4,290    
Sales of Thermal Coal (kt) kt ... ... ... ... ... 4,940 5,478 5,850 4,727 5,080    
Sales of PCI Coal (kt) kt ... ... ... ... ... ... ... 382 350 340    
Sales Price of Coking Coal per Tonne EUR           86.2 138 177 124 99.7    
Sales Price of Thermal Coal per Tonne EUR           71.6 60.5 67.0 74.0 68.0    
Sales Price of Coke per Tonne EUR           149 275 365 289 ... ... ...
Sales Price of Coal per Tonne EUR ... ... ...     104 150 157 123 107    
EBITDA per Tonne of Coal Mined EUR ... ... ...     21.0 39.7 43.6 21.7 -74.2    
EBIT per Tonne of Coal Mined EUR ... ... ...     9.20 27.3 30.1 7.74 -90.9    
Net Profit per Tonne of Coal Mined EUR ... ... ...     5.09 21.8 22.0 4.28 -81.7    
Revenues From Abroad CZK mil ... ... ... ...   17,829 25,709 25,120 19,871 14,056    
Revenues From Abroad (As % Of Total) % ... ... ... ...   56.7 58.2 55.9 52.9 56.2    
Capital Expenditures (As % of Sales) % ... ... ... ...   7.11 5.29 9.71 8.72 7.99    

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OKD at a Glance
Jan 2014
Company Report
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OKD is the largest hard coal mining company in the Czech Republic. The Company produces quality coking and thermal coal for the steel and energy sectors in Central Europe. The Company belongs to the New World Resources Plc Group (NWR), which is listed on the Prague and Warsaw Stock Exchanges. OKD (or NWR, respectively) has 374 mil tonnes of hard coal reserves. Strategically located within the region, NWR supplies to a blue chip customer base in the region, including ArcelorMittal, U.S. Steel, voestalpine, Dalkia, ČEZ, Verbund, Moravia Steel, and ThyssenKrupp. Headquartered in the Netherlands, NWR employs around 16 thousand people. NWR currently mines deep underground mines in the upper Silesian basin in the Czech Republic and has several development projects in both Poland and the Czech Republic

Finance

OKD has been growing its sales by a year on average in the last 5 years. EBITDA has fallen by 150% during that time to total of CZK -5,734 mil in 2015, or -33.8% of sales. That’s compared to -19.0% average margin seen in last five years.

The company netted CZK -6,828 mil in 2015 implying ROE of 495% and ROCE of -104%. Again, the average figures were 452% and -47.1%, respectively when looking at the previous 5 years.

OKD’s net debt amounted to CZK -1,196 mil at the end of 2015, or 1.41 of equity. When compared to EBITDA, net debt was 0.209x, down when compared to average of 0.248x seen in the last 5 years.

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