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Sazka

Sazka's Cash & Cash Equivalents fell 36.8% yoy to CZK 624 mil in 2015

By Helgi Library - April 2, 2020

Sazka's total assets reached CZK 14,716 mil at the end of 2015, up 5.78% compared to the previous year. Current as...

Sazka's Cash & Cash Equivalents fell 36.8% yoy to CZK 624 mil in 2015

By Helgi Library - April 2, 2020

Sazka's total assets reached CZK 14,716 mil at the end of 2015, up 5.78% compared to the previous year. Current as...

Profit Statement 2013 2014 2015
Sales CZK mil 3,855 4,391 5,265
Gross Profit CZK mil 2,186 2,423 2,946
EBITDA CZK mil 1,270 1,293 1,655
EBIT CZK mil 1,216 1,242 1,602
Financing Cost CZK mil 186 609 370
Pre-Tax Profit CZK mil 1,031 633 1,232
Net Profit CZK mil 834 513 994
Dividends CZK mil ... ... ...
Balance Sheet 2013 2014 2015
Total Assets CZK mil 13,365 13,912 14,716
Non-Current Assets CZK mil 12,578 12,572 12,493
Current Assets CZK mil 787 1,340 2,223
Working Capital CZK mil -680 -965 -928
Shareholders' Equity CZK mil 3,151 3,649 4,657
Liabilities CZK mil 10,214 10,262 10,059
Total Debt CZK mil 6,095 8,682 8,228
Net Debt CZK mil 5,608 7,695 7,605
Ratios 2013 2014 2015
ROE % 44.5 15.1 23.9
ROCE % 11.4 4.36 8.58
Gross Margin % 56.7 55.2 55.9
EBITDA Margin % 33.0 29.4 31.4
EBIT Margin % 31.5 28.3 30.4
Net Margin % 21.6 11.7 18.9
Net Debt/EBITDA 4.41 5.95 4.60
Net Debt/Equity 1.78 2.11 1.63
Cost of Financing % 4.70 8.24 4.38
Cash Flow 2013 2014 2015
Total Cash From Operations CZK mil -381 803 1,311
Total Cash From Investing CZK mil 16.8 -62.9 -2.06
Total Cash From Financing CZK mil 369 -341 -572
Net Change In Cash CZK mil 4.63 400 737
Cash Conversion Cycle days -158 -197 -176
Cash Earnings CZK mil 888 564 1,047
Free Cash Flow CZK mil -364 740 1,309

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summary Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                        
Sales CZK mil                           8,925 7,828 811 6,421 3,855    
Gross Profit CZK mil                           1,240 1,349 117 2,158 2,186    
EBIT CZK mil ... ... ... ... ... ... ... ... ...         947 1,109 -225 517 1,216    
Net Profit CZK mil ... ... ... ...                   1,249 1,426 -267 294 834    
ROE % ... ... ... ...                   41.9 42.7 -15.6 138 44.5    
EBIT Margin % ... ... ... ... ... ... ... ... ...         10.6 14.2 -27.8 8.05 31.5    
Net Margin % ... ... ... ...                   14.0 18.2 -32.9 4.58 21.6    
Employees ... ... ... ...                   471 456 398 305 243    
balance sheet                                        
Total Assets CZK mil ... ... ... ... ... ... ... ... ...         14,172 14,276 4,561 3,877 13,365    
Non-Current Assets CZK mil ... ... ... ... ... ... ... ... ...         11,971 11,790 3,382 2,850 12,578    
Current Assets CZK mil ... ... ... ... ... ... ... ... ...         2,201 2,486 1,168 912 787    
Shareholders' Equity CZK mil ... ... ... ...                   3,084 3,593 -169 596 3,151    
Liabilities CZK mil ... ... ... ... ... ... ... ... ...         11,088 10,682 4,729 3,281 10,214    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ... ...         6,811 6,076 121 84.2 3,592    
Current Liabilities CZK mil ... ... ... ... ... ... ... ... ...         4,277 4,606 3,794 682 6,622    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ...         6.56 5.67 -20.5 1.22 4.41    
Net Debt/Equity ... ... ... ... ... ... ... ... ...         2.35 1.96 -19.8 1.89 1.78    
Cost of Financing % ... ... ... ... ... ... ... ... ... ...       -0.912 -1.61 1.16 3.74 4.70    
cash flow                                        
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ...         905 1,327 ... ... -381    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ...         525 453 ... ... 16.8    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ...         -1,460 -1,855 ... ... 369    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ...         -30.6 -74.6 ... ... 4.63    
income statement Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                        
Sales CZK mil                           8,925 7,828 811 6,421 3,855    
Cost of Goods & Services CZK mil                           7,685 6,479 694 4,263 1,669    
Gross Profit CZK mil                           1,240 1,349 117 2,158 2,186    
Staff Cost CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 48.5 198 222    
Other Cost CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 231 1,039 693    
EBITDA CZK mil ... ... ... ... ... ... ... ... ...         1,104 1,243 -163 922 1,270    
Depreciation CZK mil ... ... ... ... ... ... ... ... ...         157 134 62.2 405 54.3    
EBIT CZK mil ... ... ... ... ... ... ... ... ...         947 1,109 -225 517 1,216    
Financing Cost CZK mil ... ... ... ... ... ... ... ... ...         -67.8 -119 62.2 99.1 186    
Extraordinary Cost CZK mil ... ... ... ... ... ... ... ... ...         -248 -227 0 0 0    
Pre-Tax Profit CZK mil ... ... ... ... ... ... ... ...           1,263 1,455 -287 418 1,031    
Tax CZK mil ... ... ... ... ... ... ... ... ...         14.2 28.8 -20.3 123 196    
Minorities CZK mil ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Net Profit CZK mil ... ... ... ...                   1,249 1,426 -267 294 834    
Dividends CZK mil ... ... ... ...                   1,166 ... ... ... ... ... ...
growth rates                                        
Total Revenue Growth % ...                         2.90 -12.3 -89.6 692 -40.0    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 342 -26.0    
EBITDA Growth % ... ... ... ... ... ... ... ... ... ...       -9.36 12.6 -113 -666 37.8    
EBIT Growth % ... ... ... ... ... ... ... ... ... ...       -13.1 17.1 -120 -330 135    
Pre-Tax Profit Growth % ... ... ... ... ... ... ... ... ...         -0.469 15.2 -120 -245 147    
Net Profit Growth % ... ... ... ... ...                 -0.509 14.2 -119 -210 183    
ratios                                        
ROE % ... ... ... ...                   41.9 42.7 -15.6 138 44.5    
ROCE % ... ... ... ... ... ... ... ... ... ...       11.0 12.3 -3.39 8.51 11.4    
Gross Margin %                           13.9 17.2 14.4 33.6 56.7    
EBITDA Margin % ... ... ... ... ... ... ... ... ...         12.4 15.9 -20.1 14.4 33.0    
EBIT Margin % ... ... ... ... ... ... ... ... ...         10.6 14.2 -27.8 8.05 31.5    
Net Margin % ... ... ... ...                   14.0 18.2 -32.9 4.58 21.6    
Payout Ratio % ... ... ... ...                   93.4 ... ... ... ... ... ...
Cost of Financing % ... ... ... ... ... ... ... ... ... ...       -0.912 -1.61 1.16 3.74 4.70    
Net Debt/EBITDA ... ... ... ... ... ... ... ... ...         6.56 5.67 -20.5 1.22 4.41    
balance sheet Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                        
Non-Current Assets CZK mil ... ... ... ... ... ... ... ... ...         11,971 11,790 3,382 2,850 12,578    
Property, Plant & Equipment CZK mil ... ... ... ... ... ... ... ... ...         1,879 1,810 898 723 669    
Intangible Assets CZK mil ... ... ... ... ... ... ... ... ...         141 138 1,900 1,553 2,080    
Goodwill CZK mil ... ... ... ... ... ... ... ... ...         0 0 321 255 9,636    
Current Assets CZK mil ... ... ... ... ... ... ... ... ...         2,201 2,486 1,168 912 787    
Inventories CZK mil ... ... ... ... ... ... ... ... ...         26.9 26.8 3.62 8.90 4.40    
Receivables CZK mil ... ... ... ... ... ... ... ... ...         1,714 1,876 1,004 228 78.6    
Cash & Cash Equivalents CZK mil ... ... ... ... ... ... ... ... ...         288 213 160 675 487    
Total Assets CZK mil ... ... ... ... ... ... ... ... ...         14,172 14,276 4,561 3,877 13,365    
Shareholders' Equity CZK mil ... ... ... ...                   3,084 3,593 -169 596 3,151    
Of Which Minority Interest CZK mil ... ... ... ... ... ... ... ... ...         0.035 0.035 0 0 0    
Liabilities CZK mil ... ... ... ... ... ... ... ... ...         11,088 10,682 4,729 3,281 10,214    
Non-Current Liabilities CZK mil ... ... ... ... ... ... ... ... ...         6,811 6,076 121 84.2 3,592    
Long-Term Debt CZK mil ... ... ... ... ... ... ... ... ...         5,497 5,168 0 0 3,418    
Deferred Tax Liabilities CZK mil ... ... ... ... ... ... ... ... ...         13.0 16.3 0 0 127    
Current Liabilities CZK mil ... ... ... ... ... ... ... ... ...         4,277 4,606 3,794 682 6,622    
Short-Term Debt CZK mil ... ... ... ... ... ... ... ... ...         2,034 2,095 3,502 1,800 2,677    
Trade Payables CZK mil ... ... ... ... ... ... ... ... ...         2,118 2,097 225 334 763    
Provisions CZK mil ... ... ... ... ... ... ... ... ...         25.7 67.6 225 556 137    
Equity And Liabilities CZK mil ... ... ... ... ... ... ... ... ...         14,172 14,276 4,561 3,877 13,365    
growth rates                                        
Total Asset Growth % ... ... ... ... ... ... ... ... ... ...       0.775 0.729 -68.1 -15.0 245    
Shareholders' Equity Growth % ... ... ... ... ...                 6.99 16.5 -105 -454 429    
Net Debt Growth % ... ... ... ... ... ... ... ... ... ...       3.04 -2.67 -52.6 -66.3 398    
Total Debt Growth % ... ... ... ... ... ... ... ... ... ...       2.50 -3.56 -51.8 -48.6 239    
ratios                                        
Total Debt CZK mil ... ... ... ... ... ... ... ... ...         7,531 7,263 3,502 1,800 6,095    
Net Debt CZK mil ... ... ... ... ... ... ... ... ...         7,243 7,050 3,342 1,125 5,608    
Working Capital CZK mil ... ... ... ... ... ... ... ... ...         -377 -194 783 -97.4 -680    
Capital Employed CZK mil ... ... ... ... ... ... ... ... ...         11,594 11,596 4,165 2,753 11,898    
Net Debt/Equity ... ... ... ... ... ... ... ... ...         2.35 1.96 -19.8 1.89 1.78    
Cost of Financing % ... ... ... ... ... ... ... ... ... ...       -0.912 -1.61 1.16 3.74 4.70    
cash flow Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                        
Net Profit CZK mil ... ... ... ...                   1,249 1,426 -267 294 834    
Depreciation CZK mil ... ... ... ... ... ... ... ... ...         157 134 62.2 405 54.3    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ...       232 -50.1 ... ... -1,852    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ...       -733 -183 ... ... 582    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ...         905 1,327 ... ... -381    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ...         -364 -121 ... ... -18.7    
Other Investments CZK mil ... ... ... ... ... ... ... ... ...         888 574 ... ... 35.6    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ...         525 453 ... ... 16.8    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ...         -1,166 ... ... ... ... ... ...
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ...       183 -268 ... ... 4,295    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ...         -1,460 -1,855 ... ... 369    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ...         -30.6 -74.6 ... ... 4.63    
ratios                                        
Days Sales Outstanding days ... ... ... ... ... ... ... ... ...         70.1 87.5 452 13.0 7.44    
Days Sales Of Inventory days ... ... ... ... ... ... ... ... ...         1.28 1.51 1.90 0.762 0.962    
Days Payable Outstanding days ... ... ... ... ... ... ... ... ...         101 118 118 28.6 167    
Cash Conversion Cycle days ... ... ... ... ... ... ... ... ...         -29.2 -29.2 335 -14.9 -158    
Cash Earnings CZK mil ... ... ... ... ... ... ... ... ...         1,406 1,560 -205 699 888    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ...         1,430 1,780 ... ... -364    
other data Unit 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                        
ROA % ... ... ... ... ... ... ... ... ...         8.85 10.0 -2.84 6.98 9.68    
Gross Margin %                           13.9 17.2 14.4 33.6 56.7    
Employees ... ... ... ...                   471 456 398 305 243    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 574 2,767 3,899    
Cost Per Employee (Local Currency) CZK per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 10,145 54,118 76,278    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4.68 3.35 8.43    
Effective Tax Rate % ... ... ... ... ... ... ... ... ...         1.12 1.98 7.05 29.5 19.1    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ...         4.07 1.55 ... ... 0.486    
Total Amount Staked CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7,794    
Amount Staked (Lottery) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6,629    
Amount Staked (Instant Lottery) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 570    
Amount Staked (Sports Betting) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 594    
Total Gross Wins CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,155    
Gross Wins (Lottery) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,287    
Gross Wins (Instant Lottery) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 314    
Gross Wins (Sports Betting) CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 554    

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Dec 2013
Company Report

Sazka, a.s. is the largest lottery company in the Czech Republic. The Company was created in 1956 when it launched betting on the results of sports matches and events. Sportka, the oldest and most popular number lottery in the Czech Republic, has been played since 22 April 1957. In addition, the Company's portfolio includes mobile phone top-up services, sales of tickets for sports, cultural and other events, payments of bills, invoices and insurance premiums, and payments for goods and services through more than 6,500 online terminals throughout the country. Before the Company went bancrupt in 2011, Sazka was owned by exclusively by the civic associations active in the field of physical education and sport. Since 2012, Sazka belongs to a Czech financial group KKCG

Finance

Sazka has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 5.89% a year during that time to total of CZK 1,655 mil in 2015, or 31.4% of sales. That’s compared to 17.6% average margin seen in last five years.

The company netted CZK 994 mil in 2015 implying ROE of 23.9% and ROCE of 8.58%. Again, the average figures were 41.1% and 5.89%, respectively when looking at the previous 5 years.

Sazka’s net debt amounted to CZK 7,605 mil at the end of 2015, or 1.63 of equity. When compared to EBITDA, net debt was 4.60x, up when compared to average of -0.868x seen in the last 5 years.

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