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Wolford

Wolford's Cash & Cash Equivalents rose 2.84% yoy to EUR 4.79 mil in 2014

By Helgi Library - April 2, 2020

Wolford's total assets reached EUR 147 mil at the end of 2014, up 6.75% compared to the previous year. Current ass...

Wolford's Cash & Cash Equivalents rose 2.84% yoy to EUR 4.79 mil in 2014

By Helgi Library - April 2, 2020

Wolford's total assets reached EUR 147 mil at the end of 2014, up 6.75% compared to the previous year. Current ass...

Annual Quarterly
Profit Statement 2012 2013 2014
Sales EUR mil 156 155 169
Gross Profit EUR mil 128 130 139
EBITDA EUR mil 7.90 3.36 10.9
EBIT EUR mil -0.910 -4.72 2.17
Financing Cost EUR mil 1.34 1.17 0.960
Pre-Tax Profit EUR mil -2.25 -5.89 1.21
Net Profit EUR mil -2.76 -2.81 1.03
Dividends EUR mil 0 0 0
Balance Sheet 2012 2013 2014
Total Assets EUR mil 142 138 147
Non-Current Assets EUR mil 78.8 75.2 81.3
Current Assets EUR mil 63.5 62.9 66.2
Working Capital EUR mil 46.9 43.4 47.1
Shareholders' Equity EUR mil 78.1 74.4 74.8
Liabilities EUR mil 64.2 63.7 72.6
Total Debt EUR mil 22.5 23.2 23.5
Net Debt EUR mil 17.3 18.5 18.7
Ratios 2012 2013 2014
ROE % -3.41 -3.69 1.38
ROCE % -2.16 -2.30 0.836
Gross Margin % 81.5 83.5 82.1
EBITDA Margin % 5.05 2.16 6.45
EBIT Margin % -0.582 -3.04 1.28
Net Margin % -1.76 -1.81 0.610
Net Debt/EBITDA 2.18 5.51 1.71
Net Debt/Equity 0.221 0.249 0.250
Cost of Financing % 6.18 5.11 4.11
Valuation 2012 2013 2014
Market Capitalisation USD mil 133 129 142
Enterprise Value (EV) USD mil 156 155 165
Number Of Shares mil 4.90 4.90 4.90
Share Price EUR 20.6 19.1 24.0
EV/EBITDA 15.4 34.7 11.7
EV/Sales 0.777 0.749 0.755
Price/Earnings (P/E) -36.6 -33.3 114
Price/Book Value (P/BV) 1.29 1.26 1.57
Dividend Yield % 0 0 0

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   147 144 152 154 156    
Gross Profit EUR mil                   115 120 124 126 128    
EBIT EUR mil                   2.14 4.56 7.31 7.03 -0.910    
Net Profit EUR mil                   -1.20 2.56 5.05 1.26 -2.76    
ROE %                   -1.54 3.28 6.19 1.50 -3.41    
EBIT Margin %                   1.45 3.16 4.81 4.56 -0.582    
Net Margin %                   -0.813 1.78 3.32 0.818 -1.76    
Employees                   1,653 1,484 1,560 1,665 1,606    
balance sheet                                
Total Assets EUR mil                   155 146 144 145 142    
Non-Current Assets EUR mil                   88.2 87.2 83.5 81.3 78.8    
Current Assets EUR mil                   66.8 58.3 60.9 64.2 63.5    
Shareholders' Equity EUR mil                   76.8 79.4 83.9 83.8 78.1    
Liabilities EUR mil                   78.2 66.2 60.6 61.7 64.2    
Non-Current Liabilities EUR mil                   32.9 32.0 26.7 34.4 35.8    
Current Liabilities EUR mil                   45.3 34.2 33.9 27.3 28.4    
Net Debt/EBITDA                   3.83 1.87 0.899 1.01 2.18    
Net Debt/Equity                   0.488 0.295 0.170 0.187 0.221    
Cost of Financing % ...                 6.36 3.00 3.54 3.92 6.18    
cash flow                                
Total Cash From Operations EUR mil ...                 5.42 22.1 14.2 7.27 6.31    
Total Cash From Investing EUR mil ...                 -10.9 -8.12 -3.97 -6.90 -5.83    
Total Cash From Financing EUR mil ...                 6.32 -13.1 -10.5 0.495 -0.375    
Net Change In Cash EUR mil ...                 0.795 0.925 -0.309 0.868 0.103    
valuation                                
Market Capitalisation USD mil                   56.9 116 176 148 133    
Number Of Shares mil                   4.90 4.90 4.90 4.90 4.90    
Share Price EUR                   8.34 16.6 27.0 23.3 20.6    
Earnings Per Share (EPS) EUR                   -0.244 0.523 1.03 0.257 -0.563    
Book Value Per Share EUR                   15.7 16.2 17.1 17.1 15.9    
Dividend Per Share EUR                   0 0.200 0.400 0.400 0    
Price/Earnings (P/E)                   -34.1 31.7 26.2 90.6 -36.6    
Price/Book Value (P/BV)                   0.532 1.02 1.58 1.36 1.29    
Dividend Yield %                   0 1.21 1.48 1.72 0    
Earnings Per Share Growth % ...                 -117 -314 97.2 -75.0 -319    
Book Value Per Share Growth % ...                 -2.78 3.33 5.64 -0.099 -6.71    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                                
Sales EUR mil                   147 144 152 154 156    
Cost of Goods & Services EUR mil                   32.5 24.3 28.3 28.5 28.9    
Gross Profit EUR mil                   115 120 124 126 128    
Staff Cost EUR mil                   70.5 68.1 73.9 73.3 74.2    
Other Cost EUR mil                   34.5 39.1 34.1 36.7 45.4    
EBITDA EUR mil                   9.78 12.5 15.9 15.5 7.90    
Depreciation EUR mil                   7.65 7.99 8.54 8.51 8.81    
EBIT EUR mil                   2.14 4.56 7.31 7.03 -0.910    
Financing Cost EUR mil                   2.36 1.04 0.827 0.774 1.34    
Extraordinary Cost EUR mil                   0.590 0.114 0.675 1.22 -0.004    
Pre-Tax Profit EUR mil                   -0.810 3.40 5.81 5.04 -2.25    
Tax EUR mil                   0.388 0.842 0.761 3.78 0.512    
Minorities EUR mil                   0 0 0 0 0    
Net Profit EUR mil                   -1.20 2.56 5.05 1.26 -2.76    
Dividends EUR mil                   0 0.980 1.96 1.96 0    
growth rates                                
Total Revenue Growth % ...                 -6.54 -2.24 5.63 1.26 1.56    
Operating Cost Growth % ...                 6.59 2.03 0.747 1.86 8.75    
EBITDA Growth % ...                 -46.7 28.3 26.4 -2.00 -49.2    
EBIT Growth % ...                 -81.2 113 60.4 -3.83 -113    
Pre-Tax Profit Growth % ...                 -109 -520 70.8 -13.3 -145    
Net Profit Growth % ...                 -117 -314 97.2 -75.0 -319    
ratios                                
ROE %                   -1.54 3.28 6.19 1.50 -3.41    
ROCE % ...                 -0.843 1.87 3.87 0.971 -2.16    
Gross Margin %                   78.0 83.1 81.4 81.5 81.5    
EBITDA Margin %                   6.64 8.71 10.4 10.1 5.05    
EBIT Margin %                   1.45 3.16 4.81 4.56 -0.582    
Net Margin %                   -0.813 1.78 3.32 0.818 -1.76    
Payout Ratio %                   0 38.3 38.8 156 0    
Cost of Financing % ...                 6.36 3.00 3.54 3.92 6.18    
Net Debt/EBITDA                   3.83 1.87 0.899 1.01 2.18    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                                
Non-Current Assets EUR mil                   88.2 87.2 83.5 81.3 78.8    
Property, Plant & Equipment EUR mil                   65.0 64.4 62.2 62.4 59.7    
Intangible Assets EUR mil                   11.9 16.0 16.1 15.6 9.57    
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Assets EUR mil                   66.8 58.3 60.9 64.2 63.5    
Inventories EUR mil                   44.7 37.6 41.4 44.2 42.7    
Receivables EUR mil                   14.0 11.6 10.2 9.60 8.83    
Cash & Cash Equivalents EUR mil                   3.75 4.68 4.37 5.25 5.22    
Total Assets EUR mil                   155 146 144 145 142    
Shareholders' Equity EUR mil                   76.8 79.4 83.9 83.8 78.1    
Of Which Minority Interest EUR mil                   0 0 0 0 0    
Liabilities EUR mil                   78.2 66.2 60.6 61.7 64.2    
Non-Current Liabilities EUR mil                   32.9 32.0 26.7 34.4 35.8    
Long-Term Debt EUR mil                   18.6 16.4 10.3 18.1 19.1    
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities EUR mil                   45.3 34.2 33.9 27.3 28.4    
Short-Term Debt EUR mil                   22.6 11.7 8.29 2.84 3.33    
Trade Payables EUR mil                   4.05 4.78 5.82 4.86 4.62    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil                   155 146 144 145 142    
growth rates                                
Total Asset Growth % ...                 -0.098 -6.09 -0.740 0.694 -2.16    
Shareholders' Equity Growth % ...                 -2.78 3.33 5.64 -0.099 -6.71    
Net Debt Growth % ...                 25.4 -37.5 -39.1 9.75 10.3    
Total Debt Growth % ...                 25.5 -31.9 -33.7 12.2 7.59    
ratios                                
Total Debt EUR mil                   41.2 28.1 18.6 20.9 22.5    
Net Debt EUR mil                   37.5 23.4 14.3 15.6 17.3    
Working Capital EUR mil                   54.7 44.4 45.8 48.9 46.9    
Capital Employed EUR mil                   143 132 129 130 126    
Net Debt/Equity                   0.488 0.295 0.170 0.187 0.221    
Cost of Financing % ...                 6.36 3.00 3.54 3.92 6.18    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                                
Net Profit EUR mil                   -1.20 2.56 5.05 1.26 -2.76    
Depreciation EUR mil                   7.65 7.99 8.54 8.51 8.81    
Non-Cash Items EUR mil ...                 -3.65 1.27 2.03 0.568 -1.74    
Change in Working Capital EUR mil ...                 2.62 10.3 -1.44 -3.06 2.00    
Total Cash From Operations EUR mil ...                 5.42 22.1 14.2 7.27 6.31    
Capital Expenditures EUR mil ...                 -11.6 -6.62 -4.92 -8.27 -5.86    
Other Investments EUR mil ...                 0.611 -1.51 0.958 1.37 0.032    
Total Cash From Investing EUR mil ...                 -10.9 -8.12 -3.97 -6.90 -5.83    
Dividends Paid EUR mil                   0 -0.980 -1.96 -1.96 0    
Issuance Of Debt EUR mil ...                 8.39 -13.2 -9.47 2.27 1.59    
Total Cash From Financing EUR mil ...                 6.32 -13.1 -10.5 0.495 -0.375    
Net Change In Cash EUR mil ...                 0.795 0.925 -0.309 0.868 0.103    
ratios                                
Days Sales Outstanding days                   34.8 29.5 24.5 22.7 20.6    
Days Sales Of Inventory days                   503 564 535 565 539    
Days Payable Outstanding days                   45.5 71.8 75.0 62.2 58.3    
Cash Conversion Cycle days                   492 522 484 526 501    
Cash Earnings EUR mil                   6.45 10.5 13.6 9.77 6.05    
Cash Earnings Per Share EUR                   1.32 2.15 2.77 1.99 1.23    
Price/Cash Earnings (P/CE)                   6.34 7.69 9.73 11.7 16.7    
Free Cash Flow EUR mil ...                 -5.52 14.0 10.2 0.373 0.478    
Free Cash Flow Yield % ...                 -14.2 16.8 7.70 0.350 0.460    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                                
ROA %                   -0.773 1.70 3.48 0.869 -1.92    
Gross Margin %                   78.0 83.1 81.4 81.5 81.5    
Employees                   1,653 1,484 1,560 1,665 1,606    
Cost Per Employee USD per month                   5,203 5,315 5,221 5,101 4,946    
Cost Per Employee (Local Currency) EUR per month                   3,556 3,822 3,947 3,669 3,852    
Staff Cost (As % Of Total Cost) %                   48.6 48.8 51.0 49.9 47.2    
Effective Tax Rate %                   -47.9 24.7 13.1 75.0 -22.8    
Enterprise Value (EV) USD mil                   109 150 194 168 156    
EV/EBITDA                   7.62 8.59 9.27 7.79 15.4    
EV/Capital Employed                   0.548 0.795 1.13 0.997 0.941    
EV/Sales                   0.506 0.748 0.966 0.786 0.777    
EV/EBIT                   34.9 23.6 20.1 17.2 -134    
Domestic Sales EUR mil                   34.5 32.7 33.3 33.1 33.5    
Capital Expenditures (As % of Sales) % ...                 7.84 4.59 3.24 5.37 3.75    
Revenues From Abroad EUR mil                   113 111 119 121 123    
Revenues From Abroad (As % Of Total) %                   76.6 77.3 78.1 78.5 78.6    
Sales in Austria EUR mil                   34.5 32.7 33.3 33.1 33.5    
Sales in Other European Countries EUR mil                   91.7 89.2 91.9 93.2 92.7    
Sales in the North America EUR mil                   19.5 20.0 23.8 24.4 26.8    
Sales in Asia EUR mil                   1.58 2.17 3.12 3.33 3.49    
Legwear (As % Of Sales) % ... ... ...             50.7 55.4 57.3 55.2 53.0    
Ready-To-Wear (As % Of Sales) % ... ... ...             37.0 32.9 32.0 31.2 31.0    
Lingerie (As % Of Sales) % ... ... ...             9.90 9.40 8.60 10.3 12.0    
Accessories (As % Of Sales) % ... ... ... ...           1.10 1.20 1.20 2.30 2.00    
Swimwear (As % Of Sales) % ... ... ...             1.30 1.10 0.900 1.00 1.00    
Trading Goods (As % Of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... 1.00    
Sales from Legwear EUR mil ... ... ...             74.7 79.8 87.2 85.0 82.9    
Sales from Ready-To-Wear EUR mil ... ... ...             12.0 7.99 9.05 8.90 8.97    
Sales from Lingerie EUR mil ... ... ...             11.4 11.3 10.7 12.9 15.3    
Sales from Accessories EUR mil ... ... ... ...           0.776 0.817 0.887 1.69 1.48    
Sales from Swimwear EUR mil ... ... ...             0.449 0.431 0.307 0.367 0.454    
Sales from Trading Goods EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0.079    
EBIT from Austria EUR mil ... ... ... ... ... ... ... ...   2.11 3.05 5.03 5.59 1.28    
EBIT from Other Europe EUR mil ... ... ... ... ... ... ... ...   0.858 1.41 2.59 1.43 -0.009    
EBIT from North America EUR mil ... ... ... ... ... ... ... ...   -0.205 -0.211 0.016 -0.167 -0.766    
EBIT from Asia EUR mil ... ... ... ... ... ... ... ...   -0.006 0.170 0.848 0.959 0.160    
Employees in Austria                   1,147 932 985 930 831    
Employees in Other Europe                   483 419 551 610 634    
Employees in North America                   103 103 95.0 103 118    
Employees In Asia                   20.0 18.0 18.0 22.0 23.0    
Sales from Boutiques (As % Of Sales) % ... ... ...             46.0 46.8 48.6 49.0 48.0    
Sales from Department Stores (As % Of Sales) % ... ... ...             23.1 19.7 20.7 21.0 14.0    
Sales from Multi-Brand Retailers (As % Of Sales) % ... ... ...             20.6 21.5 19.8 18.4 17.0    
Sales from Factory Outles (As % Of Sales) % ... ... ...             7.70 9.10 8.60 9.50 10.0    
Sales from Private Label (As % Of Sales) % ... ... ...             2.60 2.90 2.30 2.10 2.00    
Sales from Online Business (As % Of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... 3.00    
Sales from Concessions Shop-in-shops (As % Of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... 6.00    
Sales from Boutiques EUR mil ... ... ...             67.8 67.4 73.9 75.5 75.1    
Sales from Department Stores EUR mil ... ... ...             7.50 4.79 5.86 5.99 4.05    
Sales from Multi-Brand Retailers EUR mil ... ... ...             23.7 25.7 24.5 23.1 21.7    
Sales from Factory Outles EUR mil ... ... ...             5.43 6.19 6.35 6.96 7.42    
Sales from Private Label EUR mil ... ... ...             0.898 1.14 0.785 0.771 0.908    
Sales from Online Business EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0.237    
Sales from Concessions Shop-in-shops EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0.529    

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Wolford AG at a Glance
Apr 2014
Company Report
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Wolford AG in Numbers
Apr 2014
Statistical Dossier
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Wolford AG is an Austria-based manufacturer of hosiery and lingerie. The Company was founded in 1949 by Walter Palmers and Reinhold Wolf. Company's product portfolio includes: Leg wear, ranging from pantyhose, stockings, stay-ups and knee-highs to leggings and socks; Ready-to-wear products, including bodies, shirts and tops, sweaters, dresses, coats and skirts; Swimwear product group comprises beachwear, swimbodies, swimkinis, and beach accessories, such as pareos, tops, caftans and dresses; Lingerie includes bras, strings, tangas, panties and bodies, and Accessories, including scarves, foulards, handbags, purses and belt, among others. The Company operates through subsidiaries located in Europe, America, Australia, Asia and the Middle East.

Finance

Wolford has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 2.71% a year during that time to total of EUR 10.9 mil in 2014, or 6.45% of sales. That’s compared to 6.83% average margin seen in last five years.

The company netted EUR 1.03 mil in 2014 implying ROE of 1.38% and ROCE of 0.836%. Again, the average figures were 0.395% and 0.244%, respectively when looking at the previous 5 years.

Wolford’s net debt amounted to EUR 18.7 mil at the end of 2014, or 0.250 of equity. When compared to EBITDA, net debt was 1.71x, down when compared to average of 2.26x seen in the last 5 years.

Valuation

Wolford stock traded at EUR 24.0 per share at the end of 2014 resulting in a market capitalization of USD 142 mil. Over the previous five years, stock price grew by 44.9% or 7.70% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 11.7x and price to earnings (PE) of 114x as of 2014.

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