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Zetor Tractors

Zetor's Cash & Cash Equivalents rose 152% yoy to CZK 10.9 mil in 2017

By Helgi Library - April 2, 2020

Zetor Tractors's total assets reached CZK 2,461 mil at the end of 2017, up 1.57% compared to the previous year. Cu...

Zetor's Cash & Cash Equivalents rose 152% yoy to CZK 10.9 mil in 2017

By Helgi Library - April 2, 2020

Zetor Tractors's total assets reached CZK 2,461 mil at the end of 2017, up 1.57% compared to the previous year. Cu...

Profit Statement 2015 2016 2017
Sales CZK mil 3,644 3,186 2,924
Gross Profit CZK mil 621 663 302
EBITDA CZK mil 253 235 128
EBIT CZK mil 134 96.1 4.36
Financing Cost CZK mil -9.82 -3.91 -112
Pre-Tax Profit CZK mil 144 102 117
Net Profit CZK mil 119 84.4 115
Balance Sheet 2015 2016 2017
Total Assets CZK mil 2,812 2,423 2,461
Non-Current Assets CZK mil 1,287 1,150 966
Current Assets CZK mil 1,516 1,223 1,412
Working Capital CZK mil 772 894 970
Shareholders' Equity CZK mil 1,476 1,420 1,369
Liabilities CZK mil 1,337 1,003 1,092
Total Debt CZK mil 606 377 372
Net Debt CZK mil 589 372 361
Ratios 2015 2016 2017
ROE % 8.11 5.83 8.25
ROCE % 5.43 4.12 5.78
Gross Margin % 17.1 20.8 10.3
EBITDA Margin % 6.96 7.38 4.39
EBIT Margin % 3.67 3.02 0.149
Net Margin % 3.27 2.65 3.94
Net Debt/EBITDA 2.32 1.58 2.81
Net Debt/Equity % 39.9 26.2 26.4
Cost of Financing % -1.31 -0.796 -30.1
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 575 ... ...
Total Cash From Investing CZK mil -251 ... ...
Total Cash From Financing CZK mil -366 ... ...
Net Change In Cash CZK mil -41.6 ... ...
Cash Conversion Cycle days 82.7 110 125
Cash Earnings CZK mil 239 223 239
Free Cash Flow CZK mil 324 ... ...

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                        
Sales CZK mil           2,778 3,840 3,912 4,178 3,644    
Gross Profit CZK mil           488 800 845 763 621    
EBIT CZK mil           195 376 347 267 134    
Net Profit CZK mil           124 279 284 225 119    
ROE %           19.3 30.4 23.7 16.0 8.11    
EBIT Margin %           7.04 9.80 8.87 6.39 3.67    
Net Margin %           4.46 7.26 7.27 5.40 3.27    
Employees ... ...       776 848 837 765 673    
balance sheet                        
Total Assets CZK mil           2,401 2,486 2,228 2,898 2,812    
Non-Current Assets CZK mil           1,245 1,201 1,200 1,181 1,287    
Current Assets CZK mil           1,127 1,256 1,001 1,705 1,516    
Shareholders' Equity CZK mil           781 1,053 1,345 1,469 1,476    
Liabilities CZK mil           1,621 1,434 883 1,430 1,337    
Non-Current Liabilities CZK mil           301 293 277 475 0    
Current Liabilities CZK mil           637 639 437 601 772    
Net Debt/EBITDA           1.66 0.734 0.673 2.10 2.32    
Net Debt/Equity %           68.4 34.2 23.6 56.6 39.9    
Cost of Financing % ...         6.91 8.64 0.613 -1.32 -1.31    
cash flow                        
Total Cash From Operations CZK mil ... ...       294 290 417 -292 575 ... ...
Total Cash From Investing CZK mil ... ...       -105 -100 -71.6 -116 -251 ... ...
Total Cash From Financing CZK mil ... ...       -218 -255 -318 400 -366 ... ...
Net Change In Cash CZK mil ... ...       -29.0 -65.3 27.3 -8.60 -41.6 ... ...
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                        
Sales CZK mil           2,778 3,840 3,912 4,178 3,644    
Cost of Goods & Services CZK mil           2,289 3,040 3,067 3,415 3,023    
Gross Profit CZK mil           488 800 845 763 621    
Staff Cost CZK mil ...         323 394 367 380 350    
Other Cost CZK mil ...         -156 -84.8 6.10 -12.9 17.6    
EBITDA CZK mil           321 491 472 396 253    
Depreciation CZK mil           126 115 125 129 120    
EBIT CZK mil           195 376 347 267 134    
Financing Cost CZK mil           52.3 43.4 2.40 -8.41 -9.82    
Extraordinary Cost CZK mil           0 0 0 0 0    
Pre-Tax Profit CZK mil           143 333 345 275 144    
Tax CZK mil           19.2 54.4 60.4 49.9 24.3    
Minorities CZK mil           0 0 0 0 0    
Net Profit CZK mil           124 279 284 225 119    
growth rates                        
Total Revenue Growth % ...         4.73 38.3 1.87 6.78 -12.8    
Operating Cost Growth % ... ...       -22.4 85.3 20.7 -1.65 0.223    
EBITDA Growth % ...         17.9 52.8 -3.88 -16.1 -36.0    
EBIT Growth % ...         55.6 92.6 -7.79 -23.1 -49.9    
Pre-Tax Profit Growth % ...         77.8 133 3.50 -20.2 -47.8    
Net Profit Growth % ...         53.8 125 2.03 -20.7 -47.1    
ratios                        
ROE %           19.3 30.4 23.7 16.0 8.11    
ROCE % ... ...       6.97 15.3 16.0 11.2 5.43    
Gross Margin %           17.6 20.8 21.6 18.3 17.1    
EBITDA Margin %           11.6 12.8 12.1 9.48 6.96    
EBIT Margin %           7.04 9.80 8.87 6.39 3.67    
Net Margin %           4.46 7.26 7.27 5.40 3.27    
Cost of Financing % ...         6.91 8.64 0.613 -1.32 -1.31    
Net Debt/EBITDA           1.66 0.734 0.673 2.10 2.32    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                        
Non-Current Assets CZK mil           1,245 1,201 1,200 1,181 1,287    
Property, Plant & Equipment CZK mil           802 765 733 710 804    
Intangible Assets CZK mil ...         7.68 12.7 27.4 38.4 46.6    
Current Assets CZK mil           1,127 1,256 1,001 1,705 1,516    
Inventories CZK mil ...         404 564 420 1,011 844    
Receivables CZK mil           653 652 409 541 515    
Cash & Cash Equivalents CZK mil           70.2 39.7 66.9 58.2 17.1    
Total Assets CZK mil           2,401 2,486 2,228 2,898 2,812    
Shareholders' Equity CZK mil           781 1,053 1,345 1,469 1,476    
Of Which Minority Interest CZK mil           0 0 0 0 0    
Liabilities CZK mil           1,621 1,434 883 1,430 1,337    
Non-Current Liabilities CZK mil           301 293 277 475 0    
Long-Term Debt CZK mil           479 333 277 475 0    
Current Liabilities CZK mil           637 639 437 601 772    
Short-Term Debt CZK mil           125 66.7 108 414 606    
Trade Payables CZK mil           512 564 332 395 587    
Provisions CZK mil ...         71.1 95.1 94.7 99.2 72.2    
Equity And Liabilities CZK mil           2,401 2,486 2,228 2,898 2,812    
growth rates                        
Total Asset Growth % ...         13.3 3.53 -10.4 30.1 -2.96    
Shareholders' Equity Growth % ...         55.6 34.8 27.8 9.17 0.492    
Net Debt Growth % ...         -38.5 -32.5 -11.9 162 -29.1    
Total Debt Growth % ... ...       -33.5 -33.8 -3.88 131 -31.9    
ratios                        
Total Debt CZK mil           604 400 384 889 606    
Net Debt CZK mil           534 360 318 831 589    
Working Capital CZK mil ...         545 652 497 1,156 772    
Capital Employed CZK mil ...         1,790 1,854 1,697 2,337 2,059    
Net Debt/Equity %           68.4 34.2 23.6 56.6 39.9    
Cost of Financing % ...         6.91 8.64 0.613 -1.32 -1.31    
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                        
Net Profit CZK mil           124 279 284 225 119    
Depreciation CZK mil           126 115 125 129 120    
Non-Cash Items CZK mil ... ...       115 3.65 -148 12.8 -48.0 ... ...
Change in Working Capital CZK mil ... ...       -70.6 -107 156 -660 384 ... ...
Total Cash From Operations CZK mil ... ...       294 290 417 -292 575 ... ...
Capital Expenditures CZK mil ... ... ... ... ... ... ... -82.9 -128 -246 ... ...
Other Investments CZK mil ... ... ... ... ... ... ... 11.3 11.6 -4.11 ... ...
Total Cash From Investing CZK mil ... ...       -105 -100 -71.6 -116 -251 ... ...
Issuance Of Debt CZK mil ... ...       -305 -204 -15.5 505 -283 ... ...
Total Cash From Financing CZK mil ... ...       -218 -255 -318 400 -366 ... ...
Net Change In Cash CZK mil ... ...       -29.0 -65.3 27.3 -8.60 -41.6 ... ...
ratios                        
Days Sales Outstanding days           85.8 62.0 38.2 47.2 51.6    
Days Sales Of Inventory days ...         64.5 67.7 50.0 108 102    
Days Payable Outstanding days           81.6 67.7 39.5 42.2 70.9    
Cash Conversion Cycle days ...         68.6 62.0 48.6 113 82.7    
Cash Earnings CZK mil           250 393 409 355 239    
Free Cash Flow CZK mil ... ...       189 189 345 -408 324 ... ...
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                        
ROA %           5.48 11.4 12.1 8.79 4.18    
Gross Margin %           17.6 20.8 21.6 18.3 17.1    
Employees ... ...       776 848 837 765 673    
Cost Per Employee USD per month ... ...       1,958 1,979 1,868 1,936 1,817    
Cost Per Employee (Local Currency) CZK per month ... ...       34,634 38,714 36,544 41,383 43,363    
Staff Cost (As % Of Total Cost) % ...         12.5 11.4 10.3 9.71 9.98    
Effective Tax Rate %           13.4 16.3 17.5 18.1 16.9    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... 2.12 3.06 6.76 ... ...
Revenues From Abroad CZK mil ... ... ... ... ... 2,663 3,699 3,426 3,119 3,032    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... 95.9 96.3 87.6 74.6 83.2    
Production of Vehicles vehicles ...         3,919 4,929 4,634 4,234 3,905    
Production of Vehicles (Czech Republic) vehicles ...         3,919 4,929 4,634 4,234 3,905    
Domestic Production (As % Of Total) % ...         100 100 100 100 100    
Sales of Vehicles vehicles ...         3,910 4,926 4,667 4,178 3,773    
Price Per Vehicle Sold CZK ...         710,376 779,615 838,284 999,925 965,764    
EBIT Per Vehicle Sold CZK ...         49,989 76,427 74,388 63,878 35,464    
Net Profit Per Vehicle Sold CZK ...         31,704 56,581 60,932 53,957 31,627    
Price Per Vehicle Sold (USD) USD ...         40,166 39,857 42,846 46,786 40,461    
EBIT Per Vehicle Sold (USD) USD ...         2,826 3,907 3,802 2,989 1,486    
Net Profit Per Vehicle Sold (USD) USD ...         1,793 2,893 3,114 2,525 1,325    

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Oct 2013
Company Report
Oct 2013
Statistical Dossier

Zetor is a tractor manufacturing company from Brno, in the Czech Republic. The town has had a metal works since at least the mid-1800s. The name "Zetor" came by merging the popular "Zet", from the logo of the Zbrojovka Brno arms factory (Zetor's owner until 1990) where the first tractor Z 25 was released in 1945, and the last two letters of the word tractor - "or". Zetor was an early developer in four-cylinder diesel engines, diesel injection, factory-built cabs, and mechanical front-wheel drive (MFWD). Because of this, and their low cost, Zetor tractors were exported through the world. While Zetor is a Czech company, versions of its tractors are assembled in numerous countries including Argentina, Burma, India, Iraq, Uruguay and Zaire. In the year 2002, Slovak HTC holding became the main owner of the company

Finance

Zetor Tractors has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 23.6% a year during that time to total of CZK 128 mil in 2017, or 4.39% of sales. That’s compared to 8.05% average margin seen in last five years.

The company netted CZK 115 mil in 2017 implying ROE of 8.25% and ROCE of 5.78%. Again, the average figures were 12.4% and 8.50%, respectively when looking at the previous 5 years.

Zetor Tractors’s net debt amounted to CZK 361 mil at the end of 2017, or 26.4% of equity. When compared to EBITDA, net debt was 2.81x, up when compared to average of 1.90x seen in the last 5 years.