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Synthos

Synthos's Cash & Cash Equivalents rose 34.1% yoy to PLN 1,051 mil in 2015

By Helgi Library - April 2, 2020

Synthos's total assets reached PLN 4,792 mil at the end of 2015, up 3.23% compared to the previous year. Current a...

Annual Quarterly
Profit Statement 2013 2014 2015
Sales PLN mil 4,989 4,619 4,058
Gross Profit PLN mil 1,037 1,094 1,110
EBITDA PLN mil 605 636 617
EBIT PLN mil 453 480 450
Financing Cost PLN mil 3.02 42.0 25.0
Pre-Tax Profit PLN mil 467 427 467
Net Profit PLN mil 417 356 426
Dividends PLN mil 411 331 ...
Balance Sheet 2013 2014 2015
Total Assets PLN mil 4,067 4,642 4,792
Non-Current Assets PLN mil 2,165 2,365 2,545
Current Assets PLN mil 1,902 2,277 2,247
Working Capital PLN mil 896 793 704
Shareholders' Equity PLN mil 2,291 2,236 2,306
Liabilities PLN mil 1,776 2,406 2,486
Total Debt PLN mil 1,005 1,492 1,706
Net Debt PLN mil 558 708 655
Ratios 2013 2014 2015
ROE % 16.0 15.7 18.8
ROCE % 13.5 11.4 13.3
Gross Margin % 20.8 23.7 27.4
EBITDA Margin % 12.1 13.8 15.2
EBIT Margin % 9.08 10.4 11.1
Net Margin % 8.36 7.71 10.5
Net Debt/EBITDA 0.922 1.11 1.06
Net Debt/Equity 0.243 0.317 0.284
Cost of Financing % 0.355 3.36 1.56
Valuation 2013 2014 2015
Market Capitalisation USD mil 2,402 1,536 1,292
Enterprise Value (EV) USD mil 2,587 1,736 1,460
Number Of Shares mil 1,323 1,323 1,323
Share Price PLN 5.47 4.11 3.81
EV/EBITDA 13.5 8.95 8.81
EV/Sales 1.64 1.23 1.34
Price/Earnings (P/E) 17.4 15.3 11.8
Price/Book Value (P/BV) 3.16 2.43 2.19
Dividend Yield % 5.68 6.09 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales PLN mil                 2,601 3,861 5,441 6,207 4,989    
Gross Profit PLN mil                 702 1,067 1,558 1,324 1,037    
EBIT PLN mil                 250 542 992 703 453    
Net Profit PLN mil                 164 476 960 586 417    
ROE %                 10.4 25.2 37.9 20.0 16.0    
EBIT Margin %                 9.63 14.0 18.2 11.3 9.08    
Net Margin %                 6.31 12.3 17.6 9.45 8.36    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
balance sheet                              
Total Assets PLN mil                 2,949 3,517 4,562 4,557 4,067    
Non-Current Assets PLN mil                 1,593 1,780 1,914 2,085 2,165    
Current Assets PLN mil                 1,356 1,737 2,648 2,472 1,902    
Shareholders' Equity PLN mil                 1,653 2,132 2,939 2,928 2,291    
Liabilities PLN mil                 1,296 1,386 1,623 1,629 1,776    
Non-Current Liabilities PLN mil                 702 700 786 601 567    
Current Liabilities PLN mil                 594 686 838 1,029 1,209    
Net Debt/EBITDA                 0.696 0.092 -0.200 -0.060 0.922    
Net Debt/Equity                 0.167 0.029 -0.078 -0.018 0.243    
Cost of Financing % ...               3.25 1.45 2.49 2.52 0.355    
cash flow                              
Total Cash From Operations PLN mil                 409 448 751 697 649    
Total Cash From Investing PLN mil                 -231 -263 -330 -216 -223    
Total Cash From Financing PLN mil                 30.3 -84.1 -83.1 -797 -734    
Net Change In Cash PLN mil                 208 100 338 -316 -308    
valuation                              
Market Capitalisation USD mil ... ... ...           536 1,373 1,691 2,314 2,402    
Number Of Shares mil                 1,323 1,324 1,323 1,323 1,323    
Share Price PLN ... ... ...           1.16 3.07 4.40 5.41 5.47    
Earnings Per Share (EPS) PLN                 0.124 0.360 0.726 0.443 0.315    
Book Value Per Share PLN                 1.25 1.61 2.22 2.21 1.73    
Dividend Per Share PLN                 0 0.070 0.500 0.761 0.311   ...
Price/Earnings (P/E) ... ... ...           9.35 8.54 6.06 12.2 17.4    
Price/Book Value (P/BV) ... ... ...           0.929 1.91 1.98 2.44 3.16    
Dividend Yield % ... ... ...           0 2.28 11.4 14.1 5.68   ...
Earnings Per Share Growth % ...               80.7 190 102 -38.9 -28.9    
Book Value Per Share Growth % ...               10.3 28.9 37.9 -0.356 -21.7    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                              
Sales PLN mil                 2,601 3,861 5,441 6,207 4,989    
Cost of Goods & Services PLN mil                 1,899 2,794 3,883 4,882 3,952    
Gross Profit PLN mil                 702 1,067 1,558 1,324 1,037    
Staff Cost PLN mil ... ... ...           98.8 137 150 128 124    
Other Cost PLN mil ... ... ...           207 251 266 337 308    
EBITDA PLN mil                 396 679 1,142 859 605    
Depreciation PLN mil                 145 137 150 156 152    
EBIT PLN mil                 250 542 992 703 453    
Financing Cost PLN mil                 26.9 11.4 19.4 19.2 3.02    
Extraordinary Cost PLN mil                 14.7 -55.9 -107 66.7 -17.2    
Pre-Tax Profit PLN mil                 209 587 1,079 617 467    
Tax PLN mil                 44.1 110 119 32.1 49.9    
Minorities PLN mil                 0.485 0.695 0.540 -1.13 0.388    
Net Profit PLN mil                 164 476 960 586 417    
Dividends PLN mil                 0 92.6 662 1,007 411   ...
growth rates                              
Total Revenue Growth % ...               -8.60 48.4 40.9 14.1 -19.6    
Operating Cost Growth % ... ... ... ...         -0.377 26.8 7.27 11.7 -7.09    
EBITDA Growth % ...               30.2 71.5 68.2 -24.8 -29.6    
EBIT Growth % ...               39.5 116 83.0 -29.1 -35.6    
Pre-Tax Profit Growth % ...               101 181 84.0 -42.8 -24.3    
Net Profit Growth % ...               80.7 190 102 -38.9 -28.9    
ratios                              
ROE %                 10.4 25.2 37.9 20.0 16.0    
ROCE % ...               8.83 21.2 35.3 19.2 13.5    
Gross Margin %                 27.0 27.6 28.6 21.3 20.8    
EBITDA Margin %                 15.2 17.6 21.0 13.8 12.1    
EBIT Margin %                 9.63 14.0 18.2 11.3 9.08    
Net Margin %                 6.31 12.3 17.6 9.45 8.36    
Payout Ratio %                 0 19.5 68.9 172 98.6   ...
Cost of Financing % ...               3.25 1.45 2.49 2.52 0.355    
Net Debt/EBITDA                 0.696 0.092 -0.200 -0.060 0.922    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                              
Non-Current Assets PLN mil                 1,593 1,780 1,914 2,085 2,165    
Property, Plant & Equipment PLN mil                 1,174 1,319 1,529 1,544 1,577    
Intangible Assets PLN mil                 11.8 26.6 28.9 124 142    
Current Assets PLN mil                 1,356 1,737 2,648 2,472 1,902    
Inventories PLN mil                 263 307 477 618 451    
Receivables PLN mil                 456 689 988 955 832    
Cash & Cash Equivalents PLN mil                 559 664 1,060 747 447    
Total Assets PLN mil                 2,949 3,517 4,562 4,557 4,067    
Shareholders' Equity PLN mil                 1,653 2,132 2,939 2,928 2,291    
Of Which Minority Interest PLN mil                 14.5 15.2 15.7 14.6 13.8    
Liabilities PLN mil                 1,296 1,386 1,623 1,629 1,776    
Non-Current Liabilities PLN mil                 702 700 786 601 567    
Long-Term Debt PLN mil                 644 602 690 475 420    
Deferred Tax Liabilities PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Current Liabilities PLN mil                 594 686 838 1,029 1,209    
Short-Term Debt PLN mil                 190 124 142 221 585    
Trade Payables PLN mil                 291 309 413 523 387    
Provisions PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Equity And Liabilities PLN mil                 2,949 3,517 4,562 4,557 4,067    
growth rates                              
Total Asset Growth % ...               9.62 19.3 29.7 -0.100 -10.8    
Shareholders' Equity Growth % ...               10.3 29.0 37.9 -0.356 -21.7    
Net Debt Growth % ...               -41.2 -77.4 -467 -77.5 -1,186    
Total Debt Growth % ...               1.27 -13.0 14.5 -16.4 44.5    
ratios                              
Total Debt PLN mil                 835 726 832 695 1,005    
Net Debt PLN mil                 275 62.4 -229 -51.4 558    
Working Capital PLN mil                 428 688 1,051 1,050 896    
Capital Employed PLN mil                 2,020 2,468 2,965 3,135 3,061    
Net Debt/Equity                 0.167 0.029 -0.078 -0.018 0.243    
Cost of Financing % ...               3.25 1.45 2.49 2.52 0.355    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                              
Net Profit PLN mil                 164 476 960 586 417    
Depreciation PLN mil                 145 137 150 156 152    
Non-Cash Items PLN mil ...               168 94.8 4.03 -46.3 -74.3    
Change in Working Capital PLN mil ...               -68.7 -260 -363 1.24 154    
Total Cash From Operations PLN mil                 409 448 751 697 649    
Capital Expenditures PLN mil                 -167 -250 -303 -205 -300    
Other Investments PLN mil                 -64.9 -12.8 -26.8 -10.9 77.1    
Total Cash From Investing PLN mil                 -231 -263 -330 -216 -223    
Dividends Paid PLN mil                 0 -92.6 -662 -1,007 -411   ...
Issuance Of Debt PLN mil ...               10.5 -108 105 -137 310    
Total Cash From Financing PLN mil                 30.3 -84.1 -83.1 -797 -734    
Net Change In Cash PLN mil                 208 100 338 -316 -308    
ratios                              
Days Sales Outstanding days                 64.0 65.2 66.3 56.2 60.9    
Days Sales Of Inventory days                 50.6 40.2 44.8 46.2 41.6    
Days Payable Outstanding days                 56.0 40.3 38.8 39.1 35.7    
Cash Conversion Cycle days                 58.6 65.0 72.2 63.3 66.8    
Cash Earnings PLN mil                 310 613 1,110 742 569    
Cash Earnings Per Share PLN                 0.234 0.463 0.839 0.561 0.430    
Price/Cash Earnings (P/CE) ... ... ...           4.96 6.63 5.24 9.64 12.7    
Free Cash Flow PLN mil                 178 184 421 481 426    
Free Cash Flow Yield % ... ... ...           10.6 4.45 8.40 6.39 5.61    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                              
ROA %                 5.83 14.7 23.8 12.9 9.67    
Gross Margin %                 27.0 27.6 28.6 21.3 20.8    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Cost Per Employee (Local Currency) PLN per month ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
Staff Cost (As % Of Total Cost) % ... ... ...           4.20 4.13 3.37 2.32 2.73    
Effective Tax Rate %                 21.1 18.7 11.0 5.20 10.7    
Enterprise Value (EV) USD mil ... ... ...           632 1,395 1,625 2,297 2,587    
EV/EBITDA ... ... ...           4.98 6.20 4.22 8.70 13.5    
EV/Capital Employed ... ... ...           0.896 1.67 1.89 2.27 2.55    
EV/Sales ... ... ...           0.757 1.09 0.885 1.20 1.64    
EV/EBIT ... ... ...           7.86 7.76 4.86 10.6 18.0    
Capital Expenditures (As % of Sales) %                 6.40 6.48 5.56 3.31 6.02    
Sales from Rubbers & Latexes PLN mil ... ... ... ... ...       1,194 2,028 3,301 3,943 2,976    
Sales from Styrene Derivatives PLN mil ... ... ... ... ...       1,124 1,446 1,720 1,884 1,962    
Sales from Energy PLN mil ... ... ... ... ... ... ... ... ... 198 227 235 267 ... ...
Sales from Vinyl Dispersions PLN mil ... ... ... ... ...       72.0 80.3 107 102 108    
Sales from Other PLN mil ... ... ... ... ...       181 91.7 51.1 2.21 10.7    

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Synthos SA at a Glance
Apr 2014
Company Report
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Synthos SA in Numbers
Apr 2014
Statistical Dossier
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Synthos SA is a Poland-based producer of synthetic rubbers, styrene plastics, as well as vinyl and copolymer dispersions. The Company's product range includes synthetic rubber, styrene-butadiene rubber, polybutadiene rubber, nitrile rubber, expandable polystyrene, calcium phosphate, soda lime, sodium acetate, vinyl, vinyl-acrylic, latex, chlorine and methanol, wood adhesives and others. Synthos manages two manufacturing companies, Synthos Dwory 7 in Oświęcim, Poland and Synthos Kralupy in the Czech Republic. The Company is traded on the Warsaw Stock Exchange, Mr. Michał Sołowow held 62.5% of the Company at the end of August 2012

Finance

Synthos has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to % average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were % and %, respectively when looking at the previous 5 years.

Synthos’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of x seen in the last 5 years.

Valuation

Synthos stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.

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