Balance Sheet Ebusco Holding N.V.

Equities

EBUS

NL0015000CZ2

Heavy Machinery & Vehicles

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Jul. 31	Transcript : Ebusco Holding N.V., H1 2024 Earnings Call, Jul 31, 2024
Jul. 31	Ebusco Holding N.V. Reports Earnings Results for the Half Year Ended June 30, 2024	CI

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Published financial data: EBUSCO HOLDING N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	48.92M	99.99M	24.26M	112M	102M
Total Revenues	48.92M	99.99M	24.26M	112M	102M
Cost of Goods Sold, Total	32.14M	60.34M	23.04M	95.98M	109M
Gross Profit	16.78M	39.66M	1.22M	15.63M	-6.85M
Selling General & Admin Expenses, Total	4.36M	6.42M	23.11M	37.68M	68.41M
Depreciation & Amortization - (IS)	3.31M	3.36M	5.33M	5.63M	8.14M
Other Operating Expenses	3.65M	6.11M	7.05M	12.76M	20.48M
Other Operating Expenses, Total	11.32M	15.88M	35.49M	56.07M	97.02M
Operating Income	5.46M	23.78M	-34.27M	-40.44M	-104M
Interest Expense, Total	-1.48M	-2.04M	-3.77M	-1.17M	-2.02M
Interest And Investment Income	-	-	-	241K	276K
Net Interest Expenses	-1.48M	-2.04M	-3.77M	-933K	-1.75M
Income (Loss) On Equity Invest.	-89K	-112K	7.43M	-432K	-871K
Currency Exchange Gains (Loss)	46K	114K	-	-127K	220K
Other Non Operating Income (Expenses)	221K	637K	-470K	-	594K
EBT, Excl. Unusual Items	4.16M	22.38M	-31.08M	-41.93M	-106M
Merger & Related Restructuring Charges	-	-	-300K	-	-
Legal Settlements	-	-	-200K	-	-
Other Unusual Items	-	-	-4.8M	-	-
EBT, Incl. Unusual Items	4.16M	22.38M	-36.38M	-41.93M	-106M
Income Tax Expense	1.05M	5.72M	-9.59M	-9.73M	14.47M
Earnings From Continuing Operations	3.11M	16.66M	-26.8M	-32.19M	-120M
Net Income to Company	3.11M	16.66M	-26.8M	-32.19M	-120M
Minority Interest	-	-	409K	476K	987K
Net Income - (IS)	3.11M	16.66M	-26.39M	-31.72M	-119M
Net Income to Common Incl Extra Items	3.11M	16.66M	-26.39M	-31.72M	-119M
Net Income to Common Excl. Extra Items	3.11M	16.66M	-26.39M	-31.72M	-119M
Per Share Items
Net EPS - Basic	129.59	694.15	-0.56	-0.54	-2.01
Basic EPS - Continuing Operations	129.59	694.15	-0.56	-0.54	-2.01
Basic Weighted Average Shares Outstanding	24K	24K	47.5M	59.04M	59.22M
Net EPS - Diluted	127	680	-0.56	-0.54	-2.01
Diluted EPS - Continuing Operations	127	680	-0.56	-0.54	-2.01
Diluted Weighted Average Shares Outstanding	24.48K	24.48K	47.5M	59.04M	59.22M
Normalized Basic EPS	108.36	582.71	-0.4	-0.44	-1.1
Normalized Diluted EPS	106.24	571.28	-0.4	-0.44	-1.1
Supplemental Items
EBITDA	6.6M	24.81M	-32.58M	-38.09M	-99.93M
EBITA	5.46M	23.78M	-34.27M	-40.44M	-104M
EBIT	5.46M	23.78M	-34.27M	-40.44M	-104M
EBITDAR	-	24.82M	-	-37.09M	-95.84M
Effective Tax Rate - (Ratio)	25.26	25.55	26.35	23.22	-13.7
Total Current Taxes	452K	5.69M	-5.67M	20K	136K
Total Deferred Taxes	599K	23K	-3.91M	-9.75M	14.34M
Normalized Net Income	2.6M	13.98M	-19.02M	-25.73M	-65.06M
Interest on Long-Term Debt	63K	70K	128K	185K	325K
Supplemental Operating Expense Items
Marketing Expenses	761K	1.13M	-	1.16M	1.16M
Selling and Marketing Expenses	761K	1.13M	-	1.16M	1.16M
Research And Development Expense From Footnotes	-	-	2.01M	1.25M	1.2M
Net Rental Expense, Total	-	10K	-	996K	4.09M
Imputed Operating Lease Interest Expense	-	4.2K	-	1.08M	2.43M
Imputed Operating Lease Depreciation	-	5.8K	-	-85K	1.65M
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	166K	185K
Total Stock-Based Compensation	-	-	-	166K	185K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.81M	26.86M	208M	95.21M	27.92M
Total Cash And Short Term Investments	2.81M	26.86M	208M	95.21M	27.92M
Accounts Receivable, Total	19.1M	61.85M	30.05M	88.88M	86.92M
Other Receivables	794K	510K	24K	3.89M	4.32M
Total Receivables	19.89M	62.36M	30.07M	92.77M	91.24M
Inventory	2.69M	3.64M	22.33M	47.44M	107M
Other Current Assets, Total	913K	1.4M	3.82M	2.44M	2.78M
Total Current Assets	26.3M	94.26M	264M	238M	228M
Gross Property Plant And Equipment	6.26M	8.15M	21.24M	24.05M	48.52M
Accumulated Depreciation	-2.13M	-3.63M	-6.22M	-6.34M	-10.22M
Net Property Plant And Equipment	4.13M	4.52M	15.02M	17.71M	38.3M
Long-term Investments	135K	23K	-	1.07M	3.16M
Goodwill	-	-	39.26M	39.26M	39.26M
Other Intangibles, Total	157K	1.08M	1.23M	3.87M	7.12M
Deferred Tax Assets Long-Term	747K	909K	7.14M	16.36M	-
Deferred Charges Long-Term	3.69M	3.36M	5.71M	4.47M	3.51M
Other Long-Term Assets, Total	109K	305K	205K	9K	-
Total Assets	35.27M	104M	333M	321M	320M
Liabilities
Accounts Payable, Total	1.48M	6.76M	10.88M	21.12M	30.52M
Accrued Expenses, Total	2.45M	1.14M	-	3.06M	1.15M
Short-term Borrowings	2M	-	-	486K	29.51M
Current Portion of Long-Term Debt	9.41M	45.19M	215K	-	-
Current Portion of Leases	295K	544K	1.13M	1.46M	2.38M
Current Income Taxes Payable	452K	6.14M	9K	5K	125K
Unearned Revenue Current, Total	-	190K	174K	8.91M	18.94M
Other Current Liabilities	935K	2.2M	8.64M	5.67M	43.07M
Total Current Liabilities	17.03M	62.16M	21.05M	40.71M	126M
Long-Term Debt	4.87M	12.88M	463K	-	-
Long-Term Leases	1.36M	1.24M	7.25M	6.3M	14.22M
Other Non Current Liabilities	81K	141K	-	147K	1.62M
Total Liabilities	23.33M	76.42M	28.77M	47.16M	142M
Common Stock, Total	24K	24K	590K	590K	640K
Additional Paid In Capital	12.63M	12.63M	315M	315M	337M
Retained Earnings	-717K	15.39M	-11.35M	-58.25M	-181M
Comprehensive Income and Other	-	-	-	16.33M	23.08M
Total Common Equity	11.94M	28.04M	304M	274M	180M
Minority Interest	-	-	-63K	-539K	-1.53M
Total Equity	11.94M	28.04M	304M	273M	178M
Total Liabilities And Equity	35.27M	104M	333M	321M	320M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	24K	24K	59.04M	59.04M	64.04M
ECS Total Common Shares Outstanding	24K	24K	59.04M	59.04M	64.04M
Book Value / Share	497.4	1.17K	5.15	4.64	2.81
Tangible Book Value	11.78M	26.96M	264M	231M	133M
Tangible Book Value Per Share	490.85	1.12K	4.46	3.91	2.08
Total Debt	17.93M	59.85M	9.06M	8.25M	46.11M
Net Debt	15.12M	32.98M	-199M	-86.96M	18.19M
Debt Equivalent Oper. Leases	-	80K	-	7.97M	32.7M
Minority Interest, Total (Incl. Fin. Div)	-	-	-63K	-539K	-1.53M
Equity Method Investments, Total	135K	23K	-	1.07M	2.55M
Account Code - Inventory Valuation	-	3	3	6	5
Inventories - Others	-	3.87M	22.85M	47.98M	109M
Machinery, Total	4.33M	5.14M	10.55M	14.52M	27.31M
Full Time Employees	-	106	219	418	834
Accumulated Allowance for Doubtful Accounts (Supple)	60K	638K	514K	574K	452K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.11M	16.66M	-26.39M	-31.72M	-119M
Depreciation & Amortization - CF	1.5M	1.5M	2.79M	3.77M	5.74M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-1K
Depreciation & Amortization, Total	1.5M	1.5M	2.79M	3.77M	5.74M
Amortization of Deferred Charges, Total - (CF)	1.81M	1.86M	2.54M	1.86M	1.55M
(Gain) Loss From Sale Of Asset	168K	1K	-1K	-	75K
Asset Writedown & Restructuring Costs	-	-	-	-	778K
(Income) Loss On Equity Investments - (CF)	89K	112K	-7.43M	432K	871K
Stock-Based Compensation (CF)	-	-	-	166K	185K
Other Operating Activities, Total	2.32M	7.06M	-5.22M	-8.99M	23.26M
Change In Accounts Receivable	-12.49M	-42.87M	29.21M	-51.48M	13.73M
Change In Inventories	-1.57M	-953K	-18.69M	-25.11M	-59.1M
Change In Accounts Payable	102K	5.2M	3.8M	12.01M	28.28M
Cash from Operations	-4.96M	-11.43M	-19.39M	-99.06M	-104M
Capital Expenditure	-306K	-1.36M	-4.14M	-5.51M	-15.02M
Sale of Property, Plant, and Equipment	224K	16K	1K	-	-
Cash Acquisitions	-	-	-22.34M	-	-
Sale (Purchase) of Intangible assets	-112K	-2.45M	-795K	-1.48M	-2.1M
Investment in Marketable and Equity Securities, Total	-	-196K	-9K	-1.5M	-2.95M
Cash from Investing	-194K	-3.99M	-27.28M	-8.5M	-20.07M
Short Term Debt Issued, Total	-	-	-	-	54.96M
Long-Term Debt Issued, Total	699K	33.52M	41.5M	-	-
Total Debt Issued	699K	33.52M	41.5M	-	54.96M
Short Term Debt Repaid, Total	-	-	-	-	-20M
Long-Term Debt Repaid, Total	-1.06M	-3.06M	-108M	-2.22M	-1.93M
Total Debt Repaid	-1.06M	-3.06M	-108M	-2.22M	-21.93M
Issuance of Common Stock	-	-	316M	-	24.6M
Issuance of Preferred Stock	-	10M	-	-	-
Other Financing Activities, Total	-977K	-995K	-22.32M	-2.95M	-1.06M
Cash from Financing	-1.34M	39.47M	228M	-5.17M	56.58M
Foreign Exchange Rate Adjustments	-	-	1K	15K	-1K
Miscellaneous Cash Flow Adjustments	-	-	-	-	1K
Net Change in Cash	-6.49M	24.05M	181M	-113M	-67.29M
Supplemental Items
Cash Interest Paid	977K	995K	2.33M	1.06M	1.33M
Cash Income Tax Paid (Refund)	1K	-	458K	28K	69K
Levered Free Cash Flow	-8.41M	-19.67M	-8.92M	-94.58M	-78.7M
Unlevered Free Cash Flow	-7.48M	-18.4M	-6.57M	-93.85M	-77.44M
Change In Net Working Capital	13.79M	32.8M	-14.45M	67.38M	2.87M
Net Debt Issued / Repaid	-360K	30.47M	-66.06M	-2.22M	33.03M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	10.26	21.27	-9.8	-7.74	-20.27
Return on Total Capital	12.12	25.24	-10.69	-8.5	-25.65
Return On Equity %	30.07	83.34	-16.14	-11.15	-53.19
Return on Common Equity	30.07	83.34	-15.89	-10.97	-52.51
Margin Analysis
Gross Profit Margin %	34.31	39.66	5.03	14.01	-6.68
SG&A Margin	8.92	6.42	95.22	33.76	66.78
EBITDA Margin %	13.5	24.81	-134.29	-34.12	-97.55
EBITA Margin %	11.17	23.78	-141.24	-36.23	-101.4
EBIT Margin %	11.17	23.78	-141.24	-36.23	-101.39
Income From Continuing Operations Margin %	6.36	16.66	-110.43	-28.84	-117.28
Net Income Margin %	6.36	16.66	-108.75	-28.42	-116.32
Net Avail. For Common Margin %	6.36	16.66	-108.75	-28.42	-116.32
Normalized Net Income Margin	5.32	13.99	-78.38	-23.05	-63.51
Levered Free Cash Flow Margin	-17.18	-19.68	-36.78	-84.74	-76.83
Unlevered Free Cash Flow Margin	-15.29	-18.4	-27.07	-84.08	-75.59
Asset Turnover
Asset Turnover	1.47	1.43	0.11	0.34	0.32
Fixed Assets Turnover	10.06	23.12	2.48	6.82	3.66
Receivables Turnover (Average Receivables)	3.64	2.47	0.53	1.88	1.17
Inventory Turnover (Average Inventory)	16.89	19.07	1.77	2.75	1.42
Short Term Liquidity
Current Ratio	1.54	1.52	12.55	5.84	1.82
Quick Ratio	1.33	1.44	11.3	4.62	0.95
Operating Cash Flow to Current Liabilities	-0.29	-0.18	-0.92	-2.43	-0.83
Days Sales Outstanding (Average Receivables)	100.21	148.14	691.19	194.46	313.21
Days Outstanding Inventory (Average Inventory)	21.61	19.19	205.66	132.66	257.14
Average Days Payable Outstanding	24.35	24.62	77.16	48.22	55.96
Cash Conversion Cycle (Average Days)	97.46	142.71	819.7	278.9	514.38
Long Term Solvency
Total Debt/Equity	150.21	213.42	2.98	3.02	25.86
Total Debt / Total Capital	60.03	68.09	2.89	2.93	20.55
LT Debt/Equity	52.12	50.34	2.54	2.3	7.97
Long-Term Debt / Total Capital	20.83	16.06	2.46	2.24	6.34
Total Liabilities / Total Assets	66.16	73.16	8.65	14.71	44.25
EBIT / Interest Expense	3.69	11.65	-9.09	-34.44	-51.37
EBITDA / Interest Expense	4.7	12.39	-8.35	-31.23	-48.53
(EBITDA - Capex) / Interest Expense	4.5	11.72	-9.45	-35.93	-55.96
Total Debt / EBITDA	2.58	2.37	-0.29	-0.22	-0.47
Net Debt / EBITDA	2.17	1.3	6.32	2.37	-0.19
Total Debt / (EBITDA - Capex)	2.69	2.5	-0.25	-0.2	-0.41
Net Debt / (EBITDA - Capex)	2.27	1.38	5.58	2.06	-0.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	129.08	104.39	-75.73	359.99	-8.22
Gross Profit, 1 Yr. Growth %	127.62	136.26	-96.92	1.18K	-143.8
EBITDA, 1 Yr. Growth %	434.39	275.56	-231.36	0.54	162.37
EBITA, 1 Yr. Growth %	565.41	335.22	-244.14	2.18	156.88
EBIT, 1 Yr. Growth %	565.41	335.22	-244.14	2.18	156.88
Earnings From Cont. Operations, 1 Yr. Growth %	-10.47K	435.66	-260.86	20.14	273.21
Net Income, 1 Yr. Growth %	-10.47K	435.66	-258.4	20.19	275.69
Normalized Net Income, 1 Yr. Growth %	3.18K	437.73	-236	15.21	152.86
Diluted EPS Before Extra, 1 Yr. Growth %	-10.26K	435.43	-251.35	-3.57	272.64
Accounts Receivable, 1 Yr. Growth %	145.82	223.92	-51.42	195.81	-2.2
Inventory, 1 Yr. Growth %	140.34	35.47	513.46	112.46	124.57
Net Property, Plant and Equip., 1 Yr. Growth %	-26.16	9.32	232.54	17.87	116.27
Total Assets, 1 Yr. Growth %	12.81	196.16	218.51	-3.64	-0.24
Tangible Book Value, 1 Yr. Growth %	36.52	128.84	877.57	-12.39	-42.2
Common Equity, 1 Yr. Growth %	36.45	134.92	984.13	-9.87	-34.37
Cash From Operations, 1 Yr. Growth %	-258.89	130.43	69.69	410.87	4.79
Capital Expenditures, 1 Yr. Growth %	-83.26	345.1	203.74	33.26	172.41
Levered Free Cash Flow, 1 Yr. Growth %	-	134.03	-54.64	672.93	-16.79
Unlevered Free Cash Flow, 1 Yr. Growth %	-	145.92	-64.3	849.82	-17.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	116.38	-29.57	5.65	105.47
Gross Profit, 2 Yr. CAGR %	-	131.9	-73.04	-37.21	136.92
EBITDA, 2 Yr. CAGR %	-	347.99	122.11	23.91	62.41
EBITA, 2 Yr. CAGR %	-	438.14	150.47	30.41	62.02
EBIT, 2 Yr. CAGR %	-	438.14	150.47	30.41	62.01
Earnings From Cont. Operations, 2 Yr. CAGR %