{"id":54363,"date":"2019-04-23T17:31:21","date_gmt":"2019-04-23T16:31:21","guid":{"rendered":"https:\/\/valuesque.com\/?p=54363"},"modified":"2019-04-23T18:46:07","modified_gmt":"2019-04-23T17:46:07","slug":"telias-net-debt-ebitda-communication-the-restricted-cash-financial-analysis-problem","status":"publish","type":"post","link":"https:\/\/valuesque.com\/en\/blog\/2019\/04\/23\/telias-net-debt-ebitda-communication-the-restricted-cash-financial-analysis-problem\/","title":{"rendered":"Telia\u2019s Net Debt \/ EBITDA Communication: The Restricted-Cash Financial Analysis Problem"},"content":{"rendered":"\n<p>End of 2018\nit was finally done. The Swedish telecoms operator Telia Company AB managed to\nget rid of one of its most unloved subsidiaries. \u201cIt is satisfying that we are\nable to announce an agreement to sell Ucell in Uzbekistan.\u201d is Johan Dennelind,\nCEO of Telia quoted in the December 5 press release. And from the viewpoint of\nthis date this statement is even correct as the company has already anticipated\nthe bad outcome of the selling process and written down parts of the asset\nbefore.<\/p>\n\n\n\n<p>However, when\nlooking at the naked valuation metrics, the deal was not at all a success.\nEventually, Telia sold the unit for ca. 215 mio USD, but the actual net cash\nbalance of the company was ca. 270 mio USD. So, not only roughly 50 mio USD of\nannual EBITDA power have been handed over to the Uzbekistan state but also an\nadditional net 55 mio USD cash. While the deal is not a highly material\ntransaction for Telia, it\u2019s strange characteristics still forced the company to\ncommunicate that currently all components of Ucell are still included in the\ncredit ratio calculation and once they are removed (after the deal) the net\ndebt \/ EBITDA ratio of the company will increase by 0.1 points \u2013 from 1.1 to 1.2.<\/p>\n\n\n\n<p>Admittedly,\nTelia\u2019s Uzbekistan activities were not at all a flagship of corporate governance\nand CSR in the past. In 2017, the company had to settle a major multi-year bribery\ncase by paying fines of nearly 1 bn USD. It might be that this still was a\nthorn in the local government\u2019s side (even after the settlement). Or it might\nbe that there were other (perhaps good) reasons for why the cash had been\nlocked in Uzbekistan \u2013 I admittedly do not know this particular process very\nwell. But all this is not the problem. The problem is Telia\u2019s communication of\nthe credit ratios \u2013 in particular the inclusion of components that do not have\nan economic meaning for the company.<\/p>\n\n\n\n<p>To understand\nthis, some further explanation is necessary: When talking about Net Debt \/\nEBITDA or similar credit ratios, but also when performing business valuations,\nanalysts are nearly always confronted with the existence of a more or less\nmeaningful cash position on the balance sheet. Often this position is seen in\nits entirety as a highly liquid asset that increases the value of the company\n(all other things being equal) and that can be used to service the debt. But\nthis point of view is deceptive in many cases. In fact, cash can have so many\ndifferent faces. And so before including it into financial analysis it is first\nnecessary to find out more about the true nature of the cash position.<\/p>\n\n\n\n<p>Below we provide a non-exhaustive list of some of the most often found different characteristics of cash \u2013 together with some advice on how to deal with each of them in financial analysis.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/valuesque.com\/wp-content\/uploads\/sites\/3\/2019\/04\/cashedited-1024x684.png\" alt=\"\" class=\"wp-image-54364\" width=\"619\" height=\"413\" srcset=\"https:\/\/valuesque.com\/en\/wp-content\/uploads\/sites\/3\/2019\/04\/cashedited-1024x684.png 1024w, https:\/\/valuesque.com\/en\/wp-content\/uploads\/sites\/3\/2019\/04\/cashedited-300x200.png 300w, https:\/\/valuesque.com\/en\/wp-content\/uploads\/sites\/3\/2019\/04\/cashedited-768x513.png 768w, https:\/\/valuesque.com\/en\/wp-content\/uploads\/sites\/3\/2019\/04\/cashedited.png 1141w\" sizes=\"(max-width: 619px) 100vw, 619px\" \/><\/figure><\/div>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cash in countries that have capital transfer restrictions<\/strong><\/li><\/ul>\n\n\n\n<p>This is the\nTelia case. Repatriation of cash is not at all easily possible from many\ncountries. This might be due to political or regulatory restrictions, non-convertibility\nof currencies or an excess-taxation of outflows. Often this is somehow related\nto infrastructure or commodity business models. E.g., the Democratic Republic\nof Congo, where more than 60% of world\u2019s cobalt supply (still a highly\nessential ingredient for electric batteries and hence a driver of electric\nvehicle growth) is mined, has announced a new mining code in 2018 with several\nconditions on cash repatriations for companies such as commodity giant Glencore\nPlc. Furthermore, capital transfer restrictions in Angola and Zimbabwe are\nleading to ballooning cash balances in these countries without meaningful possibilities\nof extraction for companies such as the South-African container and packaging producer\nNampak Ltd. But South-Africa itself is also taking care of monetary\ntransactions of foreign companies. The South Africa Reserve Bank is to approve\nevery single one-off repatriation of cash, which makes a smooth cash flow\nbetween countries quite difficult, as companies such as mining company Anglo\nAmerican Plc. have experienced.<\/p>\n\n\n\n<p>But this\ntopic is not regionally restricted to Africa. For almost two decades now,\nSpanish telecommunication company Telef\u00f3nica S.A. has to live with the risk of\nrepatriation restrictions for its Latin American subsidiaries. Ever since the\nfamous \u201cOperation Veronica\u201d (the buyout of its Latin American minorities in\n2000), the company has to deal very cautiously with cash transactions back to\nSpain. From today\u2019s perspective there is still a non-immaterial part of group\ncash basically trapped in the Venezuelan and Argentinian subsidiaries. This is also\none of the reasons why Telef\u00f3nica wants to exit some of the Latin American\noperations \u2013 a similar learning curve as Telia\u2019s.<\/p>\n\n\n\n<p>Or take the\nEuropean building material companies, in particular (but not only)\nLafargeHolcim Ltd., that also suffer material cash repatriation restrictions\nfrom their activities in &nbsp;countries such\nas Algeria, Argentina, Russia and China. In their case the fact that they run\nmany of their local subsidiaries with often very high minority positions (to be\ndiscussed below in detail) is further aggravating the problem.<\/p>\n\n\n\n<p>But not to\nbe misunderstood: There might be even good reasons for such regulations. It is\nnot about complaining. It is about taking all this properly into account in\nfinancial analysis.<\/p>\n\n\n\n<p>Hence, for\nvaluation reasons these cash balances should be treated with a big discount \u2013\nif they can be taken into account at all. For credit analysis it is worth\nseparating two cases: a) if the company has foreign debt in this country, then this\ncash is a reasonable tool for servicing this debt (unfortunately rather rarely\nthe case) but b) for the home debt these cash balances are basically\nmeaningless. They will certainly not be able for transfer exactly at the time\nwhen they are needed. <\/p>\n\n\n\n<p>For our\ninitial Telia example this means that the cash in Uzbekistan (and also some\nother countries) should have been stripped out of the Net Debt calculation long\nbefore the deal is done. This is even more so the case as the repatriation\nproblems have been known at least since the exit decision was made in 2015.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cash that would be taxed in Case of a Retransfer to the Home Country<\/strong><\/li><\/ul>\n\n\n\n<p>Not only\nthe foreign countries restrict cash transfers. Often it is also the home\ncountry that taxes the cash in case of repatriation. Several countries do this\nand hence it is worth having a closer look at the home country tax rules for\ncompanies with material cash abroad.<\/p>\n\n\n\n<p>Interestingly,\nthe big repatriation tax country USA changed its tax laws recently to a\nmandatory tax on foreign liquid assets (away from a taxation only in case of\ncash repatriation). This should help bringing back some of the huge cash\nbalances that US companies didn\u2019t dare to repatriate in order not to get taxed\nfor it.<\/p>\n\n\n\n<p>For\nanalytical reasons it makes sense to determine an after-tax cash value.\nTransfer is not per se restricted here, it is only quite expensive.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cash in Escrow Accounts<\/strong><\/li><\/ul>\n\n\n\n<p>In\nparticular in relation to pension liabilities and (potential) legal fines or\npayment duties, cash sometimes has to be held by companies in escrow accounts.\nThis means, it is particularly reserved for a certain purpose. <\/p>\n\n\n\n<p>For\nanalytical reasons, this cash cannot be counted. It is not available for\ndividend payments or debt servicing. However, for valuation reasons it is\nimportant to also not taking into account the respective dedicated liability\nthat the cash is reserved for.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cash in Subsidiaries on which Access is not (easily) possible<\/strong><\/li><\/ul>\n\n\n\n<p>On a\nconsolidated balance sheet we can see the cash position for an assumed 100%\nownership of all subsidiaries with a holding &gt;50%. In economic reality,\ncompanies often only have access to a smaller part of this because of outstanding\nnon-controlling interests. For valuation reasons it is worth to only take the\neconomic cash position into account.<\/p>\n\n\n\n<p>For credit\nanalysis one additional aspect becomes relevant. In Germany, for example, a\nholding company has no direct access to the cash flows of a subsidiary if there\nis no domination agreement in place (Beherrschungs- und\nGewinnabf\u00fchrungsvertrag, requires a 75% AGM-voting). This means, without\ndomination agreement the cash cannot be used for debt servicing of the mother\n(however, it can be used for debt servicing of the subsidiary per se) except\nfor the dividend payments received. With such an agreement, however, the cash\ncan freely be used by the mother company. And this is not only a German thingy.\nIn other countries, similar rules apply. <\/p>\n\n\n\n<p>A famous\nexample of this cash access restriction without a domination agreement was the\n2005 to 2009 attack of Porsche AG (later Porsche SE) on Volkswagen AG. Porsche\u2019s\nidea was to debt-finance a position build-up to 75% of Volkswagen and then\n(with a domination agreement) using the big cash amounts of Volkswagen to\nstabilise the financing position of the group. However, when Porsche stepped\nover the 50% hurdle in early 2009, time was already playing against them. The\nfinancial crisis that broke out only a couple of months before has left its\nmark and has made banks highly cautious about their credit engagements. Banks\nnow continuously tightened the thumbscrews on Porsche, prolonged an existing\nloan only after very long negotiations in spring 2009, and made clear that a\n2010 maturing tranche will only be up for refinancing if the cash situation\nimproves. For Porsche, however, this was not enough time to get to the desired\ndomination agreement and so they finally had to give up their big acquisition\nplan.<\/p>\n\n\n\n<p>Another\naspect of the restricted access to the cash of subsidiaries is that even the\ncash that can be counted as beneficial for the mother company might sometimes take\nvery long to arrive at where is should be. An example for this is Italian\nutility company Enel S.p.A that had a quite interlaced corporate structure with\nmany subsidiaries and subsidiary-subsidiaries (in particular in Latin America)\nbefore 2013\/14. In this situation it sometimes took several years until the\ndividend of a generation unit found its way via dividends of the intermediate\nholding companies up to the mother company Enel S.p.A. The 2013\/14\nrestructuring, however, has clearly improved the intra-company cash flow\nsituation (and led to a material reduction of the \u201cholding discount\u201d of Enel\u2019s\nstock price).<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Prepayment-like Cash<\/strong><\/li><\/ul>\n\n\n\n<p>Cash in the\nform of prepayments cannot be used for debt servicing from an analytical point\nof view \u2013 be it for long-term projects (such as plant building and other\nconstruction works) or on an ongoing short-term basis (such as travel\nagencies).<\/p>\n\n\n\n<p>A nice\nexample is French catering group Sodexo S.A. which also runs a so called\n\u201cBenefits &amp; Rewards\u201d business, which basically is about selling\n(tax-advantaged) vouchers to companies \u2013 here is the cash inflow to Sodexo \u2013 which\ngive it to e.g. their employees. The employees, in turn, pay their lunch etc.\nwith these vouchers and the restaurants or similar give back the vouchers to\nSodexo which pays for it (here is the cash outflow). Sodexo is always running a\nhuge cash balance due to this pre-paid vouchers business, but it cannot be\ntouched for credit servicing reasons.<\/p>\n\n\n\n<p>For\nvaluation reasons, however, this cash has a positive value although it cannot\nbe paid out as a dividend directly: Simply because it earns some interests. But\ntwo things are important to take into account: a) take care to not double count\nits value if the proceeds of this cash are already part of the forecasted free\ncash flows and b) there might be a timing mismatch between the risk free rate\napplied in business valuations in general (long-term) and the effective one for\nthe cash investments (short-term, revolving). This can lead to slight valuation\ndiscount of this particular cash position.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cash restricted for Doing Business<\/strong><\/li><\/ul>\n\n\n\n<p>And\nfinally, a certain portion of the debt is simply necessary for doing business.\nThe concrete amount differs a lot from one business model to the other. But\nthere is almost no business which can be run at zero cash. <\/p>\n\n\n\n<p>This cash\nrestricted for doing business cannot be used for ongoing debt servicing duties.\nHowever, it can be uses in case of temporary financial hardship. For valuation\nreasons it still has a value as long as it earns some interests. Hence, a full\nexclusion of this restricted cash from our valuation models \u2013 as is often seen\nin practice \u2013 is certainly not appropriate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>End of 2018 it was finally done. The Swedish telecoms operator Telia Company AB managed to get rid of one [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":54371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"class_list":["post-54363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-contributions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Telia\u2019s Net Debt \/ EBITDA Communication: The Restricted-Cash Financial Analysis Problem | VALUESQUE<\/title>\n<meta name=\"description\" content=\"End of 2018 it was finally done. The Swedish telecoms operator Telia Company AB managed to get rid of one of its most unloved subsidiaries. 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