A3 Sport

A3's Cash & Cash Equivalents fell 22.0% yoy to CZK 21.6 mil in 2016

By Helgi Analytics - April 2, 2020

A3 Sport's total assets reached CZK 1,063 mil at the end of 2016, down 4.99% compared to the previous year. Curren...

Profit Statement 2014 2015 2016
Sales CZK mil 1,534 1,624 1,651
Gross Profit CZK mil 269 291 308
EBITDA CZK mil 101 120 127
EBIT CZK mil -13.8 4.63 9.58
Financing Cost CZK mil 5.48 15.7 4.74
Pre-Tax Profit CZK mil -19.3 -11.1 4.84
Net Profit CZK mil -19.3 -11.1 4.84
Balance Sheet 2014 2015 2016
Total Assets CZK mil 1,250 1,119 1,063
Non-Current Assets CZK mil 540 444 340
Current Assets CZK mil 701 665 713
Working Capital CZK mil 428 395 642
Shareholders' Equity CZK mil 866 855 860
Liabilities CZK mil 384 263 203
Total Debt CZK mil 176 126 94.9
Net Debt CZK mil 136 98.8 73.3
Ratios 2014 2015 2016
ROE % -2.20 -1.29 0.564
ROCE % -1.87 -1.22 0.531
Gross Margin % 17.5 17.9 18.6
EBITDA Margin % 6.59 7.41 7.67
EBIT Margin % -0.898 0.285 0.580
Net Margin % -1.26 -0.682 0.293
Net Debt/EBITDA 1.35 0.821 0.579
Net Debt/Equity % 15.7 11.6 8.53
Cost of Financing % 2.95 10.4 4.29
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil ... ... ...
Total Cash From Investing CZK mil ... ... ...
Total Cash From Financing CZK mil ... ... ...
Net Change In Cash CZK mil ... ... ...
Cash Conversion Cycle days 123 108 165
Cash Earnings CZK mil 95.7 105 122
Free Cash Flow CZK mil ... ... ...

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                        
Sales CZK mil           1,177 1,292 1,400 1,400 1,534    
Gross Profit CZK mil           281 288 242 221 269    
EBIT CZK mil           14.1 31.9 40.2 -56.4 -13.8    
Net Profit CZK mil           2.05 17.0 23.5 -60.3 -19.3    
ROE %           0.604 4.89 3.60 -6.59 -2.20    
EBIT Margin %           1.19 2.47 2.87 -4.03 -0.898    
Net Margin %           0.174 1.32 1.68 -4.31 -1.26    
Employees           399 432 458 578 578    
balance sheet                        
Total Assets CZK mil           597 669 1,261 1,307 1,250    
Non-Current Assets CZK mil           121 118 712 634 540    
Current Assets CZK mil           465 541 541 666 701    
Shareholders' Equity CZK mil           340 357 946 885 866    
Liabilities CZK mil           258 312 316 422 384    
Non-Current Liabilities CZK mil           70.0 70.0 70.1 76.2 76.2    
Current Liabilities CZK mil           163 198 208 196 202    
Net Debt/EBITDA           3.94 2.49 2.24 2.51 1.35    
Net Debt/Equity %           44.6 38.4 14.5 16.5 15.7    
Cost of Financing % ...         7.25 6.38 6.58 2.14 2.95    
cash flow                        
Total Cash From Operations CZK mil ... ...       90.6 13.8 62.4 -63.2 ... ... ...
Total Cash From Investing CZK mil ... ...       -24.0 -23.2 -44.5 -33.5 ... ... ...
Total Cash From Financing CZK mil ... ...       -58.4 19.2 -8.02 112 ... ... ...
Net Change In Cash CZK mil ... ...       8.29 9.81 9.83 15.0 ... ... ...
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                        
Sales CZK mil           1,177 1,292 1,400 1,400 1,534    
Cost of Goods & Services CZK mil           895 1,004 1,157 1,179 1,265    
Gross Profit CZK mil           281 288 242 221 269    
Staff Cost CZK mil           242 156 183 162 167    
Other Cost CZK mil           1.20 77.4 -1.39 0.638 1.20    
EBITDA CZK mil           38.4 54.9 61.1 58.1 101    
Depreciation CZK mil           24.4 23.1 20.9 115 115    
EBIT CZK mil           14.1 31.9 40.2 -56.4 -13.8    
Financing Cost CZK mil           11.4 10.4 10.9 3.91 5.48    
Extraordinary Cost CZK mil           0 0 0 0 0    
Pre-Tax Profit CZK mil           2.70 21.4 29.3 -60.3 -19.3    
Tax CZK mil           0.649 4.44 5.87 0 0    
Minorities CZK mil           0 0 0 0 0    
Net Profit CZK mil           2.05 17.0 23.5 -60.3 -19.3    
growth rates                        
Total Revenue Growth % ...         4.44 9.74 8.39 0.002 9.61    
Operating Cost Growth % ...         5.99 -4.11 -22.2 -10.2 3.20    
EBITDA Growth % ...         -20.0 43.0 11.2 -4.90 74.1    
EBIT Growth % ...         -39.5 127 26.2 -240 -75.6    
Pre-Tax Profit Growth % ...         -82.4 696 36.7 -306 -68.1    
Net Profit Growth % ...         -83.1 731 37.9 -357 -68.1    
ratios                        
ROE %           0.604 4.89 3.60 -6.59 -2.20    
ROCE % ...         0.515 4.21 3.17 -5.60 -1.87    
Gross Margin %           23.9 22.3 17.3 15.8 17.5    
EBITDA Margin %           3.26 4.25 4.37 4.15 6.59    
EBIT Margin %           1.19 2.47 2.87 -4.03 -0.898    
Net Margin %           0.174 1.32 1.68 -4.31 -1.26    
Cost of Financing % ...         7.25 6.38 6.58 2.14 2.95    
Net Debt/EBITDA           3.94 2.49 2.24 2.51 1.35    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                        
Non-Current Assets CZK mil           121 118 712 634 540    
Property, Plant & Equipment CZK mil           121 116 141 150 147    
Intangible Assets CZK mil ... ... ... ... ... ... ... 566 473 380    
Current Assets CZK mil           465 541 541 666 701    
Inventories CZK mil           292 359 385 485 485    
Receivables CZK mil           4.07 4.23 1.41 1.53 9.11    
Cash & Cash Equivalents CZK mil           14.0 23.8 33.6 48.6 39.9    
Total Assets CZK mil           597 669 1,261 1,307 1,250    
Shareholders' Equity CZK mil           340 357 946 885 866    
Of Which Minority Interest CZK mil           0 0 0 0 0    
Liabilities CZK mil           258 312 316 422 384    
Non-Current Liabilities CZK mil           70.0 70.0 70.1 76.2 76.2    
Long-Term Debt CZK mil           70.0 70.0 70.0 76.2 76.1    
Current Liabilities CZK mil           163 198 208 196 202    
Short-Term Debt CZK mil           95.3 90.8 100 118 100    
Trade Payables CZK mil           29.5 60.8 38.4 26.8 66.3    
Equity And Liabilities CZK mil           597 669 1,261 1,307 1,250    
growth rates                        
Total Asset Growth % ...         2.88 11.9 88.6 3.67 -4.37    
Shareholders' Equity Growth % ...         0.606 5.01 165 -6.38 -2.18    
Net Debt Growth % ...         6.14 -9.48 -0.098 6.55 -6.54    
Total Debt Growth % ...         11.5 -2.74 6.03 14.0 -9.36    
ratios                        
Total Debt CZK mil           165 161 170 194 176    
Net Debt CZK mil           151 137 137 146 136    
Working Capital CZK mil           267 302 348 460 428    
Capital Employed CZK mil           387 421 1,060 1,094 968    
Net Debt/Equity %           44.6 38.4 14.5 16.5 15.7    
Cost of Financing % ...         7.25 6.38 6.58 2.14 2.95    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                        
Net Profit CZK mil           2.05 17.0 23.5 -60.3 -19.3    
Depreciation CZK mil           24.4 23.1 20.9 115 115    
Non-Cash Items CZK mil ... ...       45.8 9.14 63.6 -5.51 ... ... ...
Change in Working Capital CZK mil ... ...       18.4 -35.5 -45.6 -112 ... ... ...
Total Cash From Operations CZK mil ... ...       90.6 13.8 62.4 -63.2 ... ... ...
Capital Expenditures CZK mil ... ...       -27.6 -23.2 -44.9 -33.5 ... ... ...
Other Investments CZK mil ... ...       3.66 0 0.344 0 ... ... ...
Total Cash From Investing CZK mil ... ...       -24.0 -23.2 -44.5 -33.5 ... ... ...
Dividends Paid CZK mil ... ... ... ... ... ... -23.2 ... ... ... ... ...
Issuance Of Debt CZK mil ... ...       17.0 -4.53 9.70 23.9 ... ... ...
Total Cash From Financing CZK mil ... ...       -58.4 19.2 -8.02 112 ... ... ...
Net Change In Cash CZK mil ... ...       8.29 9.81 9.83 15.0 ... ... ...
ratios                        
Days Sales Outstanding days           1.26 1.20 0.368 0.398 2.17    
Days Sales Of Inventory days           119 131 121 150 140    
Days Payable Outstanding days           12.0 22.1 12.1 8.30 19.1    
Cash Conversion Cycle days           108 110 110 142 123    
Cash Earnings CZK mil           26.4 40.1 44.4 54.2 95.7    
Free Cash Flow CZK mil ... ...       66.7 -9.40 17.9 -96.7 ... ... ...
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                        
ROA %           0.347 2.69 2.43 -4.70 -1.51    
Gross Margin %           23.9 22.3 17.3 15.8 17.5    
Employees           399 432 458 578 578    
Cost Per Employee USD per month           2,643 1,697 1,699 1,195 1,126    
Cost Per Employee (Local Currency) CZK per month           50,506 30,019 33,234 23,383 24,055    
Staff Cost (As % Of Total Cost) %           20.8 12.4 13.4 11.1 10.8    
Effective Tax Rate %           24.1 20.7 20.0 0 0    
Capital Expenditures (As % of Sales) % ... ...       2.35 1.79 3.20 2.39 ... ... ...

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A3 SPORT s.r.o. is a Czech Republic-based company operating retail stores for sporting goods. The company was incorporated in 1993 and is the largest distributor of sporting goods by Adidas, Nike, Puma a Reebok in the Czech Republic. The Company is owned by Vladislav Skopek and Miroslava Skopkova. The Company is based in Plzen, in the Czech Republic. In 2015, the Company was operating 66 stores in the Czech Republic and Slovakia.

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Finance

A3 Sport has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 18.2% a year during that time to total of CZK 127 mil in 2016, or 7.67% of sales. That’s compared to 6.04% average margin seen in last five years.

The company netted CZK 4.84 mil in 2016 implying ROE of 0.564% and ROCE of 0.531%. Again, the average figures were -1.18% and -0.999%, respectively when looking at the previous 5 years.

A3 Sport’s net debt amounted to CZK 73.3 mil at the end of 2016, or 8.53% of equity. When compared to EBITDA, net debt was 0.579x, down when compared to average of 1.50x seen in the last 5 years.