Agrofert

Agrofert's Cash & Cash Equivalents fell 3.53% yoy to CZK 6,057 mil in 2017

By Helgi Analytics - April 2, 2020

Agrofert's total assets reached CZK 141,334 mil at the end of 2017, up 6.15% compared to the previous year. Curren...

Profit Statement 2015 2016 2017
Sales CZK mil 165,855 155,305 155,119
Gross Profit CZK mil 34,223 34,090 31,977
EBITDA CZK mil 16,437 14,854 12,516
EBIT CZK mil 11,145 9,511 6,338
Financing Cost CZK mil 458 393 313
Pre-Tax Profit CZK mil 10,686 9,118 6,025
Net Profit CZK mil 8,412 7,588 4,493
Dividends CZK mil 48.7 66.9 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 119,926 133,146 141,334
Non-Current Assets CZK mil 64,904 76,629 84,392
Current Assets CZK mil 54,704 56,212 56,558
Working Capital CZK mil 26,590 27,200 27,934
Shareholders' Equity CZK mil 62,210 69,970 73,624
Liabilities CZK mil 57,716 63,177 67,710
Total Debt CZK mil 24,207 30,846 35,458
Net Debt CZK mil 19,600 24,568 29,401
Ratios 2015 2016 2017
ROE % 14.4 11.5 6.26
ROCE % 9.51 7.77 4.16
Gross Margin % 20.6 22.0 20.6
EBITDA Margin % 9.91 9.56 8.07
EBIT Margin % 6.72 6.12 4.09
Net Margin % 5.07 4.89 2.90
Net Debt/EBITDA 1.19 1.65 2.35
Net Debt/Equity % 31.5 35.1 39.9
Cost of Financing % 1.86 1.43 0.945
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 12,636 12,543 11,829
Total Cash From Investing CZK mil -11,352 -16,962 -17,090
Total Cash From Financing CZK mil -1,001 6,068 5,116
Net Change In Cash CZK mil 282 1,649 -145
Cash Conversion Cycle days 61.8 67.8 69.4
Cash Earnings CZK mil 13,704 12,931 10,670
Free Cash Flow CZK mil 1,283 -4,420 -5,261

Get all company financials in excel:

Download Sample   $19.99

summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil ...               117,606 132,500 151,705 166,772 165,855    
Gross Profit CZK mil ...               25,706 25,140 28,625 35,028 34,223    
EBIT CZK mil ...               11,035 8,103 6,841 7,924 11,145    
Net Profit CZK mil ...               8,435 5,793 5,324 5,650 8,412    
ROE % ...               19.9 11.7 9.47 9.86 14.4    
EBIT Margin % ...               9.38 6.12 4.51 4.75 6.72    
Net Margin % ...               7.17 4.37 3.51 3.39 5.07    
Employees ...               27,491 28,008 34,399 33,778 33,722    
balance sheet                              
Total Assets CZK mil ...               89,542 96,168 111,807 112,404 119,926    
Non-Current Assets CZK mil ...               43,808 45,838 56,893 57,891 64,904    
Current Assets CZK mil ...               48,484 50,103 54,406 54,074 54,704    
Shareholders' Equity CZK mil ...               46,691 52,381 60,083 54,513 62,210    
Liabilities CZK mil ...               42,851 43,787 51,724 57,891 57,716    
Non-Current Liabilities CZK mil ...               5,392 4,279 4,954 6,405 6,708    
Current Liabilities CZK mil ...               35,250 37,238 42,645 45,153 44,261    
Net Debt/EBITDA ...               1.23 1.46 1.58 1.59 1.19    
Net Debt/Equity % ...               40.2 35.1 32.6 38.3 31.5    
Cost of Financing % ... ...             2.63 2.42 1.07 2.41 1.86    
cash flow                              
Total Cash From Operations CZK mil ...               4,675 7,248 12,236 9,916 12,636    
Total Cash From Investing CZK mil ...               -6,929 -6,397 -11,493 -11,439 -11,352    
Total Cash From Financing CZK mil ...               2,100 -313 -439 819 -1,001    
Net Change In Cash CZK mil ...               -154 538 304 -704 282    
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                              
Sales CZK mil ...               117,606 132,500 151,705 166,772 165,855    
Cost of Goods & Services CZK mil ...               91,900 107,360 123,081 131,744 131,632    
Gross Profit CZK mil ...               25,706 25,140 28,625 35,028 34,223    
Staff Cost CZK mil ...               11,122 12,731 16,393 20,844 20,602    
Other Cost CZK mil ...               -719 -235 -154 1,061 -2,815    
EBITDA CZK mil ...               15,303 12,644 12,386 13,123 16,437    
Depreciation CZK mil ...               4,268 4,541 5,545 5,199 5,292    
EBIT CZK mil ...               11,035 8,103 6,841 7,924 11,145    
Financing Cost CZK mil ...               555 558 256 602 458    
Extraordinary Cost CZK mil ...               -1.00 0 0 0 0    
Pre-Tax Profit CZK mil ...               10,481 7,545 6,585 7,322 10,686    
Tax CZK mil ...               2,001 1,703 1,261 1,673 2,249    
Minorities CZK mil ...               45.0 49.0 50.4 -145 25.2    
Net Profit CZK mil ...               8,435 5,793 5,324 5,650 8,412    
Dividends CZK mil                 37.0 31.7 32.2 97.8 48.7   ...
growth rates                              
Total Revenue Growth % ... ...             27.6 12.7 14.5 9.93 -0.550    
Operating Cost Growth % ... ...             45.9 20.1 29.9 34.9 -18.8    
EBITDA Growth % ... ...             35.6 -17.4 -2.04 5.95 25.3    
EBIT Growth % ... ...             55.5 -26.6 -15.6 15.8 40.7    
Pre-Tax Profit Growth % ... ...             61.5 -28.0 -12.7 11.2 45.9    
Net Profit Growth % ... ...             45.0 -31.3 -8.10 6.12 48.9    
ratios                              
ROE % ...               19.9 11.7 9.47 9.86 14.4    
ROCE % ... ...             12.9 7.80 6.56 6.55 9.51    
Gross Margin % ...               21.9 19.0 18.9 21.0 20.6    
EBITDA Margin % ...               13.0 9.54 8.16 7.87 9.91    
EBIT Margin % ...               9.38 6.12 4.51 4.75 6.72    
Net Margin % ...               7.17 4.37 3.51 3.39 5.07    
Payout Ratio % ...               0.439 0.548 0.605 1.73 0.580   ...
Cost of Financing % ... ...             2.63 2.42 1.07 2.41 1.86    
Net Debt/EBITDA ...               1.23 1.46 1.58 1.59 1.19    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                              
Non-Current Assets CZK mil ...               43,808 45,838 56,893 57,891 64,904    
Property, Plant & Equipment CZK mil ...               41,707 43,412 56,721 56,398 62,081    
Intangible Assets CZK mil ...               378 788 776 1,105 1,012    
Current Assets CZK mil ...               48,484 50,103 54,406 54,074 54,704    
Inventories CZK mil ...               22,838 26,123 25,950 28,515 29,293    
Receivables CZK mil ...               21,424 19,220 23,392 21,201 20,782    
Cash & Cash Equivalents CZK mil ...               4,222 4,760 5,064 4,359 4,607    
Total Assets CZK mil ...               89,542 96,168 111,807 112,404 119,926    
Shareholders' Equity CZK mil ...               46,691 52,381 60,083 54,513 62,210    
Of Which Minority Interest CZK mil ...               455 356 623 438 551    
Liabilities CZK mil ...               42,851 43,787 51,724 57,891 57,716    
Non-Current Liabilities CZK mil ...               5,392 4,279 4,954 6,405 6,708    
Long-Term Debt CZK mil ...               2,641 1,702 1,227 2,311 3,431    
Deferred Tax Liabilities CZK mil ...               934 1,039 1,048 1,238 1,562    
Current Liabilities CZK mil ...               35,250 37,238 42,645 45,153 44,261    
Short-Term Debt CZK mil ...               20,355 21,457 23,430 22,915 20,777    
Trade Payables CZK mil ...               14,895 15,781 19,215 22,237 23,485    
Provisions CZK mil ...               2,209 2,270 4,124 6,333 5,734    
Equity And Liabilities CZK mil ...               89,542 96,168 111,807 112,404 119,926    
growth rates                              
Total Asset Growth % ... ...             22.1 7.40 16.3 0.535 6.69    
Shareholders' Equity Growth % ... ...             23.3 12.2 14.7 -9.27 14.1    
Net Debt Growth % ... ...             26.2 -2.00 6.49 6.50 -6.07    
Total Debt Growth % ... ...             19.5 0.709 6.47 2.31 -4.04    
ratios                              
Total Debt CZK mil ...               22,996 23,159 24,657 25,226 24,207    
Net Debt CZK mil ...               18,774 18,399 19,594 20,867 19,600    
Working Capital CZK mil ...               29,367 29,562 30,128 27,478 26,590    
Capital Employed CZK mil ...               73,175 75,400 87,021 85,369 91,494    
Net Debt/Equity % ...               40.2 35.1 32.6 38.3 31.5    
Cost of Financing % ... ...             2.63 2.42 1.07 2.41 1.86    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                              
Net Profit CZK mil ...               8,435 5,793 5,324 5,650 8,412    
Depreciation CZK mil ...               4,268 4,541 5,545 5,199 5,292    
Non-Cash Items CZK mil ... ...             2,012 -2,891 1,932 -3,583 -1,957    
Change in Working Capital CZK mil ... ...             -10,040 -195 -566 2,650 888    
Total Cash From Operations CZK mil ...               4,675 7,248 12,236 9,916 12,636    
Capital Expenditures CZK mil ...               -4,829 -6,448 -7,846 -9,486 -11,113    
Other Investments CZK mil ...               -2,100 51.0 -3,647 -1,953 -239    
Total Cash From Investing CZK mil ...               -6,929 -6,397 -11,493 -11,439 -11,352    
Dividends Paid CZK mil ...               -7.00 -37.0 -31.7 -32.2 -97.8    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ...             3,748 163 1,498 569 -1,019    
Total Cash From Financing CZK mil ...               2,100 -313 -439 819 -1,001    
Net Change In Cash CZK mil ...               -154 538 304 -704 282    
ratios                              
Days Sales Outstanding days ...               66.5 52.9 56.3 46.4 45.7    
Days Sales Of Inventory days ...               90.7 88.8 77.0 79.0 81.2    
Days Payable Outstanding days ...               59.2 53.7 57.0 61.6 65.1    
Cash Conversion Cycle days ...               98.0 88.1 76.3 63.8 61.8    
Cash Earnings CZK mil ...               12,703 10,334 10,869 10,849 13,704    
Free Cash Flow CZK mil ...               -2,254 851 743 -1,523 1,283    
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                              
ROA % ...               10.4 6.24 5.12 5.04 7.24    
Gross Margin % ...               21.9 19.0 18.9 21.0 20.6    
Employees ...               27,491 28,008 34,399 33,778 33,722    
Cost Per Employee USD per month ...               1,906 1,937 2,030 2,406 2,133    
Cost Per Employee (Local Currency) CZK per month ...               33,714 37,879 39,712 51,423 50,911    
Staff Cost (As % Of Total Cost) % ...               10.4 10.2 11.3 13.1 13.3    
Effective Tax Rate % ...               19.1 22.6 19.2 22.8 21.0    
Sales Of Chemical Goods and Products CZK mil ...               43,443 50,891 52,610 48,497 58,065    
Sales Of Agricultural Goods and Products CZK mil ...               29,450 32,043 34,240 35,782 24,658    
Sales From Food Processing Production CZK mil ...               22,032 24,027 35,029 46,758 44,528    
Sales From Services CZK mil ...               2,082 3,218 3,782 6,218 6,323    
Capital Expenditures (As % of Sales) % ...               4.11 4.87 5.17 5.69 6.70    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... 85,163 97,561 95,283    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... 56.1 58.5 57.4    

Get all company financials in excel:

Download Sample   $19.99

Dec 2013
Company Report

Agrofert, a.s. is a Czech Republic's agricultural, food processing and chemical holding company. The company controls over 230 firms in the Czech Republic and Slovakia and was the fourth largest company in the Czech Republic by sales in 2012. The company was created in 1993 and is owned by its CEO Andrej Babis. The largest chemical companies controlled by Agrofert are for example Deza, Duslo, Lovochemie, Precheza or Synthesie while Kostelecke uzeniny, Prochazka, Vodnanska drubez or Mlekarna Hlinsko belong among Agrofert's largest food-processing subsidiaries. In 2013, Agrofert got exposed to the media business when acquiring media concern Mafra (issuing daily newspapers Lidove noviny and Dnes, for instance). Last, but not least, Andrej Babis's political party Ano has ranked second in the Czech 2013 parliamentary elections, so he has gained a significant political influence

Finance

Agrofert has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 0.204% a year during that time to total of CZK 12,516 mil in 2017, or 8.07% of sales. That’s compared to 8.72% average margin seen in last five years.

The company netted CZK 4,493 mil in 2017 implying ROE of 6.26% and ROCE of 4.16%. Again, the average figures were 10.3% and 6.91%, respectively when looking at the previous 5 years.

Agrofert’s net debt amounted to CZK 29,401 mil at the end of 2017, or 39.9% of equity. When compared to EBITDA, net debt was 2.35x, up when compared to average of 1.67x seen in the last 5 years.