Ahold Czech Republic

Profit Statement 2015 2016 2017
Sales CZK mil 50,321 49,621 49,765
Gross Profit CZK mil 3,371 5,195 6,001
EBITDA CZK mil 282 1,379 1,698
EBIT CZK mil -902 314 474
Financing Cost CZK mil 204 273 238
Pre-Tax Profit CZK mil -1,106 41.1 236
Net Profit CZK mil -619 3.86 170
Dividends CZK mil ... ... ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 18,372 19,349 19,739
Non-Current Assets CZK mil 9,599 10,486 10,525
Current Assets CZK mil 8,427 8,593 9,834
Working Capital CZK mil -827 2,328 871
Shareholders' Equity CZK mil 1,187 1,439 2,882
Liabilities CZK mil 17,184 17,910 16,858
Total Debt CZK mil 9,172 9,766 8,502
Net Debt CZK mil 7,903 8,276 5,202
Ratios 2015 2016 2017
ROE % -47.6 0.294 7.86
ROCE % -7.43 0.036 1.40
Gross Margin % 6.70 10.5 12.1
EBITDA Margin % 0.561 2.78 3.41
EBIT Margin % -1.79 0.633 0.952
Net Margin % -1.23 0.008 0.341
Net Debt/EBITDA 28.0 6.00 3.06
Net Debt/Equity % 666 575 181
Cost of Financing % 2.45 2.88 2.61
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil -276 1,203 2,152
Total Cash From Investing CZK mil -541 -1,583 -367
Total Cash From Financing CZK mil 652 474 5.68
Net Change In Cash CZK mil -165 93.3 1,790
Cash Conversion Cycle days -6.52 15.9 4.54
Cash Earnings CZK mil 566 1,069 1,394
Free Cash Flow CZK mil -817 -381 1,785

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales CZK mil ...                       40,528 40,705 40,057 50,321 50,321    
Gross Profit CZK mil ...                       4,459 4,241 4,377 3,371 3,371    
EBIT CZK mil ...                       392 449 560 -902 -902    
Net Profit CZK mil ...                       6.00 156 312 -619 -619    
ROE % ...                       0.545 13.2 21.5 -40.5 -47.6    
EBIT Margin % ...                       0.967 1.10 1.40 -1.79 -1.79    
Net Margin % ...                       0.015 0.384 0.778 -1.23 -1.23    
Employees ...                       10,371 10,104 9,938 13,000 13,358    
balance sheet                                      
Total Assets CZK mil ...                       13,894 14,126 13,979 16,175 18,372    
Non-Current Assets CZK mil ...                       7,043 7,358 7,459 8,529 9,599    
Current Assets CZK mil ...                       6,307 6,284 6,122 7,275 8,427    
Shareholders' Equity CZK mil ...                       1,116 1,260 1,643 1,415 1,187    
Liabilities CZK mil ...                       12,778 12,866 12,336 14,760 17,184    
Non-Current Liabilities CZK mil ...                       23.0 5,619 58.3 2,214 4,369    
Current Liabilities CZK mil ...                       11,801 6,529 11,471 11,827 12,183    
Net Debt/EBITDA ...                       3.09 3.01 3.11 21.1 28.0    
Net Debt/Equity % ...                       350 303 245 421 666    
Cost of Financing % ... ...                     4.85 3.71 2.20 3.09 2.45    
cash flow                                      
Total Cash From Operations CZK mil ...                       1,393 1,233 622 -276 -276    
Total Cash From Investing CZK mil ...                       -1,037 -1,076 -798 -541 -541    
Total Cash From Financing CZK mil ...                       -6.00 53.0 -0.828 652 652    
Net Change In Cash CZK mil ...                       350 211 -176 -165 -165    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales CZK mil ...                       40,528 40,705 40,057 50,321 50,321    
Cost of Goods & Services CZK mil ...                       36,069 36,463 35,679 46,950 46,950    
Gross Profit CZK mil ...                       4,459 4,241 4,377 3,371 3,371    
Staff Cost CZK mil ...                       3,076 3,068 3,014 4,042 4,042    
Other Cost CZK mil ...                       118 -93.5 71.2 -953 -953    
EBITDA CZK mil ...                       1,265 1,267 1,292 282 282    
Depreciation CZK mil ...                       873 818 731 1,185 1,185    
EBIT CZK mil ...                       392 449 560 -902 -902    
Financing Cost CZK mil ...                       270 209 125 204 204    
Extraordinary Cost CZK mil ...                       -1.00 0 0 0 0    
Pre-Tax Profit CZK mil ...                       123 241 435 -1,106 -1,106    
Tax CZK mil ...                       117 84.3 123 -487 -487    
Minorities CZK mil ...                       0 0 0 0 0    
Net Profit CZK mil ...                       6.00 156 312 -619 -619    
Dividends CZK mil                         0 0 ... ... ... ... ...
growth rates                                      
Total Revenue Growth % ... ...                     3.47 0.436 -1.59 25.6 0    
Operating Cost Growth % ... ...                     4.04 -6.87 3.73 0.107 0    
EBITDA Growth % ... ...                     25.1 0.137 1.99 -78.2 0    
EBIT Growth % ... ...                     284 14.6 24.8 -261 0    
Pre-Tax Profit Growth % ... ...                     -184 95.6 80.9 -354 0    
Net Profit Growth % ... ...                     -105 2,504 99.5 -299 0    
ratios                                      
ROE % ...                       0.545 13.2 21.5 -40.5 -47.6    
ROCE % ... ...                     0.095 2.51 4.71 -8.30 -7.43    
Gross Margin % ...                       11.0 10.4 10.9 6.70 6.70    
EBITDA Margin % ...                       3.12 3.11 3.23 0.561 0.561    
EBIT Margin % ...                       0.967 1.10 1.40 -1.79 -1.79    
Net Margin % ...                       0.015 0.384 0.778 -1.23 -1.23    
Payout Ratio % ...                       0 0 ... ... ... ... ...
Cost of Financing % ... ...                     4.85 3.71 2.20 3.09 2.45    
Net Debt/EBITDA ...                       3.09 3.01 3.11 21.1 28.0    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                      
Non-Current Assets CZK mil ...                       7,043 7,358 7,459 8,529 9,599    
Property, Plant & Equipment CZK mil ...                       7,003 7,328 7,422 8,461 9,499    
Intangible Assets CZK mil ...                       40.0 30.2 37.4 51.2 64.9    
Current Assets CZK mil ...                       6,307 6,284 6,122 7,275 8,427    
Inventories CZK mil ...                       2,553 2,435 2,589 3,009 3,428    
Receivables CZK mil ...                       308 235 163 169 175    
Cash & Cash Equivalents CZK mil ...                       1,658 1,868 1,692 1,480 1,268    
Total Assets CZK mil ...                       13,894 14,126 13,979 16,175 18,372    
Shareholders' Equity CZK mil ...                       1,116 1,260 1,643 1,415 1,187    
Of Which Minority Interest CZK mil ...                       0 0 0 0 0    
Liabilities CZK mil ...                       12,778 12,866 12,336 14,760 17,184    
Non-Current Liabilities CZK mil ...                       23.0 5,619 58.3 2,214 4,369    
Long-Term Debt CZK mil ...                       0 5,619 58.3 2,180 4,301    
Deferred Tax Liabilities CZK mil ...                       0 0 0 0 0    
Current Liabilities CZK mil ...                       11,801 6,529 11,471 11,827 12,183    
Short-Term Debt CZK mil ...                       5,569 62.2 5,653 5,262 4,871    
Trade Payables CZK mil ...                       3,636 3,829 3,186 3,809 4,431    
Provisions CZK mil ...                       880 655 744 629 513    
Equity And Liabilities CZK mil ...                       13,894 14,126 13,979 16,175 18,372    
growth rates                                      
Total Asset Growth % ... ...                     0.944 1.67 -1.04 15.7 13.6    
Shareholders' Equity Growth % ... ...                     2.67 12.9 30.4 -13.9 -16.1    
Net Debt Growth % ... ...                     -8.36 -2.51 5.42 48.3 32.6    
Total Debt Growth % ... ...                     -0.126 2.02 0.531 30.3 23.2    
ratios                                      
Total Debt CZK mil ...                       5,569 5,681 5,711 7,442 9,172    
Net Debt CZK mil ...                       3,911 3,813 4,019 5,961 7,903    
Working Capital CZK mil ...                       -775 -1,160 -435 -631 -827    
Capital Employed CZK mil ...                       6,268 6,198 7,024 7,898 8,772    
Net Debt/Equity % ...                       350 303 245 421 666    
Cost of Financing % ... ...                     4.85 3.71 2.20 3.09 2.45    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                      
Net Profit CZK mil ...                       6.00 156 312 -619 -619    
Depreciation CZK mil ...                       873 818 731 1,185 1,185    
Non-Cash Items CZK mil ... ...                     382 -126 304 -1,038 -1,038    
Change in Working Capital CZK mil ... ...                     132 385 -725 196 196    
Total Cash From Operations CZK mil ...                       1,393 1,233 622 -276 -276    
Capital Expenditures CZK mil ...                       -1,062 -1,088 -844 -558 -558    
Other Investments CZK mil ...                       25.0 12.2 46.1 17.5 17.5    
Total Cash From Investing CZK mil ...                       -1,037 -1,076 -798 -541 -541    
Dividends Paid CZK mil                         0 0 ... ... ... ... ...
Issuance Of Debt CZK mil ... ...                     -7.00 112 30.2 433 433    
Total Cash From Financing CZK mil ...                       -6.00 53.0 -0.828 652 652    
Net Change In Cash CZK mil ...                       350 211 -176 -165 -165    
ratios                                      
Days Sales Outstanding days ...                       2.77 2.10 1.48 1.23 1.27    
Days Sales Of Inventory days ...                       25.8 24.4 26.5 23.4 26.7    
Days Payable Outstanding days ...                       36.8 38.3 32.6 29.6 34.4    
Cash Conversion Cycle days ...                       -8.19 -11.9 -4.63 -4.99 -6.52    
Cash Earnings CZK mil ...                       879 974 1,043 566 566    
Free Cash Flow CZK mil ...                       356 157 -176 -817 -817    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                      
ROA % ...                       0.043 1.12 2.22 -4.11 -3.58    
Gross Margin % ...                       11.0 10.4 10.9 6.70 6.70    
Employees ...                       10,371 10,104 9,938 13,000 13,358    
Cost Per Employee USD per month ...                       1,398 1,294 1,292 1,212 1,056    
Cost Per Employee (Local Currency) CZK per month ...                       24,716 25,304 25,276 25,908 25,214    
Staff Cost (As % Of Total Cost) % ...                       7.66 7.62 7.63 7.89 7.89    
Effective Tax Rate % ...                       95.1 35.1 28.4 44.0 44.0    
Sales from Goods CZK mil ... ... ... ... ...               39,098 38,727 38,022 48,240 48,240    
Sales From Services CZK mil ... ... ... ... ...               1,431 1,978 2,035 3,082 3,082    
Domestic Sales CZK mil ... ... ... ... ... ... ... ... ...       39,979 40,171 39,701 51,264 51,264    
Capital Expenditures (As % of Sales) % ...                       2.62 2.67 2.11 1.11 1.11    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ...       550 533 356 300 114    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ...       1.36 1.31 0.889 0.596 0.227    

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Ahold (in full Koninklijke Ahold N.V.) is a Dutch international retailer based in Amsterdam, Netherlands. The company started in 1887, with the founding of an Albert Heijn grocery store in Oostzaan, Netherlands. The grocery chain expanded through the first half of the 20th century, and went public in 1948. Nowadays, the Company operates supermarkets, wine and liquor stores, convenience stores, online daily needs ordering and delivery platforms, drugstores and pharmacies. Ahold's retail operations are divided into three geographical segments: Ahold USA, the Netherlands and Other Europe.Czech Republic's Albert and Slovakia's Hypernova belong to the Europe's part of the Company's business. Ahold is also affiliated with JMR - Gestao de Empesas de Retalo, SGPS SA and Jeronimo Martins Retail Services SA

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Finance

Ahold Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 6.03% a year during that time to total of CZK 1,698 mil in 2017, or 3.41% of sales. That’s compared to 2.11% average margin seen in last five years.

The company netted CZK 170 mil in 2017 implying ROE of 7.86% and ROCE of 1.40%. Again, the average figures were -11.7% and -1.92%, respectively when looking at the previous 5 years.

Ahold Czech Republic’s net debt amounted to CZK 5,202 mil at the end of 2017, or 181% of equity. When compared to EBITDA, net debt was 3.06x, down when compared to average of 12.3x seen in the last 5 years.