Alliance Healthcare Czech Republic

Alliance CR's Cash & Cash Equivalents rose 168% yoy to CZK 289 mil in 2017

By Helgi Analytics - April 2, 2020

Alliance Healthcare Czech Republic's total assets reached CZK 4,907 mil at the end of 2017, up 6.56% compared to the previous ye...

Profit Statement 2015 2016 2017
Sales CZK mil ... 16,447 17,300
Gross Profit CZK mil ... 508 565
EBITDA CZK mil ... 293 342
EBIT CZK mil ... 264 310
Financing Cost CZK mil ... 5.16 2.25
Pre-Tax Profit CZK mil ... 258 308
Net Profit CZK mil ... 208 251
Balance Sheet 2015 2016 2017
Total Assets CZK mil ... 4,605 4,907
Non-Current Assets CZK mil ... 368 393
Current Assets CZK mil ... 4,222 4,489
Working Capital CZK mil ... 1,665 1,579
Shareholders' Equity CZK mil ... 948 971
Liabilities CZK mil ... 3,657 3,936
Total Debt CZK mil ... 956 1,056
Net Debt CZK mil ... 849 767
Ratios 2015 2016 2017
ROE % ... 21.9 26.2
ROCE % ... ... 12.5
Gross Margin % ... 3.09 3.27
EBITDA Margin % ... 1.78 1.98
EBIT Margin % ... 1.60 1.79
Net Margin % ... 1.26 1.45
Net Debt/EBITDA ... 2.90 2.25
Net Debt/Equity % ... 89.5 79.0
Cost of Financing % ... ... 0.224
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 251 366
Total Cash From Investing CZK mil ... -19.9 -57.0
Total Cash From Financing CZK mil ... -166 -128
Net Change In Cash CZK mil ... 64.9 181
Cash Conversion Cycle days ... 36.1 32.4
Cash Earnings CZK mil ... 237 283
Free Cash Flow CZK mil ... 231 309

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summary Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                        
Sales CZK mil           13,416 14,082 13,794 20,974 ...    
Gross Profit CZK mil           425 460 486 643 ...    
EBIT CZK mil           220 243 265 330 ...    
Net Profit CZK mil           157 178 202 239 ...    
ROE %           26.1 28.0 30.1 33.4 ...    
EBIT Margin %           1.64 1.73 1.92 1.57 ...    
Net Margin %           1.17 1.26 1.47 1.14 ...    
Employees           401 382 376 365 ...    
balance sheet                        
Total Assets CZK mil           3,975 4,032 4,030 3,992 ...    
Non-Current Assets CZK mil           411 386 382 377 ...    
Current Assets CZK mil           3,562 3,643 3,646 3,609 ...    
Shareholders' Equity CZK mil           621 650 693 740 ...    
Liabilities CZK mil           3,354 3,382 3,337 3,253 ...    
Non-Current Liabilities CZK mil           759 759 756 756 ...    
Current Liabilities CZK mil           2,102 2,125 2,057 2,112 ...    
Net Debt/EBITDA           4.85 4.46 4.23 2.93 ...    
Net Debt/Equity %           198 188 181 147 ...    
Cost of Financing % ...         1.96 1.92 2.09 2.94 ... ...  
cash flow                        
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ...    
income statement Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                        
Sales CZK mil           13,416 14,082 13,794 20,974 ...    
Cost of Goods & Services CZK mil           12,991 13,622 13,308 20,330 ...    
Gross Profit CZK mil           425 460 486 643 ...    
Staff Cost CZK mil           160 163 167 255 ...    
Other Cost CZK mil           11.4 21.9 21.9 17.1 ...    
EBITDA CZK mil           254 275 297 372 ...    
Depreciation CZK mil           33.9 31.9 31.9 41.6 ...    
EBIT CZK mil           220 243 265 330 ...    
Financing Cost CZK mil           24.7 23.8 26.2 35.4 ...    
Extraordinary Cost CZK mil           0 0 0 0 ...    
Pre-Tax Profit CZK mil           195 219 238 295 ...    
Tax CZK mil           38.8 41.3 36.0 55.1 ...    
Minorities CZK mil           0 0 0 0 ...    
Net Profit CZK mil           157 178 202 239 ...    
growth rates                        
Total Revenue Growth % ...         2.08 4.97 -2.05 52.0 ... ...  
Operating Cost Growth % ...         -9.54 8.39 2.05 43.7 ... ...  
EBITDA Growth % ...         0.857 8.21 7.88 25.3 ... ...  
EBIT Growth % ...         1.33 10.4 8.92 24.7 ... ...  
Pre-Tax Profit Growth % ...         3.69 12.2 8.78 23.6 ... ...  
Net Profit Growth % ...         2.35 13.6 13.8 18.3 ... ...  
ratios                        
ROE %           26.1 28.0 30.1 33.4 ...    
ROCE % ...         8.41 8.88 9.80 12.9 ... ...  
Gross Margin %           3.17 3.27 3.52 3.07 ...    
EBITDA Margin %           1.89 1.95 2.15 1.77 ...    
EBIT Margin %           1.64 1.73 1.92 1.57 ...    
Net Margin %           1.17 1.26 1.47 1.14 ...    
Cost of Financing % ...         1.96 1.92 2.09 2.94 ... ...  
Net Debt/EBITDA           4.85 4.46 4.23 2.93 ...    
balance sheet Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                        
Non-Current Assets CZK mil           411 386 382 377 ...    
Property, Plant & Equipment CZK mil           398 375 375 367 ...    
Intangible Assets CZK mil           11.4 9.91 5.32 9.06 ...    
Current Assets CZK mil           3,562 3,643 3,646 3,609 ...    
Inventories CZK mil           869 825 865 902 ...    
Receivables CZK mil           2,592 2,639 2,616 2,492 ...    
Cash & Cash Equivalents CZK mil           12.8 11.3 16.9 42.6 ...    
Total Assets CZK mil           3,975 4,032 4,030 3,992 ...    
Shareholders' Equity CZK mil           621 650 693 740 ...    
Of Which Minority Interest CZK mil           0 0 0 0 ...    
Liabilities CZK mil           3,354 3,382 3,337 3,253 ...    
Non-Current Liabilities CZK mil           759 759 756 756 ...    
Long-Term Debt CZK mil           756 756 756 756 ...    
Deferred Tax Liabilities CZK mil           0 0 0.341 0 ...    
Current Liabilities CZK mil           2,102 2,125 2,057 2,112 ...    
Short-Term Debt CZK mil           488 481 515 376 ...    
Trade Payables CZK mil           2,030 1,689 1,896 2,013 ...    
Provisions CZK mil           12.5 21.7 14.2 5.76 ...    
Equity And Liabilities CZK mil           3,975 4,032 4,030 3,992 ...    
growth rates                        
Total Asset Growth % ...         11.3 1.42 -0.054 -0.930 ... ...  
Shareholders' Equity Growth % ...         7.04 4.69 6.52 6.82 ... ...  
Net Debt Growth % ...         -1.40 -0.485 2.31 -13.1 ... ...  
Total Debt Growth % ...         -2.48 -0.597 2.74 -10.9 ... ...  
ratios                        
Total Debt CZK mil           1,244 1,237 1,271 1,132 ...    
Net Debt CZK mil           1,231 1,225 1,254 1,089 ...    
Working Capital CZK mil           1,431 1,775 1,585 1,381 ...    
Capital Employed CZK mil           1,842 2,162 1,967 1,758 ...    
Net Debt/Equity %           198 188 181 147 ...    
Cost of Financing % ...         1.96 1.92 2.09 2.94 ... ...  
cash flow Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                        
Net Profit CZK mil           157 178 202 239 ...    
Depreciation CZK mil           33.9 31.9 31.9 41.6 ...    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ... ...  
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... ...  
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ...    
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ...  
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ...    
ratios                        
Days Sales Outstanding days           70.5 68.4 69.2 43.4 ...    
Days Sales Of Inventory days           24.4 22.1 23.7 16.2 ...    
Days Payable Outstanding days           57.0 45.3 52.0 36.1 ...    
Cash Conversion Cycle days           37.9 45.3 41.0 23.4 ...    
Cash Earnings CZK mil           190 210 234 281 ...    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ...    
other data Unit 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                        
ROA %           4.15 4.44 5.02 5.97 ...    
Gross Margin %           3.17 3.27 3.52 3.07 ...    
Employees           401 382 376 365 ...    
Cost Per Employee USD per month           1,874 1,823 1,894 2,720 ...    
Cost Per Employee (Local Currency) CZK per month           33,148 35,649 37,059 58,138 ...    
Staff Cost (As % Of Total Cost) %           1.21 1.18 1.24 1.23 ...    
Effective Tax Rate %           19.9 18.8 15.1 18.7 ...    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ...    

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Alliance Healthcare s.r.o. is Czech Republic-based subsidiary of the wholesale division of Europe's provider of health services - Alliance Boots. Key activities are the distribution of pharmaceutical products to independent pharmacies and hospitals. Alliance Healthcare is a leading international provider of pharmaceutical wholesale, offering services to independent pharmacists and pharmaceutical manufacturers across Europe and beyond. It also supports a large network of independent pharmacies across Europe. Alliance Healthcare is a member of Walgreens Boots Alliance.

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Finance

Alliance Healthcare Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.46% a year during that time to total of CZK 342 mil in 2017, or 1.98% of sales. That’s compared to 1.92% average margin seen in last five years.

The company netted CZK 251 mil in 2017 implying ROE of 26.2% and ROCE of 12.5%. Again, the average figures were 27.9% and 11.7%, respectively when looking at the previous 5 years.

Alliance Healthcare Czech Republic’s net debt amounted to CZK 767 mil at the end of 2017, or 79.0% of equity. When compared to EBITDA, net debt was 2.25x, down when compared to average of 3.07x seen in the last 5 years.