Baumax Czech Republic

Profit Statement 2014 2015 2016
Sales CZK mil 3,635 0.667 2,150
Gross Profit CZK mil 563 -12.5 334
EBITDA CZK mil -347 -24.5 0.847
EBIT CZK mil -425 -26.5 -29.6
Financing Cost CZK mil 137 0.131 14.9
Pre-Tax Profit CZK mil -562 -26.6 -44.4
Net Profit CZK mil -562 -26.6 -44.4
Dividends CZK mil 0 0 0
Balance Sheet 2014 2015 2016
Total Assets CZK mil 2,776 844 1,366
Non-Current Assets CZK mil 1,467 536 558
Current Assets CZK mil 1,265 307 786
Working Capital CZK mil 239 158 634
Shareholders' Equity CZK mil 907 75.0 156
Liabilities CZK mil 1,869 769 1,210
Total Debt CZK mil 858 655 1,007
Net Debt CZK mil 785 594 989
Ratios 2014 2015 2016
ROE % -133 -5.42 -38.5
ROCE % -29.5 -2.22 -4.71
Gross Margin % 15.5 -1,874 15.5
EBITDA Margin % -9.53 -3,666 0.039
EBIT Margin % -11.7 -3,968 -1.38
Net Margin % -15.5 -3,987 -2.07
Net Debt/EBITDA -2.27 -24.3 1,168
Net Debt/Equity 0.866 7.92 6.35
Cost of Financing % 8.45 0.017 1.79
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil -1,579 ... -117
Total Cash From Investing CZK mil 198 ... -52.7
Total Cash From Financing CZK mil 1,402 ... 126
Net Change In Cash CZK mil 20.6 ... -43.3
Cash Conversion Cycle days 27.2 38,364 126
Cash Earnings CZK mil -483 -24.6 -14.0
Free Cash Flow CZK mil -1,381 ... -170

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summary Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                            
Sales CZK mil               4,645 4,582 4,365 3,789 3,635    
Gross Profit CZK mil               943 920 877 741 563    
EBIT CZK mil               -60.7 52.9 -226 -192 -425    
Net Profit CZK mil               -66.9 -131 -297 -471 -562    
ROE %               -11.5 -20.9 -53.1 -269 -133    
EBIT Margin %               -1.31 1.16 -5.17 -5.07 -11.7    
Net Margin %               -1.44 -2.87 -6.81 -12.4 -15.5    
Employees               1,389 1,423 1,307 1,249 1,220    
balance sheet                            
Total Assets CZK mil               1,762 3,640 3,449 3,344 2,776    
Non-Current Assets CZK mil               294 1,762 1,741 1,723 1,467    
Current Assets CZK mil               1,445 1,858 1,695 1,568 1,265    
Shareholders' Equity CZK mil               547 708 411 -60.2 907    
Liabilities CZK mil               1,215 2,932 3,038 3,404 1,869    
Non-Current Liabilities CZK mil               0 1,174 1,129 1,445 27.5    
Current Liabilities CZK mil               693 728 925 1,007 984    
Net Debt/EBITDA               19.7 5.22 -8.77 -22.6 -2.27    
Net Debt/Equity               0.918 1.34 2.53 -38.7 0.866    
Cost of Financing % ...             3.81 16.0 6.45 15.6 8.45    
cash flow                            
Total Cash From Operations CZK mil ... ...           117 -38.3 316 -23.3 -1,579 ...  
Total Cash From Investing CZK mil ... ...           -111 394 -94.7 -74.0 198 ...  
Total Cash From Financing CZK mil ... ...           -113 -352 -131 -10.2 1,402 ...  
Net Change In Cash CZK mil ... ...           -107 4.15 90.0 -108 20.6 ...  
income statement Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                            
Sales CZK mil               4,645 4,582 4,365 3,789 3,635    
Cost of Goods & Services CZK mil               3,701 3,662 3,488 3,048 3,073    
Gross Profit CZK mil               943 920 877 741 563    
Staff Cost CZK mil               468 489 445 418 414    
Other Cost CZK mil               450 250 550 426 495    
EBITDA CZK mil               25.4 181 -118 -103 -347    
Depreciation CZK mil               86.1 128 107 88.7 78.9    
EBIT CZK mil               -60.7 52.9 -226 -192 -425    
Financing Cost CZK mil               22.4 124 71.4 279 137    
Extraordinary Cost CZK mil               0 0 0 0 0    
Pre-Tax Profit CZK mil               -83.1 -70.8 -297 -471 -562    
Tax CZK mil               -16.2 60.5 -0.011 0 0    
Minorities CZK mil               0 0 0 0 0    
Net Profit CZK mil               -66.9 -131 -297 -471 -562    
Dividends CZK mil ...             0 650 0 0 0    
growth rates                            
Total Revenue Growth % ...             -9.72 -1.34 -4.74 -13.2 -4.05    
Operating Cost Growth % ...             1.31 -19.5 34.8 -15.2 7.71    
EBITDA Growth % ...             -89.0 613 -165 -12.8 235    
EBIT Growth % ...             -145 -187 -526 -14.9 122    
Pre-Tax Profit Growth % ...             -175 -14.7 319 58.5 19.4    
Net Profit Growth % ...             -169 96.2 126 58.5 19.4    
ratios                            
ROE %               -11.5 -20.9 -53.1 -269 -133    
ROCE % ...             -5.94 -6.78 -11.0 -20.0 -29.5    
Gross Margin %               20.3 20.1 20.1 19.5 15.5    
EBITDA Margin %               0.548 3.96 -2.71 -2.73 -9.53    
EBIT Margin %               -1.31 1.16 -5.17 -5.07 -11.7    
Net Margin %               -1.44 -2.87 -6.81 -12.4 -15.5    
Payout Ratio % ...             0 -495 0 0 0    
Cost of Financing % ...             3.81 16.0 6.45 15.6 8.45    
Net Debt/EBITDA               19.7 5.22 -8.77 -22.6 -2.27    
balance sheet Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                            
Non-Current Assets CZK mil               294 1,762 1,741 1,723 1,467    
Property, Plant & Equipment CZK mil               294 1,691 1,671 1,654 1,420    
Intangible Assets CZK mil               0 0.012 0 0 0    
Goodwill CZK mil ... ... ... ... ... ... ... ... ... ... ... ...    
Current Assets CZK mil               1,445 1,858 1,695 1,568 1,265    
Inventories CZK mil               1,311 1,469 1,248 1,142 962    
Receivables CZK mil               31.2 55.7 39.3 66.8 63.4    
Cash & Cash Equivalents CZK mil               32.8 69.8 160 52.3 72.9    
Total Assets CZK mil               1,762 3,640 3,449 3,344 2,776    
Shareholders' Equity CZK mil               547 708 411 -60.2 907    
Of Which Minority Interest CZK mil               0 0 0 0 0    
Liabilities CZK mil               1,215 2,932 3,038 3,404 1,869    
Non-Current Liabilities CZK mil               0 1,174 1,129 1,445 27.5    
Long-Term Debt CZK mil               0 171 369 2,302 616    
Deferred Tax Liabilities CZK mil               0 1,123 1,095 0 0    
Current Liabilities CZK mil               693 728 925 1,007 984    
Short-Term Debt CZK mil               535 845 829 79.7 242    
Trade Payables CZK mil               564 485 426 820 787    
Provisions CZK mil               14.9 25.7 97.0 36.5 56.6    
Equity And Liabilities CZK mil               1,762 3,640 3,449 3,344 2,776    
growth rates                            
Total Asset Growth % ...             -2.66 107 -5.26 -3.03 -17.0    
Shareholders' Equity Growth % ...             -10.9 29.5 -42.0 -115 -1,607    
Net Debt Growth % ...             0.012 88.4 9.77 124 -66.3    
Total Debt Growth % ...   ...   ...     -16.6 89.9 18.0 98.8 -64.0    
ratios                            
Total Debt CZK mil               535 1,016 1,198 2,382 858    
Net Debt CZK mil               502 946 1,039 2,330 785    
Working Capital CZK mil               778 1,039 862 389 239    
Capital Employed CZK mil               1,072 2,802 2,602 2,113 1,706    
Net Debt/Equity               0.918 1.34 2.53 -38.7 0.866    
Cost of Financing % ...             3.81 16.0 6.45 15.6 8.45    
cash flow Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                            
Net Profit CZK mil               -66.9 -131 -297 -471 -562    
Depreciation CZK mil               86.1 128 107 88.7 78.9    
Non-Cash Items CZK mil ... ...           -35.8 226 328 -113 -1,246 ...  
Change in Working Capital CZK mil ...             134 -262 178 472 151 ...  
Total Cash From Operations CZK mil ... ...           117 -38.3 316 -23.3 -1,579 ...  
Capital Expenditures CZK mil ... ...           -112 -387 -97.6 -75.4 -73.5 ...  
Other Investments CZK mil ... ...           0.613 782 2.90 1.42 271 ...  
Total Cash From Investing CZK mil ... ...           -111 394 -94.7 -74.0 198 ...  
Dividends Paid CZK mil ...             0 -650 0 0 0 ...  
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ...  
Issuance Of Debt CZK mil ...             -107 481 182 1,184 -1,524 ...  
Total Cash From Financing CZK mil ... ...           -113 -352 -131 -10.2 1,402 ...  
Net Change In Cash CZK mil ... ...           -107 4.15 90.0 -108 20.6 ...  
ratios                            
Days Sales Outstanding days               2.45 4.44 3.29 6.44 6.36    
Days Sales Of Inventory days               129 146 131 137 114    
Days Payable Outstanding days               55.6 48.4 44.5 98.2 93.5    
Cash Conversion Cycle days               76.1 102 89.3 45.0 27.2    
Cash Earnings CZK mil               19.2 -2.84 -190 -382 -483    
Free Cash Flow CZK mil ... ...           5.96 356 221 -97.3 -1,381 ...  
other data Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                            
ROA %               -3.75 -4.86 -8.38 -13.9 -18.4    
Gross Margin %               20.3 20.1 20.1 19.5 15.5    
Employees               1,389 1,423 1,307 1,249 1,220    
Cost Per Employee USD per month               1,470 1,619 1,450 1,424 1,322    
Cost Per Employee (Local Currency) CZK per month               28,089 28,628 28,368 27,863 28,253    
Staff Cost (As % Of Total Cost) %               9.95 10.8 9.69 10.5 10.2    
Effective Tax Rate %               19.5 -85.4 0.004 0 0    
Capital Expenditures (As % of Sales) % ... ...           2.41 8.45 2.24 1.99 2.02 ...  

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bauMax Czech Republic is a Czech Republic-based subsidiary of the Austria's Do-It-Yourselve (DIY) retailer bauMax. Founded in 1976, Austria's bauMax has grown into one of the largest DIY retailers in the emerging Europe. The Company currently operates more than 158 stores (thereof 65 in Austria and 45 in the Czech Republic) in the Central and Eastern European countries including the Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Bulgaria, Romania, or Turkey. The Group employes more than 10,000 people and bauMax stores offer a broad and comprehensive product range, which, on average, includes 40-60,000 articles per store. The competent product range covers gardening, building material and elements, tools, sanitary and interior decoration

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Finance

Baumax Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 65.8% a year during that time to total of CZK 0.847 mil in 2016, or 0.039% of sales. That’s compared to -736% average margin seen in last five years.

The company netted CZK -44.4 mil in 2016 implying ROE of -38.5% and ROCE of -4.71%. Again, the average figures were -99.7% and -13.5%, respectively when looking at the previous 5 years.

Baumax Czech Republic’s net debt amounted to CZK 989 mil at the end of 2016, or 6.35 of equity. When compared to EBITDA, net debt was 1,168x, up when compared to average of 222x seen in the last 5 years.