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BM plus's net profit rose 266% yoy to CZK 12.7 mil in 2019

By Helgi Analytics - December 3, 2020

BM plus made a net profit of CZK 12.7 mil with revenues of CZK 95.0 mil in 2019, up by 266% and up by 20.1%, respec...

BM plus's employees fell 5.00% yoy to 38.0 in 2019

By Helgi Analytics - December 3, 2020

BM plus employed 38.0 employees in 2019, down 5% compared to the previous year. Historically, between 2008 and 2019, ...

BM plus's ROCE rose 253% yoy to 18.1% in 2019

By Helgi Analytics - December 3, 2020

BM plus made a net profit of CZK 12.7 mil in 2019, up 266% compared to the previous year. Historically, between 2008 and 201...

Profit Statement 2017 2018 2019
Sales CZK mil 82.6 79.0 95.0
Gross Profit CZK mil 26.8 26.0 28.0
EBITDA CZK mil 10.7 10.1 21.5
EBIT CZK mil 7.00 5.24 16.5
Financing Cost CZK mil 0.423 0.641 0.495
Pre-Tax Profit CZK mil 7.56 4.07 15.6
Net Profit CZK mil 6.01 3.47 12.7
Dividends CZK mil -0.001 0.714 ...
Balance Sheet 2017 2018 2019
Total Assets CZK mil 86.2 88.7 108
Non-Current Assets CZK mil 39.0 35.8 46.5
Current Assets CZK mil 46.9 52.8 61.2
Working Capital CZK mil 29.5 31.0 27.1
Shareholders' Equity CZK mil 36.5 40.0 52.0
Liabilities CZK mil 49.7 48.7 55.8
Total Debt CZK mil 27.9 25.0 17.4
Net Debt CZK mil 27.3 23.9 12.1
Ratios 2017 2018 2019
ROE % 19.6 9.08 27.7
ROCE % 9.68 5.13 18.1
Gross Margin % 32.5 32.8 29.5
EBITDA Margin % 13.0 12.8 22.6
EBIT Margin % 8.48 6.62 17.4
Net Margin % 7.28 4.39 13.4
Net Debt/EBITDA 2.55 2.37 0.564
Net Debt/Equity % 74.8 59.8 23.3
Cost of Financing % 1.74 2.42 2.33
Cash Flow 2017 2018 2019
Total Cash From Operations CZK mil 3.45 -4.65 18.2
Total Cash From Investing CZK mil -4.68 8.07 -5.73
Total Cash From Financing CZK mil 0.610 -2.94 -8.27
Net Change In Cash CZK mil -0.616 0.475 4.24
Cash Conversion Cycle days 139 163 98.9
Cash Earnings CZK mil 9.71 8.33 17.7
Free Cash Flow CZK mil -1.23 3.41 12.5

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overview Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                        
Sales CZK mil           41.2 50.5 66.3 78.9 82.6    
Gross Profit CZK mil           12.6 14.6 20.0 24.0 26.8    
EBIT CZK mil           0.377 2.57 7.07 8.12 7.00    
Net Profit CZK mil           -1.28 1.50 5.69 5.85 6.01    
                           
ROE %           -5.62 6.85 23.8 23.0 19.6    
EBIT Margin %           0.914 5.09 10.7 10.3 8.48    
Net Margin %           -3.10 2.97 8.58 7.41 7.28    
Employees           26.0 27.0 32.0 32.0 36.0    
balance sheet                        
Total Assets CZK mil           68.3 69.1 73.3 79.2 86.2    
Non-Current Assets CZK mil           32.8 30.4 31.0 37.7 39.0    
Current Assets CZK mil           35.4 38.5 42.1 41.0 46.9    
                           
Shareholders' Equity CZK mil           22.1 21.6 26.1 24.8 36.5    
Liabilities CZK mil           46.1 47.4 47.1 54.4 49.7    
Non-Current Liabilities CZK mil           7.78 6.78 13.3 11.9 12.8    
Current Liabilities CZK mil           38.4 40.2 33.0 35.9 36.0    
                           
Net Debt/EBITDA           5.52 3.20 1.54 1.72 2.55    
Net Debt/Equity %           84.9 80.3 61.2 82.4 74.8    
Cost of Financing % ... ... ...     1.51 2.24 1.82 1.74 1.74    
cash flow                        
Total Cash From Operations CZK mil ...         4.40 -1.86 -0.161 -9.56 3.45    
Total Cash From Investing CZK mil ...         6.12 5.21 2.74 -9.56 -4.68    
Total Cash From Financing CZK mil ...         -11.3 -3.30 -3.49 -1.75 0.610    
Net Change In Cash CZK mil ...         -0.745 0.048 -0.911 -20.9 -0.616    
income statement Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                        
Sales CZK mil           41.2 50.5 66.3 78.9 82.6    
Cost of Goods & Services CZK mil           28.7 35.8 46.3 54.9 55.8    
Gross Profit CZK mil           12.6 14.6 20.0 24.0 26.8    
Staff Cost CZK mil           9.95 9.11 10.3 13.1 14.6    
Other Operating Cost (Income) CZK mil           -0.761 0.096 -0.644 -0.981 1.53    
EBITDA CZK mil           3.40 5.43 10.4 11.9 10.7    
Depreciation CZK mil           3.02 2.86 3.34 3.75 3.70    
EBIT CZK mil           0.377 2.57 7.07 8.12 7.00    
Net Financing Cost CZK mil           1.68 0.746 0.475 0.791 0.431    
Financing Cost CZK mil           0.385 0.430 0.317 0.321 0.423    
Extraordinary Cost CZK mil           0 0 0 0 -0.989    
Pre-Tax Profit CZK mil           -1.30 1.82 6.59 7.33 7.56    
Tax CZK mil           -0.020 0.323 0.902 1.48 1.54    
Net Profit CZK mil           -1.28 1.50 5.69 5.85 6.01    
Net Profit Avail. to Common CZK mil           -1.28 1.50 5.69 5.85 6.01    
Dividends CZK mil           1.96 1.21 1.34 0.151 -0.001   ...
growth rates                        
Total Revenue Growth % ...         52.0 22.4 31.4 19.0 4.65    
Staff Cost Growth % ...         8.07 -8.46 12.7 27.7 11.3    
EBITDA Growth % ...         25.4 59.7 91.7 14.0 -9.84    
EBIT Growth % ...         -64.9 581 175 14.9 -13.8    
Pre-Tax Profit Growth % ...         14.0 -240 262 11.2 3.14    
Net Profit Growth % ...         -8.64 -217 279 2.85 2.80    
ratios                        
ROE %           -5.62 6.85 23.8 23.0 19.6    
ROA %           -1.91 2.18 7.99 7.68 7.27    
ROCE % ...         -2.88 3.50 12.7 11.4 9.68    
Gross Margin %           30.5 29.0 30.2 30.4 32.5    
EBITDA Margin %           8.24 10.8 15.7 15.0 13.0    
EBIT Margin %           0.914 5.09 10.7 10.3 8.48    
Net Margin %           -3.10 2.97 8.58 7.41 7.28    
Payout Ratio %           -153 80.6 23.6 2.58 -0.017   ...
Cost of Financing % ... ... ...     1.51 2.24 1.82 1.74 1.74    
Net Debt/EBITDA           5.52 3.20 1.54 1.72 2.55    
balance sheet Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                        
Cash & Cash Equivalents CZK mil           1.11 1.16 0.248 0.255 0.625    
Receivables CZK mil           16.4 18.1 20.0 19.5 25.8    
Inventories CZK mil           17.9 19.2 20.7 20.2 20.5    
Other ST Assets CZK mil           0 < 0.001 1.20 1.04 0.028    
Current Assets CZK mil           35.4 38.5 42.1 41.0 46.9    
Property, Plant & Equipment CZK mil           32.1 30.0 30.9 37.7 39.0    
LT Investments & Receivables CZK mil           0.017 0.016 0.016 0 0    
Intangible Assets CZK mil           0.647 0.379 0.112 0 0    
Goodwill CZK mil           0 0 0 0 0    
Non-Current Assets CZK mil           32.8 30.4 31.0 37.7 39.0    
Total Assets CZK mil           68.3 69.1 73.3 79.2 86.2    
                           
Trade Payables CZK mil           24.1 25.1 24.7 21.7 16.8    
Short-Term Debt CZK mil           12.6 12.5 4.69 10.8 16.9    
Other ST Liabilities CZK mil           1.69 2.57 3.63 3.37 2.43    
Current Liabilities CZK mil           38.4 40.2 33.0 35.9 36.0    
Long-Term Debt CZK mil           7.33 6.01 11.6 9.86 11.1    
Other LT Liabilities CZK mil           0.450 0.773 1.70 2.03 1.76    
Non-Current Liabilities CZK mil           7.78 6.78 13.3 11.9 12.8    
Liabilities CZK mil           46.1 47.4 47.1 54.4 49.7    
Equity Before Minority Interest CZK mil           22.1 21.6 26.1 24.8 36.5    
Minority Interest CZK mil           0 0 0 0 0    
Equity CZK mil           22.1 21.6 26.1 24.8 36.5    
growth rates                        
Total Asset Growth % ...         3.72 1.16 6.10 8.06 8.88    
Shareholders' Equity Growth % ...         -5.67 -2.09 20.7 -5.14 47.3    
Net Debt Growth % ...         -33.2 -7.41 -7.91 27.7 33.7    
Total Debt Growth % ... ... ... ...   -36.0 -6.75 -12.3 27.2 35.1    
ratios                        
Total Debt CZK mil           19.9 18.5 16.3 20.7 27.9    
Net Debt CZK mil           18.8 17.4 16.0 20.4 27.3    
Working Capital CZK mil           10.2 12.2 16.0 18.0 29.5    
Capital Employed CZK mil           43.0 42.7 47.0 55.7 68.5    
Net Debt/Equity %           84.9 80.3 61.2 82.4 74.8    
Current Ratio           0.924 0.957 1.28 1.14 1.30    
Quick Ratio           0.457 0.480 0.612 0.550 0.733    
cash flow Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                        
Net Profit CZK mil           -1.28 1.50 5.69 5.85 6.01    
Depreciation CZK mil           3.02 2.86 3.34 3.75 3.70    
Non-Cash Items CZK mil ...         2.74 -4.22 -5.45 -17.1 5.29    
Change in Working Capital CZK mil ...         -0.087 -2.00 -3.74 -2.03 -11.6    
Total Cash From Operations CZK mil ...         4.40 -1.86 -0.161 -9.56 3.45    
                           
Capital Expenditures CZK mil ...         6.12 5.21 2.74 -10.4 -4.77    
Other Investing Activities CZK mil ...         0 0 0 0.860 0.092    
Total Cash From Investing CZK mil ...         6.12 5.21 2.74 -9.56 -4.68    
                           
Dividends Paid CZK mil ...         -0.050 -1.96 -1.21 -1.34 -0.151    
Issuance Of Shares CZK mil ...         0 0 0 0 0    
Issuance Of Debt CZK mil ...         -11.2 -1.34 -2.29 4.42 7.26    
Other Financing Activities CZK mil ...         -6.12 -5.21 -2.74 4.73 -1.82    
Total Cash From Financing CZK mil ...         -11.3 -3.30 -3.49 -1.75 0.610    
Net Change In Cash CZK mil ...         -0.745 0.048 -0.911 -20.9 -0.616    
ratios                        
Days Sales Outstanding days           145 131 110 90.1 114    
Days Sales Of Inventory days           228 195 163 134 134    
Days Payable Outstanding days           307 256 195 144 110    
Cash Conversion Cycle days           66.3 70.9 78.3 80.2 139    
Cash Earnings CZK mil           1.74 4.36 9.03 9.60 9.71    
Free Cash Flow CZK mil ...         10.5 3.35 2.58 -19.1 -1.23    
Capital Expenditures (As % of Sales) % ...         -14.8 -10.3 -4.14 13.2 5.78    
other ratios Unit 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                         
Employees           26.0 27.0 32.0 32.0 36.0    
Cost Per Employee USD per month           1,629 1,315 1,119 1,352 1,439    
Cost Per Employee (Local Currency) CZK per month           31,878 28,102 26,719 34,122 33,759    
Material & Energy (As % of Sales) %           47.2 49.2 52.5 51.7 51.1    
Services (As % of Sales) %           22.3 21.9 17.3 17.9 16.4    
Staff Cost (As % of Sales) %           24.1 18.0 15.5 16.6 17.7    
Effective Tax Rate %           1.54 17.7 13.7 20.2 20.4    
Total Revenue Growth (5-year average) % ... ... ... ... ... 21.3 14.2 22.2 22.4 24.9    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...    

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BM plus's Net Margin rose 205% yoy to 13.4% in 2019

By Helgi Analytics - December 3, 2020

BM plus made a net profit of CZK 12.7 mil with revenues of CZK 95.0 mil in 2019, up by 266% and up by 20.1%, respectively, compared to the previous year. This translates into a net margin of 13.4%. Historically, between 2008 and 2019, the firm’s n...

BM plus's Capital Expenditures fell 171% yoy to CZK 5.73 mil in 2019

By Helgi Analytics - December 4, 2020

BM plus invested a total of CZK 5.73 mil in 2019, up 171% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of CZK 10.4 mil in 2016 and a low of CZK -8.07 mil in 2018. As a per...

BM plus's Net Debt/EBITDA fell 76.2% yoy to 0.564 in 2019

By Helgi Analytics - December 3, 2020

BM plus's net debt stood at CZK 12.1 mil and accounted for 23.3% of equity at the end of 2019. The ratio is down 36.5 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 120% in 2012 and a low of -3...

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BM Plus is Czech Republic-based manufacturer of paper hygiene products. The company's product portfolio includes toilet paper, kitchen towels, napkins and tissues. The Company has been operating on the paper products market since 1994 as a wholesale company producing packaging and hygiene paper. In 2005, the firm started producing Z-Z folded handtowels and industrial rolls.

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Finance

BM plus has been growing its sales by 13.5% a year on average in the last 5 years. EBITDA has grown on average by 31.6% a year during that time to total of CZK 21.5 mil in 2019, or 22.6% of sales. That’s compared to 15.8% average margin seen in last five years.

The company netted CZK 12.7 mil in 2019 implying ROE of 27.7% and ROCE of 18.1%. Again, the average figures were 20.6% and 11.4%, respectively when looking at the previous 5 years.

BM plus’s net debt amounted to CZK 12.1 mil at the end of 2019, or 23.3% of equity. When compared to EBITDA, net debt was 0.564x, down when compared to average of 1.75x seen in the last 5 years.