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British American Tobacco Czech Rep.

BAT CR's Cash & Cash Equivalents rose 42.0% yoy to CZK 1,080 mil in 2017

By Helgi Library - April 2, 2020

British American Tobacco Czech Rep.'s total assets reached CZK 3,569 mil at the end of 2017, up 28% compared to the previous yea...

Profit Statement 2015 2016 2017
Sales CZK mil 12,517 13,522 14,923
Gross Profit CZK mil 388 77.0 146
EBITDA CZK mil 237 149 207
EBIT CZK mil 229 139 192
Financing Cost CZK mil 21.7 31.3 52.9
Pre-Tax Profit CZK mil 207 107 139
Net Profit CZK mil 156 49.8 111
Dividends CZK mil 156 49.8 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 3,201 2,788 3,569
Non-Current Assets CZK mil 18.2 38.7 41.3
Current Assets CZK mil 3,180 2,605 3,451
Working Capital CZK mil 2,148 1,669 2,257
Shareholders' Equity CZK mil 341 243 270
Liabilities CZK mil 2,860 2,545 3,299
Total Debt CZK mil 833 912 871
Net Debt CZK mil 9.59 152 -209
Ratios 2015 2016 2017
ROE % 38.5 17.1 43.4
ROCE % 7.53 2.57 5.56
Gross Margin % 3.10 0.570 0.979
EBITDA Margin % 1.89 1.10 1.39
EBIT Margin % 1.83 1.02 1.29
Net Margin % 1.24 0.368 0.747
Net Debt/EBITDA 0.041 1.02 -1.01
Net Debt/Equity % 2.81 62.3 -77.4
Cost of Financing % 2.46 3.58 5.94
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 45.4 427
Total Cash From Investing CZK mil ... -31.5 -17.5
Total Cash From Financing CZK mil ... -76.4 -90.3
Net Change In Cash CZK mil ... -62.5 319
Cash Conversion Cycle days 63.1 45.1 55.4
Cash Earnings CZK mil 164 60.2 126
Free Cash Flow CZK mil ... 13.9 410

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                            
Sales CZK mil               10,873 11,860 11,435 11,789 12,517    
Gross Profit CZK mil               632 652 653 483 388    
EBIT CZK mil               464 479 504 382 229    
Net Profit CZK mil               344 388 356 272 156    
ROE %               64.2 68.9 61.9 51.9 38.5    
EBIT Margin %               4.27 4.04 4.41 3.24 1.83    
Net Margin %               3.16 3.27 3.11 2.31 1.24    
Employees               120 119 118 137 137    
balance sheet                            
Total Assets CZK mil               2,971 5,883 7,362 2,801 3,201    
Non-Current Assets CZK mil               36.0 27.0 24.0 22.0 18.2    
Current Assets CZK mil               2,924 5,652 7,326 2,771 3,180    
Shareholders' Equity CZK mil               554 572 579 468 341    
Liabilities CZK mil               2,417 5,311 6,782 2,332 2,860    
Non-Current Liabilities CZK mil               4.00 0 5.41 0 0    
Current Liabilities CZK mil               2,360 5,086 6,771 2,306 2,848    
Net Debt/EBITDA               -0.257 -0.455 1.38 0.795 0.041    
Net Debt/Equity %               -22.2 -39.3 124 66.9 2.81    
Cost of Financing % ...             ... ... 11.4 4.70 2.46    
cash flow                            
Total Cash From Operations CZK mil               -82.0 355 ... ... ...    
Total Cash From Investing CZK mil               -23.0 -8.00 ... ... ...    
Total Cash From Financing CZK mil               -336 -342 ... ... ...    
Net Change In Cash CZK mil               -441 5.00 ... ... ...    
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                            
Sales CZK mil               10,873 11,860 11,435 11,789 12,517    
Cost of Goods & Services CZK mil               10,241 11,208 10,782 11,307 12,128    
Gross Profit CZK mil               632 652 653 483 388    
Staff Cost CZK mil               131 120 125 143 218    
Other Cost CZK mil               23.0 37.0 9.54 -54.4 -66.1    
EBITDA CZK mil               478 495 519 394 237    
Depreciation CZK mil               14.0 16.0 14.5 11.8 7.80    
EBIT CZK mil               464 479 504 382 229    
Financing Cost CZK mil               23.0 2.00 51.2 43.0 21.7    
Extraordinary Cost CZK mil               0 -1.00 0 0 0    
Pre-Tax Profit CZK mil               441 478 453 339 207    
Tax CZK mil               97.0 95.0 96.9 67.4 51.4    
Minorities CZK mil               0 0 0 0 0    
Net Profit CZK mil               344 388 356 272 156    
Dividends CZK mil               342 383 356 272 156   ...
growth rates                            
Total Revenue Growth % ...             4.20 9.08 -3.58 3.09 6.17    
Operating Cost Growth % ...             75.0 1.95 -14.3 -34.2 71.4    
EBITDA Growth % ...             19.5 3.56 4.80 -24.0 -39.9    
EBIT Growth % ...             21.5 3.23 5.28 -24.2 -40.1    
Pre-Tax Profit Growth % ...             24.6 8.39 -5.21 -25.1 -38.9    
Net Profit Growth % ...             17.8 12.8 -8.21 -23.7 -42.7    
ratios                            
ROE %               64.2 68.9 61.9 51.9 38.5    
ROCE % ...             19.5 10.6 6.14 6.33 7.53    
Gross Margin %               5.81 5.50 5.71 4.09 3.10    
EBITDA Margin %               4.40 4.17 4.54 3.34 1.89    
EBIT Margin %               4.27 4.04 4.41 3.24 1.83    
Net Margin %               3.16 3.27 3.11 2.31 1.24    
Payout Ratio %               99.4 98.8 100 100 100   ...
Cost of Financing % ...             ... ... 11.4 4.70 2.46    
Net Debt/EBITDA               -0.257 -0.455 1.38 0.795 0.041    
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                            
Non-Current Assets CZK mil               36.0 27.0 24.0 22.0 18.2    
Property, Plant & Equipment CZK mil               33.0 24.0 22.2 20.2 17.5    
Intangible Assets CZK mil               3.00 3.00 1.63 1.31 0.623    
Current Assets CZK mil               2,924 5,652 7,326 2,771 3,180    
Inventories CZK mil               1,672 3,828 5,512 371 710    
Receivables CZK mil               824 1,407 1,542 1,631 1,628    
Cash & Cash Equivalents CZK mil               123 225 185 619 823    
Total Assets CZK mil               2,971 5,883 7,362 2,801 3,201    
Shareholders' Equity CZK mil               554 572 579 468 341    
Of Which Minority Interest CZK mil               0 0 0 0 0    
Liabilities CZK mil               2,417 5,311 6,782 2,332 2,860    
Non-Current Liabilities CZK mil               4.00 0 5.41 0 0    
Long-Term Debt CZK mil               0 0 0 0 0    
Deferred Tax Liabilities CZK mil               4.00 0 5.41 0 0    
Current Liabilities CZK mil               2,360 5,086 6,771 2,306 2,848    
Short-Term Debt CZK mil               0.001 0.001 901 932 833    
Trade Payables CZK mil               228 270 460 49.2 190    
Provisions CZK mil               53.0 25.0 6.28 20.5 7.56    
Equity And Liabilities CZK mil               2,971 5,883 7,362 2,801 3,201    
growth rates                            
Total Asset Growth % ...             30.1 98.0 25.1 -62.0 14.3    
Shareholders' Equity Growth % ...             6.95 3.25 1.26 -19.1 -27.2    
Net Debt Growth % ...             -84.7 82.9 -418 -56.2 -96.9    
Total Debt Growth % ...             -99.9 0 90,056,700 3.54 -10.7    
ratios                            
Total Debt CZK mil               0.001 0.001 901 932 833    
Net Debt CZK mil               -123 -225 715 313 9.59    
Working Capital CZK mil               2,268 4,965 6,594 1,953 2,148    
Capital Employed CZK mil               2,304 4,992 6,618 1,975 2,166    
Net Debt/Equity %               -22.2 -39.3 124 66.9 2.81    
Cost of Financing % ...             ... ... 11.4 4.70 2.46    
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                            
Net Profit CZK mil               344 388 356 272 156    
Depreciation CZK mil               14.0 16.0 14.5 11.8 7.80    
Non-Cash Items CZK mil ...             624 2,648 ... ... ...    
Change in Working Capital CZK mil ...             -1,064 -2,697 ... ... ...    
Total Cash From Operations CZK mil               -82.0 355 ... ... ...    
Capital Expenditures CZK mil               -24.0 -8.00 ... ... ...    
Other Investments CZK mil               1.00 0 ... ... ...    
Total Cash From Investing CZK mil               -23.0 -8.00 ... ... ...    
Dividends Paid CZK mil               -342 -383 ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ...             -0.679 0 ... ... ...    
Total Cash From Financing CZK mil               -336 -342 ... ... ...    
Net Change In Cash CZK mil               -441 5.00 ... ... ...    
ratios                            
Days Sales Outstanding days               27.7 43.3 49.2 50.5 47.5    
Days Sales Of Inventory days               59.6 125 187 12.0 21.4    
Days Payable Outstanding days               8.13 8.79 15.6 1.59 5.72    
Cash Conversion Cycle days               79.1 159 220 60.9 63.1    
Cash Earnings CZK mil               358 404 371 284 164    
Free Cash Flow CZK mil               -105 347 ... ... ...    
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                            
ROA %               13.1 8.76 5.38 5.35 5.19    
Gross Margin %               5.81 5.50 5.71 4.09 3.10    
Employees               120 119 118 137 137    
Cost Per Employee USD per month               5,144 4,296 4,515 4,069 5,551    
Cost Per Employee (Local Currency) CZK per month               90,972 84,034 88,329 86,957 132,501    
Staff Cost (As % Of Total Cost) %               1.26 1.05 1.14 1.25 1.77    
Effective Tax Rate %               22.0 19.9 21.4 19.9 24.8    
Domestic Sales CZK mil               10,836 11,791 11,357 11,737 12,438    
Capital Expenditures (As % of Sales) %               0.221 0.067 ... ... ...    
Revenues From Abroad CZK mil ... ... ... ... ...     37.0 68.0 78.2 51.6 79.0    
Revenues From Abroad (As % Of Total) % ... ... ... ... ...     0.340 0.573 0.684 0.437 0.631    

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British American Tobacco plc (BAT) is a British multinational tobacco company. It is the world’s second-largest tobacco company by sales (after Altria Group, the former Philip Morris International). BAT has a market-leading position in over 50 countries and operations in around 180 countries. Its four largest-selling brands are Dunhill, Lucky Strike, Kent and Pall Mall, with others including Kool, Benson & Hedges and Rothmans. The Company has over 44 cigarette factories in 39 countries. BAT was formed in 1902, when the United Kingdom's Imperial Tobacco Company and the American Tobacco Company of the USA agreed to form a joint venture, the British-American Tobacco Company Ltd. BAT Czech Republic is a fully owned subsidiary of BAT and the second largest tobacco company on the Czech market with a 20.7% share by sales.

British American Tobacco Czech Rep. Logo

Finance

British American Tobacco Czech Rep. has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 16% a year during that time to total of CZK 207 mil in 2017, or 1.39% of sales. That’s compared to 2.45% average margin seen in last five years.

The company netted CZK 111 mil in 2017 implying ROE of 43.4% and ROCE of 5.56%. Again, the average figures were 42.6% and 5.62%, respectively when looking at the previous 5 years.

British American Tobacco Czech Rep.’s net debt amounted to CZK -209 mil at the end of 2017, or -77.4% of equity. When compared to EBITDA, net debt was -1.01x, down when compared to average of 0.444x seen in the last 5 years.

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