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Budejovicky Budvar

Budvar's Cash & Cash Equivalents fell 14.0% yoy to CZK 1,637 mil in 2017

By Helgi Library - April 2, 2020

Budejovicky Budvar's total assets reached CZK 5,328 mil at the end of 2017, up 4.56% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 2,546 2,612 2,543
Gross Profit CZK mil 805 878 817
EBITDA CZK mil 580 581 560
EBIT CZK mil 338 347 321
Financing Cost CZK mil -11.8 10.2 6.30
Pre-Tax Profit CZK mil 350 337 315
Net Profit CZK mil 281 264 255
Dividends CZK mil 0 0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 4,772 5,095 5,328
Non-Current Assets CZK mil 1,935 2,096 2,591
Current Assets CZK mil 2,681 2,845 2,595
Working Capital CZK mil 515 464 462
Shareholders' Equity CZK mil 4,239 4,494 4,753
Liabilities CZK mil 533 602 575
Total Debt CZK mil 40.1 28.9 3.44
Net Debt CZK mil -1,027 -1,876 -1,634
Ratios 2015 2016 2017
ROE % 6.47 6.05 5.51
ROCE % 11.6 10.6 9.08
Gross Margin % 31.6 33.6 32.1
EBITDA Margin % 22.8 22.3 22.0
EBIT Margin % 13.3 13.3 12.6
Net Margin % 11.1 10.1 10.0
Net Debt/EBITDA -1.77 -3.23 -2.92
Net Debt/Equity % -24.2 -41.7 -34.4
Cost of Financing % -28.7 29.6 39.0
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 516 542 463
Total Cash From Investing CZK mil -220 -401 -729
Total Cash From Financing CZK mil -505 -3.97 -1.64
Net Change In Cash CZK mil -209 137 -268
Cash Conversion Cycle days 80.4 68.9 66.6
Cash Earnings CZK mil 524 498 494
Free Cash Flow CZK mil 296 141 -266

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       2,072 2,161 2,260 2,413 2,546    
Gross Profit CZK mil                       598 603 644 746 805    
EBIT CZK mil                       160 161 285 294 338    
Net Profit CZK mil                       190 177 293 246 281    
ROE %                       4.20 3.76 5.99 5.19 6.47    
EBIT Margin %                       7.72 7.43 12.6 12.2 13.3    
Net Margin %                       9.18 8.17 13.0 10.2 11.1    
Employees ...                     614 612 632 663 655    
balance sheet                                    
Total Assets CZK mil                       5,352 5,488 5,558 4,980 4,772    
Non-Current Assets CZK mil                       2,125 2,167 2,090 1,950 1,935    
Current Assets CZK mil                       2,977 3,084 3,265 2,861 2,681    
Shareholders' Equity CZK mil                       4,607 4,775 5,021 4,462 4,239    
Liabilities CZK mil                       745 713 537 518 533    
Non-Current Liabilities CZK mil                       145 148 125 129 126    
Current Liabilities CZK mil                       427 392 351 346 359    
Net Debt/EBITDA                       -5.35 -5.40 -4.48 -3.93 -1.77    
Net Debt/Equity %                       -46.0 -46.5 -48.8 -47.8 -24.2    
Cost of Financing % ...                     -94.2 -71.6 -52.5 -25.8 -28.7    
cash flow                                    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 516    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -220    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -505    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -209    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       2,072 2,161 2,260 2,413 2,546    
Cost of Goods & Services CZK mil                       1,474 1,558 1,616 1,667 1,740    
Gross Profit CZK mil                       598 603 644 746 805    
Staff Cost CZK mil                       266 270 277 286 301    
Other Cost CZK mil                       -63.7 -78.2 -179 -82.8 -75.4    
EBITDA CZK mil                       396 411 546 543 580    
Depreciation CZK mil                       236 250 261 249 242    
EBIT CZK mil                       160 161 285 294 338    
Financing Cost CZK mil                       -79.7 -62.0 -40.7 -13.8 -11.8    
Extraordinary Cost CZK mil                       0 0 0 0 0    
Pre-Tax Profit CZK mil                       240 223 326 307 350    
Tax CZK mil                       49.4 46.1 32.7 61.6 68.4    
Minorities CZK mil                       0 0 0 0 0    
Net Profit CZK mil                       190 177 293 246 281    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 500 0   ...
growth rates                                    
Total Revenue Growth % ...                     3.11 4.27 4.61 6.77 5.48    
Operating Cost Growth % ...                     -11.9 -4.90 -49.1 108 10.7    
EBITDA Growth % ...                     1.92 3.75 32.9 -0.635 6.91    
EBIT Growth % ...                     12.3 0.407 77.5 2.95 15.2    
Pre-Tax Profit Growth % ...                     8.96 -7.11 46.3 -5.66 13.8    
Net Profit Growth % ...                     9.23 -7.24 66.1 -16.1 14.5    
ratios                                    
ROE %                       4.20 3.76 5.99 5.19 6.47    
ROCE % ...                     7.95 7.17 11.4 9.80 11.6    
Gross Margin %                       28.9 27.9 28.5 30.9 31.6    
EBITDA Margin %                       19.1 19.0 24.2 22.5 22.8    
EBIT Margin %                       7.72 7.43 12.6 12.2 13.3    
Net Margin %                       9.18 8.17 13.0 10.2 11.1    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 203 0   ...
Cost of Financing % ...                     -94.2 -71.6 -52.5 -25.8 -28.7    
Net Debt/EBITDA                       -5.35 -5.40 -4.48 -3.93 -1.77    
balance sheet Unit 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                       2,125 2,167 2,090 1,950 1,935    
Property, Plant & Equipment CZK mil                       2,083 2,120 2,049 1,908 1,887    
Intangible Assets CZK mil                       16.6 21.8 13.4 22.3 28.0    
Current Assets CZK mil                       2,977 3,084 3,265 2,861 2,681    
Inventories CZK mil                       172 152 259 285 297    
Receivables CZK mil                       341 416 444 366 416    
Cash & Cash Equivalents CZK mil                       2,202 2,310 2,515 2,177 1,067    
Total Assets CZK mil                       5,352 5,488 5,558 4,980 4,772    
Shareholders' Equity CZK mil                       4,607 4,775 5,021 4,462 4,239    
Of Which Minority Interest CZK mil                       0 0 0 0 0    
Liabilities CZK mil                       745 713 537 518 533    
Non-Current Liabilities CZK mil                       145 148 125 129 126    
Long-Term Debt CZK mil                       0.705 0.705 0.705 1.20 0.690    
Deferred Tax Liabilities CZK mil                       144 147 124 128 125    
Current Liabilities CZK mil                       427 392 351 346 359    
Short-Term Debt CZK mil                       82.6 89.1 64.4 40.7 39.4    
Trade Payables CZK mil                       254 192 190 190 198    
Provisions CZK mil                       173 173 60.2 42.4 39.2    
Equity And Liabilities CZK mil                       5,352 5,488 5,558 4,980 4,772    
growth rates                                    
Total Asset Growth % ...                     5.34 2.54 1.27 -10.4 -4.16    
Shareholders' Equity Growth % ...                     3.36 3.64 5.15 -11.1 -4.99    
Net Debt Growth % ...                     3.01 4.82 10.3 -12.9 -51.9    
Total Debt Growth % ...   ...                 -3.02 7.88 -27.6 -35.6 -4.44    
ratios                                    
Total Debt CZK mil                       83.3 89.8 65.1 41.9 40.1    
Net Debt CZK mil                       -2,118 -2,220 -2,450 -2,135 -1,027    
Working Capital CZK mil                       259 377 514 461 515    
Capital Employed CZK mil                       2,384 2,543 2,604 2,411 2,450    
Net Debt/Equity %                       -46.0 -46.5 -48.8 -47.8 -24.2    
Cost of Financing % ...                     -94.2 -71.6 -52.5 -25.8 -28.7    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                    
Net Profit CZK mil                       190 177 293 246 281    
Depreciation CZK mil                       236 250 261 249 242    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 45.9    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -53.9    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 516    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -228    
Other Investments CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7.96    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -220    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -500    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -1.86    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -505    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -209    
ratios                                    
Days Sales Outstanding days                       60.1 70.3 71.8 55.4 59.7    
Days Sales Of Inventory days                       42.7 35.6 58.6 62.3 62.2    
Days Payable Outstanding days                       63.0 44.9 42.9 41.6 41.6    
Cash Conversion Cycle days                       39.7 61.0 87.5 76.1 80.4    
Cash Earnings CZK mil                       426 427 554 495 524    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 296    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA %                       3.65 3.26 5.31 4.67 5.77    
Gross Margin %                       28.9 27.9 28.5 30.9 31.6    
Employees ...                     614 612 632 663 655    
Cost Per Employee USD per month ...                     2,039 1,882 1,869 1,683 1,602    
Cost Per Employee (Local Currency) CZK per month ...                     36,057 36,806 36,562 35,976 38,243    
Staff Cost (As % Of Total Cost) %                       13.9 13.5 14.0 13.5 13.6    
Effective Tax Rate %                       20.6 20.7 10.0 20.0 19.5    
Sales of Beer (hl) hl ... ... ... ... ... ... ... ... ...     1,318,710 1,337,920 1,422,730 1,457,780 1,601,940    
Sales from Beer CZK mil ... ... ...                 1,979 2,046 2,128 2,253 2,394    
Sales from Beer Waste CZK mil ... ... ...                 5.00 11.0 12.3 17.8 18.9    
Sales from Other Products CZK mil ... ... ...                 22.0 24.0 24.3 26.3 28.3    
Sales from Goods CZK mil ... ... ...                 44.0 58.0 61.9 74.3 80.4    
Sales From Services CZK mil ... ... ...                 12.0 20.0 22.3 21.9 24.2    
Number of Active Breweries ... ... ... ... ... ... ... ... ... ... ... 25.0 28.0 ... ... ... ... ...
Domestic Sales CZK mil ... ... ...                 1,032 1,052 988 996 1,494    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 8.96    
Revenues From Abroad CZK mil ... ... ...                 1,031 1,106 1,261 1,397 1,052    
Revenues From Abroad (As % Of Total) % ... ... ...                 49.8 51.2 55.8 57.9 41.3    
Price per Beer (Local Currency) CZK ... ... ... ... ... ... ... ... ...     30.0 30.6 29.9 30.9 29.9    
Price per Beer (USD) USD ... ... ... ... ... ... ... ... ...     1.70 1.56 1.53 1.45 1.25    
Net Profit per Beer (Local Currency) CZK ... ... ... ... ... ... ... ... ...     2.89 2.64 4.12 3.37 3.51    
Net Profit per Beer (USD) USD ... ... ... ... ... ... ... ... ...     0.163 0.135 0.211 0.158 0.147    

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Budějovický Budvar (Budweiser Budvar Brewery) is a brewery in the city of České Budějovice (Budweis), Czech Republic, that is best known for brewing a beer known as Budweiser Budvar. Budějovický Budvar is also the name of the Czech Republic-based producer of the beer. The history of brewing in České Budějovice dates back to the 13th century, when the city received the brewing rights. The original Budweiser Bier or Budweiser Bürgerbräu was founded here in 1785. The company began exporting to the United States in 1871. In the U.S., Anheuser-Busch started using the Budweiser brand in 1876 and registered it two years later. When another Czech company (now named Budvar) started exporting beer under the name Budweiser into the US market in 1895, the Budweiser trademark dispute started. Budějovický Budvar remains a state-owned company managed by the Ministry of Agriculture

Finance

Budejovicky Budvar has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 6.38% a year during that time to total of CZK 560 mil in 2017, or 22.0% of sales. That’s compared to 22.7% average margin seen in last five years.

The company netted CZK 255 mil in 2017 implying ROE of 5.51% and ROCE of 9.08%. Again, the average figures were 5.84% and 10.5%, respectively when looking at the previous 5 years.

Budejovicky Budvar’s net debt amounted to CZK -1,634 mil at the end of 2017, or -34.4% of equity. When compared to EBITDA, net debt was -2.92x, up when compared to average of -3.27x seen in the last 5 years.