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Dr.Max

Dr.Max's employees rose 8.00% yoy to 3,589 in 2019

By Helgi Analytics - June 22, 2021

Dr.Max employed 3,589 employees in 2019, up 8% compared to the previous year. Historically, between 2013 and 2019, ...

Dr.Max's net profit rose 348% yoy to CZK 485 mil in 2019

By Helgi Analytics - June 22, 2021

Dr.Max made a net profit of CZK 485 mil with revenues of CZK 20,015 mil in 2019, up by 348% and up by 11.5%, respec...

Dr.Max's net profit rose 348% yoy to CZK 485 mil in 2019

By Helgi Analytics - June 22, 2021

Dr.Max made a net profit of CZK 485 mil in 2019, up 348% compared to the previous year. Total sales reached CZK 20,015 mil, whic...

Profit Statement 2017 2018 2019
Sales CZK mil 16,108 17,949 20,015
Gross Profit CZK mil 4,734 5,282 6,056
EBITDA CZK mil 892 921 1,155
EBIT CZK mil 578 572 928
Financing Cost CZK mil 340 329 290
Pre-Tax Profit CZK mil 200 169 592
Net Profit CZK mil 132 108 485
Balance Sheet 2017 2018 2019
Total Assets CZK mil 13,660 13,921 14,200
Non-Current Assets CZK mil 10,261 10,249 10,269
Current Assets CZK mil 3,226 3,500 3,760
Working Capital CZK mil -66.1 32.1 138
Shareholders' Equity CZK mil 1,879 3,737 4,118
Liabilities CZK mil 11,781 10,183 10,082
Total Debt CZK mil 8,158 6,360 6,097
Net Debt CZK mil 7,747 5,931 5,805
Ratios 2017 2018 2019
ROE % 7.15 3.85 12.3
ROCE % 1.29 1.06 4.69
Gross Margin % 29.4 29.4 30.3
EBITDA Margin % 5.54 5.13 5.77
EBIT Margin % 3.59 3.19 4.64
Net Margin % 0.821 0.603 2.42
Net Debt/EBITDA 8.68 6.44 5.03
Net Debt/Equity % 412 159 141
Cost of Financing % 4.14 4.53 4.66
Cash Flow 2017 2018 2019
Total Cash From Operations CZK mil 932 -450 826
Total Cash From Investing CZK mil -361 -331 -526
Total Cash From Financing CZK mil -352 721 -346
Net Change In Cash CZK mil 219 -60.7 -45.6
Cash Conversion Cycle days -17.1 -14.7 -12.2
Cash Earnings CZK mil 446 457 712
Free Cash Flow CZK mil 571 -782 300

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overview Unit 2013 2014 2015 2016 2017 2018 2019
income statement              
Sales CZK mil 12,602 12,320 14,155 14,895 16,108    
Gross Profit CZK mil 3,402 3,539 3,975 4,302 4,734    
EBIT CZK mil 125 524 431 802 578    
Net Profit CZK mil 9.27 828 -187 238 132    
                 
ROE % ... 13.5 -14.7 16.3 7.15    
EBIT Margin % 0.990 4.25 3.05 5.39 3.59    
Net Margin % 0.074 6.72 -1.32 1.60 0.821    
Employees 2,221 2,345 2,684 2,838 3,084    
balance sheet              
Total Assets CZK mil 16,359 12,992 12,901 13,123 13,660    
Non-Current Assets CZK mil 11,102 10,573 10,168 10,220 10,261    
Current Assets CZK mil 5,127 2,270 2,558 2,716 3,226    
                 
Shareholders' Equity CZK mil 10,818 1,453 1,096 1,820 1,879    
Liabilities CZK mil 5,541 11,538 11,805 11,302 11,781    
Non-Current Liabilities CZK mil 2,619 8,075 8,509 7,880 7,808    
Current Liabilities CZK mil 2,731 3,283 3,094 3,171 3,725    
                 
Net Debt/EBITDA 6.17 10.5 9.44 8.50 8.68    
Net Debt/Equity % 23.8 591 801 444 412    
Cost of Financing % ... 8.19 5.96 5.51 4.14    
cash flow              
Total Cash From Operations CZK mil 398 1,347 -91.2 629 932    
Total Cash From Investing CZK mil -152 -2,073 -72.5 -201 -361    
Total Cash From Financing CZK mil -497 675 198 -354 -352    
Net Change In Cash CZK mil -251 -50.4 34.6 74.1 219    
income statement Unit 2013 2014 2015 2016 2017 2018 2019
income statement              
Sales CZK mil 12,602 12,320 14,155 14,895 16,108    
Cost of Goods & Services CZK mil 9,200 8,780 10,180 10,593 11,374    
Gross Profit CZK mil 3,402 3,539 3,975 4,302 4,734    
Staff Cost CZK mil 1,339 1,419 1,686 1,843 2,175    
EBITDA CZK mil 416 814 930 951 892    
Depreciation CZK mil 292 291 499 148 314    
EBIT CZK mil 125 524 431 802 578    
Net Financing Cost CZK mil 0.213 -383 570 506 378    
Financing Cost CZK mil 144 485 526 473 340    
Financing Income CZK mil 155 80.0 0.638 0.392 0.267    
Pre-Tax Profit CZK mil 140 903 -138 296 200    
Tax CZK mil 131 75.1 48.4 58.4 67.8    
Minorities CZK mil 0 0 0 0 0    
Net Profit CZK mil 9.27 828 -187 238 132    
Net Profit Avail. to Common CZK mil 9.27 828 -187 238 132    
growth rates              
Total Revenue Growth % ... -2.24 14.9 5.23 8.15    
Staff Cost Growth % ... 5.95 18.8 9.32 18.1    
EBITDA Growth % ... 95.5 14.3 2.21 -6.17    
EBIT Growth % ... 319 -17.7 86.1 -28.0    
Pre-Tax Profit Growth % ... 544 -115 -314 -32.5    
Net Profit Growth % ... 8,833 -123 -227 -44.4    
ratios              
ROE % ... 13.5 -14.7 16.3 7.15    
ROA % ... 5.64 -1.44 1.83 0.988    
ROCE % ... 7.49 -1.80 2.32 1.29    
Gross Margin % 27.0 28.7 28.1 28.9 29.4    
EBITDA Margin % 3.30 6.61 6.57 6.38 5.54    
EBIT Margin % 0.990 4.25 3.05 5.39 3.59    
Net Margin % 0.074 6.72 -1.32 1.60 0.821    
Cost of Financing % ... 8.19 5.96 5.51 4.14    
Net Debt/EBITDA 6.17 10.5 9.44 8.50 8.68    
balance sheet Unit 2013 2014 2015 2016 2017 2018 2019
balance sheet              
Cash & Cash Equivalents CZK mil 118 67.8 102 177 395    
Receivables CZK mil 1,513 1,180 1,350 1,315 1,584    
Inventories CZK mil 686 889 1,105 1,225 1,246    
Current Assets CZK mil 5,127 2,270 2,558 2,716 3,226    
Property, Plant & Equipment CZK mil 279 337 384 413 588    
LT Investments & Receivables CZK mil 411 83.0 5.47 13.3 15.8    
Intangible Assets CZK mil 10,412 10,153 9,779 9,793 9,658    
Goodwill CZK mil 10,408 10,131 9,742 9,793 9,603    
Non-Current Assets CZK mil 11,102 10,573 10,168 10,220 10,261    
Total Assets CZK mil 16,359 12,992 12,901 13,123 13,660    
                 
Trade Payables CZK mil 1,692 2,133 2,418 2,445 2,896    
Short-Term Debt CZK mil 491 677 384 390 351    
Other ST Liabilities CZK mil 548 474 292 336 478    
Current Liabilities CZK mil 2,731 3,283 3,094 3,171 3,725    
Long-Term Debt CZK mil 2,609 8,061 8,505 7,879 7,807    
Other LT Liabilities CZK mil 9.34 13.7 4.02 1.36 0.500    
Non-Current Liabilities CZK mil 2,619 8,075 8,509 7,880 7,808    
Liabilities CZK mil 5,541 11,538 11,805 11,302 11,781    
Equity Before Minority Interest CZK mil 10,818 1,453 1,096 1,820 1,879    
Minority Interest CZK mil 0 0 0 0 0    
Equity CZK mil 10,818 1,453 1,096 1,820 1,879    
growth rates              
Total Asset Growth % ... -20.6 -0.698 1.72 4.09    
Shareholders' Equity Growth % ... -86.6 -24.6 66.1 3.25    
Net Debt Growth % ... 234 2.26 -8.00 -4.10    
Total Debt Growth % ... 182 1.73 -6.98 -1.33    
ratios              
Total Debt CZK mil 3,101 8,738 8,889 8,268 8,158    
Net Debt CZK mil 2,571 8,587 8,781 8,079 7,747    
Working Capital CZK mil 506 -63.3 37.2 94.6 -66.1    
Capital Employed CZK mil 11,608 10,510 10,205 10,314 10,195    
Net Debt/Equity % 23.8 591 801 444 412    
Current Ratio 1.88 0.691 0.827 0.857 0.866    
Quick Ratio 0.597 0.380 0.469 0.470 0.531    
cash flow Unit 2013 2014 2015 2016 2017 2018 2019
cash flow              
Net Profit CZK mil 9.27 828 -187 238 132    
Depreciation CZK mil 292 291 499 148 314    
Non-Cash Items CZK mil ... -341 -303 300 324    
Change in Working Capital CZK mil ... 569 -101 -57.4 161    
Total Cash From Operations CZK mil 398 1,347 -91.2 629 932    
                 
Capital Expenditures CZK mil -177 -225 -76.4 -205 -368    
Other Investing Activities CZK mil 24.7 -1,849 3.92 4.45 7.02    
Total Cash From Investing CZK mil -152 -2,073 -72.5 -201 -361    
                 
Dividends Paid CZK mil 0 0 0 0 0    
Issuance Of Shares CZK mil 0 0 0 0 0    
Issuance Of Debt CZK mil -497 675 198 -354 -352    
Total Cash From Financing CZK mil -497 675 198 -354 -352    
Net Change In Cash CZK mil -251 -50.4 34.6 74.1 219    
ratios              
Days Sales Outstanding days 43.8 35.0 34.8 32.2 35.9    
Days Sales Of Inventory days 27.2 37.0 39.6 42.2 40.0    
Days Payable Outstanding days 67.1 88.7 86.7 84.3 92.9    
Cash Conversion Cycle days 3.88 -16.7 -12.3 -9.82 -17.1    
Cash Earnings CZK mil 301 1,119 312 386 446    
Free Cash Flow CZK mil 246 -726 -164 428 571    
Capital Expenditures (As % of Sales) % 1.40 1.82 0.540 1.38 2.28    
other ratios Unit 2013 2014 2015 2016 2017 2018 2019
               
Employees 2,221 2,345 2,684 2,838 3,084    
Cost Per Employee USD per month 2,568 2,359 2,193 2,144 2,505    
Cost Per Employee (Local Currency) CZK per month 50,250 50,423 52,334 54,105 58,784    
Staff Cost (As % of Sales) % 10.6 11.5 11.9 12.4 13.5    
Effective Tax Rate % 93.4 8.31 -35.0 19.7 33.9    
Total Revenue Growth (5-year average) % ... ... ... ... ...    

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Dr.Max's Net Debt/EBITDA fell 22.0% yoy to 5.03 in 2019

By Helgi Analytics - June 22, 2021

Dr.Max's net debt stood at CZK 5,805 mil and accounted for 141% of equity at the end of 2019. The ratio is down 17.8 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 801% in 2015 and a low of 23....

Dr.Max's ROCE rose 344% yoy to 4.69% in 2019

By Helgi Analytics - June 22, 2021

Dr.Max made a net profit of CZK 485 mil in 2019, up 348% compared to the previous year. Historically, between 2013 and 2019, the company's net profit reached a high of CZK 828 mil in 2014 and a low of CZK -187 mil in 2015. The result implies a return on e...

Dr.Max's Net Margin rose 302% yoy to 2.42% in 2019

By Helgi Analytics - June 22, 2021

Dr.Max made a net profit of CZK 485 mil with revenues of CZK 20,015 mil in 2019, up by 348% and up by 11.5%, respectively, compared to the previous year. This translates into a net margin of 2.42%. Historically, between 2013 and 2019, the firm’s n...

Dr.Max's Capital Expenditures rose 5.49% yoy to CZK 318 mil in 2019

By Helgi Analytics - June 22, 2021

Dr.Max invested a total of CZK 318 mil in 2019, down 5.49% compared to the previous year. Historically, between 2013 - 2019, the company's investments stood at a high of CZK 368 mil in 2017 and a low of CZK 76.4 mil in 2015. As a perc...

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Dr.Max Czech is a Czech Republic-based operator of pharmacy stores. Its pharmacies are located in department stores, hospitals, clinics, historical city centers and commercial shopping stores. The company also operates as a pharmaceutical wholesaler in the Czech Republic. It was founded in 2002 and is headquartered in Brno, Czech Republic. Dr. Max Group is fully owned by Penta Investments, an investment group.

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Finance

Dr.Max has been growing its sales by 10.2% a year on average in the last 5 years. EBITDA has grown on average by 7.25% a year during that time to total of CZK 1,155 mil in 2019, or 5.77% of sales. That’s compared to 5.88% average margin seen in last five years.

The company netted CZK 485 mil in 2019 implying ROE of 12.3% and ROCE of 4.69%. Again, the average figures were 5.00% and 1.51%, respectively when looking at the previous 5 years.

Dr.Max’s net debt amounted to CZK 5,805 mil at the end of 2019, or 141% of equity. When compared to EBITDA, net debt was 5.03x, down when compared to average of 7.62x seen in the last 5 years.