Eurocash

Eurocash's Cash & Cash Equivalents rose 25.2% yoy to PLN 203 mil in 2017

By Helgi Analytics - April 2, 2020

Eurocash's total assets reached PLN 5,980 mil at the end of 2017, up 8.82% compared to the previous year. Current ...

Profit Statement 2015 2016 2017
Sales PLN mil 20,318 21,220 23,271
Gross Profit PLN mil 2,843 2,893 3,465
EBITDA PLN mil 476 440 246
EBIT PLN mil 325 274 63.0
Financing Cost PLN mil 61.4 33.6 37.9
Pre-Tax Profit PLN mil 266 236 20.3
Net Profit PLN mil 212 179 -33.3
Dividends PLN mil 139 102 102
Balance Sheet 2015 2016 2017
Total Assets PLN mil 4,975 5,495 5,980
Non-Current Assets PLN mil 2,246 2,288 2,527
Current Assets PLN mil 2,729 3,207 3,453
Working Capital PLN mil -724 -622 -938
Shareholders' Equity PLN mil 1,161 1,155 1,030
Liabilities PLN mil 3,814 4,340 4,950
Total Debt PLN mil 261 429 323
Net Debt PLN mil 175 268 120
Ratios 2015 2016 2017
ROE % 19.3 15.5 -3.05
ROCE % 12.0 11.2 -2.05
Gross Margin % 14.0 13.6 14.9
EBITDA Margin % 2.34 2.08 1.06
EBIT Margin % 1.60 1.29 0.271
Net Margin % 1.05 0.845 -0.143
Net Debt/EBITDA 0.367 0.607 0.488
Net Debt/Equity 0.150 0.232 0.117
Cost of Financing % 10.2 9.75 10.1
Valuation 2015 2016 2017
Market Capitalisation USD mil 1,725 1,309 1,057
Enterprise Value (EV) USD mil 1,770 1,373 1,092
Number Of Shares mil 139 139 139
Share Price EUR 48.5 39.3 26.5
EV/EBITDA 13.8 12.6 17.0
EV/Sales 0.324 0.261 0.180
Price/Earnings (P/E) 31.7 30.5 -111
Price/Book Value (P/BV) 5.80 4.73 3.58
Dividend Yield % 2.06 1.86 2.76

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales PLN mil                   9,981 16,609 16,538 16,964 20,318    
Gross Profit PLN mil                   988 2,486 2,400 2,559 2,843    
EBIT PLN mil                   208 377 286 287 325    
Net Profit PLN mil                   134 250 221 181 212    
ROE %                   26.7 37.8 26.6 18.8 19.3    
EBIT Margin %                   2.09 2.27 1.73 1.69 1.60    
Net Margin %                   1.35 1.51 1.34 1.06 1.05    
Employees ... ...     ... ... ... ... ... ... 12,055 11,208 11,702 11,622    
balance sheet                                
Total Assets PLN mil                   4,691 4,679 4,826 5,386 4,975    
Non-Current Assets PLN mil                   1,977 1,948 2,016 2,266 2,246    
Current Assets PLN mil                   2,713 2,731 2,810 3,120 2,729    
Shareholders' Equity PLN mil                   548 777 884 1,039 1,161    
Liabilities PLN mil                   4,142 3,901 3,941 4,346 3,814    
Non-Current Liabilities PLN mil                   749 479 295 255 263    
Current Liabilities PLN mil                   3,393 3,423 3,646 4,092 3,594    
Net Debt/EBITDA                   4.27 1.62 1.43 2.07 0.367    
Net Debt/Equity                   2.19 1.02 0.650 0.820 0.150    
Cost of Financing % ...                 4.44 7.97 7.92 9.15 10.2    
cash flow                                
Total Cash From Operations PLN mil                   260 670 542 246 978    
Total Cash From Investing PLN mil                   -1,065 -108 -152 -230 -153    
Total Cash From Financing PLN mil                   942 -703 -445 -31.2 -825    
Net Change In Cash PLN mil                   136 -141 -54.9 -15.6 -0.716    
valuation                                
Market Capitalisation USD mil ... ... ...             1,146 1,962 2,195 1,488 1,725    
Number Of Shares mil                   138 139 139 139 139    
Share Price EUR ... ... ...             28.5 43.7 47.7 38.0 48.5    
Earnings Per Share (EPS) PLN                   0.972 1.80 1.59 1.30 1.53    
Book Value Per Share PLN                   3.95 5.60 6.38 7.50 8.37    
Dividend Per Share PLN                   0.179 0.896 0.789 0.790 1.00    
Price/Earnings (P/E) ... ... ...             29.3 24.2 29.9 29.2 31.7    
Price/Book Value (P/BV) ... ... ...             7.23 7.81 7.48 5.07 5.80    
Dividend Yield % ... ... ...             0.628 2.05 1.65 2.08 2.06    
Earnings Per Share Growth % ...                 4.38 85.4 -11.6 -18.3 17.5    
Book Value Per Share Growth % ...                 19.1 41.7 13.9 17.6 11.6    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales PLN mil                   9,981 16,609 16,538 16,964 20,318    
Cost of Goods & Services PLN mil                   8,992 14,124 14,137 14,405 17,475    
Gross Profit PLN mil                   988 2,486 2,400 2,559 2,843    
Staff Cost PLN mil                   322 582 610 621 676    
Other Cost PLN mil                   386 1,414 1,388 1,525 1,692    
EBITDA PLN mil                   281 490 402 412 476    
Depreciation PLN mil                   72.8 113 116 125 151    
EBIT PLN mil                   208 377 286 287 325    
Financing Cost PLN mil                   42.3 97.8 64.8 74.1 61.4    
Extraordinary Cost PLN mil                   14.9 -3.44 -5.18 -5.76 -1.90    
Pre-Tax Profit PLN mil                   151 282 226 219 266    
Tax PLN mil                   16.6 32.1 5.07 35.7 35.4    
Minorities PLN mil                   -0.012 0 0 2.58 17.8    
Net Profit PLN mil                   134 250 221 181 212    
Dividends PLN mil                   24.8 124 109 110 139    
growth rates                                
Total Revenue Growth % ...                 28.1 66.4 -0.432 2.58 19.8    
Operating Cost Growth % ...                 27.5 182 0.126 7.44 10.3    
EBITDA Growth % ...                 14.0 74.5 -18.0 2.56 15.3    
EBIT Growth % ...                 11.8 81.0 -24.2 0.518 13.2    
Pre-Tax Profit Growth % ...                 3.89 87.1 -20.0 -3.22 21.4    
Net Profit Growth % ...                 4.63 86.3 -11.7 -18.3 17.6    
ratios                                
ROE %                   26.7 37.8 26.6 18.8 19.3    
ROCE % ...                 9.54 13.1 13.3 10.1 12.0    
Gross Margin %                   9.90 15.0 14.5 15.1 14.0    
EBITDA Margin %                   2.82 2.95 2.43 2.43 2.34    
EBIT Margin %                   2.09 2.27 1.73 1.69 1.60    
Net Margin %                   1.35 1.51 1.34 1.06 1.05    
Payout Ratio %                   18.4 49.7 49.5 60.7 65.4    
Cost of Financing % ...                 4.44 7.97 7.92 9.15 10.2    
Net Debt/EBITDA                   4.27 1.62 1.43 2.07 0.367    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                
Non-Current Assets PLN mil                   1,977 1,948 2,016 2,266 2,246    
Property, Plant & Equipment PLN mil                   406 377 418 550 569    
Intangible Assets PLN mil                   1,494 1,472 1,449 1,588 1,551    
Goodwill PLN mil                   1,049 1,049 1,056 1,177 1,172    
Current Assets PLN mil                   2,713 2,731 2,810 3,120 2,729    
Inventories PLN mil                   949 985 1,018 1,286 968    
Receivables PLN mil                   1,341 1,452 1,417 1,524 1,533    
Cash & Cash Equivalents PLN mil                   298 161 106 86.9 86.2    
Total Assets PLN mil                   4,691 4,679 4,826 5,386 4,975    
Shareholders' Equity PLN mil                   548 777 884 1,039 1,161    
Of Which Minority Interest PLN mil                   0 0 0 43.0 60.8    
Liabilities PLN mil                   4,142 3,901 3,941 4,346 3,814    
Non-Current Liabilities PLN mil                   749 479 295 255 263    
Long-Term Debt PLN mil                   666 421 241 163 159    
Deferred Tax Liabilities PLN mil                   39.6 54.7 51.0 86.2 97.1    
Current Liabilities PLN mil                   3,393 3,423 3,646 4,092 3,594    
Short-Term Debt PLN mil                   832 535 439 777 102    
Trade Payables PLN mil                   2,201 2,621 2,890 3,063 3,226    
Provisions PLN mil                   152 142 84.1 92.5 105    
Equity And Liabilities PLN mil                   4,691 4,679 4,826 5,386 4,975    
growth rates                                
Total Asset Growth % ...                 95.2 -0.248 3.14 11.6 -7.62    
Shareholders' Equity Growth % ...                 20.0 41.7 13.8 17.5 11.7    
Net Debt Growth % ...                 516 -33.7 -27.7 48.3 -79.5    
Total Debt Growth % ... ...               269 -36.2 -28.8 38.1 -72.2    
ratios                                
Total Debt PLN mil                   1,498 956 680 939 261    
Net Debt PLN mil                   1,199 795 575 852 175    
Working Capital PLN mil                   89.4 -185 -455 -253 -724    
Capital Employed PLN mil                   2,067 1,763 1,560 2,013 1,522    
Net Debt/Equity                   2.19 1.02 0.650 0.820 0.150    
Cost of Financing % ...                 4.44 7.97 7.92 9.15 10.2    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                
Net Profit PLN mil                   134 250 221 181 212    
Depreciation PLN mil                   72.8 113 116 125 151    
Non-Cash Items PLN mil ...                 202 31.9 -66.0 143 144    
Change in Working Capital PLN mil ...                 -149 274 271 -203 471    
Total Cash From Operations PLN mil                   260 670 542 246 978    
Capital Expenditures PLN mil                   -49.3 -124 -142 -191 -168    
Other Investments PLN mil                   -1,016 16.8 -9.70 -39.6 14.3    
Total Cash From Investing PLN mil                   -1,065 -108 -152 -230 -153    
Dividends Paid PLN mil ...                 -50.7 -24.8 -124 -109 -110    
Issuance Of Shares PLN mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt PLN mil ...                 1,091 -542 -276 259 -678    
Total Cash From Financing PLN mil                   942 -703 -445 -31.2 -825    
Net Change In Cash PLN mil                   136 -141 -54.9 -15.6 -0.716    
ratios                                
Days Sales Outstanding days                   49.0 31.9 31.3 32.8 27.5    
Days Sales Of Inventory days                   38.5 25.4 26.3 32.6 20.2    
Days Payable Outstanding days                   89.3 67.7 74.6 77.6 67.4    
Cash Conversion Cycle days                   -1.76 -10.4 -17.1 -12.2 -19.6    
Cash Earnings PLN mil                   207 364 337 306 363    
Cash Earnings Per Share PLN                   1.50 2.62 2.43 2.21 2.62    
Price/Cash Earnings (P/CE) ... ... ...             19.0 16.7 19.6 17.2 18.5    
Free Cash Flow PLN mil                   -805 562 390 15.6 825    
Free Cash Flow Yield % ... ... ...             -23.7 8.81 5.62 0.319 12.8    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                
ROA %                   3.79 5.34 4.65 3.54 4.10    
Gross Margin %                   9.90 15.0 14.5 15.1 14.0    
Employees ... ...     ... ... ... ... ... ... 12,055 11,208 11,702 11,622    
Cost Per Employee USD per month ... ...     ... ... ... ... ... ... 1,235 1,435 1,351 1,302    
Cost Per Employee (Local Currency) PLN per month ... ...     ... ... ... ... ... ... 4,020 4,535 4,426 4,846    
Staff Cost (As % Of Total Cost) %                   3.29 3.58 3.75 3.73 3.38    
Effective Tax Rate %                   11.0 11.4 2.24 16.3 13.3    
Enterprise Value (EV) USD mil ... ... ...             1,494 2,218 2,386 1,729 1,770    
EV/EBITDA ... ... ...             15.8 14.7 18.8 13.7 13.8    
EV/Capital Employed ... ... ...             2.49 3.89 4.61 3.04 4.54    
EV/Sales ... ... ...             0.444 0.435 0.456 0.334 0.324    
EV/EBIT ... ... ...             21.3 19.2 26.4 19.7 20.3    
Capital Expenditures (As % of Sales) %                   0.494 0.749 0.861 1.12 0.824    
Sales from Independent Clients PLN mil ... ... ... ...           8,013 8,666 9,760 10,538 13,134    
Sales from Active Distribution PLN mil ... ... ... ...           1,959 5,229 4,640 4,055 4,370 ... ...
Sales from Integrated Clients PLN mil ... ... ... ... ... ... ... ... ... ... 2,585 2,832 3,036 3,087    
Sales from Projects PLN mil ... ... ... ... ... ... ... ... ... ... ... ... 41.8 88.8    
Other Sales PLN mil                   9.11 96.0 110 49.8 556    
EBIT from Independent Clients PLN mil ... ... ... ...           93.9 93.2 83.8 204 204 ... ...
EBIT from Active Distribution PLN mil ... ... ... ...           77.9 147 63.7 41.7 80.5 ... ...
EBIT from Integrated Clients PLN mil ... ... ... ... ... ... ... ... ... ... 110 111 102 106 ... ...
EBIT from Projects PLN mil ... ... ... ... ... ... ... ... ... ... ... ... -12.9 -17.9 ... ...
EBIT from Other PLN mil                   36.3 90.5 27.8 -47.7 -47.1 ... ...
Sales from Cash & Carry and Batna PLN mil ... ...               3,559 4,076 4,591 4,329 4,353    
Sales from Delikatesy Centrum PLN mil ... ... ... ...           1,304 1,476 1,654 1,798 1,961    
Sales from Tobacco & Impulse PLN mil ... ... ... ...           2,523 2,638 2,947 3,249 5,519    
Sales from Alcohol Distribution PLN mil ... ... ... ... ... ... ... ... ... 1,931 1,952 1,892 1,950 2,012    
Sales from Eurocash Food Service PLN mil ... ... ... ... ... ... ... ... ... 601 702 614 535 354    
Sales from Eurocash Distribution PLN mil ... ... ... ... ... ... ... ... ... ... 5,589 4,798 3,980 4,347    
Warehouses & Franchise Networks Total                   9,553 10,512 11,491 12,530 13,475    
Warehouses & Franchise Networks - Cash & Carry                   137 148 158 168 187    
Warehouses & Franchise Networks - Delikatesy Centrum ... ... ...             650 773 875 1,003 1,076    
Warehouses & Franchise Networks - "abc" Store Network                   4,652 5,451 6,133 6,997 7,658    
Warehouses & Franchise Networks - Tradis ... ... ... ... ... ... ...     4,114 4,140 4,325 4,362 4,554    

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Eurocash is a Poland's distributor of fast moving consumer goods (FMCG). Company's FMCG portfolio includes food products, household chemicals, alcohol, and tobacco products. The company distributes impulse products, such as coffee, tea, cigarettes, tobacco, and accessories, as well as confectionery products, batteries, phone cards, OTC pharmaceuticals, and vending machines. It is also involved in the wholesale and retail distribution of alcoholic beverages; distribution of frozen food, dry products, and chilled products; and provision of service to casual dining and fast food restaurants, as well as company canteens and hotels. Eurocash supplies its products to petrol stations, convenience stores, restaurant, hotels, catering outlets, and retail shops. The Company was founded in 2003, is headquartered in Komorniki, Poland. Luis Amaral , Eurocash's CEO owns a 43.9% stake in the Company

Finance

Eurocash has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 12.9% a year during that time to total of PLN 246 mil in 2017, or 1.06% of sales. That’s compared to 2.07% average margin seen in last five years.

The company netted PLN -33.3 mil in 2017 implying ROE of -3.05% and ROCE of -2.05%. Again, the average figures were 15.4% and 8.92%, respectively when looking at the previous 5 years.

Eurocash’s net debt amounted to PLN 120 mil at the end of 2017, or 0.117 of equity. When compared to EBITDA, net debt was 0.488x, down when compared to average of 0.991x seen in the last 5 years.

Valuation

Eurocash stock traded at EUR 26.5 per share at the end of 2017 resulting in a market capitalization of USD 1,057 mil. Over the previous five years, stock price fell by 39.4% or -9.54% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 17.0x and price to earnings (PE) of -111x as of 2017.

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