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FAST Czech Republic

FAST CR's Cash & Cash Equivalents rose 47.7% yoy to CZK 90.1 mil in 2016

By Helgi Library - April 2, 2020

FAST Czech Republic's total assets reached CZK 4,737 mil at the end of 2016, up 7.19% compared to the previous year. ...

Profit Statement 2014 2015 2016
Sales CZK mil 7,510 8,092 8,767
Gross Profit CZK mil 614 786 929
EBITDA CZK mil 132 283 359
EBIT CZK mil 92.7 241 313
Financing Cost CZK mil -48.3 -8.86 13.0
Pre-Tax Profit CZK mil 141 250 300
Net Profit CZK mil 108 198 240
Dividends CZK mil 14.0 20.0 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 4,088 4,419 4,737
Non-Current Assets CZK mil 144 142 144
Current Assets CZK mil 3,804 4,106 4,467
Working Capital CZK mil 2,583 2,931 3,645
Shareholders' Equity CZK mil 1,148 1,332 1,552
Liabilities CZK mil 2,940 3,087 3,185
Total Debt CZK mil 1,389 1,452 1,396
Net Debt CZK mil 1,335 1,391 1,306
Ratios 2014 2015 2016
ROE % 9.99 15.9 16.6
ROCE % 4.13 6.82 6.99
Gross Margin % 8.18 9.71 10.6
EBITDA Margin % 1.76 3.50 4.09
EBIT Margin % 1.23 2.98 3.57
Net Margin % 1.44 2.44 2.74
Net Debt/EBITDA 10.1 4.92 3.64
Net Debt/Equity % 116 104 84.2
Cost of Financing % -3.48 -0.624 0.912
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil ... -4.60 149
Total Cash From Investing CZK mil ... -37.9 -70.0
Total Cash From Financing CZK mil ... 48.9 -76.2
Net Change In Cash CZK mil ... 6.39 3.13
Cash Conversion Cycle days 132 141 161
Cash Earnings CZK mil 147 240 286
Free Cash Flow CZK mil ... -42.5 79.3

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                    
Sales CZK mil       5,313 5,889 6,268 6,713 7,510    
Gross Profit CZK mil       390 454 524 556 614    
EBIT CZK mil       167 134 160 119 92.7    
Net Profit CZK mil       77.7 71.0 50.2 61.8 108    
ROE %       9.08 7.79 5.32 6.25 9.99    
EBIT Margin %       3.14 2.27 2.55 1.77 1.23    
Net Margin %       1.46 1.21 0.801 0.920 1.44    
Employees ...     698 723 920 1,047 1,169    
balance sheet                    
Total Assets CZK mil       2,979 3,136 3,490 3,728 4,088    
Non-Current Assets CZK mil       98.4 95.5 132 138 144    
Current Assets CZK mil       2,857 2,917 3,244 3,418 3,804    
Shareholders' Equity CZK mil       895 928 960 1,018 1,148    
Liabilities CZK mil       2,084 2,208 2,530 2,710 2,940    
Non-Current Liabilities CZK mil       0 0 0 0 0    
Current Liabilities CZK mil       636 644 880 1,196 1,230    
Net Debt/EBITDA       7.06 8.74 7.77 8.57 10.1    
Net Debt/Equity %       157 153 158 132 116    
Cost of Financing % ...     4.58 2.12 6.01 1.42 -3.48    
cash flow                    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ...    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                    
Sales CZK mil       5,313 5,889 6,268 6,713 7,510    
Cost of Goods & Services CZK mil       4,923 5,435 5,744 6,158 6,895    
Gross Profit CZK mil       390 454 524 556 614    
Staff Cost CZK mil       220 293 360 400 454    
Other Cost CZK mil       -28.7 -1.19 -30.6 -1.13 28.8    
EBITDA CZK mil       198 163 195 157 132    
Depreciation CZK mil       31.6 28.8 35.1 38.1 39.1    
EBIT CZK mil       167 134 160 119 92.7    
Financing Cost CZK mil       64.3 30.3 89.6 20.7 -48.3    
Extraordinary Cost CZK mil       0 0 0 0 0    
Pre-Tax Profit CZK mil       102 104 70.3 98.4 141    
Tax CZK mil       24.6 32.6 20.1 36.7 32.8    
Minorities CZK mil       0 0 0 0 0    
Net Profit CZK mil       77.7 71.0 50.2 61.8 108    
Dividends CZK mil ... ... ... ... ... ... ... 14.0   ...
growth rates                    
Total Revenue Growth % ...     5.50 10.9 6.43 7.11 11.9    
Operating Cost Growth % ...     29.0 52.1 13.0 21.0 21.2    
EBITDA Growth % ...     -8.91 -17.9 19.9 -19.4 -16.2    
EBIT Growth % ...     -8.40 -19.7 19.4 -25.5 -22.2    
Pre-Tax Profit Growth % ...     -9.60 1.24 -32.2 40.1 43.2    
Net Profit Growth % ...     -12.4 -8.61 -29.3 23.0 75.1    
ratios                    
ROE %       9.08 7.79 5.32 6.25 9.99    
ROCE % ...     3.29 2.90 1.99 2.43 4.13    
Gross Margin %       7.34 7.71 8.36 8.28 8.18    
EBITDA Margin %       3.73 2.76 3.11 2.34 1.76    
EBIT Margin %       3.14 2.27 2.55 1.77 1.23    
Net Margin %       1.46 1.21 0.801 0.920 1.44    
Payout Ratio % ... ... ... ... ... ... ... 12.9   ...
Cost of Financing % ...     4.58 2.12 6.01 1.42 -3.48    
Net Debt/EBITDA       7.06 8.74 7.77 8.57 10.1    
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                    
Non-Current Assets CZK mil       98.4 95.5 132 138 144    
Property, Plant & Equipment CZK mil       92.0 86.3 108 107 114    
Intangible Assets CZK mil       0.128 1.29 15.6 17.1 13.6    
Current Assets CZK mil       2,857 2,917 3,244 3,418 3,804    
Inventories CZK mil       1,489 1,554 1,828 1,980 2,217    
Receivables CZK mil       1,283 1,261 1,282 1,271 1,186    
Cash & Cash Equivalents CZK mil       9.93 18.4 26.0 38.2 54.6    
Total Assets CZK mil       2,979 3,136 3,490 3,728 4,088    
Shareholders' Equity CZK mil       895 928 960 1,018 1,148    
Of Which Minority Interest CZK mil       0 0 0 0 0    
Liabilities CZK mil       2,084 2,208 2,530 2,710 2,940    
Non-Current Liabilities CZK mil       0 0 0 0 0    
Long-Term Debt CZK mil       0 0 0 0 0    
Deferred Tax Liabilities CZK mil       0 0 0 0 0    
Current Liabilities CZK mil       636 644 880 1,196 1,230    
Short-Term Debt CZK mil       1,410 1,440 1,542 1,386 1,389    
Trade Payables CZK mil       444 440 670 877 819    
Provisions CZK mil       20.3 54.3 77.8 90.2 238    
Equity And Liabilities CZK mil       2,979 3,136 3,490 3,728 4,088    
growth rates                    
Total Asset Growth % ...     20.8 5.26 11.3 6.82 9.64    
Shareholders' Equity Growth % ...     9.51 3.69 3.47 6.02 12.8    
Net Debt Growth % ...     1.32 1.54 6.62 -11.1 -0.952    
Total Debt Growth % ...     1.04 2.13 7.07 -10.1 0.257    
ratios                    
Total Debt CZK mil       1,410 1,440 1,542 1,386 1,389    
Net Debt CZK mil       1,400 1,422 1,516 1,347 1,335    
Working Capital CZK mil       2,328 2,375 2,440 2,375 2,583    
Capital Employed CZK mil       2,426 2,471 2,572 2,513 2,727    
Net Debt/Equity %       157 153 158 132 116    
Cost of Financing % ...     4.58 2.12 6.01 1.42 -3.48    
cash flow Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                    
Net Profit CZK mil       77.7 71.0 50.2 61.8 108    
Depreciation CZK mil       31.6 28.8 35.1 38.1 39.1    
Non-Cash Items CZK mil ... ... ... ... ... ... ... ...    
Change in Working Capital CZK mil ... ... ... ... ... ... ... ...    
Total Cash From Operations CZK mil ... ... ... ... ... ... ... ...    
Capital Expenditures CZK mil ... ... ... ... ... ... ... ...    
Other Investments CZK mil ... ... ... ... ... ... ... ...    
Total Cash From Investing CZK mil ... ... ... ... ... ... ... ...    
Dividends Paid CZK mil ... ... ... ... ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ... ... ... ... ... ... ...    
Total Cash From Financing CZK mil ... ... ... ... ... ... ... ...    
Net Change In Cash CZK mil ... ... ... ... ... ... ... ...    
ratios                    
Days Sales Outstanding days       88.2 78.2 74.7 69.1 57.6    
Days Sales Of Inventory days       110 104 116 117 117    
Days Payable Outstanding days       32.9 29.5 42.6 52.0 43.4    
Cash Conversion Cycle days       166 153 148 135 132    
Cash Earnings CZK mil       109 99.8 85.3 99.8 147    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ...    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                    
ROA %       2.85 2.32 1.52 1.71 2.77    
Gross Margin %       7.34 7.71 8.36 8.28 8.18    
Employees ...     698 723 920 1,047 1,169    
Cost Per Employee USD per month ...     1,376 1,906 1,666 1,625 1,514    
Cost Per Employee (Local Currency) CZK per month ...     26,292 33,717 32,589 31,800 32,358    
Staff Cost (As % Of Total Cost) %       4.28 5.08 5.89 6.06 6.12    
Effective Tax Rate %       24.1 31.4 28.5 37.3 23.3    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ...    
Branches ...   ... ... ... ... ... 64.0 ... ...

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FAST ČR, a.s. is a Czech Republic-based wholesaler with home electronics. The Company operates four logistics warehouses with a total capacity of 71,000 sqm (Prague, Bratislava, Budapest and Warsaw) and had employed 1,270 staff in 2015. The Company serves a number of multinational and domestic clients such as Makro, Ahold, Tesco, Globus, Datart, Electroworld, Mall.cz, Alza.cz, Procter a Gamble, or Pepsi Cola, for example. The Company was founded in 1992 and is based in Prague, Czech Republic.

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Finance

FAST Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 17.1% a year during that time to total of CZK 359 mil in 2016, or 4.09% of sales. That’s compared to 2.96% average margin seen in last five years.

The company netted CZK 240 mil in 2016 implying ROE of 16.6% and ROCE of 6.99%. Again, the average figures were 10.8% and 4.47%, respectively when looking at the previous 5 years.

FAST Czech Republic’s net debt amounted to CZK 1,306 mil at the end of 2016, or 84.2% of equity. When compared to EBITDA, net debt was 3.64x, down when compared to average of 7.01x seen in the last 5 years.