Gedeon Richter

Gedeon Richter's Cash & Cash Equivalents rose 35.2% yoy to HUF 132,374 mil in 2015

By Helgi Analytics - April 2, 2020

Gedeon Richter's total assets reached HUF 749,194 mil at the end of 2015, up 4.05% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales HUF mil 351,886 353,709 365,220
Gross Profit HUF mil 219,741 243,422 252,686
EBITDA HUF mil 74,747 67,110 98,759
EBIT HUF mil 46,446 37,747 67,532
Financing Cost HUF mil 2,685 12,780 8,307
Pre-Tax Profit HUF mil 43,636 25,795 60,727
Net Profit HUF mil 42,766 24,950 54,277
Dividends HUF mil 10,603 6,155 ...
Balance Sheet 2013 2014 2015
Total Assets HUF mil 714,144 720,057 749,194
Non-Current Assets HUF mil 414,946 425,343 435,794
Current Assets HUF mil 299,198 294,714 313,400
Working Capital HUF mil 129,044 125,372 124,381
Shareholders' Equity HUF mil 551,196 561,730 620,589
Liabilities HUF mil 162,948 158,327 128,605
Total Debt HUF mil 59,818 58,680 43,711
Net Debt HUF mil -46,759 -39,260 -88,663
Ratios 2013 2014 2015
ROE % 7.98 4.48 9.18
ROCE % 8.17 4.56 9.77
Gross Margin % 62.4 68.8 69.2
EBITDA Margin % 21.2 19.0 27.0
EBIT Margin % 13.2 10.7 18.5
Net Margin % 12.2 7.05 14.9
Net Debt/EBITDA -0.626 -0.585 -0.898
Net Debt/Equity -0.085 -0.070 -0.143
Cost of Financing % 4.03 21.6 16.2
Valuation 2013 2014 2015
Market Capitalisation USD mil 3,803 2,521 3,920
Enterprise Value (EV) USD mil 3,586 2,370 3,581
Number Of Shares mil 186 186 186
Share Price HUF 4,399 3,535 5,498
EV/EBITDA 10.7 8.42 8.65
EV/Sales 2.28 1.60 2.34
Price/Earnings (P/E) 19.2 26.4 18.9
Price/Book Value (P/BV) 1.49 1.17 1.65
Dividend Yield % 1.29 0.934 ...

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales HUF mil                     267,344 275,312 307,868 326,702 351,886    
Gross Profit HUF mil                     150,901 168,175 193,339 201,703 219,741    
EBIT HUF mil                     49,451 62,653 60,927 48,721 46,446    
Net Profit HUF mil                     50,986 64,479 49,281 49,265 42,766    
ROE %                     14.2 15.8 10.6 9.76 7.98    
EBIT Margin %                     18.5 22.8 19.8 14.9 13.2    
Net Margin %                     19.1 23.4 16.0 15.1 12.2    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 11,103 11,647    
balance sheet                                  
Total Assets HUF mil                     429,970 598,820 681,970 672,237 714,144    
Non-Current Assets HUF mil                     175,168 355,027 373,269 376,442 414,946    
Current Assets HUF mil                     254,802 243,793 308,701 295,795 299,198    
Shareholders' Equity HUF mil                     378,755 437,658 489,856 520,074 551,196    
Liabilities HUF mil                     51,215 161,162 192,114 152,163 162,948    
Non-Current Liabilities HUF mil                     1,520 99,104 86,088 94,365 90,656    
Current Liabilities HUF mil                     49,695 62,058 106,026 57,798 72,292    
Net Debt/EBITDA                     -1.26 -0.404 -0.659 -0.373 -0.626    
Net Debt/Equity                     -0.230 -0.077 -0.115 -0.054 -0.085    
Cost of Financing % ...                   0 0 2.43 2.66 4.03    
cash flow                                  
Total Cash From Operations HUF mil ...                   78,235 78,910 86,447 61,962 73,942    
Total Cash From Investing HUF mil ...                   -30,972 -120,608 -42,936 -79,595 -35,027    
Total Cash From Financing HUF mil ...                   -11,425 24,004 -460 487 -30,819    
Net Change In Cash HUF mil ...                   35,838 -17,694 43,051 -17,146 8,096    
valuation                                  
Market Capitalisation USD mil                     4,246 3,812 2,626 3,056 3,803    
Number Of Shares mil                     186 186 186 186 186    
Share Price HUF                     4,290 4,255 3,420 3,621 4,399    
Earnings Per Share (EPS) HUF                     274 346 264 264 229    
Book Value Per Share HUF                     2,032 2,348 2,628 2,791 2,958    
Dividend Per Share HUF                     76.8 85.8 65.5 65.8 56.9   ...
Price/Earnings (P/E)                     15.7 12.3 12.9 13.7 19.2    
Price/Book Value (P/BV)                     2.11 1.81 1.30 1.30 1.49    
Dividend Yield %                     1.79 2.02 1.92 1.82 1.29   ...
Earnings Per Share Growth % ...                   23.1 26.5 -23.6 -0.032 -13.2    
Book Value Per Share Growth % ...                   11.6 15.6 11.9 6.17 5.98    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                  
Sales HUF mil                     267,344 275,312 307,868 326,702 351,886    
Cost of Goods & Services HUF mil                     116,443 107,137 114,529 124,999 132,145    
Gross Profit HUF mil                     150,901 168,175 193,339 201,703 219,741    
Staff Cost HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 92,392    
Other Cost HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 52,602    
EBITDA HUF mil                     69,166 83,788 85,386 75,604 74,747    
Depreciation HUF mil                     19,715 21,135 24,459 26,883 28,301    
EBIT HUF mil                     49,451 62,653 60,927 48,721 46,446    
Financing Cost HUF mil                     0 0 1,266 1,805 2,685    
Extraordinary Cost HUF mil                     -4,431 -5,123 9,990 -3,005 125    
Pre-Tax Profit HUF mil                     53,882 67,776 49,671 49,921 43,636    
Tax HUF mil                     2,929 3,136 218 841 1,205    
Minorities HUF mil                     -33.0 161 172 -185 -335    
Net Profit HUF mil                     50,986 64,479 49,281 49,265 42,766    
Dividends HUF mil                     14,308 15,994 12,206 12,263 10,603   ...
growth rates                                  
Total Revenue Growth % ...                   13.0 2.98 11.8 6.12 7.71    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
EBITDA Growth % ...                   26.4 21.1 1.91 -11.5 -1.13    
EBIT Growth % ...                   44.8 26.7 -2.75 -20.0 -4.67    
Pre-Tax Profit Growth % ...                   24.0 25.8 -26.7 0.503 -12.6    
Net Profit Growth % ...                   23.1 26.5 -23.6 -0.032 -13.2    
ratios                                  
ROE %                     14.2 15.8 10.6 9.76 7.98    
ROCE % ...                   18.8 17.6 10.3 9.83 8.17    
Gross Margin %                     56.4 61.1 62.8 61.7 62.4    
EBITDA Margin %                     25.9 30.4 27.7 23.1 21.2    
EBIT Margin %                     18.5 22.8 19.8 14.9 13.2    
Net Margin %                     19.1 23.4 16.0 15.1 12.2    
Payout Ratio %                     28.1 24.8 24.8 24.9 24.8   ...
Cost of Financing % ...                   0 0 2.43 2.66 4.03    
Net Debt/EBITDA                     -1.26 -0.404 -0.659 -0.373 -0.626    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                  
Non-Current Assets HUF mil                     175,168 355,027 373,269 376,442 414,946    
Property, Plant & Equipment HUF mil                     142,363 144,674 155,630 158,508 163,453    
Intangible Assets HUF mil                     14,558 180,659 158,748 149,308 196,597    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 50,962    
Current Assets HUF mil                     254,802 243,793 308,701 295,795 299,198    
Inventories HUF mil                     51,459 51,657 63,437 64,149 68,687    
Receivables HUF mil                     79,414 85,602 103,487 102,476 102,283    
Cash & Cash Equivalents HUF mil                     93,294 75,600 118,651 101,505 106,577    
Total Assets HUF mil                     429,970 598,820 681,970 672,237 714,144    
Shareholders' Equity HUF mil                     378,755 437,658 489,856 520,074 551,196    
Of Which Minority Interest HUF mil                     2,613 3,131 3,863 3,313 2,852    
Liabilities HUF mil                     51,215 161,162 192,114 152,163 162,948    
Non-Current Liabilities HUF mil                     1,520 99,104 86,088 94,365 90,656    
Long-Term Debt HUF mil                     702 41,694 62,226 73,163 54,781    
Deferred Tax Liabilities HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 7,688    
Current Liabilities HUF mil                     49,695 62,058 106,026 57,798 72,292    
Short-Term Debt HUF mil                     5,387 21.0 164 148 5,037    
Trade Payables HUF mil                     31,345 32,370 40,893 39,986 41,926    
Provisions HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,843    
Equity And Liabilities HUF mil                     429,970 598,820 681,970 672,237 714,144    
growth rates                                  
Total Asset Growth % ...                   11.9 39.3 13.9 -1.43 6.23    
Shareholders' Equity Growth % ...                   11.6 15.6 11.9 6.17 5.98    
Net Debt Growth % ...                   66.6 -61.1 66.0 -49.9 65.8    
Total Debt Growth % ...                   18.9 585 49.6 17.5 -18.4    
ratios                                  
Total Debt HUF mil                     6,089 41,715 62,390 73,311 59,818    
Net Debt HUF mil                     -87,205 -33,885 -56,261 -28,194 -46,759    
Working Capital HUF mil                     99,528 104,889 126,031 126,639 129,044    
Capital Employed HUF mil                     274,696 459,916 499,300 503,081 543,990    
Net Debt/Equity                     -0.230 -0.077 -0.115 -0.054 -0.085    
Cost of Financing % ...                   0 0 2.43 2.66 4.03    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                  
Net Profit HUF mil                     50,986 64,479 49,281 49,265 42,766    
Depreciation HUF mil                     19,715 21,135 24,459 26,883 28,301    
Non-Cash Items HUF mil ...                   9,611 -1,343 33,849 -13,578 5,280    
Change in Working Capital HUF mil ...                   -2,077 -5,361 -21,142 -608 -2,405    
Total Cash From Operations HUF mil ...                   78,235 78,910 86,447 61,962 73,942    
Capital Expenditures HUF mil ...                   -22,010 -24,211 -88,704 -26,617 -33,606    
Other Investments HUF mil ...                   -8,962 -96,397 45,768 -52,978 -1,421    
Total Cash From Investing HUF mil ...                   -30,972 -120,608 -42,936 -79,595 -35,027    
Dividends Paid HUF mil ...                   -14,308 -15,994 -12,206 -12,263 -10,603   ...
Issuance Of Debt HUF mil ...                   966 35,626 20,675 10,921 -13,493    
Total Cash From Financing HUF mil ...                   -11,425 24,004 -460 487 -30,819    
Net Change In Cash HUF mil ...                   35,838 -17,694 43,051 -17,146 8,096    
ratios                                  
Days Sales Outstanding days                     108 113 123 114 106    
Days Sales Of Inventory days                     161 176 202 187 190    
Days Payable Outstanding days                     98.3 110 130 117 116    
Cash Conversion Cycle days                     171 179 195 185 180    
Cash Earnings HUF mil                     70,701 85,614 73,740 76,148 71,067    
Cash Earnings Per Share HUF                     379 459 396 409 381    
Price/Cash Earnings (P/CE)                     11.3 9.26 8.64 8.86 11.5    
Free Cash Flow HUF mil ...                   47,263 -41,698 43,511 -17,633 38,915    
Free Cash Flow Yield % ...                   5.51 -5.26 8.24 -2.56 4.57    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                  
ROA %                     12.5 12.5 7.70 7.28 6.17    
Gross Margin %                     56.4 61.1 62.8 61.7 62.4    
Employees ... ... ... ... ... ... ... ... ... ... ... ... ... 11,103 11,647    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,955    
Cost Per Employee (Local Currency) HUF per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... 661,057    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 30.2    
Effective Tax Rate %                     5.44 4.63 0.439 1.68 2.76    
Enterprise Value (EV) USD mil                     3,783 3,649 2,394 2,928 3,586    
EV/EBITDA                     11.0 9.06 5.64 8.72 10.7    
EV/Capital Employed                     2.59 1.65 1.16 1.29 1.42    
EV/Sales                     2.86 2.76 1.56 2.02 2.28    
EV/EBIT                     15.5 12.1 7.90 13.5 17.3    
Capital Expenditures (As % of Sales) % ...                   8.23 8.79 28.8 8.15 9.55    

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May 2016
Statistical Dossier
Mar 2014
Statistical Dossier
Apr 2014
Company Report

Gedeon Richter Plc. (Richter) is a Hungary-based company specializing in the research, development, production and marketing of pharmaceutical products. The Company focuses in both retail and wholesale market of pharmaceutical products. Its pharmaceutical product range covers therapeutic areas such as cardiovascular, gastrointestinal, gynecology, muscle relaxants, central nervous system and others. Richter has a direct presence in 30 countries with a total of four manufacturing facilities, 14 commercial subsidiaries and wholesalers and 30 representative offices. It sells its pharmaceutical products through its own distribution network to over 100 countries all over the world. Gedeon Richter is headquartered in Budapest, Hungary.

Finance

Gedeon Richter has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 3.34% a year during that time to total of HUF 98,759 mil in 2015, or 27.0% of sales. That’s compared to 23.6% average margin seen in last five years.

The company netted HUF 54,277 mil in 2015 implying ROE of 9.18% and ROCE of 9.77%. Again, the average figures were 8.41% and 8.52%, respectively when looking at the previous 5 years.

Gedeon Richter’s net debt amounted to HUF -88,663 mil at the end of 2015, or -0.143 of equity. When compared to EBITDA, net debt was -0.898x, down when compared to average of -0.628x seen in the last 5 years.

Valuation

Gedeon Richter stock traded at HUF 5,498 per share at the end of 2015 resulting in a market capitalization of USD 3,920 mil. Over the previous five years, stock price grew by 29.2% or 5.26% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 8.65x and price to earnings (PE) of 18.9x as of 2015.

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