Heineken Czech Republic

Heineken CR's Cash & Cash Equivalents rose 222% yoy to CZK 152 mil in 2016

By Helgi Analytics - April 2, 2020

Heineken Czech Republic's total assets reached CZK 3,037 mil at the end of 2016, up 3.54% compared to the previous year. ...

Profit Statement 2014 2015 2016
Sales CZK mil 3,170 3,170 3,194
Gross Profit CZK mil 903 880 937
EBITDA CZK mil 422 501 543
EBIT CZK mil 126 246 224
Financing Cost CZK mil 21.7 12.6 8.92
Pre-Tax Profit CZK mil 104 233 216
Net Profit CZK mil 73.5 193 168
Dividends CZK mil 70.3 193 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 2,998 2,933 3,037
Non-Current Assets CZK mil 1,997 1,994 2,011
Current Assets CZK mil 661 620 737
Working Capital CZK mil 159 156 182
Shareholders' Equity CZK mil 729 852 827
Liabilities CZK mil 2,269 2,081 2,210
Total Debt CZK mil 982 1,158 1,242
Net Debt CZK mil 945 1,111 1,090
Ratios 2014 2015 2016
ROE % 10.0 24.4 20.0
ROCE % 3.40 8.96 7.73
Gross Margin % 28.5 27.8 29.3
EBITDA Margin % 13.3 15.8 17.0
EBIT Margin % 3.97 7.76 7.03
Net Margin % 2.32 6.09 5.26
Net Debt/EBITDA 2.24 2.22 2.01
Net Debt/Equity % 130 130 132
Cost of Financing % 1.72 1.18 0.743
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil 498 498 276
Total Cash From Investing CZK mil -286 -285 -298
Total Cash From Financing CZK mil -271 -203 127
Net Change In Cash CZK mil -59.3 10.2 105
Cash Conversion Cycle days 8.88 9.00 12.0
Cash Earnings CZK mil 369 448 486
Free Cash Flow CZK mil 211 213 -22.2

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                              
Sales CZK mil ... ... ...           3,346 3,186 3,294 3,213 3,170    
Gross Profit CZK mil ... ... ...           1,145 990 911 845 903    
EBIT CZK mil ... ... ...           143 92.5 210 53.1 126    
Net Profit CZK mil ... ... ...           115 82.0 135 14.0 73.5    
ROE % ... ... ...           4.84 4.94 12.5 1.53 10.0    
EBIT Margin % ... ... ...           4.28 2.90 6.36 1.65 3.97    
Net Margin % ... ... ...           3.42 2.57 4.09 0.435 2.32    
Employees                 902 857 790 761 695    
balance sheet                              
Total Assets CZK mil ... ... ...           3,513 3,221 3,152 3,190 2,998    
Non-Current Assets CZK mil ... ... ...           2,245 2,132 2,082 2,007 1,997    
Current Assets CZK mil ... ... ...           972 773 607 814 661    
Shareholders' Equity CZK mil ... ... ...           2,263 1,056 1,091 734 729    
Liabilities CZK mil ... ... ...           1,250 2,165 2,061 2,456 2,269    
Non-Current Liabilities CZK mil ... ... ...           27.4 11.7 660 318 463    
Current Liabilities CZK mil ... ... ...           1,102 2,062 1,298 2,045 1,627    
Net Debt/EBITDA ... ... ...           0.493 2.53 1.92 4.01 2.24    
Net Debt/Equity % ... ... ...           10.7 104 89.3 196 130    
Cost of Financing % ... ... ... ...         -0.713 -4.32 3.57 2.68 1.72    
cash flow                              
Total Cash From Operations CZK mil ... ... ...           709 582 462 204 498    
Total Cash From Investing CZK mil ... ... ...           -291 -252 -220 -285 -286    
Total Cash From Financing CZK mil ... ... ...           -325 -490 -302 132 -271    
Net Change In Cash CZK mil ... ... ...           93.1 -160 -59.5 50.6 -59.3    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                              
Sales CZK mil ... ... ...           3,346 3,186 3,294 3,213 3,170    
Cost of Goods & Services CZK mil ... ... ...           2,201 2,196 2,384 2,368 2,267    
Gross Profit CZK mil ... ... ...           1,145 990 911 845 903    
Staff Cost CZK mil ... ... ...           486 446 457 463 444    
Other Cost CZK mil ... ... ...           165 110 -54.0 23.5 37.9    
EBITDA CZK mil ... ... ...           494 435 508 359 422    
Depreciation CZK mil ... ... ...           350 342 298 306 296    
EBIT CZK mil ... ... ...           143 92.5 210 53.1 126    
Financing Cost CZK mil ... ... ...           -3.46 -37.0 39.7 34.3 21.7    
Extraordinary Cost CZK mil ... ... ...           0 0 0 0 0    
Pre-Tax Profit CZK mil ... ... ...           147 130 170 18.8 104    
Tax CZK mil ... ... ...           32.0 47.6 35.4 4.81 30.7    
Minorities CZK mil ... ... ...           0 0 0 0 0    
Net Profit CZK mil ... ... ...           115 82.0 135 14.0 73.5    
Dividends CZK mil ... ... ...           77.9 77.9 128 14.0 70.3   ...
growth rates                              
Total Revenue Growth % ... ... ... ...         7.99 -4.77 3.40 -2.46 -1.34    
Operating Cost Growth % ... ... ... ...         58.8 -14.6 -27.6 20.8 -0.973    
EBITDA Growth % ... ... ... ...         -6.66 -12.0 16.9 -29.4 17.5    
EBIT Growth % ... ... ... ...         -41.1 -35.3 127 -74.7 137    
Pre-Tax Profit Growth % ... ... ... ...         -41.6 -11.6 31.2 -88.9 454    
Net Profit Growth % ... ... ... ...         -34.9 -28.5 64.2 -89.6 426    
ratios                              
ROE % ... ... ...           4.84 4.94 12.5 1.53 10.0    
ROCE % ... ... ... ...         4.51 3.46 6.18 0.653 3.40    
Gross Margin % ... ... ...           34.2 31.1 27.6 26.3 28.5    
EBITDA Margin % ... ... ...           14.8 13.6 15.4 11.2 13.3    
EBIT Margin % ... ... ...           4.28 2.90 6.36 1.65 3.97    
Net Margin % ... ... ...           3.42 2.57 4.09 0.435 2.32    
Payout Ratio % ... ... ...           68.0 95.0 95.0 100 95.6   ...
Cost of Financing % ... ... ... ...         -0.713 -4.32 3.57 2.68 1.72    
Net Debt/EBITDA ... ... ...           0.493 2.53 1.92 4.01 2.24    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                              
Non-Current Assets CZK mil ... ... ...           2,245 2,132 2,082 2,007 1,997    
Property, Plant & Equipment CZK mil ... ... ...           2,120 2,004 2,018 1,934 1,923    
Intangible Assets CZK mil ... ... ...           34.6 29.6 29.3 37.1 36.3    
Goodwill CZK mil ... ... ...           0 0 0 0 0    
Current Assets CZK mil ... ... ...           972 773 607 814 661    
Inventories CZK mil ... ... ...           225 207 219 205 182    
Receivables CZK mil ... ... ...           329 353 337 404 366    
Cash & Cash Equivalents CZK mil ... ... ...           265 105 45.7 96.4 37.1    
Total Assets CZK mil ... ... ...           3,513 3,221 3,152 3,190 2,998    
Shareholders' Equity CZK mil ... ... ...           2,263 1,056 1,091 734 729    
Of Which Minority Interest CZK mil ... ... ...           0 0 0 0 0    
Liabilities CZK mil ... ... ...           1,250 2,165 2,061 2,456 2,269    
Non-Current Liabilities CZK mil ... ... ...           27.4 11.7 660 318 463    
Long-Term Debt CZK mil ... ... ...           0 0 650 300 450    
Deferred Tax Liabilities CZK mil ... ... ...           27.4 11.7 10.1 17.7 13.3    
Current Liabilities CZK mil ... ... ...           1,102 2,062 1,298 2,045 1,627    
Short-Term Debt CZK mil ... ... ...           509 1,205 370 1,237 532    
Trade Payables CZK mil ... ... ...           303 453 519 453 389    
Provisions CZK mil ... ... ...           29.8 85.0 99.9 72.2 142    
Equity And Liabilities CZK mil ... ... ...           3,513 3,221 3,152 3,190 2,998    
growth rates                              
Total Asset Growth % ... ... ... ...         -5.53 -8.32 -2.13 1.20 -6.02    
Shareholders' Equity Growth % ... ... ... ...         -8.51 -53.3 3.27 -32.8 -0.551    
Net Debt Growth % ... ... ... ...         -15.7 352 -11.4 47.9 -34.4    
Total Debt Growth % ... ... ... ...         10.4 137 -15.4 50.7 -36.1    
ratios                              
Total Debt CZK mil ... ... ...           509 1,205 1,020 1,537 982    
Net Debt CZK mil ... ... ...           243 1,100 974 1,440 945    
Working Capital CZK mil ... ... ...           251 107 37.5 157 159    
Capital Employed CZK mil ... ... ...           2,497 2,239 2,119 2,164 2,156    
Net Debt/Equity % ... ... ...           10.7 104 89.3 196 130    
Cost of Financing % ... ... ... ...         -0.713 -4.32 3.57 2.68 1.72    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                              
Net Profit CZK mil ... ... ...           115 82.0 135 14.0 73.5    
Depreciation CZK mil ... ... ...           350 342 298 306 296    
Non-Cash Items CZK mil ... ... ... ...         161 13.3 -39.6 3.18 131    
Change in Working Capital CZK mil ... ... ... ...         83.1 144 69.3 -119 -2.65    
Total Cash From Operations CZK mil ... ... ...           709 582 462 204 498    
Capital Expenditures CZK mil ... ... ...           -330 -265 -276 -303 -299    
Other Investments CZK mil ... ... ...           39.0 13.0 55.3 18.6 12.9    
Total Cash From Investing CZK mil ... ... ...           -291 -252 -220 -285 -286    
Dividends Paid CZK mil ... ... ... ...         -1,289 -77.9 -77.9 -128 -14.0    
Issuance Of Debt CZK mil ... ... ... ...         47.8 696 -185 517 -554    
Total Cash From Financing CZK mil ... ... ...           -325 -490 -302 132 -271    
Net Change In Cash CZK mil ... ... ...           93.1 -160 -59.5 50.6 -59.3    
ratios                              
Days Sales Outstanding days ... ... ...           35.9 40.4 37.4 45.9 42.1    
Days Sales Of Inventory days ... ... ...           37.3 34.4 33.5 31.7 29.3    
Days Payable Outstanding days ... ... ...           50.2 75.4 79.4 69.8 62.6    
Cash Conversion Cycle days ... ... ...           23.0 -0.495 -8.54 7.78 8.88    
Cash Earnings CZK mil ... ... ...           465 424 433 320 369    
Free Cash Flow CZK mil ... ... ...           418 330 242 -81.3 211    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                              
ROA % ... ... ...           3.17 2.43 4.22 0.441 2.38    
Gross Margin % ... ... ...           34.2 31.1 27.6 26.3 28.5    
Employees                 902 857 790 761 695    
Cost Per Employee USD per month ... ... ...           2,348 2,452 2,462 2,592 2,490    
Cost Per Employee (Local Currency) CZK per month ... ... ...           44,875 43,367 48,167 50,704 53,218    
Staff Cost (As % Of Total Cost) % ... ... ...           15.2 14.4 14.8 14.7 14.6    
Effective Tax Rate % ... ... ...           21.8 36.7 20.8 25.6 29.4    
Domestic Sales CZK mil ... ... ... ... ... ... ... ... ... ... 2,576 2,498 2,455    
Capital Expenditures (As % of Sales) % ... ... ...           9.86 8.30 8.37 9.44 9.44    
Revenues From Abroad CZK mil ... ... ... ... ... ... ... ... ... ... 703 723 715    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... 21.3 22.5 22.6    

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HEINEKEN Česká republika is a Czech Republic-based subsidiary of Heineken, the third largest brewing group in the world. Heineken entered the Czech market in 2003 with the acquisition of Starobrno. In 2007, Královský pivovar Krušovice was added to the Czech portfolio increasing Heineken's market share to 8% thereby making the new Company number three on the Czech market. With a purchase of Drinks Union in 2008, Heineken's share has increased to 12%. Apart from the its own premium brands, Heineken's portfolio of Czech beers includes brands Starobrno, Hostan, Red Drak and Zlatý Bažant of Starobrno brewery, Breweries Krušovice and Velké Březno produce a range of beers under the Krušovice crown and brands such as Zlatopramen, Březňák, Louny and Dačický.

Finance

Heineken Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 4.55% a year during that time to total of CZK 543 mil in 2016, or 17.0% of sales. That’s compared to 14.5% average margin seen in last five years.

The company netted CZK 168 mil in 2016 implying ROE of 20.0% and ROCE of 7.73%. Again, the average figures were 13.7% and 5.38%, respectively when looking at the previous 5 years.

Heineken Czech Republic’s net debt amounted to CZK 1,090 mil at the end of 2016, or 132% of equity. When compared to EBITDA, net debt was 2.01x, down when compared to average of 2.48x seen in the last 5 years.