Hornbach Baumarkt Czech Republic

Hornbach CR's Cash & Cash Equivalents rose 32.0% yoy to CZK 153 mil in 2017

By Helgi Analytics - April 2, 2020

Hornbach Baumarkt Czech Republic's total assets reached CZK 3,462 mil at the end of 2017, up 0.56% compared to the previous year...

Profit Statement 2015 2016 2017
Sales CZK mil 5,629 6,442 7,383
Gross Profit CZK mil 1,185 1,378 1,701
EBITDA CZK mil 512 593 774
EBIT CZK mil 394 455 637
Financing Cost CZK mil 33.4 25.0 38.4
Pre-Tax Profit CZK mil 360 430 598
Net Profit CZK mil 290 344 484
Dividends CZK mil 0 500 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 3,444 3,443 3,462
Non-Current Assets CZK mil 2,312 2,285 2,240
Current Assets CZK mil 1,129 1,156 1,218
Working Capital CZK mil 560 800 765
Shareholders' Equity CZK mil 2,028 2,642 2,626
Liabilities CZK mil 1,416 800 836
Total Debt CZK mil 79.3 277 189
Net Debt CZK mil -33.5 160 35.1
Ratios 2015 2016 2017
ROE % 14.7 14.7 18.4
ROCE % 11.5 11.6 15.9
Gross Margin % 21.0 21.4 23.0
EBITDA Margin % 9.10 9.21 10.5
EBIT Margin % 7.00 7.06 8.63
Net Margin % 5.16 5.34 6.55
Net Debt/EBITDA -0.065 0.270 0.045
Net Debt/Equity % -1.65 6.07 1.34
Cost of Financing % 26.4 14.0 16.5
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 326 272 720
Total Cash From Investing CZK mil -837 -115 -92.7
Total Cash From Financing CZK mil 520 -154 -590
Net Change In Cash CZK mil 9.44 3.50 37.2
Cash Conversion Cycle days 45.1 56.4 47.7
Cash Earnings CZK mil 408 483 621
Free Cash Flow CZK mil -511 157 627

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       5,045 4,848 4,732 5,165 5,629    
Gross Profit CZK mil                       1,082 979 958 1,039 1,185    
EBIT CZK mil                       380 304 223 239 394    
Net Profit CZK mil                       256 201 144 143 290    
ROE %                       17.9 13.2 8.44 7.72 14.7    
EBIT Margin %                       7.54 6.27 4.72 4.64 7.00    
Net Margin %                       5.07 4.15 3.04 2.77 5.16    
Employees                       1,157 1,134 1,141 1,257 1,397    
balance sheet                                    
Total Assets CZK mil                       2,602 2,693 2,952 2,598 3,444    
Non-Current Assets CZK mil                       1,672 1,606 1,606 1,594 2,312    
Current Assets CZK mil                       925 1,082 1,343 998 1,129    
Shareholders' Equity CZK mil                       1,432 1,627 1,776 1,928 2,028    
Liabilities CZK mil                       1,170 1,066 1,177 670 1,416    
Non-Current Liabilities CZK mil                       681 657 619 79.3 47.6    
Current Liabilities CZK mil                       396 322 417 423 1,222    
Net Debt/EBITDA                       1.30 1.38 1.63 0.195 -0.065    
Net Debt/Equity %                       46.1 36.5 31.2 3.68 -1.65    
Cost of Financing % ...                     8.23 7.86 6.71 14.7 26.4    
cash flow                                    
Total Cash From Operations CZK mil                       519 78.1 176 294 326    
Total Cash From Investing CZK mil                       -276 -62.2 -116 -118 -837    
Total Cash From Financing CZK mil                       -257 -31.7 -31.7 -177 520    
Net Change In Cash CZK mil                       -14.5 -15.8 28.6 -1.92 9.44    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                    
Sales CZK mil                       5,045 4,848 4,732 5,165 5,629    
Cost of Goods & Services CZK mil                       3,963 3,869 3,774 4,126 4,444    
Gross Profit CZK mil                       1,082 979 958 1,039 1,185    
Staff Cost CZK mil                       584 571 583 665 740    
Other Cost CZK mil                       -11.1 -22.3 35.1 9.97 -67.8    
EBITDA CZK mil                       509 431 340 364 512    
Depreciation CZK mil                       128 126 117 125 118    
EBIT CZK mil                       380 304 223 239 394    
Financing Cost CZK mil                       61.2 55.9 44.7 61.2 33.4    
Extraordinary Cost CZK mil                       0 0 0 0 0    
Pre-Tax Profit CZK mil                       319 248 179 178 360    
Tax CZK mil                       63.1 47.0 34.9 35.3 70.3    
Minorities CZK mil                       0 0 0 0 0    
Net Profit CZK mil                       256 201 144 143 290    
Dividends CZK mil                       0 0 0 0 0   ...
growth rates                                    
Total Revenue Growth % ...                     6.81 -3.90 -2.40 9.16 8.99    
Operating Cost Growth % ...                     22.9 -4.32 12.6 9.31 -0.402    
EBITDA Growth % ...                     -19.7 -15.3 -21.0 7.04 40.7    
EBIT Growth % ...                     -27.6 -20.0 -26.6 7.24 64.5    
Pre-Tax Profit Growth % ...                     -31.9 -22.2 -28.1 -0.184 102    
Net Profit Growth % ...                     -32.3 -21.4 -28.6 -0.467 103    
ratios                                    
ROE %                       17.9 13.2 8.44 7.72 14.7    
ROCE % ...                     12.4 9.20 6.65 6.55 11.5    
Gross Margin %                       21.4 20.2 20.2 20.1 21.0    
EBITDA Margin %                       10.1 8.88 7.19 7.05 9.10    
EBIT Margin %                       7.54 6.27 4.72 4.64 7.00    
Net Margin %                       5.07 4.15 3.04 2.77 5.16    
Payout Ratio %                       0 0 0 0 0   ...
Cost of Financing % ...                     8.23 7.86 6.71 14.7 26.4    
Net Debt/EBITDA                       1.30 1.38 1.63 0.195 -0.065    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                    
Non-Current Assets CZK mil                       1,672 1,606 1,606 1,594 2,312    
Property, Plant & Equipment CZK mil                       1,671 1,605 1,605 1,593 2,311    
Intangible Assets CZK mil                       0.397 0.880 0.860 0.460 0.422    
Goodwill CZK mil                       0 0 0 0 0    
Current Assets CZK mil                       925 1,082 1,343 998 1,129    
Inventories CZK mil                       730 697 803 788 910    
Receivables CZK mil                       25.8 17.8 20.7 26.1 50.8    
Cash & Cash Equivalents CZK mil                       92.4 76.6 105 103 113    
Total Assets CZK mil                       2,602 2,693 2,952 2,598 3,444    
Shareholders' Equity CZK mil                       1,432 1,627 1,776 1,928 2,028    
Of Which Minority Interest CZK mil                       0 0 0 0 0    
Liabilities CZK mil                       1,170 1,066 1,177 670 1,416    
Non-Current Liabilities CZK mil                       681 657 619 79.3 47.6    
Long-Term Debt CZK mil                       671 639 619 79.3 47.6    
Deferred Tax Liabilities CZK mil                       0 0 0 0 0    
Current Liabilities CZK mil                       396 322 417 423 1,222    
Short-Term Debt CZK mil                       81.2 31.7 40.7 95.0 31.7    
Trade Payables CZK mil                       200 175 257 216 401    
Provisions CZK mil                       60.5 55.3 108 137 115    
Equity And Liabilities CZK mil                       2,602 2,693 2,952 2,598 3,444    
growth rates                                    
Total Asset Growth % ...                     1.76 3.52 9.63 -12.0 32.6    
Shareholders' Equity Growth % ...                     0.753 13.6 9.11 8.58 5.20    
Net Debt Growth % ...                     5.14 -9.92 -6.67 -87.2 -147    
Total Debt Growth % ...                     2.42 -10.8 -1.64 -73.6 -54.5    
ratios                                    
Total Debt CZK mil                       752 671 660 174 79.3    
Net Debt CZK mil                       660 594 555 70.9 -33.5    
Working Capital CZK mil                       556 540 567 598 560    
Capital Employed CZK mil                       2,228 2,146 2,172 2,192 2,872    
Net Debt/Equity %                       46.1 36.5 31.2 3.68 -1.65    
Cost of Financing % ...                     8.23 7.86 6.71 14.7 26.4    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                    
Net Profit CZK mil                       256 201 144 143 290    
Depreciation CZK mil                       128 126 117 125 118    
Non-Cash Items CZK mil ...                     310 -266 -57.0 57.8 -120    
Change in Working Capital CZK mil ...                     -176 16.4 -27.0 -31.6 38.1    
Total Cash From Operations CZK mil                       519 78.1 176 294 326    
Capital Expenditures CZK mil                       -277 -62.8 -120 -120 -839    
Other Investments CZK mil                       0.861 0.629 3.69 1.62 2.25    
Total Cash From Investing CZK mil                       -276 -62.2 -116 -118 -837    
Dividends Paid CZK mil                       0 0 0 0 0    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ...                     17.8 -81.2 -11.0 -486 -95.0    
Total Cash From Financing CZK mil                       -257 -31.7 -31.7 -177 520    
Net Change In Cash CZK mil                       -14.5 -15.8 28.6 -1.92 9.44    
ratios                                    
Days Sales Outstanding days                       1.87 1.34 1.60 1.84 3.29    
Days Sales Of Inventory days                       67.3 65.7 77.6 69.7 74.7    
Days Payable Outstanding days                       18.4 16.5 24.8 19.1 32.9    
Cash Conversion Cycle days                       50.7 50.6 54.4 52.5 45.1    
Cash Earnings CZK mil                       384 328 260 268 408    
Free Cash Flow CZK mil                       242 15.9 60.3 175 -511    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA %                       9.92 7.60 5.09 5.15 9.61    
Gross Margin %                       21.4 20.2 20.2 20.1 21.0    
Employees                       1,157 1,134 1,141 1,257 1,397    
Cost Per Employee USD per month                       2,380 2,144 2,176 2,064 1,850    
Cost Per Employee (Local Currency) CZK per month                       42,093 41,943 42,565 44,111 44,165    
Staff Cost (As % Of Total Cost) %                       12.5 12.6 12.9 13.5 14.1    
Effective Tax Rate %                       19.8 18.9 19.6 19.8 19.5    
Capital Expenditures (As % of Sales) %                       5.50 1.30 2.53 2.32 14.9    
Sales of Building Equipment CZK mil                       566 551 539 585 623    
Sales of Wallpaper Ware CZK mil                       35.0 32.0 32.0 33.1 34.1    
Sales of Interior Decoration CZK mil                       152 139 141 150 163    
Sales of Color Ware CZK mil                       222 216 215 231 245    
Sales of Floor Covering CZK mil                       97.0 91.0 94.1 103 108    
Sales of Ironmongery CZK mil                       304 306 312 341 377    
Sales of Electrical Equipment CZK mil                       446 434 433 459 509    
Sales of Tools CZK mil                       350 340 349 400 452    
Sales of Wood Ware CZK mil                       310 284 265 285 316    
Sales of Folder CZK mil                       120 116 121 129 138    
Sales of Tiles & Floor Tiles CZK mil                       261 244 219 239 260    
Sales of Sanitary Ware CZK mil                       619 613 597 631 682    
Sales of Components CZK mil                       245 224 214 219 249    
Sales of Painting Supplies CZK mil                       141 129 133 150 162    
Sales of Construction Utilities CZK mil                       3,868 3,719 3,664 3,955 4,319    
Sales of Flower & Garden Decoration CZK mil                       141 127 126 156 174    
Sales of Garden Tools CZK mil                       197 172 165 176 191    
Sales of Fertilizers CZK mil                       150 148 152 152 173    
Sales of Plants CZK mil                       208 206 195 221 242    
Sales of Fence & Furniture CZK mil                       234 231 181 237 258    
Sales of Animals, Fodder CZK mil                       181 184 187 198 198    
Sales of Garden Utilities CZK mil                       1,112 1,067 1,005 1,141 1,236    

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Hornbach Baumarkt CS is a Czech Republic-based subsidiary of the Germany's Do-It-Yourselve (DIY) retailer Hornbach Baumarkt AG. The Group operated some 138 DIY megastores with garden centers, thereof 92 stores in Germany and 43 stores with garden centers in eight countries across Europe, located in Austria, Switzerland, Luxembourg, the Netherlands, the Czech Republic, Sweden, Slovakia and Romania in 2013. The average sales area per store is more than 11,000 square meters. Hornbach stores offer a broad and comprehensive product range, which, on average, includes 40-60,000 articles per store. The competent product range covers gardening, building material and elements, tools, sanitary and interior decoration

Hornbach Baumarkt Czech Republic Logo

Finance

Hornbach Baumarkt Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 12.5% a year during that time to total of CZK 774 mil in 2017, or 10.5% of sales. That’s compared to 8.60% average margin seen in last five years.

The company netted CZK 484 mil in 2017 implying ROE of 18.4% and ROCE of 15.9%. Again, the average figures were 12.8% and 10.4%, respectively when looking at the previous 5 years.

Hornbach Baumarkt Czech Republic’s net debt amounted to CZK 35.1 mil at the end of 2017, or 1.34% of equity. When compared to EBITDA, net debt was 0.045x, down when compared to average of 0.415x seen in the last 5 years.