Hruska

Hruska's Cash & Cash Equivalents rose 36.3% yoy to CZK 292 mil in 2016

By Helgi Analytics - April 2, 2020

Hruska's total assets reached CZK 2,218 mil at the end of 2016, up 7.78% compared to the previous year. Current as...

Profit Statement 2014 2015 2016
Sales CZK mil 8,083 7,644 7,321
Gross Profit CZK mil 1,064 627 704
EBITDA CZK mil 309 243 221
EBIT CZK mil 258 204 176
Financing Cost CZK mil 13.2 15.1 9.41
Pre-Tax Profit CZK mil 245 189 167
Net Profit CZK mil 199 150 138
Balance Sheet 2014 2015 2016
Total Assets CZK mil 2,691 2,058 2,218
Non-Current Assets CZK mil 1,016 617 746
Current Assets CZK mil 1,672 1,438 1,469
Working Capital CZK mil 247 246 533
Shareholders' Equity CZK mil 1,598 1,015 1,243
Liabilities CZK mil 1,094 1,043 975
Total Debt CZK mil 38.7 23.9 9.29
Net Debt CZK mil -420 -191 -283
Ratios 2014 2015 2016
ROE % 13.1 11.5 12.3
ROCE % 16.0 14.1 12.9
Gross Margin % 13.2 8.21 9.61
EBITDA Margin % 3.82 3.18 3.02
EBIT Margin % 3.19 2.67 2.41
Net Margin % 2.46 1.96 1.89
Net Debt/EBITDA -1.36 -0.784 -1.28
Net Debt/Equity % -26.3 -18.8 -22.8
Cost of Financing % 15.2 48.1 56.7
Cash Flow 2014 2015 2016
Cash Conversion Cycle days 11.3 11.9 26.6
Cash Earnings CZK mil 250 188 183

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                    
Sales CZK mil                       7,542 7,995 8,101 7,899 8,083    
Gross Profit CZK mil                       1,008 1,037 1,140 988 1,064    
EBIT CZK mil                       237 292 234 153 258    
Net Profit CZK mil                       177 223 187 150 199    
ROE %                       18.4 19.5 14.1 10.5 13.1    
EBIT Margin %                       3.14 3.65 2.88 1.94 3.19    
Net Margin %                       2.34 2.78 2.31 1.90 2.46    
Employees                       3,391 3,442 3,478 3,369 3,442    
balance sheet                                    
Total Assets CZK mil                       2,193 2,383 2,557 2,671 2,691    
Non-Current Assets CZK mil                       931 915 916 1,018 1,016    
Current Assets CZK mil                       1,240 1,457 1,634 1,649 1,672    
Shareholders' Equity CZK mil                       1,041 1,245 1,412 1,439 1,598    
Liabilities CZK mil                       1,152 1,138 1,145 1,232 1,094    
Non-Current Liabilities CZK mil                       118 89.9 69.3 0 0    
Current Liabilities CZK mil                       895 909 913 904 900    
Net Debt/EBITDA                       -0.292 -0.668 -1.23 -1.68 -1.36    
Net Debt/Equity %                       -9.22 -20.3 -27.9 -24.1 -26.3    
Cost of Financing % ...                     9.46 14.4 13.1 8.79 15.2    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                    
Sales CZK mil                       7,542 7,995 8,101 7,899 8,083    
Cost of Goods & Services CZK mil                       6,535 6,958 6,961 6,911 7,019    
Gross Profit CZK mil                       1,008 1,037 1,140 988 1,064    
Staff Cost CZK mil                       719 759 810 744 779    
Other Cost CZK mil                       -40.4 -101 9.66 37.2 -23.8    
EBITDA CZK mil                       329 378 321 206 309    
Depreciation CZK mil                       92.1 86.6 87.2 53.3 50.9    
EBIT CZK mil                       237 292 234 153 258    
Financing Cost CZK mil                       18.4 17.3 10.5 8.95 13.2    
Extraordinary Cost CZK mil                       0 0 0 0 0    
Pre-Tax Profit CZK mil                       219 275 223 144 245    
Tax CZK mil                       43.7 50.2 33.9 33.3 45.9    
Minorities CZK mil                       -1.75 1.75 2.03 -1.84 0    
Net Profit CZK mil                       177 223 187 150 199    
growth rates                                    
Total Revenue Growth % ...                     -3.66 6.00 1.32 -2.49 2.33    
Operating Cost Growth % ...                     0.453 -2.92 24.4 -4.62 -3.40    
EBITDA Growth % ...                     4.72 15.0 -15.2 -35.7 49.6    
EBIT Growth % ...                     5.14 23.1 -20.0 -34.5 68.4    
Pre-Tax Profit Growth % ...                     4.38 25.5 -18.7 -35.4 69.8    
Net Profit Growth % ...                     -5.76 25.9 -15.9 -19.8 32.3    
ratios                                    
ROE %                       18.4 19.5 14.1 10.5 13.1    
ROCE % ...                     15.1 18.0 14.3 11.8 16.0    
Gross Margin %                       13.4 13.0 14.1 12.5 13.2    
EBITDA Margin %                       4.36 4.73 3.96 2.61 3.82    
EBIT Margin %                       3.14 3.65 2.88 1.94 3.19    
Net Margin %                       2.34 2.78 2.31 1.90 2.46    
Cost of Financing % ...                     9.46 14.4 13.1 8.79 15.2    
Net Debt/EBITDA                       -0.292 -0.668 -1.23 -1.68 -1.36    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                    
Non-Current Assets CZK mil                       931 915 916 1,018 1,016    
Property, Plant & Equipment CZK mil                       929 913 909 718 750    
Intangible Assets CZK mil                       0.756 0.987 1.42 1.34 1.05    
Goodwill CZK mil                       0 0 0 0 0    
Current Assets CZK mil                       1,240 1,457 1,634 1,649 1,672    
Inventories CZK mil                       599 642 673 720 739    
Receivables CZK mil                       372 453 475 200 229    
Cash & Cash Equivalents CZK mil                       247 343 463 481 458    
Total Assets CZK mil                       2,193 2,383 2,557 2,671 2,691    
Shareholders' Equity CZK mil                       1,041 1,245 1,412 1,439 1,598    
Of Which Minority Interest CZK mil                       0 0.050 3.35 1.51 0    
Liabilities CZK mil                       1,152 1,138 1,145 1,232 1,094    
Non-Current Liabilities CZK mil                       118 89.9 69.3 0 0    
Long-Term Debt CZK mil                       118 89.9 69.3 0 0    
Deferred Tax Liabilities CZK mil                       0 0 0 0 0    
Current Liabilities CZK mil                       895 909 913 904 900    
Short-Term Debt CZK mil                       32.5 0 0 134 38.7    
Trade Payables CZK mil                       716 727 731 720 721    
Provisions CZK mil                       16.1 30.9 36.2 78.0 83.1    
Equity And Liabilities CZK mil                       2,193 2,383 2,557 2,671 2,691    
growth rates                                    
Total Asset Growth % ...                     7.03 8.64 7.31 4.48 0.739    
Shareholders' Equity Growth % ...                     18.5 19.6 13.4 1.91 11.0    
Net Debt Growth % ...                     -188 163 55.8 -12.0 21.0    
Total Debt Growth % ...                     -36.8 -40.3 -22.9 93.6 -71.1    
ratios                                    
Total Debt CZK mil                       151 89.9 69.3 134 38.7    
Net Debt CZK mil                       -96.0 -253 -394 -347 -420    
Working Capital CZK mil                       254 368 417 200 247    
Capital Employed CZK mil                       1,185 1,283 1,333 1,217 1,262    
Net Debt/Equity %                       -9.22 -20.3 -27.9 -24.1 -26.3    
Cost of Financing % ...                     9.46 14.4 13.1 8.79 15.2    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                    
Net Profit CZK mil                       177 223 187 150 199    
Depreciation CZK mil                       92.1 86.6 87.2 53.3 50.9    
ratios                                    
Days Sales Outstanding days                       18.0 20.7 21.4 9.22 10.3    
Days Sales Of Inventory days                       33.4 33.7 35.3 38.0 38.4    
Days Payable Outstanding days                       40.0 38.1 38.3 38.0 37.5    
Cash Conversion Cycle days                       11.4 16.2 18.3 9.22 11.3    
Cash Earnings CZK mil                       269 309 274 204 250    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                    
ROA %                       8.34 9.73 7.58 5.75 7.42    
Gross Margin %                       13.4 13.0 14.1 12.5 13.2    
Employees                       3,391 3,442 3,478 3,369 3,442    
Cost Per Employee USD per month                       924 1,039 992 941 882    
Cost Per Employee (Local Currency) CZK per month                       17,666 18,383 19,396 18,407 18,850    
Staff Cost (As % Of Total Cost) %                       9.84 9.86 10.3 9.61 9.95    
Effective Tax Rate %                       20.0 18.3 15.2 23.1 18.8    

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Hruška, spol. s r.o. is a Czech Republic-based whole-saler and retailer. The Company runs wholesale stores of fruit, vegetable, groceries, drugs. At the same time it also runs a retail chain of shops and stores. The Company was founded in 1991 in Ostrava.

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Finance

Hruska has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 10.2% a year during that time to total of CZK 221 mil in 2016, or 3.02% of sales. That’s compared to 3.32% average margin seen in last five years.

The company netted CZK 138 mil in 2016 implying ROE of 12.3% and ROCE of 12.9%. Again, the average figures were 12.3% and 13.8%, respectively when looking at the previous 5 years.

Hruska’s net debt amounted to CZK -283 mil at the end of 2016, or -22.8% of equity. When compared to EBITDA, net debt was -1.28x, down when compared to average of -1.27x seen in the last 5 years.