Jan Becher - Karlovarska Becherovka

Profit Statement 2015 2016 2017
Sales CZK mil 1,346 1,265 1,209
Gross Profit CZK mil 394 364 337
EBITDA CZK mil 234 215 233
EBIT CZK mil 204 184 201
Financing Cost CZK mil 6.98 7.94 4.10
Pre-Tax Profit CZK mil 197 176 197
Net Profit CZK mil 157 141 157
Dividends CZK mil 156 141 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 962 947 923
Non-Current Assets CZK mil 276 265 249
Current Assets CZK mil 677 671 665
Working Capital CZK mil 286 55.7 106
Shareholders' Equity CZK mil 587 570 586
Liabilities CZK mil 375 376 337
Total Debt CZK mil 0 0 0
Net Debt CZK mil -31.0 -55.7 -28.6
Ratios 2015 2016 2017
ROE % 21.9 24.3 27.1
ROCE % 27.5 31.9 46.4
Gross Margin % 29.3 28.7 27.9
EBITDA Margin % 17.4 17.0 19.3
EBIT Margin % 15.2 14.6 16.6
Net Margin % 11.7 11.1 13.0
Net Debt/EBITDA -0.133 -0.259 -0.123
Net Debt/Equity % -5.28 -9.77 -4.88
Cost of Financing % ... ... ...
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil ... 198 125
Total Cash From Investing CZK mil ... -16.2 -11.5
Total Cash From Financing CZK mil ... -157 -141
Net Change In Cash CZK mil ... 24.7 -27.1
Cash Conversion Cycle days 79.1 -4.87 14.3
Cash Earnings CZK mil 187 172 189
Free Cash Flow CZK mil ... 182 114

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                        
Sales CZK mil                           1,328 1,324 1,210 1,309 1,346    
Gross Profit CZK mil                           355 341 262 317 394    
EBIT CZK mil                           209 195 136 183 204    
Net Profit CZK mil                           166 209 142 335 157    
ROE %                           14.8 17.1 14.3 44.5 21.9    
EBIT Margin %                           15.7 14.8 11.2 14.0 15.2    
Net Margin %                           12.5 15.8 11.7 25.6 11.7    
Employees ... ...                       149 147 151 147 137    
balance sheet                                        
Total Assets CZK mil                           1,531 1,763 1,098 1,319 962    
Non-Current Assets CZK mil                           311 308 261 289 276    
Current Assets CZK mil                           1,215 1,449 834 1,018 677    
Shareholders' Equity CZK mil                           1,111 1,326 657 850 587    
Liabilities CZK mil                           420 437 442 469 375    
Non-Current Liabilities CZK mil                           0 0 0 0 0    
Current Liabilities CZK mil                           374 400 404 407 329    
Net Debt/EBITDA                           -0.165 -0.098 -0.107 -0.167 -0.133    
Net Debt/Equity %                           -3.55 -1.67 -2.71 -4.20 -5.28    
Cost of Financing % ... ...           ... ... ... ... ... ... ... ... ... ... ... ... ...
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 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                        
Sales CZK mil                           1,328 1,324 1,210 1,309 1,346    
Cost of Goods & Services CZK mil                           973 983 948 992 952    
Gross Profit CZK mil                           355 341 262 317 394    
Staff Cost CZK mil                           126 142 144 142 155    
Other Cost CZK mil                           -9.76 -28.2 -47.5 -39.0 4.29    
EBITDA CZK mil                           239 227 165 214 234    
Depreciation CZK mil                           30.4 31.9 29.7 31.1 29.5    
EBIT CZK mil                           209 195 136 183 204    
Financing Cost CZK mil                           0.338 -56.0 -35.7 -133 6.98    
Extraordinary Cost CZK mil                           0 0 0 -76.5 0    
Pre-Tax Profit CZK mil                           208 251 171 392 197    
Tax CZK mil                           42.5 42.8 29.5 39.9 40.2    
Minorities CZK mil                           0 0 0 0 0    
Net Profit CZK mil                           166 209 142 335 157    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 156   ...
growth rates                                        
Total Revenue Growth % ...                         -5.99 -0.327 -8.56 8.15 2.81    
Operating Cost Growth % ...                         -36.1 -2.30 -15.1 7.09 54.9    
EBITDA Growth % ...                         23.7 -4.94 -27.2 29.2 9.44    
EBIT Growth % ...                         19.7 -6.36 -30.5 34.5 11.9    
Pre-Tax Profit Growth % ...                         16.1 20.7 -31.8 129 -49.7    
Net Profit Growth % ...                         16.7 25.9 -31.9 136 -53.1    
ratios                                        
ROE %                           14.8 17.1 14.3 44.5 21.9    
ROCE % ...                         28.3 36.1 27.2 61.8 27.5    
Gross Margin %                           26.7 25.7 21.6 24.2 29.3    
EBITDA Margin %                           18.0 17.2 13.7 16.3 17.4    
EBIT Margin %                           15.7 14.8 11.2 14.0 15.2    
Net Margin %                           12.5 15.8 11.7 25.6 11.7    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 99.3   ...
Cost of Financing % ... ...           ... ... ... ... ... ... ... ... ... ... ... ... ...
Net Debt/EBITDA                           -0.165 -0.098 -0.107 -0.167 -0.133    
balance sheet Unit 1998 1999 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                           311 308 261 289 276    
Property, Plant & Equipment CZK mil                           308 301 254 284 268    
Intangible Assets CZK mil                           3.20 6.77 6.54 4.99 7.56    
Goodwill CZK mil                           0 0 0 0 0    
Current Assets CZK mil                           1,215 1,449 834 1,018 677    
Inventories CZK mil                           143 142 129 122 126    
Receivables CZK mil                           281 254 274 314 274    
Cash & Cash Equivalents CZK mil                           39.5 22.2 17.8 35.7 31.0    
Total Assets CZK mil                           1,531 1,763 1,098 1,319 962    
Shareholders' Equity CZK mil                           1,111 1,326 657 850 587    
Of Which Minority Interest CZK mil                           0 0 0 0 0    
Liabilities CZK mil                           420 437 442 469 375    
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                           374 400 404 407 329    
Short-Term Debt CZK mil                           0 0 0 0 0    
Trade Payables CZK mil                           120 161 162 143 113    
Provisions CZK mil                           45.4 37.0 37.8 62.7 45.5    
Equity And Liabilities CZK mil                           1,531 1,763 1,098 1,319 962    
growth rates                                        
Total Asset Growth % ...                         -0.491 15.1 -37.7 20.1 -27.1    
Shareholders' Equity Growth % ...                         -1.89 19.3 -50.5 29.4 -31.0    
Net Debt Growth % ...                         108 -43.8 -19.9 101 -13.1    
Total Debt Growth % ... ... ...         ... ... ... ... ... ... ... ... ... ... ... ... ...
ratios                                        
Total Debt CZK mil                           0 0 0 0 0    
Net Debt CZK mil                           -39.5 -22.2 -17.8 -35.7 -31.0    
Working Capital CZK mil                           304 234 241 293 286    
Capital Employed CZK mil                           615 542 502 582 562    
Net Debt/Equity %                           -3.55 -1.67 -2.71 -4.20 -5.28    
Cost of Financing % ... ...           ... ... ... ... ... ... ... ... ... ... ... ... ...
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                        
Net Profit CZK mil                           166 209 142 335 157    
Depreciation CZK mil                           30.4 31.9 29.7 31.1 29.5    
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                           77.2 70.0 82.7 87.6 74.2    
Days Sales Of Inventory days                           53.6 52.6 49.5 44.7 48.2    
Days Payable Outstanding days                           45.0 59.8 62.2 52.6 43.3    
Cash Conversion Cycle days                           85.8 62.8 69.9 79.8 79.1    
Cash Earnings CZK mil                           196 240 172 366 187    
Free Cash Flow CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                        
ROA %                           10.8 12.7 9.92 27.7 13.8    
Gross Margin %                           26.7 25.7 21.6 24.2 29.3    
Employees ... ...                       149 147 151 147 137    
Cost Per Employee USD per month ... ...                       3,979 4,104 4,056 3,769 3,962    
Cost Per Employee (Local Currency) CZK per month ... ...                       70,379 80,265 79,354 80,558 94,578    
Staff Cost (As % Of Total Cost) %                           11.2 12.5 13.4 12.6 13.6    
Effective Tax Rate %                           20.4 17.0 17.2 10.2 20.3    
Domestic Sales CZK mil ... ... ... ...                   999 960 850 915 906    
Capital Expenditures (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad CZK mil ... ... ... ...                   318 363 365 406 439    
Revenues From Abroad (As % Of Total) % ... ... ... ...                   23.9 27.4 30.2 31.0 32.7    
Sales from Imported Spirits CZK mil ... ... ... ...                   565 577 554 630 691    
Sales from Own Spirits CZK mil ... ... ... ...                   728 720 614 651 602    

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Jan Becher - Karlovarská Becherovka, a.s. is a Czech Republic producer and distributor of spirits and wines. The Company is based in Karlovy Vary, Czech Republic. Since the end of 2001, Jan Becher - Karlovarská Becherovka, a.s. is a subsidiary of Pernod-Ricard SA. The history of the company dates back 200 years to 1807 when Josef Becher, a pharmacist from Karlovy Vary, started selling bitters made to his own recipe as a medicinal tonic. In 1841, Josef Becher passed on his budding business to his son and heir Johann. Johann started large-scale production, and accordingly his name has been associated with Becherovka to the present day. The Company was privatized in 1997, when the French liquor company Pernod Ricard bought 35% of the stock, acquiring another 59% in 2001.