Kaufland Czech Republic

Kaufland CR's Cash & Cash Equivalents fell 9.64% yoy to CZK 2,245 mil in 2016

By Helgi Analytics - April 2, 2020

Kaufland Czech Republic's total assets reached CZK 29,291 mil at the end of 2016, down 3.4% compared to the previous year. ...

Profit Statement 2014 2015 2016
Sales CZK mil 55,218 58,349 56,819
Gross Profit CZK mil 7,991 8,806 8,408
EBITDA CZK mil 3,730 3,755 3,732
EBIT CZK mil 2,427 2,363 2,220
Financing Cost CZK mil 301 274 246
Pre-Tax Profit CZK mil 2,126 2,089 1,974
Net Profit CZK mil 2,126 2,089 1,974
Dividends CZK mil 2,126 2,089 ...
Balance Sheet 2014 2015 2016
Total Assets CZK mil 28,825 30,322 29,291
Non-Current Assets CZK mil 17,907 18,152 19,166
Current Assets CZK mil 10,749 2,022 8,981
Working Capital CZK mil 1,910 6,761 3,931
Shareholders' Equity CZK mil 11,695 11,595 10,002
Liabilities CZK mil 17,130 18,726 19,289
Total Debt CZK mil 9,586 10,196 10,925
Net Debt CZK mil 7,166 7,712 8,680
Ratios 2014 2015 2016
ROE % 18.3 17.9 18.3
ROCE % 10.8 9.34 8.22
Gross Margin % 14.5 15.1 14.8
EBITDA Margin % 6.75 6.43 6.57
EBIT Margin % 4.39 4.05 3.91
Net Margin % 3.85 3.58 3.47
Net Debt/EBITDA 1.92 2.05 2.33
Net Debt/Equity % 61.3 66.5 86.8
Cost of Financing % 3.21 2.77 2.33
Cash Flow 2014 2015 2016
Total Cash From Operations CZK mil 1,457 4,604 3,648
Total Cash From Investing CZK mil -1,460 4,029 240
Total Cash From Financing CZK mil 1,016 1,513 1,071
Net Change In Cash CZK mil 1,013 10,146 4,959
Cash Conversion Cycle days 14.1 42.3 25.1
Cash Earnings CZK mil 3,429 3,481 3,486
Free Cash Flow CZK mil -3.22 8,632 3,888

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                  
Sales CZK mil ...                   41,746 45,382 48,181 51,450 55,218    
Gross Profit CZK mil ...                   6,707 6,934 6,730 7,200 7,991    
EBIT CZK mil ...                   2,548 2,406 1,853 1,921 2,427    
Net Profit CZK mil ...                   2,002 2,208 1,558 1,594 2,126    
ROE % ...                   26.8 28.7 17.3 14.7 18.3    
EBIT Margin % ...                   6.10 5.30 3.85 3.73 4.39    
Net Margin % ...                   4.80 4.86 3.23 3.10 3.85    
Employees                     7,666 9,161 9,801 10,725 11,741    
balance sheet                                  
Total Assets CZK mil ...                   22,873 24,226 25,105 27,459 28,825    
Non-Current Assets CZK mil ...                   14,665 15,987 15,538 17,558 17,907    
Current Assets CZK mil ...                   7,948 7,989 8,342 9,711 10,749    
Shareholders' Equity CZK mil ...                   7,468 7,920 10,128 11,595 11,695    
Liabilities CZK mil ...                   15,405 16,306 14,977 15,864 17,130    
Non-Current Liabilities CZK mil ...                   7,646 6,898 7,204 8,085 8,650    
Current Liabilities CZK mil ...                   6,663 7,636 6,760 6,222 7,059    
Net Debt/EBITDA ...                   1.67 1.92 2.29 2.44 1.92    
Net Debt/Equity % ...                   79.0 85.9 69.5 66.8 61.3    
Cost of Financing % ... ...                 7.07 2.39 3.63 3.84 3.21    
cash flow                                  
Total Cash From Operations CZK mil ...                   233 720 2,277 1,406 1,457    
Total Cash From Investing CZK mil ...                   -1,491 -2,280 -1,873 -2,158 -1,460    
Total Cash From Financing CZK mil ...                   1,311 755 -1,124 1,315 1,016    
Net Change In Cash CZK mil ...                   53.3 -805 -720 563 1,013    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                                  
Sales CZK mil ...                   41,746 45,382 48,181 51,450 55,218    
Cost of Goods & Services CZK mil ...                   35,039 38,448 41,452 44,250 47,227    
Gross Profit CZK mil ...                   6,707 6,934 6,730 7,200 7,991    
Staff Cost CZK mil ...                   2,936 3,338 3,636 3,908 4,177    
Other Cost CZK mil ...                   232 59.4 17.2 115 84.9    
EBITDA CZK mil ...                   3,540 3,536 3,076 3,178 3,730    
Depreciation CZK mil ...                   992 1,130 1,224 1,256 1,303    
EBIT CZK mil ...                   2,548 2,406 1,853 1,921 2,427    
Financing Cost CZK mil ...                   546 199 295 327 301    
Extraordinary Cost CZK mil ...                   0 0.010 0 0 0    
Pre-Tax Profit CZK mil ...                   2,002 2,208 1,558 1,594 2,126    
Tax CZK mil ...                   0 0 0 0 0    
Minorities CZK mil ...                   0 0 0 0 0    
Net Profit CZK mil ...                   2,002 2,208 1,558 1,594 2,126    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,126   ...
growth rates                                  
Total Revenue Growth % ... ...                 10.6 8.71 6.17 6.78 7.32    
Operating Cost Growth % ... ...                 7.09 7.27 7.53 10.1 5.95    
EBITDA Growth % ... ...                 26.0 -0.103 -13.0 3.30 17.4    
EBIT Growth % ... ...                 33.3 -5.57 -23.0 3.71 26.3    
Pre-Tax Profit Growth % ... ...                 11.6 10.3 -29.4 2.37 33.3    
Net Profit Growth % ... ...                 11.6 10.3 -29.4 2.37 33.3    
ratios                                  
ROE % ...                   26.8 28.7 17.3 14.7 18.3    
ROCE % ... ...                 15.0 14.5 9.66 9.01 10.8    
Gross Margin % ...                   16.1 15.3 14.0 14.0 14.5    
EBITDA Margin % ...                   8.48 7.79 6.38 6.18 6.75    
EBIT Margin % ...                   6.10 5.30 3.85 3.73 4.39    
Net Margin % ...                   4.80 4.86 3.23 3.10 3.85    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 100   ...
Cost of Financing % ... ...                 7.07 2.39 3.63 3.84 3.21    
Net Debt/EBITDA ...                   1.67 1.92 2.29 2.44 1.92    
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                                  
Non-Current Assets CZK mil ...                   14,665 15,987 15,538 17,558 17,907    
Property, Plant & Equipment CZK mil ...                   14,653 15,982 15,537 17,557 17,897    
Intangible Assets CZK mil ...                   12.6 4.84 1.83 1.78 10.1    
Goodwill CZK mil ...                   0 0 0 0 0    
Current Assets CZK mil ...                   7,948 7,989 8,342 9,711 10,749    
Inventories CZK mil ...                   3,150 3,519 3,323 3,678 3,603    
Receivables CZK mil ...                   341 575 613 691 607    
Cash & Cash Equivalents CZK mil ...                   2,369 1,564 844 1,407 2,420    
Total Assets CZK mil ...                   22,873 24,226 25,105 27,459 28,825    
Shareholders' Equity CZK mil ...                   7,468 7,920 10,128 11,595 11,695    
Of Which Minority Interest CZK mil ...                   0 0 0 0 0    
Liabilities CZK mil ...                   15,405 16,306 14,977 15,864 17,130    
Non-Current Liabilities CZK mil ...                   7,646 6,898 7,204 8,085 8,650    
Long-Term Debt CZK mil ...                   7,606 6,849 7,143 8,026 8,583    
Deferred Tax Liabilities CZK mil ...                   0 0 0 0 0    
Current Liabilities CZK mil ...                   6,663 7,636 6,760 6,222 7,059    
Short-Term Debt CZK mil ...                   661 1,516 739 1,126 1,004    
Trade Payables CZK mil ...                   3,947 3,825 3,484 2,531 2,301    
Provisions CZK mil ...                   436 260 289 328 341    
Equity And Liabilities CZK mil ...                   22,873 24,226 25,105 27,459 28,825    
growth rates                                  
Total Asset Growth % ... ...                 1.55 5.91 3.63 9.38 4.98    
Shareholders' Equity Growth % ... ...                 -0.267 6.05 27.9 14.5 0.862    
Net Debt Growth % ... ...                 21.7 15.3 3.48 10.0 -7.47    
Total Debt Growth % ... ...                 15.4 1.18 -5.77 16.1 4.75    
ratios                                  
Total Debt CZK mil ...                   8,268 8,365 7,882 9,152 9,586    
Net Debt CZK mil ...                   5,899 6,801 7,038 7,744 7,166    
Working Capital CZK mil ...                   -457 269 451 1,838 1,910    
Capital Employed CZK mil ...                   14,208 16,256 15,989 19,396 19,817    
Net Debt/Equity % ...                   79.0 85.9 69.5 66.8 61.3    
Cost of Financing % ... ...                 7.07 2.39 3.63 3.84 3.21    
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                                  
Net Profit CZK mil ...                   2,002 2,208 1,558 1,594 2,126    
Depreciation CZK mil ...                   992 1,130 1,224 1,256 1,303    
Non-Cash Items CZK mil ... ...                 -1,748 -1,892 -322 -58.0 -1,900    
Change in Working Capital CZK mil ... ...                 -1,013 -726 -182 -1,387 -72.2    
Total Cash From Operations CZK mil ...                   233 720 2,277 1,406 1,457    
Capital Expenditures CZK mil ...                   -1,569 -2,368 -1,950 -2,222 -1,542    
Other Investments CZK mil ...                   77.8 88.0 76.9 64.4 81.8    
Total Cash From Investing CZK mil ...                   -1,491 -2,280 -1,873 -2,158 -1,460    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Shares CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ... ...                 1,103 97.3 -483 1,269 435    
Total Cash From Financing CZK mil ...                   1,311 755 -1,124 1,315 1,016    
Net Change In Cash CZK mil ...                   53.3 -805 -720 563 1,013    
ratios                                  
Days Sales Outstanding days ...                   2.98 4.62 4.64 4.90 4.01    
Days Sales Of Inventory days ...                   32.8 33.4 29.3 30.3 27.8    
Days Payable Outstanding days ...                   41.1 36.3 30.7 20.9 17.8    
Cash Conversion Cycle days ...                   -5.33 1.72 3.22 14.4 14.1    
Cash Earnings CZK mil ...                   2,994 3,338 2,781 2,851 3,429    
Free Cash Flow CZK mil ...                   -1,258 -1,559 404 -752 -3.22    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                                  
ROA % ...                   8.82 9.37 6.31 6.07 7.55    
Gross Margin % ...                   16.1 15.3 14.0 14.0 14.5    
Employees                     7,666 9,161 9,801 10,725 11,741    
Cost Per Employee USD per month ...                   1,670 1,717 1,581 1,552 1,387    
Cost Per Employee (Local Currency) CZK per month ...                   31,911 30,365 30,918 30,363 29,646    
Staff Cost (As % Of Total Cost) % ...                   7.49 7.77 7.85 7.89 7.91    
Effective Tax Rate % ...                   0 0 0 0 0    
Domestic Sales CZK mil ... ...                 40,627 43,438 45,543 48,761 52,323    
Capital Expenditures (As % of Sales) % ...                   3.76 5.22 4.05 4.32 2.79    
Revenues From Abroad CZK mil ... ...                 1,110 1,931 2,625 2,683 2,902    
Revenues From Abroad (As % Of Total) % ... ...                 2.66 4.26 5.45 5.22 5.26    
Sales from Retail CZK mil ... ... ...               38,577 41,257 43,102 45,665 49,558    
Sales from Products CZK mil ... ... ... ... ...           1,395 1,509 1,706 2,388 1,972    
Sales from Rent CZK mil ... ... ...               585 606 671 637 674    
Sales from Affiliate CZK mil ... ... ...     ... ... ... ... ... ... ... ... ... ... ... ...
Sales from Other CZK mil ... ... ...               69.0 66.0 63.8 72.0 119    
Branches ... ... ... ... ... ... ... ... ... ... 95.0 103 107 115 119 ... ...

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Kaufland Czech Republic is a Czech subsidiary of the German retailer. Kaufland is hypermarket chain part of the same group as Lidl and Handelshof. It opened its first store in 1984 in Neckarsulm and quickly expanded to become a leader in what was formerly East Germany. The chain operates over 1,000 stores in Germany, Czech Republic, Slovakia, Poland, Romania, Bulgaria and Croatia. The Kaufland Stiftung & Co. KG is part of the complex corporate structure of the Schwarz-Beteiligungs-GmbH, which is 99.9% owned by Dieter Schwarz and the Dieter Schwarz Stiftung GmbH

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Finance

Kaufland Czech Republic has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 1.08% a year during that time to total of CZK 3,732 mil in 2016, or 6.57% of sales. That’s compared to 6.46% average margin seen in last five years.

The company netted CZK 1,974 mil in 2016 implying ROE of 18.3% and ROCE of 8.22%. Again, the average figures were 17.3% and 9.42%, respectively when looking at the previous 5 years.

Kaufland Czech Republic’s net debt amounted to CZK 8,680 mil at the end of 2016, or 86.8% of equity. When compared to EBITDA, net debt was 2.33x, up when compared to average of 2.21x seen in the last 5 years.