Kostelecke Uzeniny

Kostelecke's Cash & Cash Equivalents rose 595% yoy to CZK 94.3 mil in 2017

By Helgi Analytics - April 2, 2020

Kostelecke Uzeniny's total assets reached CZK 2,202 mil at the end of 2017, up 10.3% compared to the previous year. ...

Profit Statement 2015 2016 2017
Sales CZK mil 4,995 5,018 5,456
Gross Profit CZK mil 817 797 867
EBITDA CZK mil 176 202 213
EBIT CZK mil 78.4 97.1 112
Financing Cost CZK mil 26.7 20.7 14.4
Pre-Tax Profit CZK mil 51.7 76.5 97.4
Net Profit CZK mil 51.7 76.2 79.7
Dividends CZK mil 0 0 ...
Balance Sheet 2015 2016 2017
Total Assets CZK mil 1,972 1,996 2,202
Non-Current Assets CZK mil 1,157 1,171 1,198
Current Assets CZK mil 811 820 1,000
Working Capital CZK mil 50.0 124 410
Shareholders' Equity CZK mil 254 332 411
Liabilities CZK mil 1,717 1,665 1,790
Total Debt CZK mil 832 733 301
Net Debt CZK mil 770 720 207
Ratios 2015 2016 2017
ROE % 22.6 26.0 21.5
ROCE % 4.04 6.09 5.49
Gross Margin % 16.4 15.9 15.9
EBITDA Margin % 3.53 4.03 3.91
EBIT Margin % 1.57 1.94 2.05
Net Margin % 1.04 1.52 1.46
Net Debt/EBITDA 4.37 3.56 0.969
Net Debt/Equity % 303 217 50.2
Cost of Financing % 2.97 2.64 2.78
Cash Flow 2015 2016 2017
Total Cash From Operations CZK mil 205 148 -44.4
Total Cash From Investing CZK mil -49.6 -93.5 -123
Total Cash From Financing CZK mil -128 -107 249
Net Change In Cash CZK mil 27.7 -52.8 81.6
Cash Conversion Cycle days -2.20 2.68 24.3
Cash Earnings CZK mil 150 181 181
Free Cash Flow CZK mil 156 54.2 -167

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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                       4,738 4,938 5,509 5,114 4,995    
Gross Profit CZK mil                       599 624 729 771 817    
EBIT CZK mil                       -313 -75.0 -39.2 66.0 78.4    
Net Profit CZK mil                       -327 -102 -76.7 33.6 51.7    
ROE %                       -64.4 -34.8 -37.3 18.1 22.6    
EBIT Margin %                       -6.61 -1.52 -0.712 1.29 1.57    
Net Margin %                       -6.90 -2.07 -1.39 0.657 1.04    
Employees                       1,591 1,426 1,719 1,535 1,525    
balance sheet                                    
Total Assets CZK mil                       1,885 2,244 2,205 2,030 1,972    
Non-Current Assets CZK mil                       1,150 1,130 1,285 1,196 1,157    
Current Assets CZK mil                       735 1,110 918 832 811    
Shareholders' Equity CZK mil                       344 242 169 203 254    
Liabilities CZK mil                       1,541 2,002 2,036 1,828 1,717    
Non-Current Liabilities CZK mil                       2.00 0 0.792 0.808 0    
Current Liabilities CZK mil                       590 734 825 839 860    
Net Debt/EBITDA                       -5.16 -102 16.4 6.03 4.37    
Net Debt/Equity %                       270 505 697 458 303    
Cost of Financing % ...                     4.07 2.49 3.10 3.02 2.97    
cash flow                                    
Total Cash From Operations CZK mil                       4.00 51.0 79.9 267 205    
Total Cash From Investing CZK mil                       -230 -342 -32.0 -15.6 -49.6    
Total Cash From Financing CZK mil                       125 213 -104 -104 -128    
Net Change In Cash CZK mil                       -101 -78.0 -56.1 148 27.7    
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                       4,738 4,938 5,509 5,114 4,995    
Cost of Goods & Services CZK mil                       4,139 4,314 4,780 4,343 4,177    
Gross Profit CZK mil                       599 624 729 771 817    
Staff Cost CZK mil                       566 548 644 562 612    
Other Cost CZK mil                       213 88.0 12.8 54.7 29.6    
EBITDA CZK mil                       -180 -12.0 71.7 154 176    
Depreciation CZK mil                       133 63.0 111 87.9 97.8    
EBIT CZK mil                       -313 -75.0 -39.2 66.0 78.4    
Financing Cost CZK mil                       39.0 27.0 37.4 32.4 26.7    
Extraordinary Cost CZK mil                       -1.00 0 0 0 0    
Pre-Tax Profit CZK mil                       -351 -102 -76.7 33.6 51.7    
Tax CZK mil                       -24.0 0 0 0 0    
Minorities CZK mil                       0 0 0 0 0    
Net Profit CZK mil                       -327 -102 -76.7 33.6 51.7    
Dividends CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
growth rates                                    
Total Revenue Growth % ...                     -10.7 4.22 11.6 -7.16 -2.34    
Operating Cost Growth % ...                     9.26 -18.4 3.29 -6.05 3.89    
EBITDA Growth % ...                     -245 -93.3 -698 115 14.5    
EBIT Growth % ...                     1,987 -76.0 -47.7 -268 18.7    
Pre-Tax Profit Growth % ...                     516 -70.9 -24.8 -144 53.8    
Net Profit Growth % ...                     698 -68.8 -24.8 -144 53.8    
ratios                                    
ROE %                       -64.4 -34.8 -37.3 18.1 22.6    
ROCE % ...                     -21.1 -7.59 -5.33 2.34 4.04    
Gross Margin %                       12.6 12.6 13.2 15.1 16.4    
EBITDA Margin %                       -3.80 -0.243 1.30 3.01 3.53    
EBIT Margin %                       -6.61 -1.52 -0.712 1.29 1.57    
Net Margin %                       -6.90 -2.07 -1.39 0.657 1.04    
Payout Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0   ...
Cost of Financing % ...                     4.07 2.49 3.10 3.02 2.97    
Net Debt/EBITDA                       -5.16 -102 16.4 6.03 4.37    
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                       1,150 1,130 1,285 1,196 1,157    
Property, Plant & Equipment CZK mil                       1,145 1,124 1,272 1,183 1,145    
Intangible Assets CZK mil                       4.00 6.00 10.3 10.5 10.0    
Current Assets CZK mil                       735 1,110 918 832 811    
Inventories CZK mil                       219 203 245 240 238    
Receivables CZK mil                       437 605 603 519 460    
Cash & Cash Equivalents CZK mil                       6.00 7.00 5.83 37.5 62.2    
Total Assets CZK mil                       1,885 2,244 2,205 2,030 1,972    
Shareholders' Equity CZK mil                       344 242 169 203 254    
Of Which Minority Interest CZK mil                       0 0 0 0 0    
Liabilities CZK mil                       1,541 2,002 2,036 1,828 1,717    
Non-Current Liabilities CZK mil                       2.00 0 0.792 0.808 0    
Long-Term Debt CZK mil                       209 254 0.792 0.808 0    
Deferred Tax Liabilities CZK mil                       0 0 0 0 0    
Current Liabilities CZK mil                       590 734 825 839 860    
Short-Term Debt CZK mil                       726 976 1,184 964 832    
Trade Payables CZK mil                       471 587 608 602 647    
Provisions CZK mil                       12.0 22.0 30.6 28.4 25.0    
Equity And Liabilities CZK mil                       1,885 2,244 2,205 2,030 1,972    
growth rates                                    
Total Asset Growth % ...                     -18.1 19.0 -1.76 -7.90 -2.88    
Shareholders' Equity Growth % ...                     -48.7 -29.7 -30.1 19.9 25.5    
Net Debt Growth % ...                     -4.82 31.6 -3.59 -21.3 -17.0    
Total Debt Growth % ...                     -4.69 31.6 -3.66 -18.6 -13.8    
ratios                                    
Total Debt CZK mil                       935 1,230 1,185 965 832    
Net Debt CZK mil                       929 1,223 1,179 928 770    
Working Capital CZK mil                       185 221 240 157 50.0    
Capital Employed CZK mil                       1,335 1,351 1,524 1,353 1,207    
Net Debt/Equity %                       270 505 697 458 303    
Cost of Financing % ...                     4.07 2.49 3.10 3.02 2.97    
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                       -327 -102 -76.7 33.6 51.7    
Depreciation CZK mil                       133 63.0 111 87.9 97.8    
Non-Cash Items CZK mil ...                     129 126 64.5 62.6 -51.3    
Change in Working Capital CZK mil ...                     69.0 -36.0 -18.9 82.8 107    
Total Cash From Operations CZK mil                       4.00 51.0 79.9 267 205    
Capital Expenditures CZK mil                       -199 -67.0 -37.3 -20.5 -59.9    
Other Investments CZK mil                       -31.0 -275 5.38 4.88 10.3    
Total Cash From Investing CZK mil                       -230 -342 -32.0 -15.6 -49.6    
Dividends Paid CZK mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Issuance Of Debt CZK mil ...                     -46.0 295 -45.1 -220 -133    
Total Cash From Financing CZK mil                       125 213 -104 -104 -128    
Net Change In Cash CZK mil                       -101 -78.0 -56.1 148 27.7    
ratios                                    
Days Sales Outstanding days                       33.7 44.7 39.9 37.0 33.6    
Days Sales Of Inventory days                       19.3 17.2 18.7 20.2 20.8    
Days Payable Outstanding days                       41.5 49.7 46.4 50.6 56.6    
Cash Conversion Cycle days                       11.4 12.2 12.2 6.63 -2.20    
Cash Earnings CZK mil                       -194 -39.0 34.3 121 150    
Free Cash Flow CZK mil                       -226 -291 47.9 251 156    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                    
ROA %                       -15.6 -4.94 -3.45 1.59 2.58    
Gross Margin %                       12.6 12.6 13.2 15.1 16.4    
Employees                       1,591 1,426 1,719 1,535 1,525    
Cost Per Employee USD per month                       1,676 1,637 1,596 1,429 1,400    
Cost Per Employee (Local Currency) CZK per month                       29,646 32,024 31,225 30,537 33,421    
Staff Cost (As % Of Total Cost) %                       11.2 10.9 11.6 11.1 12.4    
Effective Tax Rate %                       6.84 0 0 0 0    
Domestic Sales CZK mil ... ... ...                 3,665 3,619 4,145 4,475 4,417    
Capital Expenditures (As % of Sales) %                       4.20 1.36 0.678 0.401 1.20    
Revenues From Abroad CZK mil ... ... ...                 503 688 641 642 579    
Revenues From Abroad (As % Of Total) % ... ... ...                 10.6 13.9 11.6 12.6 11.6    
Sales from Meat CZK mil                       4,167 4,307 4,786 4,786 4,766    

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Kostelecké uzeniny, a.s. is the largest processor of meat and meat products in the Czech Republic. The Company produces various types of processed meat in the fresh or smoked forms, sausages, ham, etc. mainly from pork, beef and chicken meat. The Company was established in 1917 in Kostelec (a small town in the south of the Czech Republic) and today it operates mainly on the Czech and Slovak markets. Company's products are sold under two different brands, "Kostelecké uzeniny" and "Maso Planá". Agrofert entered the Company in 2003 and now it fully controls

Finance

Kostelecke Uzeniny has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 1% during that time to total of CZK 213 mil in 2017, or 3.91% of sales. That’s compared to 3.16% average margin seen in last five years.

The company netted CZK 79.7 mil in 2017 implying ROE of 21.5% and ROCE of 5.49%. Again, the average figures were 10.2% and 2.53%, respectively when looking at the previous 5 years.

Kostelecke Uzeniny’s net debt amounted to CZK 207 mil at the end of 2017, or 50.2% of equity. When compared to EBITDA, net debt was 0.969x, down when compared to average of 6.27x seen in the last 5 years.